HomeMy WebLinkAbout1990-10-26; Rehabilitation Loan Committee Ad Hoc; MinutesMinutes Loan Committee October 26, 1990
8:30 a.m.
Attendees:
Committee: Jim Elliott, Jay Howard, John Mc Coy, Marty Orenyak Staff: Lynn Brown, Kathy Graham, Linda Holmes
The agreement with San Diego Trust and Savings was discussed. Jim Elliot had questions about parts I.C., I.D., 1I.A. and 1I.C. The primary concern was what bank standards would be used for loans and how would low income persons be able to obtain loans if regular bank standards were used. It was agreed that a meeting would be set up with the bank credit officer.
The addition of Section 4, Rental Rehabilitation, to the program design was discussed. Changes will be made to clarify rents allowed under any agreement made with the owner.
Jim Elliot also had a question on 1.07 Displacement. He asked where the $500 came from for the move of a displaced tenant. Lynn Brown said she had used several cities' programs to design this one and she would check. Concerns over risk were brought up in 7.03. Reference to worker's compensation will be added and the entire program reviewed by Bob German, Risk Manager.
A report was given by Kathy Graham and Linda Holmes on the status of all the previous residential and commercial loans. A question was asked as to whether the council had ever approved the shift of the program income and CDBG entitlement funds from commercial to residential rehabilitation. Lynn said she would research whether the change had been authorized by the council.
John Mc Coy asked that the form be revised to show totals of each category.
Linda Holmes reported on the paint-a-thon program. The $10,000 allotted under CDBG urban county was spent. The council recently allocated $5,000 of CDBG entitlement monies for the program. The program will be expanded city wide.
Meeting adjourned to November 13, 1990, at 1O:OO a.m.