Rehabilitation Board of Appeals

CITY OF ROYAL OAK REHABILITATION BOARD OF APPEALS MINUTES OF REGULAR MEETING HELD ON August 26, 2014 A regular meeting of the Rehabilitation Board of Appeals was held at 7:00 p.m. on Tuesday, August 26, 2014 in Room 309 of City Hall. PRESENT: ABSENT: Chairperson James Johnson Marshall Thompson Vice Chairperson Pete Mancour Commissioner Kyle DuBuc John D’Agnillo Ilene Lanfear Carl Stone STAFF ALSO PRESENT: Debbie Murray, Rehabilitation Finance Officer ********** Chairperson James Johnson called the meeting to order at 7:07 p.m. ********** PUBLIC COMMENT Chairperson James Johnson opened the Public Comment, hearing none, the Public Hearing was closed. ********** MINUTES of July 22, 2014 MEETING MOVED by Mr. D’Agnillo SUPPORTED by Mr. Stone TO APPROVE the minutes of July 22, 2014 as presented. APPROVED (5-0) Ms. Lanfear abstained ********* REHABILITATION APPEALS Case L/G-2619/13. Ms. Murray stated that the applicant was asking for a subordination to refinance their primary loan and obtain a greater amount in a home equity line of credit. The property has an estimated loan-to-value (LTV) ratio is 84%. The proposed LTV ratio would be increased to 92%. Therefore, the program’s guidelines do not permit administrative approval of the subordination request for LTV in excess of 91%. MOVED by Mr. D’Agnillo SUPPORTED by Mr. Stone TO APPROVE the subordination. APPROVED UNANIMOUSLY (6-0) Rehabilitation Board of Appeals – August 26, 2014 mtg Page 2 of 2 ********* Case G-2627/14. Ms. Murray stated the applicant was a 63 year old single self-employed woman with an annual income of $22,188. The applicant has housing expenses of 79% and a Loan to Value of 12%. Applicant has lived at the property since 1984. Applicant is asking for a grant of $10,000.00 and a deferred loan of $5,000. The applicant has assets of which exceed the $50,000 allowed by program guidelines. Therefore, the program’s guidelines do not permit the Board of Review to approve the deferred loan. MOVED by Ms. Lanfear SUPPORTED by Mr. Stone TO APPROVE the loan and grant. APPROVED UNANIMOUSLY (6-0) ********** OTHER BUSINESS Commissioner DuBuc inquired about the history of the $50,000 guideline for the deferred loans. Chairman Johnson and Vice-Chair Mancour gave a brief summary of the history. Discussion followed. The Board asked Ms. Murray to present a report on the average assets of the approved loans for the past 3 years. ADJOURNMENT MOVED by Mr. Stone SUPPORTED by Commissioner DuBuc TO ADJOURN the meeting. APPROVED UNANIMOUSLY (6-0) The meeting was adjourned at 7:37 p.m. The next meeting regularly scheduled meeting is September 23, 2014 2 of 2