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Committee hears overview of foreclosure registry fund; approves spending bill with neighborhood uses
Summary
Housing staff briefed the committee on the foreclosure registry fund — a $250-per-foreclosure fee split between a registry vendor and the city — and described current programs funded by the account, including foreclosure intervention, blight removal and a $5,000 neighborhood matching grant. Committee approved Bill 20 25 1 09 6-0.
Housing and Community Development staff presented a briefing on the city’s foreclosure registry fund and the programs it supports, and the Finance Committee approved the related bill (20 25 1 09) on a 6-0 vote.
Program summary: staff said the registry requires lenders who file foreclosure actions to register the property and pay a $250 fee; a private registry vendor receives $100 and the city receives $150 per filing. Since inception the fund has generated roughly $13 million in revenue, staff reported.
How the city uses the money: staff outlined three broad strategies…
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