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:           December 14, 2006

The following individuals participated in a Community Development Division loan program.  Payment of the loan has been received so the Mortgage needs to be released. 

1) Shirley Roberts, 1538 Delaware, participated in the Comprehensive Housing Rehab Loan Program in 2001.

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 December, 1997, Nicole Demby, 1072 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. Demby wishes to refinance the first mortgage.  In order to do this, the City must subordinate its mortgage to the new loan with Bank of America Mortgage.

The City’s interest will be protected and staff recommends that the City Commission approve this request. 

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