DevCorp reports one affordable-housing property caught up; board takes no foreclosure action
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Summary
Staff reported May 28 that one previously discussed affordable-housing property is current on payments and the other remains in arrears but is not yet scheduled for foreclosure; the board took no action and directed staff to continue monitoring.
City staff told the City of San Angelo Development Corporation on May 28 that one formerly delinquent affordable-housing program property that had been under discussion is now current and a second remains behind but is working with its bank.
Brandon Dyson updated the board that one property had become current and that the other property had made a payment and remained in contact with the lender, which advised it would work with the owner so long as periodic payments continued. Dyson said he had checked the county foreclosure list for the June 3 docket and the property was not listed.
When asked whether mortgage documents require the lender to notify the Development Corporation before posting a foreclosure, staff confirmed there is such a notification requirement in the mortgage documents. Because the properties were not on the imminent foreclosure list at the time of the meeting, the board took no action and asked staff to keep monitoring and bring the matter back if circumstances change.
