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Home My WebLink About2015-10-06 Public hearingNOTICE OF PUBLIC HEARING Notice is hereby given that the City Council of Iowa City will hold a public hearing on the 6th day of October, 2015, at 7:00 p.m. in the Emma J. Harvat Hall of the Iowa City City Hall, 410 E. Washington Street, Iowa City, Iowa, or if said meeting is cancelled, at the next meeting of the City Council thereafter as posted by the City Clerk; at which hearing the Council will consider a Resolution Authorizing Conveyance of 1104 East Burlington Street, also described as part of Lot 24 J & J.W. Clark's Addition, Iowa City, Iowa, to an income -eligible family. Copies of the proposed resolution are on file for public examination in the office of the City Clerk, City Hall, Iowa City, Iowa. Persons wishing to make their views known for Council consideration are encouraged to appear at the above-mentioned time and place. MARIAN K. KARR, CITY CLERK 50'' I IOME! _loping l . . MINE MINE ■ ■ ■N■ ■ ■■ MINE MINE i ■■■ . MINE UNIVERCITY CITY OF IOWA CITY Neighborhood Partnership Program 50th HOME TO BE SOLD! 1104 Burlington Street Challenges to University Impacted Neighborhoods Many downtown employees and students are priced out of the rental and home ownership market Income potential for rental properties near campus inflates housing costs Imbalance of owner -occupied vs. rental properties near employment center Disinvestment, sense of neighborhood diminished Lack of investment/maintenance in some rental properties University desire to improve conditions and appearance in its surrounding neighborhoods � ur m 7 Z-�l --- r -1-f M i 0 � * or-,nr-r7, - , too 7; jr NNW' OH as Aqw br Ar As. _D. e� Are University Impacted Neighborhoods a - s tri d 3D~ a Bs. DF �S C St f $� 6 OSt e all 1 JaDVa?r ETI. contribu br e, and the GIS User Community n s UniverCity Neighborhood Partnership Goals NEIGHBORHOOD STABILIZATION Preserve and build upon the unique character of residential neighborhoods adjacent to the UI Campus; Ensure that the UI Campus and its surrounding neighborhoods remain vital, safe, affordable and attractive places to live and work for renters and home owners; Encourage investment in these neighborhoods. How does the program work? AFTER City purchases homes with low-interest mortgages from participating lenders. City, state, or federal funds secured to provide up to $50,000 in rehabilitation for each home Renovation work bid out to local contractors. * Houses sold to income qualified applicants. * The rehabilitation funds are provided as a grant to the homebuyer. Carrying costs and any rehab. over $50,000 is included in the sales price of the home. . At closing, the lender is repaid. Houses must remain owner -occupied for 20 years. Who Qualifies to Purchase a Home? All homebuyers MUST have incomes below 140% of median income. 1 Person household $80,780 2 person household $92,260 3 person household $103,740 4 person household $115,220 If the sale price is over $190,000, the income limit may go up to 160% of median income based on qualifying criteria 16 homeowners utilized Iowa City Housing Authority downpayment assistance to purchase a UniverCity home. All homeowners had to be under 80% of median income to qualify for these funds. 1st Home Purchased on 2/2/2011 517 S. Governor 56 UniverCity HomesPurchased Since 2010 ��--- Phase 1 L Phase 2Ll - Phase 3 _ Phase 4 0 I ° p � m N P m BENTON ST V I N 6 � z i� Program Benefits Proximity to existing schools, services and employment Reduces sprawl Sense of community Housing rehab increases tax base Total increase in assessed value: $1,208,020 2009 Value: $6,923,560 2015 Value: $8,131,580 Supports local economy Local contractors and suppliers used for rehabilitation New homebuyers frequent local businesses Program Benefits —Community Perspective Neighborhood Stabilization Before Owners become invested in their x homes and neighborhoods Improved quality of housing Fewer congestion/parking issues Neighborhood balance Sense of community Stewardship Downtown economy 0 After Historic Preservation Award 826 E. Davenport UniverCity Partners Friends of Historic Preservation Restore/Iowa Valley Habitat for Humanity Salvage Barn Hills Bank MidwestOne Bank University of Iowa Community Credit Union US Bank Northside Neighborhood Association Longfellow Neighborhood Association Miller -Orchard Neighborhood Association Salvaged Materials used for UniverCity homes Items salvaged from flood buyout area and historic fixtures and architectural elements from Iowa City's Salvage Barn were re -used in UniverCity projects. u Ow - __ j Al ! - D. •• Historic Histtoric Preservation Award ILI* Al ! - D. •• Historic Histtoric Preservation Award N � 00024 �}. �. Alt " ; � 00024 �}. I 1 Historic Preservation Award 4} r ' � I � r i i h _w �i 4w w } P* ......................... RE:"";Il t 'IIML�7) E BEFORE j AFTER FA I 329 Douglass 56 Homes Purchased Sinrp 701- $8,592,500 used to purchase University impacted homes through lines of credit with area lenders Over $9,000,000 in sales to eligible homebuyers for the acquisition of completed homes Over $2.5 million completed in rehabilitation through local contractors (State I -Jobs $1,309,967, ICHA $190,000, CDBG/HOME $60,000, City $940,033) Average increase in assessed value for completed homes to date is $25,703 Converted six duplexes and a tri-plex to single family homes Eight homes received Historic Preservation Awards Miller Orchard Neighborhood Douglass Court BENTON ST ,I Nine homes renovated and sold Assessed value of renovated homes increased by 14% since 2010 — Citywide average was 7% Neighborhood assessed values: 2010: $3,959,120 2015: $473067820 Increase of: $347,820 "The UniverCity Neighborhood Partnership program has had a tremendous, very positive impact in my neighborhood. I've lived in the Miller Orchard neighborhood for 18 years. Over the years, I have seen many detrimental changes that created problems for this compact neighborhood. The number of rental vs. owner occupied homes had increased, and many of the homes had become unsightly due to lack of general upkeep. Then change began to happen as the UniverCity Neighborhood Partnership program began purchasing homes. It has brought new neighbors committed to living in the neighborhood for the long-term. Homes that were once an eyesore have been transformed, inspiring other neighbors and landlords to also invest in and spruce up their properties. I credit the UniverCity program for bringing the change needed to turn my neighborhood around. Once again making this a positive, affordable, and much needed area for all who want to live close to the University and downtown." Paula Swygard, Miller Orchard Resident "The UniverCity program has restored a much needed balance to our block. It is difficult to establish an ongoing relationship when people are only renting from one year to the next. Our children in particular are delighted to know more people by name and to have younger neighbors to play with nearby. We are especially grateful that this program has given more people an opportunity to own a home in Iowa City and a home situated close to downtown and the UI campus. Our neighborhood illustrates that a mix of housing and accessibility to affordable housing creates a more inclusive community and thriving downtown." Josh and Meg Jacobs, Burlington St. For More Information • tracy-hightshoe@iowa-city.org • lucy-joseph@iowa-city.org • www.icgov.org/UniverCity You'll get to the website even if you spell University correctly. t www.facebool<.com/UniverCitylA