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COUNCIL COMMUNICATION <br />TO: MAYOR AND CITY COUNCIL <br />FROM: MALCOLM FLEMING, CITY MANAGER <br />DATE: APRIL 24, 2012 <br />SUBJECT: UPDATE/DISCUSSION - LOUISVILLE HOUSING AUTHORITY (LHA) <br />PORTFOLIO ANALYSIS AND CONSIDERATION OF LHA <br />CONSOLIDATION WITH BOULDER COUNTY HOUSING AUTHORITY <br />ORIGINATING DEPARTMENT: CITY MANAGER’S OFFICE <br />SUMMARY: <br />Please find attached a recent report by SB Clark and Associates which reviews the portfolio <br />analysis for the Louisville Housing Authority (LHA). Steve Clark with SB Clark and Associates <br />worked with Boulder County Housing Authority (BCHA) on the analysis of all of their properties, <br />existing data on the properties, and performance of the properties and cost of rehabilitation. <br />Steve Clark was asked to do the same type of property assessment for the Louisville Housing <br />Authority in May of 2011. <br />LHA currently owns 116 units located in 17 properties throughout Louisville. Portfolio <br />objectives were to 1) Assess financial viability of housing units, 2) Identify alternative financing <br />approaches where beneficial, 3) Identify properties best sold or recapitalized to facilitate new <br />development or acquisition(s) and 4) Identify properties suited for combining in a new low- <br />income housing tax credit financing. Highlights of the report are as follows: <br />Agency-wide Conclusion – Operating Efficiency <br />. “Generally, LHA housing properties are <br />operating to meet the mission of providing affordable housing to low-income Louisville <br />residents. The size of the property portfolio is small and generally the number of units at each <br />property is less than 30. These factors limit opportunities for operational efficiency. Any <br />opportunity for consolidation of the properties in a larger system or even acquiring/developing <br />new property near existing units can offer opportunity for operational efficiency.” <br /> Consider any opportunities for consolidation in a larger system or acquiring/developing <br />new property near existing units that can offer opportunity for operational efficiency <br /> Examine sale of Lilac Place and/or Regal Court II. While there is likely little “equity” to <br />be returned, at least the “risk” capital of debt burden properties could be re-deployed. <br /> Alternatively, consider reconstructing Lilac Place and Regal Court II debt into a longer <br />amortization loan, possibly by combination of these properties with new acquisition or <br />development (potentially including Hillside) or <br /> Consider disposition of Hillside Square as a public housing asset, possibly in order to <br />assist in acquisition or development of additional property <br /> Begin planning the wind-up of Lydia Morgan tax credit partnership and explore the <br />SUBJECT AGENDA ITEM <br />UPDATE/DISCUSSION - LOUISVILLE HOUSING <br />II <br />AUTHORITY (LHA) PORTFOLIO ANALYSIS AND <br />CONSIDERATION OF LHA CONSOLIDATION WITH <br />BOULDERCOUNTYHOUSINGAUTHORITY <br />2 <br /> <br />