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Property Recycling Program

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1) Acquisition price not to exceed $500,000; and

2) Meets targeting requirements as properties that:

• support larger site assembly efforts for the City or Redevelopment Agency;
• can be absorbed into the Housing Authority’s property management portfolio; or
• are significantly deteriorated such that the property is unmarketable or rehabilitation is not reasonable.

Properties meeting this targeting requirement would likely be blighted and pose a health and safety issue to the neighborhood, thus likely necessitating demolition and land banking for a period of time to alleviate the negative impacts of foreclosure in the neighborhood.

Properties in this program may require an intermediate hold strategy in accordance with a long-term plan that can be fully implemented once the market can support the additional investment. As such, demolition and land banking activities are viable intermediate actions that can bring an immediate impact with the potential for an even larger benefit in the future.  Furthermore, the eventual disposition of properties acquired under the Property Recycling Program will be aligned with a community process and may allow for additional opportunities to partner with for-profit and non-profit entities. These activities will allow for additional public participation and present significant leveraging opportunities beyond the next year or two.

Program Guidelines (pdf)

RFQs

SHRA will return to its governing boards for additional authority to implement the disposition strategies accordingly.  As part of the development of a disposition strategy, SHRA released the following Requests for Qualifications (RFQ) to identify potential partners.

Volume Builder RFQ (pdf)

Mission Driven RFQ (pdf)