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Director's Update <br />Frank reported that Josephine Commons is on schedule. The August 9th completion day has not moved <br />since we started. At present, 45 units of the 74 are leased up. The biggest change is the number of two <br />bedroom units; allowing for more senior couples to move in. <br />Finance Update <br />a) April Financials <br />Richard said that LHA is 98% occupied. He gave a brief update from the Financial Report. <br />Our audit fee for this month was over budget, partly due to some of the work from 2010. The 51% under <br />budget is for maintenance expense due to $13,200 in salaries, benefits, and utility expenses. <br />Property Management update <br />b) Rent and occupancy update <br />Lydia Morgan and Lincoln Street are 97% occupied. Rental income is over projected budget. <br />Sunnyside and East Street are 95% occupied. Rental income is over budget. <br />Maintenance fee is larger because we have allocated for two months. <br />Discussion of LHA Portfolio Analysis <br />c) Discussion of City Council direction from April 15th <br />- next steps on IGA drafting and review <br />Frank said that the board went to Council on the 15t'' and got direction to proceed on drafting the IGA. <br />Sam Light will represent the City of Louisville. Jeremy and Ben will represent Boulder County. We have <br />had discussions about insuring that the current level of affordable housing be maintained. In addition to <br />the baseline level, we will add 15 units within 5 years. This includes both units owned in Louisville or in <br />partnership via LHA. We will reference the current agreement between LHA and BCHA to maintain the <br />level of vouchers. <br />Suggestions for resident meetings and input include: <br />- appoint someone to represent both the housing and human services resident concerns <br />- advertise our boards on City websites. <br />- have a staff liaison <br />- concerned residents can contact Louisville or BCHA staff directly <br />- detailed contact information for City, BCHA, staff, and board members could be posted at sites <br />IGA draft language discussion and next steps for review: <br />- LHA will transfer it's debts to BCHA making us responsible for outstanding needs to the <br />properties today and in the future. <br />- work together to make transitions happen between lenders, tax credit partners and HUD <br />- BCHA will pay for the due diligence cost as we are working through this process <br />- LHA will be absolved of the debt owed to BCHA for the developer fee of East Street <br />- BCHA will operate the portfolio going forward <br />- if a unit is sold, there will be enough time to bring the baseline number of units back <br />(possibly a 6 month time frame) <br />- Maintain ADA accessible public facilities as required <br />- Continue to provide meeting spaces for community group meetings at Regal Square <br />- Residents to have priority use of the common areas <br />- Senior related public meetings and Council related meetings will be accommodated <br />Selection of legal services for LHA <br />Board members interviewed three firms, in addition to Rod Felzein, to represent LHA. Based on their <br />primary focus, the recommendation was for Wagenlander & Heisterkamp. A fee and engagement letter <br />will be signed by Terri. <br />3 <br />