Housing - Agenda AGENDA
REGULAR MEETING
ROSEMEAD HOUSING DEVELOPMENT CORPORATION
CITY HALL CONFERENCE ROOM
ROSEMEAD, CALIFORNIA
NOVEMBER 10, 1998
CALL MEETING TO ORDER: 7:00 P.M. OR AS SOON THEREAFTER AS POSSIBLE
PLEDGE TO Mt FLAG: VICE-CHAIRMAN VASQUEZ
INVOCATION: AGENCYMEMBER CLARK
ROLL CALL OF OFFICERS: DIRECTORS CLARK, IMPERIAL, TAYLOR, VICE-
PRESIDENT VASQUEZ, AND PRESIDENT BRUESCH
APPROVAL OF MINUTES: NONE
1. APPROVAL OF GUIDELINE PROVISIONS FOR FIRST-TIME
HOMEBUYER PROGRAM
The Rosemead Housing Development Corporation approved a First-Time
Homebuyer program for Rosemead residents in April 1998. In an effort to
promote and expand participation in program, staff is recommending that
the Corporation Board adopt the following amendments of the program
guidelines: . . - ' - . . . - ' - . . •.- r
t ipi ' ' : (2) develop a more stringent definition of applicant income
9 fhich "annualizes" current monthly income over a twelve month period in
/ lieu of accepting the previous year's income as the qualifying standard; (3)
/ approve an equity share program allowing the Corporation to "share" the
profits when a qualified property is sold, rather than requiring interest
payment from participating households; and (4) reduce the down payment
requirement from qualified household from 5% to 3%.
Recommendation: Approve the amendments outlined in the Guidelines &
Procedures Manual for the Rosemead First Time Homebuyer Program.
2. MATTERS FROM OFFICIALS
3. ORAL COMMUNICATIONS FROM THE AUDIENCE ON HOUSING
DEVELOPMENT MATTERS
4. ADJOURNMENT
THE NEXT REGULAR MEETING IS SCHEDULED FOR DECEMBER 8, 1998, AT 7:00
P.M.
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. 2801.
RHDCAGENDA:11-10-98