Number
140550
Version
substitute 2
Reference
131479, 130222
Sponsor
ALD. stamper, ALD. WADE, ALD. BAUMAN, ALD. COGGS, ALD. HAMILTON, ALD. MURPHY, ALD Davis, ALD. Bohl, ALD. KOVAC AND ALD PEREZ
Title
Substitute resolution creating and funding a pilot program to facilitate the sale of City-owned residential properties.
Analysis
This resolution creates and provides $600,000 in funding for the Re-Invest City Homes (“RICH”) program as a pilot program to facilitate the sale of City-owned single-family houses and duplexes in distressed neighborhoods to qualified buyers for $1 after rehabilitations are completed. Buyers will repay the City for the cost of property improvements in monthly installments at 1% interest for a term not to exceed 120 months as stipulated in the program sheet attached to this file.
The Neighborhood Improvement Development Corporation will qualify buyers and administer loans made through the RICH program as stipulated in the program sheet attached to this file.
Body
Whereas, The City owned 1,106 single-family houses and duplexes as of July 14, 2014, many in the most distressed census tracts of the city with high concentration of foreclosed, vacant and distressed properties; and
Whereas, High concentrations of owner-occupied housing tend to stabilize and improve distressed neighborhoods, reduce crime and promote family stability; and
Whereas, A pilot Re-Invest City Homes (“RICH”) program designed to finance and oversee rehabilitation of distressed, City-owned single-family houses and duplexes, and sell these rehabilitated properties for $1 to pioneering buyers eager to live in and improve the neighborhood will stabilize distressed communities; and
Whereas, Funding of $600,000 is available for this pilot program which will not affect other City services; and
Whereas, The 2014 Budget provided $1,900,000 for the Department City Development’s 2014 In Rem Property Program capital improvement project account; and
Whereas, ...
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