The Clay County Redevelopment Commission met Wednesday to open bids for two properties built through the Neighborhood Stabilization Program (NSP).
Brazil City Planning Administrator Stacy Gibbens informed the committee two bids had been received.
Currently, there are six properties listed through the program, including 1108 N. McGuire St., 910 W. North St., 422 W. Chestnut St., 1015 W. National Ave., 908 N. McGuire St. and 722 N. Depot St.
Gibbens said bids were received Tuesday for the 908 N. McGuire St., and 722 N. Depot St., properties. Bids had to be received by Wednesday at 4 p.m.
Officials said all bids had to equal the appraised value of the home.
The first opened bid, for the Depot Street home, was for $52,000, including a $16,000 subsidy through the program.
The appraised value for the home was $68,000.
The second bid, for the McGuire Street home, was for $42,800, including a $29,450 subsidy through the program.
The appraised value for the home was $72,250.
Committee Attorney Lou Britton was unavailable to attend the meeting. However, his colleague, Scott Craig, recommended the bids be rejected.
The committee voted unanimously to reject the bids.
Craig said the committee now has to advertise the property at the appraised value.
After a 30-day wait, the commission may essentially negotiate with the bidders.
The program targets low- to moderate-income families. Through NSP, potential buyers have to acquire a mortgage for an amount they can afford and the difference between the amount and the total cost of the home becomes a "soft second" mortgage that would be repaid only if the buyer moves or sells the house within 10 years of the closing date.
In May 2009, the City of Brazil received a $1,435,350 grant from the program.
Gibbens added future applicants will be needed for the remaining properties.
"There's a lot of people in Brazil that qualify," she said.
Gibbens said those interested in the program must agree to take part in a HUD approved Homeownership Counseling Course, which consists of eight, one-hour sessions, which are paid for by the grant program.
For more information, call Gibbens at 446-0050 or e-mail email@example.com.