11-29-79 agendaf
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HOUSING AND REDEVELOPMENT AUTHORITY
Office of Executive Director
HRA Letter No. 4~
Agenda November 29, 1979
Housing and Redevelopment
Authority Commissioners
City of Richfield
Commissioners:
Subject: Authorization to Se11 Property at 7444 Bryant
The Suburban Hennepin County Vocational Technical Institute,
in cooperation with the HRA, has been substantially rehabilitating
the HRA-owned four bedroom house located at 7444 Bryant Avenue South.
The rehabilitation work has now been completed and inspected, and
the house is ready to sell.
On July 9, 1979, the HRA authorized the staff to advertise this
property for resale in the amount of $52,800, under the FHA 235
program. This FHA program offers mortgages at less than current
market interest rates to moderate income families.
The staff received and reviewed six proposals to purchase this
property. Four acceptable proposals were ranked in order of their
eligibility under the Richfield New Home Program Guidelines. On
August 21, 1979, the four ranked applications were submitted to
United Mortgage Company. Only one applicant family reviewed by
United Mortgage and FHA qualified for and was guaranteed a r~lortgage;
The Petersens received preliminary approval of their mortgage
from United Mortgage near the end of September. At about the same
time, it was necessary for them to vacate their existing rental
residence. Because they had received preliminary mortgage approval,
the HRA leased 7444 Bryant to them, and they are thus already occu-
pying the house. Mr & Mrs. Petersen have now received final ap-
proval of their mortgage.
It is recommended that the HRA adopt the attached resolution,
authorizing sale of the property at 7444 Bryant Avenue South to
Mr. and Mrs. Jerry Petersen, in the amount of $52,800.
Respectfully submitted,
~'~~'~ 1 VO~L'~r~k,~21t`.2'1
Karl Nollenberger
Executive Director
KN/ j of
cc: Acting Redevelopment Director
Finance Coordinator
. ,
HRA Resolution No.
RESOLUTION APPROVING SALE OF PROPER'T'Y
AT 7444 BRYANT AVEiJUE SOUTH
t^7HEREAS, on July 9, 1979, the Housing and Redevelopment
Authority of Richfield authorized the offering for sale of
the property at 7444 Bryant Avenue South to a moderate income
family for a purchase price of $52,800, the property being
legally described as:
Lot 12, Block 12 Irwin Shores Addition
WHEREAS, the Housing and Redevelopment Authority of Richfield
authorized the solicitation and acceptance of proposals for the
purchase of the above described property by Resolution DTo. 124
on July 9, 1979; and,
WHEREAS, aproposal was received from Jerry and Ann Petersen
for the purchase of said property in the amount of $52,800; and,
WHEREAS, this proposal was found to be acceptable by the
Richfield Housing Authority, United Mortgage Company and the
Federal Housing Administration;
NOW, THEREFORE, BE IT RESOLVED by the Housing and P,edevelop-
ment Authority that the above described proposal is hereby accepted
and the Executive Director is authorized to sell the above described
property in accordance with said proposal.
Passed this 29th day of November, 1979.
^Loren L. Law CZairman
ATTEST:
V. L. I,uettinger Secretary