Sponsor
Alderman Shakoor
Title
Permission granted to establish a Chose Racine Program for sale of city-owned homes to qualified employees of the City of Racine, Racine County, Racine Unified School District, and Gateway Technical College
Resolved, that there is hereby established a Chose Racine program for sale of city-owned homes to qualified employees of the City of Racine, Racine County, Racine Unified School District, and Gateway Technical College.
Further resolved, that the program shall have the following characteristics and eligibility criteria:
An eligible employee is a person employed by one of the governmental units who does not currently reside in the City of Racine or who rents a residence in the City of Racine.
The home would be sold to the employee for 50% of the list price of the home, on the condition that the employee resides in the home for five (5) years. Compliance with this condition would be secured by a recorded mortgage and/or deed restriction.
The employee would have to demonstrate financial capacity and/or creditworthiness sufficient for any home improvements that are planned and for basic repairs and maintenance.
If federal funding that requires maintenance of housing affordability was used in the acquisition or repair of the home, the employee-buyer must be income qualified.
Further resolved, that Housing Department shall administer the program, subject to standards and procedures adopted by the Loan Board of Review. The Loan Board of Review shall approve or disapprove applications for home purchases under the program.
Fiscal Note: The program will broaden the market for homes that are already in city ownership and listed for sale. No additional costs will be incurred because of the program.