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HomeMy Public PortalAboutORD14507 SUBSTITUTE Passed as Amended BILL NO. 2008-160 SPONSORED BY Councilman Medin ORDINANCE NO. 11+1507 AN ORDINANCE OF THE CITY OF JEFFERSON, MISSOURI, ENACTING THE "JEFFERSON CITY NEIGHBORHOOD REINVESTMENT ACT, PART III." BE IT ENACTED BY THE COUNCIL OF THE CITY OF JEFFERSON, MISSOURI 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 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; iv. Is to be occupied by no more than a single family as that term is defined in Chapter 35 of the City Code; SUBSTITUTE Passed as Amended 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 ua 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; SUBSTITUTE Passed as Amended 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. As a 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. z Passed: &22 Approv siding Officer Mayor AT�F T: APPROVED AS TO FORM: ity Clerk City Counselor