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: April 10, 2007
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 April, 2001, M. Allisa Long, 714 N. Michigan 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. Long wishes to refinance the primary mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Douglas County Bank. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the document for the Mayor's signature. If you have further questions, please let me know.