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Lucas County approves release of CHIP mortgage after borrower pays $21,187
Summary
After staff reported a $21,187 payoff on a CHIP loan originally issued for $58,855 on Nov. 12, 2021, Lucas County commissioners voted to release the mortgage recorded against the Sylvania Township property.
Lucas County commissioners voted to release a Community Housing Improvement Program (CHIP) mortgage after staff reported the borrower had paid the outstanding principal.
Karen Poore of Economic Development asked the board to release the CHIP mortgage issued to Ricky Walker Jr. of Sylvania Township. Poore said the loan closed on 11/12/2021 for $58,855 and that the mortgage “reduces for each full year the borrower complies with the terms.” She told the board the borrower had paid the remaining principal of $21,187 and requested an early release of the mortgage.
A motion to approve the release was moved by Commissioner Gerken and passed on a roll call vote. The transcript shows commissioners voting in favor and the clerk recording the affirmative votes.
Staff did not provide a recorded repayment schedule during the meeting; records of the original loan amount, payoff and the formal release document will be entered into county files as part of the administrative process.
