MHGB
Communication

Office of the City Manager
 
 

Date

November 19, 2007

 

Agenda Item No.       MHGB6B

Roll Call No.              07-

Communication No.  07-692

Submitted by:  Chris Johansen, Housing Services Director

 

 

AGENDA HEADING:

 

Disposition Sale of 1225/1227 Highview Drive to Community Housing Initiatives, Inc.

 

 

SYNOPSIS:

 

Recommend approval to sell a Des Moines Municipal Housing Agency disposition property to Community Housing Initiatives, Inc.

 

 

FISCAL IMPACT:

 

Amount:  $76,500 from the sale and a five (5) year restrictive covenant of affordability.

 

Funding Source:  2007-08 Operating Budget, Housing Services Department, Public Housing, pg. 173, SP350 HSG02000

 

The proceeds from the sale will be used accordingly:

  • Affordable Housing Endowment Fund (75%)
  • Physical Improvements to existing Manors (25%)   

 

 

ADDITIONAL INFORMATION:

 

On August 19, 2003, the Housing Services Department received approval for its application to dispose of 394 public housing units at fair market value via public bid.  According to federal regulations, sales can be negotiated with a specific buyer when there is a commensurate public benefit.

 

For many years, Community Housing Initiatives, Inc. (CHI), an Iowa corporation, has provided affordable housing within the state while meeting the requirements of federally funded housing programs. It has the ability to meet the requirements of DMMHA’s disposition plan.  CHI intends to use this property for housing opportunities for households below 80% of HUD median income guidelines.

 

DMMHA has received HUD approval for this negotiated sale.

 

 

PREVIOUS COUNCIL ACTION(S):  NONE

 

 

BOARD/COMMISSION ACTION(S): 

 

Date:  October 6, 2003 

 

Roll Call Number:  03-2267    

 

Action:   Authorizing implementation and approving procedures, notification and form of documents for disposition of scattered site units. (Council Communication No. 03-499). Moved by Vlassis to adopt. Motion Carried 5-3. 

 

Date:  November 4, 2002 

 

Roll Call Number:  02-2579    

 

Action:   Approving disposition application of 394 Public Housing Units for submittal to the U.S. Department of Housing and Urban Development. (Council Communication No. 02-559). Moved by Vlassis to approve. City Manager to provide Board with an implementation plan and timeline. Motion Carried 5-3. Absent: Daniels, McPherson and Clark.

 

Date:  March 4, 2002    

 

Roll Call Number:  02-531      

Action:  Hearing and adoption of proposed Municipal Housing Agency Annual Budget for the fiscal year ending June 30, 2003. Moved by Hensley to adopt, and as more specifically set out in the attached detailed motion. Motion Carried 5-1-2. Nays: Brooks. Absent: Cownie and Clark.

 

ANTICIPATED ACTIONS AND FUTURE COMMITMENTS:  NONE