City Council Study Session Agenda and Packet 2012 05 08

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At our Board Retreat on March 13th, we agreed that it is timely to pursue transferring our assets to a larger organization in exchange for commitments regarding the operation and expansion of affordable housing in Louisville. The logical choice is BCHA. Since LHA's creation in 1975, BCHA has been solely responsible for the management of LHA's properties and programs. BCHA currently manages other affordable housing units in Louisville as well. BCHA's mission is aligned with LHA's, and has performed exceptionally in managing LHA over the last 37 years. We are confident that BCHA has the desire and ability to continue to serve our communities most vulnerable members, the expertise to manage the various local and federal requirements, and the resources to do so in a cost effective manner. In our preliminary discussions, we are proposing to enter into an intergovernmental agreement (IGA) between BCHA, LHA, and the City of Louisville. This IGA would transfer the current assets and liabilities to BCHA over the course of the next year. Under the terms of this IGA, BCHA would commit to the City of Louisville to continue to provide the current level of affordable housing in Louisville and to develop or acquire a specified number of additional affordable housing units over a finite period of time. We would also recommend that the IGA contain a provision for a City of Louisville representative to sit on the Boulder County Housing and Human Services Advisory Board, which is appointed by the County Commissioners. If LHA elects to pursue this course of action, the next steps taken by BCHA and LHA would include initiating conversations with the U.S. Department of Housing and Urban Development (HUD), negotiating an IGA, and providing BCHA with a due diligence period to review survey, title work, and environmental reports for the real estate to be transferred. We look forward to hearing your thoughts at the April 24th Study Session. Following the study session, the LHA Board will seek the support and direction of City Council at a regular Council meeting to formally move forward with this effort to transfer LHA's assets into BCHA in exchange for BCHA's commitments on the provision and expansion of affordable housing in the City of Louisville. Sincerely, 4,u' a47- Terri Abbott, Chair Louisville Housing Authority Board of Commissioners 7