City of Kansas City, Missouri v. Housing & Economic Development Financial Corporation et al

Filing 1950

ORDER granting 1937 motion Authorizing the Receiver to Accelerate the Forgiveness of Certain Single Family Loans Pursuant to the City's Loan Forgiveness Policy. Signed by District Judge Gary A. Fenner on 8/25/09. (Mitchell, Lisa)

IN THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF MISSOURI WESTERN DIVISION THE CITY OF KANSAS CITY, MISSOURI, Plaintiff, vs. HOUSING & ECONOMIC DEVELOPMENT FINANCIAL CORPORATION, and U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, Defendants. ) ) ) ) ) ) ) ) ) ) ) ) ) ) )

Case No. 05-00368-CV-W-GAF

ORDER AUTHORIZING THE RECEIVER TO ACCELERATE THE FORGIVENESS OF CERTAIN SINGLE-FAMILY LOANS PURSUANT TO THE CITY'S LOAN FORGIVENESS POLICY

Having considered the Plaintiff's Motion for an Order Authorizing the Receiver to Accelerate the Forgiveness of Certain Single-Family Loans pursuant to the City's Loan Forgiveness Policy (Doc. 1937), the Receiver's opposition (Doc. 1939), and having reviewed the City's Asset Transfer and Capacity Building Plan (Doc. 1941-4), it is hereby ORDERED 1. The Receiver is authorized to accelerate the forgiveness of all single-family loans

in the HEDFC loan portfolio that do not have a principal or interest payment requirement and that have satisfied the U.S. Department of Housing and Urban Development affordability period and, if applicable, the tax credit forgiveness schedule. 2. The Receiver is directed by the court to seek this Court's approval of the

forgiveness of identified loans prior to the actual forgiveness of those loans. The Receiver is authorized to develop, in his discretion, a process for the orderly analysis of the single-family loans and implementation of the loan forgiveness policy for these types of loans consistent with this Order.

s/ Gary A. Fenner Gary A. Fenner, Judge United States District Court DATED: August 25, 2009

2554071.01

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