Title
Resolution Authorizing a Deed in Lieu of Foreclosure From Everitt-Spencer Limited Partnership for the Properties Located at 2115, 2116 and 2128 Everitt Street and Subsequent Transfer of Ownership to the Redevelopment Commission of Greensboro
Body
Department: Neighborhood Development
Council District: All
Public Hearing: n/a
Advertising Date/By: n/a
Contact 1 and Phone: Barbara Harris, Ext. 2509
Contact 2 and Phone: Hanna Cockburn, Ext. 3576
PURPOSE:
City Council is asked to consider a resolution for the acquisition of multi-family properties located at 2115, 2116 and 2128 Everitt Street. The properties will be acquired by the City through a deed in lieu of foreclosure. These properties will be transferred to the Redevelopment Commission of Greensboro for redevelopment as part of Willow Oaks.
BACKGROUND:
In September, 2013 the 25 residential units located at 2115, 2116 and 2128 Everitt Street were declared blighted by the Planning Board. In November, 2013 City Council approved an amendment to the Morningside/ Lincoln Grove (Willow Oaks) Redevelopment Plan which allowed these properties to be added to the acquisition list for the redevelopment area.
These units, built in the 1960s, were part of a City rental housing investment program in the 1990's aimed at the rehabilitation of existing units in distressed areas. The units have reached the end of their useful life, are not recommended for rehabilitation and staff anticipates demolition with redevelopment in conformance with the Willow Oaks redevelopment plan. The units were restricted to very low income tenants. In order to preserve rents at a level affordable to very low income tenants the loan was structured for the Owner to pay a portion of the interest annually, with the remaining interest accruing.
The deed in lieu process will shorten the timeframe for multi-family use restrictions placed on the properties by the North Carolina Housing Finance Agency (NCHFA). NCHF...
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