MAMMOTH LAKES HOUSING, INC.
Board of Directors Meeting
Monday, November 2, 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, Neil McCarroll, Rob Clark, and Sandra Facincani
Staff: Pam Hennarty, Jennifer Halferty

III. Public Comments
No public comment.

IV. Approval of Minutes from the September 8, 2009 BOD Meeting
Minutes approved as presented.

V. Approval of Minutes from the October 5, 2009 BOD Meeting
Minutes approved as presented. Byng Hunt motioned, Rob Clark second. Motion passed with a 6-0 vote with Neil McCarroll abstaining.

VI. Board Member Reports

VII. Executive Director’s Report
• Staff just returned from California Coalition of Rural Housing’s Summit.
• Pam’s working with Bill to wrap-up Alpine County’s Housing Element Update
a. Update of Pending Grants
• Town was notified of a CDBG-R award for acquisition and rehab of an existing unit.
• Awaiting further word from HOME and CDBG on outstanding applications.
b. Aspen Village Sales Update
• Two more units in escrow, both two bedrooms

VIII. Review of Fiscal Year 2008-2009 Year End Financial Statements and Audit
Tabled until December’s meeting to allow time to review audit.

IX. Review of Fiscal Year 2009-2010 First Quarter Financial Statements
Tabled until December’s meeting due to accountant’s illness.

X. Inclusionary Housing Subcommittee Report and Recommendation
Town and MLH staff conducted both a population and peer resort evaluation of inclusionary housing policies. As a result, with in depth discussion and review, the Housing Fee Committee recommends all new residential (transient and non-transient) development be required to build on-site workforce housing at a rate of ten percent of all newly-constructed units within the development. Furthermore, all workforce housing units will target the Area Median Income (AMI) levels of and between 60-120% AMI. Small single family and rehab projects will be exempt.

The in-lieu fees along with the implementation level details are still in need of review. Additionally, the required AMI percentage break-outs per development will need to be formulated. Staff and committee will develop final recommendations to these and other outstanding policy related matters.

A special meeting will be held on November 9, at 6 pm in the MLH office for further review and discussion of this matter.

CLOSED SESSION

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

ANNOUNCEMENT OF ACTION TAKEN IN CLOSED SESSION
After thorough consideration of the construction lenders offer of reduced terms the Board concluded not to accept the offer.

XII. Adjourn