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

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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.

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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.

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• 35 Sites
• 50 Units

Workforce Housing

Online auction via Alex Cooper begins

• n January 18

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Open to participants in the District’s Certified Business Enterprise Program

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• 2 Sites

Open to participants in the Housing Investment Platform

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• 2 Sites
• Increase

Green Space in Ward 8

A partnership with Casey Trees to save green space.

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• 1 Site
• 1Unit

Home Demonstration

A student built home in partnership with IDEA Public Charter School.

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Action 1 –Auctioning Off to Gain Affordability

• Online Auction
• January 18, 2018 at 1 pm to

January 23, 2018 at 1 pm

• Visit - http://dhcd.alexcooper.com
• Up to 35 sites currently owned by

DHCD

• Two thirds of the sites are vacant

lots

• One third of the sites are vacant

buildings/homes

• All sold “as is”

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• Bidding Process for All Sites
• Register at Alex Cooper Auctioneers website
• $5,000 deposit (credit card hold is acceptable form)
• $20,000 minimum bid
• Down Payment
• 10% due within 48 hours
• Full bid amount due at closing – within 90-120 days of auction
• 5% fee to auctioneer

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Action 1 –Auctioning Off to Gain Affordability

• Maximum Household

Income Schedule

• Updated Annually
• As of October 2017
• Up to 120% Median

Family Income (MFI)

• Up to 80% Median

Family Income for properties with federal funding

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Action 1 –Auctioning Off to Gain Affordability

• Maximum Sales Prices
• Updated Annually
• As of October 2017
• Up to 120% Median Family

Income (MFI)

• Up to 80% Median Family

Income for properties with federal funding

• Rent schedule is available
• n the website

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Action 1 –Auctioning Off to Gain Affordability

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Action 1 –Auctioning Off to Gain Affordability

• Development Milestones (estimated and subject to change)

Auction January 18-23, 2018 Notification Winning Bidder Within 3 days after Auction ends Winning Bidder Signs Purchase Agreement Within 3 days of being contacted DHCD/DCRA Permit Meeting No later than March 18, 2018 Public Hearing No later than March 18, 2018 City Council Passive Approval No later than May 18, 2018 Director of DHCD Signs Purchase Agreement No later than May 30, 2018 Closing No later than June 30, 2018 Confirmation of Development Team No later than June 30, 2018 Submission for Building Permit No later than June 30, 2018 Construction Start No later than September 18, 2018 Marketing to New Homebuyer/Family No later than December 18, 2018

Vacanttovibrant.dc@dc.gov http://Dhcd.alexcooper.com For more details: Auction details:

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Questions?

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THANK YOU!

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