City of Cortland Common Council Minutes 2026-05-05
City Subordinates CDBG Mortgage To NBT Bank Loan
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Description
The Cortland Common Council approved subordinating the City’s 2022 mortgage to a new approximately $350,000 first mortgage from NBT Bank for a CDBG-assisted income property owner. This action enables refinancing of higher-interest debt while preserving the City’s lien interest under its housing rehabilitation program.
Contract Details
Contract Amount
approximately $350,000
Vendor
NBT BANK
Agency
City of Cortland, NY
Contract Type
FINANCIAL_SERVICES
Document Date
May 5, 2026
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