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Aldermen forgive portion of $55,000 HOME program recapture for 232 Conan Street owner
Summary
The board approved prorating the $55,000 HOME program loan recapture owed on a property at 232 Conan Street, forgiving the amount discussed by staff ($35,443.80) under HOME recapture rules; the owner, Adam Alvarez, addressed the board about his stewardship of the property and his upcoming move.
The Manchester Board of Mayor & Aldermen voted to prorate a $55,000 HOME program loan recapture owed on the sale of the property at 232 Conan Street and to forgive the portion discussed during the meeting.
Owner Adam Alvarez attended the meeting and explained that NeighborWorks and city HOME funds had helped redevelop the house about nine years earlier so a low-income buyer could afford it. City staff described the original…
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