SUBJECT:
Title
Request Approval of Subordination Agreement Between Marion County and J. Santana Arenas Palacios and Pinita Hernandez Arenas (Budget Impact - None)
Body
|
INITIATOR: |
DEPARTMENT: |
|
Cheryl Martin, Director |
Community Services |
DESCRIPTION/BACKGROUND:
Through the Community Services Department, Marion County offers a homebuyer purchase assistance program through receipt of State Housing Initiatives Partnership (SHIP) funds to assist eligible residents with down payment and closing cost to obtain homeownership.
On December 5, 2002, Community Services approved and assisted Mr. and Mrs. Arenas, through its SHIP program, to purchase a home located at 6400 NW 13th Avenue, Ocala, FL 34475 (Parcel Number 1470-010-007) in the amount of $20,000. The SHIP Assistance was secured by a second mortgage and note recorded against the property with a maturity date of January 1, 2023.
On July 21, 2021, Mr. and Mrs. Arenas requested the County to subordinate its mortgage to allow refinancing of the first mortgage to reduce it from an interest rate of 5% to 2.87% with no cash distribution.
BUDGET/IMPACT:
None
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize Chairman to execute necessary documentation to Subordination Agreement.
end