HomeMy WebLinkAbout920934.tiff RESOLUTION
RE: APPROVE REQUEST TO FORGIVE THE BALANCE OF DEFERRED PAYMENT LOAN AND
RELEASE THE DEED OF TRUST - ORTIZ
WHEREAS, the Board of County Commissioners of Weld County, Colorado,
pursuant to Colorado statute and the Weld County Home Rule Charter, is vested
with the authority of administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with a request to forgive the balance
of the Deferred Payment Loan to Floyd Ortiz, Housing Rehabilitation participant,
and release the Deed of Trust, and
WHEREAS, staff recommends forgiving the balance of the Deferred Payment
Loan and release the Deed of Trust, and
WHEREAS, after review, the Board deems it advisable to approve said
request, a copy of the terms and conditions being attached hereto and
incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, ex-officio Housing Authority Board, that the request to forgive
the balance of the Deferred Payment Loan to Floyd Ortiz and release the Deed of
Trust be, and hereby is, approved.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted bftiallPdatit,
ythe following vote on the 28th day of September, A.D. , 1992.
BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORAD
Weld County Clerk to the Board
�� Geeooyge Kennedy, Chairman
BY: 72,74—'ter r
Deputy Clerk to the Board...,_ Constance L. Harbert, Pro-Tem
APPROVED AS TO RM:
C. W. Kirby
County Attorney Gordth E. c
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W. H. Webster
920934
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DEPARTMENT OF SOCIAL SERVICES
P.O. BOX 2
G REELEY,COLORADO 80632
IDminis Adtration and Public Assistance(303)352-1551• Child Support(303)352-6933
WI O Protective and Youth Services(303)352-1923
Food Stamps(303)356-3850
FAX(303)353-5215
COLORADO
TO: George Kennedy, Chairman
Board of Weld County Commissioners
FROM: Judy A. Griego, Director
Department of Social Services'r
SUBJECT: A Request to Forgive the Bala e o Def red Payment Loan and
Release the Deed of Trust
DATE: September 24, 1992
The Board's approval is being requested to forgive the balance of the
Deferred Payment. Loan provided to Mr. Floyd Ortiz and to release the Deed of
Trust. Mr. Ortiz is a Housing Rehabilitation participant.
Mr. Ortiz is in the process of securing a HUD Home Equity Conversion Loan to
pay off the debts incurred for medical and funeral expenses. Home Equity
Conversion Loans are not subject to repayment. In order to be approved for
this loan, there cannot be any outstanding indebtedness on the property, and
the homeowner must continue to reside on the property.
1. The balance of the deferred payment loan is approximately $1,800, and
is scheduled to be forgiven in July, 1993.
2. Under terms of the Promissory Note filed with the Weld County Clerk and
Recorder's Office, the amount of the deferred payment loan is not
subject to repayment as long as the owner occupies the property for a
five year period.
3. Mr. Ortiz also had a non-forgivable loan on the property but has paid
that particular loan off.
It is the staff's recommendation to forgive the balance of the deferred
payment loan and release the Deed of Trust.
If you have any questions, please telephone me at extension 6200.
NOTE: This request was reviewed and discussed at the Weld County Housing
Authority's Work Session of September 21, 1992.
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