Over the last few months the Land Use and Housing (LU&H) Committee has held multiple hearings regarding the proposed Property Value Protection Ordinance (PVPO). As the PVPO will be discussed at the July 11, 2012 LU&H meeting, I have attached draft language for the proposed ordinance. This language accomplishes the goal of holding financial institutions responsible for the upkeep of foreclosed properties and provides city officials with a tool to keep track of institutions that take possession of foreclosed homes, while also protecting homeowners who are going through the foreclosure process.
I have taken comments into account from the previous committee hearings, as well as input from the public, addresses previous concerns, while still accomplishing the main goal of the ordinance. The PVPO combats the blight that foreclosed homes bring to neighborhoods by creating a mandatory registry wherein financial institutions must provide contact information, instituting higher standards for maintenance and security at foreclosed properties, and establishing penalties to ensure compliance with those standards. Additionally, the PVPO will have no negative impact on the general fund, as all costs to the city will be recoverable.
As the Committee considers this proposed ordinance, I look forward to incorporating your suggestions and working with the City Attorney's office in order to bring the best ordinance possible before the full City Council. Please contact me with any questions or concerns you may have.