February 15, 2000
HOUSING AUTHORITY AND COMMUNITY SERVICES AGENCY
Commissioners' Conference Room - 9:00 a.m.
Commissioner Peter Sorenson presided with Commissioners Bill Dwyer, Bobby Green, Sr., Anna Morrison and Cindy Weeldreyer present. County Administrator Bill Van Vactor, County Counsel Teresa Wilson and Recording Secretary Melissa Zimmer were also present.
1. PUBLIC COMMENTS
2. REGULAR BUSINESS
a. ORDER 00-2-15-1H Authorizing the Executive Director to Apply for Assistance from the Oregon Housing and Community Services Department's Spring Consolidated Funding Cycle (CFC) for the Acquisition/Rehabilitation of the Munsel Park Apartments in Florence.
Jim McCoy, Housing Authority, reported that the Munsel Park Apartments is a project that was built in two phases in the late 70's and early 80's. He said they learned a few months ago that the owner was intending to prepay the mortgage with the project being converted to regular apartments. He said they have been in discussion with the owner with the possibility of purchasing the apartment. He noted the board order is a little broad as it includes the language that the state requires HACSA to incorporate. He said if they are successful in obtaining the building they will come back to the Board with a negotiated limited partnership to negotiate an agreement with the prospective limited partner. He said this particular project will require the Boards participation.
McCoy reported the debt service coverage is low in the first two or three years and that is part of the rural development process. He added if there is any cash above a certain level, they require it to be spent down. He said they set this up as an existing cash account. He added there is $250,000 in reserves for the project and that is sufficient. He said the project has been very well maintained.
McCoy stated they met with the residents and the concerns were that the rents not go up, the current resident manager is retained, and that it remains an elderly project.
Morrison stated she was familiar with the project and a big issue was the fact that it be maintained for seniors only. She said with HUD regulations, she wasnt sure whether that could be guaranteed. She was supportive of this project going forward.
Dwyer said it was a great opportunity to keep affordable housing in the public sector and it would be helpful to the people in Florence.
MOTION: to approve ORDER 00-2-15-1H.
Morrison MOVED, Dwyer SECONDED.
3. EXECUTIVE SESSION as per ORS 192.660
There being no further business, Commissioner Sorenson adjourned the meeting at 9:20 a.m.
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