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Satisfactions of Second Mortgages for Nikeesa R. Khobani, John M. Reddin, Jr., and Laura M. Dominguez Fernandez Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Attached are the satisfactions for the loans granted through the Neighborhood Stabilization Purchase Assistance Program (NSP) to:
• Nikeesa R. Khobani in the amount of $45,960 at 12218 Lamont Drive, Spring Hill recorded December 16, 2010
• John M. Reddin, Jr. in the amount of $49,630 at 11375 Ferendina Way, Spring Hill, recorded June 3, 2010
• Laura M. Dominguez Fernandez in the amount of $44,736 at 12144 Linden Drive, Spring Hill, recorded December 16, 2010
Ms. Khobani, Mr. Reddin and Ms. Dominguez Fernandez each received a second mortgage from the Neighborhood Stabilization Program which provides loans to qualified homebuyers at zero percent interest. The loan is forgivable in its entirety at the end of the affordability period. According to the Housing Assistance plan in effect at the time of the loan, the affordability period was 15 years. The requirements of the program and affordability period have been met.
Funds to pay for recording each of the satisfactions of mortgage in the total amount of $30.00 were received and forwarded to the Finance Department.
FINANCIAL IMPACT
Expense in the amount of $30.00 to satisfy the cost of recording fees will be charged 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 mortgage.