City of Racine - File #: 09-4386

• File #: 09-4386
• Version: A
• Name: Cornelius HOME request
• Type: Communication
• Status: Passed
• File created: 11/6/2009
• In control: Community Development Committee
• Final action: 2/2/2010
• Title: Subject: Request of Michael Cornelius for additional HOME Housing Investment Partnerships funds. (Res.10-1842) Recommendation of the Community Development Committee on 1-07-2010: That a mortgage loan in an amount up to $40,000 at zero percent interest with payment deferred for fifteen years from the time of closing and no prepayment penalties, be made for rehabilitation of 1515 Taylor Avenue, Racine subject to the following conditions: no outstanding liens or judgments on the property; no delinquent property taxes; good credit; property insurance in force at least equal to the amount of all mortgages on the property; rents to remain affordable under the federal HOME Housing Investment Partnerships program regulations; and all funds to be invested in improvements to the property. Fiscal Note: There are sufficient funds for this request.
• Related files: Res.10-1842

Date	Ver.	Action By	Action	Result
2/2/2010	A	Common Council	Approved as Presented	Pass
1/7/2010	A	Community Development Committee	Recommended For Approval	Pass
11/17/2009	A	Common Council	Referred

Title

Subject: Request of Michael Cornelius for additional HOME Housing Investment Partnerships funds.  (Res.10-1842)

Recommendation of the Community Development Committee on 1-07-2010: That a mortgage loan in an amount up to $40,000 at zero percent interest with payment deferred for fifteen years from the time of closing and no prepayment penalties, be made for rehabilitation of 1515 Taylor Avenue, Racine subject to the following conditions: no outstanding liens or judgments on the property; no delinquent property taxes; good credit; property insurance in force at least equal to the amount of all mortgages on the property; rents to remain affordable under the federal HOME Housing Investment Partnerships program regulations; and all funds to be invested in improvements to the property.

Fiscal Note: There are sufficient funds for this request.