HomeMy WebLinkAboutCRA 97-05-12 MINUTES OF A REGUALER MEETING OF THE
CYPRESS REDEVELOPMENT AGENCY
HELD
May 12, 1997
Chairman Carroll called the meeting of the Cypress Redevelopment Agency to order at 10:55 p.m.,
Monday, May 12, 1997 in the Council Chamber, 5275 Orange Avenue, Cypress.
PRESENT: Agency Members Bowman, Jones, Keenan, Piercy, and Carroll
ABSENT: None
SELECTION OF PROGRAM ADMINISTRATOR FOR THE FIRST TIME HOMEBUYER AND TARGET
NEIGHBORHOOD IMROVEMENT PROGRAM: The Executive Director asked the Deputy Executive
Director to present the staff report advising that staff had met with the Redevelopment Agency Board on
January 13, 1997 to outline the housing programs to be implemented (First Time Homebuyer Program
and a Single Family Residential Rehabilitation Program), in order to encumber $400,000 before June 30,
1997. The Agency Board directed staff to obtain proposals from area banks and consultants to administer
the First Time Homebuyer and Target Neighborhood Improvement Programs. As a result, staff has
completed the review of five proposals, including proposals from three banks and two housing
consultants, and has chosen a consultant for the Board's approval. Approval of the U.S.E. Community
Services Group for six months will allow staff to evaluate both the consultanrs performance and the other
programs that are available to the Agency.
Councilmember Jones questioned the limit for Neighborhood Rehabilitation because she felt it was too
low. The Deputy Executive Director advised that staff will be returning to the Agency for a review of the
program and further direction.
Responding to questions from the Council on administrative costs, the Deputy Executive Director replied
that the costs would include City staff and bank staff costs, ranging from 5% to 15%. For each step of the
loan processing, there is a fee involved and those fees will be provided when the program is reviewed in
June.
It was moved by Agency Member Jones and seconded by Agency Member Piercy to approve U.S.E.
Community services Group to administer the second trust deed and escrow account for the
City's/Agency's First Time Homebuyer and Target Neighborhood Improvement Programs for a six month
trial period. During the six months, the program will remain open to all eligible lending institutions for the
first trust deed. Responding staff will return to Council with a response on the cost of the program
administrator, staff, and managing the program vs. the amount actually spent on housing rehab and first
time homebuyer loans. The motion unanimously carried by the following roll call vote:
AYES:
NOES:
ABSENT:
5 AGENCY MEMBERS: Bowman, Jones, Keenan, Piercy, and Carroll
0 AGENCY MEMBERS: None
0 AGENCY MEMBERS: None
ADJOURNMENT: Agency Chairman Carroll adjourned the meeting at 11:05 p.m.
C~'~~IR(~MAN OF THE C~
REDEVELOPMENT AGENCY
ATTEST:
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'~OF THE CYPR'~~ESS'
REDEVELOPMENT AGENCY