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Current tenants could remain in place at Hillside via Tenant Choice Vouchers, or they could also use vouchers <br />elsewhere if theywish. <br />Chuck recommends engagement. of Hawkins, Delafield, and Wood and contract with Rod Solomon to assist in <br />disposition process. <br />The application process is detailed and lengthy, pretty much one year from start to finish. We .would also need to . <br />contract a third -party appraiser. Appraisal process is important - an appraisal which is too high could limit <br />options in terms of sale because HUD wants to see a sale within a certain percentage of the appraisal. Chuck . . <br />recommends that any appraisal company hired not provide an inflated appraisal. <br />Steve. and Chuck discussed HUD's view of appraisal given the poor real estate market. <br />Terri and Scott asked where money to engage Rod Solomon and appraisal would come . from in the budget. HUD <br />allows for reasonable relocation expenses, reasonable cost to transfer utilities. Chuck said that the $15,000 to <br />engage Rod Solomon would cover the entire one year process. <br />Steve questioned retaining attorneys at this point, given that we do not know market value, of Hillside property <br />Steve will call Rob Kelly for a preliminary .discussion :of the value of Hillside. <br />Walt asked if there was a specific property that the board should consider for purchase with the money from <br />disposition: Terri mentioned that the board has,: discussed a handful_of properties:. Scott said that the board has <br />been behind for a few years and hasn't had the money to think of what could be done with more money. <br />Chuck said that brokers that we would engage could investigate potential properties. <br />Portfolio Analysis Estimate <br />Letter was sent to Steve Clark and Associates to do a portfolio analysis for BCHA. They were also asked to take = <br />look a look at LHA portfolio and loo: at the financial status of all LHA properties, and gave an estimate for an <br />analysis at around $5,000. It would take. around 60 calendar days. This could be done in conjunction with <br />disposition process, but we should wait,until a decision has been made on whether board Will Move forward <br />:with disposition of Hillside. <br />Chuck discussed "the thorough nature of the.portfolio analysis and all that Clark and Associates would look at. .: <br />Chuck confirmed that the quote would be good through the. year. <br />Steve recommended moving forward sooner rather than later because the, report could help: in other areas in <br />relation to HUD <br />Property. Management/Maintenance Report <br />Rent and Occupancy Update / Monthly Rental Vacancy' Report <br />There are currently four vacancies: ;two. at Regal Court coming, one at Regal Square new tenant coming 4/15, <br />one at Sunnyside (3BR) <br />We had 'a review with CHFA where they came out looked at files went through property:. We received an above' <br />average score at Regal Square.. <br />Walt asked `. about the time it took to fill a recent vacancy after a tenant passed away. Sally said that a lot of the <br />delay had do with procedures of contacting family /next of kin. There were also concerns over the state of the <br />unit. Scott wondered if the situation had been cleared up with the mayor since the mayor had seemed' upset. <br />Sally assured the board that everything,had been done by property managers to make sure that the unit was clean <br />