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Date
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March 24, 2008
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Agenda
Item No. MHGB5 Roll
Call No. 08- Communication No. 08-165
Submitted by: Chris
M. Johansen, Housing Services Director |
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AGENDA HEADING:
Approval of
Conveyance of 1204 Elder Lane, City-owned Municipal Housing Agency Property,
pursuant to Affordable Homeownership Program.
SYNOPSIS:
Recommend
approval to sell a public housing single-family unit located at
FISCAL IMPACT:
Amount: $85,090
Funding Source: FY07-08 Operating Budget, Housing Services
Department, 5h Homeownership, pg. 175, SP350 HSG021600
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 $85,090 after seller costs are
paid. The second mortgage in the amount
of approximately $41,910 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 $127,000.
The projected loan amount is $85,090 with a second mortgage in the
amount of $41, 910.
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
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,