Louisville Housing Authority Agenda and Packet 2011 07 26

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Director's Report Frank chose to allocate his time for the report from Steve Clark Associates. Finance Report 2010 Audit Update Vipheatra said that we are finalizing the Louisville Housing Authority as well as East Street: Vipheatra explained the resolutions to the board. Terri motioned to approve resolution 03, 04, 05. Scott seconded the motion. All in favor. The motion passed unanimously. We are sending a plan out to the investors to get the approval on funding the reserves. That is the final piece on the East Street audit. Terri, as Vice Chairperson, signed the resolutions. East Street Operating Reserve Accounts Update Under budget by 2 with one vacant unit. Specific details are available in the board packet. HUD Public Housing Disposition Chuck submitted per Steve Underhill request. Vipheatra discussed the Louisville Housing Authority. Total budget is under by 5 Specific details are available in the board packet. Sherry asked if we should be concerned about these vacancies. 5% under budget is alarming. Sally says that we are now currently leased up. Every unit in Regal Court turned over this year. There is a vacancy at Lydia this month that is already filled. We generally budget for a 3 7% vacancy rate. Chuck has submitted the disposition task and timelines and distributed a copy to the Board members. Portfolio Analysis Presentation by Steve Clark Associates Steve Clark, Robert Plimpton, and Barrett Lucero presented the portfolio analysis. It is a preliminary analysis, including a Summary Report. The analysis was reviewed first. Page 6 states the preliminary recommendations. The summary report under the properties summary tab page 2 states Property NOI, DSCR, Valuation Debt Metrics for Affordable Housing Properties and Hillside Pro forma as disposed with vouchers. Frank explained the purpose of this analysis is to figure out what is the next step under these constraints or best option. We began work with the Clark team in 2003. Recently they completed the low income tax credit, as financial advisors. They have done a portfolio analysis for BCHA, which we are working into our future development process. We are glad they can work with us on this. Steve said his back ground is tax exempt bond underwriting, working with Piper Jaffrey for 25 years. 10 years ago he set up an independent advisory business. One of his first clients was the Littleton Housing Authority. They work with a lot of tax credit projects. The portfolio preliminary is a format developed with the Vancouver Housing authority, adapted and utilized with BCHA last year.