City To Discharge Multiple Mortgages, Including Homeowner Repair and Multifamily Matching Loans

The business administrator told the council that the administration will request authority to execute multiple mortgage discharges affecting homeowner-repair, multifamily matching-grant and first-time homebuyer assistance loans.

Agenda items 10.11 through 10.15 would authorize discharge of a 2008 deferred-payment mortgage in the amount of $32,103 for a Homeowner Repair Program loan that is eligible for forgiveness after ten years; discharge of a $500,000 mortgage recorded for Virginia Avenue Associates under a multifamily loan matching grant after the five-year forgiveness period; discharge of approximately 19 homeowner-repair mortgages identified by staff as eligible for discharge; discharge of six properties under the Golden Neighborhoods Homeownership first-time buyer assistance program with a 10-year affordability period; and discharge of an expired affordable-housing agreement executed in 1999 for the White and Street Homes project (regional contribution agreement restrictions reported as expired).

The administrator said staff compiled eligible mortgages to reduce the need for individual constituent requests at closings or refinancings and to clear discharges from the public record. The list of addresses and the attachments are included with the resolution materials, the administrator said.

Council members asked for copies of the list and confirmation that the attached materials identify all properties eligible for discharge; the administrator confirmed that the list is attached and that staff will provide copies on request.

No formal votes were recorded in caucus; the resolutions were listed for council consideration at the upcoming meeting.