Louisville Housing Authority Agenda and Packet 2011 09 27

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Accepting City Council Funds Bonnie said that $33,000 in the City Coffers is set aside for the Housing Authority and that we have decided to install an ice melt system in the Lydia Morgan building. Jim Wilson spoke about the process of obtaining bids for the system. He wrote up an RFP, had a mandatory walk through with six contractors, and got bids from four of them. The lowest bidder was also the most experienced; with 10 years' experience in ice melt systems. The plan is to spend the money for the ice melt system, work through the winter with it, and off -set any increase in utility costs with a couple of solar panels next spring. We want to get a sense of what the usage is through the winter. Action: The board accepted the funds and approved the expenditure for the ice melt system in the Lydia Morgan building. Scott made the motion to accept the funds and approved the project, contingent on Council giving us the money. Terry seconded. Motion passed unanimous. Director's Report Frank updated the board on the Josephine Commons project. We have broken ground and are beginning construction which will be completed next summer. The ground breaking ceremony is scheduled for October 10th at 10 a.m. This is the largest building the Housing Program will ever have built. It will eventually go to 153 units. 100% will be senior friendly, 65% with zero steps. All 18 duplexes will be zero steps. The Clark team helped us work through the due diligence in the last 30 days before closing. Tax credits are the major way for getting this project off the ground. Phase II will be 4% private activity bonds, non competitive and a lot easier. We are in a protracted economic downturn. That is something that everyone who is volunteering, supporting, managing, financing and dealing with human services, will be seeing over the next 5 years. We see people's needs ongoing as we see a decline or flat line in the fmancial situation. You are seeing such a significant drain out of education, health, and human services systems that it does not facilitate a quick recovery of the ability for communities to support their families in a healthy way. We have to recalibrate and think through what this means for our service models, revenue streams, and needs for the community. Finance Report Frank said that the year -to -date units are at 98% occupied which is tremendous. The summaries of the Financial Statements highlights are on page 8 of the board packet. Chuck will take a look at the budget figures of 98% occupancy and 95% income and readjust the numbers accurately. Frank said that we know there will be potential cuts to the Section 8 voucher program. The first option would not be to cut rent levels for the remaining voucher holders in the program. We generally anticipate and freeze where the budget cuts are going to be concerning new vouchers. In all the difficult budget years, we have yet to remove anyone from the voucher program. Chuck said subsidy from the federal level for Regal Square and Hillside; the 2012 appropriation looks like it will be flat lined, if not a slight dip. Steve Clark and Robert Plimpton presented the Louisville Housing Authority Housing Portfolio Analysis Summary Report Steve said that they have worked with Boulder Housing Partners and Boulder County Housing Authority for much of the 10 years they have been in business. They looked at LHA owned and operated properties that fall into 3 categories: -4 affordable housing properties; Acme, Lilac, Regal Court II, and Regal Square -3 do not have formal subsidies, only Regal Square brings subsidized rent. -Two low income housing tax credits: Lydia Morgan, Lincoln Street, and Sunnyside are classic public housing. The property receives an operating subsidy and annual capital to maintain it.