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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 08/21/2018 |
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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 Lien for Lawrence Community Housing Trust properties at 1230 Laura Avenue and 2509 Ryan Court. |
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Executive Summary: |
1230 Laura Avenue and 2509 Ryan Court are Lawrence Community Housing Trust properties.
Based on the Lawrence Community Housing Trust (LCHT) agreements, a Lien was placed on the land to preserve a required HUD Period of Affordability. As these properties are resold in the LCHT the lender requires a release of the original lien on the land so the home can be resold by the Lawrence Community Housing Trust to an income-eligible buyer and the property permanently remains affordable. Staff has determined the best course of action for this property is to release this lien, allowing LCHT to resell the property. To ensure compliance with the HUD Period of Affordability for the property, staff will file a deed restriction in place of this lien which has been determined to be a more appropriate legal instrument. There was no dollar amount due or collected on this lien.
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Strategic Plan Critical Success Factor |
Safe, Healthy, and Welcoming Neighborhoods |
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Fiscal Impact (Amount/Source): |
There is no fiscal impact to the City. |
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Attachments: |
None. |
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(for CMO use only) |
☐TM ☒DS ☐CT ☐BM |