The Community Church Low Income Housing Corporation (CCLIHC) signed a contract to sell the six-plex building on O’Berry street at the beginning of March. The CCLIHC board negotiated with the developer using the framework outlined by the taskforce and presented to the church in November. The final contract allows the developer to extend his inspection period up to five different times – which would mean that the sale closing could happen as early as August 23, 2023 or as late as June 6, 2024. While it is possible that the sale closing could occur as early as August 23, 2023, it is not likely due to a number of factors. Either way, our tenants will have no less than 90 days’ notice to vacate the property once the sale is finalized. We expect to receive an initial earnest money payment from the developer by April 3, 2023 and additional payments along the way during each extension of the inspection period.
A lot can happen between now and next year and the sale may never be completed. For this reason, in the coming months, the CCLIHC board will be working through long term planning for our organization to provide direction whether or not the sale is completed.
We are also very aware that a sale will disrupt the lives of our tenants. The CCLIHC board is working through a plan to provide housing transition assistance for our current tenants should the sale be completed. In the meantime, we have informed our tenants of the possibility of the sale so that they are aware of the situation.
If you have questions, contact CCLIHC board chair Mike Cline at mecline6@gmail.com.