Explanation
BACKGROUND: This legislation releases and forgives the recorded interest of the City of Columbus on the property located at 905 East Livingston Avenue, Columbus, Ohio 43205. 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. The loan was at 0% interest and was due upon sale or transfer of the property. The work completed on the property owned by Laura Williams, was completed in 2014 at a cost of $4,486.00. Ms. Williams had a loan from 1999 for $10,100.00 that she paid off in full but she requested to payoff that the 2014 loan be forgiven. She was able to sell her Livingston Avenue home and her real estate agent agreed to escrow a portion of her commission on the sale so that she could sell her home and reinvest the proceeds in a one story home that would better serve her health needs.
Emergency action is requested so that Ms. Williams can complete payment of the real estate commission for the sale of her home.
FISCAL IMPACT: No funding is required for this legislation. There will be a loss of $4,486.00 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 905 E Livingston Avenue, Columbus, Ohio 43205 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 totaling $4,486.00 to Ms. Laura Williams, 905 East Livingston Avenue, Columbus, Ohio for the repair of her property through the Housing Assistance Prog...
Click here for full text