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Date
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September 14,
2009
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Agenda
Item No. MHGB3 Roll
Call No. 09- Communication No.
09-625 Submitted by:
Chris M. Johansen, |
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AGENDA
HEADING:
Authorization
for the City Manager to release mortgage and related security instruments for Ilima
Young, 2504 Mann Avenue, 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 Ilima Young, 2504 Mann
Avenue.
FISCAL
IMPACT:
Amount:
$10,748.55 (the amount of Ms. Young’s current Second Mortgage)
Funding
Source: 2009-2010 Operating Budget: Housing Services
Department – 5H-Sec 5(h) Homeownership, SP350, HSG021600, page 137.
ADDITIONAL
INFORMATION:
Ilima
Young purchased the 5(h) property at 2504 Mann Avenue in Des Moines on December
30, 2003. She has decided to sell the
property. Ms. Young has been a
successful homeowner thus far of the Municipal Housing Agency’s 5(h) Affordable
Homeownership Program and is requesting to pay off her Second Mortgage in order
to sell her property. Currently, Ms.
Young has a seven-year forgivable Second Mortgage in the amount of $37,620 with
the Des Moines Municipal Housing Agency.
However, since Ms. Young has only lived in the home for five years, program
requirements are such that Ms. Young must pay 2/7 of her Second Mortgage in the
amount of $10,748.55. The City Legal
Department has prepared a Release and Satisfaction of the Second Mortgage, and staff
is requesting authorization to execute and record the document.
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:
December 22, 2003
Roll
Call Number: 03-2838
Action:
Approval of conveyance of 2504 Mann Avenue, City-Owned Municipal Housing
Agency Property Pursuant to Affordable Home Ownership Program. (Council Communication
No. 03-608). Moved by Vlassis to adopt. Motion Carried
6-2.
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS: NONE
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,