MHGB Communication Office of the City Manager	Date	June 9, 2008
	Agenda Item No. MHGB4 Roll Call No. 08- Communication No. 08-351 Submitted by: Chris M. Johansen, Housing Services Director

AGENDA HEADING:

Authorization for the City Manager to release mortgage and related security instruments for Jesse Killen, 205 SE Livingston, 5(h) Affordable Homeownership Program.

SYNOPSIS:

Recommend approval and authorization for the Des Moines Municipal Housing Agency to release the Second Mortgage and security instruments for Jesse Killen, 205 SE Livingston.

FISCAL IMPACT:

Amount: $13,577.16 (the amount of current Second Mortgage).

Funding Source: 2007-2008 Operating Budget, Page 175, Housing Services Department 5H-Sec 5(h) Homeownership, HSG021600.

ADDITIONAL INFORMATION:

Jesse Killen purchased the 5(h) property at 205 SE Livingston in Des Moines on October 27, 2003. Mr. Killen has been a successful homeowner of the Municipal Housing Agency’s 5(h) Affordable Homeownership Program and is requesting to pay off his Second Mortgage in order to refinance his mortgage. Currently he has a seven-year forgivable Second Mortgage in the amount of $31,680 with the Des Moines Municipal Housing Agency. However, since he has only lived in the home for four years and five months staff requests that he pay a portion of his Second Mortgage in the amount of $13,577.16. Staff has prepared a Release and Satisfaction of the Second Mortgage and is requesting authorization to execute and record the document after this amount is paid in full.

PREVIOUS COUNCIL ACTION(S):

Date:  February 21, 2000 

Roll Call Number:  00-508      

Action:  Revised Municipal Housing Agency Affordable Homeownership Plan for submission to HUD. (Council Communication No. 00-062). Moved by Hensley to adopt. Motion Carried 7-0.

BOARD/COMMISSION ACTION(S):

Date: October 20, 2003

Roll Call Number: 03-2364

Action: Approval of conveyance of 205 SE Livingston, City-Owned Municipal Housing Agency Property, pursuant to Affordable Home Ownership Program. (Council Communication No. 03-508). Moved by Vlassis to adopt. Motion Carried 6-2.

ANTICIPATED ACTIONS AND FUTURE COMMITMENTS: NONE

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