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'EVEL <br />O. <br />G <br />ST, <br />Ho <br />At the request of vice Chairman Wheeler, Community Development Director Bob <br />Keating reviewed the memorandum dated November 3, 2011, to provide erview of the <br />an ov <br />proposed modification to the Neighborhood Stabilization Program Community Development <br />Block Grant Housing Assistance plan. <br />Vice Chairman Wheeler sought further details from Director Keating, and pointed out <br />that gap financing would increase the loan by 5004. <br />, instead of 35%. He felt this program was <br />another bail-out on a local level to disguise where the money is really coming from so the <br />Federal Government does not take all the heat for bailing out the banks. <br />ON MOTION by Commissioner Davis, SECONDED by <br />Commissioner Flescher, by a 44 vote (Vice Chairman <br />Wheeler opposed), the Board approved the proposed <br />change to the Neighborhood Stabilization Program (NSP) <br />Community Development Block Grant (CDBG) Housing <br />Assistance Plan, and authorized the Chairman to execute <br />the revised Housing Assistance Plan (HAP), as <br />recommended in the memorandum of November 3, 2011. <br />DOCUMENT ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD <br />November 15, 2011 9 <br />'LAN <br />PG 674 <br />