Collier County
FL

Action Item
10536

Recommendation to approve two (2) mortgage satisfactions for the State Housing Initiatives Partnership loan program in the combined amount of $33,458 and approve an associated Budget Amendment.

Information

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

Executive Summary

EXECUTIVE SUMMARY

 

Recommendation to approve two (2) mortgage satisfactions for the State Housing Initiatives Partnership loan program in the combined amount of $33,458 and approve an associated Budget Amendment.

 

 

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: The State Housing Initiatives Partnership Program (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 or loss of homestead exemption. Community and Human Services (CHS) staff received payoff requests and payments for the properties listed below. The mortgages have been paid and the loans are satisfied.

 

The following table provides details regarding the associated mortgages that have been repaid.

 

File #

Name

Mortgage Amount

Payoff Amount

Public Record

09-372

Maria A. Leiva

$ 4,208

$ 4,208

OR4707 PG1680

06-125

Christine Chase

$29,250

$29,250

OR4256 PG0881

 

TOTAL

$33,458

$33,458

 

 

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

 

FISCAL IMPACT: The repaid amount of $33,458 satisfies the mortgage amount due as a result of the recapture provision as noted above. These repayments are considered program income and have been deposited in SHIP Grant Fund (791), Project 33613. Deposited funds will be used for SHIP eligible activities. The Budget Amendment recognizes $33,458 in program income, of which five percent (5%) will be used as Administrative funds. Recording fees of $10 per Satisfaction of Mortgage have been paid by the homeowners.

 

GROWTH MANAGEMENT IMPACT: The SHIP Program furthers the goals and objectives of the Housing Element of the Growth Management Plan.

 

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

 

RECOMMENDATION: To approve and authorize the Chairman to sign two (2) mortgage satisfactions for the State Housing Initiatives Partnership Program loan program in the combined amount of $33,458 and approve an associated Budget Amendment.

 

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

Discussion