The Long Beach Housing Development Company

Agenda

1. FINISHED AGENDA AND MINUTES
2. CALL TO ORDER
3. ROLL CALL
4. REPORT OF THE CHAIR
5. 1. Recommendation to receive and file the minutes of the regular meeting of June 15, 2011.
   HC-Agenda Item
   Action: received and filed Passed

   A motion was made by Boardmember Ulaszewski , seconded by Boardmember McCarthy, to receive and file the minutes for June 15, 2011. The motion carried by the following vote:

6. ACTION ITEMS
7. 2. Recommendation to: 1. Consider a modification to the existing irrevocable covenants for the Olive Court and Neo Zoe units and authorize the President to offer a covenant modification to affected homeowners if necessary; 2. Adopt the definition of hardship contained herein; 3. Adopt the guidelines and procedures contained herein for addressing notices of default and voluntary resales for the Olive Court and Neo Zoe units; and 4. Direct staff to notify all affected Olive Court and Neo Zoe owners of the Board’s decision on these issues.
   HC-Agenda Item
   Action: approve recommendation Passed

   A motion was made by Boardmember Ulaszewski, seconded by Boardmember McCarthy, to approve the recommendation with the addition of Item 6 under the definition of hardship to state that if staff feels that there are extenuating circumstances, staff can bring the situation to the attention of the Board. The motion was carried by the following vote:

8. 3. Recommendation to approve the modification of the terms of the multi-family rental housing rehabilitation loans made to Helpful Housing for the properties at 310 Lime Avenue and 1240 East 17th Street to provide for a 30-year loan for each property with deferred payments for the first 15 years, repayment of the loan in equal monthly payments over the remaining 15 years with no interest, and an affordability period of 30 years.
   HC-Agenda Item
   Action: approve recommendation Passed

   A motion was made by Boardmember McCarthy, seconded by Boardmember Ulaszewski, to approve the recommendation. The motion carried by the following vote:

9. 4. Recommendation to receive and file the Financial Report for the Period Ending June 30, 2011.
   HC-Agenda Item
   Action: received and filed Passed

   A motion was made by Boardmember Ulaszewski, seconded by Boardmember McCarthy, to receive and file the Financial Report for the Period Ending June 30, 2011. The motion carried by the following vote:

10. COMMITTEE MINUTES
11. 5. Recommendation to receive and file the committee minutes.
    HC-Agenda Item
    Action: received and filed

    The Committee minutes were received and filed.

12. A) Programs Committee - July Minutes Boardmember Wong stated that there was nothing unusual; that they approved several loans; plus the item brought to the Board today. Boardmember Cwayna asked if a loan was a multifamily loan. Boardmember Wong responded. B) Projects Committee - No minutes available.
13. REPORT OF THE PRESIDENT
14. 6. Recommendation to receive and file the reports of the President.
    HC-Agenda Item
    Action: received and filed

    The reports of the President were received and filed.

15. A) Summary of Projects Report Vice President Tolentino stated that the Courtyards were 95% occupied; Coronado has 28 escrows closed, 19 reserved, and only one unit remaining, possibly complete in October; the Palace Hotel is almost complete, will possibly be done in September or October, lease-up meeting are underway; Meta construction is in progress; the Habitat for Humanity’s sites - one is occupied and two will be completed soon; and staff is working on the documents for the three projects approved in June. B) Upcoming Meetings and Special Events Vice President Tolentino spoke about October LBHDC meetings, the Back-to-School Summer Blast, and Board elections.
16. NEW BUSINESS
17. PUBLIC PARTICIPATION
18. ADJOURNMENT
19. Note: A digital recording of this meeting will be available in the Housing Services Bureau.
20. Untitled item
21. Respectfully submitted, ______________________________ AMY J. BODEK, PRESIDENT Approved by: _______________________________ PATRICK BROWN, CHAIR