Where the Los Angeles Housing Department (LAHD) (or any predecessor or successor City agency or department) has obtained title to real property as the result of foreclosure or otherwise, in which local, state or federal funds are invested and which are restricted in their use for low and moderate income housing (REO property), the LAHD General Manager or designee may make the determination that the REO property is to be sold and shall:
(a) Authorize and identify the competitive process set forth in Section 7.33.3 that will be used to solicit proposals from qualified buyers for the REO property offered for sale; and
(b) Direct that LAHD competitively seek proposals from potential buyers of REO property subject to the condition that such REO property will be the subject of a covenant or regulatory agreement restricting its use for housing for low or moderate income residents, as those respective terms are defined by the underlying source of funding LAHD has invested in the REO property.
Prior to exercising discretion to sell under this Section, the LAHD General Manager shall first notify the City Council office of the district in which the REO property proposed for sale is located, by submitting an advisory notice to the City Clerk. Upon the acknowledgement of receipt of the notice by the City Clerk, the LAHD General Manager may proceed with the sale of the REO property.
SECTION HISTORY
Added by Ord. No. 183,131, Eff. 8-10-14.
Amended by: Ord. No. 187,122, Eff. 8-8-21.