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Satisfaction of Second Mortgage for Christopher Ruggiero and Leslie M. Ruggiero Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Attached is the Satisfaction of Mortgage for the loan granted through the Neighborhood Stabilization Purchase Assistance Program to:
• Christopher & Leslie M. Ruggiero - 3480 Dothan Ave., Spring Hill - in the amount of $44,989.00
The Ruggiero family received a second mortgage from the Neighborhood Stabilization Program; such loans are provided 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 affordability period has been met.
Funds to pay for recording the Satisfaction of Mortgage in the amount of $10.00 was received.
STRATEGIC PLAN INITIATIVES
N/A
FINANCIAL IMPACT
Expense in the amount of $10.00 to satisfy the cost of recording will be charged to:
Expense:
Fund: General Fund - B001, Department: Health & Human Services - 150, Account: Operating Other Charges - 534900
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 Satisfaction of Mortgage.