HDC - Agenda 08-10-04AGENDA
REGULAR MEETING
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
CITY HALL CONFERENCE ROOM
ROSEMEAD, CALIFORNIA
AUGUST 10, 2004 AT 7:00 P.M.
CALL MEETING TO ORDER:
PLEDGE TO THE FLAG:
INVOCATION: .
ROLL CALL OF OFFICERS:
APPROVAL OF MINUTES
7:00 P.M. OR AS SOON THEREAFTER AS POSSIBLE
PRESIDENT CLARK
DIRECTOR ALARC6N
DIRECTORS ALARCON,VASQUEZ, `FAYL9
TAYLOR, VICE - PRESIDENT IMPERIAL AND
PRESIDENT CLARK
NONE
aa 1. HOME PURCHASE PROGRAM — REQUEST FOR SUBORDINATION
AGREEMENT
A participant in the Corporation's First Time Homebuyer Program is
requesting an exemption from Section 2.5 of the regulations which
requires that before ten years, the homeowner share any equity resulting
from a re- finance or sale of the property with the Corporation. The owner
is re- financing the home and because of the increase in value of the
property in question, there is sufficient equity to protect the Corporation
which will retain the silent second trust deed on the property.
Recommendation: Waive the 2.5 payments, defer repayment of Ms.
Argandona's Corporation loan and subordinate the Corporation loan to her
new lender.
2. MATTERS FROM OFFICIALS
3. ORAL COMMUNICATIONS FROM THE AUDIENCE ON
HOUSING DEVELOPMENT MATTERS
4. ADJOURNMENT
Upon request, this agenda will be made available in appropriate alternative formats to persons
with disabilities, as required by Section 202 of the Americans with Disabilities Act of 1990. Any
person with a disability who requires a modification or accommodation in order to participate in
a meeting, should direct such request to the City Clerk's office at 626/569 -2171 at least 48 hours
before the meeting, if possible.
Posted 72 hours in advance of the meeting at City Hall, 8838 E. Valley Boulevard, Rosemead;
the L.A. County Library, Rosemead Branch, 8800 E. Valley Boulevard, Rosemead; and other
locations pursuant to RMC Sec. 1.08.020.