CITY COMMISSION AGENDA ITEM

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Department:

Community Development (PDS)

Commission Meeting Date:  May 7, 2019

Staff Contact:

Danelle Walters, Community Development Manager

Recommendations/Options/Action Requested:

 

Authorize the Mayor to sign a Release of Mortgage for Terry Borders 2336 Louisiana Street; and Merle L. Jackson and Jean E. Jackson, 447 Ohio Street.

 

 

Executive Summary:

Terry Borders participated in the CDBG Comprehensive Housing Rehabilitation Loan Program in 2011.  Merle L. Jackson and Jean E. Jackson participated in the CDBG Comprehensive Housing Rehabilitation Loan Program in 1986.

 

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 for Ms. Borders was $25,000 and the mortgage was filed on 06/16/2011.  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. Borders exceeded this requirement, the amount due to the city was $12,500.  CDD staff received this payment in full on 04/12/2019.  With this payment, $12,500 will be returned to the CDBG program.

 

For Mr. and Mrs. Jackson, the original amount of the Comp Rehab Loan was $15,103.26 and the mortgage was filed on 06/05/1986.  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 Mr. and Mrs. Jackson exceeded this requirement, the amount due to the city was $7,551.63.  CDD staff received this payment in full on 04/15/2019.  With this payment, $7,551.63 will be returned to the CDBG program.

 

Staff has verified that the mortgage provisions have been satisfied and the mortgage(s) should be released.

 

Strategic Plan Critical Success Factor

Safe, Healthy, and Welcoming Neighborhoods

 

Fiscal Impact (Amount/Source):

The fiscal impact to the City is $___0_____

 

Attachments:

Mortgage Loan Release for 2336 Louisiana St

Mortgage Loan Release for 447 Ohio St

 

 

Reviewed By:

(for CMO use only)

TM

DS

CT

BM