Finance Committee Minutes

Advance work for Tuesday,
May 16 meeting.
For next Tuesday’s meeting, the following committee members are asked to provide a brief written overview/summary on various Housing Assistance Programs listed below:
Dennis Burke:
MS Home Corp
Main Street Grants

David Washer:
Federal Home Loan Bank of Dallas (FHLB), in particular the “Affordable Housing Program” (AHP)
City of Biloxi Housing Assistance Programs (down payment assistance, rehab of homes, etc)

Matt Perez:
USDA Grants
Habitat for Humanity (details of line of credit and permanent financing of homes)

Darnell Iachino:
Grant for Rural BroadBand Service – Suggested by Adele Lyons and her committee, (I will forward you the e-mail)

Steven Palazzo:

Jamey Hunt:
Homeowner Grant Program

To read a spreadsheet from Jennifer Schmidt (Governor’s Office), listing the major housing programs available beyond the CDBG Homeowner Grant Program, click here
Some of the agencies have websites attached to the e-mail which you can access for additional information.

In addition:
Sam LaRosa, Henry Dick, Jim Brashier, Jerry Munro
Please provide a brief overview/summary of the “GO ZONE” legislation with examples.
TIF Bonds – Provide a brief overview/summary of what TIF Bonds are & what they are typically used for. Provide suggestions on how TIF Bonds could best be utilized.
Becky Anzalone provided a proposal regarding “Employee Retention & New Hire Grants” related to the new “GO ZONE” legislation. Please follow-up on their request. (Sam-I will e-mail you the proposal)

Please submit all responses in a written format in order for us to combine all information to forward to the City of Biloxi website.

I anticipate we will be flooded with suggestions and proposals over the next few weeks from all of the other committees. It will be our job to provide as many financing options as possible.
Jamey Hunt
Finance Committee chair

The Finance Committee meeting scheduled for May 11 has been rescheduled for Tuesday, May 16 at 4 p.m. at BancorpSouth Bank, Biloxi Main office. Members should use the Vieux Marche entrance.

Our next finance committee meeting will be held Tuesday, April 25, 2006 at 5:00 p.m. at BancorpSouth Bank, downtown Biloxi. Please enter using the Vieux Marche entrance.
Jennifer Schmitt and Jae Park, with the Governors office, will be here to help identify grant opportunities and disaster funding that may help us with our rebuilding & recovery efforts.
All bank representatives please be prepared to discuss your banks financing products regarding affordable housing (in-house and mortgage).
Business/Economic sub-committee be prepared to discuss bond financing and “GO ZONE” legislation and provide examples.
Please respond if you are unable to attend.
Contact information:
Work 436-5005
Cell 380-9122

Finance Committee
Minutes of April 11, 2006
Meeting was called to order by Chairman Jamey Hunt at 5:00 p.m. Those in attendance were: Sam LaRosa, Clark Griffith, Darnell Iachino, Henry Dick and David Washer.
Scott Hamilton, Communications Director for Mississippi Development Corporation attended the meeting to outline the Homeowner Grant Program which is currently being processed through the Mississippi Development Corporation. The grant program is now accepting appointments for the application process. Potential participants can obtain complete information regarding the qualifications for the grant, and can also apply on line at Participants will sign authorizations which will authorize information to be obtained from FEMA; participants must adhere to covenants set forth by FEMA.
Mr. Hamilton estimates that approximately 40,000 applications will be received in the next six to eight weeks. As of April 11th they have already received 3,200 phone calls. Newspaper ads will be printed in the Sun Herald outlining all information. Participants will call to make an appointment, and they will be instructed to report to Singing River Mall in Gautier, Prime Outlet in Gulfport or St. Stanislaus in Bay St Louis to complete applications. Applications can also be completed on line on the above referenced web site which will shorten the application process. Three billion in funds are available and there approximately 30,000 eligible homeowners. Funds will not be distributed until almost all applications are received. Any remaining funds will be utilized for another program designed for under insured homeowners.
There are other programs through the “GO Zone” and USDA. The USDA offers programs for the elderly, and information can be obtained through the housing assistance site under USDA.
Two subcommittees were formed; Stephen Palazzo and David Washer will head the Affordable Housing subcommittee, and Sam LaRosa and Henry Dick will chair the Business subcommittee.
Everyone was asked to submit names for potential new members for the Finance Committee.
Jamey announced that Jennifer Schmidt and Gavin Smith will attend the next meeting to discuss availability of grants.
There being no further business, the meeting was adjourned.
The next finance meeting will be held Tuesday, April 25 at 5:00 p.m. at BancorpSouth Bank, downtown Biloxi. Please enter using the Vieux Marche entrance.
Respectfully Submitted,
Darnell Iachino, Secretary

The next Finance Committee meeting will be Tuesday, April 11th at BancorpSouth Bank at 5 p.m. Members should use the Vieux Marche entrance.