Explanation
BACKGROUND: This legislation releases and forgives a portion of the recorded interest of the City of Columbus on the property located at 1949 Floral Avenue, Columbus, Ohio 43223. The loan was made through the Housing Assistance Program with Community Development Block Grant (CDBG) Funds through the City of Columbus, Department of Trade and Development, now known as the Department of Development. This loan was made to a low-to-moderate income (80% or below area median income) family for the repair of the property and, at the time of the loan, oversight of this repair was under the direction of Greater Hilltop Community Development Corporation. The loan was at 0% interest and was due upon sale or transfer of the property. The work completed on the property owned by Amelia Butler, was completed in 1997 at a cost of $6,002.00. Recently Ms. Butler requested to payoff the loan so that she could refinance her mortgage to allow for repairs to be made to her home. She is only able to pay $1,700.00. After inspection of the home by City staff, it was determined that the repairs are necessary for the home and Ms. Butler's financial condition is such that the offer of $1,700.00 is believed to be fair and reasonable.
Emergency action is requested so that Ms. Butler can refinance her home and do necessary repairs during the construction season.
FISCAL IMPACT: No funding is required for this legislation. There will be a loss of $4,302.00 in accounts receivable for the Community Development Block Grant Fund.
Title
To authorize the Director of the Department of Development to release the recorded interest of the City of Columbus on the property located at 1949 Floral Avenue, Columbus, Ohio 43223 on a loan made through the Housing Assistance Program with Community Development Block Grant (CDBG) Funds through the City of Columbus; and to declare an emergency.
Body
WHEREAS, the Department of Development has an outstanding loan balance ...
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