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Board approves opening seven bank accounts for Anaconda LIH Solutions LP
Summary
Board authorized opening seven bank accounts at First Montana Bank for Anaconda LIH Solutions LP — two accounts (checking and security deposit savings) for each of three housing complexes plus an operations checking account — and to maintain the same account signatories as HACA.
The Housing Authority voted to open seven bank accounts at First Montana Bank for Anaconda LIH Solutions LP as part of the RAD conversion and tax-credit financing structure. Secretary Kaitlin Leary told the board the plan calls for a checking account and a security deposit savings account for each of the three complexes (Mount Haggin Homes, Cedar Park Homes and P.J. Hagan Manor), plus an operations checking account for the partnership.
"We will have to open 2 bank accounts for each of our 3 housing complexes... so 7 new accounts total," Leary said. The board discussed whether HACA's existing accounts would be closed; Leary said HACA must maintain an account to receive seller proceeds and that she would obtain further guidance from the development partner, Good Housing Partnership. The motion to open the seven accounts and maintain the same account signatories as HACA passed unanimously.
The minutes note the signatories for the new Anaconda LIH Solutions LP accounts will remain the same as HACA's existing signatories, though a representative from Good Housing Partnership may need to be added. Staff recommended First Montana Bank because it already holds HACA accounts; no formal alternative bank was proposed at the meeting.
