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Board approves $10,000 down payment assistance loans and updates Housing Authority signers
Summary
The Grand County Housing Authority approved two $10,000 down payment assistance loans (contingent on settlement statement and inspection) funded from a CMHC revolving loan fund and authorized updates to multiple Housing Authority bank signers, removing one former member and adding a current board member.
The Grand County Housing Authority authorized two $10,000 down payment assistance loans and approved changes to Housing Authority account signers at the Feb. 4 meeting.
Sheena Darlan, representing the Grand County Housing Authority, asked the board — sitting as the Housing Authority — to approve soft second down payment assistance loans for two buyers and to make the approvals contingent on a final settlement statement and property inspection prior to wiring funds. She said the loans come from the CMHC down payment assistance loan fund, which was seeded by HUD grant money. "This loan is for ... in the amount of $10,000. This will be funded out of our CMHC down payment assistance loan fund, which originated at a HUD grant money," Sheena said.
Commissioners approved the contingent loans and the chair moved to authorize signing of applicable documents when the inspections and final reviews are complete. Sheena also requested the board update bank signers across multiple Housing Authority accounts: remove Richard Cimino, add Edward Reidner (also to have online access and wire authority), and retain Merit Linky and Raheemdi George. The board directed staff and legal to draft a written resolution for signature and voted to authorize the changes.
Commissioners noted the signers and account numbers will be included explicitly in the forthcoming resolution and bank documents and that staff will return with a formal written resolution for signature next week.
