Rehabilitation Review Committee

MINUTES OF THE REHABILITATION REVIEW COMMITTEE MEETING April 9 , 2014 9:15 AM Members Present: Rodney Bowie, Jim Roberts, Joe East, & Gary Evans Absent: Jim Troeger, Terrell Wilson and Wayne Sharkey Others Present: Jacquie Barbarossa, Recording Secretary Chairman Rodney Bowie called the Rehab Review Committee meeting to order at 9:25 AM. A quorum was determined. Rodney Bowie asked for approval of February 12, 2014 Meeting Minutes. Motion was made by Rodney Bowie and seconded by Joe East to accept the minutes – unanimous . Old Business – Rodney Bowie brought up the drop in property values. Gary Evans explained that we are tracking the LTV’s of properties over 140% and will revisit the issue in 6 months to determine if the guidelines need to be adjusted. New Business – Application Approvals/Denials/De-obligation of Funds Jacquie Barbarossa provided members present with 5 Property Rehabilitation/Lead Based Paint Hazard Control Program applications recommended for approval and stated that the applicants met eligibility requirements and taxes were current. She also stated that one previous lead approval needed to be DE obligated. The applications were as follows: Applications Project Application Number of Lead Rehab type units Award Award LP1238/RP1329 Owner 1 $16,000.00 $15,000.00 LP1240/RP1331 Owner 2 $26,000.00 $20,000.00 RP1332 Investor 2 $20,000.00 RP1333 Investor 4 $30,000.00 LP1241/RP1334 Investor 4 $52,000.00 $30,000.00 DE obligate LP1228 Owner 1 $16,000 Joe East made a motion to approve the applications as presented, Rodney Bowie seconded the motion - all applications APPROVED , LP 1228 De obligated – unanimous . Appeals/ Requests - None Final Payments - None Open Discussion – There was a brief discussion on the LTV in our subordination policy. Jacquie explained there had been a request to subordinate a loan that was being worked out with the bank which would not comply with our current guidelines. Gary Evans stated he would prepare something for discussion when all the members are present. Adjournment Jim Roberts made a motion to adjourn, second by Joe East - unanimous . Meeting adjourned at 9:40 AM. Respectfully submitted, Jacquie Barbarossa Recording Secretary