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CITY COMMISSION AGENDA ITEM |
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Department: |
Planning & Development Services |
Commission Meeting Date: March 19, 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 Eugenia Miles, 1532 Powers Street. |
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Executive Summary: |
Eugenia Miles participated in the Home of Your Own (HOYO) Program in 2002.
Based on the HOYO 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 HOYO Loan was $29,452.14. The mortgage was filed on 09/04/2002. 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. Miles exceeded this requirement, the amount due to the city was $14,726.07. CDD staff received this payment in full on 02/25/2019. With this payment, $14,726.07 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 |