Board of Directors Meeting

Monday, June 4, 2012
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd.


I. Call to Order

II. Roll Call
Members present: Bill Taylor, Dave Wilbrecht, Kirk Stapp, Larry Johnston
Members absent: Jim Smith for Rusty Gregory, Rick Wood
Staff present: Jennifer Halferty, Pam Hennarty

III. Public Comments
No public comment.

IV. Approval of Minutes from the May 7, 2012 BOD Meeting
Dave Wilbrecht motioned to approve the May 7, 2012 minutes as presented and Bill Taylor second the motion. All members were in favor for a 4-0 vote.

V. Update on Status of Kitzbuhel Deed Restriction
The listing agent of the Kitzbuhel has informed MLH that the property is currently listed for-sale with the deed restriction at $300,000. Mark Carney is drafting the deed restriction that has yet to be recorded. He is working with Town Staff on final language.

VI. Review and Approval of Budget for Fiscal Year 2012-2013
Bill motioned to approve the MLH Operating Budget for fiscal year 2012-2013, and Larry Johnston second the motion for a final vote of 4-0.

VII. Update on Town Mediation Process and Town Contract
As part of the mediation process with the Town, the MLH contract will be cut by 10%. Though, there is a possibility that under increased TOT code enforcement, which could result in increased TOT revenue, MLH would receive our proportionate share of the TOT that is collected. MLH has budgeted for the coming year conservatively, assuming there will be no increased TOT collected.

Bill motioned to accept the impairment of a 10% funding cut from the Town of Mammoth Lakes. Dave second the motion and all members voted in favor, 4-0.

VIII. Approval of CHDO (Community Housing Development Organization) Application
Dave motioned to approve an application for CHDO status of MLH, and Bill second the motion with all in-favor, 4-0.

IX. Board Member Reports
Dave gave a brief update on the Town’s mediation process status.

X. MLH Monthly Status Report
Report was distributed. Some of the highlights:
• Multiple applicants for First-time Homebuyer funds are in queue for all three jurisdictions
• Staff was awarded scholarships from NeighborWorks for their Foreclosure Intervention Counseling course in Seattle in late May.
• Vacancy at Nordica – unit has been cleaned and repaired
• First 502 Direct Loan package application has been submitted
• MLH is preparing the Willow Plaza Apartment annual inspection for the City of Bishop


XI. Pursuant to Government Code Section 54956.9, the Board will hold a closed session to discuss pending litigation.
No action was taken.

XII. Adjourn