Glen town councilman Morris “Dickie” Foster is renting out a house formerly occupied by his late mother — a home paid for with an interest-free, deferred payment loan from the government that prohibits the property’s sale or lease until 2028.
The county manages the taxpayer-funded loan program known as SHIP (State Housing Initiatives Partnership) and holds a mortgage on the property for the balance of the loan, some $45,000.
The county has no plans to stop Mr. Foster from renting the house, however.
Mr. Foster, a plumber whose company worked on the SHIP house, purchased the property on which the home sits at 10255 N. Glen Ave. in 2005.
At that time there was an existing 844-square-foot, wood-frame house on the small lot next door to Mr. Foster’s residence.
Property records indicate the sale price was $60,000. Mr. Foster put $9000 down and took out a $51,000 mortgage to finance the remainder of the purchase, court records show.