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114 <br /> <br /> Mr. Toscano asked if covenants wilt be included in the sales contract to <br />discourage conversion to rental. <br /> <br /> Mr. Gouldman said he previously tried to include a deed of trust with a penalty if <br />converted, but that did not work because the lenders would not agree to it. Mr. <br />Gouldman said he has not found an answer to this question, but said that there could be a <br />covenant requiring that the property remain for single family use. <br /> <br /> Mr. Richards asked if a covenant could he included that would limit the number <br />of unrelated persons to two, but Mr. Huja said the lenders do not like deed restrictions. <br /> <br /> Mr. Toscano asked if staffhas looked at creative ways to give the City more <br />security in the proposal, but Mr. Huja said that PHA has no assets that are not tied to a <br />project. <br /> <br /> Mr. Toscano said he would feel more comfortable if there was way to give the <br />City more security given that tax payers' money is being used, and said he hopes staff <br />will explore this in more detail. Mr. Toscano asked if staffhave taken action to assure <br />that the properties that are being swapped with Mr. Lee do not become blighted over <br />time. <br /> <br /> Mr. Huja said that issue of assuring that the swapped properties do not become <br />blighted has been broached with Mr. Lee, and he is investing more money in the <br />properties. <br /> <br /> Mr. Toscano asked if there is any way to get better assurances, either by having a <br />private management firm manage the properties, or having a maintenance schedule, and <br />Mr. Huja can he can try to check. <br /> <br /> Mr. Toscano asked that the answers to these concerns be provided by the second <br />reading of the appropriation. Mr. Toscano said the reason this proposal is so attractive is <br />that there will be a tremendous increase in the value of the property. <br /> <br />Mr. Huja said in any opportunity there are risks. <br /> <br /> Mr. Cox said he appreciates staffs efforts and feels it sends a clear signal that <br />Council wants to see homeownership take hold. <br /> <br /> Mr. Huja said the Housing Authority has also been approached about the <br />possibility of them acquiring properties at the comer of 10th and Page in conjunction with <br />PHA and they are reception to the idea. <br /> <br /> Ms. Richards said a special aspect of the program is that people will be in place <br />from training programs to buy the properties. <br /> <br /> Ms. Richards said a sugge~ion has been made from new homeo-amers on Hinton <br />Avenue that the City provide a subsidy to make a new home available to a police officer <br />to add a viable presence in the neighborhood. Ms. Richards said that PHA said that the <br />City could forgive $10,000 to $12,000 to reduce the price. <br /> <br /> Mr. Cox said he feels that is a fantastic idea and would be interested in the City <br />piloting this. <br /> <br />Ms. Daugherty said she agrees. <br /> <br /> Ms. Richards said that one issue is what would be asked of the police officer in <br />return for their presence. <br /> <br /> Mr. Toscano said he feels there are a lot of questions to be explored about the <br />proposal before it is done. <br /> <br />Ms. Daugherty said she Would be interested in exploring the policy issues. <br /> <br /> <br />