128.2013 Subordination of Lien Housing Rehab #6171 RESOLUTION AUTHORIZING SUBORDINATION OF LIEN IN
CONNECTION WITH TOWN OF QUEENSBURY HOUSING
REHABILITATION PROGRAM- CASE FILE #6171
RESOLUTION NO.: 128, 2013
INTRODUCED BY: Mr. Tim Brewer
WHO MOVED ITS ADOPTION
SECONDED BY: Mr.Anthony Metivier
WHEREAS, the Town of Queensbury previously established a Housing Rehabilitation
Program to provide grants to cover 100% of the cost of rehabilitation up to a maximum of
$25,000, whichever is less, and
WHEREAS, the Town previously received grant funds from the New York State
Affordable Housing Corporation Affordable Home Ownership Development (AHOD) and the
New York State Homes and Community Renewal HOME programs to cover eligible project
costs, and
WHEREAS, in 2010, by Resolution No.: 252,2010, the Queensbury Town Board
determined a single family property homeowner (Case File 96171) to be eligible for such
rehabilitation grant assistance and the owner of the property received a grant under such HOME
program in the total amount of$22,295, and
WHEREAS, under the terms of the grant, 20% is forgiven each year for five (5) years
provided that the conditions of the grant are met, and
WHEREAS, the Town currently has a lien against the property for $13,377, and
WHEREAS, the Homeowner wishes to refinance the primary mortgage so that they can
take advantage of a debt consolidation plan that will substantially reduce their monthly debt
obligations and a redacted copy of a letter to the Town Board has been provided with the name
and address of the property removed to protect the identity of the Homeowner consistent with the
Grant administrative process, and
WHEREAS, as a condition of the financing, the lender requires that the Town's lien be
secondary (subordinate) to the new mortgage amount, and
WHEREAS, the Town's Senior Planner and the HOME Grant Administrator, Shelter
Planning and Development, have reviewed the Grant and the request and have recommended that
the Town agree to Subordinate the Town's lien to allow the refinancing, and
WHEREAS, it appears that the Homeowner has resided in this property for many years
and will continue to do so, and
WHEREAS, the loan documents provided to the Town demonstrate that the Homeowner
intends to refinance but sufficient equity will remain in the property to protect the interests of the
Town, and
WHEREAS, the effect of the refinancing and subordination agreement will be to place the
new bank in the position of first Mortgage holder in place of the current Mortgage holder,
NOW,THEREFORE,BE IT
RESOLVED, that the Queensbury Town Board hereby agrees to allow the subordination
of the lien as described above and authorizes and directs the Senior Planner to prepare the
necessary form for signature by the Town Supervisor, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor to
execute the Subordination Agreement on behalf of the Town, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Supervisor and/or
Senior Planner to take such other and further action as may be necessary to effectuate the terms of this
Resolution.
Duly adopted this 25th day of February,2013,by the following vote:
AYES: Mr. Strough, Mr. Brewer,Mr.Metivier
NOES: None
ABSENT: Mr.Montesi