Board of Directors Meeting

Wednesday, July 12, 2006
6:00 p.m.

Mammoth Lakes Housing, Inc. Office
587 Old Mammoth Rd. #5
(Ground Floor Sherwin Plaza 3)


I. Call to Order

II. Roll Call
Members: Mark Carney, Peter Denniston (proxy for Rusty Gregory), Kirk Stapp, and Rob Clark
Members Absent: Byng Hunt

Public: Alex Rose & Gordon Alper

Staff: Andrea Clark, Pamela Hennarty, and Jennifer Halferty

III. Public Comments

Mr. Gordon Alper came to share his interest in down payment assistance and to advocate the creation of a shared equity program. He recommended the Board agendize the topic for a future BOD meeting and staff research funding sources for a program more flexible than MLH’s current down payment assistance plan which is grant funded with grant restrictions. Having an equity sharing program would allow and encourage the purchase of existing housing of which Mr. Alper would like to see more of in the future. He also expressed his surprise in the Château de Montagne unit’s controversy.

Ms. Clark informed the Board and Mr. Alper of the $4 million dollars in grant funds already secured for homebuyers down payment assistance. Some of these funds became available this past March, with approximately $1 million of them having been used to help the buyers at Meridian Court. These grants have household income limits as well as purchase price limits therefore rendering it almost impossible to purchase a market rate home in the Town with these funds. However the County still has homes that are under the purchase price cap.

In an effort to inform the community Ms Clark announced that MLH’s Housing Program Specialist, Ana Danielson is currently planning a Realtors luncheon which will be similar to February’s Lender Luncheon also hosted by MLH. Both are intended to create a forum for sharing information on MLH’s Homebuyer Assistance Program.

Mr. Stapp stated acquisition of existing housing is one of the Executive Director’s objectives and that additional public education of MLH programs is warranted. The Board President further agreed that the topic would be agendized at a future meeting with the new Executive Director.

Tenant Based Rental Assistance (TBRA) was brought up by Ms Clark as a potential source of assistance for which there are grant monies available. The Board expressed interest in exploring this avenue of assistance. These grant funds help low income households (80% and below) pay rent in market rate apartments.

Affordable housing mitigation is on the August 2 Town Council agenda. Mr. Denniston suggested MLH take a global view of the Town’s policy of 100% density bonus in addition to the State’s density bonus for affordable projects and look to take a leading stance on the topic by way of policy.

IV. Approval of Minutes from the Meeting of June 20, 2006
Minutes approved as corrected with a 4 – 0 vote.

V. Review and Consideration of Amendments to Organizational Management Policies and Procedures
In accordance with CDBG grant funding, Mammoth Lakes Housing, Inc. will undergo a third party audit for the 2006 fiscal year and as such has been guided to put in writing policies and procedures, thereby documenting internal practices already in place.

Discussion and approval of both the Furniture and Equipment Capitalization, and Budget Procedures policies were passed by a 4-0 vote. The Comprehensive Leave Policy discussion was followed by Board direction that Executive Director Ms Clark work with Board Treasurer, Rob Clark to research and make recommendations at the next Board meeting on a leave policy that best balances liability on the part of the organization and leave time for the employee. This research will include but not be limited to review of the Town’s Comprehensive Leave Policy as well as MLH staff input

Closed Session

VI. Pursuant to Government Code Section 54957, the Board entered into closed session to conduct an evaluation of performance of the Executive Director.
No action taken.

VII. Pursuant to Government Code Section 54956.9, subdivision (a), the Board will hold a conference with legal counsel with regard to one case of pending litigation (Metco Engineering & Construction Inc v. Pacific West Builders Inc, et. al.).
No action taken.

No action taken.

VIII. Adjourn
Next meeting is scheduled for August 7 at 6 PM in the Mammoth Lakes Housing office, suite 5.