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If you continue to operate as your own organization there are certain things you should do. The <br />13 units, if you can, should be disposed of and put into a program so that you could get vouchers <br />for them. The window is now closed, subject to the Special Applications of Chicago. <br />The opportunities for synergies and efficiencies are worthy of discussion. <br />Steve said that the benefits of getting the other partners to exit early, is that you don't have to <br />have their participation in the project. You do have to continue the partnership for a period of <br />time. The problem is that the USBank debt has a pretty high repayment penalty. <br />Kelly asked if Boulder County would like to grow and increase your properties? <br />Frank said the BCHA is currently growing with Josephine Commons. JC phase I will lease up <br />on September 1St. Phase 2 will continue in 2013 with a 72 unit base. We have been doing <br />smaller acquisitions over the last couple of years. Approximately 20 units have been purchased <br />or constructed in the last 3 years. We are incrementally getting more efficiencies and economies <br />to meet the community needs in different areas. <br />Steve said that LHA is too small to be able to leverage and buy another property. Synergistically <br />that exists with BCHA, <br />Discussion on Future of the Louisville Housing Authority: Jay Keany <br />Jay said that city staff had a meeting with Frank and are now talking with outside parties about <br />the portfolio analysis. BCHA is in the middle of refinancing all of their properties. There is an <br />opportunity now for LHA to merge into the BCHA; giving Louisville the opportunity to get <br />more affordable housing in the future and to realize more economy. <br />Right now Louisville has 3 sets of financials and books that have to be kept track of all the time. <br />With the tax credit properties coming close to being available, those could be folded into one set <br />of books. 3 different organizations own property in Louisville. <br />We think it might be a positive opportunity to merge LHA and BCHA. It gives Louisville the <br />opportunity to have more affordable housing in the future. <br />Franks said, between LHA and BCHA we have approximately 500 units, before Josephine <br />Commons. Josephine Commons Phase 1 & 2 will bring that number to 575 -650. To achieve <br />greater efficiencies, we need to be at the 800 -900 range. Over the next 6 and 12 months, BCHA <br />is going to go through almost a complete financing of its portfolio. <br />Jay said that the discussion for Louisville is now very time sensitive. If this is something we <br />decided to do, now is the time to do it because BCHA is discussing refinance. In the discussions, <br />we want to protect what is available in Louisville. We would want some inner governmental <br />agreement that says X number of units will remain in Louisville. We would hope that those <br />numbers expands over time. If a property were sold, if BCHA decides that Acme place was a <br />low performing property, those units would need to be a part of Louisville. This has not gone to <br />Council. He is the only member of Council that has been involved in that discussion. He has a <br />study session scheduled with council if that needs to be brought up. LHA would cease to exist if <br />that happens. <br />4 <br />