nothin LCI Races Slumlords To Property | New Haven Independent

LCI Races Slumlords To Property

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Dolores Colon: “Kudos.”

VISION

177 Winthrop Ave.

With an eye toward stabilizing neighborhoods through homeownership, the city’s anti-blight agency got the green light to purchase a bank-foreclosed property before slumlords get their hands on it.

LCI is looking to acquire a foreclosed three-family house at 177 Winthrop Ave. in the West River section of the city with a plan to rehab the property and sell it to a motivated owner who wants to live in it while generating a rental income.

The house is on a foreclosure list for Wells Fargo, which started proceedings against the owner four years ago. A judge signed off on an order to sell the property in September 2016. LCI is in negotiations to buy the house for $50,000.

At a meeting earlier this month, The Livable City Initiative (LCI) Board of Directors meeting voted unanimously to push forward with making the purchase. Now it goes before the full Board of Alders for final approval.

That was good news to LCI Executive Director Serena Neal-Sanjurjo. She said Wells Fargo has worked with the city on the purchase; a deadline to close on the agreement is approaching. The acquisition deal still has to be approved by the Board of Alders before it can be sealed with the bank.

Kudos to you for catching this before party X or Y did,” board member and Hill Alder Dolores Colon said.

Board member Seth Poole said he was particularly pleased about the sale because said the house is on the block on which he grew up.

LCI has been going head to head with bigger landlords with deeper pockets who scoop up foreclosed properties for a song with an eye toward turning them into rental units rather than opportunities for homeownership.

Neal-Sanjurjo said LCI tries to acquire such properties and sell them to homeowners because they help stabilize streets and neighborhoods. She also noted that home is near another future development on Route 34 that LCI helped negotiate.

Evan Trachten, LCI’s city acquisition and disposition coordinator, said he city is getting a good deal because the house is worth way more than $50,000.” The house’s appraised value is $178,300.

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