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The resulting use of the REO property after its sale shall be for housing for low or moderate income households and shall be subject to a covenant or regulatory agreement to be recorded against the REO property restricting its use for a term determined as follows:
(a) If at the time the REO property is sold or transferred pursuant to this ordinance, LAHD is not providing any additional public funding for the REO property, the term of affordability shall be, at a minimum, the full term consistent with the requirements of the funding previously invested in the REO property; or
(b) If additional public funding is invested in the REO property at the time of sale, the term of affordability shall be, at minimum, the term consistent with the requirements of the additional funding source; however, in the event the resulting term under the additional funding source requirements is less than the full term consistent with the requirements of the funding previously invested in the REO property, the longer term shall be applied in the covenant or regulatory agreement.
SECTION HISTORY
Added by Ord. No. 183,131, Eff. 8-10-14.
Amended by: Ord. No. 187,122, Eff. 8-8-21.
An REO property shall only be sold after the City Council has made the necessary findings and approved the sale by ordinance pursuant to Section 7.27 of the LAAC.
SECTION HISTORY
Added by Ord. No. 183,131, Eff. 8-10-14.
The Council may determine that it is in the public interest to assist a nonprofit corporation in financing or refinancing its acquisition and improvement of real property and equipment and that the assistance requires the City to purchase real property from the nonprofit corporation and then re-sell the real property back to the nonprofit corporation, or requires an equivalent lease/leaseback of real property. The Council may by resolution or ordinance authorize the execution of any deed, contract, lease, installment purchase agreement, installment sale agreement, trust agreement, or other instruments as may be necessary to accomplish the purchase, sale, or lease at and for a price or consideration and upon the terms and conditions to be specified in the resolution or ordinance.
SECTION HISTORY
Article and Section Added by Ord. No. 177,328, Eff. 3-11-06.
Section
7.34.1 Policy.
7.34.2 Definitions.
7.34.3 Duties of Board of Public Works.
7.34.4 Classification of Property.
7.34.5 Public Use Property.
7.34.6 Application to the Board for Reconveyance.
7.34.7 Reconveyance by the Board.
7.34.8 Payment for Reconveyance.
7.34.9 Property for Resale.
7.34.10 Notice of Resale.
7.34.11 Manner of Resale.
7.34.12 Bids, Security Required.
7.34.13 Powers of Council.
7.34.14 Construction.
It is hereby directed that the best interests of the City of Los Angeles require that it is the policy of the City of Los Angeles that special assessment property that is or shall be deeded to the City of Los Angeles for delinquent assessments shall go back to private ownership unless required for public use.
SECTION HISTORY
Based on Ord. No. 96,847.
Added by Ord. No. 140,475, Eff. 6-17-70.
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