City of Racine - File #: Res.10-1842

• File #: Res.10-1842
• Version: A
• Name: Additional HOME funds be approved for rehabilitation of 1515 Taylor Avenue for Michael Cornelius
• Type: Resolution
• Status: Passed
• File created: 2/2/2010
• In control: City Attorney's Office
• Final action: 2/2/2010
• Title: Additional HOME funds be approved for rehabilitation of 1515 Taylor Avenue for Michael Cornelius Resolved, 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.
• Sponsors: Q.A. Shakoor II
• Related files: 09-4386

Date	Ver.	Action By	Action	Result
2/2/2010	A	Common Council	Adopted	Pass

Sponsor

Alderman Shakoor

Title

Additional HOME funds be approved for rehabilitation of 1515 Taylor Avenue for Michael Cornelius

Resolved, 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.