TITLE
ORDER OF THE NEW HAVEN BOARD OF ALDERS AUTHORIZING THE CITY OF NEW HAVEN, ACTING THROUGH THE LIVABLE CITY INITIATIVE, TO NEGOTIATE AND ENTER INTO CONTRACTS OF SALE WITH RESPECT TO THE NEW CONSTRUCTION PROPERTY LOCATED AT 455 HOWARD AVENUE, AND FURTHER AUTHORIZING THE MAYOR OF THE CITY OF NEW HAVEN TO EXECUTE AND DELIVER ANY AND ALL NECESSARY DOCUMENTS TO COMPLETE THE SALE OF THE PROPERTY
BODY
WHEREAS, the City of New Haven (the "City") is the owner/developer of a two- family new construction structures at 455 Howard Avenue, in the Hill neighborhood (the "Property") which Property was acquired by the City through tax foreclosure and which Property has been vacant land for over eighteen (18) years.
WHEREAS, the City in partnership with the Hill South Management Team has carried out the new construction work at the Property with City local funding for housing development; and
WHEREAS, the construction of the Property is due to be completed on or before April 1, 2024, and the Property is currently being aggressively marketed; and
WHEREAS: it is easier for potential purchasers to secure mortgage funding from a lending institution when a sales contract contains no other approval contingency on the part of the Seller; and
WHEREAS, the City proposes to sell the Property pursuant to a negotiated sale, obtaining the maximum value that the market will allow for a two-family structure considering the affordability restriction in the Hill neighborhood; and
WHEREAS, the Property will be sold subject to a thirty (30) year covenant that will run with the Property requiring homeowner occupancy and providing for an income restriction that each homeowner and/or his or her assigns shall have an income of not more than eighty percent (80%) of the area median income which, as of this date of this Resolution, is $91,750.00 for a family of four (4); and
WHEREAS, the Property will be sold subject to a ten (10) year Anti Speculation Provision regarding sale and...
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