Louisville Housing Authority Agenda and Packet 2011 05 31

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The one year critical path for the Hillside public housing disposition has started. One of the primary tasks is the third party physical needs appraisal of Hillside's 13 public housing units in 3 buildings. The appraisal cost for Boulder County Housing Authority's 56 public housing units was $8,000.: He anticipates a third party appraisal for Louisville Public' Housing, at Hillside, to be $1,000 $1200, We will need third party approval for the HUD disposition application. It will require a stamp and signature and will be good for the entire application. We did sell off some public housing in.a "short sell" to two LLC's we formulated; one multi-family LLC and one single family LLC. We bifurcated because there were some that we wanted to keep in our portfolio as affordable housing and 14 properties that we want to sell' at fair market value. Chuck says from third party distance from HUD it is to leave the Louisville Housing Authority proper. It can be an LLC; solely owned by the Louisville Housing Authority. That will trigger the eligibility for HUD to remove their name off ofthe deed. It's a paperwork process. The Clark team will be at the next board meeting to shed a lot of light on this Sherri verified that, initially, if they choose to stay after the sale, these tenants would all have vouchers:: Hopefully, as they move out, the property would attract more voucher holders. At that point we can charge fair .market rents; around $970 for a two bedroom, predicated on the utilities. Lydia Morgan Community Room flooring is desperately in need of restoring. $5,800 would completely remove existing flooring, add new subfloor, and incorporate a type of flooring that is a serpentine design in style. It would take about two days of maintenance and would' close down the community room. He has .spoken with Vipheatra regarding identifying for the project: Because it is under $25,000 it does not need to be a forinal resolution, A verbal :notice: to proceed will be adequate. We will make sure the fund reserve does not below what the partnership, requires: Walt made a motion that we give a prior approval for repairs to the Community Room flooring, so that they can proceed as soon as they can work out the verbally agreed upon finances. Steve seconded the ,motion; all in favor The motion passed unanimously: Finance Report Viphetra said that all of the field work has been completed for the 2010 Audit. For 2010, the reserve deficit is calculated' to_ be,$48,000, The calculations came from US Bank, the investor who requires the,mirumum reserve balance. We are $30,287 short That does include the $16,000 that was paid to the East Street Limited Partnership., The amount to fund would be $14,000 The additional set aside is calculated when the loan to value falls below 80 East Street Limited Partnership is in compliance with that They are not in compliance with the debt service coverage ratio. That comes to $14,680. The calculation came from Sue Calendar with US Bank. Clifton Gunderson,,Viphetra, and USBank agreed to these numbers: There are a few ways to fund the reserve deficit; a loan to the partnership or to fund it in total. The total would be about $2$,000. The unrestricted cash' reserves, as of March 31, are at $617,000, made up of the operating cash, the replacement reserve, and the LHA cash operating. $608,000 is in the cash maintenance and replacement, reserves in LHA.