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
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City Clerk
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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