SUBJECT
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Authorize the sale of County owned properties located at 12 Cedar Street and 16 Cedar Street in Haines City to income eligible buyers for the purpose of promoting affordable housing. (No fiscal impact)
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DESCRIPTION
The County acquired Parcel ID Numbers 272729-783000-094230/094220 through an Escheatment Tax Deed dated October 13, 2021 which was subsequently recorded in O.R. Book 11936, at Page 248. The parcels, located at 12 Cedar Street and 16 Cedar Street, respectively, were vacant, platted, residential lots in Haines City. The properties were reviewed by the County’s Housing and Neighborhood Development section (“HND”) and determined to be suitable for its affordable housing initiatives. A Quiet Title action was completed for both properties in an effort to make the title to the properties more marketable for affordable programs. Due to rising costs and current workload constraints associated with existing affordable housing partners, the County constructed three-bedroom, two-bathroom, concrete block single family residences containing approximately 1,425 square feet, utilizing affordable housing grant funds, on each of the properties with the intent to sell the homes to qualifying income eligible buyers once completed.
It is requested that the properties be sold to buyers who meet eligibility requirements set forth by HND who qualify for a first mortgage as well as down payment and closing cost assistance. The properties are proposed to be sold on a first qualified basis, utilizing a standard Florida FAR/BAR contract, for the following purchase amounts which are equal to the construction, and associated, costs for the residences:
- 12 Cedar Street, Haines City, FL 33844 - $194,900
- 16 Cedar Street, Haines City, FL 33844 - $193,989
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 proceed at closing. Additionally, closing cost assistance and subsidies are anticipated to be provided to qualifying buyers in the estimated amount of $75,000 for 12 Cedar Street and $53,000 for 16 Cedar Street. Authorizing the sale of the properties 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 the prices stated herein 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 and all other closing documents on behalf of the Board at the respective closings.
FISCAL IMPACT
Net proceeds from the sale of the properties, after down payment assistance and/or subsidies, in the estimated total amount of $261,000 less closing costs to be deposited into the Affordable Housing Trust Fund to be used for future affordable housing.
CONTACT INFORMATION
R. Wade Allen, Director
Real Estate Services
863-534-2577