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Board approves seven First Montana Bank accounts for Anaconda LIH Solutions LP
Summary
The board approved opening seven bank accounts at First Montana Bank for Anaconda LIH Solutions LP — two accounts (checking and security deposits) for each of three properties, plus one operating checking account — and agreed to maintain the same signatories as current HACA accounts.
Secretary Kaitlin Leary told the board the new LIH ownership structure requires separate bank accounts and recommended opening seven accounts at First Montana Bank: a checking account and security deposit savings account for Mount Haggin Homes, Cedar Park Homes and P.J. Hagan Manor (six accounts total), plus an operations checking account for Anaconda LIH Solutions LP. "Seeing no further discussion, Chair A. Vauthier announced he would entertain a motion to approve opening the seven (7) new bank accounts at First Montana Bank for Anaconda LIH Solutions LP," the minutes record.
The board discussed maintaining HACA accounts because HACA will receive seller proceeds from the deal closing. Leary said account signatories for the new accounts would remain the same as HACA’s existing signatories, though a Good Housing Partnership representative might be added. Commissioner K. Vauthier moved to approve opening the new accounts, Commissioner Mary Kay Bjornemo seconded, and Chair A. Vauthier declared the motion carried unanimously.
Why it matters: the accounts separate tenant security deposit funds and operating funds under the new owner entity and set up banking relationships needed for the LIHTC transaction close and subsequent operations.
