HomeMy WebLinkAbout~Master - Release of loan agreement and mortgage for 316 East Garfield, Zearing DO NOT WRITE IN THE SPACE ABOVE THIS LINE RESERVED FOR RECORDER
Prepared by:Diane Voss,Ames City Clerk,515 Clark,Ames,IA 50010 Phone:515/239-5105
RESOLUTION NO.02-536
RESOLUTION APPROVING RELEASE OF
LOAN AGREEMENT AND MORTGAGE FOR
316 EAST GARFIELD STREET,ZEARING,IOWA,
IN CONNECTION WITH THE AMES/STORY COUNTY PARTNERSHIP
AFFORDABLE HOUSING PROGRAM
FOR THE CITY OF AMES
WHEREAS,in September 2002,Nathan and Emma Liston became participants in the Housing Rehabilitation component
of the Ames/Story County Partnership(ASCP)Affordable Housing Program;and,
WHEREAS,the program was designed to assist low-and moderate-income home owners at 80%or less of the Story
County median income limits rehabilitate their existing single-family homes in eight participating cities in Story County;and,
WHEREAS,through this program,eligible applicants receive a five-year,deferred,forgivable,no-interest loan;and,
WHEREAS,the loan contains provisions to recapture all or part of the financial assistance provided to the applicant
under certain circumstances;and,
WHEREAS,Nathan and Emma received$7,218 of housing rehabilitation funds to replace their deteriorating roof,and,
WHEREAS,a loan agreement and mortgage in the amount of$7,218 was signed by the Listons and recorded with the
County Recorder's Office,however,during the rehabilitation work,some additional items were found;and,
WHEREAS, the agreement and mortgage will need to be increased to cover the additional rehabilitation costs of
$1,120.50;and,
WHEREAS, staff is requesting that the Council, on behalf of the ASCP, authorize the release of the original loan
agreement and mortgage and record a new loan agreement and mortgage on behalf of Nathan and Emma Liston in the amount
of$8,338.50.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Ames,Iowa, that the release of the Loan
Agreement and Mortgage lien in the amount of$7,218 in exchange for a new Agreement and Mortgage in the amount of
$8,388.50 for property located at 316 East Garfield Street, Zearing, Iowa, in connection with the Housing Rehabilitation
component of the Ames/Story County Affordable Housing Program is hereby approved.
ADOPTED THIS 8th day of October,2002.
dU/ ...�1+.s
Diane R.Voss,City Clerk Ted Tedesco,Mayor
Introduced by: Goodhue
Seconded by: Wirth
Voting aye: Cross,Goodhue,Hoffman,Quirmbach,Vegge,Wirth
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 8"of October,2002.