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Home My WebLink AboutCAHAB Minutes 10-09-2019 (Draft) Community Affordable Housing Advisory Board October 9th, 2019 | 8:00 AM | City Hall Commission Room: 121 N. Rouse Ave A. 04:20:16 PM (00:25:39) Call meeting to order & Roll Call (Disclaimer--timestamps are associated with the restored meeting recording and not actual meeting times) Excused Absence: • Greg Stratton • Jody Bartz Present Were: • Kevin Thane (Chairman) • Brian Guyer (Ex Officio Member) • Terry Cunningham (Commission Liaison) • Steve Wheeler • Noel Seeburg • David Magistrelli • Loren Olsen (Staff Liaison) B. 04:20:34 PM (00:25:57) Changes to the Agenda - None C. 04:20:41 PM (00:26:04) Public Comment - None Please state your name and address in an audible tone of voice for the record. This is the time for individuals to comment on matters falling within the purview of the Committee. There will also be an opportunity in conjunction with each action item for comments pertaining to that item. Please limit your comments to three minutes. D. 04:21:20 PM (00:26:43) Minutes for Approval • 9.11.19 Minutes (PDF) o 9.11.19 Video Link 04:21:25 PM (00:26:48) MOTION to approve the minutes: David Magistrelli 04:21:29 PM (00:26:52) MOTION SECONDED: Noel Seeburg 04:21:37 PM (00:27:00) VOTE: All in Favor – Motion Carries 4-0 E. 04:21:45 PM (00:27:08) Disclosures F. Special Presentations 1. 04:22:09 PM (00:27:32) Home Financing/Loan Programs/Down-payment Options – Desiree Smith Desiree Smith, a mortgage lender, gave an overview of the various mortgage loans available to first time buyers. First time buyers is a term used for people who have not owned a home in the last three years. 04:26:38 PM (00:32:01) Ms. Smith discussed the history and current options available to condominium buyers. 04:29:23 PM (00:34:46) Discussion went to mortgage options for single-family homes up to four-plex units. Mortgage regulations change when it comes to five-plex and larger housing units as they are considered commercial housing. 04:29:44 PM (00:35:07) Ms. Smith described the various situations where mortgage insurance is required and when it may be released from the terms of a mortgage. She also described programs that are available for lower required down payments for home purchases. 04:34:31 PM (00:39:54) Ms. Smith answered questions from board members about possible financing of homes, the difference between modular and manufactured homes, and home loan payment amounts versus incomes. She also described possible programs that can be created by major employers or non- profit organizations to assist a homebuyer in meeting a higher down payment on a home purchase. Ms. Smith also stressed that financial education is important in helping people obtain home loans. G. Action Items 1. 05:10:40 PM (01:16:03) Examine Community Housing Action Plan Draft Review the partnership framework to address community housing in Bozeman over at least the next five years. The partnership framework for accelerating community housing in Bozeman is based on the recognition that no one entity can solve the local housing challenges—it takes a community to build a community. • Bozeman Community Housing Action Plan DRAFT • Bozeman Technical Documentation DRAFT 05:10:56 PM (01:16:19) Board members discussed the draft Action Plan and expressed concerns about timeframes presented in the plan and the proposed workloads for the different organizations. Board member also expressed concerns about the role CAHAB should take on implementing the plan and the administration of the proposed actions. Mr. Thane will take these comments to the working group. H. FYI/Discussion 1. 05:28:57 PM (01:34:20) West Winds IZ Home Sale Update (Guyer) Brian Guyer gave an update on the sale of the affordable housing offered in the West Winds project. 2. 05:36:52 PM (01:42:15) Recruitment for Low Income Housing Representative on CAHAB (Cunningham) Commissioner Cunningham stated that there are a couple of candidates available for the vacant position for CAHAB, but was wanting people to try and recruit others to have a good pool of candidates to choose from. 3. 05:39:22 PM (01:44:45) Additional Items Chairman Thane will hand out to the board members a draft proposal by Greg Stratton for utilizing affordable housing funds for rentals. Board members should respond to Greg any comments or suggestions. Mr. Thane will also email out to board members a proposal he received from the Downtown Bozeman Partnership to use Urban Renewal funds to create a downtown incentive grant program to help pay impact fees for affordable housing in the downtown area. I. 05:41:26 PM (01:46:49) Adjournment | 9:30 AM For more information please contact Loren Olsen at 406-582-2953 This board generally meets the 2nd Wednesday of the month from 8:00AM to 9:30 AM Committee meetings are open to all members of the public. If you have a disability and require assistance, please contact our ADA coordinator, Mike Gray at 582-3232 (TDD 582-2301).