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Hendry County forgives $4,833 in interest on SHIP loan for heir
Summary
The Hendry County Board of County Commissioners voted Jan. 14 to waive approximately $4,833 in interest on a SHIP repair loan after hearing staff describe the borrower’s death and the heir’s hardship; the board discussed options including prorating the interest but approved full forgiveness by voice vote.
The Hendry County Board of County Commissioners on Jan. 14 approved a waiver of about $4,833 in interest owed on a State Housing Initiatives Partnership (SHIP) repair loan after staff described the borrower’s death and a hardship for the heir.
County Attorney Matt Ralston explained the loan’s terms for the record and said the borrower died about three years into a five-year period that would have qualified the loan for forgiveness if the original borrower had lived the full term. Ralston said the county could approve full forgiveness, prorate interest for the remaining period or require payoff; he also said the board has authority to decide the request.
Commissioners were told the original principal borrowed to make repairs was roughly $35,000, and that cleanup and remediation of the home after the borrower’s death cost more than $9,000. The heir has the house listed for sale, and some commissioners questioned whether forgiving interest would produce an unintended financial benefit to the heir if the property sold for a substantial amount.
After discussion about the family’s hardship and the program mechanics, a motion to waive the interest — $4,833.52 — was offered and seconded. The board approved the waiver by voice vote. County staff said any funds recovered from loan payments would return to the SHIP program.
The action affects the county’s SHIP account balance and will reduce the amount owed on the file to the remaining principal. No vote tally by name was recorded in the transcript; the motion passed on a unanimous voice vote, recorded as “all in favor.”
The board did not adopt a policy change on similar requests at the meeting; county staff said such requests are rare and can be considered on a case-by-case basis.
Ending: County staff will record the forgiveness in the loan file and apply the repayment of principal as payments are received; no additional formal steps were specified at the meeting.
