INTER-OFFICE MEMORANDUM May 11, 2022
TO: Isaac Benton, President, City Council
FROM: Timothy M. Keller, Mayor
SUBJECT: title
Approval of the Agreement with Sawmill Community Land Trust to Utilize Workforce Housing Trust Funds in the amount of $1,625,000
body
Approval is requested for the proposed Agreement between the City of Albuquerque and Sawmill Community Land Trust (SCLT) to purchase up to seven (7) homes from existing homeowners on the Intent to Sell list of homes located on the land trust. SCLT will agree to a City Mortgage and Promissory Note to be recorded on each individual property at time of SCLT acquisition.
SCLT will re-sell the seven homes mentioned in (a) to income eligible households at or below 80% of the Area Median Income (AMI) utilizing the community land trust model of affordable housing delivery. The City Mortgage and Promissory Note will be released upon the sale to an income eligible household and re-payment of Workforce Housing Trust Funds, as mentioned below.
As each home is sold to an income eligible household, revenues will be used for re-payment to the City at Closing, to be used to replenish the City’s Workforce Housing Trust Funds, and will be credited towards repayment of the total amount provided to SCLT through this Project.
This Request is forwarded to the Council for its consideration and approval.
Legislation Title: Approval of the Agreement with Sawmill Community Land Trust to Utilize Workforce Housing Trust Funds in the amount of $1,625,000
Recommended: Approved as to Legal Form:
Lawrence Rael Date Esteban Aguilar Date
Acting Chief Administrative Officer City Attorney
Recommended:
Carol M. Pierce Date
Director, Dept. of Family & Community Services