AI- 20958
18.C.
CC REGULAR
- Meeting Date:
- 05/04/2010
- Submitted For:
- Michelle Mendoza
- Submitted By:
- Estella Webber, URBAN COUNTY
- Department:
- URBAN COUNTY
Information
CAPTION
Requesting approval for a Release of Lien for the Deed of Trust between the Urban County Program and South Texas Economic Development Corporation, Inc. (STEDC) executed on December 22, 1998 in the amount of $120,000 for the purpose of purchase and rehabilitation of the Casa Linda Apartment Complex which consists of eight (8) units located in Edcouch, Texas.
BACKGROUND
Under Sections III and XV of the Subrecipient Agreement between the UCP and STEDC, the affordability requirement and duration of this agreement should follow HUD regulation 24 CFR 92.252 or 92.254. As per this regulation, any HOME assisted project utilizing $15,000 or more of HUD funding per unit requires a 10 year affordability period, hence a Release of Lien for this property should have taken place in December of 2008. The Real Estate Lien note however was incorrectly executed with a 15-year affordability period. As such, the UCP respectfully requests approval to release the lien to this property.
Fiscal Impact
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Budget and Management | Erika Zamora | 04/28/2010 08:31 AM |
| Auditor's Office | 04/30/2010 05:39 PM |
- Form Started By:
- ewebber
- Started On:
- 04/27/2010 01:35 PM
- Final Approval Date:
- 04/30/2010