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Date
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December 17, 2007
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Agenda
Item No. MHGB4 Roll
Call No. 07- Communication No. 07-737
Submitted by: Chris
M. Johansen, Housing Services Director |
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AGENDA HEADING:
Approval of
Conveyance of
SYNOPSIS:
Recommend
approval to sell a public housing single-family unit to an eligible buyer.
FISCAL IMPACT:
Amount: $72,360 (net proceeds from sale)
Funding Source: FY 2007-08 Operating Budget, Housing
Services, Public Housing, pg. 173, SP350 HSG020000
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 $72,360 after seller costs are
paid. The second mortgage in the amount
of approximately $35,640 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 by the United States Department of Housing and Urban Development (HUD)
on May 30, 2000. 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 $108,000.
The projected loan amount is $72,360, with a second mortgage in the
amount of $35,640.
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