City of Lawrence

Neighborhood Resources Department

MEMORANDUM

TO:              Mike Wildgen, City Manager

THRU:                   Victor Torres, Director, Neighborhood Resources

FROM:         Margene K. Swarts, Community Development Manager

DATE:           December 14, 2004

The following individuals participated in a Community Development Division loan program.  Repayment of the loans has been received so the Mortgage should be released. 

Deborah Porter, 828 Madeline Lane, participated in the HOOT Loan Program in 1998.

Dena Hasman, 2633 Rawhide Lane, participated in the HOOT Loan Program in 2002.

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

In July, 1990, Aaron Blosser, 1226 Connecticut, participated in the Comprehensive Rehabilitation Loan Program.  In order to participate in the program, he was required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property.  Mr. Blosser wishes to refinance the primary mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with RBC Mortgage.

In September, 1997, Cynthia Wisdom, 1049 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. Wisdom wishes to refinance the primary mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with Quicken Loans.

The City’s interest will be protected and staff recommends that the City Commission approve these requests.  The City Clerk will have these documents ready for the Mayor's signature.  If you have further questions, please let me know.