Vacant to vibrant dc Transforming Vacant Space Into Workforce - PowerPoint PPT Presentation

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

Auctioning Off Remaining Properties to Gain Affordability • Auction Property list will go live on Friday, April 19, 2019 • Online Auction • May 10, 2019 at 11 am to May 15, 2019 starting at 11 am • Visit - http://dhcd.alexcooper.com • Up to 11 sites currently owned by DHCD • Sites are vacant lots and vacant buildings/homes • All sold “ As Is ” 4

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 • Each bidder can only bid on TWO properties • Down Payment • 10% due within 48 hours • Full bid amount due at closing – within 60 days of auction • 5% fee to auctioneer 5

Auctioning Off to Gain Affordability • Maximum Household Income Schedule • Updated Annually • As of October 2018 • Up to 120% Median Family Income (MFI) • Up to 80% Median Family Income for properties with federal funding 6

Auctioning Off to Gain Affordability • Maximum Sales Prices • Updated Annually • As of October 2018 • 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 7

Auctioning Off to Gain Affordability • Development Milestones (estimated and subject to change) May 10 th – 15 th Auction Notification Winning Bidder Within 3 days after Auction ends Winning Bidder Signs Purchase Agreement Within 3 days of being contacted Public Hearing No later than June 25, 2019 Closing No later than August 16, 2019 8

For more details: please call the PADD office at 202-478-1355 Auction details: http://Dhcd.alexcooper.com 9

Questions? 10

THANK YOU! 11