Louisville Housing Authority Agenda and Packet 2011 08 30

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Portfolio Analysis Presentation by Steve Clark Associates (delayed until August 30 meeting) Walt said he was reviewing the portfolio analysis and looking at the potential for refinancing. Lydia Morgan was up. We have Sunnyside with a real high interest rate. He thinks we should start now, pursuing the possibility of refinancing. The Clark report is the best collection of information he has seen regarding the Louisville Housing Authority. New board members should see this report Scott said we are a couple of years away from doing that without the penalty payment being too high. Steve said that, instead of prepaying the loan, you can deposit an escrow of US Treasury Securities and make each payment as it comes due. The advantage here may be that you are not prepaying the loan, so you don't have to pay the penalty. It's called an advance refunding. He will take a look at it. Because FHA is the only game in town for apartments, they are looking at a year to get a deal done. It's the most likely type of loan we are going to be able to get right now. For new construction, FHA is the only loan available. They are in the neighborhood of high 4% to low 5% rate. Chuck said he believes that when Steve Clark and Associates come next month, we should Plan on a two hour board meeting in August and set aside some quality time to discuss some options. He would like to make at least 30 minutes for candid dialogues regarding next steps. They are very competent regarding public housing refinancing. Property Management/Maintenance Report Rent and Occupancy Update Sally said that we are currently fully occupied and we will be through the end of August. This past weekend the Lydia Morgan building was struck by lightning disabling one of the other electronic doors. We do not know if insurance will pay for this repair, as we have a $10,000 deductible. This will not approach that expense. Monthly Rental Vacancy Report We have two people at Lydia Morgan who have given notice. We have already placed an ad on Craigslist and several people have applied. The two Lydia Morgan units should be leased by August. 1899 Regal C, the resident is moving out. That should fill quickly. We do have a two bedroom coming open at Sunnyside at the end of August and is more difficult to fill. Section 8: HCV Program Report Monthly statistics Chuck said that there are no changes from the last board report. 73 Section 8 Housing choices are available in the City of Louisville. Matters from Members of the Board Scott said that the residents of Sunnyside asked him to the board information regarding a playground or playground equipment. Would it work out with our insurance? Is there some type of grant we could request from the City? We have more kids in the neighborhood now than at any time in the 7 years he has been there. There is no common ground to play together. As you go to the west end of the parking lot there is a door at the fencing area between Sunnyside and our neighbor to the south. The gate there closes but is not locked. People around the railroad tracks are doing certain activities that we don't want our children to be around and are potential safety issues. We need to find out whose gate that is, and if that is a fire issue.