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Committee approves marketing of HOME-funded rehabbuilt house at 1472 Bell, adds 45-day post-closing reporting requirement
Summary
Planning Director Byington asked for permission to engage a broker to market a HOME-funded, rehabilitated house at 1472 Bell; the committee amended the proposed ordinance to require administration to report sale details to council within 45 days of closing and recommended the amended ordinance to full council.
Planning Director Byington told the Housing Plan Development Committee that the city has completed a rehabilitation of a HOME-funded single-family home at 1472 Bell and asked permission to hire a licensed real-estate broker to market the property for sale. Byington said the rehabilitation used HOME funds and HUD rules require the buyer be a household earning no more than 80% of area median income; HUD also sets a maximum permissible sale price. "HUD also sets the limit for the max that we can sell the property for," Byington said, adding that the maximum allowable sale price under program rules is $209,000.
Byington provided a project summary: the rehabilitated house is approximately 1,700 square feet, with three bedrooms, two-and-a-half bathrooms, a two-car detached garage, a new high-efficiency furnace, central air conditioning, new appliances including washer and dryer, new windows and refinished hardwood floors. She said the total rehabilitation funding in the HOME program for the project was $437,000 and that HUD rules require the property be sold to a buyer at or below 80% of AMI.
Committee members asked for a reporting timeline and for the administration to provide sale details back to council. The committee amended the proposed ordinance to add language requiring the administration to report sale details to council within 45 days of closing. The amended ordinance was recommended to full council for approval.
