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Various Satisfactions of Second Mortgages Through State Housing Initiative Partnership Down Payment Assistance Program
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BRIEF OVERVIEW
Attached are the following Satisfactions of Mortgage for Hernando County’s Homeownership Down Payment Assistance Program:
• Eduardo Alfredo Benitez & Liz Merari Perez Castro in the amount of $10,000
• Anne Marie Grzyb in the amount of $16,850
• Robert B. Singleton in the amount of $10,000
The recipients received a second mortgage loan from the County funded through the State Housing Initiatives Partnership Program (SHIP). The loans are given to qualified homebuyers at zero percent interest.
The Housing & Supportive Services Department has received checks to pay off each mortgage in full, payable to Hernando County for a total amount of $36,880. The checks have been sent to the Finance Department for deposit. The checks received represent the full payoff of the loans and the cost to pay for recording the satisfaction of mortgage in the amount of $30.00 under the Homeownership Down Payment Assistance Program.
FINANCIAL IMPACT
Revenue in the amount of $36,850 to:
Revenues:
Fund : 1271 - State Housing Initiatives Partnership Program, Department: 35051 -SHIP Grant, Account: 3699030 - Miscellaneous Revenue Down Payment Reimbursement.
Expenses in the amount of $30.00 to satisfy the cost of recording to balance sheet:
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.
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.