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13413I RESOLUTION NO. 13,413 2 3 A RESOLUTION TO APPROVE THE IMPLEMENTATION OF THE 4 LAND BANK PROPERTY PROGRAM FOR CITY OF LITTLE ROCK 5 EMPLOYEES AND LITTLE ROCK SCHOOL DISTRICT EMPLOYEES; 6 TO APPROVE GUIDELINES AND POLICIES FOR TRANSFERS UNDER 7 THE PROGRAM; AND FOR OTHER PURPOSES. 8 9 WHEREAS, the Board of Directors has stated as one of its goals a desire to provide for 10 neighborhood revitalization, and has taken special efforts to accomplish this goal through its use of 11 various City and Federal funds, and in affirmative actions such as the creation of a Land Bank 12 Commission; and, 13 WHEREAS, the Land Bank Commission strives to reverse blight, increase home ownership, 14 stabilize property values, provide affordable housing, and improve the health and safety of the 15 transitional neighborhoods within the City of Little Rock; and, 16 WHEREAS, the Land Bank Commission realizes the importance of collaborating with citizens, 17 neighborhoods, developers, non -profit organizations, educational institutions, and other governmental 18 agencies to maximize its revitalization efforts; and, 19 WHEREAS, the Land Bank Commission wishes to partner with the City of Little Rock and the Little 20 Rock School District by implementing a property program, in which underutilized Land Bank -held 21 property would be conveyed to qualified City of Little Rock and Little Rock School District Employees 22 for development of a primary residence; and, 23 WHEREAS, the Land Bank Commission has created program guidelines and land transfer policies 24 governing the disposition of Land Bank -held properties to qualified City of Little Rock and Little Rock 25 School District Employees as outlined in Exhibit A to this resolution; and, 26 WHEREAS, under the property program guidelines, there will be no monetary consideration paid by 27 a qualified City of Little Rock or Little Rock School District Employee; and, 28 WHEREAS, State law requires that any conveyance of property by the City be approved by 29 resolution adopted by the Board of Directors; 30 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY 31 OF LITTLE ROCK, ARKANSAS: 32 Section 1. The Board of Directors hereby authorizes the implementation of the Land Bank Property 33 Program for City of Little Rock and Little Rock School District Employees and approves the program's [PAGE 1 OF 5] 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 guidelines and land transfer policies governing the disposition of Land Bank -held properties to qualified City of Little Rock and Little Rock School District Employees as outlined in Exhibit A to this resolution. Section 2. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such declaration or adjudication shall not affect the remaining portions of the resolution which shall remain in full force and effect a if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the ordinance. Section 3. Repealer. All laws, ordinances, resolutions, or parts of the same that are inconsistent with the provisions of this resolution are hereby repealed to the extent of such inconsistency. ADOPTED: December 20, 2011 ATTEST: APPROVE Tley, City Clerk Mark Stodola, Mayor APPROVED AS TO LEGAL FORM: Thomas M. Carpenter, City Attor y H H H H H H H H H H H 11 H H 11 [PAGE 2 OF 51 I EXHIBIT A 2 3 Land Bank Property Program for 4 City of Little Rock Employees and Little Rock School District Employees 5 6 The mission of the Little Rock Land Bank Commission is to reverse blight, increase home ownership and 7 stability of property values, provide affordable housing, improve the health and safety of neighborhoods 8 within the City of Little Rock, and maintain the architectural fabric of the community through study, 9 acquisition, and disposition of vacant, abandoned, tax- delinquent, and City-lien property while 10 collaborating with citizens, neighborhoods, developers, non -profit organizations and other governmental 11 agencies. 12 13 In an effort to stabilize the City's transitional neighborhoods and promote neighborhood cohesion through 14 home ownership, the City of Little Rock Land Bank has implemented a program in which the City 15 provides properties held by the Land Bank to income - eligible City of Little Rock Employees and Little 16 Rock School District Employees at no cost for development of their primary residence. 17 18 Under this program, the disposition of these properties by the Little Rock Land Bank shall be guided by 19 the following land transfer policies: 20 21 I. Policies Governing the Disposition of Properties 22 A. Employment Criteria and Duration 23 Applicants must be employed full -time by the City of Little Rock or the Little Rock 24 School District for a minimum of twelve (12) consecutive months prior to submitting 25 an application under this program. 26 27 B. Income Eligibility 28 i. Lots Purchased with City Funds 29 There are no income eligibility requirements for lots purchased exclusively 30 with City funds. 31 ii. Lots Purchased with Federal Funds 32 To qualify under this program for lots purchased with any federal funds, an 33 applicant's total household income cannot exceed 80% of the Area Median 34 Income as set forth by the U.S. Department of Housing and Urban [PAGE 3 OF 5] I Development (HUD) guidelines. See chart below for HUD Income Eligibility 2 Guidelines. 1 3 4 NOTE: All applicants will be required to submit documentation evidencing total 5 household income to ensure compliance with HUD Income Guidelines. 6 7 C. Primary Residence Requirement 8 The intended use for the property is limited to the construction of a single- family 9 home to be used as the primary residence of the employee and his /her immediate 10 family for a minimum duration of five (5) years. 11 12 D. Redevelopment and Construction Timeframe 13 All applicants must complete a Land Transfer Application and include a detailed 14 Redevelopment Plan. 15 16 Construction must be commenced on the property no later than one (1) -year after the 17 transfer by deed from the City of Little Rock Land Bank. Construction timeframe 18 extensions may be granted upon written request of the employee to the City of Little 19 Rock Land Bank Commission. 20 21 NOTE: Failure to commence construction on the property within the specified 22 timeframe or failure to submit a timely written request for a construction timeframe 23 extension will result in the ownership of the property automatically reverting back to 24 the City of Little Rock Land Bank. 25 26 E. Code Violations 27 Eligible applicants must not own any real property that has unabated violations of the 28 state or local codes. 29 'U.S. Department of HUD — 2011 Adjusted Home income Limits (Little Rock)* Household Size 1 person 2 person 3 person 4 person 5 person 6 person 7 person 8 person Annual Income Limits $34,450 $39,400 $44,300 $49,200 $53,150 $57,100 $61,050 $64,950 * U.S. Department of HUD Adjusted Home Income Limits are subject to change annually. [PAGE 4 OF 5] I F. Real Property Taxes 2 Eligible applicants must not own any real property that is tax delinquent. 3 4 G. Covenants and Conditions 5 Transactions shall be structured in a manner that permits the City of Little Rock to 6 enforce recorded covenants or conditions on the title of the property pertaining to 7 development and use of the property for a specified period of time. 8 9 H. Pricing 10 Properties will be provided at no cost to eligible applicants. 11 12 I. Board of Directors Approval 13 All property dispositions under this program are subject to the review and approval of 14 the Little Rock Board of Directors. [PAGE 5 OF 5]