2003-05-06 CIC MinutesMINUTES OF THE SPECIAL COMMUNITY IMPROVEMENT MEETING
TUESDAY - - MAY 6, 2003 - - 7:26 P.M.
Chair Johnson convened the Special Meeting at 7:56 p.m.
Commissioner Daysog led the Pledge of Allegiance.
ROLL CALL – Present: Commissioners Daysog, DeWitt, Kerr,
Matarrese and Chair Johnson – 5.
Absent: None.
MINUTES
(03-028) Minutes of the Special Community Improvement Commission
Meetings of April 15, 2003. Approved.
Commissioner DeWitt moved approval of the Minutes.
Commissioner Kerr seconded the motion, which carried by unanimous
voice vote – 5.
AGENDA ITEMS
(03-029) Recommendation to approve Restructured Down Payment
Assistance Program and Funding Reallocations and authorize City
Manager to Negotiate and Execute Related Agreements; and
(03-029A) Resolution No. 03-112, “Finding that the Use of Taxes
Allocated from the Business and Waterfront Improvement Project for
the Purpose of Increasing, Improving and Preserving the Community’s
Supply of Low- and Moderate-Income Housing Outside the Project Area
Will Be of Benefit to the Project.” Adopted.
Commissioner DeWitt requested staff to provide an oral report on
the Down Payment Assistance (DPA) Program for the public.
The Community Development Program Manager stated the DPA program
combines elements of prior programs to match current residential
market conditions; $35,000 to $50,000 could be available for down
payment assistance depending upon household income; the program is
a shared appreciation program.
Commissioner Kerr inquired whether there have been any previous
problems with the 15-year deferred and balloon payments.
The Community Development Manager responded the Community Assisted
Shared Appreciation (CASA) Program involved the 15-year deferred
and balloon payment; stated shared appreciation keeps building to
Special Meeting Community Improvement Commission
May 6, 2003 1
give the owner more incentive to pay loans off earlier; half of the
13 loans made under CASA have been paid off; the incentive is if
the borrowers pay the loan within the first five years they will
only owe the principle which minimizes the possibility of problems
with the balloon payment and returns funds to the City to make new
loans.
Commissioner DeWitt inquired whether the eight DPA loans of $10,000
and the 13 deferred mortgages were a one-time only opportunity.
The Community Development Manager responded that half of the CASA
loans have been repaid; because the $10,000 down payment loans are
amortized over a thirty year period there is no great incentive to
pay off said loans.
Tom Pavletic, Alameda, stated the City would save money if a
charitable institution ran the DPA program.
Commissioner Kerr stated that Council is implementing a goal of 60%
homeownership adopted by a previous Council; the City has a very
competent Finance Department.
Commissioner DeWitt moved approval of the staff recommendation.
Commissioner Kerr seconded the motion, which carried by unanimous
voice vote – 5.
ADJOURNMENT
There being no further business, Chair Johnson adjourned the
Special meeting at 8:04 p.m.
Respectfully submitted,
Lara Weisiger
Secretary, Community Improvement
Commission
The agenda for this meeting was posted in accordance with the Brown
Act.
Special Meeting Community Improvement Commission
May 6, 2003 2