Davidson set to approve $200k for "affordable house" sold in 2017 for $138k

Davidson Commissioners will be asked to approve a budget amendment at Tuesday's Board meeting for $200,000 from the Town affordable housing fund for 153/155 Mock Rd in the Westside neighborhood.  The property will become part of the Davidson Housing Coalition's inventory of homes.

aShortChronicle has no problem using the AH payment in lieu funds for this type of thing.  That's what these funds are collected to do.  However, the amount is eyebrow raising when one considers this property sold in June 2017 for just $138,000.  That's according to the Mecklenburg County Polaris site.  In addition to that the two parcels to be purchased were recently valued at just $154,600 combined as part of the Mecklenburg County revaluation. $147,300 for the house and $7300 for the side yard parcel. $200,000 would be fully 29% above the combined appraised value.

The budget amendment wording does say any unused portion of the $200,000 will be returned to the affordable housing fund - implying the purchase price and related costs may be less than $200,000.  To clarify how Town money is being spent, the Town should disclose the actual purchase price and if any renovations need to be done to the house.