Board of Directors Meeting

Thursday, June 7, 2007
6:00 p.m.

Mammoth Lakes Housing Conference Room
587 Old Mammoth Rd., Suite 5


I. Call to Order

II. Roll Call
Members: Mark Carney, Byng Hunt, Kirk Stapp, and Rob Clark
Absent: Rusty Gregory

Staff: Pam Hennarty and Kent Andersen

Press: Lara Kirkner – Mammoth Times

Other: Allegra Stevens, Mark Wilbur, and Earl Henderson

III. Public Comments
Mark Wilbur from Neubauer-Jennison gave a progress report on the Jeffreys and Manzanita projects. Mark, on behalf of Neubauer-Jennison, expressed support for the appointment of Pam Hennarty to Executive Director of Mammoth Lakes Housing.

Earl Henderson from Henderson Landscaping and Board Member of Mammoth Community Water District – Gave an update on the landscaping for Aspen Village Apartments. He also stated that he feels confident in Pam Hennarty as Executive Director.

IV. Approval of Minutes from the May 8, 2007 BOD Meeting
Minutes approved by 4-0 vote
V. Approval of Minutes from the May 21, 2007 BOD Meeting
Minutes approved by 4-0 vote
VI. Approval of Minutes from the May 23, 2007 BOD Meeting
Minutes approved by 4-0 vote
VII. Approval of Minutes from the May 29, 2007 BOD Meeting
Minutes approved by 4-0 vote

VIII. Review of Third Quarter Financial Statement
Allegra Stevens will continue to provide a narrative of the quarterly financial statements. Fourth quarter report will be late (1st or 2nd week of August or September) due to preparation for the annual audit. Spending for the 3rd quarter is at 67% of the budget, indicating cost containment.

The item on pg 10A titled “unable to classify” are missing receipts. Allegra stated that she can classify all items in this line except for $300 which was a cash draw. Allegra also recommends that when the auditor arrives MLH should be forthcoming with all issues regarding the budget. She feels comfortable in recommending this as there are internal controls in place that reacted quickly to the issues.

Allegra feels that the spending is within budget range and posed the question of how much of net assets do we want to put into an unrestricted vs. restricted account (i.e. reserve account).

IX. Review and Discussion of 2007/2008 Fiscal Year Budget
Staff created a FY 2008 budget. Depreciation will change to $25,000 in FY 2008 budget. Upon Allegra’s complete review the final budget will be presented at the July Board meeting for approval.

Aspen Village FY 2008 Budget- Forecasted by quarter in order to include interest. The only requirement from the Town is that 5 units be sold at 120% AMI or below.

X. Policy Discussion Regarding Home Buyer Assistance Programs and Existing Units
Mark Carney requested this agenda item due to concern about a gap in MLH’s programs. Discussion of the possibility of identifying funds to provide down payment assistance to households earning more than 120% AMI. Interim Executive Director, Pam Hennarty stated that there are no State or Federal funds for households above 120%, but Housing In-Lieu Funds could be used to assist these households. Through discussion the Board suggested a total of $500,000 be provided for homebuyer assistance for households above 120% AMI. The Board asked staff to create guidelines for this program and present them at the July meeting. The suggested cap on the amount loaned is $30,000, but the Board would allow flexibility with Board approval. Kirk Stapp was authorized by the Board to approve loans as needed prior to the next meeting.

XI. Discussion regarding Tallus Public Information Program
Board reviewed a draft letter to surrounding properties for a workshop. Staff to conduct a neighborhood meeting prior to the next Board meeting.

XII. Discussion and Possible Action Regarding Shady Rest/ California Housing Partnership
Mark Maldonado had started a process by which California Housing Partnership Corporation (CHPC) and Mammoth Lakes Housing would work with Victor Lee on the Shady Rest development financial feasibility study. Draft contracts were presented to the Board. There was concern about some wording in the contracts. The Board authorized Kirk to send a letter to Victor Lee stating that MLH is willing to sign an agreement once it is within the current Town of Mammoth Lakes zoning requirements. Staff was directed to bring the item to the Board again in July.

XIII. Project Review
a. Meridian Court
Final unit closed and HOA is now complete with their Board of homeowners
b. Aspen Village Apartments
Landscaping in progress
Punch list is being completed and should be finished by early July
MLH has been paid in full by Pacific West
c. Aspen Village Condos
Grading is underway and building permit should be ready early July
d. Manzanita
Grading permit ready and just a few outstanding items on building permit
e. Jeffreys
Occupancy in August or September
f. Tavern Road Plaza
Received Multifamily Housing Program application score of 145 out of 150 which is considered competitive in rural areas
g. San Joaquin Villas
Continually working with Intrawest staff in developing a process of showing units
h. Future Projects
Home Investment Partnership Program (HOME) Notice of Funding Availability (NOFA) released

XIV. Interim Staffing Discussion
Board approved Acting Executive Director to make any temporary staffing decisions as needed.

Closed Session

XV. Pursuant to Government Code Section 24956.8, the Board will hold a closed session to discuss the terms and conditions of acquisition of real property (APN 33-170-03, 04 & 05)

XVI. Pursuant to Government Code Section 24957.6, the Board will hold a closed session to discuss a case of potential litigation (METCO Engineering)

XVII. Pursuant to Government Code Section 54957, the Board will hold a closed session to discuss the status of the Executive Director Position.

No action taken in closed session.

XVIII. Adjourn