Louisville Housing Authority Agenda and Packet 2012 05 29

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Colleen said that the transition is really not as significant as people might think. While we have had a lot of input at the local level, BCHA has been running it for years. Kelly, Colleen, Frank, Willa, Terri, Heather, and Aaron will be at the study session. Frank said that w the fundamental core issue associated with the small size of the portfolio. The commitment here is to expand and to take care of, in perpetuity, the existing level of housing in a more strategic way for the long term. The commissioners have been heavily committed to affordable housing by making Josephine Commons happen. Developing a partnership to find land, build and expand units, is our preference. That conversation is fundamental to the future of the COur primary task, going forward, as we move into restructure, refinancing and recapitalizing and building the necessary capital improvement plans so that appropriate money is invested in the properties and they are safe and stable moving forward. The Commissioners will want to bring support and resources to these discussions. Contracting for Legal Services for LHA The board was introduced to Rod Felzer, attorney in Boulder County. He was invited by Jeremy to attend Rod letters are in the packet. Rod said that he has been representing the LHA since 1988. He used to represent Boulder County and is very familiar with Housing Authority issues and history. In 2005, when the LHA was contracting with the BCHA, he was involved. He is willing to be involved in any way that board would choose to involve him. Frank said the discussions to been around developing an intergovernmental agreement that would include the City of Louisville, the Louisville Housing Authority, and the Boulder County Housing Authority. That IGA would spell out the commitments on both sides as the consolidation efforts move forward. That would include principles of baseline number of units, expansion of those units, representation on the BCHA advisory board and what the BCHA will do as these units move into the consolidation. We are looking for someone to work with Jeremy, representing the BCHA, and Sam Light, representing the City of Louisville, an attorney to work on this consolidated agreement, and how we are going to do the terms, and perpetuity issues on a property by property basis as we move forward. We would be responsible for working with City staff and the board to come up with a mutually acceptable agreement to bring before City Council. th Jeremy said we are looking at May 15to make decisions on whether we are going to move forward. The BCHA office will take the lead on drafting the IGA. Later on, there will be real estate transactions, set forth by the IGA, and the actual transactions as you transfer property. LHA would want the attorney to review those as well. There is a HUD overlay involved and Frank will do that work on our end. It would be great to get Lydia Morgan transferred over this year. e tax credit exit and refinancing that we are trying to do this year. Frank said that Lydia Morgancompliance period has expired. Paul Smith is working with the investors on the exit. We can start to exit Sunnyside next year, as it expires in two years. We have had discussions with HUD on the public housing concerns which are quite extensive and will require board consideration. With a consolidation effort, we have a better argument for the disposition of public housing as the units transition out of the Authority. There is significant benefit involved. Jeremy said we are thinking about potential delays from HUD. The longer process will be public housing disposition for Hillside. and in place for Regal Square. Ideally we would be looking to have this closed by the end of the summer. 5