CHC 04-10-97MINUTES OF THE SPECIAL MEETING
OF THE HOUSING COMMITTEE
April 10~ 1997
CALL TO ORDER
Sylvia Machamer called the meeting to order at 3:40 p.m.
Members Present:
Members Absent:
Staff Present:
Others Present:
Kathy Robinson, Dick Schuster, Sylvia Machamer, Jill Collins
Steve Smith
Vera Gil, Yvonne Kelley,
Gertrude Welch, John Hailey
Approval of Minutes:
Dick Schuster approved the minutes as submitted, Kathy Robinson seconded.
Vote: 3-1
Oral Communications:
Gertrude Welch thanked the Committee and the City Council for acknowledging her work as an
affordable housing advocate.
New Business:
2. Request for 10 year extension of loan from PACE: Vera Gil presented letter and
supporting documentation from PACE asking for an extension on their loan fbr a 10 year period.
The financial records from PACE indicate that the existing loan could be paid off in July, but this
would result in services and programs being cut. Staff recommends that a 10-year extension be
granted. Kathy Robinson made a motion to approve staff recommendation, Sylvia Machamcr
seconded.
Vote: 4-0
Vera Gil stated that a new member of the loan committee should be appointed since Marlo
Pinedo is no longer on the committee. Jill Collins was nominated and appointed as the ncw
representative on the loan committee.
Review and approval of new affordable rents and maximum sale prices: Vcra Gil
presented her annual calculations on rental and re-sale rates lbr aflbrdable units. Ms. (}il
reminded the committee of it contention that rents seemed high; therelbre she wanted some
consensus on options for calculating rents. Vera Gil also stated that the maximum sale prices
have dropped. After considerable discussion, the Committee agreed to continue thc
discussion on maximum sale prices so that the committee could think about the different
- options. Dick Schuster made a motion to change rental rates as discussed and continue the
"for sale" prices until the next meeting to discuss further alternatives. Jill Collins seconded.
Vote: 4-0
Request from Tandem Computers for housing credits for units "caused to be huilt":
Vera Gil presented Tandem's request to bank credits tbr the Cupertino Village Ill site. John
Hailey gave a brief history of the previous request to bank housing credits tbr thc Wnlfc and
Pruneridge Site. Mr. Hailey contends that it was Tandem's intent to also request credit
the Cupertino Village Site III. The Committee's consensus was that the Council has changed
the manual deleting the housing bank. Unfortunately, Tandem was not in the pipeline at the
time; therefore the Committee recommended denial of this request. Dick Schuster made
motion to deny Tandem's request to bank housing credits on the Cupertino Village Ill site.
Kathy Robinson seconded.
Vote: 4-0
Adjournment: 5:15
SUBMITTED BY:
Yvonne Kelley,
Admin. Secretary
APPROVED BY:
Sylvia Machamer, Vice Chair
ATTEST:
ity Clerk
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