City Of Hope Ministries Inc

AFFORDABLE HOUSING: THE PROGRAM AS WE ORIGINALLY DESIGNED IT WAS MEANT TO ASSIST FAMILIES WITH OBTAINING STABLE AFFORDABLE HOUSING AND OWNERSHIP AFTER A YEAR OF RESIDENCY. THROUGH A HOME GRANT FROM DEKALB COUNTY COMMUNITY DEVELOPMENT, OUR CHDO WAS AWARDED 325,370.00 FOR THE PURCHASE OF THREE SINGLE FAMILY HOMES. THE ECONOMIC DOWNTURN AND FAILURE OF PARTICIPANTS TO ADHERE TO PROGRAM RULES SUBSEQUENTLY RESULTED IN THE BOARD'S DECISION TO DISCONTINUE THE PROGRAM AND TO PLACE THE HOMES ON THE MARKET FOR DIRECT SALE. EACH POTENTIAL BUYER HAD TO STILL MEET THE PROGRAM REQUIREMENTS IN ORDER TO QUALIFY FOR PURCHASING OF THE HOME. MS. MAURICE DUKES OF M. DUKES & ASSOCIATES REALTY SERVED AS OUR REALTOR FOR THE SELLING OF THE HOMES. THIS REPORT PROVIDES AN UPDATE TO INCLUDE THE SALE OF THE LAST HOME (2534 OAKLEAF RIDGE, LITHONIA, GA) ON FRIDAY APRIL 4, 2014. A SUMMARY OF THE HOME SALES WAS SENT TO MRS. MELVIA RICHARDS AT DEKALB COUNTY COMMUNITY DEVELOPMENT, ALONG WITH A REQUEST FOR NEXT STEPS REGARDING THE DISBURSEMENT OF THE PROCEEDS, AND THE DEVELOPER'S FEE. SHE ASK THAT WE REVIEW THE ATTACH INSTRUCTIONS & WORKSHEET REGARDING PROJECT PROCEEDS IN PREPARATION FOR THIS DISCUSSION. HOME SALES INFORMATION UPDATE: 2512 OAKLEAF RIDGE LITHONIA, GEORGIA -PROPERTY ORIGINALLY PURCHASED AT: 107,000.00 (MAY 2009) -PROPERTY APPRAISED AT: 73,000.00 -PROPERTY SOLD FOR: 73,000.00 -PROCEEDS TO COH, INC.: 60,161.37 -DATE OF SALE: APRIL 10, 2013 -BUYER: TIMOTHY K. SMITH 2510 OAKLEAF RIDGE LITHONIA, GEORGIA -PROPERTY ORIGINALLY PURCHASED AT 107,000.00 (MAY 2009) -PROPERTY APPRAISED AT 78,000.00 -PROPERTY SOLD FOR: 78,000.00 -PROCEEDS TO COH, INC.: 68,313.10 -DATE OF SALE: MAY 15, 2013 -BUYER: KIMBERLY S. TUTT 2534 OAKLEAF RIDGE LITHONIA, GEORGIA -PROPERTY ORIGINALLY PURCHASED AT 110,000.00 (MAY 2009) -PROPERTY APPRAISED AT: 76,000.00 -PROPERTY SOLD FOR: 76,000.00 -PROCEEDS TO COH, INC.: 65,229.68 -DATE OF SALE: APRIL 4, 2014 -BUYER: CALANDRA MASSEY TOTAL PROCEEDS RECEIVED: 193,704.15