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• Taxes and insurance will be escrowed through the first mortgage, therefore there is no risk of default or <br /> lapse on either one. <br /> • The monthly payment amount of the first loan will go up by a small amount,but the term of the new <br /> loan (15 years) will reduce the life of the loan in 4 years from the current schedule. <br /> • The terms of the new loan do not conflict the city's interest on the title. <br /> After completing the review of the package, the savings and interest reduction show that the end result will <br /> benefit the city by allowing the borrower to pay their first mortgage at a faster rate and keeping additional <br /> resources that can be used for home improvements available for the borrower. <br /> Financial Impact <br /> N/A <br /> Mission/Policy/Goal <br /> The goal of the HRA is to improve existing housing stock by offering incentives or programs to repair <br /> and maintain residential properties. <br /> Attachments <br /> ■ Subordination Agreement <br /> ■ Subordination Review <br /> ■ Subordination Document <br /> N:\Departments\Community Development\Economic Development\HRA\Administrative\Agenda\2020\09-08-2020\4.5 sr Cununinngham <br /> Subordination Request.docx <br />