1. NSP PROPERTY PURCHASE AUTHORIZATIONS
NEIGHBORHOOD STABILIZATION PROGRAM
1734 SELDON AVE. &
342 N. TORNILLO ST.

2. NEIGHBORHOOD STABILIZATION PROGRAM
CITY IS A SUB-RECEIPIENT UNDER A GRANT FROM THE STATE OF NEW MEXICO
STARTED IN LATE 2009, TO PURCHASE VACANT, ABANDONED OR FORECLOSED PROPERTIES
CITY’S ALLOCATION TOTALED $1,500,000
CITY PARTNERS:
TIERRA DEL SOL HOUSING CORPORATION
CREATE HOMEOWNERSHIP OPPORTUNITIES
LA CASA, INC.
CREATE AFFORDABLE RENTAL OPPORTUNITIES

3. 1734 SELDON AVE. CLASSIFIED AS VACANT PROPERTY
LOCATED WITHIN COUNCIL DISTRICT 3
WILL BE PROVIDED TO TIERRA DEL SOL
HOUSE CONDITION:
AVAILABLE FOR SALE, AND IS EMPTY
RELATIVELY NEW REMODEL THROUGHOUT THE HOME (NEW KITCHEN, UPDATED BATH AND FLOORING)
REQUIRES WEATHERIZATION (NEW HEATING AND COOLING SYSTEM, INSULATION, AND NEW WINDOWS)

5. CHANGES TO PURCHASE AGREEMENT
ORIGINAL PURCHASE OFFER: $128, 500
WAS SUBJECT TO NOT EXCEEDING APPRAISAL PRICE
TERMITE INSPECTION ON THE PROPERTY AND WAS TREATED FOR THE EVIDENCE OF TERMITES (SELLER PROVIDED)
APPRAISAL: $125,100
REVISED OFFER SUBMITTED BY THE CITY AND ACCEPTED BY THE SELLERS
UPDATED RESOLUTION (I.E. SUBSTITUTE RESOLUTION)
CORRECTS THE NEW PURCHASE PRICE IN THE TITLE
ADDITIONAL INFORMATION RELATED TO THE ADDENDUMS ADDED TO EXHIBIT “A”
IF APPROVED, ALLOWS FOR THE TRANSFER TO TIERRA DEL SOL THIS WEEK

6. 342 N. TORNILLO ST. CLASSIFIED AS VACANT PROPERTY
LOCATED WITHIN COUNCIL DISTRICT 1
WILL BE PROVIDED TO TIERRA DEL SOL
HOUSE CONDITION:
AVAILABLE FOR SALE, AND IS EMPTY
SUBSTANTIAL REMODEL, INCLUDING PRESERVATION OF HISTORIC VALUE
REMODEL PLANS APPROVED BY STATE HISTORIC PRESERVATION OFFICE

9. PURCHASE CONDITIONS PURCHASE OFFER: $19,200
APPRAISAL WAS FOR THE LAND ONLY, NOT THE HOUSE DUE TO ITS CONDITION
MUST RESTORE THE HOME TO ITS HISTORIC SIGNIFICANCE, CANNOT BE DEMOLISHED
FULL PROPERTY APPRAISAL WAS $70,000 (+/-)
REHABILITATION EXPENSES = $80,000 (SEE FINANCING BELOW)
SEPARATE LOT CREATED & EASTSIDE COMMUNITY CENTER
HOUSE IS OWNED BY SERVICES FOR SENIORS, INC.
ALSO THE OWNERS OF THE EASTSIDE COMMUNITY CENTER, UNDER LEASE TO THE CITY FOR OPERATIONS OF SENIOR PROGRAMS
WILL SUBDIVIDE THE PARCEL TO PROVIDE ADDITIONAL PARKING TO THE EAST OF THE HOME FOR USE WITH EAST SIDE

10. FINANCING
FINANCING
SERVICES FOR SENIORS WILL LOAN THE SALE PROCEEDS TO TIERRA DEL SOL FOR A PORTION OF THE CONSTRUCTION COSTS
WILL BE PROVIDED TO THE HOME OWNER AS A DEFERRED PAYMENT LOAN (2ND POSITION MORTGAGE)
HAS BEEN APPROVED BY THE STATE OF NEW MEXICO & HUD
TIERRA DEL SOL WILL TAKE OUT A CONSTRUCTION LOAN
REHAB WORK EXCEEDS THE STATE IMPOSED $50,000 CONSTRUCTION LIMIT
HOMEOWNER – PERMANENT FINANCING:
FIRST MORTGAGE – TAKES OUT THE CONSTRUCTION LOAN
SECOND MORTGAGE – SERVICES FOR SENIORS (DUE ON SALE)
THIRD MORTGAGE – CITY’S NSP (UP TO THE AMOUNT OF THE APPRAISAL)
IF APPROVED, ALLOWS FOR THE TRANSFER TO TIERRA DEL SOL THIS WEEK

11. FINANCING SCHEME DESCRIPTION EXAMPLE ONLY FINAL APPRAISAL $110,000 1ST
CONVENTIONAL LOAN
$35,000
2ND
DEFERRED LOAN TO SERVICES FOR SENIORS
-$19,200
3RD
CITY NSP (AMOUNT INVESTED UP TO APPRAISAL)
-$55,800
BALANCE $0

12. COUNCIL OPTIONS SELDON TORNILLO
SUBSTITUTE THE AMENDED RESOLUTION AND EXHIBIT “A”
VOTE YES
VOTE NO
MODIFY OR POSTPONE
TORNILLO
VOTE:
YES NO