About Residential Structures
27. How will the PLB handle residential structures? [Section 5.05]
The PLB has a strong preference for housing preservation and renovation over demolition, if feasible. After doing an assessment, the PLB will determine if a structure is marketable to the public and will determine the initial listing price. The PLB will only accept applications for structures after they begin marketing it to the public and the property title issues have been investigated. The PLB may contract with a realtor to assist in the marketing and pricing of residential structures.
28. Are there specific requirements to purchase a residential structure? [Section 5.05 E]
Yes, the Qualified End User must also provide a plan for renovating the structure, and show proof of funding to immediately acquire and renovate the property within a reasonable time period as determined by the PLB. The PLB, at its discretion, may also require letters of support from neighborhood organizations, and proof of prior experience doing similar work.
29. Are there any restrictions while a residential property is being renovated? [Section 5.05 E]
Yes, residential structures may not be rented, occupied, further mortgaged, or otherwise encumbered while the building is being renovated.
30. Are there any additional requirements for end users that will own and occupy the property? [Section 5.05 I]
Yes, owners that intend to occupy the residence may be required to go through additional housing counseling and financial literacy training. This will be decided on a case-by-case basis.
31. How will the PLB market residential structures? [Section 5.05 J]
The PLB will list all properties that may be acquired and renovated under its Residential Structure program on its website. It may also list the properties with a licensed realtor. The PLB may consult the realtor to set the purchase price, and the realtor may receive a commission for sale of the property at the time of closing, based on a pre-set contractual amount. Properties that can be renovated and occupied will be prioritized for those end users who will become owner-occupants of said property for the first twenty (20) days of marketing.