CITY COMMISSION AGENDA ITEM

Department:	Planning and Development Services		Commission Meeting Date:  06/06/2017
Staff Contact:	Danelle Dresslar, Community Development Manager
Recommendations/Options/Action Requested:
Authorize the Mayor to sign the Subordination Agreement for Mary Ann Frevert, 805 Locust Street.
Executive Summary:		The following home is 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.  1. Mary Ann Frevert is purchasing 805 Locust Street.  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 Plan Critical Success Factor		Safe, Healthy, and Welcoming Neighborhoods
Fiscal Impact (Amount/Source):		The fiscal impact to the City is $______0__ .
Attachments:		None

Reviewed By: (for CMO use only)

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