HOUSING OPPORTUNITIES COMMISSION OF MONTGOMERY COUNTY

10400 Detrick Avenue

Kensington, Maryland  20895

(240) 773-9025

 

July 9, 2003

03 - 08

 

A regular meeting of the Housing Opportunities Commission of Montgomery County was conducted on Wednesday, July 9, 2003 at 10400 Detrick Avenue, Kensington, Maryland beginning at 7:10 p.m. Those in attendance were:

 

Present

Richard Y. Nelson, Jr., Chair

Y. Monroe Galloway, Chair Pro Tem

Ralph D. Bennett, Jr.

Michael J. Kator (late)

 

 

Absent

Norman Cohen, Vice Chair

LaKeyia L. Thompson

 

Also Attending

Scott Minton, Executive Director                                                          Ken Tecler

Annie Alston                                                                                         Bill Murphy

Lillian Durham                                                                          Stuart Raynor  

Peter Engel                                                                                           Earl DeMaris

Zachary Smith                                                                                      Harold Kramer

Patrick Mattingly                                                                                  Lisa Hudson

Vivian Benjamin                                                                                    Tom DeBrine

Doug Ryan                                                                                           Jane Harrah

Louis Chaney                                                                                       Andrew Oxendine

Jerry Matthews                                                                         Mary Jane Harrah

Joy Flood                                                                                             Eileen Hartnett

Lillian Busch                                                                                         Bonnie Hodge

Lynn Hayes                                                                                          Winnie Thomas

Dana Miller, Special Assistant to the Commission                                  Rose Matthews

 

Guests

Maria Campoy

Ayesha Ali

Roberto Pinero

David Lewis

 

Chair Nelson called for consideration of the Consent Calendar.  He noted that item C had been moved to the Deliberation Calendar.  Commissioner Bennett moved adoption.  Commissioner Galloway seconded the motion.  Affirmative votes were cast by Commissioners Kator, Nelson, Bennett and Galloway.  Commissioners Cohen and Thompson were necessarily absent and did not participate in the vote.

 

I.          CONSENT CALENDAR

 

                       A.       Approval of Minutes of June 4, 2003 - The minutes were approved as written.

 

              B.       Approval of 2003 Tony Davis Scholarship Awards  - The following Resolution was adopted:

 

                                                                                                 

RESOLUTION: 03-69                                               RE:     Approval of 2003 Tony

                                                                                    Davis Scholarship Awards

 

            WHEREAS,  in recognition for the many accomplishments and extensive community volunteer work performed by former HOC employee, Tony Davis, who was tragically killed in 2000, HOC established the Tony Davis Scholarship Awards Program in his memory; and

 

            WHEREAS, the Tony Davis Scholarship Awards Program annually provides two $5,000 awards to high school seniors who are residents of either public housing or participate in the Housing Choice Voucher Program and who also demonstrate excellent academic achievement, participation in extra-curricula activities, a record of good school attendance and other criteria; and

 

             WHEREAS, through a variety of distribution methods including direct mail, information regarding eligibility and documentation was made known to all graduating youth of Public Housing and the Housing Choice Voucher Program; and

 

            WHEREAS, a Selection Committee, composed of three Commissioners, the Executive Director, and the Chief of Staff, was convened on June 12, 2003 to review applicant information; and

 

            WHEREAS, the Selection Committee, after careful review of academic records, attendance records, recommendations from school personnel and HOC staff, 500 word essays written by applications, SAT scores, participation in school and community activities, and college acceptance information, recommends to the Commission, two outstanding candidates for the Tony Davis Scholarship Award: Ayesha Ali and Maria Campoy;  and

 

            WHEREAS, Ayesha Ali and Maria Campoy have significant accomplishment during their high school years and significant achievements both in school and in their communities and have set high personal academic and career goals, they fulfill the high standards as envisioned in Tony Davis’ memory and the establishment of the Tony Davis Scholarship Award;

  

            NOW, THEREFORE BE IT RESOLVED that the Housing Opportunities Commission of Montgomery County affirm the recommendation of the Tony Davis Scholarship Award Selection Committee for Ayesha Ali and Maria Campoy to each receive a $5,000 Scholarship Award. 

 

            C.        Ratification of Sole Source Contract for Telephone Upgrade - The following Resolution was adopted:

 

RESOLUTION:   03-70                                             RE:     Ratification of Sole

                                                                                                 Source Contract

                                                                                                For Telephone Upgrade

 

 

            WHEREAS, the Housing Opportunities Commission of Montgomery County (HOC) has a need to migrate the existing telephone system away from its current vendor due to lack of technical support in North America; and

 

            WHEREAS, the Procurement Policy allows the Executive Director to approve sole source procurements only up to $50,000; and

 

            WHEREAS, the contract exceeds the Executive Director’s approval authority and the Commission was polled on June 10, 2003; and

 

            WHEREAS, the Commission approved, by acclamation, entering into a sole-source contract with Altura in the amount of $65,166.

 

            NOW THEREFORE, BE IT RESOLVED that the Housing Opportunities Commission of Montgomery County approves:

 

1.                  Ratification of Sole Source contract with Altura for the telephone upgrade     

            to HOC’s existing telephone system.

 

 

            D.        Adoption of Retirement Resolution for Mary Jane Roberts - The following Resolution was adopted:

 

RESOLUTION :  03 - 71                                            RE:   Retirement Resolution for

Mary Jane Roberts

 

WHEREAS, Mary Jane Roberts began her career with the Housing Opportunities Commission of Montgomery County on June 7, 1989; and

 

WHEREAS, Mary Jane,  through a Ryan White grant, single-handedly and willingly accepted the challenge of housing and monitoring the services to HIV/AIDS residents as her first assignment with HOC, allowing these persons to live in dignity and self-sufficiently; and

 

WHEREAS, Mary Jane continued her remarkable tenure at HOC with the HOC Transitional and Supportive Housing Program where she initiated the very first HUD funded HOC Program for Abused Persons starting with just three households; and

 

WHEREAS, the initial Abused Persons Program was the forerunner of the many Supportive Housing Programs now serving 170 families and single adults, and as a model for the County operated Betty Kranke Center, serving families facing domestic violence; and

WHEREAS, Mary Jane has been the sole specialist for the Turnkey Program in conjunction with the County’s Mental Health Services Office, ensuring housing and services for 12 participants since 1989; and

 

WHEREAS, in her devotion and passion to see residents improve the quality of their lives through education, training, and employment, Mary Jane has been the sole program monitor, supporter, advocate for the Jesup Blair Transitional Housing Program since its inception in 1991; and

 

WHEREAS,  through the Jesup Blair Program, she has successfully developed partnerships with the Department of Human Services for case management services, the Department of Housing and Community Affairs and the Park and Planning Office for property preservation issues, the Park Police for security problems, and the Silver Spring Historical Society regarding preservation issues.  These partnerships have ensured that the residents and the property are carefully treated and nurtured; and

 

WHEREAS, Mary Jane through the years has assisted hundreds of residents attain self-sufficiency while increasing their self esteem and confidence, despite their personal and individual conditions; and

 

WHEREAS, Mary Jane has significantly contributed to the writing and preparation of numerous grant applications, utilizing her talent as an excellent writer and editor; and

 

WHEREAS, as a testament to Mary Jane’s flair for color and design, the residents for whom she has been responsible have showcase apartments at low cost; and

 

WHEREAS, Mary Jane has been a compassionate, conscientious, and committed employee, ably serving the interests of her clients, while upholding the high standards of professionalism within HOC;

 

NOW, THEREFORE BE IT RESOLVED that the Housing Opportunities Commission of Montgomery County extends its sincere thanks and appreciation for the many contributions of Mary Jane Roberts made during her career to the Housing Opportunities Commission and its residents.

 

 

            E.         Adoption of Retirement Resolution for Lillian Busch - The following Resolution was adopted:

 

 

RESOLUTION :  03 - 72                                           RE:     Retirement Resolution for

                                                                                                            Lillian Busch 

 

 

                WHEREAS, Lillian Busch began her employment with the Housing Opportunities Commission of Montgomery County in September, 1996 as a Volunteer Administrative Aide at the Arcola Towers Apartments, a Public Housing senior community located in Wheaton; and

 

WHEREAS, while at Arcola Towers, Lillian worked with the residents and management staff to ensure a high quality of life for the residents, helping them with their shopping and daily lunch; and

 

WHEREAS, on July 21, 1997, Lillian accepted a part-time career position as Office Assistant II on the 124 corridor where she helped coordinate the day-to-day operations of three HOC multifamily properties; and

 

WHEREAS,  on September 16, 1998, Lillian accepted a part-time manager trainee position at Camp Hill Square Apartments, a 51-unit Section 236 multifamily property in Gaithersburg; and

 

WHEREAS, on August 16, 1999,  Lillian accepted the position of Resident Manager I at Camp Hill Square and was subsequently instrumental in transforming the property into what is now not only a home to many, but also a community in which the quality of life is very high; and

 

WHEREAS, on March 9, 2000, Lillian was promoted to the position of Resident Manager III because of her dedication and commitment to the Agency’s mission; and

 

WHEREAS, Lillian served the Camp Hill Square Board of Directors during her tenure, always ensuring that the property was a reflection of their vision and demonstrated how a property should be managed, both efficiently and effectively; and

 

WHEREAS, Lillian worked closely with her residents, including taking children on trips to the bowling alley and to the local parks while also planning two pizza parties each year for “Out of School” and “Back to School” celebrations where the Camp Hill Board, the Community, the Police and the Recreation Department came together for an afternoon of celebration; and

  

WHEREAS, Lillian worked closely with staff and colleagues at the adjoining HOC properties, always working in the best interests of the residents, while achieving a name of endearment, “Mother Busch”, from her co-workers.

 

NOW, THEREFORE BE IT RESOLVED that the Housing Opportunities Commission of Montgomery County extends its sincere thanks and appreciation for the many contributions Lillian Busch has made during her career to the Housing Opportunities Commission and its residents.  Her commitment to excellence will be missed.

 

 

II.        INFORMATION EXCHANGE

 

 

Tony Davis Scholarship Presentations

 

            Jerrilyn Matthews, Senior Administrator for Resident Services, gave brief remarks about the history of the Scholarships.  She explained that the Scholarships are given in memorial of Tony Davis, an HOC employee who was tragically killed in 2000.  Mr. Davis was well-known and recognized for his extensive volunteer work in the Middlebrook community.

 

            Ms. Matthews further explained that the scholarship fund provides two $5,000 scholarships to high school seniors who demonstrate excellent academic achievement, participation in extra-curricular activities, and a good record of school attendance.  Candidates were also required to submit a 500-word essay, references, and a letter of acceptance to a college or university.

 

            Ms. Matthews recognized David Lewis, one of the first students to receive the scholarship in 2002.  Mr. Lewis was applauded for successfully completing his first year at Temple University.

 

            This year the selection committee reviewed over 20 applications for the 2003 awards. 

 

            Chair Nelson presented the 2003 Scholarship plaques to Ayesha Ali and Maria Campoy.  Both of the young women are public housing residents. 

 

 

            Chair Nelson stated that the Agency has occasion to celebrate when two students are able to do well and move forward to college despite many obstacles in their lives. 

 

            Upon presenting the award to Ms. Ali, Chair Nelson noted that she graduated with a 3.38 g.p.a.  She was a member of the National Honor Society, the Drama Club, the Bible Club, SADD, Teen Court, and her church youth group.  He pointed out that, Ms. Ali went far beyond the required 60 hours of community service with 268 hours.  Ms. Ali will attend Elizabethtown College in Elizabethtown, Pennsylvania where she plans to study Pediatric Occupational Therapy.

 

            Upon presenting the award the Maria Campoy, Chair Nelson noted that she graduated with a 2.96 g.p.a.  He noted that Ms. Campoy completed 325 hours of community service.  Chair Nelson pointed out that Ms. Campoy missed much of her 8th grade school year due to brain surgery.  Ms. Campoy went on to high school where she was president of the NAACP Youth Council and a volunteer at an AIDS clinic. 

 

            Chair Nelson stated that Ms. Campoy will attend Messiah College in Grantham, Pennsylvania where she will be a Biology Pre-Medicine student.

 

            Chair Nelson congratulated both winners and their parents and stated that the Agency is proud to award the scholarships to such deserving students.

 

 

Presentation of Retirement Resolutions

 

            Chair Nelson recognized two staff members who are retiring from the Agency.  He read their resolutions which noted their accomplishments and contributions to the Agency.   Additionally, each was presented with a framed copy of their resolution and an Agency clock.

 

 

Housing Choice Voucher Program Lease-Up Initiative Wrap-up Report

 

            Bill Murphy, Director of Rental Assistance, introduced Lynn Hayes, Rental Assistance Manager.  He explained that Ms. Hayes was responsible for managing the activities for the Lease-up Initiative.  Ms. Hayes wrote the final report and, as such, made the final presentation.

 

            Ms. Hayes stated that during the Lease-up Initiative, 4,000 families were called up.  There was a 55% response rate.  Of the families that responded, 91% were determined eligible to participate in the program.  Of the eligible families, 76% attended a Voucher issuance session and received a Voucher.  Overall, 1,520 Vouchers were issued in seven months.

 

            Ms. Hayes explained that there was a 79.9% success rate.  Leasing in-place was done by 34% of the families.  The average search time for a unit was 63 days.  Seventy – six percent of units passed the initial inspection.  Of the 17 term employees, six have been retained as full-time career employees.  Approximately 258 new landlords have been added to the program. 

 

            Of the allocated $2 million budget, approximately $886,000 was actually spent.  The final utilization rate was 96.3% by the March 31, 2003 deadline.

 

            Ms. Hayes noted that some of the factors which contributed to the success of the Lease-up Initiative were:  the increased Voucher Payment Standard, partnerships with other agencies, 48-hour inspection guarantee, promotion of leasing in-place, the marketing campaign, the landlord hotline, application assistance fee, free credit reports, the PEAP program, the Voucher Expo, good housing stock and extended working hours by dedicated staff.

 

            Chair Nelson congratulated Ms. Hayes on a well-written report.  He congratulated the entire Rental Assistance Division for a job very well-done.  He stated that the Commission is pleased that 1,200 additional families are housed.  He acknowledged the involvement of the Agency, as a whole, in working to accomplish the goal.  He again expressed the appreciation of the Commission.

 

            Mr. Murphy acknowledged the managers of the Rental Assistance Division:  Rose Matthews, Program Coordinator;  Winnie Thomas, Lead Inspector;  Lisa Hudson, Financial Management Supervisor; Bonnie Hodge, Program Coordinator; Joy Flood, Assistant Director of Rental Assistance; Eileen Hartnett, former Administrative Assistant for Rental Assistance.  Mr. Murphy thanked Ms. Hayes for her work as leader and motivator for the Initiative.

 

            In response to a question by Commissioner Bennett, there was a brief discussion of the waiting list. 

 

            Mr. Minton stated that the Lease-up Initiative was operated in text-book fashion.  He stated that the program was superbly managed.  Chair Nelson noted that it was also done at half of the projected budget.

 

 

A.                 Executive Director's Report - Mr. Minton added the following items to his written report.

 

 

1)                  The Econo Lodge site plan will be reviewed by the Gaithersburg Planning Board during the week of July 14th.

 

2)                  HOC will testify at the Montgomery County Planning Board on July 10th, in support of Affordable Housing as an exception in the Annual Growth Plan.  Dan Sachs will provide testimony for HOC.

 

3)                  Mr. Minton presented the artist’s rendering of the Fougler Pratt building which HOC financed in the fall of 2002.

 

4)                  Jerrilyn Matthews presented Mr. Minton with a  T-shirt from the students at the summer program which is operated at Georgian Court.  The academic program runs three days per week and serves 18 students. 

 

5)                  Zachary Smith, Director of Legislative and Public Affairs, has resigned.  He has taken a position with the D. C. Housing Authority.  Mr. Minton stated that Mr. Smith will be sorely missed. 

 

 

B.        COMMISSIONER EXCHANGE

                       

            Commissioner Bennett requested copies of the Harvard / MIT Joint Center for Urban Studies Annual Report on housing.

 

 

C.       COMMUNITY FORUM - no comments made.

 

 

III.             COMMITTEE REPORTS

none

                       

 

IV.       DELIBERATION

 

 

A.                 Approval of Amendment to Personnel Policy – HOC Drug Testing Policy

 

Annie Alston, Chief of Staff, stated that the item was moved to Deliberation at the request of Commissioner Kator.  She stated that Commissioner Kator had comments and concerns regarding the staff-recommended pre-employment drug testing.  Based upon Commissioner Kator’s concerns, staff conducted a survey of other agencies’ and jurisdictions’ policies on pre-employment drug testing.  The results were distributed to the Commission.  Those surveyed were:  Maryland National Capital Park and Planning Commission, Montgomery County Government, Montgomery County Schools, Montgomery College, Prince George’s County Government, DC Housing Authority, and Fairfax County Government.  Ms. Alston stated that drug testing is done on a limited basis, primarily for safety-sensitive positions such as police, mechanics, drivers and other similar positions.

 

                  Staff has proposed pre-employment drug testing for all employees. Commissioner Kator inquired about the reasons for HOC to do broader testing than any of the other agencies surveyed.  Mr. Minton stated that a broader approach was taken to maintain equitable treatment for all staff and all positions.  He went on to state that the Agency holds drug use as a basis for eviction or termination of subsidy, which cannot be appealed.  He stated that the Agency certifies to HUD and grant funders that HOC maintains a drug free workplace.  Furthermore, Mr. Minton stated that a very large number of employees have access to residents’ homes and / or responsibility of driving residents in Agency vehicles.  Additionally, staff conducts programs with children and youth.  Taking all of that into consideration, Mr. Minton stated that the Agency has a responsibility to conduct some screening for drugs.  He went on to state that instances in the past has made it clear that HOC had employees who abused illegal drugs.

 

                  Commissioner Kator pointed out that Montgomery County Government does not require testing of all employees.  He went on to state that Commissioners are not required to submit to drug testing.  He inquired about the inconsistency in policy for Commissioners and staff.  Mr. Minton stated that there is a difference in roles – Commissioners do not interact with clients regularly and the liability issues are not the same.  Mr. Minton stated that staff cannot control the requirements for Commissioner appointments.  However, the Agency can set policy for employees of the Agency.

 

                  In response to a question from Commissioner Kator, Mr. Louis Chaney, Labor Relations Manager, stated that a positive test result from an applicant would result in the nullification of an offer of employment.  He explained that an applicant who feels that the result is a “false positive” will have the opportunity to request an independent drug test.  Additionally, Mr. Chaney stated that an applicant has the opportunity to disclose whether they are taking medication which would result in a positive drug test.  The disclosure could be made at the outset.  Commissioner Kator inquired about who has access to the results of drug tests and pre-test disclosure.  Mr. Chaney explained that the information is confidentially maintained by the Medical Review Officer (MRO).  The MRO will then notify the applicant and a management official at HOC of the results.

 

                  Commissioner Kator asked whether an applicant on prescription medications would have to reveal a medical condition to the Agency which he or she would rather keep confidential.  He provided the example of an individual with AIDS.  Mr. Minton explained that applicants would be required to fill out a form prior to being tested.  The information on the form is kept confidential between the MRO and the applicant.

 

                  Mr. Kator explained that his concerns with the intrusiveness of the testing outweighs the benefits of the testing.  He stated that pre-employment testing is less likely to detect a drug abuser because such a person would simply choose not to submit to the test or to refrain from drug use until after the test.  He went on to state that a person taking prescription medication who may or may not wish to reveal their condition, may opt out of taking the test.  Mr. Minton informed the Commission that a medical examination is a requirement for employment.  Therefore, disclosure will be required with or without drug screening.  Mr. Minton further stated that a person who does not wish to take the drug test will have effectively self-selected out of employment with HOC.

 

                  Commissioner Kator stated the proposed policy will likely have the effect of merely screening out candidates who would rather not have government intrusion into their lives.  He stated that there is no real benefit to pre-employment testing.  He stated that the other categories of testing (reasonable suspicion, post accident, return to work) are adequate to cover the concerns of maintaining a drug free work environment.

 

                  Chair Nelson stated that although limited to certain categories of employment, pre-employment drug testing is carried out at most of the agencies surveyed by staff. 

 

                  Chair Pro Tem Galloway inquired about FBI background checks.  Patrick Mattingly, Director of Human Resources, stated that the Agency does a criminal background check on applicants, but it does not send cards to the FBI.

 

                  Commissioner Bennett stated that he fully respected Commissioner Kator’s arguments; however, he stated that he is not inclined to use the Agency policy as the arena for testing those reservations.  He stated that his inclination is to support staff’s recommendation. 

 

                  Commissioner Bennett moved adoption of the resolution.  Chair Pro Tem Galloway seconded the motion.  Affirmative votes were cast by Commissioners Nelson, Bennett and Galloway.  Commissioner Kator voted in opposition to the resolution.  Commissioners Thompson and Cohen were necessarily absent and did not participate in the vote.

 

RESOLUTION: 03 – 73                                            RE:     Approval of Amendment to Personnel Policy Chapter 1700, Section 1760 – Drug Testing Program Chapter 1300, Conduct of Employees, Disciplinary Code - Section 1331

 

WHEREAS, the Housing Opportunities Commission of Montgomery County, Maryland is firmly committed to providing a drug-free environment for staff; and

 

Whereas, HOC seeks to prevent the use of illegal drugs or abuse of prescription drugs and alcohol among its employees in the work place; and

 

WHEREAS, the Executive Director has recommended that the Personnel Policy be amended to include a Drug Testing Program; and

 

WHEREAS, the Drug Testing Program will be administered as defined in the Alcohol and Drug Testing Guidelines that were provided at the June 4, 2003 Commission Meeting, and

 

WHEREAS, the Housing Opportunities Commission wishes to conduct pre-employment drug testing to promote a drug-free work environment.

 

            NOW, THEREFORE, BE IT RESOLVED by the Housing Opportunities Commission of Montgomery County, Maryland that the Alcohol and Drug Testing Guidelines be approved as provided to the Commission at the June 4, 2003 Commission Meeting:

 

            BE IT FURTHER RESOLVED by the Housing Opportunities Commission of Montgomery County, Maryland that the Personnel Policy be amended as follows:

 

 

Chapter 1700

Add New Section:

 

1760     Drug Testing Program

The Executive Director is authorized to establish a Drug Testing Program for the purpose of maintaining and supporting a drug free workplace. Drug testing shall be administered prior to initial employment, upon a reasonable suspicion of use, after an accident or upon return to work after a positive drug or alcohol test result in accordance with the Alcohol and Drug Testing Guidelines.

 

 

Chapter 1300

Delete:

            1331                Evidence of current, excessive use of alcoholic beverages                                      affecting job performance or current use of illegal drugs.

 

Add New Language:

 

            1331                Use of illegal drugs or abuse of prescription drugs or alcohol.

 

 

B.        Adoption of Revisions to 2001 ABC and 2002 ABC Mortgage Purchase Program -

 

Earl DeMaris, Chief Financial Officer, introduced Tom DeBrine, Manager of the Single Family Program.  Mr. DeMaris stated that several proposed changes to the Single Family Mortgage Purchase Program have been submitted to the Commission to increase the use of funds. 

 

                  Mr. DeMaris stated that staff recommends authorization of the following items: a zero-point interest rate product, a reduction of the single family interest rates,  reduction of the number of products offered, and withdrawal of an additional $300,000 from the single family indenture for additional closing cost assistance with HOC first mortgages, an unused proceeds bond call of $6.9 million to retire bonds from 2001 and prior, and increase income limits to $59,360 for a one-person household size, $84,800 for a two-person household, $97,520 for three-or-more-person household.  Additionally, the Commission is asked to approve sales price limits of $303,300 for new construction and $255,600 for existing properties.  Staff is also recommending a re-financing program for HOC mortgage holders which would be funded by taxable bond funds that are available.  Finally, staff is recommending that the Executive Director be authorized to adjust single family interest rates by 50 basis points (up or down) and also be authorized to conduct a solicitation of additional lenders.  The authority given to the Executive Director would remain in effect until December 31, 2003.

 

                  Chair Nelson informed Commissioner Kator that a worksession was held prior to the meeting to discuss all of the proposed changes to the Single Family Program.  He stated that the three Commissioners who were present reviewed the information and are supportive of the measures. 

 

                  Mr. DeMaris confirmed that the changes to the program are being recommended based on the unprecedented reduction in interest rates.  Commissioner Kator stated that interested rates have recently risen.  He asked what impact the increased rates would have on the proposed changes to the program.  Mr. DeMaris explained that staff has asked for the Executive Director to have the authority to adjust the rates to accommodate for future fluctuations in the rate.  Chair Nelson stated that the Commission also has the ability to change the policy at any time.

 

                  Commissioner Bennett moved to adopt the resolution.  Commissioner Kator seconded the motion.  Affirmative votes were cast by Commissioners Galloway, Nelson, Bennett, and Kator.  Commissioners Thompson and Cohen were necessarily absent and did not participate in the vote.

 

RESOLUTION: 03 - 74                                             RE:     Adoption of Revisions to 2001ABC and 2002ABC Mortgage Purchase Programs

 

            WHEREAS, approximately $24 million of 2001ABC and 2002ABC Mortgage Purchase Program (MPP) funds remain available, and

 

            WHEREAS, the current low mortgage interest rate market is causing the existing 2001ABC and 2002ABC MPP interest rates to be uncompetitive and also causing a high payoff rate, and

     

            WHEREAS, the 2001ABC bond issues closed in May 2001 and interest rates have been reduced twice.

 

            NOW, THEREFORE, BE IT RESOLVED by the Housing Opportunities Commission that: