Collier County
FL

Action Item
10534

Recommendation to approve one (1) satisfaction of mortgage for the State Housing Initiatives Partnership Program where the term of the obligation has been met.

Information

Department:Community & Human ServicesSponsors:
Category:16.D Consent Agenda-Public Services Department

Attachments

  1. Printout
  2. SOM CAO stamp-initial & support docs

Executive Summary

EXECUTIVE SUMMARY

 

Recommendation to approve one (1) satisfaction of mortgage for the State Housing Initiatives Partnership Program where the term of the obligation has been met. (No Fiscal Impact).

 

 

OBJECTIVE: To support the affordability of housing in Collier County through the State Housing Initiatives Partnership (SHIP) down payment, emergency repair, and/or rehabilitation assistance programs.

 

CONSIDERATIONS: SHIP, a state affordable housing program, offers assistance to first-time homebuyers for use toward a portion of the required down payment and emergency repairs to the newly acquired home. As a condition of award, the homeowner must repay the assistance provided upon sale, refinance, title transfer, or failure to maintain the property as a primary residence.

 

Community and Human Services (CHS) staff monitors its County-issued SHIP loans for compliance. Through this process, staff has identified a mortgage where the homeowners are entitled to have their original down payment assistance forgiven. Older mortgage instruments did not include a maturity date. Section 95.281(1)(b) F.S. allows this debt to be forgiven if the mortgage is more than twenty (20) years old and the final maturity of an obligation secured by the mortgage is not ascertainable or previously set forth in the mortgage. Under such circumstances, the mortgage is considered terminated and for record purposes, the down payment amount may be forgiven.

 

Therefore, due to the length of time of the mortgage, the following homeowner has met the obligation and the loan should be forgiven. SHIP Ordinance No. 93-19 did not require a maturity date.

 

Name

Date Mortgage Signed

Recording Date

Affordability End Date 20 Years

OR Book & Page

SHIP Mortgage Amount

Ciro & Mayra Del Rio

October 12, 1999

October 29, 1999

October 12, 2019

2606/1995

$5,000

 

 

 

 

Total

$5,000

 

Approval of this Item will authorize the Chairman to sign the satisfaction of mortgage and the executed document shall be recorded in the Public Records of Collier County, Florida.

 

FISCAL IMPACT: There is no new Fiscal impact associated with the Satisfaction of Mortgage. The $10 recording fee will be paid by the grant, SHIP Fund (791) Project 33613.

 

LEGAL CONSIDERATIONS: This Item is approved for form and legality and requires a majority vote for Board approval. -JAB

 

GROWTH MANAGEMENT IMPACT: The State Housing Initiatives Partnership Program assists the County in meeting some of the goals and objectives of the Housing Element of the Growth Management Plan.

 

RECOMMENDATION: To approve and authorize the Chair to sign one (1) satisfaction of mortgage where the term of the obligation has been met.

 

Prepared By: Susan Golden, Sr Grants and Housing Coordinator, Community & Human Services Division

Discussion