Minutes_Housing Trust Fund Committee 8 27 10MINUTES OF THE HOUSING COMMISSION
TRUST FUND COMMITTEE
DATE: Friday, August 27, 2010
TIME: 7:30 a.m.
PLACE: Housing and Community Development Department
350 W. 6 Street, Suite 312, Dubuque IA 52001
Chairperson Jim Holz called the meeting to order at 7:40 a.m., following staff assurance of
compliance with Iowa Open Meeting Law.
Committee Members Present: Doris Hingtgen Jim Holz John Walsh
Committee Members Absent: Dorothy Culbertson
Staff Present: David Harris Joleen Patterson Lisa Barton
Certification of Minutes: 8 March 2010 Trust Fund Committee Meeting
Lisa Barton stated the meeting ending time in the minutes was incorrect. John Walsh moved
to approve the 8 March 2010 Housing Trust Fund meeting minutes as amended. Doris
Hingtgen seconded. All others present in favor. Motion passed.
Correspondence / Public Input
None
Old Business
Status Report: Step by Step / FY2007 (IFA) Iowa Finance Authority & HOME Trust
Fund Award
Joleen Patterson reported that the Step by Step / Hills and Dales partnership currently has
seven units occupied with tenants below 30% median income. They are in the process of
recruiting an eighth tenant. Joleen stated the requirements for HOME and IFA have been
met.
Washington Neighborhood Strategy: Status Report
David Harris gave an update on the Federal Home Loan Bank (FHLB) tour and presentation
that took place on Monday, August 9, 2010. David reported there have been many
accomplishments in the Washington Neighborhood, but our major objective remains to attract
other investments to the neighborhood. John Walsh stated that the Bee Branch project will
be a significant factor for attracting investment. David reported the partnership with the
Board of Realtors will also be helpful.
New Business
FY2011 Local Housing Trust Fund Application
The FY2011 LHTF application is due to IFA on October 1, 2010. Current IFA Award is
$157,250, 30% of this must be expended on 30% median income families. David stated we
should be awarded around $157,000 for the FY2011 funds. David opened it up for
discussion on new ideas for the application. Jim Holz suggested funds could be used for
infrastructure or other sewer lateral expenses pertaining to green alley projects, etc. Other
suggestions included: adding non - profits to the application; consider Hill's and Dales' project
for autistic children; purchase a block in the Washington Neighborhood and rehabilitate and
sell to income qualified families; pick a problem property and rehabilitate it. Discussion was
held on different ideas for the application. David will review the ideas and prepare an
application for the Committee to approve by the end of September.
Policy change to allow up to $15,000 downpayment assistance using IFA Trust Funds
Joleen Patterson stated that this policy change would give approved applicants additional
downpayment assistance funds to avoid PMI fees charged by lending institutions. In addition
to the current program of $5,000 five -year forgivable loan, the Commission approved a 20%
due -on -sale loan based on 20% of purchase price (up to $10,000) at 0% interest. Joleen
stated that making this change would make all downpayment assistance programs the City is
offering identical.
John Walsh motioned that we increase additional downpayment assistance up to $10,000
(20% of purchase price) due on sale. Seconded by Doris Hingtgen. All others present in
favor. Motion passed.
Vacancies
David Harris stated the Housing Commission liaison position for the Commission is still
vacant.
Information Sharing
None
Adjournment
There being no further business to come before the Committee, Doris Hingtgen motioned to
adjourn and Jim Holz seconded. Meeting was adjourned at approximately 8:30 a.m.
Minutes taken by:
Lisa Barton
Rehab Secretary
Respectfully submitted by:
David Harris
Department Director