Resolution 002-2017ORIGINAL
RESOLUTION NO. 002 , 2017
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF MONROE
COUNTY, FLORIDA AUTHORIZING THE MONROE COUNTY CDBG DISASTER
RECOVERY 2008 (TROPICAL STORM FAYE) ADMININSTRATOR TO EXECUTE
MORTGAGE SUBORDINATION DOCUMENTS UNDER CERTAIN CONDITIONS
FOR THE PURPOSE OF ALLOWING THE REFINANCE OF EXISTING FIRST
MORTGAGE LOANS AT IMPRPOVED TERMS.
WHEREAS, the Monroe County Housing Authority is the County's program
administrator of the Community Development Block Grant (CDBG) DISASTER RECOVERY
(DR) 2008 (Tropical Storm Faye) Program with a fiduciary responsibility to act in the best
interest of Monroe County; and
WHEREAS, the Executive Director of the Monroe County Housing Authority is
designated as the Administrator of the CDBG DR 2008 Program; and
WHEREAS, there exist a number of CDBG DR 2008 Program recipients who cannot
refinance their first mortgages and obtain improved terms and rates without the subordination of
existing Tropical Storm Faye mortgages.
NOW THEREFORE BE IT RESOLVED, by the Board of County Commissioners of
Monroe County Florida that:
The Monroe County CDBG DR 2008 Tropical Storm Faye Administrator is hereby authorized to
execute Mortgage Subordination documents of existing Monroe County DR 2008 mortgage
loans when the following conditions are present:
(a) When financial and /or physical hardship exists preventing the recipient from paying off
the second DR 2008 lien;
(b) The proposed first mortgage loan has a rate or other terms that is an improvement of the
existing first mortgage loan;
(c) The amount of the proposed first mortgage does not exceed the sum of the existing first
mortgage loan payoff plus reasonable closing costs as documented on a proposed closing
statement;
(d) The sum of the proposed first mortgage plus the CDBG DR 2008 mortgage does not
exceed 105% of the value of the property as reflected on a property appraisal or opinion
of value from the financial institution providing the proposed first mortgage.
PASSED AND ADOPTED by the board of County Commissioners of Monroe County,
Florida at a regular meeting of said Board on the 18 day of January, 2017.
Approved as to legal sufficiency:
Date:
Mayor George Neugent
Y
Mayor Pro Tern David Rice
Yes
Commissioner Danny Kolhage
Yes
Commissioner Heather Carruthers
Yes
Commissioner Sylvia Murphy
Yes
K BOARD OF COUNTY COMMISSIONERS OF
MONROE COUNTY, FLORIDA
BY:
Mayor George Neugent
M OE CCUNTY
APED AS
ISTA191 C UFITY OR Y
PASSED AND ADOPTED
Deputy Clerk
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