2024-09 Ordinance Creating Chapter 70.2 - Registration of at Risk Properties

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shows a change in the property's occupancy status the mortgagee shall, within fifteen (15) days of that inspection, update the occupancy status of the property registration. (c) Within fifteen(15)days of the date any mortgagee files a foreclosure action,the mortgagee shall register the real property with the City Registry, and, at the time of registration, indicate whether the property is vacant, and if so, shall designate in writing a property manager to inspect, maintain, and secure the real property subject to the mortgage under a foreclosure action.A separate registration is required for each property under a foreclosure action, regardless of whether it is occupied or vacant. (d) Initial registration pursuant to this section shall contain at a minimum the name of the mortgagee, the mailing address of the mortgagee, e-mail address, telephone number and name of the property manager and said person's address, e-mail address, and telephone number. (e) At the time of initial registration each registrant shall pay a non-refundable semi-annual registration fee of Two Hundred Dollars($200.00)for each Residential property,and Three Hundred Fifty Dollars ($350) for each Commercial Property. Subsequent non-refundable semi-annual renewal registrations of properties shall be the same as initial fees and fees are due within ten (10) days of the expiration of the previous registration. Said fees shall be used to offset the costs of: (1) registration and registration enforcement, (2) code enforcement and mitigation related to defaulted properties, (3) City neighborhood revitalization initiatives, and (4) for any related purposes as may be adopted in policy by the City Council. None of the funds provided for in this section shall be utilized for the legal defense of foreclosure actions. (f) If the mortgage and/or servicing on a Registrable Property is sold or transferred, the new mortgagee is subject to all the terms of this Chapter. Within ten (10) days of the transfer, the new mortgagee shall register the property or update the existing registration. The previous mortgagee(s) will not be released from the responsibility of paying all previous unpaid fees, fines, and penalties accrued during that mortgagee's involvement with the Registrable Property. (g) If the mortgagee sells or transfers the Registrable Property in a non-arm's length transaction to a related entity or person, the transferee is subject to all the terms of this Chapter. Within ten (10) days of the transfer, the transferee shall register the property or update the existing registration. Any and all previous unpaid fees, fines, and penalties, regardless of who the mortgagee was at the time registration was required, including, but not limited to,unregistered periods during the foreclosure process, are the responsibility of the transferee and are due and payable with the updated registration. The previous mortgagee will not be released from the responsibility of paying all previous unpaid fees, fines, and penalties accrued during that mortgagee's involvement with the foreclosed property. (h) If the foreclosing or foreclosed property is not registered, or the registration fee is not paid within thirty (30) days of when the registration or renewal is required pursuant to this