From
Katherine Garcia-Thomson
Title
Ordinance authorizing the expenditure of $176,583.00 for the purchase and rehabilitation of a home as part of the 4-GOV/REO Program, and authorizing the City Manager to enter into the associated contracts and agreements
Presenter
William A. Hills, Director, Housing and Neighborhood Services
Recommended Action
Approve
Analysis
City Council previously approved the purchase of foreclosed homes as part of the 4-GOV/REO Programs. The programs are designed to purchase and rehabilitate foreclosures affecting the stability of property values in our community. Since the inception of the programs, several homes have been purchased through the NSP/REO Program. Twenty-five (25) properties have been purchased, undergone rehabilitation and been sold with the proceeds, creating program income allowing for the continuation of the program
Staff is requesting that City Council approve the expenditure of $176,583.00 in program income for the purchase and rehabilitation of a foreclosed home as part of the 4-GOV/REO Program; and authorize the City Manager, or his designee, to enter into the associated contracts and agreements.
The Finance and Government Committee reviewed this item on June 7, 2016 and recommended that it be forwarded to the City Council for final approval.
Financial Consideration
The requested $176,583.00 is available through the REO program income resulting from the sale of properties as part of the program (AU 332491 REO Progam Fund).
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AUTHORIZING THE EXPENDITURE OF $176,583.00 FOR THE PURCHASE AND REHABILITATION OF A HOME AS PART OF THE 4-GOV/REO PROGRAM
WHEREAS, the City Council authorized the acceptance of the 4-GOV/REO Program; and
WHEREAS, these grants provide funding for the development of programs designed to stabilize property values in Grand Prairie;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. That the expenditure of $176,583.00 is authorized for the purchase and rehabilitation of a foreclosed home as part of the 4-GOV/REO Program; and
SECTION 2. The City Manager, or his designee, is authorized to enter into the associated contracts and agreements.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 7TH DAY OF JUNE, 2016.