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CITY COMMISSION AGENDA ITEM |
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Department: |
Community Development (PDS) |
Commission Meeting Date: 02/12/2019 |
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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 a Release of Mortgage for Marily Mulingbayan, 2408 Sweet Grass Court. |
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Executive Summary: |
Marily Mulingbayan participated in the Homeowners Out of Tenants (HOOT) Program in 2005.
Based on the HOOT Loan program processes, a mortgage was placed on the property. The balance of the mortgage becomes due when the property is no longer owner-occupied. The original amount of the HOOT Loan was $26,902.28 The mortgage was filed on 8/3/2005. 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. Mulingbayan exceeded this requirement, the amount due to the city was $13,451.14. CDD staff received this payment in full on 01/24/2019. With this payment, $13,451.14 will be returned to the HOME 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 |