City sells property to nonprofit for home construction
Published: March 25,2013
Tags: acquisition, buy, charitable organization, charity, city government, community development, construction, home, house, land, municipal, municipality, nonprofit, property, purchase, real estate, residence, residential real estate, sale, sell
HORN LAKE — Horn Lake is planning to sell some city-owned property to Habitat for Humanity for seven homes to be built by the nonprofit agency.
The Commercial Appeal reports that aldermen voted last week to declare seven lots as surplus. Three appraisals will determine their fair market value — and thus the sale price.
City officials say the deal brings in unexpected money, eliminates maintenance costs and will eventually bring in new residents and taxpayers.
City administrator Andrea Freeze says she’s impressed by the program. She says she hadn’t realized how strict they are in qualifying buyers and requiring them to pay.
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