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Laredo housing board approves up to $195,000 from escrow to renew insurance on Hamilton Apartments
Summary
The Laredo Housing Finance Corporation board voted to authorize use of escrow funds—up to $195,000—to buy a new insurance policy for the Hamilton Apartments and authorized the board chair to sign related documents as the corporation moves toward dissolution and transfer to the city.
The Laredo Housing Finance Corporation on an announced motion approved using escrow funds—up to $195,000—to purchase property insurance for Hamilton Apartments and authorized the board chairman to sign related documents.
Board members met at 12:16 p.m. in Laredo; the action followed staff reports that an insurer had notified the corporation its coverage would lapse on Dec. 19 unless a new policy was placed. "We received the letter that that insurance would lapse on December 19th," a housing authority staff member told the board.
The matter matters because the Hamilton Apartments are subject to U.S. Department of Housing and Urban Development restrictions that require clearance before transfer of title, and staff said a full transfer can…
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