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08-03-2007 Commission adopts contracts for $1 home effort
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08-03-2007 Commission adopts contracts for $1 home effort
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soa Ta,& <br /> � d <br /> W PEACE a <br /> 1565 <br /> Office of the Mayor <br /> NEWS RELEASE <br /> August 3, 2007 <br /> 3 p.m. <br /> Commission adopts contracts for $1 home effort <br /> Contact: Mikki Dobski, Director of Communications&Special Projects, 235-5855 or 876-1564 <br /> or Jeff Gibney,Interim Director of Community and Economic Development, 235-9371 <br /> Raffles among credit-qualified prospective homebuyers for Mayor Stephen J. Luecke's <br /> $1 home initiative could begin as early as October, after the Redevelopment Commission <br /> today authorized contracts with three nonprofits selected to administer the program. <br /> Contracts between the Redevelopment Commission and Near Northwest Neighborhood <br /> Ind., Northeast Neighborhood Revitalization Organization and South Bend Heritage <br /> Foundation authorize each nonprofit community development corporation to act as the <br /> city's purchasing agent for the $1 home initiative. <br /> The contract for each entity begins Aug. 1. It includes a 12.5 percent administrative fee <br /> and resources for the acquisition and sale of up to five homes each. Average acquisition <br /> costs will range from $25,000 to $35,000, and the nonprofits' maximum purchase price <br /> for any single property is not to exceed $45,000. Each nonprofit will have $166,000 <br /> available for the project in its area. <br /> While the contracts were being drawn up, the nonprofits already have identified most of <br /> the 15 total properties they intend to purchase, according to Jeff Gibney, interim director <br /> of community and economic development. He expects the nonprofits to start purchases in <br /> August and publicize this year's $1 home properties in September. During that time, the <br /> nonprofits will also work with interested $1 homebuyers to help them prepare to be <br /> credit-qualified for a raffle that will take place for each property as early as October to <br /> select the eventual $1 home buyer. <br /> "Prospective homeowners will be drawn to these $1 homes because of the city's heritage <br /> and the quality of life afforded by the front-porch neighborhoods in which they are <br /> located," Luecke said. "They will indeed be diamonds in the rough, waiting for an <br /> inspired and committed homeowner to make them shine." <br /> -more- <br />
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