Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Melbourne council declines request to forgive $15,351 CDBG mortgage for 310 3rd Street
Summary
Council voted not to sign a release for a 5-year forgivable CDBG mortgage on 310 3rd Street, citing concern about setting a precedent; the remaining balance cited was $15,351.
The council considered a request to forgive the remaining balance on an owner-occupied CDBG forgivable mortgage for 310 3rd Street. Clerk records indicate the loan required a five-year occupancy to be forgiven; the amount remaining on the mortgage was stated as $15,351.
Councilmembers expressed concern that releasing the obligation would set an undesirable precedent for future program recapture requirements. Carrie White moved not to sign a release on the funds; Beth Smith seconded the motion and the council voted all ayes.
The decision means the borrower remains obligated for the remaining balance, which the city may recover under the original CDBG agreement terms; the council did not authorize any exception at this meeting.
