Broward County Commission Regular Meeting
Director's Name: Leonard Vialpando
Department: Public Works and Environmental Services
Division: Housing and Urban Planning Division
Information
Requested Action
title
MOTION TO APPROVE Subordination Agreement related to a single-family purchase assistance HOME mortgage ("Agreement") in substantially the form of Exhibit 1; authorize the County Administrator to approve and execute the Agreement and make any required modifications to the Agreement, provided such modifications do not impose any additional material financial risk on the County, and are subject to review and approval as to the legal sufficiency by the Office of the County Attorney; and to authorize the County Administrator or such other person designated by the County Administrator in writing, to execute customary required documents for such subordination, and take the necessary administrative and budgetary actions. (Commission District 9)
body
Why Action is Necessary
Board action is required to approve subordination agreements in scenarios not expressly contemplated under Section 27.209 of the Broward County Administrative Code.
What Action Accomplishes
Provides Broward County ("County") consent to a subordination agreement that will confirm that the first mortgage lender's corrective re-recorded first mortgage, to add an additional borrower, does not alter the priority of the first mortgage loan or the subordinate status of the County's HOME mortgage.
Goal Related Icon(s)
?County Commission
?Go Green
?MAP Broward
Previous Action Taken
None taken.
Summary Explanation/Background
THE PUBLIC WORKS AND ENVIRONMENTAL SERVICES DEPARTMENT AND HOUSING AND URBAN PLANNING DIVISION RECOMMEND APPROVAL OF THE ABOVE MOTION.
This item supports the Board's value of "Customer Focus" by "delivering customer-centric solutions" and the Board's goal of "Accountable Government: consistently delivering responsive, efficient, inclusive and equitable quality s...
Click here for full text