Submitting report relative to Right of First Refusal on Foreclosure Occupied Homes. (Should the city decide to exercise its right of first refusal regarding all occupied properties the WCT will subject to foreclosure, the City will have to pay the minimum bid price for each property. The exercise of the option to purchase is only applicable prior to the properties being placed for sale at auction. Whether the City decided to purchase the foreclosed residential properties or receive the residential properties that did not sale at auction, a project or program similar to that of the Detroit Land Bank’s Occupied Property pilot program would need to be established to assist the occupants in obtaining title and maintaining compliance with the tax laws, housing codes, ordinances and payment of water bills. Failure to address these concerns will most likely result in similar forfeiture actions in the future.) (REFERRED TO THE PLANNING AND ECONOMIC DEVELOPMENT STANDING COMMITTEE ON 9-8-16)

Committee

Planning and Economic Development Standing Committee

Introduced

October 28, 2016

On agenda

September 8, 2016