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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No. <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: December 1, 1997 <br /> SUBJECT: Magnolia Place Deed of Trust Modifications <br /> DEPARTMENT: Housing and Community Development PUBLIC HEARING: (Y/N) <br /> BUDGET AMENDMENT: (Y/N) <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> Modification Agreement Tara L. Fikes <br /> TELEPHONE NUMBERS: -- ext. 2490 <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Durham 688-7331 <br /> Mebane 227-2031 <br /> PURPOSE: <br /> To approve Deed of Trust Modifications for two lots in Magnolia Place. <br /> BACKGROUND: <br /> The County has invested approximately $250,000 in Community Development Block Grant (CDBG) <br /> funds and $200,000 in HOME Investments Partnerships Investment Program funds for the Magnolia <br /> Place subdivision in Hillsborough. This subdivision is being developed by the Orange Community <br /> Housing Corporation for first-time homebuyers. HOME and CDBG funds have been used for the <br /> construction of public improvements and remain in the project as a second mortgage for <br /> homebuyers, thereby, reducing the amount of the buyer's first mortgage. <br /> Because of a surveying error, two lots, which have been sold, must be reconfigured in order to <br /> properly configure a remaining lot. Because the County has second lien Deed of Trusts on these <br /> lots, a release of Orange County's present lien to the extent of the land being given to the adjacent <br /> lot in the transaction is necessary. The County Attorney has reviewed this situation and the <br /> Modification Agreements and has approved the same. It has been determined that the County's lien <br /> position will be the same after this transaction as it was before. <br /> RECOMMENDATION(S): <br /> The Manager recommends approval of Deed of Trust Modifications for two lots in Magnolia Place. <br />