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City clears title and supports sale of seven H.A. homes to Hope CDC to preserve long-term affordable rentals
Summary
The council approved sale of seven occupied Wichita Housing Authority properties to Hope CDC for $1.1 million under a 15-year project-based voucher structure; the purchaser will provide property management and wraparound services with an option for later homeownership pathways.
Housing staff presented a recommended sale of seven occupied Wichita Housing Authority properties in the South City area to Hope Community Development Corporation (Hope CDC) for $1.1 million. The properties are subject to a 15-year project-based voucher (PBV) agreement requiring the purchaser to maintain affordability and keep existing tenants in place.
Hope CDC proposed financing that includes city-provided mortgage financing up to $604,200 (30-year loan) to support acquisition and committed equity and partner funding. Reverend Dr. Kevis Harding (Hope CDC) described plans for in-house property management, wraparound services including financial-literacy and "save, match and grow" programs, and a longer-term pathway to homeownership for tenants who wish to transition off voucher assistance.
Council supported the transaction as a strategy to preserve affordable rentals in a concentrated neighborhood block and to leverage proceeds for other affordable-housing activities. The law department approved the required documents as to form, and the council authorized the sale and PBV allocation (vote passed unanimously).
