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Date
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September 8, 2008
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Agenda
Item No. MHGB2 Roll
Call No. 08- Communication No. 08-544 Submitted by: Chris
Johansen, Housing Services Director |
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AGENDA HEADING:
Disposition
SYNOPSIS:
Recommend City
Council approval to sell Des Moines Municipal Housing Agency (DMMHA’s) disposition
property to Home Opportunities Made Easy, Inc.
FISCAL IMPACT:
Amount: The Housing Services Department will receive $75,375
from the sale and a five (5) year restrictive covenant of affordability.
Funding Source: 2008-2009
Operating Budget, Page 174, Housing Services Department Disposed Homes, HSG021500.
The proceeds
from the sale will be used accordingly:
- Affordable Housing Endowment Fund
(75%)
- Physical Improvements to existing
Manors (25%)
ADDITIONAL INFORMATION:
The Housing
Services Department received approval for its application to dispose of 394
Public Housing units at Fair Market Value, via a public bid on August 19,
2003. Where there is a commensurate
public benefit, according to federal regulations, sales can be negotiated with
a specific buyer.
HOME, Inc., an
Iowa nonprofit corporation has a long history of providing affordable housing
in the City of Des Moines, of meeting the requirements of federally funded
housing programs and has the ability to meet the requirements of DMMHA’s
disposition plan. HOME, Inc., intends to
use this property for their lease/purchase model of homeownership for a
household 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. Motion Carried 5-3. Absent: Daniels,
McPherson and Clark.
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,