Louisville Housing Authority Agenda and Packet 2011 03 29

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Require ESLP to fund the reserve with excess cash flow. Steve suggested LHA undoes the transaction where LHA was given $16,404 by ESLP Frank suggested we bring back more detailed summary of balances to next meeting. Vipheatra said that one correction we are working on is a waiver from the bank. We need to, have a payment plan in place for the bank to do that.:. The loan balance would be around $14,000 and that would take first priority in any repayment plan. Steve suggested the best course would be to correct issue as quickly as possible. Vipheatra said that we are awaiting final report on audit'from Clinton Gunderson and that there may be more findings. HUD Public. Housing Disposition a) White Paper Analysis Sheri asked if there would be any conflict or issues with LHA tenants providing BCHA on the project— Chuck and Frank said that there would not Chuck said that if we use Rod Solomon as outside counsel that we would be covered in terms of making sure that everything is done correctly. The fee for such a consultation would be around '$12;000- $14,000: Chuck's concern is that if we submit a disposition application, it may be approved as project- „ based rather than tenant - based. He recommends that we wait to see what Congress does as far as budget and disposition process before "making any decisions on how to proceed. We may know more by next board meeting:. Best outcome for us is disposition with tenant vouchers. Frank suggested. a 1- hour phone consultation with Rod Solomon for now Steve and Board approved this suggestion. Frank _. recounted how BCHA was losing money on housing'projects prior to disposition. Frank detailed the disposition process that BCHA undertook and emphasized that it is a:multi -step process. Frank and Chuck will talk to Rod and come back with an update. Portfolio Analysis Estimate Chuck sent preliminary info to the Steve Clark & Associates team to set up a consultation, but they have not been able to look at it due to a high volume of work. We will hopefully have heard from them by the March Board meeting. Property Management/Maintenance Report a) Rent and Occupancy Update b) Monthly Rental Vacancy Report There are currently four vacancies: one at Regal Court, one at Regal Square, one at Sunnyside, . one at Hillside — all are covered but Regal Court:.