Agenda

Back to Calendar Return

County Administrator's Report 9. 4.

BCC Regular Meeting

Technical/Public Service Consent

Meeting Date:	03/03/2016
Issue: Housing Rehabilitation Loan Refinancing and Assumption Policies
From:	Tonya Gant
Department:	Neighborhood & Human Svcs
CAO Approval:

RECOMMENDATION:

Recommendation Concerning Housing Rehabilitation Loan Refinancing and Assumption Policies - Tonya Gant, Neighborhood & Human Services Department Director

That the Board adopt the Housing Rehabilitation Loan Refinancing Policy and the Housing Rehabilitation Loan Assumption Policy.

BACKGROUND:

The County has extended low interest loans to citizens through its HUD Community Development Block Grant (CDBG) and HOME Investment Partnerships (HOME) Program to assist income eligible owner occupants with moderate and substantial rehabilitation of their properties. The Housing Rehabilitation Loan Refinancing policy (Exhibit I) allows low interest loans in default to be modified to get accounts current and preserve housing units. Currently there are eight low interest loans in default.

The County has extended deferred and low interest loans to citizens through its CDBG, HOME, and State Housing Initiatives Partnership (SHIP) Programs to assist income eligible owner occupants with substantial, moderate and minor rehabilitation of their properties. Current policy considers a loan in default if the owner no longer occupies the property as their principal residence, or if the property is rented, transferred or sold during the mortgage period. The Housing Rehabilitation Loan Assumption policy (Exhibit II) allows for assumption of loan and program terms by an eligible heir in cases where the original applicant dies before the loan terms have expired.

BUDGETARY IMPACT:

Not applicable to this recommendation.

LEGAL CONSIDERATIONS/SIGN-OFF:

Not applicable to this recommendation.

PERSONNEL:

Not applicable to this recommendation.

POLICY/REQUIREMENT FOR BOARD ACTION:

Currently there are no policies in place to address requests for refinancing of an existing County owned low interest loan or the assumption of a loan by an income eligible heir.

IMPLEMENTATION/COORDINATION:

The Policies will be implemented by the Neighborhood Enterprise Division in conjunction with the Clerk of the Courts staff and/or County Attorney's office as necessary.

Attachments
Rehab LIL Refi Policy
Rehab Assumption Policy