Drafter
Clerk 03/17/2006
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AN ORDINANCE authorizing the county executive to execute a simultaneous closing for the purchase and sale of property known as 10440 18th Avenue South, Seattle, WA, located in Council District 8, by and between the United States Department of Housing and Urban Development, King County and Habitat For Humanity Seattle/King County, a Washington state nonprofit corporation.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. The residence located at 10440 18th Avenue South, Seattle Washington ("the property") was foreclosed upon by the Standard Trustee Service Company of Washington on August 1, 2003, to satisfy a deed of trust in default. This deed of trust secured a promissory note in the amount of $149,215.00.
B. A Trustees sale was held and the property sold to Wells Fargo Home Mortgage, Inc., for the sum of $162,352.45, which satisfied the obligation of the deed of trust and included all fees associated with the transaction.
C. The property was subsequently sold to the United States Department of Housing and Urban Development ("HUD") by Wells Fargo Home Mortgage, Inc, for $148,088.09 on March 23, 2003. HUD has been the legal owner of record since that date.
D. HUD has expressed a desire to sell the property to the Habitat For Humanity Seattle/King County ("Habitat") for $1.00.
E. HUD regulations under the Residential Property Disposition Reform Act do not allow HUD to negotiate a noncompetitive sale price on properties in foreclosure with nonprofit organizations, such as Habitat. The same regulations do allow HUD to negotiate a noncompetitive sale price on properties in foreclosure with local governments, such as King County.
F. HUD allows a local government to conduct a simultaneous closing, selling a property to a nonprofit organization on the same day that the property is purchased from HUD.
G. To provide for more affordable housing, in this region, King County desires...
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