Board of Directors Meeting
Thursday, January 8, 2009
6:00 p.m.
Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.


I. Call to Order

II. Roll Call
Members: Bill Taylor, Jim Smith for Rusty Gregory, Kirk Stapp, Neil McCarroll, Rob Clark, and Sandra Facincani
Absent: Byng Hunt
Staff: Pam Hennarty, Jennifer Halferty, and Kent Andersen

III. Public Comments

IV. Approval of Minutes from the December 4, 2008 BOD Meeting
Minutes were approved with corrections. Bill motioned, Kirk seconded, approved 3-0 with one abstention.

V. Agency Review
a. Aspen Village Condos – Loan officer recommends additional appraisal before they can refinance the loan. Staff spoke with MLH attorneys who recommended not providing locals only housing on ownership units due to potential legal ramifications.
b. Executive Director’s Report – Maureen Jacoby has tendered her resignation. Board recommends not refilling this position.
i. Performance Goals Matrix
• Pam has contacted Inyo County, Mono County, and the City of Bishop offering MLH assistance with new CDBG applications focused on first time homebuyer funds.
• Staff is looking at potential cost savings of taking over property management of our apartments. Our partner agrees with this proposal, but we would have to get final approval from the tax credit investor.
• Tuesday, January 13th there will be a café style discussion for the Community Housing Strategy at the Aspen Village Apartments Recreation Center from 5-8 p.m.

VI. Continued Discussion of Fiscal Year 2007-2008 Final Audit- Previously Distributed
The $1.8 million line item in expenses is the Park & Ride project, Oak Tree project, and the Jeffreys project. These have all been written off or completed.

VII. Discussion of State of California Pooled Money Investment Board Action- Bond Funding
An update on various down payment assistance funds is that have been frozen due to the lack of an approved budget at the State level.


VIII. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss property negotiations- Multiple Properties

No action was taken.

IX. Adjourn