CITY COMMISSION AGENDA ITEM

Department:	Community Development (PDS)		Commission Meeting Date:  10/11/2016
Staff Contact:	Danelle Dresslar, Community Development Manager
Recommendations/Options/Action Requested:
Authorize the Mayor to sign the Subordination Agreement for Rachel Montgomery, 1647 Bullene Avenue. Authorize the Mayor to sign the Subordination Agreement for Jerry Council, 2612 Moundview Drive.
Executive Summary:		The following homes are included in the Lawrence Community Housing Trust program administered by Tenants to Homeowners.  Under the resale requirements for the Lawrence Community Housing Trust, the lien held by the City must be subordinated in order for a property sale to go through for a new owner or for the refinance of an existing mortgage loan.  Rachel Montgomery is purchasing 1647 Bullene Avenue.  The new first mortgage will be held by Truity Credit Union. Jerry Council is purchasing 2612 Moundview Drive.  The new first mortgage will be held by Truity Credit Union The Lawrence Community Housing Trust (LCHT) separates ownership of the house from ownership of the land the house sits on.  Tenants to Homeowners and the City will have continued interest in the land under the new owners.  The LCHT ensures permanent affordability for the homes.
Strategic Goal Area:		Affordable Housing
Fiscal Impact (Amount/Source):		The fiscal impact to the City is $___0_____.  The LCHT ensures permanent affordability for the homes by recycling the original HOME investment in the property and granting an additional minimal amount for closing costs.
Attachments:		None.