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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 02/05/2019 |
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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 Releases of Mortgage (two) for Norma J. Gunn, 320 N Crestline Drive. |
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Executive Summary: |
Norma Gunn participated in the CDBG Emergency Loan Program in 2006 and the Comprehensive Housing Rehabilitation Loan Program in 2007. The house has sold, resulting in loan payoffs being returned to the City.
Based on the Emergency Loan program processes, a mortgage was placed on the property. The balance of the mortgages becomes due when the property is no longer owner-occupied. The original amount of the Furnace Loan was $5,000 and the mortgage was filed on 06/29/2006. There were no monthly payments required on the loan. CDD staff received this payment in full on 01/02/2019. With this payment, $5,000 will be returned to the CDBG program.
Based on the Comprehensive Housing Rehabilitation Loan program processes, a mortgage was placed on the property. The balance of the mortgages becomes due when the property is no longer owner-occupied. The original amount of the Comp Rehab Loan was $17,915 and the mortgage was filed on 07/19/2007. There were no monthly payments required on the loan. Per the mortgage, the loan amount was forgiven at a maximum of 50% upon reaching seven years. Because Ms. Gunn exceeded this requirement, the amount due to the city was $8,957.50. CDD staff received this payment in full on 01/02/2019. With this payment, $8,957.50 will be returned to the CDBG program.
Staff has verified that the mortgage provisions have been satisfied and the mortgage(s) should be released.
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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: |
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(for CMO use only) |
☐TM ☒DS ☐CT ☐BM |