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Satisfactions of Second Mortgages for Anthony Belmonte and Rosemary Stackler Through Neighborhood Stabilization Program Purchase Assistance Program
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BRIEF OVERVIEW
Attached are satisfactions for loans granted through the Neighborhood Stabilization Purchase Assistance Program to:
• Anthony Belmonte in the amount of $43,740.00.
Mr. Belmonte received a second mortgage loan from the Neighborhood Stabilization Program, such loans are provided to qualified homebuyers at zero percent interest. These funds have been repaid in full.
• Rosemary Stackler in the amount of $50,000.00.
Ms. Stackler 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 Housing Assistance Plan in effect at the time of the loan, the affordability period was 15 years [note that the loan document erroneously indicated the term to be 16 years]. The affordability period has been met.
Funds to pay for the recording of the satisfaction of mortgage in the amount of $20.00 was 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:
Expenses:
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.