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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 02/13/2018 |
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Staff Contact: |
Danelle Dresslar, Community Development Manager |
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Recommendations/Options/Action Requested: |
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Authorize the Mayor to sign a Release of Mortgage for Velva Sheldon, 1312 Summit Avenue. |
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Executive Summary: |
Velva Sheldon, 1312 Summit Avenue, participated in the CDBG Housing Rehabilitation Loan Program in 2007.
Based on the program the individual(s) participated in, a mortgage was placed on the property. The balance is due when the property is no longer owner-occupied, however individuals have the option to pay off the loan at any time. There is also the possibility that the note contains a forgiveness period that, if reached, forgives a portion of this balance. Staff has determined that the appropriate forgiveness period has passed (if applicable). Ms. Sheldon has requested that her monthly payments be waived, and Staff has agreed per the Loan Payment Deferment Policy that Ms. Sheldon meets the guidelines for approval. A new mortgage has been signed by Ms. Sheldon stating the new payment expectations and has been recorded with the County. This will release the original mortgage on the loan.
Staff has verified that the mortgage provisions have been satisfied and the mortgage(s) should be released.
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Strategic Plan Critical Success Factor |
Safe, Healthy, and Welcoming Neighborhoods
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Fiscal Impact (Amount/Source): |
The fiscal impact to the City is $___0_____.
This is a CDBG/HOME Mortgage Note repayment/reassignment that the City places back into the CDBG/HOME program for future allocation and use. |
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Attachments: |
None. |
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(for CMO use only) |
☐TM ☒DS ☐CT ☐BM |