CRA 97-08-25MINUTES OF A REGULAR MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
August 25, 1997
Agency Chairman Carroll called the meeting of the Cypress Redevelopment Agency to
order at 11:40 p.m., Monday, AUgUSt 25, 1997, in the Council Chamber, 5275 Orange
Avenue, Cypress.
PRESENT:
ABSENT:
Agency Members Bowman, Keenan, Piercy and Carroll
Agency Member Jones
MINUTES:
It was moved by Agency Member Bowman and seconded by Agency Member Keenan to
approve the Minutes of August 11, 1997 as submi~ed. The motion unanimously carried
by the following roll call vote:
AYES: 4 AGENCY MEMBERS:
NOES: 0 AGENCY MEMBERS:
ABSENT: I AGENCY MEMBERS:
Bowman, Keenan, Piercy and Carroll
None
Jones
MODIFICATION OF THE HOME EQUITY LOAN PROGRAM PARAMETERS TO MEET FANNIE MAE LOAN
REQUIREMENTS: At the request of the Executive Director, the Finance Director presented
the staff report indicating the Agency had approved U.S.E. Community Services Group to
administer the second trust deed and escrow account for the City's Agency's Home Equity
Loan Program and the parameters of the Home Equity Loan Program (H.E.L.P.). TO date,
the H.E.L.P. program has been approved bv the Department of Housing and Urban
Development which allowed it to be used with FHA loans. However, the program will not
be approved by Fannie Mae unless certain changes are made to the program and he
outlined those changes. In order for applicants to utilize the H.E.L.P. program, Fannie
Mae must approve the Agencv's H.E.L.P. program.
Due tO the lateness of the hour, it was moved by Agency Member Bowman and seconded
by Agency Chairman Carroll to continue the meeting past the hour of 11:30 p.m. The
motion unanimously carried by the following roll call vote:
AYES:
NOES:
ABSENT:
AGENCY MEMBERS: Bowman, Keenan, Piercy and Carroll
AGENCY MEMBERS: None
ACENCY MEMBERS: Jones
Continuing with the discussion on Fannie Mae, Agency Member Keenan clarified that
these changes only affected those borrowers who applied for Fannie Mae loans as a first
mortgage. Agency Member Bowman said that the changes should apply to all loans
rather than a select group of borrowers because they chose Fannie Mae. He suggested
that, in the future, some changes be made so that the same terms apply to all borrowers.
It was moved bv Agency Chairman Carroll and seconded by Agency Member Keenan to
approve the changes to the parameters of the Home Equity Loan Program in order to
receive Fannie Mae approval. These changes would affect only those applicants applying
for a Fannie Mae Loan as their first note. The motion unanimously carried with the
following roll call vote:
AYES:
NOES:
ABSENT:
4 AGENCY MEMBERS: Bowman, Keenan, Piercy and Carroll
0 AGENCY MEMBERS: None
I AGENCY MEMBERS: Jones
ADJOURNMENT:
Agency Chairman Carroll adjourned the meeting at 11:50 p.m.
REDEVELOPMENT AGENCY
ATTEST:
REDEVELOPMENT AGENCY