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Council declines proposal to subordinate city NSP liens to allow homeowner HELOCs
Summary
The Redmond City Council rejected a staff-proposed policy to allow the community development director to subordinate Neighborhood Stabilization Program (NSP) liens so homeowners could take home-equity lines of credit (HELOCs) to fund repairs.
Redmond City Council on July 15 declined a motion to allow the city to subordinate existing Neighborhood Stabilization Program (NSP) liens so homeowners could use HELOCs or other financing to fund home repairs.
The city’s housing program analyst, Linda Klein, summarized the NSP background: the program ran between 2012 and February 2017, provided down-payment assistance between $15,000 and $30,000 in Redmond and La Pine, and placed zero-interest liens that return to the city’s Community Development Block Grant (CDBG) fund when properties are sold. Klein said,…
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