Louisville Housing Authority Agenda and Packet 2011 05 31

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The minimum operating reserve balanced needed to be about $48,000. It's short about $30,000. The maintenance replacement reserve is $3,400.. She recommends that it be funded in total, instead of through a payment plan, which must be approved by USBank. She agrees it should be a loan. You have first priority, if those properties are sold, that the money comes back. She recommends charging an interest rate that is lower than market rate, perhaps 1 Steve made a motion that we transfer loan money from LHA cash maintenance replacement reserve funds to the East Street Limited Partnership restricted cash operati-ng:reserve fund, in the exact amount needed to bring it current, pursuant to the loan documents in the audit, and that LHA charge the East Street Limited Partnership a 1% annual interest. Terri seconded, all in favor. The motion passes unanimously. Vipheatra said that during the audit the: promissory; note had an incorrect: interest rate. The revised note corrects, what the original stated.. The 1.5% and .5 %interest rates were listed. As of March 31', Lydia Street has a cash balance, .for :project reserve, of $27,000. If we continue spending and receiving revenue at the rate of the first quarter, the,excess cash will be about $13,.780, which" would cover the flooring. Louisville Housing Authority Financial Statements, period ending March, shows rental income under budget by 4 There was one vacancy at Lilac, and one unit. at Regal 2. Sherri would like to see` if our budget,numbers are off. We have, been experiencing high occupancy., and budgeting at 07 Vipheatra detailed.total tenant charges, based on the financial inforriation provided in the board packets. Lincoln Street Elderly Limited Partnership financial statements`show rental income is over budget by 2%, about $1,300 Detailed total tenant charges; based on financial information provided in the board packets East Street Limited Partnership show rental income is under budget by 2 There were two vacant units at the end of March. Detailed financial information" is provided in the board packets. HUD Public Housing Disposition Chuck brought to the board,the critical task of the one year calendar for the disposition of public: housing application,, In May the Clark team will -start the engagement for the portfolio analysis.: Steve will ask Rob Kelly for the broker's analysis. Steve said that, by default, Frank has been the Executive Director. The board is curious how Chuck fits into that position. Chuck said that, in the organizational structure, he is currently the Housing-Division Director for the Department of Housing and Human Services; which embodies both Boulder County Housing. Authority and the Louisville Housing Authority. Under Federal Statute there is an elected 'Executive Director formulated by the County Housing Authority and County Commissioners who assumes the Director of the Louisville Housing Authority, under the partnership management agreement.- It's up to the Louisville Housing Authority how they choose to elect a future Executive Director. He suggests that Frank come to a board meeting on a quarterlybasis. He will bring back information from that meeting that requires his attention.