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1. Background Information <br />The Louisville Housing Authority (“LHA” or the “Authority”) engaged S.B. Clark <br />Companies, through an already existing contract with the Boulder County Housing <br />Authority (“BCHA”), to complete an analysis of their housing portfolio (“Portfolio <br />Analysis”). Work commenced on the Portfolio Analysis in May 2011, and this report <br />represents the final recommendations to LHA Board and staff leadership of such <br />Portfolio Analysis. <br />LHA owns 116 units of affordable housing in 7 different properties located throughout <br />the City of Louisville, Colorado. For the purpose of this report, the properties are <br />grouped in the following categories: <br />Affordable Multi-Family Housing: <br /> These are the four properties in LHA’s <br />Portfolio (Acme, Lilac, Regal Court II, and Regal Square) which are not public <br />housing or low-income housing tax credit properties. Such properties are owned <br />outright by the Authority and are generally operated without specific rent <br />restrictions or tenant qualification requirement with the exception of Regal Square, <br />which benefits from Department of Housing and Urban Development (HUD) <br />Housing Assistance Program (HAP) contract (to be discussed in more detail <br />below). <br />Low Income Housing Tax Credit (“LIHTC”) Properties: <br /> Lydia Morgan <br />(Lincoln Street Partnership) and Sunnyside (East Street Partnership) are LHA’s <br />two LIHTC properties and are therefore restricted by the land use regulatory <br />agreement (LURA) associated with the award of the tax credits and the operating <br />partnership agreements made with the tax credit investor. The LURA restrictions <br />run for multiple decades while the partnership agreement runs until the end of the <br />15-year tax credit compliance period. In the case of Lydia Morgan/Lincoln Street, <br />the LIHTC compliance period concludes as of December 31, 2012, and for the <br />case of Sunnyside/East Street as of April 19, 2016. <br />HUDPublic Housing: <br /> Hillside Square (13 units) is a HUDPublic Housing <br />property receiving both public housing operating subsidy and capital grants. <br />Tenants must be income qualified and typically pay very low or no rent. <br />2. Objectives <br />The objectives of the LHA Portfolio Analysis are as follows: <br />To assess the financial and operational viability of each housing property; <br />To identify alternative financing approaches were beneficial; <br />LouisvilleHousing AuthorityPage 2 <br />Portfolio Analysis Summary Report <br />7 <br /> <br />