Miami-Dade Legislative Item
File Number: 080034
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File Number: 080034 File Type: Resolution Status: Before the Board
Version: 0 Reference: Control: Board of County Commissioners
File Name: SIGNIFICANT INCREASE IN FORECLOSURES, UNEMPLOYMENT & HOMELES Introduced: 1/3/2008
Requester: NONE Cost: Final Action:
Agenda Date: Agenda Item Number: 11A
Notes: Title: RESOLUTION DIRECTING THE MAYOR OR DESIGNEE TO DEVELOP A PLAN TO ADDRESS THE IMPACTS OF THE SIGNIFICANT INCREASES IN FORECLOSURES, PERSONAL BANKRUPTCIES, UNEMPLOYMENT, HOMELESSNESS AND RELATED PUBLIC SAFETY ISSUES
Indexes:
  FORECLOSURES
  REPORT
Sponsors: Carlos A. Gimenez, Prime Sponsor
  Jose "Pepe" Diaz, Co-Sponsor
  Joe A. Martinez, Co-Sponsor
  Katy Sorenson, Co-Sponsor
  Rebeca Sosa, Co-Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Budget and Finance Committee 1/28/2008 2C Withdrawn
REPORT: See Report Under Agenda Item 2C AMENDED, Legislative File No. 080274.

County Attorney 1/3/2008 Assigned Budget and Finance Committee 1/15/2008

County Attorney 1/3/2008 Assigned Jess M. McCarty

Legislative Text


TITLE
RESOLUTION DIRECTING THE MAYOR OR DESIGNEE TO DEVELOP A PLAN TO ADDRESS THE IMPACTS OF THE SIGNIFICANT INCREASES IN FORECLOSURES, PERSONAL BANKRUPTCIES, UNEMPLOYMENT, HOMELESSNESS AND RELATED PUBLIC SAFETY ISSUES

BODY
WHEREAS, mortgage foreclosures have tripled in Miami-Dade County over the last year, with lenders taking over nearly 9,000 properties; and
WHEREAS, approximately three percent (3%) of all residential mortgages in Miami-Dade County currently are in foreclosure; and
WHEREAS, mortgage foreclosures have increased due to subprime loans with variable interest rates that have resulted in substantially higher mortgage payments as interest rates have increased, as well as other factors; and
WHEREAS, approximately 23 percent of mortgage loans in Miami-Dade County are subprime with some areas of the County having higher percentages of subprime loans; and
WHEREAS, significant increases in foreclosures may be attributed to higher rates of unemployment resulting in homelessness as the economy slows; and
WHEREAS, during the housing boom, many people could avoid personal bankruptcy cases by refinancing mortgages and getting home equity loans; and,
WHEREAS, now that the housing boom has ended and credit has tightened, personal bankruptcy cases are on the rise; and,
WHEREAS, the County should have a plan in place to address the impacts of increased foreclosures, personal bankruptcies, higher unemployment, increased homelessness and resulting public safety issues; and
WHEREAS, given the urgency of the mortgage foreclosure situation, increases in personal bankruptcies and the downward trend of the economy, the County should have a plan in place quickly to address these issues,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that:
Section 1. The Mayor or his designee is directed to develop a plan to address the significant increase in foreclosures and the potential for increased unemployment and homelessness. The plan should at a minimum:
1. Address how the County will deal with different levels of possible unemployment, including 1, 3 and 5 percentage point increases in the unemployment rate at the time this resolution becomes effective.
2. Take into account the current level of foreclosures and analyze the potential number of people who are at risk should the real estate and financial markets continue their current downward cycle over the next 24months.
3. Identify the federal, state, county, and municipal services and programs available to impacted residents and the availability of funding for the programs currently in place.
4. Research and consider any new programs that could be created to address the impacts of foreclosures, personal bankruptcies, unemployment, homelessness and related public safety issues.
5. Estimate the ad valorem revenue impact from foreclosures on local governments in Miami-Dade County.
6. Develop a reporting system that would inform the Board of the status of foreclosures, personal bankruptcies, unemployment, homelessness and related public safety issues, and make recommendations to the Board for actions necessary to address these issues.
Section 2. The Mayor or his designee is directed to provide the completed plan to the Board within sixty (60) days of the effective date of this resolution.



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