HomeMy WebLinkAboutE.2 CAHAB subcommittee Minutes 06-24-2020 Draft
Community Affordable Housing Advisory Board –
Subcommittee Meeting Agenda
June 24, 2020 | 10:00 AM
Cold Smoke Coffeehouse | 2051 W. Oak St., Unit 5 | Bozeman MT 59718
A. Call Meeting to Order & Roll Call
Meeting called to order at 10:08; no public comment or changes to the agenda.
Present Were:
o Noel Seeburg
o Greg Stratton
o Steve Wheeler
B. Changes to the Agenda
C. Board Disclosures
D. Public Comment
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.
E. Action Items
1. Research and discussion:
Financial explorations including: How to work with FHA certifications;
Down payment assistance through Road to Home or other state and federal programs as well
as the possibility of private assistance through banks or other financial institutions;
Challenges in working with Fannie Mae and Freddie Mac;
Ways of keeping condos affordable in perpetuity;
Record keeping and annual certification requirements;
How to control condo fees for affordable units.
Discussion centered around the current environment of making condos available to borrowers through
existing programs, namely FHA lending.
o Greg Stratton shared his experience of trying to get a viable condo project through the process
of getting it approved for FHA loans and found it to be time consuming.
o Noel Seeburg shared the conversations he had with lenders and property managers about the
process where is was determined to be tedious and typically took three weeks.
o Steve Wheeler commented that we may not be able to use existing resources to provide
condominium loans to the people that need them.
Mr. Wheeler then proposed approaching some of the local banks about creating an all-inclusive package
to builders that would include financing for the construction and lending to new tenants.
We spent the rest of the morning discussing the viability of the proposal:
o Location (where to find the land)
o Cost to build
o Incentives to builders
Impact fees?
o Incentives to the bank/lender
CRA Credits
o Incentives to borrowers or the buyers of the condos
Down payment assistance and/or interest rate reduction
Mr. Wheeler was tasked with talking to a couple of local banks
Mr. Stratton was tasked with providing an update to Board Chairman, Kevin Thane.
F. Adjournment | 11:30 AM
Adjourned the meeting at 11:10.
For more information, please contact Tanya Andreasen at tandreasen@bozeman.net.
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).