Title
Approve and authorize the Auditor-Controller to write off $14,791.62 in delinquent principal, and to forgo collection of approximately $28,244.30 in interest, as of August 31, 2018, on a Home Improvement/Rehabilitation Loan made to Guadalupe G. Vasquez and Maria Vasquez at 10300 Seymour Street, Castroville, CA 95012, as uncollectible debt
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Approve and authorize the Auditor-Controller to write off $14,791.62 in delinquent principal, and to forgo collection of approximately $28,244.30 in interest, as of August 31, 2018, on a Home Improvement/Rehabilitation Loan made to Guadalupe G. Vasquez and Maria Vasquez at 10300 Seymour Street, Castroville, CA 95012, as uncollectible debt.
SUMMARY:
The County received grant funds in the early and mid-1980's to run housing rehabilitation programs. Day-to-day operations were handled by the Housing Authority with Bank of America (BofA) as the fiscal agent. The Board is asked to authorize the Auditor-Controller to write off one Home Improvement/Rehabilitation Loan as uncollectible debt due to unusual circumstances that make collection unlikely.
DISCUSSION:
The County, through various housing grant programs, has implemented the housing rehabilitation and first time homebuyer loan programs since the early 1980s. Since the County funded its first housing loan, the County has approximately $14 million dollars with to more than 150 loans. The rehabilitation loan program has been funded through grants allocated to the County by the California Department of Housing and Community Development.
On May 11, 1982, on behalf of the County of Monterey, Bank of America made a loan to Guadalupe G. Vasquez and Maria Vasquez. The loan was extended to fix plumbing leaks, mitigate fungus infection and termite damage, repair structural damage including but not limited to the roof and the garage, fumigate the structure, etc. BofA formally assigned the Promissory Note and...
Click here for full text