BOARD OF SUPERVISORS PUBLIC HEARING. Proposed Sale of County Owned Affordable Dwelling Unit (ADU) Properties

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1 B F VI BI I ate of earing: January 14, 2015 # 1 BJ: I II: II I : FF : roposed ale of ounty wned ffordable welling nit () roperties Blue idge t the leasure of the Board llen runewald, irector, epartment of Family ervices Kelly. arrocco, ousing evelopment rogram anager, epartment of Family ervices : he three (3) properties listed below are s owned by the ounty. ublic earing is required to sell ounty owned properties. I: taff recommends that the Board of upervisors approve the sale of the ounty owned s located at iebald quare #4, ldie, Virginia 20105, iebald quare #4, ldie Virginia and Footed idge errace #9, terling, Virginia to qualified certificate holders. BK: s may be sold at market, and removed from the available stock of affordable housing, when the sale complies with the requirements of hapter 1450 of the odified rdinances of oudoun ounty ( hapter 1450 ). arket sales occur due to the relatively short marketing period set forth in hapter 1450, the shortage of mortgage lenders willing to provide financing, and other market conditions. urrently there are certificate holders on the waitlist with significant interest in available units; however, if a new construction unit does not sell to an certificate holder within the 90 day marketing period set forth in hapter 1450, the builder can sell the unit on the open market. nder hapter 1450 (b)(4), the ounty can purchase new construction s within the 90 day marketing period, and pursuant to hapter (a)(2)() the ounty may purchase re-sale s which are not sold to qualified purchasers between the 61 st -90 th day of the unit coming on the market. In both instances, the ounty is provided with an additional thirty-day period to close the sale. n ay 1, 2013, the oudoun ounty Board of upervisors approved the use of funds from the ounty of oudoun ousing rust to purchase s that are at risk of exiting the program and being sold at market rates. he homes listed herein were purchased by the ounty with the intent to resell them to qualified certificate holders through the established resale process. he two (2) iebald quare homes are two-bedroom, two-bath townhome-style condominiums

2 Item #1, roposed ale of ounty roperty, ounty-wned ffordable welling nits () Board of upervisors ublic earing January 14, 2015 age 2 located in Virginia anor (see roperty ocation ap, ttachment 1 & 2). purchase contract has been placed on these homes by qualified certificate holders at a price of $126,639, which is equal to the control price plus a 1.5% ealtor commission. he one (1) Footed idge errace home is a two-bedroom, two-bath townhome-style condominium located in rcola enter (see roperty ocation ap, ttachment 3). purchase contract has been placed on this home by a qualified certificate holder at a price of $136,481, which is equal to the control price plus a 1.5% ealtor commission. I: here are no known issues in proceeding with the sale of these properties. FI I: here is no local tax funding impact in proceeding with the sale of these properties. F I: 1. I move that the Board of upervisors forward the roposed ale of ounty roperty, ounty- wned ffordable welling nits () item to the February 4, 2015, Board of upervisors Business eeting for action. 2a. I move that the Board of upervisors suspend the rules. 2b. I move that the Board of upervisors approve the sale, to qualified certificate holders, of the ounty owned ffordable welling nits located at the following addresses: iebald quare #4, ldie, V iebald quare #4, ldie, V Footed idge errace #9, terling, V hese sales shall be contingent upon the receipt of contracts from the purchasers acceptable in form to the ounty ttorney. I further move that the hairman, the Vice hairman, the ounty dministrator, or his duly authorized designee be authorized to sign the deeds to the purchasers. aid deeds shall be approved as to legal form by the ounty ttorney, who shall be authorized to execute all necessary collateral documents at settlement. 3. I move an alternative motion. :

3 Item #1, roposed ale of ounty roperty, ounty-wned ffordable welling nits () Board of upervisors ublic earing January 14, 2015 age 3 1. roperty ocation ap iebald quare #4, ldie, V roperty ocation ap iebald quare #4, ldie, V roperty ocation ap Footed idge errace #9, terling, V 20166

4 42117 iebald quare #4 Vicinity ap I I I F K I K Y I Q B F I B I Y B Y I Y iebald quare #4 roperty rea F K B BI Q I V X I F I IB I I B Y F J I B I I I Y I II I Q B Y I I Q IK I I Y I I I IV F I IBI FF I B K I K I II Y V 0 BI I IB Q 0.25 I ttachment ile -1 pring 2014 erial Imagery ap # ; reated 11/25/2014 oudoun ounty, V ffice of apping & eographic Information

5 42125 iebald quare #4 Vicinity ap I I I F K I K Y I Q B F I B I Y B Y I Y iebald quare #4 roperty rea F K B BI Q I V X I F I IB I I B Y F J I B I I I Y I II I Q B Y I I Q IK I I Y I I I IV F I IBI FF I B K I K I II Y V 0 BI I IB Q 0.25 I ttachment ile -2 pring 2014 erial Imagery ap # ; reated 11/25/2014 oudoun ounty, V ffice of apping & eographic Information

6 24672 Footed idge errace Vicinity ap Z K FF V I I I Y I Z I I I IB B K B I F Y 50 /. KY Z Q IB Footed idge errace roperty rea I I K K B Z V Y Y K I I ttachment 3 0 Y F F V I I I K B Y ile F F II -3 pring 2014 erial Imagery ap # ; reated 11/25/2014 I oudoun ounty, V ffice of apping & eographic Information