Agenda 10/14/2025 Item #16D 1 (2 Mortgage Satisfactions for Housing and Urban Development Neighborhoos Stabilization Program)10/14/2025
Item # 16.D.1
ID# 2025-2790
Executive Summary
Recommendation to approve and authorize the Chair to sign two (2) mortgage satisfactions for the Housing and Urban
Development Neighborhood Stabilization Program in the amount of $60,360 for those properties that have met their
federal affordability requirement. (Urban Improvement Grant Fund 1805)
OBJECTIVE: To provide affordable housing opportunities for low- and moderate-income residents through home
ownership and/or rehabilitation assistance programs funded by the Neighborhood Stabilization Program (NSP) and
further the County’s strategic plan, Community Development through supporting affordable housing.
CONSIDERATIONS: Through the Housing and Urban Development Neighborhood Stabilization Program (NSP),
authorized by Title III of the Housing and Economic Recovery Act of 2008 (as amended), Collier County purchased and
renovated properties and offered them for sale to income-eligible first-time homebuyers. Purchasers received a subsidy
equal to thirty percent of the purchase price, provided as a principal reduction and closing cost assistance to increase
affordability. The subsidy was structured as an interest-free, deferred-payment loan, due upon sale of the property,
refinance, or loss of homestead exemption.
Homes assisted through the Neighborhood Stabilization Program are required to remain affordable for fifteen (15) years.
Participants were required to make a minimum down payment of three (3) percent of the final purchase price and qualify
for a conventional bank mortgage. If all loan conditions are met, the loan is fully forgiven, pursuant to CFR .
The table below identifies the mortgages that have satisfied the affordability period and are therefore eligible for
satisfaction of mortgage. None of the listed properties carried a Countywide Impact Fee Agreement Lien.
Name Reason for Payoff Public Record Mortgage Amount
Portia L. Rix Affordability period met OR 4598/PG3496 $30,600.00
Brenda M. Reyes and Wilson
M. Reyes
Affordability period met OR 4600/PG 505
$29,760.00
Total $60,360.00
Approval of this item will authorize the Chairman to sign the aforementioned mortgage satisfactions, and the executed
document shall be recorded in the Public Records of Collier County, Florida.
This item is consistent with the Collier County strategic plan objective Community Development through supportive
affordable housing.
FISCAL IMPACT: There is no fiscal impact. The $10 recording fee for the two (2) satisfactions of mortgage will be
paid from the Community & Human Services Grant Support Fund (1806), Project 32001.
GROWTH MANAGEMENT IMPACT: There is no growth management impact.
LEGAL CONSIDERATIONS: This item is approved for form and legality and requires a majority vote for Board
approval. - CLD
RECOMMENDATIONS: To approve and authorize the Chair to sign two (2) mortgage satisfactions for the Housing
and Urban Development Neighborhood Stabilization Program in the amount of $60,360. (NSP Grant Fund 1805)
PREPARED BY: Michelle Rubbo, Grants Support Specialist II, Community and Human Services Division
ATTACHMENTS:
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10/14/2025
Item # 16.D.1
ID# 2025-2790
1. 10.14.25 NSP SOMS CAO
2. 10.14.25 NSP BACKUP
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