Minutes Housing Trust Fund Committee 6 18 08MINUTES OF THE HOUSING COMMISSION
TRUST FUND COMMITTEE
DATE: Wednesday, June 18, 2008
TIME: 12:00 noon
PLACE: Housing and Community Development Department
350 W. 6t" Street, Suite 312, Dubuque IA 52001
Chairperson Jim Holz called the meeting to order at approximately 12:00 p.m. following staff
assurance of compliance with Iowa Open Meeting Law.
Committee Members Present: Doris Hingtgen
Char Eddy
Jim Holz John Walsh
Dorothy Culbertson
Staff Present: David Harris
Correspondence /Public Input
None
Joleen Patterson Lisa Barton
Certification of Minutes• 2 April 2008 Trust Fund Committee Meeting
Doris Hingtgen moved to approve the 2 April, 2008 Housing Trust Fund meeting minutes.
Char Eddy seconded. Roll Call. John Walsh abstained. All others present in favor. Motion
passed.
Old Business
None
New Business
Request from Step by Step for Guarantee of Tax Credit Purchase
Dubuque Bank and Trust has agreed to be the investor for the Federal historic rehabilitation
tax credits for the Step by Step project and has requested a guarantor of these credits. This
request from DB&T is because Step by Step, as an organization, has no other assets. Staff
is requesting the Trust Fund Committee allocate the 2008 State Housing Trust Fund
allocation to fund all, or part of, the required guarantee of this project. Sarah Davidson, CEO
of Step by Step, was in attendance.
David shared an a-mail from Joe O'Hern, Iowa Finance Authority, stating in order to use IFA
Trust funds for this type of activity, the program plan would have to be amended. Discussion
was held and the committee agreed to fund part of the request and amend the program plan.
John Walsh motioned to amend the Trust Fund Committee program plan to make the
guarantee of Federal historic rehabilitation tax credits an eligible expense. Char Eddy
seconded the motion. Roll Call. All present in favor. Motion passed.
John Walsh also motioned to approve $75 000 of the 2008 State Housing Trust Fund
allocation as a guarantee for the Federal historic rehabilitation tax credits for the Step by
Step project. As part of the motion, he is requesting we contact the Community Foundation
Board to match or fund the balance of the $200 000 guarantee required by DB&T. Char
Eddy seconded the motion. Roll Call. All present in favor. Motion passed.
Information Sharing
Joleen Patterson reported the IFA Trust Fund application will be published beginning
October 1, 2008. She would like Committee members to meet in early August and tour the
Washington Neighborhood and then decide how to use the remaining IFA funds. Lisa will
schedule a Trust Fund Committee tour/meeting for early August.
Adjournment
There being no further business to come before the Committee, the meeting was adjourned
by voice vote at 12:40 p.m.
Minutes taken by:
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Lisa Barton
Housing Secretary
Respectfully submitted by:
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David Harris
Department Director