To: MAYOR AND CITY COUNCIL
From: ELIZABETH HAUSE, COMMUNITY SERVICES DIRECTOR
TITLE
title
APPROVE THE SUBSTITUTION OF TRUSTEE AND FULL RECONVEYANCE OF THE RENTAL REHABILITATION PROGRAM LOAN LIEN FOR THE PROPERTY AT 2003 BATAAN ROAD, REDONDO BEACH, CALIFORNIA 90278 PURSUANT TO THE TERMS OF THE CITY'S DEFERRED PAYMENT LOAN PROGRAM
end
EXECUTIVE SUMMARY
The proposed action provides for the substitution of trustee and full reconveyance of the rental rehabilitation loan lien that is in place on 2003 Bataan Road. As part of the Deferred Payment Loan Program Agreement, the City recorded a lien on the property until the home repair loan was repaid. On December 2, 2024, the City received a cashier's check, drawn by First American Trust, FSB in the amount of $61,200 to pay the outstanding Deferred Payment Loan note, Instrument No. 03-1088227, in full. Accordingly, it is now time for the City to formally release the property lien.
BACKGROUND
The owner of 2003 Bataan Road, Tia Milton, received a $44,800 loan on August 13, 2003, for housing rehabilitation work. This loan was made possible through the City's Deferred Payment Loan Program, part of the City's greater Housing Rehabilitation Program that was funded through Redevelopment Agency Low and Moderate Income Housing Funds and Community Development Block Grant (CDBG) Funds. The City also administered a Handyperson Program as well as a smoke detector installation program for elderly or disabled residents, but CDBG funding for these programs was reduced or altogether eliminated beginning in the late 2000s.
The Deferred Payment Loan Program provided low interest home improvement loans for qualifying low-income Redondo Beach homeowners. The loan could be used to pay for roofing repairs, plumbing and electrical work, or bathroom remodeling. The Deferred Payment Loan resulted in a lien on the property that was to be removed from the property title once the loan was paid in full.
On December 4, 2024, Fi...
Click here for full text