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Satisfactions of Second Mortgages for Archie R. Scott and Laura Martin Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Attached are satisfactions for loans granted through the Neighborhood Stabilization Purchase (NSP) Assistance Program to:
• Archie R. Scott in the amount of $44,014.00 at 8299 Cofield Lane, Spring Hill
Mr. Scott 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.
• Laura Martin in the amount of $44,925.00 at 9598 Eldridge Road, Spring Hill
Ms. Martin 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 the recording of the satisfaction of mortgage in the amount of $20.00 were received and forwarded to the Finance Department.
FINANCIAL IMPACT
Expense in the amount of $20.00 to satisfy the cost of recording 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 mortgages.