Agenda 09/23/2014 Item #16D129/23/2014 16.D.12.
EXECUTIVE SUMMARY
Recommendation to approve a Subordination of an Affordable Housing Density Bonus Lien to
allow for a refinancing of the first mortgage
OBJECTIVE: To support the affordability of housing through subordination of liens to allow for
refinancing.
CONSIDERATIONS: An Affordable Housing Density Bonus Lien was filed on a parcel described as:
Lot 189, Ave Maria Unit 13, Middlebrooke Townhomes, according to the plat thereof as recorded
in Plat Book 48, Pages 48 through 53, of the Public Records of Collier County, Florida
The lien was filed on January 23, 2008 and recorded in OR 4323, Page 2089 in the Public Records of
Collier County. This lien was filed to maintain the affordability of this housing unit. The lien was
required based on criteria outlined in Resolution No. 2005 -235 (aka Development Order 05 -01) for the
Ave Maria Development approved on July 23, 2004 by the Board.
The homeowner is in the process of refinancing his first mortgage to lower his monthly mortgage
payment. To refinance the first mortgage, the lender requires liens to either be repaid or remain in a
subordinate lien position. When providing housing assistance, Collier County is most often in a
subordinate position. In this particular case, the lien is in third position and after the refinance process will
remain in third position.
The subordination will not affect the terms of the lien and it will remain in the same position as it is in
now.
FISCAL IMPACT: There is no fiscal impact associated with this item. The recording costs associated
with the subordination agreement will be borne by the recipient.
GROWTH MANAGEMENT IMPACT: The subordination will continue to allow the County to
expand the affordable housing opportunities of its citizens and furthers the goals, objectives and policies
of the Housing Element.
LEGAL CONSIDERATIONS: This item is approved as to form and legality and requires majority vote
for approval. -JAB
RECOMMENDATION: That the Board of County Commissioners approves a Subordination of an
Affordable Housing Density Bonus Lien.
Prepared by: Elly Soto McKuen, Housing and Grant Coordinator; Housing, Human and Veteran Services
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9/23/2014 16.D.12.
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.16.D.16.D.12.
Item Summary: Recommendation to approve a Subordination of an Affordable Housing
Density Bonus Lien to allow for a refinancing of first mortgage
Meeting Date: 9/23/2014
Prepared By
Name: McKuenElly
Title: Grants Coordinator, Housing, Human & Veteran Services
8/2/2014 11:14:47 AM
Submitted by
Title: Grants Coordinator, Housing, Human & Veteran Services
Name: McKuenElly
8/2/2014 11:1.4:48 AM
Approved By
Name: Bendisa Marku
Title: Supervisor - Accounting, Housing, Human & Veteran Services
Date: 8/11/2014 3:30:31 PM
Name: GrantKimberley
Title: Director - Housing, Human and Veteran S, Housing, Human & Veteran Services
Date: 8/19/2014 4:40:43 PM
Name: TownsendAmanda
Title: Director - Operations Support, Public Services Division
Date: 8/21/2014 9:18:34 AM
Name: AlonsoHailey
Title: Operations Analyst, Public Services Division
Date: 8/21/2014 3:48:47 PM
Name: CarnellSteve
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9/23/2014 16.D.12.
Title: Administrator - Public Services, Public Services Division
Date: 8/21/2014 8:13:50 PM
Name: RobinsonErica
Title: Accountant, Senior, Grants Management Office
Date: 8/22/2014 8:43:20 AM
Name: BelpedioJennifer
Title: Assistant County Attorney, CAO General Services
Date: 9/9/2014 10:55:15 AM
Name: KlatzkowJeff
Title: County Attorney,
Date: 9/10/2014 3:02:15 PM
Name: StanleyTherese
Title: Manager - Grants Compliance, Grants Management Office
Date: 9/15/2014 10:51:41 AM
Name: OchsLeo
Title: County Manager, County Managers Office
Date: 9/15/2014 1:59:37 PM
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9/23/2014 16.D.12.
THIS INSTRUMENT PREPARED BY & RETURN TO:
COLLIER COUNTY
HOUSING, HUMAN AND VETERAN SERVICES
3339 EAST TAMIAMI TRAIL
NAPLES, FLORIDA 34112
SUBORDINATION OF AFFORDABLE HOUSING DENSITY BONUS LIEN
KNOW BY ALL MEN THESE PRESENT: In consideration of $10.00 and other good and
valuable considerations, Collier County, Florida, hereby agrees that it shall postpone
and make junior and subordinate in all respects that certain lien and /or assessments
created, by and between Collier County, a political subdivision of the State of Florida,
through its Board of County Commissioners, and Thomas E. Moonan, an unmarried
man, recorded on January 23, 2008, in OR Book 4323, Page 2089, Public Records of
Collier County, Florida. Said agreement pertains to the real property described in:
Legal Description: Lot 189, Ave Maria Unit 13, Middlebrooke Townhomes, a
subdivision according to the plat thereof recorded at Plat Book 48, Pages 48
through 53, in the Public Records of Collier County, Florida.
Commonly known as: 5182 Beckton Rd, Ave Maria, Florida 34142.
Said agreement will be subordinate only to the Affordable Housing Density Bonus
Lien executed by, Thomas E. Moonan, an unmarried man, to Suncoast Credit
Union as first lien holder on the day of , 2014.
This agreement shall continue in full force and effect so long. as Thomas E. Moonan,
an unmarried man, shall be indebted to the above financial institutions and
government agencies, and /or their assigns.
ATTEST:
DWIGHT E. BROCK, CLERK
By:
, Deputy Clerk
BOARD OF COUNTY COMMISSIONERS
COLLIER COUNTY, FLORIDA
By:
Tom Henning, Chairman
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Approved as to Form & Legality
Jennifer A. Belpedio
Assistant County Attorney
AN UV
Instrument prepared by and after recording
return to:
LIEN
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We, Ave Maria University, Inc., a Florida Not For- Profit Corporation as Grantees, do hereby
acknowledge that the real property legally described in Exhibit "A" attached hereto (the "Property ") and
conveyed by Pulte Home Corporation on Jan. 18 , 2008 , ( "Original Purchase Date ") is subject to a
lien in favor Collier County or the Collier County Housing Development Corporation, Florida for any
resale proceeds in excess of the limitations described herein. Said lien is established in Resolution No.
05 -235 (a/k/a Development Order No. 05 -01). Pursuant to said Resolution No. 05 -235, Collier County
and the Collier County Housing Development Corporation have has agreed and committed to enforce said
lien and to use the proceeds from such lien to maintain the affordability of such parcels. We ftnther
acknowledge the terms and conditions of the Development Order /Resolution No. 05 -235 dated July 23,
2004 between Ave Maria Development LLL.P and Collier County and Collier County Housing
Development Corporation ( "Resolution'l and through this lien instrument agree to the following:
1. In the event that we, our heirs, legal representatives, successors or assigns sell the
Property (including the land and/or the unit) within five (5) years after the Original
Purchase Date, at a sales price in excess of five percent per year of the original purchase
price of $ 165,900.00 we, our heirs, legal
representatives, successors or 1 y to Collier County all amounts in excess of
the five percent increase qi C(�U,
2. Violation of any r ' of the Agreement T ien is punishable through criminal
enforcement as f on 2.06.06(C) o the and civil enforcement as set
forth in Section2. .06L on 2.06.06(C)
SUBORDINATION. A viol on idy' n (s a o defeat or render invalid the lien of
any fist mortgage made in g fa d l e, d e co n andlprovisions of this Lien shall be
inferior and subordinate to j oft rt concurrently with the deed
conveying the property to Gran n . l
IN WTI'NESS id Grantees have s d sealed these presents on the day
and year set forth below.
WITNESSES (if more than one. as to both):�E C1RCt�
Print Nam& 02- I s s i c end . ' C Thomas E. Moonan
li'llbiIt/j�.s
The foregoing instrument was acknowledged before me thid O day of � a e)u(A --i 2008
by I nmas F. m cena.) who[ ] is/arepersonally known to me
or[ v1produced Ar , %art 1 + LL,r,s 4 , as proof of identity.
(affix notarial seal)
MEUSSIk k_•rpRICK
N NOTARY UBLIC (�
Ofo y : a�ic • S!.,i_. or Fbrkic
N5
ame• �'- i +5+a Mend �A—
,2npa
C-r:m ;lion # DL 958924 (Type or Print)
eorae-,' by NoborKd N YNrn. My Commission Expires:
(Middlebrooke)
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Lawyers Title Insurance Corporation 9/23/2014 16. D.12.
ALTA COMMITMENT
Pan No. DiVosta OR; 4323 PG; 2090
Ageht's File Number: 07 -41176
Underwriter File Number: 070010991
Exhibit A
Lot 189, AVE MARIA UNIT 13, MIDDLEBROOKE TOWNHOMES, according to the plat thereof as
recorded in Plat Book 48, Pages 48 through 53, of the Public Records of Collier County, Florida.
ALTA Commitment
Closers' Choice
,1ER Cplj
Gp
TFIE CIRCA
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