TO: Mayor Thomas J. Weisner
FROM: Daniel Barreiro, Chief Community Services Officer
DATE: August 27, 2013
SUBJECT: title
A Resolution Approving a Developer Agreement between the City of Aurora and Joseph Corporation Regarding the Neighborhood Stabilization Program (NSP)
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PURPOSE:
This report will request approval for a Disposition and Development Agreement with Joseph Corporation to dispose of three remaining NSP homes owned by the City. Separate request for approval staff reports for the Ordinances required to sell the properties contemplated in this report are offered as companion reports to this item. Because of the complex nature of this report, it is presented as one staff report for the Project's master agreement, and three separate transmittals for the required property dispositions. The dispositions for the Downer, Union, and Lincoln properties will all be covered under the Project master agreement. The package of property dispositions contained in this report will effectively close-out the homebuyer portion of NSP program.
BACKGROUND:
In 2008 the City of Aurora was allocated $3,086,586 under the American Recovery and Reinvestment Act (ARRA) for the NSP federal stimulus program which was used to purchase vacant/abandoned/foreclosed properties for the purpose of rehab or demolition and new construction. Overall, the Program had the dual purpose to rehabilitate the "hardest to tackle" homes in neighborhoods severely impacted by the housing foreclosure crisis (those homes which the market would not touch and which might become safety hazards) and to support local construction trades.
NSP properties are for sale or rental to purchasers whose household income was at or below 120% of the Area Median Income (or $88,320 for a family of four in 2013). For rental properties, residents must be at 50% of the Area Median Income or below (or $36,800 for a family of four in 2013). Overall, the NSP Program has spent over $3 million in Auro...
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