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<br />. r- <br /> <br />. <br /> <br />8 <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />8 <br /> <br />. <br /> <br />MINUTES <br />HOUSING AUTHORITY <br /> <br />-2- <br /> <br />September 15, 1975 <br /> <br />The Executive Director <br />presented his report, <br />dated September 12,1975 <br />summarizing the various <br />methods of financing available under the Revised Section 23 and <br />Section 8 Housing Programs for the Senior Citizens Housing Project, <br />based on the findings and recommendations of the financial con- <br />sultant, Mr. Thomas Safran. <br /> <br />SENIOR CITIZENS <br />HOUSING PROJECT <br /> <br />Mr. Safran addressed the Authority and strongly recommended that <br />they request the Senior Citizens Housing developer to change <br />from the Section 23 (Revised) to the Section 8 Program because <br />it allows for all methods of financing and for an increase in <br />rent; and that they request the developer to utilize combined <br />FHA insured 22l-D-4 and bond financing for the insurance benefit <br />and expeditious processing. <br /> <br />The following motion by Commissioner Bricken, seconded by Com- <br />missioner Ward, carried with Commissioners Brandt, Evans, and <br />Garthe dissenting: <br /> <br />Direct the developer to make joint application with the <br />Housing Authority staff to HUD for the conversion of the <br />Senior Citizens Housing Project from Section 23 (Revised) <br />to the Section 8 Housing Program without restricting the <br />type of financing to be used. <br /> <br />Direct Housing Authority staff and the developer to <br />proceed with application for FHA insured 22l-D-4 <br />financing and to investigate the possibility of combined <br />bonding and 22l-D-4 financing. <br /> <br />Direct Housing Authority staff to recommend suitable <br />firms to act as a fiscal agent or a bond underwriter, <br />from which firms the Rousing Authority Commissioners <br />can make a selection for this purpose. <br /> <br />The firm of Rutan and Tucker was selected as bond counsel for <br />the Senior Citizens Housing financing program, on the unani- <br />mously carried (7-0) motion of Commissioner Garthe, seconded <br />by Commissioner Evans. <br /> <br />REPORTS OF COMMITTEES <br />UNFINISHED BUSINESS <br /> <br />Nothing to report. <br /> <br />Nothing to report. <br /> <br />NEW BUSINESS <br /> <br />Nothing to report. <br /> <br />The meeting was <br />adjourned at 3:15 <br />P.M., on the unani- <br />mously approved motion of Commissioner Ward, seconded by <br />Commissioner Garthe. <br /> <br />ADJOURNMENT <br /> <br /> <br />~~,w.~ <br />FLORENCE I. MALONE <br />Recording Secretary <br />