Vacant to vibrant dc Transforming Vacant Space Into Workforce Housing and Creative Green Space 1
Department of Housing and Community Development Our mission is to produce more affordable housing, preserve and sustain affordable housing and ensure the infrastructure and resources needed to house future residents. 2
Property Acquisition And Disposition Division (PADD) Stabilizes District neighborhoods by decreasing the number of vacant and abandoned residential properties and transforming them into affordable homeownership opportunities for residents at all income levels. 3
• 35 Sites • 50 Units Workforce Housing Online auction via Alex Cooper begins on January 18 4
Open to participants in the District’s Certified Business Enterprise Program 5
• 2 Sites Open to participants in the Housing Investment Platform 6
• 2 Sites • Increase Green Space in Ward 8 A partnership with Casey Trees to save green space. 7
• 1 Site • 1Unit Home Demonstration A student built home in partnership with IDEA Public Charter School. 8
Action 1 – Auctioning Off to Gain Affordability • Online Auction • January 18, 2018 at 1 pm to January 23, 2018 at 1 pm • Visit - http://dhcd.alexcooper.com • Up to 35 sites currently owned by DHCD • Two thirds of the sites are vacant lots • One third of the sites are vacant buildings/homes • All sold “as is” 9
Action 1 – Auctioning Off to Gain Affordability • Bidding Process for All Sites • Register at Alex Cooper Auctioneers website • $5,000 deposit (credit card hold is acceptable form) • $20,000 minimum bid • Down Payment • 10% due within 48 hours • Full bid amount due at closing – within 90-120 days of auction • 5% fee to auctioneer 10
Action 1 – Auctioning Off to Gain Affordability • Maximum Household Income Schedule • Updated Annually • As of October 2017 • Up to 120% Median Family Income (MFI) • Up to 80% Median Family Income for properties with federal funding 11
Action 1 – Auctioning Off to Gain Affordability • Maximum Sales Prices • Updated Annually • As of October 2017 • Up to 120% Median Family Income (MFI) • Up to 80% Median Family Income for properties with federal funding • Rent schedule is available on the website 12
Action 1 – Auctioning Off to Gain Affordability • Development Milestones (estimated and subject to change) Auction January 18-23, 2018 Notification Winning Bidder Within 3 days after Auction ends Winning Bidder Signs Purchase Agreement Within 3 days of being contacted DHCD/DCRA Permit Meeting No later than March 18, 2018 Public Hearing No later than March 18, 2018 City Council Passive Approval No later than May 18, 2018 Director of DHCD Signs Purchase No later than May 30, 2018 Agreement Closing No later than June 30, 2018 Confirmation of Development Team No later than June 30, 2018 Submission for Building Permit No later than June 30, 2018 Construction Start No later than September 18, 2018 Marketing to New Homebuyer/Family No later than December 18, 2018 13
For more details: Vacanttovibrant.dc@dc.gov Auction details: http://Dhcd.alexcooper.com 14
Questions? 15
THANK YOU! 16
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