City of Sunnyvale
Excerpt Meeting Minutes - Draft
Housing and Human Services
Commission
7:00 PM Online and City Hall,
Bay Conference Room
456 W. Olive Ave., Sunnyvale, CA 94086
Wednesday, June 26, 2024
CALL TO ORDER
Chair Duncan called the meeting to order at 7:01 p.m.
SALUTE TO THE FLAG
Chair Duncan led the salute to the flag.
ROLL CALL
Chair Scott Duncan
Commissioner Jim Davis
Commissioner Elinor Stetson
Commissioner Ken Hiremath
Commissioner Elizabeth Steward
Commissioner Carol Weiss
Present: 6 -
Vice Chair Leesa RiviereAbsent: 1 -
Vice Chair Leesa Riviere (excused absence)
Council Liaison Russ Melton (present)
2 24-0709
Consider Authorizing City Manager to Negotiate and Execute an Amended Loan Agreement with MidPen Housing to Extend the $964,750 HOME Loan for Carroll Inn for 55 Years
Housing Officer Jenny Carloni provided the staff report and answered questions from commissioners.
After some clarifying questions of staff, Chair Duncan opened the public hearing at 7:36 p.m.
Suzzan spoke in opposition of approving the extension request. Suzzan expressed confusion about the inability to payoff the loan by MidPen since other properties are
profitable even if Carroll Inn is not.
Attachment 5
June 26, 2024Housing and Human Services
Commission
Meeting Minutes - Draft
Aditi Mahmud, Associate Director of Asset Management for MidPen Housing Corporation, thanked the commissioners for their consideration and regretted that MidPen was not able to restructure the loan in any of the ways proposed by the Commissioners at the March meeting due to the loan being in a junior lien position to other loans from the County and State. Ms. Mahmud highlighted the importance of keeping this property affordable for the population that it houses and advocated for approval of the extension.
Chair Duncan closed the public hearing at 7:40 p.m.
Commissioner Steward shared a document that showed the salaries and bonuses for the top five executives at MidPen Housing for the last five years. Commissioner Steward indicated that based on this information she couldn't support the request because the bonuses seemed excessive and didn't justify MidPen Housing's inability to payoff the loan that is now due.
Commissioners acknowledged that MidPen Housing has multiple properties that provide excellent services and other loans in good standing with the City, but could not reasonably conclude that paying this loan is a hardship.
After additional discussion and questions of staff, Chair Duncan asked for a motion.
MOTION: Commissioner Steward moved and Commissioner Davis seconded the motion to approve Alternative 3: Do not grant MidPen’s request for a 55-year extension of the HOME loan for Carroll Inn.
The motion carried by the following vote:
Yes: Chair Duncan
Commissioner Davis
Commissioner Stetson
Commissioner Hiremath
Commissioner Steward
5 -
No: Commissioner Weiss1 -
Absent: Vice Chair Riviere1 -
Attachment 5