From
Jana Mims
Title
Ordinance authorizing the expenditure of $500,000 for the purchase of additional homes as part of the 4-GOV and REO programs, and authorize 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 ansd REO Programs. The programs are designed to stabilize the growing number of foreclosures affecting the stability of property values in our community. Since the program's inception, homes have been purchased through NSP and REO Programs. Twenty seven (27) properties have been purchased, twenty six (26) have undergone rehabilitation, and twenty five (25) properties have been sold as part of the 4-GOV and REO Programs with the proceeds creating program income.
We are requesting that City Council approve the expenditure of $500,000 in program income for the purchase of additional foreclosed homes as part of the 4-GOV/REO Program; and authorize the City Manager or their designee to enter into the associated contracts and agreements.
Financial Consideration
The requested $500,000 is available through the funding provided by HUD and proceeds from sales for this program.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AUTHORIZING THE EXPENDITURE OF $500,000 FOR THE PURCHASE OF ADDITIONAL HOMES AS PART OF THE 4-GOV AND REO PROGRAMS
WHEREAS, the city council authorized the acceptance of the Neighborhood Stabilization Grant and REO Programs
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 $500,000 is authorized for the purchase of additional foreclosed homes as part of the 4-GOV/REO Programs
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 6TH DAY OF NOVEMBER, 2012.