Putnam resident asks commission to subordinate $17,000 SHIP mortgage to access home equity

Melissa Ray told the Putnam County commission Feb. 24 that she and her husband have owned and occupied their home for more than a decade after receiving SHIP (State Housing Initiatives Partnership) assistance for rehabilitation, and she asked the board to subordinate a $17,000 SHIP mortgage so she can access a small portion of equity to make repairs and continue nonprofit work.

"We are simply asking subordination so that we can remain stable homeowners and continue giving back to the county that has given us so much," Ray said, recounting repeated attempts since January to reach county staff and the document-holder Guardian. She said a prior corporate SHIP matter involving roughly $250,000 had been subordinated in about 20 days and asked comparable consideration for her household request.

County staff and commissioners said SHIP matters that require board action must be placed on a future agenda for formal consideration. Staff noted Guardian administers aspects of the local housing assistance plan and applies program guidelines — including rules that may accelerate loan terms on transfers or refinances — and recommended Ray meet with staff to clarify process and next steps. The board asked staff to review Ray’s case and identify any process gaps that prevented timely response.

The commission did not make an immediate decision; staff committed to follow up with Ms. Ray and to review the administrative steps needed to bring a subordination request to the board for action.