To: Contra Costa County Housing Authority Board of Commissioners
From: Joseph Villarreal, Executive Director
Report Title: REPORT ON THE STATUS OF THE MARKET-RATE SALES OF TWENTY-FIVE SCATTERED SITE BUILDINGS LOCATED ON EIGHTEEN PARCELS FROM THE FORMER LAS DELTAS PUBLIC HOUSING DEVELOPMENT IN NORTH RICHMOND
☐Recommendation of the County Administrator ☐ Recommendation of Board Committee
RECOMMENDATIONS:
CONSIDER accepting a report on the status of the market-rate sales of the Las Deltas former public housing sites in North Richmond.
BACKGROUND:
Staff will update the Board with any changes. The status at the time of writing is as follows:
• 18 Parcels were marketed for sale.
• 1 Parcel has closed and transferred ownership to a person who used to live in a Las Deltas public housing unit.
• 15 Parcels have executed Purchase and Sale Agreements and are currently with HUD pending approval. Due to the shutdown of the federal government, HUD has not approved any of these at this date. If approved, two or three of these properties will be sold to people who used to live in a Las Deltas public housing unit.
• 1 Parcel is pending a Purchase and Sale Agreement to be executed.
• 1 Parcel remains for sale. It is an empty lot that was demolished in the interest of public safety due to a fire.
• Assuming HUD approval of all transactions, all properties will be sold to people with ties to North Richmond.
FISCAL IMPACT:
Based on existing appraisals, HACCC will receive approximately $6,662,000 for the sale of these properties. Closing costs and realtor fees will be paid from these funds as well as all holding costs. The use of the proceeds from these sales is restricted to affordable housing purposes.
CONSEQUENCE OF NEGATIVE ACTION:
None. Informational item only.