05-01-2003 HRAMHutchinson Housing & Redevelopment Authority
Special Board Meeting — May 1, 2003
Minutes
CALL TO ORDER: Chairman Joel Kraft called the meeting to order at 8 a.m. Members
Present: Duane Hoversten, Ian McDonald, and John Houle. Staff Present: Jean Ward, and
Judy Flemming.
2. FINANCIAL REPORTS
Duane Hoversten moved to approved cutting a check for staff to reserve rooms at the Spring
NAHRO Conference at Madden's in Brainerd. John Houle seconded and the motion carried
unanimously.
3. SUBORDINATION REQUEST
Judy Flemming presented to the Board a subordination request for an Adam Street SCDP
Loan. They are refinancing with no cash out. John Houle moved to approve the
subordination. Duane Hoversten seconded; Ian McDonald abstained and the motion carried.
4. PROPOSED SUBORDINATION POLICY CHANGE
Jean Ward presented the proposed subordination policy to the Board. The Board discussed
how many times a homeowner should be allowed to subordinate. Jean proposed taking out
point #7, which stated only one subordination was allowed. Resolution 03 -05 to "Appoint
Board Members to the Loan Review Committee and to Authorize the Loan Review
Committee to Approve Both Loan Applications and Subordination Requests According to the
Established Program Guidelines" was tabled until the regular board meeting so that Marc
Sebora can be consulted.
5. FYI
Jean Ward informed the Board that MHFA & GMHF announced that they were awarding
some funds to the Rolling Meadows Extension. Jean told the Board she was meeting with the
developers, Bruce Naustdal and Diane Sorensen to go through the award letter.
6. ADJOURNMENT
There being no other business, Chairman Joel Kraft declared the meeting adjourned.
Recorded by Jean Ward, HRA Executive Director
John Houle, Secretary /Treasurer