CITY COMMISSION AGENDA ITEM

Department:	Community Development (PDS)		Commission Meeting Date:  12/05/2017
Staff Contact:	Danelle Dresslar, Community Development Manager
Recommendations/Options/Action Requested:
Authorize the Mayor to sign a Release of Mortgage for Todd and Ora Hadl, 2516 Ryan Court.
Executive Summary:		Todd and Ora Hadl, 2516 Ryan Court, participated in the First Time Homebuyer Program in 2012. 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 occasionally circumstances arise where the City decides to release the mortgage so the home can be resold by Tenants to Homeowners to an income-eligible buyer and continue in the Lawrence Community Housing Trust (LCHT), thus keeping the property permanently affordable.  Staff has determined the best course of action on this loan is to release this mortgage, allowing Tenants to Homeowners to resell the property.  This release will allow the home to remain in the LCHT and will allow for continued housing opportunities to low-income homebuyers. The mortgage amount due can be waived in the interest of affordable housing and the mortgage(s) should be released.
Strategic Plan Critical Success Factor		Safe, Healthy, and Welcoming Neighborhoods
Fiscal Impact (Amount/Source):		The fiscal impact to the City is $___0_____.  This is a HOME Mortgage Note waiver that the City places back into the HOME program continuation of affordable housing.
Attachments:		None.

Reviewed By: (for CMO use only)

☐TM ☒DS ☐CT ☐BM