HomeMy Public PortalAboutORD14928 BILL NO. 2011-149
SPONSORED BY Councilwoman Carroll
ORDINANCE NO. I ;
AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, AMENDING THE "JEFFERSON
CITY NEIGHBORHOOD REINVESTMENT ACT, PART III."
BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI that Ordinance
14507 is amended as follows:
Section 1. Title and Purpose.
a. The title of this ordinance shall be the "Part Three of the Jefferson City
Neighborhood Reinvestment Act-Purchase Incentives for Residential Home Buyers
in the Old Town District."
b. Its primary purpose is to improve existing neighborhoods in greatest need within the
City of Jefferson, by encouraging owner occupation of homes which have been
vacant for a year or more, or which have been used for purposes other than single
family owner occupied residences. The Act's other purposes include: increasing the
value of properties eligible to participate in the programs offered by this ordinance,
and increasing the value of other properties in the neighborhoods were participating
properties are located; improving the residential areas estate market within the City
of Jefferson; and providing housing opportunities for young families, retired citizens,
and people of modest incomes.
Section 2. Definitions.
a. The term "Eligible Real Estate" as used in this ordinance shall be defined to mean
real property situated entirely within the Old Town District of the City and which
meets all of the following qualifications:
i. Includes one residential structure completed in 1950 or before;
ii. Is being purchased from a third party in a good faith arms-length transaction
after the effective date of this ordinance;
iii. Is being acquired by the owner as the owner's primary residence after the
effective date of this ordinance and
ja) such owner has not previously owned and occupied a residential
structure as a primary residence within the Old Town District for three (3)
years prior to the proposed acquisition;. or
(b) such owner has sold a primary residence within the Old Town
District during the three (3) years prior to the proposed acquisition to an
owner-occupier who prior to the purchase resided outside the Old Town
District ;
iv. Is to be occupied by no more than a single family as that term is defined in
Chapter 35 of the City Code;
v. Shall have been either vacant or used for some purpose other than an
exclusively owner occupied single family residence during the twelve (12)
months preceding the date of purchase; and
vi. Have a fair market value of$40,000.00 or more at the time of purchase.
Section 3. Upon the receipt of a proper application, and certification by the Director
of Finance of eligibility, the Director of Finance shall pay to the owner of a parcel of Eligible Real
Estate up to the amount of $5,000.00 to be applied to the down payment for purchase of the
Eligible Real Estate.
a. The Director of Finance shall establish the procedures for certifying properties
eligible for down payment assistance under this Section, including procedures for
establishing the period of vacancy or prior use of any property being considered for
participation in programs under this Act.
b. The Director of Finance may conditionally certify properties eligible for down
payment assistance under this Section in advance of a prospective owner
purchasing the Eligible Real Estate.
c. The owner or owners may receive an incentive of no more than Five Thousand and
no/100 Dollars ($5,000.00). The amount provided will be determined based on the
owners' cash contribution toward purchase at closing.
Section 4. Dates relevant to this ordinance are:
a. The effective date of this ordinance shall be the date it is passed;
b. The real estate incentive authorized by this ordinance shall be available on a "first-
come, first-serve"basis after the effective date of this ordinance as long as funds are
available.
Section 5. Conditions of eligibility shall also include the following:
a. An owner may be an individual holding title as sole owner, a joint tenancy, tenancy
b the entireties, tenants in common, or a trust, provided the primary beneficiaries of
the trust and all member of other forms of tenancy or ownership occupy the Eligible
Real Estate as a primary residence;
b. Evidence that Eligible Real Estate is the primary residence of the owners shall be
determined by the Director of Finance in his sole and absolute discretion;
c. An owner must continue to occupy the Eligible Real Estate for the full five years
following its purchase unless one or more owners occupying the property shall die
or become confined to a long-term residential health care facility before the end of
the five year period;
d. The total number of properties which can participate in the program authorized by
this ordinance shall be limited by the availability of funds and preference shall be
given to first-time home-buyers;
e. The maximum down payment assistance to which any owner shall be entitled is
$5,000.00.
Section 6. Recapture. Asa further condition to participating in the programs authorized
by this ordinance, an owner of Eligible Real Estate, by accepting the down payment assistance,
shall be conclusively deemed to agree that: (i)the City may recapture the full amount of incentive
made under this ordinance if the owner ceases occupying the Eligible Real Estate as the owner's
primary residence within five years of the date when the owner receives the down payment
assistance; and (ii) the City may assess, impose and levy the full amount of the down payment
incentive as a lien upon on the Eligible Real Estate.
Section 7. This Ordinance shall be in full force and effect from and after the date of its
passage and approval.
Passed:4 �� � Approved:
Presiding Officer Mayor
ATTEST: APPROVED AS TO FORM:
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City Clerk Interim City Counselor