Title
Subject: Request from Racine Mutual Housing Association for
changes in terms and conditions of rental rehabilitation loans.
Recommendation of the Loan Board of Review on May 28, 2009:
To approve Racine Mutual Housing Association's request to change
terms and conditions of the rental rehab loans as agreed upon in the
RMHA Forbearance Agreement with the following changes to the
agreement:
First, under Duties of the City, paragraph 2, it should be understood
that all matters listed in the Forbearance Agreement should be
considered city issues for which the City Representative would be
present.
Second, under Duties of RMHA, item 1-k. should read "Properties sold
during the quarter."
Last, under 2. Policy Update, RMHA to put their policies in writing,
upon acceptance by their board, all should be reflected in their board
minutes.