December 4, 2017

December 4, 2017

MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting

Monday, December 4, 2017
Regular meeting at 6 p.m.

COUNCIL CHAMBER, 437 OLD MAMMOTH ROAD
MINARET VILLAGE SHOPPING CENTER, SUITE Z

Minutes

I. Call to Order: The meeting was called to order at 6:11 PM.

II. Roll Call
Members present: Stacy Corless for Larry Johnston, Jiselle Kenny, Kirk Stapp, John Wentworth
Members absent: Lindsay Barksdale, Bill Taylor
Staff: Jennifer Halferty, Executive Director and Patricia Robertson, Grant & Financial Associate
Public: Ruth Traxler, Town of Mammoth Lakes

III. Public Comments
Ruth Traxler commented that the Town has been working with the County to amend the County’s revolving loan fund so that it will no longer be contingent on the expenditure of Town’s RLF first, since the Town has committed those funds to the purchase of Shady Rest and they are currently not available for use to preserve local deed restricted units. This item is on the agenda for the Board of Supervisor’s meeting tomorrow December 5, 2017. She also noted that the Community Housing Action Plan was on the agenda for Town Council to adopt this Wednesday, December 6th as well as a financing plan for the Shady Rest parcel.

IV. Approval of minutes from the November 6, 2017 regular Board Meeting
John Wentworth made a motion to adopt the minutes as presented. Stacy Corless seconded the motion. The motion passed 3-0. With one abstention.

V. Board Member reports
John Wentworth reported that the Town Council would potentially adopt the Community Housing Action Plan at their Wednesday, December 6th meeting. He sees this as an opportunity for Mammoth Lakes Housing to undertake some planning efforts in order to uncover how the organization can engage with this opportunity. He proposes a period of transition for this planning effort and reorganization to take place, which would include an analysis of current expertise and capacity and potential future needs. He asked for a special meeting of the Board to begin this process.

Stacy Corless announced the revolving loan fund item would be on the Board of Supervisors agenda for tomorrow, December 5th. She also announced that there would be a presentation regarding SB2 and the new recording fees associated with funding for affordable housing.

VI. MLH monthly status report
Jennifer Halferty reported that the Town has used the Revolving Loan Fund for the purchase of Shady Rest and therefore it is not available for the preservation of existing deed restricted units. Mono County has been very willing to help with their RLF and the revision to their resolution allowing for the RLF to be used more leniently. She noted that stewardship of deed restricted units is an essential component to any community housing program and that moving forward the Town will need to address their ability to maintain community housing in the long term.

She announced that Patricia Robertson will teach a Homebuyer Education Class next Tuesday, December 12th from 2:00-3:00 PM at the Mammoth Lakes Library. This free class is a great opportunity for community members to learn about the homebuyer process, terminology, the important of credit scores, and more.

Jennifer Halferty reminded the Board to contact Representative Cook’s office regarding the tax bill which cuts the 4% tax credits and private activity bonds which have been used in our community to build workforce housing. It also eliminates the provision which provides a 30% to a developer’s basis for Difficult to Develop Areas, which all of Mono County qualifies as. She will send the Board some information.

She announced that a long-time local family in June Lake that works multiple jobs in the hospitality industry closed on their first home in June Lake last week. They used Mono County First Time Homebuyer HOME funds. There is about $140,000 left in the Mono County homebuyer program which must be used by the end of January, 2018. Another first-time homebuyer closed escrow on a unit at Mammoth Lofts. That homebuyer works at Vons. Another homebuyer closed escrow today on a home that is deed restricted to 150% of the Area Median Income; this family works at Mammoth Hospital.

Jennifer Halferty made a note that there was an error in the Status Report: The Town of Mammoth Lakes applied for $3.8 million from CDBG not $3.7 million. She also noted that there was a report included regarding the merit increase for the Executive Director in relation to the 17/18 Fiscal Year budget.

VII. Review of Possible Revision to the Executive Director Evaluation Process and Possible Appointment of a Committee
The Board appointed a committee to develop a process for the regular evaluation of the Executive Director. The committee consists of Lindsay Barksdale, Jiselle Kenny, and John Wentworth. The committee will meet and bring back performance objectives for the Executive Director for the period covering January 2018 – April 2018 at the January Board meeting.

VIII. California’s Housing Bill Package 2017 – informational item
Jennifer Halferty gave a brief overview of the bill package including an explanation regarding the potential impacts of SB 35 on the requirements and compliance of Housing Elements. Ruth Traxler noted that the Town’s Planning & Economic Development Department has started a process to look at the implications, necessary code changes, and new administrative processes.

CLOSED SESSION

IX. Pursuant to Government Code Section 54956.8, the Board will hold a conference with its representative in regard to property acquisition pertaining to:
Property: 550 Mono Street, APN 033-165-007-000
Negotiating Parties: Jennifer Halferty representing MLH (prospective buyer); Jana Manfredi (Seller)
Under Negotiation: Terms of sale (price, payment terms)

Announcement of Action
There was staff direction to pursue Option 1
to purchase the deed restricted unit for the lesser of the appraised market value
or the Maximum Resale Price.

X. Adjourn: The meeting was adjourned at 7:11 PM.

2018-01-18T15:45:27+00:00 December 18th, 2017|