HomeMy WebLinkAboutRES-1997-049 Housing Rehabilitation Program - Policy Revision 9 7
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RESOLUTION
HOUSING REHABILITATION PROGRAM DEFERRED LOAN PROGRAM
WHEREAS,the County provides funding in the form of deferred loans to homeowners to
repair substandard housing in the County;and
WHEREAS, the County secures its monetary investment by the property owner
executing a Promissory Note and Deed of Trust with the later being duly recorded in the
Orange County Register of Deeds Office; and
WHEREAS, on September 17, 1996, the Orange County Board of County
Commissioners approved a Subordination Policy which allows the subordination of the
County's Deed of Trust to security interest in the property for purchase or refinance to an
amount, with the combination of the new loan and the County's lien, not to exceed 90%
of the Fair Market Value of property;and
WHEREAS,approval of this policy has proven to be very burdensome to County staff as
well as caused concern regarding the actual benefit to homeowners who are often
subjected to high interest rates when refinancing;
NOW, THEREFORE, be it resolved by the Board of County Commissioners of Orange
County, that the Subordination Policy approved September 17, 1996 be and is hereby
rescinded;
Be it further resolved by the Board of County Commissioners of Orange County that
Orange County will not subordinate its mortgage security under the Orange County
Deferred Loan Program.
This the 16th day of September, 1997.