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Session 1913 <br /> <br />MINUTES OF THE UNIVERSITY CITY COUNCIL <br /> <br />March 15, 2004 <br /> <br />At a duly posted study session of the City Council of University City held in the <br />Conference Room on the Second Floor level of City Hall on Monday, March 15, <br />2004, Mayor Joseph L. Adams called the meeting to order at 6:00 p.m. In <br />addition to Mayor Adams, the following Councilmembers were present: <br /> <br />Ms. Cassandra Colquitt <br />Mr. Wayne Munkel <br />Mr. Robert Wagner <br />Mr. Larry Lieberman <br />Ms. Shelley Welsch <br />Mr. Arthur Sharpe <br /> <br />Also present was the City Manager, Frank Ollendorff, and the City Clerk, Leisha <br />Meine-Forsythe. <br /> <br />In order to accommodate visitors to the meeting, agenda item number five, <br />National Housing Trust Fund, was discussed followed by the Gay Field issue. <br />The other items were postponed until after the regular meeting. <br /> <br />A,qenda Item #5 - Housinq Trust Fund <br /> <br />Mr. Wagner advised the Council that 59 cities endorsed this Federal Bill, National <br />Housing Trust Fund Campaign. University City has been invited to endorse it. It <br />is a good idea because it brings matching Federal funds for Iow-income housing, <br />both rental and home-ownership issues including maintenance, new <br />construction, etc. Legislation establishes a trust fund made up of surplus from <br />FHA and FannieMae, funds which are over-funded. After maintaining their proper <br />balances in those two programs, there will be enough money to rehabilitate 1.5 <br />million units over the next decade, by matching Federal dollars 1-to-1, if we use <br />our own money, or 2-to-one, if the State uses locally controlled Federal <br />resources, such as redevelopment block grant money. It is worthwhile to <br />endorse; we are not committing to participate in the program, just endorsing it as <br />a good program. One thing to consider is what is meant by Iow-income <br />qualification. Forty-five per cent of the funds is targeted for development of rental <br />housing, including limited co-operatives, affordable families with incomes not <br />greater than 30 per cent of area or State median income; at the 30th percentile of <br />income. Twenty-five percent is set aside for preservation and rehabilitation, up to <br />the 80th percentile, and 25 percent can be used for residential houses. He <br />pointed out two caveats: 1) for University City, the emphasis on rental properties <br />over home ownership is bothersome; it would be better if these percentages <br /> <br /> <br />