City of Lawrence

Neighborhood Resources Department

MEMORANDUM

TO:              David L. Corliss, City Manager

THRU:                   Victor Q. Torres, Director, Neighborhood Resources

FROM:         Margene K. Swarts, Community Development Manager

DATE:           July 18, 2007

The following individual participated in a Community Development Division loan program.  The City has been repaid and has agreed to release the Mortgage.

1) Darlene Barreto, 218 Alabama, participated in the HOOT Loan Program in 2000.

The Community Development Division received a request for a Subordination Agreement for a Mortgage the City holds for a loan recipient.  The information regarding the request follows:

In March 1998, Jeanette Reiling, 1064 Home Circle, participated in the HOOT Loan program.  In order to participate in the program, she was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property.  Ms. Reiling wishes to refinance her original mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with Landmark National Bank.  The City’s interest will be protected and staff recommends approval.

The City Clerk will have these documents ready for the Mayor's signature.  If you have further questions, please let me know.