156.06 TERMS OF CONVEYANCE
156.06 TERMS OF CONVEYANCE
The conveyance of a dwelling to an applicant under this Ordinance shall be made in return for a fee which includes the total amount of City funds expended to acquire the property, to insure the property, to secure and stabilize the property and the total amount of payments in lieu of taxes during the time the applicant resides in the dwelling and the property is held in the City’s name {of one dollar ($1.00) or more} and the execution by the applicant of an agreement with the following minimum conditions:
(a) The applicant must reside in the dwelling as his principal place of residence for a period of not less than three (3) years.
(b) The applicant must bring the residence up to a minimum code standard, including buildings, plumbing, electrical, and fire code standards, within twelve (12) months after possession, or before possession, if required under (d).
(c) The applicant must carry fire and liability insurance on the dwelling at all times.
(d) The applicant must comply with any additional terms, conditions, and requirements that the Department may impose to assure that the purposes of this Ordinance are carried out. This may include the requirement that the dwelling be rehabilitated to minimum building code standards before possession.
More Categories: