Sec. 7.33.3. Methods of Marketing.

   The REO property shall be marketed by LAHD in one of the two methods set forth herein.

   (a)   City Directed Marketing Method. LAHD shall comply, at a minimum, with the following requirements:

   (1)   LAHD shall direct that a Request for Proposal (RFP) or Notice of Funding Availability (NOFA) be issued that describes the REO property in a manner sufficient to inform a potential buyer of the REO property’s particular location, characteristics and use restrictions such that a potential buyer may make an informed decision and submit a competitive proposal. Prior to release, the RFP or NOFA shall be subject to the review and approval of the LAHD Assistant General Manager or designee; and

   (2)   The RFP or NOFA shall be advertised on the appropriate City website designed to reach qualified buyers.

   (b)   Commercial Marketing Method. LAHD shall comply, at a minimum, with the following requirements:

   (1)   LAHD shall engage the services of a commercial real estate broker who shall list the REO property including its location, characteristics and use restrictions on a commercially available real estate listing service commonly used in the sale and marketing of real estate properties in the Los Angeles area. Prior to publication, the listing shall be subject to the review and approval of the HCIDLA Assistant General Manager or designee; and

   (2)   The REO property shall be listed on the appropriate City website designed to reach qualified buyers.

SECTION HISTORY

Added by Ord. No. 183,131, Eff. 8-10-14.

Amended by: Ord. No. 187,122, Eff. 8-8-21.

Sec. 7.33.4. Minimum Sales Price.

   Unless otherwise approved by the City Council, the minimum sales price of an REO property shall be the full appraised value or no less than the minimum percentage of value as determined by appraisal under the requirements of the local, state or federal funds invested in the REO property.

SECTION HISTORY

Added by Ord. No. 183,131, Eff. 8-10-14.

Sec. 7.33.5. Term of Restricted Use.

   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.

Sec. 7.33.6. Role of City Administrative Officer.

   The City Administrative Officer shall review the proposed sale of an REO property and make recommendations to the City Council.

SECTION HISTORY

Added by Ord. No. 183,131, Eff. 8-10-14.

Sec. 7.33.7. Approval by City Council Required.

   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.

ARTICLE 4.1 PURCHASE AND SALE OF REAL PROPERTY TO ASSIST NONPROFIT CORPORATION FINANCINGS

Section

7.33.50   Procedures.

Sec. 7.33.50. Procedures.

   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.

ARTICLE 4.5 MANAGEMENT, CLASSIFICATION AND RESALE OF SPECIAL ASSESSMENT PROPERTY

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.