File #: ID 2016-604    Version: 1 Name:
Type: Resolution Status: Passed
File created: 9/28/2016 In control: Regular City Commission Meeting
On agenda: 10/19/2016 Final action: 10/19/2016
Title: APPROVING CHANGES TO THE CITY'S SUBORDINATION POLICY FOR THE CITY'S GRANT PROGRAMS; PROVIDING FOR REPAIRS; PROVIDING FOR REFINANCING.
Attachments: 1. RESOLUTION, 2. BACKGROUND

 

TO:                     Mayor and City Commission

 

FROM:                     Douglas E. Smith, City Manager

 

DATE:                     October 19, 2016

 

 

Title

APPROVING CHANGES TO THE CITY’S SUBORDINATION POLICY FOR THE CITY’S GRANT PROGRAMS; PROVIDING FOR REPAIRS; PROVIDING FOR REFINANCING.

Body

 

 

BACKGROUND:                     The current subordination policy provides for subordination for equity lines of credit for repairs. This amendment will allow for subordination of the City’s Deferred Payment Loan Agreement, to a refinanced mortgage of the property owner, in order to make repairs to the property. This is consistent with the intent of the program to preserve affordable housing within the City.                     

 

 

RECOMMENDATION:                     For approval.                                                               

 

 

FISCAL IMPACT:                     N/A

 

 

CONTACT PERSON:                     Douglas E. Smith, City Manager