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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 subsidy and noted the HOME program’s affordability period and recapture requirements: if an owner does not remain the principal resident for the full affordability period (15 years was cited), the city may recapture funds, or it may choose resale restrictions instead.
During the hearing staff presented a proration calculation to the board and said their figure for the forgiven portion was approximately $35,443.80. The record shows the board moved and approved the request; Alderman Long made the motion and Alderman Birkisch seconded. The board voted by voice and approved the proration and forgiveness as discussed.
Why it matters: Staff said forgiven HOME program income would return to city HOME program account and must be used to develop additional affordable housing. Mr. Alvarez told the board the program had helped him become a homeowner and that he is moving to Goffstown for family reasons; he described the program as “undeniably so” beneficial to his household.
Ending: The board approved the proration at the meeting; transcript excerpts record the calculation discussed and the approval but do not include a detailed written payoff schedule. The city’s HOME program rules and the formal recapture calculation in the loan documents will govern exact repayment and forgiveness mechanics.
