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HOUSING AUTHORITY OF THE COUNTY OF CONTRA COSTA
TO: BOARD OF COMMISSIONERS DATE: August 30 ,1988
FROM: Perfecto Villarreal , Executive Director «:
SUBJECT: HUD RECOGNITION OF THE CALIFORNIA HOUSING AUTHORITY
RISK MANAGEMENT AGENCY
I . RECOMMENDED ACTION:
REVIEW letter for the U.S. Department of Housing and Urban Development (HUD)
recognizing the Claifornia Housing Authority Risk Management Agency (CHARMA) as being
substantially equivalent to a "financially sound and responsible insurance company."
II. FINANCIAL IMPACT:
None.
III. REASONS FOR RECOMMENDATION/BACKGROUND:
The Housing Authority of the County of Contra costa has been a member of the
California Housing Authority Risk Management Agency since April 1, 1986. HUD
requires that any non-profit insurance entity formed by Public Housing Authorities or
Indian Housing Authorities must be recognized by HUD for purposes of compliance with
Annual Contributions Contracts (ACC) .
CHARMA submitted documentation which addressed HUD established criteria
covering: (1) under writing capability; (2) cost controls; (3) efficient and
qualified management; (4) adequate reserves for undischarged liabilities of all
types; (5) net recources adequate to absorb unusual shock; (6) soundness of
investments; and Urban Development recognized CHARMA as being substantially
equalivent to a "financially sound and responsible insurance company" capable of
providing the "coverages" required by the Annual Contributions Contract.
IV. CONSEQUENCES OF NEGATIVE ACTION:
None.
CONTINUED ON ATTACHMENT: YES SIGNATURE: �
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATIO4 OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON August �0 , 108 APPROVED AS RECOMMENDED _X OTHER
VOTE OF COMMISSIONERS
X- _ UNANIMOUS (ABSENT III, IV ) I HEREBY CERTIFY THAT THIS A TRUE AND
AYES: NOES: CORRECT COPY OF AN ACTION TAKEN AND
ABSENT: ABSTAIN: ENTERED ON THE MINUTES OF THE BOARD
OF COMMISSIONERS ON THE DATE SHOWN.
CC: County Administrator ATTESTED August 30 ,: 1988
County Counsel Phil Batchelor, Clerk of the
Housing Authority Board of Commissioners
M3e2/7-e3 - BY , DEPUTY