(Washington, DC) – The DC Department of Housing and Community Development (DHCD) today held its third annual live auction to dispose of 11 properties in the agency’s Property Acquisition and Disposition Division (PADD) inventory.  The properties auctioned consisted of single family homes, multi-family buildings, and vacant lots and included properties located in each quadrant of the District.  Participation in the auction was limited to non-profit entities and DC Certified Business Enterprises. Alex Cooper Auctioneers, Inc., through a competitive bid process, was selected to perform the auction.

 “The auction has proven to be an effective method for generating revenue and putting vacant and abandoned properties back into productive use,” said DHCD Director John E. Hall.  “Using this method, DHCD has addressed nuisance properties and brought 32 properties back onto the active tax rolls.”

DHCD anticipates that the revenue from the auction will be approximately $2 million.  However, there are numerous conditions that must be met before auction sales are final.  For example, winning bidders must fulfill the requirements outlined in the property disposition agreement, which includes the District’s insurance requirements.  Additionally, the property must be fully operable within 18 months or face the prospect of ownership reverting back to the District.  DHCD held previous auctions in 2009 and 2010, which generated approximately $6.6 million in revenue.

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About DHCD
The mission of the Department of Housing and Community Development (DHCD) is to create and preserve opportunities for affordable housing and economic development and to revitalize underserved communities in the District of Columbia. DHCD fulfills its mission by providing gap financing; increasing first-time homeownership