8A & 8B Kilby Street

After reading about the Housing Director, I decided to check out some recent sales; for example 8B Kilby Street. All these transactions recorded the same day-- 11/13/2008

1. Book 43505 Page 314 Deed 130,000
2. Book 43505 Page 326 Mortgage 100,100 from Bank of America
3. Book 43505 Page 342 Mortgage 26,000 from Bank of America
4. Book 43505 Page 358 Mortgage 7,510 from Mass Housing Partnership

So far so good. Bottom line it is mortgaged to the hilt. Here is where I get confused there is a 4th mortgage

5. Book 43505 Page 365 Mortgage 66,519 from the City of Worcester

Jahn, help!!! Here you have a property sold for 130,000, but now has 4 mortgages in excess of 200,000? Bottom line it appears to me that the Main South CDC can sell a unit for $130,000 get it 100% financed and then get the city of Worcester to kick in another $66,000!!!! Bottom line Main South CDC gets about $200,000 for a unit that they sell for $130,000???

Same with 8A Kilby on 12/22/8

1. Book 43615 page 289 deed 130,000
2. Book 43615 page 301 mortgage Bank of America 100,100
3. Book 43615 page 317 mortgage Bank of America 26,000
4. Book 43615 page 335 mortgage City of Worcester 66,519

In total it looks like both side of this duplex were sold for $130,000 each, but the Main South CDC received about 400,000, not 260,000,, since the City of Worcester gave out over $132,000 in HOME funds? Worse part is that these mortgages helld by the City of Worcester are in last position. If the mortgagee ever goes into default on any of the "hard" mortgages and a non low to mod income person takes title during the affordability period, the presiding jurisdiction (City of Worcester) needs to pay back the HOME funds.