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Date
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November 19, 2007
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Agenda
Item No. MHGB5 Roll
Call No. 07- Communication No. 07-691 Submitted by: Chris
M. Johansen, Housing Services Director |
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AGENDA
HEADING:
Approval of
Conveyance of 1346 Mondamin Avenue, City-owned Municipal Housing Agency
Property, pursuant to Affordable Homeownership Program.
SYNOPSIS:
Recommend
approval to sell a public housing single-family unit to an eligible buyer.
FISCAL
IMPACT:
Amount:
$56,950
Funding
Source: FY 2007-08 Operating Budget, Housing Services
Department, Maintenance, pg. 175, SP350 HSG070000
Revenue derived
from the sale of the property goes into the Section 5(h) Operating Budget to
cover program costs. The Housing
Services Department will net approximately $56,950 after seller costs are
paid. The second mortgage in the amount
of approximately $28,050 is, by program guidelines, held in abeyance for seven
(7) years. If the owner goes the full seven
(7) year term, the second mortgage is forgiven.
ADDITIONAL
INFORMATION:
The Department of Housing Services is a
participant in the Section 5(h) Affordable Homeownership Program, which was
approved on May 30, 2000, by the United States Department of Housing and Urban
Development. Under this program,
single-family homes in the public housing inventory are sold to eligible
housing program participants.
An eligible buyer has made application
with US Bank for a loan to purchase the property.
The
appraised price of the property is $85,000.
The projected loan amount is $56,950 with a second mortgage in the
amount of $28,050.
PREVIOUS
COUNCIL ACTION(S):
Date:
February 21, 2000
Roll
Call Number:
00-508
Action: Revised
Municipal Housing Agency Affordable Homeownership Plan for submission to HUD. (Council Communication No. 00-062). Moved
by Hensley to adopt. Motion Carried 7-0.
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS:
NONE