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Chairperson Stazk expressed concern with the allocation of HOME funds and indicated that, while he understands needs in the community, before agreeing to the allocation of these funds, he felt that the Commission should review a complete application from HOUSE, Inc. The application should include budget information and additional details about how funds aze returned to the City. He felt it was important that HOUSE, Inc., comply with the requirements placed on other agencies when they apply for funds from the City. Commissioner Harris encouraged HOUSE, Inc., to take into consideration the concems expressed by Chairperson Stark and understand why no commitment can be made by the Commission at this time. However, he strongly encouraged the agency to continue to search for suitable properties so they would be prepared should a favorable decision be made. He also discussed with Mr. Erickson the information provided by HOUSE, Inc., when they requested funding for their Tanager property. Ms. Testa discussed with the Commission the formula used by HOUSE, Inc., for determining the rents paid by their clients, pointing out that some properties operate with a negative cash flow due to low rent revenue. Commissioner Stark questioned whether there was a timeliness issue that required the Commission to make a quick decision on this request for funds. Ms. Testa explained that current mazket conditions make this a good time for HOUSE, Inc. to consider this purchase. Although the housing mazket is forecast to remain relatively flat, they have a concern that interest rates may increase which may impede their ability to successfully acquire a new property. Commissioner Mermelstein discussed with Ms. Testa the number of people on the HOUSE, Inc., waiting list and in need of a place to live. Ms. Testa advised that the list was standing at 38 but has not been updated in some time. However, two couples on the list are still in limbo waiting for a place. She also advised that the agency is looking to add another property in Livermore and also to acquire its first property in Dublin. Vice Chairperson Casey questioned Mr. Erickson about where HOME funds would be used if they were not designated for this request. Mr. Erickson advised the funds could be used for the Housing Rehabilitation Program and/or for the Kottinger Place redevelopment project. Chairperson Stazk acknowledged there had not been a lot of requests for these funds but still had concerns about allocating funds without receiving additional information. He would like more detail that would allow the Commission to provide due diligence when allocating funds. He also confirmed with Mr. Erickson that he would be comfortable considering an allocation of funds prior to the upcoming fiscal year 2009/10 funding timeline if HOUSE, Inc., can provide the requested information. Page - 3 -