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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 10/16/2018 |
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Staff Contact: |
Danelle Walters, 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 the Lawrence Community Housing Trust property at 1417 Pennsylvania Street. |
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Executive Summary: |
1417 Pennsylvania is a Lawrence Community Housing Trust property.
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. Sometimes these liens have dollar amounts associated with them depending on the original grant investment. 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. The dollar amount associated with this lien was $3,446.50 and that subsidy will be rolled back into the property assisting the new homebuyer.
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Strategic Plan Critical Success Factor |
Safe, Healthy, and Welcoming Neighborhoods
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Fiscal Impact (Amount/Source): |
The fiscal impact to the City is $___0_____.
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Attachments: |
None. |
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(for CMO use only) |
☐TM ☒DS ☐CT ☐BM |