Explanation
BACKGROUND:
This legislation authorizes the City of Columbus, Department of Development to release its recorded mortgage interests in a residential property located at 898 Studer Avenue, Columbus Ohio with an outstanding balance totaling $18,400 made to borrower A. C. and Norma J. McCall. The purpose of the release is to enable the City to release the mortgage for the McCall's for a hardship exemption so that they can sell their home. Due to serious health deterioration in both Mr. and Mrs. McCall, they cannot navigate the two story structure and must move to a one-story or apartment that is handicap accessible.
Emergency action is requested to expedite authorization so that Mr. and Mrs. McCall can list the property for sale.
FISCAL IMPACT:
The impact is that the City will be writing off $18,400 in debt as a loss in accounts receivable for CDBG HAP Rehab Deferred Loan Funds.
Title
To authorize the Director of the Department of Development to release the recorded mortgage interests of the City of Columbus in the property that secures the loan with an outstanding balance totaling $18,400; and to declare an emergency.
Body
WHEREAS, the City of Columbus, Department of Development made a CDBG HAP Rehab Deferred Loan to borrower Mr. and Mrs. A. C. and Norma J. McCall with an outstanding balance totaling $18,400 and the loan that is secured by a recorded mortgages on the property located at 898 Studer Avenue, Columbus, Ohio; and
WHEREAS, it is necessary to authorize the Director of the Department of Development to release the recorded mortgage interest of the City on the property located at 898 Studer Avenue, Columbus, Ohio; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, Housing Division, in that it is immediately necessary to release said mortgage interests in order to expedite authorization of a settlement thereby preserving the public health, peace, property, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development be and is hereby authorized to release the City's recorded mortgage on property located at 898 Studer Avenue, Columbus, Ohio that secures the City's outstanding loan amount totaling $18,400 and write off the entire amount.
Section 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this Ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.