Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council forgives accrued interest on homeowner rehabilitation loan so borrower can refinance
Summary
The council approved a one-off forgiveness of accrued interest on a long-standing owner-occupied rehabilitation loan for Ms. Atkins after staff and the housing loan advisory committee recommended approval; one councilmember recused.
The Oroville City Council voted to forgive accrued interest on an owner-occupied rehabilitation loan held by a borrower identified in the meeting as Ms. Atkins, allowing her to refinance and pay off principal balances, according to staff presentation and a recorded motion.
Staff reported that Ms. Atkins holds a first-time homebuyer loan originally executed in February 2019 in the amount of $32,598 and additional advances dating to 2001 and a rehabilitation loan executed in February 2007 (the rehabilitation loan has accrued more than $30,000 in interest). The borrower contacted staff seeking a payoff in May to…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
