Minutes Housing Trust 3 20 03DATE:
TIME:
PLACE:
MINUTES OF THE HOUSING COMMISSION
TRUST FUND COMMITTEE
March 20,2003
7:30 a.m.
Housing and Community Development Department
1805 Central Avenue, Dubuque IA 52001
Acting-Chairperson Dods Hingtgen called the meeting to order at 7:30 a.m. following staff
assurance of compliance with Iowa Open Meeting Law.
Committee Members Present: Harry Neustadt
John Walsh
Doris Hingtgen
Char Eddy
Committee Members Absent: Jim Holz
Staff Present:
David Harris
Jean Noel
Joleen Patterson
Review and Certification of Minutes of 23 January and 28 January 2003 Trust Fund
Committee Meetings
John Walsh moved to approve the 23 January and 28 January, 2003 Housing Trust Fund
Committee minutes. Char Eddy seconded. Roll Call All present in favor. Motion passed.
correspondence I Public Input
None.
Election of Officers
John Walsh moved to re-elect Jim Holz as Chairperson. Char Eddy seconded. Alt present in
favor. Motion passed.
Old Business
LHAP Grant Agreement: West 8a Street Condominiums
Discussion of I~olicy changes
David asked th~ Cor~mittee to consider changing the West 8th Street Condominium policy in
order to facilitate the sale of the remaining four condominium units. The policy limits eligible
buyers to persons purchasing their first home or to persons not having owned a home within
the previous three years. Due to difficulties in identifying this segment of the buyer market,
the Committee recommended that staff review each case on an individual basis to determine
eligibility. John Walsh moved to approve the recommendation. Harry Neustadt seconded.
All present in favor. Motion passed.
David asked the Committee to also consider increasing the income guidelines from 60% to
80% of area median income to ~cilitate the sale of the homes, Char Eddy moved to approve
the increase, John Walsh seconded..~J! present in ~vor. Motion passed.
Joleen suggested having an Open House for Realtors to make them aware of the vacancies
of these homes.
New Business
PATH application to Federal Home Loan Bank
Joleen explained the Pathways Affordable to Homeownership (PATH) application being
prepared for submission to the Federal Home Loan Bank for funds in the amount of $250,000
to assist income-qualifying families to pumhase a home. The application will target lower-
income households, with assistance to 25 buy~rs, all earning less than 50% of area median
income. Five year forgivable loans will be offered in the amount of $3,000 for downpayments
and closing costs, with buyers contributing three percent of the purchase pdce. Up to $4,000
per home will be available for rehabilitation. The application is due on April 4th.
Information Sharing
David shared plans on the development of affordable housing on the noah end.
Adiournment
There being no further business to come before the Committee, Doris Hingtgen moved to
adjourn. Char Eddy seconded. Roll Call. All present in favor. Motion passed. Meeting was
adjourned at 8:53 a.m.
Minutes taken by:
~~n ~oel~
Housing Secretary
Respectfully submitted by:
David Harris
Department Director