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Various Satisfactions of Second Mortgages Through State Housing Initiative Partnership Program; and Satisfactions of Second Mortgages for Rachel Sterlein; and Erica M. Grant and Carlton V. Grant Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Attached are the following satisfactions for loans granted through the State Housing Initiatives Partnership (SHIP) Homeownership Down Payment Assistance Program:
Richard Currier and Sara Currier in the amount of $18,988.61
Scott A. Dotson and Debra A. Harmon in the amount of $15,000.00
William R. Garth and Melissa K. Garth in the amount of $9,410.10
Amber L. Gordy and Jeremiah E. Halverson in the amount of $20,000.00
Deann Madden in the amount of $14,400.00
Darren J. and Tammy A. VanDusen in the amount of $11,897.68
The recipients received a second mortgage loan from the State Housing Initiatives Partnership Program. The loans are given to qualified homebuyers at zero percent interest. The County has received checks to pay off each loan in full, payable to Hernando County. The checks have been sent to the Finance Department for deposit. The checks represent the full pay of the loans and cost to pay for recording the satisfaction of mortgage in the amount of $60.00.
Attached are the following satisfactions for loans granted through the Neighborhood Stabilization Program Purchase Assistance Program:
Erica M. and Carlton V. Grant in the amount of $16,362.46
Rachel Sterlein in the amount of $17,562.00
The recipients received a second mortgage loan from the Neighborhood Stabilization Program. The loans are given to qualified homebuyers at zero percent interest with an affordability period that has been satisfied. Funds to pay for recording the satisfaction of mortgage in the amount of $20.00 was received and forwarded to the Finance Department for deposit.
FINANCIAL IMPACT
Revenue in the amount of $89,696.39 to Fund: 1271 - State Housing Initiatives Partnership Program, Department: 35051 - SHIP Grant, Account: 3699030 - Miscellaneous Revenue Down Payment Reimbursement.
Expenses in the amount of $60.00 to satisfy the cost of recording to Balance sheet Fund: 1271 - State Housing Initiatives Partnership Program, Account: 2020001 -Accounts payable. The balance is booked to the balance sheet to recognize it came in and is owed. It is then reduced as it is paid out.
Expenses in the amount of $20.00 to satisfy the cost of recording to Fund: 0011 - General Fund, Department: 35089 - HHS/DCA CDBG NSP 3 PGM, Account: 5304924 - Fees/Costs-Permit Appln.
LEGAL NOTE
The Board has the authority to act on this matter pursuant to Chapter 125, Florida Statutes.
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RECOMMENDATION
It is recommended that the Board approve and authorize the Chairman’s signature on the attached satisfactions of mortgages.