11-A-1 Homestead Program - Laserfiche WebLink

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full involvement of the various local contractors and some pre-qualification process for those local contractors to be participants in the construction program. Construction of the home. POTENTIAL POSITIVE IMPACTS OF THE PROGRAM: 1. Begins the process of recycling properties currently in the hands of taxing entities. Provides an opportunity for low cost housing for the elderly and for the low to moderate income. 3. Provides the opportunity for significant construction work for local contractors. Provides the opportunity for lending institutions to be involved in public service programs. Will generally assist in the betterment of the appearance of the community by having new homes constructed and presumably having those homes maintained by the home owners. 6. Removes such property from non resident landlord ownership. 7. Should avoid the need for the city to do future mowing on the property. 8. Places property back on the tax roll. POTENTIAL NEGATIVE IMPACTS OF THE PROGRAM: The program may be in competition with current landlords, such as for apartments or rental properties, if the individuals occupying those properties chose to qualify for and do qualify for the program and buy a home. The level of impact on current property owners is difficult to ascertain. Requires the taxing entities to be prepared to relinquish possible proceeds from the purchase of foreclosed properties, although it has been proven offers to purchase are very low amounts. The long term benefit of a new home on the property dearly outweighs the prospect of collecting long-term delinquent taxes. The program would require full cooperation of the taxing entities, the financial community, the social service community, and the construction community.