Housing

The CCLRC's mission is to team up with rehabbers and homeowners to renovate homes, encourage home ownership and provide affordable housing. CCLRC residential properties will become available for:

• Straight sale (sold "as is");
• Sale after professional renovation;
• Sale to responsible private rehabbers.

LRC policy will allow sales only to responsible home owners and rehabbers who meet professional standards and submit acceptable rehab plans.

Straight Sale

The CCLRC will support home ownership by offering several options for purchasing residential property. The CCLRC staff will assist qualified buyers to find appropriate funding sources for improvements. Program guidelines are being developed.

Sale to Private Rehabbers

In most cases, properties held by the CCLRC will be distressed properties. In these cases, the CCLRC will seek to partner with qualified rehabbers who will acquire these properties at a reduced price in exchange for renovating the properties to CCLRC standards. This redevelopment option can take many forms depending on the property, the needed repairs and the availability of financing. Depending on these factors, the CCLRC may be in a position to provide direct loan assistance or equity participation to promote the needed renovations.

Large Developer Pilot Program: This program is designed to facilitate the acquisition, renovation and sale of a property by a Large Developer to an end-user/owner-occupier. These Developers must be qualified and meet satisfactory criteria including a history of successful rehabilitations and/or new construction, provide completion bond(s) and demonstrate the ability to renovate, market and sell 5-10 residential properties simultaneously. Relative to renovation quality, the Large Developer will be obligated to renovate the properties according to mutually agreed-upon standards and specifications.

Small Rehab Pilot Program: This program is focused on the acquisition, renovation and sale of property by a Small Rehabber to an owner-occupier. This rehabber presumably will have less financial capacity than Large Developers but still could act as a viable resource to help the CCLRC effectively renovate, sell or otherwise dispose of its growing inventory. In order to complete the sale, the Small Rehabber has to obtain construction financing from a lending institution or other demonstrated CCLRC-approved means to complete the rehab. If financing is necessary, the Small Rehabber will be connected with CCLRC's designated agent. The agent, through its relationships with lending institutions, will assist the Small Rehabber in obtaining financing. Relative to renovation quality, the Small Rehabber will be obligated to renovate the house according to mutually agreed-upon standards and specifications.

Owner-Occupier Pilot Program: This program is designed for the person who wants to buy a Land Bank property, fix it up and live in the property him- or herself. That person would be sent to the Land Bank's agent. The agent, through its relationships with lending institutions, will assist the Owner-Occupier in obtaining financing or other demonstrated CCLRC-approved means of completing the rehab. If financing is necessary, the CCLRC will facilitate a sale of the property. Relative to renovation quality, the Owner-Occupier will be obligated to renovate the house according to mutually agreed-upon standards and specifications.

Sale after CCLRC Renovation

The CCLRC will assess properties and in some cases determine that a property can be sold at or near fair market value. In most other cases, the CCLRC will determine if properties can be renovated and sold for reduced values based on renovation needs and market conditions. The CCLRC will develop a rehab plan, select qualified contractors and then oversee the rehab through to completion. Once the renovations are complete, the property will be listed and sold on the open market - available to the public. Depending on the size and complexity of the renovation project, some property may be put out for bid while others will be contracted using specifications developed by land bank staff. Contractors who wish to be placed on the land bank's list of qualified licensed contractors, should make arrangements to fill out and return a qualification application which will then be kept on file.

For more detailed information about renovation programs, contact Dennis L. Roberts online or by telephone at (216) 698-8653.

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