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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 12/20/2016 |
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Staff Contact: |
Danelle Dresslar, Community Development Manager |
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Recommendations/Options/Action Requested: |
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Authorize the Mayor to sign a Release of Mortgage for Henry Lewis McKinney and Lillie Marie McKinney. |
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Executive Summary: |
Henry Lewis McKinney and Lillie Marie McKinney, 1230 West 28th Court, participated in the Emergency Loan Program in 2002.
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.
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Strategic Goal Area: |
Affordable Housing |
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Fiscal Impact (Amount/Source): |
The fiscal impact to the City is $___0_____.
This is a CDBG/HOME Mortgage Note repayment that the City places back into the CDBG/HOME program for future allocation and use. |
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Attachments: |
None. |
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Reviewed By: (for CMO use only) |
☐TM ☒DS ☐CT ☐BM |