CITY COMMISSION AGENDA ITEM

Department:	Community Development (PDS)		Commission Meeting Date:  10/18/2016
Staff Contact:	Danelle Dresslar, Community Development Manager
Recommendations/Options/Action Requested:
Authorize the Mayor to sign a Release of Mortgage for Mary Coral, 832 Louisiana Street.
Executive Summary:		Mary Coral, 832 Louisiana Street, participated in the Comprehensive Housing Rehabilitation Program in 1986. Based on the program the individual(s) participated in, a mortgage was placed on the property.  The balance is due when the property is no longer owner-occupied, however individuals have the option to pay off the loan at any time.  There is also a forgiveness period that, if reached, forgives a portion of this balance.  Staff has determined that the forgiveness period has passed and all payments have been received for the above loan(s) that has resulted in a zero balance due to the City. Staff has verified that the mortgage provisions have been satisfied and the mortgage(s) should be released.
Strategic Goal Area:		Affordable Housing
Fiscal Impact (Amount/Source):		The fiscal impact to the City is $___0_____.  This is a CDBG Mortgage Note repayment that the City places back into the CDBG program for future allocation and use.
Attachments:		None.