Council to clear city mortgages and allow buyer to assume affordable‑unit restrictions for three properties

The Division of Community Development asked the municipal council to approve three routine actions: (1) allow a buyer to assume the city’s note, mortgage and deed restrictions on an affordable unit at 102 Cambridge Ave., Unit 11; (2) authorize discharge of a 2006 mortgage on 269 Stegman Street tied to a homeowner repair program; and (3) authorize discharge of a mortgage on 316–318 Van Horn Street originally recorded in 1992 under a CDBG program, subject to a $72,125.09 payoff to the city.

Brian Rans of the Division of Community Development summarized each resolution. For 102 Cambridge Ave., staff said a constituent purchased an affordable unit in 2014 for $159,090.91 and the current contract of sale is for $212,057; council authorization is needed to allow the buyer to assume the city‑held note, mortgage and deed restriction. For 269 Stegman Street, staff said the mortgage’s affordability period was 10 years and no repayment is owed, so a discharge is requested. For 316–318 Van Horn Street, staff said the mortgage encumbered the property for 20 years; the property is being sold and the seller owes the city $72,125.09 to satisfy the mortgage; upon receipt of payment staff will execute the discharge.

Council took the items under consideration; no vote is recorded in the transcript excerpt. Staff said they will execute discharges upon receipt of required payments and documentation.