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Home My WebLink About20020467.tiff RECORD OF PROCEEDINGS MINUTES HOUSING AUTHORITY WELD COUNTY, COLORADO FEBRUARY 25, 2002 TAPE #2002-08 The Board of County Commissioners of Weld County, Colorado, met in regular session as the Housing Authority Board in full conformity with the laws of the State of Colorado at the regular place of meeting in the Weld County Centennial Center, Greeley, Colorado, February 25, 2002, at the hour of 9:00 a.m. ROLL CALL: The meeting was called to order by the Chair and on roll call the following members were present, constituting a quorum of the members thereof: Commissioner Glenn Vaad, Chair Commissioner David E. Long, Pro-Tem Commissioner M. J. Geile Commissioner William H. Jerke Commissioner Robert D. Masden Also present: County Attorney, Bruce Barker Acting Clerk to the Board, Esther Gesick Finance and Administration Director, Don Warden MINUTES: Commissioner Masden moved to approve the minutes of the Housing Authority Board meeting of January 28, 2002, as printed. Commissioner Geile seconded the motion, and it carried unanimously. NEW BUSINESS: CONSIDER EMERGENCY SHELTER GRANT CONTRACT AMENDMENT AND AUTHORIZE CHAIR TO SIGN: Tom Teixeira, Greeley/Weld County Housing Authority Director, stated this amendment was requested by the Division of Housing and it prohibits the Housing Authority from moving money between categories in the Contract. He stated they do categories for case management and also for the maintenance of shelters. He stated the amendment will require permission from the Division of Housing before the funds can be transferred. Commissioner Geile moved to approve said amendment and authorize the Chair to sign. Seconded by Commissioner Masden, the motion carried unanimously. CONSIDER TWO SUBORDINATION AGREEMENTS AND AUTHORIZE CHAIR TO SIGN - EILEEN HURTADO: Mr.Teixeira stated he received this item following his work session with the Board last week. He stated Eileen Hurtado is a single woman who cares for her adult disabled son. He stated the Housing Authority did a rehabilitation of Ms. Hurtado's property and determined the interest for her first mortgage is at ten percent. Mr. Teixeira explained this subordination will lower that interest rate to eight percent, which is still high, but due to Ms. Hurtado's income, the banks were not willing to go any lower. He stated this will lower her payments, and money for her taxes will be placed in an escrow. He further stated there are two loans in the amount of$9,845 and$4,000. Responding to Commissioner Geile, Mr.Teixeira stated this loan is part of the Rehabilitation Program, which is funded by CDBG grant funds from the State. He stated loans are provided to those who can no longer afford their home loans, the construction is supervised by the Housing Authority, and the homeowners sign a loan with the Housing Authority. 2002-0467 BC0016 Responding further to Commissioner Geile, Mr. Teixeira stated these loans are not connected with the High Plains Development Corporation for Habitat for Humanity, and the closing costs are for first time home buyers. In response to Commissioner Jerke, Mr. Teixeira stated Ms. Hurtado is refinancing a loan in the amount of$111,000, and following discussion with the lender, he found there is not enough equity in the house to allow for removing the Housing Authority from the loan equation or for combining the two loan amounts. He further stated the Housing Authority reviews their credit record and payment history before granting a loan; however, there are rare occasions where the Authority loses money. Mr. Warden stated historically there have not been many bad loans. Mr. Teixeira stated approval of this Subordination Agreement will create a better situation since Ms. Hurtado's payments will be lowered. Responding to Chair Vaad, Mr. Barker stated the Board can make a motion without a draft Resolution and the necessary documents will be drafted following the meeting. Commissioner Masden moved to approve said agreements and authorize the Chair to sign. Seconded by Commissioner Jerke, the motion carried unanimously. Let the minutes reflect that the above and foregoing actions were attested to and respectfully submitted by the Acting Clerk to the Board. There being no further business, this meeting was adjourned at 9:10 a.m. BOARD OF COUNTY COMMISSIONERS WELD�� CO O- � O ATTEST: c Gle aad, hair Weld County Clerk to the Board C c� ! David . Lon' Pro-Tern BY: .�l(i� Deputy Clerk to the Board M. J. rile qA„,cy m H. Jerke„ � Robert D. Masden Housing Authority Minutes, February 25, 2002 2002-0467 Page 2 BC0016 Hello