Item C33County of Monroe
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BOARD OF COUNTY COMMISSIONERS
Mayor George Neugent, District 2
The Florida. Key
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Mayor Pro Tem David Rice, District 4
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Danny L. Kolhage, District I
Heather Carruthers, District 3
Sylvia J. Murphy, District 5
County Commission Meeting
January 18, 2017
Agenda Item Number: C.33
Agenda Item Summary #2570
BULK ITEM: Yes DEPARTMENT: Social Services
TIME APPROXIMATE: STAFF CONTACT: Sheryl Graham (305) 292 -4510
N/A
AGENDA ITEM WORDING: Approval of a resolution of the Monroe County Board of County
Commissioners authorizing the Monroe County CDBG DR 2008 Tropical Storm Faye Administrator
(J. Manuel Castillo, Sr.) to execute mortgage subordination documents under certain conditions for
the purpose of allowing the refinance of existing first mortgage loans at improved terms.
ITEM BACKGROUND: Approval of resolution 078 -2002 which authorized the SHIP
Administrator to execute subordination documents on behalf of Monroe County SHIP when certain
conditions had been met. This resolution will authorize the Executive Director of the Monroe
County Housing Authority to execute CDBG Disaster Recovery Program subordination agreements
for borrowers to obtain a lower interest rate and better terms on their first mortgage and therefore
enhance the disaster recovery program's second mortgage portfolio.
PREVIOUS RELEVANT BOCC ACTION: Approval of Resolution 078 -2002 on 02 -13 -2002
CONTRACT /AGREEMENT CHANGES:
Resolution authorizing ED of MCHA to execute documents
STAFF RECOMMENDATION: Approval
DOCUMENTATION:
MCHA Resolution 1 -03 -17
MCHA Resolution BACKUP 1 -03 -17
FINANCIAL IMPACT:
Effective Date: 01/18/2017
Expiration Date:
Total Dollar Value of Contract: N/A
Total Cost to County: N/A
Current Year Portion:
Budgeted:
Source of Funds: N/A
CPI:
Indirect Costs:
Estimated Ongoing Costs Not Included in above dollar amounts:
Revenue Producing: No
Grant: No
County Match: No
Insurance Required:
Additional Details:
If yes, amount:
REVIEWED BY:
Sheryl Graham
Completed
01/03/2017 3:22 PM
Pedro Mercado
Completed
01/03/2017 3:30 PM
Budget and Finance
Completed
01/03/2017 3:58 PM
Maria Slavik
Completed
01/03/2017 4:11 PM
Kathy Peters
Completed
01/03/2017 5:05 PM
Board of County Commissioners
Completed
01/18/2017 9:00 AM
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 1 " day of January, 2017.
Mayor George Neugent
Mayor Pro Tem David Rice
Commissioner Danny Kolhage
Commissioner Heather Carruthers
Commissioner Sylvia Murphy
ATTEST: MONROE COUNTY CLERK BOARD OF COUNTY COMMISS1OfVER8,OF
MONROE COUNTY, FLORIDA
1-1
lejt; Y dommi, I ..
Pagel of 2
by the Monroe County Clerk of Court.
regular meeting • said Board on the _ 13th day • February 2002.
Mayor McCoy Yes
Mayor Pro Tem. Spehar Yes
Imer Neugent Yes
Williams Yes
elson Abse
• MONROE,,'f
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By: Charles "SoLy" McCoy, Mayor
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APPROVED AS TO
Approved as to form and legal sufficiency AYC'DEGAL SUF I
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A. By reason of that MoTtMe given bY LienhOldcr - t hereina
rcf=Tcd to as -owner," in the omoxmt of PC dated tbc
day of and recordod the — day of !A
in Official Records Book p age _ u p o n the property hereinafter describeg
,tasemprop" deger4WOR Am
Pa I of 2 Lienholdw Initish er Initials
0112512002 16:53 3052921162
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STATE OF FLORIDA COUNTY
OF MONROE
j nEREBY cmvy that on day of 200 before me, an officer
to nie i own
he executed the same. Driver License shown as identc&d tr.
SEAL NOTARY PUBLIC SIGNATURE
Ptinted Name ofNotarr
CommiasionNe.:
My Commission Expires:
(Name of Lender in Caps)
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I HEREBY CERITFY tbat on this - day of 200__, befbre me, an otho"n
duly quaed to take acknowledgments, pmonsHy appeared to
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known to be the parson descrilmd herein and who executed the foregoing instrument and owledl
before me that he/sbe exemited the same. Driver Liomse shown as identification.
SEAL NOTARY PUBLIC SIGNATURE
Printed NaMe of NoW.
Commission No.:
My cornnzission Expires:-