06/17/1992 Meeting - Laserfiche WebLink

Home Browse Search

- M I NUT E S Eugene City Council McNutt Room--City Hall June 17, 1992 11:30 a.m. PRESENT: Mayor Jeff Miller (l2:l3 p.m.), Shawn Boles, Bobby Green, Ruth Bascom, Debra Ehrman, Randy MacDonald (ll:40 a.m.), Paul Nicholson, Kaye Robinette, Roger Rutan. ABSENT: None. The adjourned Eugene City Council meeting of June 10, 1992, was called to order by Mr. Boles, in His Honor Mayor Miller's absence. The council agreed to address agenda item II prior to item I. I. COMMUNITY REINVESTMENT ACT TASK FORCE UPDATE Mike Sullivan, Planning and Development Department, provided an update on the Community Reinvestment Act (CRA) Task Force. Mr. Sullivan said that the City Council directed staff to form a citizen task force to examine community cred- it needs and related issues, and whether local lenders were meeting these e needs. The council further directed that this effort be undertaken jointly with the City of Springfield to address the credit concerns of the entire metropolitan area. The 12-member task force held eight meetings and two com- munity forums over a six-month period. The task force considered housing credit needs (multi-family and single-family) and business credit needs. Mr. Sullivan presented several major findings of the report, as follows: Multi-family housing * Lack of equity for low-income housing development * Financing for private, nonprofit developers * Lack of local market for low-income tax credits * Technical assistance to nonprofit developers Mr. MacDonald arrived. Single-family housing * Inability to qualify for home loans * Higher cost of small mortgage loans * Downpayment and closing costs barriers * Difficult to obtain loans for older units in older neighborhoods * More information and training is needed for borrowers - MINUTES--Eugene City Council June 17, 1992 Page 1 11:30 Work Session