Much has already and will continue to be said on this blog about the methods that City staff utilizes in the acquisition and/or disposition of HUD-financed properties. In particular, much has been brought to light via revelations about the $2.144 Million NSP-1 grant, so-called Land Banking, etc.
The questions I have are quite simple: 1) does the City of Middletown have City Council approved policies and operational procedures for City staff to follow when they buy and later sell real estate; and 2) are there controls in place to govern expenses incurred by City staff in the purchase, rehabilitation and resale of HUD-financed properties; and, 3) what provisions are in place to regulate the amount of subsidies that City staff may provide via individual real estate transactions.
Attached are some links from 1) Berrien County, Michigan; 2) City of Palm Bay, Florida; 3) Genesee County, Michigan; and 4) City of Little Rock, Arkansas.
http://www.berriencounty.org/econdev/policy_and_procedures_adopted_2009.pdf -
http://www.palmbayflorida.org/bayfront/facts/documents/appendix_d.pdf - http://www.palmbayflorida.org/bayfront/facts/documents/appendix_d.pdf
http://www.thelandbank.org/policies.asp - http://www.thelandbank.org/policies.asp
http://www.littlerock.org/citydepartments/housingandneighborhoodservices/landbankcommission/little%20rock%20lb%20priorities%20and%20policies%20%283%29.pdf - http://www.littlerock.org/citydepartments/housingandneighborhoodservices/landbankcommission/little%20rock%20lb%20priorities%20and%20policies%20(3).pdf
According to the following Freddie Mac link, they currently have six (6) foreclosed homes on the market in Middletown that sell for less than $80,000. Consequently, why are Community Revitalization Department staff squandering our tax dollars on homes purchased for up to $130,000? And, why are they purchasing homes that require as much as $90,000 for rehabilitation? After all, isn't it our Federal tax dollars that they are squandering in some instances?
http://www.homesteps.com/cgi-bin/formsearch.cgi - http://www.homesteps.com/cgi-bin/formsearch.cgi
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