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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 07/17/2018 |
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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 Donna J. Williams and Jean E. Dixon, 1601 Kenwood Drive. |
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Executive Summary: |
Donna J. Williams and Jean E. Dixon, 1601 Kenwood Drive, participated in the Homeowners Out of Tenants (HOOT) Program in 2000. They have sold their home, resulting in a loan payoff being returned to the City.
Based on the HOOT program process, a mortgage was placed on the property. The balance of the mortgage becomes due when the property is no longer owner-occupied. The original amount of this loan was $19,639.44 and the mortgage was filed on 4/17/2000. This loan was set up to contain a 50% forgiveness of the amount of the mortgage after seven years of ownership and occupancy. Since that forgiveness had been reached and per the mortgage note no monthly payments were required, the amount due on the loan was $9,819.72. CDD staff received this payment on 7/3/18. With this payment, $2,572.43 will be returned to the CDBG program and $7,247.29 will be returned to the HOME program.
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 |