TITLE
title
Satisfactions of Second Mortgages for Stacey M. Aubery, Kandice Sanderson and Rosa I. Sosa-Rodriguez Through Neighborhood Stabilization Program Purchase Assistance Program
body
BRIEF OVERVIEW
Attached are satisfactions for loans granted through the Neighborhood Stabilization Purchase Assistance Program to:
* Stacey M. Aubery in the amount of $49,985.00.
Ms. Aubery 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.
* Kandice Sanderson in the amount of $43,995.00
Ms. Sanderson 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.
* Rosa I. Sosa-Rodriguez in the amount of $49,925.00.
Ms. Sosa-Rodriguez 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 (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 $30.00 was received and forwarded to the Finance Department.
FINANCIAL IMPACT
Expense in the amount of $30.00 to satisfy the cost of recording will be charged to:
Fund: 001...
Click here for full text