MEMORANDUM
Planning and Development Services Department
TO: David L. Corliss, City Manager
FROM: Margene K. Swarts, Assistant Director, Development Services
CC: Scott McCullough, Director, Planning and Development Services
DATE: April 22, 2009
The Community Development Division received a request for a Subordination Agreement for a Mortgage the City holds for a loan recipient. The information regarding the request follows:
In 2000, Donna Williams and Jean Dixon, 1601 Kenwood, participated in the First Time Homebuyers program. In order to participate in the program, they were required to sign a Mortgage and Mortgage Note to protect the City’s interest in the property. Ms. Williams and Ms. Dixon wish to refinance the first mortgage. In order to do this, the City must subordinate its mortgage to the new loan with Capitol Federal Savings. The City’s interest will be protected and staff recommends approval.
The City Clerk will have the documents for the Mayor's signature. If you have further questions, please let me know.