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Satisfaction of Second Mortgage for Judith Marie Power Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Attached is the satisfaction for the loan granted through the Neighborhood Stabilization Purchase Assistance Program (NSP) to Judith Marie Power in the amount of $39,850.00 at 5184 Abagail Drive, Spring Hill.
Ms. Power received a second mortgage from the Neighborhood Stabilization Program which is 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 10 years. The mortgage states “fifteen (10) years”; however, that number was an error. The requirements of the program and affordability period have been met.
Funds to pay for the recording of the satisfaction of mortgage in the amount of $10.00 were received and forwarded to the Finance Department.
FINANCIAL IMPACT
Expense in the amount of $10.00 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 satisfaction of mortgage.