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3 <br /> RESOLUTION <br /> HOUSING REHABILITATION PROGRAM DEFERRED LOAN PROGRAM <br /> WHEREAS,the County provides funding in the form of deferred loans to homeowners to <br /> repair substandard housing in the County; and <br /> WHEREAS, the County secures its monetary investment by the property owner <br /> executing a Promissory Note and Deed of Trust with the later being duly recorded in the <br /> Orange County Register of Deeds Office; and <br /> WHEREAS, on September 17, 1996, the Orange County Board of County <br /> Commissioners approved a Subordination Policy which allows the subordination of the <br /> County's Deed of Trust to security interest in the property for purchase or refinance to an <br /> amount, with the combination of the new loan and the County's lien, not to exceed 90% <br /> of the Fair Market Value of property; and <br /> WHEREAS, approval of this policy has proven to be very burdensome to County staff as <br /> well as caused concern regarding the actual benefit to homeowners who are often <br /> subjected to high interest rates when refinancing; <br /> NOW, THEREFORE, be it resolved by the Board of County Commissioners of Orange <br /> County, that the Subordination Policy approved September 17, 1996 be and is hereby <br /> rescinded; <br /> Be it further resolved by the Board of County Commissioners of Orange County that <br /> Orange County will not subordinate its mortgage security under the Orange County <br /> Deferred Loan Program. <br /> This the 16th day of September, 1997. <br />