Louisville Housing Authority Agenda and Packet 2011 08 30

Home Browse Search

Over the past few weeks we have had an issue with the entry door at Lydia Morgan. 5 different vendors are working with us on the repair. The products are coming in. It should be functioning and operational by the end of this week. Steve Clark and Associates will be back at the August board meeting to finalize a portfolio analysis. Finance Report 2010 Audit Update Vipheatra gave an update on the 2010 Audits. We had planned on having Clifton Gunderson present the final audit today. There were quite a few review notes that were associated with the different reporting for East Street and Lincoln Street Elderly Partnerships. They are discreetly presented component units and needed to be combined with the LHA audit. In April of 2010 there was a fire in one of the units. $6,740 was paid incorrectly out of the replacement reserve fund. The bank is requesting that that be repaid. We told the bank we would need to bring that to the board before we could replace those funds. We are researching how to proceed. All of the other transfers have been made to US Bank to fund the Replacement Reserves. Vipheatra reviewed the board packet Finance Report. A few weeks ago HUD published their Capital Improvement Funds for public housing. The Louisville Housing Authority was awarded a little over $18,000. HUD Public Housing Disposition Chuck said that we have an agreement from Hawkins and Associate to start the entire process. When we receive the final form from the Clark team, we will proceed. Steve asked if there has been any new news in the last 60 days regarding the HUD disposition Chuck said it is still achievable. HUD has changed in the disposition approval process. When a public housing community receives approval for disposition, a requirement of the disposition process is to find and keep, in perpetuity, affordable housing one for -one under the project based subsidy program. Hillside Square is 13 public housing units. If we receive approval, we would have to commit to HUD to find 13 replacement units. It could be Hillside or another property within the city of Louisville. We would have to show guaranteed monthly rental assistance. The subsidy to be supported by the Housing Authority. In March of 2011, we received the letter from HUD. We are scrambling to find 56 units where we would provide project based assistance. As it relates to the public housing. program, we would have to bring some of our Section 8 Housing Program and apply it to project based units. 13 units would be converted from Public Housing to project based. Once we start the disposition, in the next 5 -6 months, we will need to get approval. We do have sufficient budgetary authority in the Section 8 pool. The total number of family vouchers would still be the same. 13 less would have tenant based vouchers and 13 more would be project based. The total number would be the same.