SUBJECT
title
Authorize the sale of County owned property located at 830 3rd Street in Winter Haven to income eligible buyers for the purpose of promoting affordable housing. (No fiscal impact)
body
DESCRIPTION
The County acquired Parcel ID Number 262817-544500-034100 through an Escheatment Tax Deed dated August 15, 2023, which was subsequently recorded in O.R. Book 12378, at Page 2213. The parcel, located at 830 3rd Street in Winter Haven, is comprised of two contiguous platted residential lots measuring 50-feet wide and containing approximately 6,250 square feet. The property was reviewed by the County’s Housing and Neighborhood Development section (“HND”) and determined to be suitable for its affordable housing New Construction Program. A Quiet Title action was completed for the property in an effort to make the title to the property more marketable for affordable programs. The County is in the process, through a contractor, of constructing a three-bedroom, two-bathroom, concrete block single-family residence containing approximately 1,474 square feet, utilizing affordable housing funds, on the property with the intent to sell the home to qualifying income eligible buyers once completed.
It is requested that the property be sold to buyers who meet eligibility requirements set forth by HND who qualify for a first mortgage as well as down payment and/or closing cost assistance. Once the homes are completed the properties are proposed to be sold on a first qualified basis, utilizing a standard Florida FAR/BAR contract, for an amount equal to the construction, and associated, costs for the residences, which is anticipated to be no more than $250,000 each.
Closing costs associated with the sale of the properties will be negotiated as part of the contracts but will not exceed $6,000 and will be deducted from the proceeds at closing. Authorizing the sale of the properties after completion of the residences and hiring American Government Services Corporation to close the transactions will allow for the purchase of the properties by qualifying buyers for affordable housing purposes.
RECOMMENDATION
Request Board authorize the sale of the above-mentioned properties to HND qualified persons for an amount equal to the construction, and associated costs of each residence for affordable housing, authorize the hiring of American Government Services Corporation to close the transactions, authorize the subsequent County Deeds to said qualified persons in conjunction with the closings, approve paying closing costs not to exceed $6,000 per property and authorize the Real Estate Services Director to execute the FAR/BAR purchase and sale contracts, for an amount no greater than $250,000, and all other closing documents on behalf of the Board at the closing.
FISCAL IMPACT
Net proceeds from the sale of the properties to be deposited into the Affordable Housing Trust Fund to be used for future affordable housing.
CONTACT INFORMATION
Scott Lowery, Director
Real Estate Services
863-534-2578