[00:00:01]
OKAY FOR THE PUBLIC. HELLO, PUBLIC.
ALL RIGHT. I WOULD LIKE TO CALL THIS CITY COMMISSION WORKSHOP MEETING FOR THE CITY OF
[1. Call to Order]
PARKLAND ON WEDNESDAY, JANUARY 14TH AT 5 P.M..TO ORDER. PLEASE RISE FOR THE PLEDGE.
PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS. ONE NATION UNDER GOD, INDIVISIBLE, WITH LIBERTY AND JUSTICE FOR ALL.
ROLL CALL, COMMISSIONER MURPHY.
SOLOMON HERE. COMMISSIONER KANTERMAN HERE.
COMMISSIONER ISRAEL. HE WILL HAVE TO DO PUSH UPS WHEN HE GETS HERE.
HERE. MAYOR WALKER, I AM HERE.
THANK YOU. OKAY. ROAD ASSESSMENT, HARDSHIP GRANT PROGRAM.
[4.A. Road Assessment Hardship Grant Discussion]
YES. TO THIS EVENING, WE'RE GOING TO BE PRESENTING TO YOU A ROAD ASSESSMENT GRANT PROGRAM, MORE SO OF A LOAN.THAT STAFF CAME UP WITH IN ORDER TO ASSIST ANY RESIDENTS IN THE RANCHES THAT MAY HAVE SOME TYPE OF FINANCIAL HARDSHIP DUE TO OUR SPECIAL ASSESSMENT.
SO I'LL TURN IT OVER TO KELLY TO GO THROUGH A PROPOSED PROGRAM TO SEE IF THIS WOULD WORK FOR OUR COMMISSION. GOOD EVENING.
KELLY SCHWARTZ, FINANCE DIRECTOR AND AS THE CITY MANAGER, JUST OPENED UP THAT WE KNOW THAT THERE WAS SOME DISCUSSION AT THAT DECEMBER 3RD MEETING AND SOME CONCERN FOR THAT.
THERE MAY BE SOME RANCHES, HOMEOWNERS WHO LIVE ON A FIXED INCOME, PROBABLY OWN THEIR HOME FOR A VERY LONG TIME AND MAY HAVE A HARDSHIP IN THEIR ABILITY TO PAY FOR THE ASSESSMENT.
WITH THE RANCHES PROPERTIES BEING LARGER, THE THE FIGURES WERE A LITTLE BIT HIGHER IN THAT NEIGHBORHOOD. SO WITH ONLY ABOUT SIX WEEKS SINCE THAT APPROVAL TO PUT TOGETHER THIS PROGRAM, WITH SOME HOLIDAYS AND TIME OFF MIXED IN WITH HELP FROM SHERRY, OUR BUDGET AND GRANTS MANAGER, AS WELL AS THE CITY MANAGER AND THE CITY ATTORNEY. WE THINK WE DESIGNED A VERY REASONABLE ASSISTANCE PROGRAM THAT WE'RE HAPPY TO PRESENT TO YOU THIS EVENING THAT WE CAN OFFER TO THE RESIDENTS.
SO JUST A LITTLE QUICK BACKGROUND.
THE RANCHES HAS 175 TOTAL PARCELS.
42% OF THOSE PARCELS DO NOT HAVE HOMESTEAD EXEMPTIONS.
AND THAT'S ONE OF THE FIRST THINGS THAT WE ARE GOING TO CONSIDER, BECAUSE THE THE GOAL WAS TO KEEP PEOPLE LIVING IN THEIR PRIMARY RESIDENCE AND NOT HAVE TO HYPOTHETICALLY BE FORCED OUT, AS SOME OF THE RESIDENTS BROUGHT UP IN THAT MEETING. SO WE'RE CONSIDERING THE HOMES THAT HAVE THE HOMESTEAD EXEMPTIONS, THE PARCELS. SO THERE WERE 102 REMAINING PARCELS THAT DO HAVE HOMESTEAD EXEMPTION.
AND JUST ONE THING TO POINT OUT THAT FIVE OF THE PARCELS BELONG TO THE CITY.
SO WE ARE PART OF THAT 42%, AND AT THE NEXT MEETING WILL BE PRESENTING OUR PAYMENT APPROVAL FOR YOU.
SO OF THE HOMESTEADED PARCELS, THEY RANGE FROM ONE ASSIGNED ACRE TO NINE ASSIGNED ACRES, BUT THE AVERAGE OF THAT GROUP IS TWO AND A HALF ASSIGNED ACRES.
SO JUST TO REMINDER, WITH THE ADDITIONAL AMOUNT THAT THE CITY IS CONTRIBUTING TOWARDS THE ASSESSMENT, THE INITIAL PREPAYMENT AMOUNT FOR A TWO AND A HALF A SIGNED ACRE PROPERTY WOULD BE $19,983, AND THE ANNUAL ASSESSMENT WILL NOT EXCEED $2,033.70.
AGAIN, WE DON'T HAVE THAT ANNUAL ASSESSMENT AMOUNT YET.
WE WON'T KNOW THAT UNTIL ALL THE PREPAYMENTS ARE IN AND WE'RE ABLE TO NEGOTIATE THE FINAL LOAN TERMS. SO WHEN YOU'RE KIND OF PUTTING TOGETHER THIS PROGRAM, YOU WANT TO LOOK AT SOMETHING TRIED AND TRUE AND TESTED PREVIOUSLY.
SO ONE OF THE FIRST THINGS WE THOUGHT ABOUT WAS ANYONE THAT MAY HAVE THE LOW INCOME SENIOR EXEMPTION. AND MAYBE THAT CAN BE SOMETHING WHERE THEY WOULD BE AUTOMATICALLY ELIGIBLE. UNFORTUNATELY OR FORTUNATELY, WHEN WHEN WE WERE LOOKING AT THE PARCELS SHERRY AND I DID A THOROUGH SEARCH.
THERE ARE NO PARCELS IN THE RANCHES THAT CURRENTLY HAVE THIS LOW INCOME SENIOR EXEMPTION. AND AS OF THE CURRENT VALUES, NO PROPERTIES WOULD BE ELIGIBLE TO RECEIVE THE EXEMPTION BECAUSE THIS IS SOMETHING YOU HAVE TO HAVE A FEW DIFFERENT FACTORS YOU HAVE TO MAKE UNDER A CERTAIN AMOUNT OF INCOME, AND YOU HAVE TO HAVE OWNED YOUR PROPERTY FOR A CERTAIN AMOUNT OF TIME, AND IT CANNOT HAVE A JUST VALUE ABOVE 250,000. SO EVEN A COUPLE WITHIN THE LAST COUPLE OF YEARS, THERE WERE PROPERTIES THAT COULD HAVE QUALIFIED, BUT AS OF TODAY THEY DON'T.
SO UNFORTUNATELY, THAT OPTION HAD TO BE SCRATCHED.
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AND WE LOOKED AT ANOTHER OPTION.SO SOMETHING WHERE THEY COULD BE CATEGORICALLY, CATEGORICALLY ELIGIBLE.
THERE ARE A LOT OF GRANTS THAT THEY DON'T WANT TO REINVENT THE WHEEL.
SO THEY'LL SAY A STATE GRANT MAY SAY IF YOU QUALIFY FOR ONE OF THESE FEDERAL PROGRAMS, THEN YOU'RE AUTOMATICALLY QUALIFIED BECAUSE YOU'VE ALREADY GONE THROUGH THAT INCOME VERIFICATION PROCESS. SO IN THIS CASE, WE'RE PROPOSING THAT HOUSEHOLDS MAY BE AUTOMATICALLY ELIGIBLE IF THEY ALREADY RECEIVE ASSISTANCE UNDER ONE OF THESE FEDERAL PROGRAMS, TEMPORARY ASSISTANCE FOR NEEDY FAMILIES, WHICH IS WE KNOW THE FEDS LIKE THEIR ACRONYMS. SUPPLEMENTAL NUTRITION ASSISTANCE PROGRAM SNAP.
THAT'S PROBABLY THE ONE THAT PEOPLE ARE MOST AWARE OF AND MOST FAMILIAR WITH.
AND THEN THERE'S SUPPLEMENTAL SECURITY INCOME, WHICH IS SSI. SO AGAIN, ONE OF THE THINGS WE'RE PROPOSING IS IF SOMEBODY HAS THIS CURRENTLY IF THEY'RE CURRENTLY PART OF THE SNAP PROGRAM, THEY COULD BRING IN THEIR DOCUMENTATION AND THAT COULD AUTOMATICALLY QUALIFY THEM FOR THE ASSISTANCE PROGRAM. BUT WE ALSO WANTED TO CONSIDER WHAT HAPPENS IF THEY DON'T HAVE ONE OF THOSE PROGRAMS IN PLACE ALREADY.
SO NOW WE'RE LOOKING AT THE THIRD PATH, WHICH WOULD BE AN INCOME ELIGIBILITY PROCESS.
THIS WOULD BE CITY STAFF GOING THROUGH THE REVIEW AND AND THE VERIFICATION OF THEIR DOCUMENTS AND INFORMATION.
SO IN ORDER TO PICK WHAT WHAT LINE IN THE SAND, WHAT PARAMETERS ARE YOU GOING TO DESIGN FOR FOR YOUR INCOME ELIGIBILITY? AGAIN, NOT WANTING TO REINVENT THE WHEEL AND JUST PICK UP ANYTHING THAT MAY BE CONSIDERED ARBITRARY. WE LOOKED INTO DIFFERENT OPTIONS AND THE ONE THAT WE FELT WAS THE MOST REASONABLE IS THE FEDERAL HOUSING AND URBAN DEVELOPMENT HUD GRANT, WHICH, AS YOU KNOW, THEY DO A LOT OF THE FEDERAL GRANTS, THEY HAVE CDBG, THEY HAD NSP BACK IN THE DAY, THE NEIGHBORHOOD STABILIZATION PROGRAM. SO THEY DO PROBABLY THE MAJORITY OF THE FEDERAL HOUSING TYPE GRANTS WE'RE FAMILIAR WITH.
THEY HAD A CATEGORY THAT'S CONSIDERED THE 50% MEDIAN FAMILY INCOME LIMITS SPECIFICALLY FOR FORT LAUDERDALE. SO UTILIZING THOSE HUD LIMITS FOR BROWARD COUNTY, WE REALIZED THAT IN GENERAL, SOUTH FLORIDA HAS HIGHER COSTS THAN AROUND THE NATION. SO THAT ACTUALLY MAKES THE THE INCOME LEVELS A LITTLE HIGHER THAN SOME OF THE OTHER GRANT OPTIONS THAT WE LOOKED AT THAT WERE NATIONAL AVERAGES.
AND HUD DOES HAVE THREE INCOME CATEGORIES.
WE SELECTED THE MIDDLE THE MIDDLE ONE.
SO WE DIDN'T PICK THE MOST CONSTRAINED NUMBER.
WE ALSO DIDN'T PICK THE THE HIGHEST VALUE.
SO WE THOUGHT THE MIDDLE ONE WAS SAFE AND SOMETHING JUSTIFIABLE.
NOW YOU HAVE TO GO THROUGH THE PROCESS SO THE QUALIFICATION REQUIREMENTS WILL BE THAT THEY WOULD HAVE THE HOUSEHOLD WILL HAVE TO COMPLETE AN APPLICATION. AND THEN THESE ITEMS, THE TOP FOUR BULLETS HERE WOULD BE FOR ALL MEMBERS OF THE HOUSEHOLD.
SO IF IT'S A SINGLE PERSON OBVIOUSLY JUST FOR ONE, IF IT'S A FAMILY, YOU HAVE TO HAVE ALL OF THE INFORMATION.
SO YOU WOULD NEED TWO OF THE MOST RECENT YEARS OF TAX RETURNS CURRENT INCOME STATEMENTS. SO FOR A SENIOR MAY JUST BE A SOCIAL SECURITY STATEMENT BANK STATEMENTS.
AND THEN THEY WOULD HAVE TO SIGN AN AFFIDAVIT THAT THE INFORMATION THAT THEY'RE PROVIDING IS TRUE AND COMPLETE. AND THEN THERE WOULD BE A SIGNED LOAN AGREEMENT.
SO WE WOULD BE WORKING VERY CLOSELY WITH THE CITY ATTORNEY'S OFFICE TO GET THE AFFIDAVIT AND THE LOAN AGREEMENT.
LANGUAGE WRAPPED UP. THERE ARE SOME ADDITIONAL CONSIDERATIONS THAT WE WANTED TO BRING FORTH BEFORE YOU THIS EVENING.
THE FIRST ONE IS REQUIRED MINIMUM NUMBER YEARS OF OWNERSHIP.
SO WE DON'T HAVE A NUMBER IN THERE AS OF NOW.
BUT SOMETHING WE DID WANT TO DISCUSS THIS EVENING IS DID YOU WANT TO HAVE A REQUIRED MINIMUM YEARS. DID YOU WANT THAT THE INDIVIDUAL TO QUALIFY ONLY IF THEY HAD LIVED IN THEIR HOME FOR FIVE YEARS, TEN YEARS, 15 YEARS? SO THAT'S AN ITEM FOR DISCUSSION.
ANOTHER TOPIC IS DO WE WANT TO HAVE ANY CONSIDERATION IF THERE ARE ACTIVE CODE VIOLATIONS? SO IF A PROPERTY DOES HAVE AN ACTIVE CODE VIOLATION, MAYBE SOMETHING THAT'S BEEN SITTING ON THE PROPERTY THAT THEY'VE CHOSEN NOT TO DO ANYTHING TO RECTIFY. DO WE WANT THAT TO HAVE ANY SORT OF IMPACT ON THIS PROGRAM? AND THEN FOR VERY IMPORTANT POINTS THAT I DO WANT TO STATE THIS EVENING WE WILL BE PLACING A 20 YEAR LIEN ON THE PARCELS THAT RECEIVED THE ASSISTANCE, AND IF THERE'S ANY TRANSFER OF TITLE, IT WOULD REQUIRE PAYBACK.
SO IF YOU IMAGINE SOMEBODY MAY HAVE LIVED THERE FOR 40 YEARS,
[00:10:01]
THEY'RE THERE TODAY. WE WANT TO KEEP THEM IN THEIR HOME.BUT MAYBE TWO YEARS FROM NOW THEY DECIDE TO SELL THE PROPERTY.
MANY OF THESE PROPERTIES ARE GOING TO SELL FOR ONE, TWO PLUS MILLIONS OF DOLLARS.
SO AT THAT POINT, WITH THE LEAN IN PLACE, THE CITY WOULD BE ABLE TO GET THE FULL MONEY RETURNED TO THEM, TO US.
SO THAT'S WHY IT'S MORE OF A A LOAN PROGRAM THAT RATHER THAN A GRANT, WE'RE NOT GIFTING THEM THE MONEY.
WE'RE FEELING THAT WE'RE THIS IS CITY FUNDS.
WE'RE GOING TO BE VERY RESPONSIBLE WITH IT.
WE WE CAN SATISFY THAT NEED TO KEEP THEM IN THEIR HOME.
HOWEVER, THIS IS NOT SO THAT THEY CAN MAKE A LARGER PROFIT IN THE FUTURE.
AND WE CAN HAVE THE THE PAYBACK IF THERE'S ANY TRANSFER OF THE TITLE.
IN ADDITION, THERE WILL BE A PRIMARY RESIDENCE REQUIREMENT IF THE PROPERTY IS LEASED IN THE FUTURE, IT WOULD REQUIRE PAYBACK.
AND AGAIN, BECAUSE THE INTENTION BEHIND THIS PROGRAM IS TO KEEP INDIVIDUALS LIVING IN THEIR PRIMARY HOME, IT WOULDN'T BE.
OKAY, WELL, MISS SMITH IS NOW GOING TO GO LIVE IN ANOTHER HOME OR LIVE WITH THEIR FAMILY, AND THEY'RE GOING TO RENT THIS PROPERTY FOR A PROFIT IN THE FUTURE.
SO AT THAT POINT, THAT WOULD REQUIRE PAYBACK OF THIS FUNDING.
AND THEN ONE THING THAT MANY OF THE RESIDENTS MAY NOT THINK ABOUT OR CONSIDER, BUT THE SUBMITTED DOCUMENTS WILL BE SUBJECT TO PUBLIC RECORD LAWS SO THAT GRANT APPLICATION AND THE BACKUP DOES BECOME A PUBLIC RECORD OF THE CITY.
NOW, OF COURSE, WE'RE GOING TO FOLLOW THE STATE STATUTES, THEIR SOCIAL SECURITY NUMBERS, THEIR BANK ACCOUNT NUMBERS THEMSELVES.
THERE ARE CERTAIN OTHER ITEMS THAT MAY BE REDACTED AND PROTECTED, BUT IN GENERAL, THAT INFORMATION IS GOING TO BE PUBLIC RECORD, AS IS ALL OF OUR INFORMATION HERE AT THE CITY.
AND WHAT KIND OF A TIMELINE ARE WE CONSIDERING? AS YOU KNOW, WE'RE KIND OF CONSTRAINED BETWEEN THE TIME OF APPROVING THIS, THE ASSESSMENT ITSELF, THE ENDING POINT FOR SUBMITTING THE INITIAL PREPAYMENT IS FEBRUARY 25TH.
SO WE NEED TO GET THIS OUT AND TURNED AROUND AS QUICKLY AS POSSIBLE.
WE PLAN TO MAIL A LETTER TO ALL OF THE PROPERTIES THIS WEEK, ASSUMING EVERYTHING IS AGREED UPON AND DIRECTED TO CONTINUE THE PROCESS TONIGHT.
THE PROGRAM WILL OPEN FROM JANUARY 19TH TO FEBRUARY 19TH, SO THAT GIVES A MONTH FOR EVERYBODY TO GET THEIR DOCUMENTS TOGETHER, PULL ALL OF THEIR HOUSEHOLD ITEMS, THEIR MOST RECENT TAX RETURNS, GET EVERYTHING THAT THEY NEED.
GET IT SUBMITTED AND HAS A LITTLE TIME BUILT IN FOR STAFF TO DO THE REVIEW.
AND THEN OF COURSE, THE INITIAL PREPAYMENT DEADLINE IS FEBRUARY 25TH.
SO WE HAVE BEEN RECEIVING A LOT OF PAYMENTS.
WE'VE GOTTEN A LOT OF PREPAYMENTS, MORE SO WITH PINE TREE THAN WITH THE RANCHES.
BUT WE HAVE RECEIVED ABOUT $100,000 OF PREPAYMENTS WITH THE RANCHES.
SO THAT IS OUR PROPOSED PROGRAM BEFORE YOU THIS EVENING.
AND OF COURSE, WE ARE OPEN FOR DISCUSSION, AND I WOULD LIKE TO TOUCH ON AT LEAST THOSE TWO MAIN POINTS THAT I BROUGHT UP THAT WE WOULD BE LOOKING FOR SOME DIRECTION AND FEEDBACK FROM YOU. SO THANK YOU VERY MUCH.
SO I GUESS I'D LIKE TO JUST HEAR WHAT KIND OF FEEDBACK DO YOU NEED FROM US TO GET ACCURATE DIRECTION SO YOU GUYS CAN MOVE FORWARD? WELL, FIRST WE WOULD LIKE INPUT ON THE TWO QUESTIONS IN ORDER TO ROLL THIS OUT.
AND THEN SECONDLY, AFTER WE GET THE ANSWER TO THAT, WE JUST WANT TO MAKE SURE THAT THIS IS SOMETHING THAT SEEMS REASONABLE AND ACCEPTABLE TO YOU AS A BOARD.
AND THEN WE CAN GO AHEAD AND MOVE FORWARD WITH THE LETTERS AT LEAST.
AND THEN WE'LL WE'LL HAVE A RESOLUTION IN PLACE AT OUR NEXT MEETING.
OKAY. I THINK IT'S IMPORTANT TO HAVE THE REQUIRED MINIMUM NUMBER OF YEARS, WHICH 20 YEARS MAKES SENSE.
YOU KNOW, BECAUSE AGAIN, WE WANT TO HELP THE PEOPLE WHO LIVE THERE.
SO IF THEY SELL THE HOUSE OR TRANSFER IT, I THINK GETTING THE LOAN PAID BACK IN FULL MAKES MAKES SENSE BECAUSE, YOU KNOW, OBVIOUSLY THESE PROPERTIES ARE WORTH. DOLLARS. SO I THINK THAT'S FAIR TO THE RESIDENTS THAT IF THEY SELL IT, THEN WE WOULD GET THAT.
WE AGREE. THE ACTUAL QUESTION IS DO YOU NEED THEM TO STAY IN THEIR HOUSE LIKE THEY'RE NOT NEW TO THE COMMUNITY. THEY'VE LIVED HERE ONE YEAR, TWO YEAR, THREE YEARS BEFORE THEY CAN EVEN BE ELIGIBLE FOR THIS PROGRAM THAT THEY'VE THEY'VE BEEN HERE. I MEAN, TO ME, IT'S I'M NOT I DON'T THINK ANYBODY THAT'S BOUGHT IN THERE IN THE LAST TEN YEARS IS GOING TO LIKELY QUALIFY FOR THIS PROGRAM IN THE FIRST PLACE. BUT I GUESS THE POINT IS, IF WE'RE STARTING THIS, SHOULD WE PUT A NUMBER? KNOWING, KNOWING, KNOWING THAT.
[00:15:01]
YOU'RE RIGHT. SHOULD WE PUT A NUMBER OF FIVE YEARS OR TEN YEARS? YEAH. I MEAN, I THINK THE, THE GENESIS OF, OF A LOT OF THE SENTIMENT THAT CAME OUT OF THAT THIS CAME OUT OF WAS SOMEBODY'S BEEN IN THAT HOUSE FOR A LONG TIME AND IS THE COMMUNITY HAS RAISED AROUND THEM IN TERMS OF THE PROPERTY VALUES.WE'RE NOT PRICING THEM OUT OF THEIR OWN HOME. RIGHT.
NOT SOMEBODY WHO'S BOUGHT IN IN THE LAST YEAR OR 2 OR 3, YOU KNOW. SO I THINK I THINK THERE WOULD HAVE TO BE A CONSIDERABLE MINIMUM AMOUNT OF TIME.
WHETHER THAT'S TEN YEARS, TEN YEARS IS PROBABLY SOUNDS RIGHT TO ME IS PROBABLY THE MINIMUM. I WOULD THINK.
YOU KNOW, IT'S TEN YEARS. GOOD WITH YOU, CINDY. YES.
SO IF WE SEE A RESIDENT DEFAULT.
RIGHT ON. YOU KNOW. WELL, WOULD WE ENFORCE ANY LIENS WHERE WE WOULD BE? WELL, THEY WOULDN'T THEY WOULDN'T REALLY DEFAULT BECAUSE THERE'S NO PAYMENTS. THERE WOULD BE NO, RIGHT. THERE WOULD BE NO PAYMENTS. IT WOULD ONLY GO BACK.
BASICALLY, WE WOULD WAIVE THE ASSESSMENT, SO TO SPEAK, INTO IT, BECAUSE WE'RE GIVING THEM A LOAN THAT THEY DON'T THEY DON'T HAVE TO PAY BACK UNLESS THEY SELL OR TRANSFER.
SO ONLY HAVE TO PAY IT BACK AS WHEN YOU SELL AND THE LOAN AMOUNT.
I TAKE IT BECAUSE WE DIDN'T GO OVER THIS, THE SEMANTICS OR THE DETAILS OF IT, BUT THE LOAN AMOUNT I TAKE IT WOULD BE NO DIFFERENT THAN IF SOMEBODY WAS TAKING THE 20 YEAR OPTION ON THEIR HOME AND WAS GETTING THAT OVER TIME.
IS THAT CORRECT? NO, IT WOULD BE THE ONE TIME PAYMENT.
IT'D BE THE LUMP SUM PAYMENT. YES. SO IT WOULD BE THE $20,000.
RIGHT. BECAUSE WE WOULDN'T PAY IT. WHICH REALLY THE RESIDENT WOULD TOO.
BECAUSE IF THEY IF THEY END UP SELLING, YOU KNOW.
WELL, THAT'S MY POINT. TWO YEARS. YEAH.
THEY WOULDN'T HAVE TO PAY BACK THE INTEREST. THEY WOULD ONLY HAVE TO PAY THE LUMP SUM.
THEY WOULD BENEFIT FROM THAT. SO IT'S A LOAN WITH NO INTEREST.
RIGHT. IS THAT PUTTING US IN A THE CITY? WE'RE NOT TAKING FUNDS THAT WE'RE ALREADY PAYING INTEREST ON TO DO THIS.
I MEAN, THAT THE OTHER THING THAT I'M THINKING ABOUT, IT WOULD BE PAYING INTEREST WHERE WE WOULD LOSE INTEREST EARNINGS.
I UNDERSTAND THAT THERE'S A DIFFERENCE BETWEEN, IN MY VIEW, THERE'S A DIFFERENCE IN THAT US PAYING OUT INTEREST.
RIGHT. WE'RE NOT TAKING THE LOAN OUT ON THIS DOLLAR. THAT'S WHY WE NEED THE DEADLINE TO KNOW HOW MUCH MONEY WE NEED TO TAKE OUT ON LOAN.
IF IT'S A 20 YEAR LIEN JUST TO CLARIFY WHAT HAPPENS ON THE 21ST YEAR OF HOME OWNERSHIP, IT JUST DISAPPEARS, GOES AWAY.
CORRECT. SO THEN THAT WAY THEY DON'T THEY DON'T REPAY THAT.
THEY DON'T HAVE AN OBLIGATION.
WELL, BUT DOES THAT CREATE A TAXABLE EVENT OR DO WE KNOW.
I DON'T KNOW. I DON'T THINK WE SHOULD BE PROVIDING TAX ADVICE TO THEM SO THEY'LL HAVE TO LOOK AT IT. BUT YOU KNOW IT WILL BE ONE OF THOSE.
THEY'LL HAVE TO LOOK NOT TO US. ONLY WITH THEIR ACCOUNTANT. IT MAY BE IT MAY BE THAT THAT'S THE CASE AT THAT END OF THAT 20 YEARS.
RIGHT. SO TEN YEARS, I THINK WE ALL AGREED ON.
AND THEN HOW ABOUT THE CONSIDERATION FOR THE ACTIVE CODE VIOLATIONS? YEAH I DON'T I DON'T. COULD BE RESOLVED I WOULD SAY RESOLVED BEFORE APPLYING LOANING THEM THIS MONEY. YEAH. I DON'T UNDERSTAND HOW WE WOULD HAVE SOMEBODY WHO'S NOT IN CODE COMPLIANCE DEALING APPLYING FOR THIS.
YEAH. I ALSO, YOU KNOW, WE'LL DEAL WITH I GUESS ONE AT A TIME.
BUT I WANT TO GO BACK A COUPLE OF SLIDES BECAUSE I HAD A COUPLE QUESTIONS ABOUT THOSE.
WHICH SIDE DO YOU WANT TO GO TO. WELL THE ONE SLIDE.
KELLY I THINK IT WAS. ARE WE USING WHAT BROWARD COUNTY? I THINK IT WAS THIS FIRST OR SECOND ABOUT THE SENIOR LOW INCOME SENIOR ELIGIBILITY.
THAT ONE RIGHT THERE. ARE WE USING BROWARD COUNTY'S.
WE DON'T HAVE ANYBODY WHO QUALIFIES UNDER UNDER BROWARD COUNTY THROUGH THE PROPERTY.
CORRECT. YEAH. YEAH. BECAUSE BUT IS THERE A REQUIREMENT BASED ON VALUE OF HOME? I THOUGHT IT WAS. IS THAT RIGHT? I THOUGHT IT WAS A PROGRAM FOR JUST THE SCENARIO WE'RE DEALING WITH WHERE SOMEBODY HAS THEIR HOME AND THEY'RE ON A FIXED INCOME WITH JUST DRAWING FROM THEIR SOCIAL SECURITY OR WHATEVER. AND AND THAT'S IT.
BUT I DIDN'T KNOW IT WAS ALSO CORRELATED TO WHAT THE VALUE OF THEIR HOME WAS.
IT IS. AND I ACTUALLY PULLED THIS RATE FROM BCPA IN ORDER TO QUALIFY FOR THE LONG TERM RESIDENCY SENIOR EXEMPTION, APPLICANT MUST HAVE MAINTAINED PERMANENT RESIDENCE ON THE PROPERTY FOR AT LEAST 25 YEARS, MEET THE AGE AND INCOME REQUIREMENTS LISTED AND THE APPLICANT'S PROPERTY MUST HAVE A JUST VALUE LESS THAN 250,000 FOR THE INITIAL YEAR OF APPLICATION.
AND THAT'S WHY I MENTIONED THAT EVEN A YEAR AGO, THERE WAS ONE THAT WAS AROUND 230, AND HAD THE APPLICATION BEEN PLACED AT THAT TIME, THAT PERSON WOULD HAVE POTENTIALLY, IF THEIR INCOME WAS MEETING IN THEIR THRESHOLD, THEY COULD HAVE QUALIFIED FOR IT.
NOW THEY DON'T GET THE DISCOUNT FROM OUR TAXES, BUT THEY WOULD HAVE GOTTEN IT ALREADY FROM THE COUNTY. AND HAD THEY ALREADY HAD THAT, WE FELT THAT THAT COULD HAVE BEEN AN AUTOMATIC QUALIFIER SIMILAR TO THE OTHER ONES. THERE ARE PARKLAND RESIDENTS THAT ARE QUALIFIED AND HAVE THAT EXEMPTION,
[00:20:04]
BUT NOBODY IN THE RANCH IS AT THIS TIME.AND THEN THE OTHER ONE FOR THE NEXT SLIDE, WHICH.
OH YEAH. CATEGORICALLY ELIGIBLE.
YES. ARE WE ARE WE CONSIDERING FOLKS THAT HAVE ALREADY MET THIS CRITERIA BUT THEN ALSO VERIFYING THAT THE CRITERIA IS STILL ACCURATE? THEY'D HAVE TO HAVE A CURRENT AWARD LETTER.
THEY GET ANNUAL AWARD LETTERS IF THEY MEET THE QUALIFICATIONS.
SO IF THEY ARE PART OF THE SNAP PROGRAM.
MORE LIKELY THAN NOT, THEY HAVE A JANUARY QUALIFYING LETTER THAT SAYS THAT AS OF JANUARY 1ST, YOU'RE QUALIFIED.
AND SOME OF THEM, THE PROGRAMS LIKE THIS ONE, THEY DON'T EVEN QUALIFY FOR THE WHOLE YEAR. THEY USUALLY HAVE TO QUALIFY EVERY 3 TO 6 MONTHS. SO YOU'D HAVE TO GET THAT CHANGE OVER TIME.
SO IT'D HAVE TO BE A CURRENT ACTIVE ONE CURRENT, AND THEY'D HAVE TO BE THE REGISTERED OWNER OF THE PROPERTY.
YES, THEY'D HAVE TO HAVE THE HOMESTEAD EXEMPTION.
SNAP PROGRAM DON'T OWN PROPERTIES.
CORRECT. OKAY, I HAVE ANOTHER QUESTION.
SURE. HAVE WE BEEN ABLE TO QUANTIFY AT ALL, YOU KNOW, BASED ON KIND OF WHAT YOU'RE SAYING, LIKE, EVEN THOUGH IT HAS TO BE VALIDATED AND, YOU KNOW, PROVE THEY NEED TO SUBMIT PROOF, BUT OF THE NUMBER OF LOANS, YOU KNOW, TO UNDERSTAND WHAT THAT AMOUNT THE CITY WOULD BE, IT'S NOT GOING TO BE MANY.
NO, BECAUSE WE DON'T KNOW WHO WOULD BE ELIGIBLE. YEAH, RIGHT. I MEAN, CHICKEN AND EGG, RIGHT. I'M SURE PART OF THAT THE PROCESS IS THAT AN ESTIMATION AS FAR AS HOW MANY HOMES MAY MEET ELIGIBILITY.
WE SUSPECT IT'S PRETTY NOMINAL.
WE'RE SUSPECTING LESS THAN FIVE OR UNDER.
I WOULD SAY OKAY, BECAUSE AGAIN, IF YOU LOOK AT IF THEY DON'T HAVE ONE OF THOSE THREE PROGRAMS, THIS IS THE INCOME LEVEL THAT WE'RE LOOKING AT. BUT I THINK THE CITY IS IN A GOOD POSITION BECAUSE THOSE WHO LIKELY WILL QUALIFY PROBABLY WOULDN'T BE IN THEIR HOME FOR 20 YEARS, 20 YEARS. SO IT'S VERY LIKELY THE CITY WILL GET THE INITIAL LOAN BACK.
RIGHT. YES. LISTEN, THIS WAS SUPPOSED TO HELP THE EXTREME CASES, RIGHT? SO THERE'S NOT GOING TO BE MANY OF THE EXTREME CASES. YEP, YEP. ALL RIGHT. NOW ARE WE PICKING THESE ELIGIBILITY CRITERIA OR THERE'S GOING TO BE A TREE. THEY'RE ALL ANY OF THOSE WILL APPLY.
KELLY WILL GO THROUGH EVERYTHING.
SHE'LL BE THE ONE WHO ACTUALLY VERIFIES AND WILL, YOU KNOW, QUALIFY OR NOT.
AND ANTHONY, I PRESUME THERE'S SOME MECHANISM AS AS KELLY MENTIONED AND NANCY MENTIONED FOR REDACTING WHATEVER PERSONAL INFORMATION BECOMES A PUBLIC RECORD.
YES. SUCH AS SOCIAL SECURITY NUMBERS AND BANK ACCOUNT NUMBERS.
BUT I DO WANT TO CAUTION, I MEAN, YOU KNOW, IN THE CITY'S HANDS, IF TAX RETURNS IN THEIR ENTIRETY ARE NOT CONFIDENTIAL AND EXEMPT LIKE THEY WOULD BE, LET'S SAY, IN THE TAX COLLECTOR'S HANDS FOR THIS PURPOSE.
SO ALL THE NUMBERS WOULD BE LISTED, ALL THE FINANCIAL NUMBERS.
SO WHILE WE COULD REDACT THE SOCIAL SECURITY NUMBER, WE CAN REDACT BANK ACCOUNT NUMBERS AND THINGS OF THAT NATURE.
YOU KNOW, THE FINANCIAL INFORMATION NAME, ADDRESS AND NAME.
YOU KNOW, INCOME AMOUNT, ASSETS.
I MEAN, THEY JUST THAT DISCLAIMER NEEDS TO BE JUST PUT OUT THERE AND THEY NEED TO KNOW WHAT THEY'RE SIGNING UP FOR.
RIGHT IN THE LETTER THAT WE'RE SENDING. SO PEOPLE WILL BE AWARE.
SO YOU MIGHT GET PEOPLE WHO MAYBE WOULD QUALIFY, BUT THEY DON'T WANT TO BECAUSE THEY DON'T WANT TO GO THROUGH THAT PARTICULAR SITUATION.
AND YOU KNOW, KEEPING IN MIND FOR THOSE WHO MAY BE IN NEED, THEY DON'T HAVE TO PAY THIS ALL UP FRONT.
SO IT'S NOT LIKE WE'RE TALKING.
IT'S NOT LIKE WE'RE ASKING PEOPLE TO WRITE A CHECK FOR $25,000.
WE'RE ASKING PEOPLE TO WRITE A CHECK FOR MINIMALLY, WHATEVER THAT YEAR IS TO GO ON THEIR TAX BILL.
RIGHT. SO IT'S NOT LIKE, YOU KNOW, AGAIN, WE DON'T NEED 25,000 FROM EVERY PERSON. THEY CAN CERTAINLY ELECT TO JUST SAY, HEY, I MIGHT ONLY BE IN MY HOUSE FOR FOUR MORE YEARS OR FIVE MORE YEARS.
I ALREADY HAVE PLANS TO DO WHATEVER.
SO THEY'RE ONLY PAYING THEIR PROPORTIONATE SHARE OF WHATEVER TIME THAT THEY'RE THERE.
SO AND WHAT WILL WE DO IF WE UNCOVERED SOME FALSEHOOD, YOU KNOW, THEY TRIED. AND WHETHER INTENTIONAL OR NOT, YOU KNOW, IT MAY BE PROBABLY GOING TO BE THEY'RE JUST GOING TO BE I WOULD IMAGINE IT'S GOING TO BE DIFFICULT, YOU KNOW, BECAUSE, YOU KNOW, ONE OF THE THINGS ANTHONY HAD SAID BEFORE, SOMEBODY MIGHT HAVE A SAFE WITH $500,000 IN CASH. WE WILL HAVE NO IDEA IF THAT EXISTS.
OR MAYBE THEY HAVE, YOU KNOW, WHATEVER GOLD BARS, BARS IN THERE OR WHATEVER IT IS, YOU KNOW, THERE WILL BE THINGS WE WON'T BE ABLE TO CAPTURE BECAUSE WE'RE ESSENTIALLY JUST GOING TO BE LOOKING AT THE W-2 OR THE TAX RETURNS. YEAH. I MEAN, THE DOCUMENTS THAT ARE UP THERE. AND TO THE MAYOR'S POINT, YOU'RE JUST NOT GOING TO BE ABLE TO UNCOVER EVERYTHING WITH THOSE
[00:25:03]
DOCUMENTS, BUT WITH THE AFFIDAVIT HAVING A SWORN AFFIDAVIT.ADDITIONALLY, WHAT I'M CONTEMPLATING IS THE ACTUAL LOAN AGREEMENT IS WHAT GETS RECORDED IN THE PUBLIC RECORD, AND THAT'S WHAT SERVES AS THE LIEN THAT WILL HAVE CERTAIN ENFORCEMENT RIGHTS.
TO THE EXTENT, LET'S SAY THAT YOU FRAUDULENTLY MISREPRESENTED, YOU KNOW, ETC.. COULD WE FORECLOSE, YOU KNOW, OUR LIEN TO MAKE SURE WE GET PAID BACK IF THAT $20,000 IS LOANED AND THEY GO INTO FORECLOSURE, THEN WE RECOVER IN WHATEVER WAY.
YES. YEAH. IF IT'S US DOING THE FORECLOSURE.
NO. WELL, WHAT ABOUT IF IT'S SOMEBODY ELSE? IF IT'S A BANK DOING A FORECLOSURE, THEN IT'S BASED.
IT'S BASED ON THE PRIORITY OF THE LIEN.
GENERALLY, IF THEY IF IT'S A MORTGAGE COMPANY THAT GAVE THEM THE MONEY IN ORDER TO PURCHASE THE HOUSE, WHICH IS CONSIDERED A FIRST MONEY MORTGAGE, THEY GENERALLY HAVE PRIORITY.
HOWEVER, IF IT DOES GO TO SALE AND THERE'S EXCESS MONIES, ANYBODY ELSE THAT HAS CLAIMS THAT ARE LOWER PRIORITY, SUCH AS THE CITIES, WOULD BE ABLE TO RECOUP THAT MONEY FROM THE REGISTRY. AND I'VE DONE THAT SEVERAL TIMES IN DIFFERENT CASES. WELL, BUT IS THERE A WAY FOR IT TO ATTACH TO THE PROPERTY? YES, SIR. SO I'M CONTEMPLATING RECORDING THE LOAN AGREEMENT AGAINST THE PROPERTY IN THE PUBLIC RECORDS.
THAT'S WHAT THEY WOULD BE AGREEING THAT WE WOULD BE DOING. AND SO THAT WAY, LET'S SAY YOU'RE A FUTURE POTENTIAL PURCHASER AND YOU THINK THE PROPERTY IS FOR SALE WHEN YOU GO AND YOU DO, WHOEVER IS GOING TO DO THAT TITLE SEARCH.
IT'S GOING TO POP UP. AND SO OUR LIEN, THAT WAS IT.
SO THE WAY, THE WAY WE HAVE IT NOW IS TO THE MAYOR'S POINT.
IF IF PERSON X OWNS A HOME NOW AND THEY START PAYING THE ANNUAL AMOUNT, THEY DON'T PAY THE LUMP SUM, THEY PAY THREE YEARS OF THE ANNUAL AMOUNT AND THEY SELL THE PROPERTY AFTER THREE YEARS THAT 17 REMAINING YEAR STAYS WITH THE PROPERTY.
YEAH. BECAUSE AND SO IS THERE A WAY FOR THIS TO OCCUR THE SAME WAY.
OH ON THE TAX BILL I MEAN, THE WAY THAT HAPPENS IS IT'S BEEN ON THE TAX BILL EVERY YEAR THAT YOU'RE GOING TO PASS THAT ASSESSMENT TO GO ON THE TAX BILL.
THAT'S HOW WE GET COLLECTED. YOU UNDERSTAND MY POINT IS MY POINT IS IF WELL, IF IF A SALE OF THE PROPERTY HAPPENS, IT'S GOING TO TRIGGER A PAYBACK OF THE LOAN ANYWAY. ONLY THE LOAN PART.
BUT WHAT IF THERE'S A FORECLOSURE WHERE THERE'S NOT SUFFICIENT FUNDS TO PAY THE LOAN PORTION? THEN WE WOULD ONLY GET A PORTION.
YOU KNOW WHAT I MEAN? LIKE. RIGHT. THAT'S WHY I ASKED IF THERE WAS A BACKUP TO BE ABLE TO ATTACH IT TO THE PROPERTY LIKE WE DO FOR THE ANNUAL PAYOUT.
I DID SPEAK WITH HEATHER FROM NABORS GIBLIN ABOUT, YOU KNOW, WHAT ARE THE OPTIONS IF IF THERE WAS, YOU KNOW, IF IF THERE WAS SOME SORT OF DEFAULT, COULD THEY BE PUT BACK INTO THE ANNUAL ASSESSMENT ROLL? AND SHE ADVISED, NO. THIS IS KIND OF LIKE THE UPFRONT YOU'RE TAKING THAT INITIAL PREPAYMENT OPTION. WE'RE LENDING THEM THE MONEY THROUGH THIS PROGRAM.
YOU DO PAY PLACE THE LIEN ON THE PROPERTY AND THEN YOU GO THROUGH THAT.
WELL, IT BEGS THE QUESTION, IS THAT THE RIGHT MECHANISM OR IS THE RIGHT MECHANISM PUTTING THEM ON THE ANNUAL.
AND THEN WE JUST LOAN THEM ANNUALLY, BUT THE CITY WOULD BE PAYING MORE MONEY BECAUSE WE'D BE PAYING INTEREST ON IT, AND THEN WE'D HAVE TO KEEP TRACK OF EVERY ANNUAL PAYMENT, TOO, AND THEN YOU WOULDN'T BE PAID BACK.
IN THIS CASE, IF THE HOME IS SOLD IN YEAR SEVEN, YOU'RE GETTING YOUR PAYMENT BACK IN FULL.
WELL I THINK YEAH, I JUST IF IF THE PROPERTY'S FORECLOSED, WE RISK LOSING ALL OF WHAT WE'VE PAID.
YOU GOT TO REMEMBER, ANY LAND STILL HAS A VALUE.
NO IDEA WHAT THEY'VE BORROWED ON IT.
YEAH, BUT EITHER OPTION, WE WOULD STILL BE AT RISK WHETHER WE KNOW BECAUSE IT RUNS WITH THE LAND.
SO. SO IF THIS LOAN STILL DOES, WELL, THE LIEN RUNS WITH THE LAND.
THE DIFFERENCE I THINK THAT YOU'RE TRYING TO I THINK THAT YOU'RE STRUGGLING WITH IS WHEN WE HAVE THE ASSESSMENT, IT'S ON THE TAX BILL. RIGHT. SO WE KNOW WE'RE GOING TO GET PAID NO MATTER WHAT. BECAUSE IF YOU DON'T PAY YOUR TAXES, SOMEBODY BUYING THE TAX CERTIFICATE AND THE CITY'S MADE WHOLE REGARDLESS OR IT JUST KEEPS ON ACCUMULATING.
RIGHT. WELL, I THINK THAT'S THE TRADITIONAL PROCESS IS THAT IF YOU DON'T PAY YOUR TAXES FOR WHATEVER REASON THE TAX CERTIFICATES ISSUED, SOME INVESTOR BUYS THE TAX CERTIFICATE.
THE CITY'S MADE WHOLE THROUGH THAT PROCESS.
EVENTUALLY OVER AFTER TWO YEARS, THEY CAN FORECLOSE. I DON'T WANT TO GET INTO ALL THAT, BUT I'M NOT SURE HOW WE KIND OF TRANSITION THIS INTO THAT BECAUSE WE CAN'T PUT IT ON THE TAX BILL, PER THE COMMENTS THAT WE RECEIVED FROM SPECIAL ASSESSMENT COUNCIL.
THE ONLY WAY I CAN THINK, AND I'M JUST THINKING OUT LOUD, IS IF IT WAS DONE ON AN ANNUAL BASIS.
AND THEN WE MADE THE LOAN ANNUALLY.
YEAH, I THINK FOR THE AMOUNT OF PEOPLE WE'RE GOING TO HAVE. YEAH. I DON'T THINK WE SHOULD OVERTHINK. I MEAN, WE MIGHT NOT GET ANYBODY WHO.
RIGHT. OBVIOUSLY, IF A HOMEOWNER IS RENTING LEASING TO SOMEONE ELSE OR THEY'VE GOT SOME INTERESTING SITUATION, YOU KNOW, IN WITH THE HOUSE, BUT IT'S THE OWNER THAT HAS TO COME FORWARD.
RIGHT. THEN IT'S NOT HOMESTEADED, RIGHT? RIGHT. IT HASN'T. IT HAS TO BE THEIR PRIMARY RESIDENCE.
[00:30:03]
SO IT CAN'T BE SOMEBODY LEASING THE PROPERTY OUT BECAUSE THEY HAVE TO BE HOMESTEAD. RIGHT.AND MARTY, DOES THE PROPERTY APPRAISER'S OFFICE, I THINK, DOES A PRETTY GOOD JOB OF OH, YEAH.
AND TO THAT POINT, EVEN IF IT'S IF IT'S HOMESTEADED AND THEY LEASE IT, THERE'S NOT A TRANSFER.
BUT WHEN I'M CONTEMPLATING IS ENFORCEMENT RIGHTS IN THAT LIEN.
SO IF WE CATCH THAT AND WE CATCH WIND OF THAT, WE HAVE ENFORCEMENT RIGHTS AT THAT POINT. WELL, I WOULD IMAGINE ONE OF OUR ENFORCEMENT RIGHTS IS IF THEY LOSE THEIR HOMESTEAD EXEMPTION. CORRECT.
THAT WOULD BE THE TRIGGER. MORE LIKELY THAN NOT, THAT'S THE TRIGGER. THAT'S SOMETHING WE WOULD LOOK AT EVERY YEAR TO SEE THAT THEY'VE MAINTAINED THAT EXEMPTION.
SO IF THE PROPERTY APPRAISER DEEMS THAT THEY'VE LOST THEIR HOMECOMING EXEMPTION, THE LOAN WOULD COME DUE A HOMESTEAD EXEMPTION.
THE LOAN WOULD BE DUE AND PAYABLE.
CORRECT. YEAH. AND THAT'S WHY I LIKE THE LOAN AGREEMENT, BECAUSE YOU CAN PUT ALL THOSE TERMS IN THE LOAN AGREEMENT.
RECORD THAT AND IT'LL HAVE THOSE ENFORCEMENT RIGHTS.
AND THIS IS WHAT HAPPENS IF YOU LOSE THE HOMESTEAD.
THIS IS WHAT HAPPENS. AND I GUESS I GUESS YOU COULD ALSO PUT IN THE LOAN AGREEMENT THAT IF THERE'S SOME DEFAULT THEN THERE'S A RETROACTIVE INTEREST RATE TOO.
IF THERE'S SOME BREACH OR DEFAULT, WE COULD DO THAT IF THE COMMISSION WOULD LIKE, OR AT LEAST COVER THE COST OF COLLECTION.
RIGHT. THERE'S A BREACH THAT'S PRETTY COMMON THAT YOU WOULD INCLUDE THE COLLECTION.
YEAH. YOU WANT TO INCLUDE INTEREST? YEAH, I'M GOOD WITH. AT LEAST WE WANT TO HELP THE PEOPLE THAT NEED TO BE HELPED. BUT I ALSO WANT TO BE GOOD STEWARDS OF THE CITY'S DOLLARS, TOO. IS THERE ANY WAY OF ESTIMATING HOW MANY OF THE HOMES THAT MAY QUALIFY FOR THIS HOLD A MORTGAGE, OR IF THEY'RE ALL FREE AND CLEAR? I DID THINK ABOUT THAT.
IF THAT'S SOMETHING WE WANT TO REQUIRE IN THE APPLICATION PROCESS, IS PROOF OF THE MORTGAGE AND TO SEE THEIR STANDINGS IN OTHER INSTANCES, FOR INSTANCE, WHEN THERE WAS A CARES ACT GRANT HERE AT THE CITY BECAUSE IT WAS ASSISTING WITH MORTGAGE PAYMENT, THAT BECAME VERY IMPORTANT.
YOU WANTED TO SEE THAT THEY WERE UP TO DATE.
IF WE DID HAVE THAT VALIDATION, IT WOULD PROBABLY BE JUST TO MAKE SURE THAT THEY'RE UP TO DATE IN PAYMENTS AND THAT THERE'S NOT A FORECLOSURE RISK.
I WOULDN'T RECOMMEND TAKING THAT INTO ANY OF THE CALCULATIONS.
WELL, BUT I WOULDN'T IMAGINE THAT THESE ARE THE PEOPLE THAT HAVE MORTGAGES.
YOU WOULD THINK NOT. BUT YOU DON'T WANT TO BE.
WELL, MAYBE WITH WHERE THIS IS GOING, MAYBE THE COMMISSION WANTS A QUALIFICATION TO BE THAT YOU'RE CURRENTLY YOU'RE CURRENT ON ALL YOUR OUTSTANDING MORTGAGE PAYMENTS.
RIGHT. BECAUSE A FORECLOSURE NORMALLY, YOU KNOW, THERE'S A PROCESS AND USUALLY IT'S MONTHS OF NONPAYMENT BEFORE A BANK IS GOING TO START WITH THE FORECLOSURE. SO IT'D BE A LITTLE IT'D BE A LITTLE BIT OF A RED FLAG IF SOMEBODY WAS QUALIFYING FOR THIS PROGRAM.
BUT THEY'VE GOT A 80% LOAN TO VALUE MORTGAGE ON THEIR PROPERTY.
WOULDN'T THAT BE A RED FLAG? I MEAN, HOW DO THEY QUALIFY FOR THAT, REQUIRING THEM TO BE IN THE HOUSE FOR AT LEAST TEN YEARS.
SO THEY WILL HAVE PAID DOWN, I ASSUME, UNLESS THEY GOT A SECOND MORTGAGE OR SOMETHING, THEY'LL REFINANCE.
AND SO YEAH, YEAH, WE CAN CERTAINLY ADD THAT AS A, YOU KNOW, PROOF OF UP TO DATE MORTGAGE STATEMENTS AS A REQUIRED DOCUMENT SUGGESTION SO THAT THERE'S A RED FLAG.
IF THERE'S A FORECLOSURE RISK IN THE NEAR FUTURE, IT DOESN'T MEAN THAT NEXT MONTH THEY WON'T STOP PAYING. BUT AT LEAST WE CAN DO IT CURRENT. ARE YOU ALL OKAY WITH MAKING THAT A QUALIFICATION THAT THEY NEED TO BE CURRENT ON ALL THEIR OUTSTANDING MORTGAGE PAYMENTS? YEP. OKAY. ARE WE GOOD? EVERYBODY'S GOOD. QUESTIONS ANSWERED.
GREAT WORK KELLY. ARE WE GOOD? KELLY. THANK YOU. I THINK WE'RE GOOD.
THANK YOU, THANK YOU, CITY MANAGER. THANK YOU. SHERRY. THANK YOU ANTHONY A FORMAL ITEM BACK TO FORMALIZE THIS BECAUSE THIS IS A WORKSHOP.
SO BECAUSE OF THE TIME FRAME I THINK STAFF'S GOT TO GET GOING.
WELL. AND WE MAY HAVE INFORMATION THERE LIKE NOBODY QUALIFIED OR NOBODY APPLIED.
RIGHT. I MEAN WE MAY HAVE SOME INFORMATION AT LEAST AS OF THE DATE OF THE MEETING.
RIGHT. RIGHT. OKAY. THANK YOU.
ALL RIGHT.
* This transcript was compiled from uncorrected Closed Captioning.