City Council to consider the sale of UI property for affordable housing

BY DI STAFF | JULY 08, 2011 7:20 AM

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Iowa City officials propose to sell the single-family residence at 826 E. Davenport St., under the UniverCity Neighborhood Partnership Program grant, according to the Iowa City City Council.

The program is a collaboration between the University of Iowa and the city “to encourage home ownership and reinvestment in designated neighborhoods surrounding the university,” according to city officials. The sale would provide affordable housing in the University of Iowa area.

A $1.25 million grant allows the partnership to buy and restore 25 units in the area. Each residence is allotted $50,000 in grant money.

The City Council will have a public hearing authorizing the sale at its meeting July 12, which follows a resolution for the purchase adopted Tuesday.

An offer was received to purchase the home for $136,000, the amount paid by the city, “Carrying costs” would also be provided.

These are costs to obtain, preserve, and sell the home gained by the city of Iowa City, including mowing and snow removal, utilities, real-estate taxes and any costs exceeding grant funds.

— by Chastity Dillard

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