Board of Directors Meeting

Thursday, December 17, 2009
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.

I. Call to Order

II. Roll Call
Members: Bill Taylor, Byng Hunt, Jim Smith for Rusty Gregory, Kirk Stapp, , Rob Clark, and Absent members: Neil McCarroll Sandra Facincani

III. Public Comments
Executive Director, Pam Hennarty announced that MLH will be holding Board meetings on the first Mondays of the month in 2010.

IV. Approval of Minutes from the November 2, 2009 BOD Meeting.
Minutes approved as presented. Rob Clark moved, Byng Hunt second with all in favor for a 5-0 vote.

V. Approval of Minutes from the November 9, 2009 Special BOD Meeting.
Minutes approved as presented. Rob Clark moved, Byng Hunt second with all in favor for a 5-0 vote

VI. Board Member Reports
Rob Clark spoke to the Town Council’s approval of the work-plan for updating the housing mitigation fees. Council’s goal is to have the gap analysis reviewed and finalized by the end of June 2010. The Board discussed the presented proposal for Neil McCarroll from Walter Kieser. The scope of said proposal goes beyond gap analysis but is that of a Housing Strategy. MLH staff will work on a full analysis of the gap and the implications of the gap on developers.

VII. Executive Director’s Report
a. General
• Mountain Gateway Housing group, which MLH is a member, has requested a meeting with Mercedes Marquez, HUD Assistant Secretary for Community Planning & Development to discusses the challenges with Fannie Mae’s 50% transfer requirement on new development.
b. Update of Pending Grants
• Mono County was awarded a $800,000 HOME First-Time Homebuyer grant
• City of Bishop was awarded a $400,000 CDBG grant for First-Time Homebuyer’s assistance.
• Both grants were applied for by MLH staff on behalf of the individual jurisdictions.
c. Aspen Village Sales Updates
• Of the two units reported last month in escrow one has closed/sold and the other fell out of escrow due to lending challenges.
• Eastern Sierra Community Bank has set-up their terms for lending on the development.

VIII. Review of Fiscal Year 2008-2009 Year End Financial Statements
Review and discussion only.

IX. Review of Fiscal Year 2009-2010 First Quarter Financial Statements
Board requested a Forecast for the next board meeting.

Closed Session

X. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations- Aspen Village.
No action taken.

XI. Adjourn