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Woolwich tables mortgage subordination resolution for Woolwich Housing Partners pending clarification
Summary
The committee tabled Resolution R-2024-180, which would subordinate a mortgage held by Woolwich Housing Partners, LLC to a New Jersey Housing and Mortgage Finance Agency agreement, after members sought clarity on township responsibilities under loan consolidation.
Mayor Matthias read Resolution R-2024-180, which would authorize the execution of a subordination of mortgage agreement with the New Jersey Housing and Mortgage Finance Agency concerning a mortgage given by Woolwich Housing Partners, LLC (effective Dec. 28, 2022). Committeeman Frederick questioned what responsibilities the township would have under the proposed agreement and whether loan consolidation alters those responsibilities. Solicitor Alice confirmed that loan consolidation was involved but said she could not clarify the township’s specific responsibilities from the resolution text alone. After brief discussion, the committee voted to table R-2024-180 pending clarification; Mayor Matthias said he would seek additional information from Mike Jedziniak.
The minutes record that the matter was tabled by unanimous vote. The record does not include the clarifying information or specify when the item will return to the committee agenda.
