Affordable Sales Program Begins Selling Residential Property
Date: December 19, 2016
District: District 7
Contact: Micole Alfaro
Phone: (213) 897-3487
PASADENA – The California Department of Transportation (Caltrans) began the first step in selling 42 surplus residential properties among 460 parcels currently owned by Caltrans along the proposed State Route 710 Corridor. The properties, located in the cities of Pasadena, South Pasadena and Los Angeles, will be sold in three phases.
The notices of conditional offers were mailed on Friday, December 16 to the current occupants of the 42 residential properties that will be sold in accordance with the Affordable Sales Program regulations.
"The selling of these properties – that have been owned by the state for six decades – is about keeping our promise to the community to help it create a neighborhood they can be proud of."
"This is a major step toward returning these properties to both the community and to the families who may have a chance at being a homeowner for the first time."
Among the program benefits, eligible occupants will have the opportunity to purchase their homes at affordable prices. In addition, it will provide affordable rental options for eligible occupants and establish a trust fund for future affordable housing programs.
Caltrans has contracted with Veterans Realty Group, a real estate consulting company, to facilitate the transactions and guide occupants through the purchase process. In January the consultant will hold homebuyer education workshops for occupants in Phase 1.
The first phase of sales will take approximately one year to complete. The remaining properties are anticipated to begin sales in the second and third phases beginning in late 2017.
The California Transportation Commission must approve sales of state owned property.
More information is on the website: http://www.dot.ca.gov/d7/business/710sales/.
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