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HomeMy WebLinkAboutR-1998-075 Housing loan committeeRESOLUTION NO. R-98- 75 A RESOLUTION establishing a Housing Loan Review Committee for the City of Yakima for the , purpose of reviewing and advising the City Manager regarding housing loan applications filed through the Office of Neighborhood Development Services. WHEREAS, on March 3, 1998, the City Council reviewed and approved a policy that a Housing Loan Review Committee ("Loan Committee") should be established to review and advise the City Manager regarding housing loan applications filed through the Office of Neighborhood Development Services; and WHEREAS, the Loan Committee would meet on a monthly basis to consider whether housing loan applicants satisfy eligibility criteria and whether the loan applications comply with loan underwriting criteria established by the City; and WHEREAS, the Loan Committee would advise the City Manager whether such housing loan applications should be approved or denied; and WHEREAS, the City Council has determined that it is in the best interest of the City to establish such a Loan Committee for the previously stated purposes, now, therefore, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA: A Housing Loan Review Committee is hereby established for the City of Yakima for the following purposes and with the following conditions: 1. To review all housing loan applications for $2,500 or more that are filed through the Office of Neighborhood Development Services for the purpose of ascertaining whether the loan applicants meet eligibility requirements and whether such applications comply with the loan underwriting criteria established by the City. 2. To make a written recommendation to the City Manager regarding each housing loan application for $2,500 or more as to whether the loan application should be approved or denied based upon the underwriting criteria and loan applicant eligibility. 3. The Committee shall meet at least once a month unless there is an insufficient number of loan applications to review. The Manager of the Office of Neighborhood Development Services shall determine the time and place of each Committee meeting, and whether the number of loan applications is sufficient to warrant a Committee meeting. 4. The Committee shall consist of five members appointed by the City Council. A quorum of three members is necessary at any Committee meeting in order to review housing loan applications, and to vote on any matters and on loan (Ic)eea/ONDS Loan Committee.pm recommendations to the City Manager. Loan recommendations and all other matters requiring a vote shall pass or fail by a simple majority vote of the Committee members present at the meeting. 5. All Committee appointments shall be made from officers, representatives, agents and/or employees of banking and lending institutions with a place of business within the jurisdictional limits of the City of Yakima. 6. The appointment of each Committee shall be for two years; provided, however, that the initial Committee appointments shall be staggered with two members serving a one-year term and three members serving a two-year term. 7. Committee members shall serve without compensation and at the pleasure of the City Council: Any Committee member may be removed from the Committee at any time and without cause by a majority vote of the City Council. 8. No Committee member shall participate in consideration or discussion of a Committee recommendation regarding any housing loan application in which the banking and lending institution represented by that Committee member has any direct or indirect financial interest. 9. Members of the Committee shall be indemnified by the City for their actions as Committee members in accordance with City of Yakima Resolution No. D-5820 and as may be hereafter amended by the City Council. ADOPTED BY THE CITY COUNCIL this 19th day of May, 1998. ATTEST: John Puccinelli, Mayor XaJt-e- >ef vvi c.— City Clerk (Is)res/ONDS Loan Commuttee.pm BUSINESS OF THE CITY COUNCIL YAKIMA, WASHINGTON AGENDA STATEMENT Item No: For Meeting of: May 19, 1998 ITEM TITLE: Housing Loan Committee for the Office of Neighborhood Development Services SUBMITTED BY: William Cook, Neighborhood Development Services Manager CONTACT PERSON/TELEPHONE: William Cook, Neighborhood Development Services Manager (575-6101) SUMMARY EXPLANATION: As discussed at the Council work session and included in the Office of Neighborhood Development Services housing policies approved by Council on March 3, 1998, a loan review committee is being formed to review housing loans. The loan committee, made up of representatives from local lending institutions, representing the diversity in the community, will serve without compensation. The loan committee will meet monthly, or more frequently as required, to review loan packages prepared by ONDS. The loan committee will consider applicant eligibility and compliance with City loan underwriting criteria in recommending the City Manager to approve or deny each loan over $2500. Participating Lenders: Ann Wentz Yakima Federal Savings and Loan Dick Maison Central Valley Bank Tony Klein Pacific One Bank Sherm Losee Pioneer National Bank Michael Dotson Seafirst Bank Resolution x Ordinance Contract Other Specify_x Loan Review Committee Guidelines FundingforrS Approval for Submittal: City Manager STAFF RECOMMENDATION: Approve Housing Loan Review Committee and appointment of committee members to serve staggering terms. BOARD/COMMISSION RECOMMENDATION: COUNCIL ACTION: Resolution adopted. RESOLUTION NO. R-98-75