When in the prosecution of a community development plan, adopted and approved as provided in these Codified Ordinances, the Director of Community Development determines that properties acquired by the City, to be rehabilitated, or which have been rehabilitated, are needed to supply rental housing for persons or families displaced by governmental action in the City, such properties may be sold by direct sale to nonprofit corporations or such limited distribution entities to whom Federal financing or Federally insured financing would be available for the purposes hereof, at a price determined by the Board of Control to be the fair re-use value based on two (2) independent re-use appraisals, subject however, to the review and approval by Council of any such sale prior to the authorization thereof by the Board, and in Federally assisted projects, concurred in by that agency of the Federal government concerned therewith. The conditions of sale, in addition to such other conditions required in Section 321.17, that the purchasers shall rehabilitate the structures so purchased to the rehabilitation standards of the community development plan, or if rehabilitated by the City shall be maintained to the standards, and shall be used for the primary purpose of supplying rental housing for persons or families displaced by governmental action in the City.
(Ord. No. 1492-66. Passed 12-12-66, eff. 12-14-66)