Louisville Housing Authority Agenda and Packet 2011 04 26

Home Browse Search

A Physical needs assessment is under way for all LHA properties, and we will be preparing a 1, 5, and 10 -year capitalization program. Disposition of LHA project Hillside square — more info will be shared later. Portfolio analysis - info from Steve Clark and Associates coming later. Finance Report Discussion of Financial Statements. for Past Two Months Vipheatra will mostly be discussing audit and findings. LHA income was 5% under budget in January due to a vacancy.. Everything else was under budget. The majority of expenses were under budget for all partnerships. 20.10 Audit Update Audit update — Clinton Gunderson is about 90% complete with the audit. East Street Limited Partnership (ESLP) findings: there were: several, CG has issued a draft report final report yet. Operating reserve, deficit came to $30,287: We asked US Bank to go through Clinton Gunderson's calculations: $14,680 is the >. additional set -aside and the total is almost $45K. There was concern over a loan doc that had an incorrect interest rate. We corrected the error — it was a typo and the, actual loan was unaffected: Steve asked why previous info'. had been submitted to county attorney. Jeremy Durham rather than LHA's attorney:. Chuck answered that BCHA can use its attorneys at no cost and that Jeremy Durham; is a quite capable.. attorney,: Scott emphasized that LHA does have to pay for questions to their lawyer if BCHA does not, then that represents real savings. As of 3/24, balance in unrestricted cash •reserves for LHA is $44,482. ;There are restricted: reserves in the neighborhood of $437,000. Scott and Steve asked about the nature of the restriction on °those reserves: Steve asked for confirmation of numbers: given what was on paper in. report. Vipheatra clarified that the :totals were. for Jan and Feb, not March.: Analysis and Proposal for East Street Operating Reserve Accounts Scott asked if we are waiting' US Bank prior to making a decision on what to do with ESLP. Chuck confirmed. Scott asked if the plan would likely be to use unrestricted cash reserves to make up for ESLP Operating reserve. deficit.. Chuck said that would likely be the plan. Scott discussed how money for that plus retention of lawyers and consultants could be put together: HUD Public Housing Disposition Update from Frank and Chuck on Disposition Conference Call with Rod Solomon Chuck brought a couple of documents to share with the board;: Back in December, January, and February, there was discussion of disposition of Hillside Square, a property by LHA. In our opinion, it is debt -free. We have a letter of engagement. from Hawkins, Delafield, and. Wood to participate in procedure of disposition.. A conference call with consultant Rod Solomon took place in February, in which he stated that disposition process has not changed since BCHA did it in 2007. Rod also.said that the application has not changed. His verbal commitment to act as ongoing consultant to LHA in disposition process would be same fee structure as it .was for BCHA at just under $15,000. He has many contacts and Chuck recommends that LHA use Rod Solomon and in disposition process.