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RESOLUTION NO. 7,913 70-
A RESOLUTION AUTHORIZING THE MAYOR AND CITY CLERK
TO EXECUTE THE NECESSARY DOCUMENTS THAT MAY BE
REQUIRED FROM TIME TO TIME TO CONVEY AFFORDABLE
HOMES PROPERTY TO QUALIFIED BUYERS.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Mayor and City Clerk are hereby authorized
to execute the necessary documents that may be required from time
to time to convey Affordable Homes property to qualified buyers.
. March 15, 1988
ATTEST:
MARK STODOLA, CITY ATTORNEY
APPROVED:
NOR-,
•RD
E -1 l
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B OF
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DIRECTORS
TO: MAYOR ARD OF DIRECTORS
FROM: T #OFAFFORDABLE CITY MANAGER
SUBJECT: S HOMES
DATE: FEBRUARY 4, 1988
w w w
COMMUNICAW —
BOARD ACTION RECOMMENDED: Approval of a resolution authorizing the Mayor
and City Clerk to execute deeds necessary to convey affordable homes
property to qualified buyers.
BACKGROUND INFORMATION: It is the policy of the City to pre - qualify
buyers and pre -sell homes in the Affordable Homes Program prior to
beginning construction on the homes. In order to pre -sell a home,
authority to convey should be established prior to the signing of the
offer and acceptance. Currently, it is necessary to seek Board
approval for this authority for each transaction, which causes an
unnecessary delay in the process. The authority for the Mayor and
Clerk to execute the deeds as soon as the homes and closing documents
are ready will greatly facilitate and simplify the closing and selling
process.
The City Attorney is taking action to acquire fifty (50) to seventy (70)
lots through foreclosure proceedings against liens. These lots, when
available, will be utilized in the Affordable Housing Program as needed.
The city currently has two houses sold with closing imminent and three
units ready for occupancy for sale. As the program is accelerated..the
need for rapid closing becomes necessary to avoid unnecessary interest
loss and time delays between contract awards and construction orders.
TD /gdr
CITY OF LITTLE ROCK, ARKANSAS
76