Number
R_12937
Version
Substitute 1
Reference
Sponsor
The Chair
Title
Resolution approving Dario Romero, Jeanne Dawson, the Secretary-Executive Director or his designee to represent and act on behalf of the Housing Authority of the City of Milwaukee (HACM) in real estate transactions through the National Community Stabilization Trust’s (NCST) Neighborhood Stabilization Initiative
The Initiative offers a first-option-to-purchase on “as-is” Fannie Mae and Freddie Mac foreclosed residential properties to government and non-profit organizations at a discounted price before going on the general market. Staff will have three days to determine if they want to purchase a property, so this resolution will act as prior approval for any properties purchased.
Analysis
Added "the Secretary-Executive Director or his designee"
Body
WHEREAS, HACM owns and manages approximately 3,560 units of low-rent public housing under the terms of an Annual Contributions Contract with the U.S. Department of Housing and Urban Development (HUD); and
WHEREAS, HACM promotes self-sufficiency and homeownership opportunities; and
WHEREAS, NCST is a non-profit organization that facilitates the transfer of bank-foreclosed properties to local housing organizations to promote neighborhood stability; and
WHEREAS, NCST operates the Neighborhood Stabilization Initiative (NSI), through which it is able to provide local housing and community development organizations the opportunity to purchase real estate owned (REO) properties held by Fannie Mae and Freddie Mac before they are marketed to the general public and at discounted prices; and
WHEREAS, HACM is eligible to participate in the NSI, and has access to view and assess potential revenue-generating properties for acquisition, rehab and sale, in accordance with HACM’s goals; and
WHEREAS, time is of the essence in these transactions, therefore the HACM broker must be authorized to submit offers-to-purchase at the time the opportun...
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