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- target population is 20-25 families (1900 homeless children) in both school districts <br /> <br />Finance Update <br />May Financials <br /> <br />a) <br />Richard reviewed the LHA budget expenses from the board packet report. <br />Louisville Housing Authority is 98% occupied. Rental revenue and overall operating revenues are <br />tracking to budget. <br /> <br />Lydia Morgan is 97.6% occupied. Rental income is tracking to projected budget. <br />Sunnyside is 95% occupied. Total current and year to date operating income is tracking to budget. <br /> <br />IGA Update <br /> <br />Jeremy introduced Amber Hunter, attorney representing the LHA. <br /> <br />Amber will circulate the draft IGA to everyone. She requested that we move forward, as soon as <br />possible, to obtain a number of necessary consents that are contemplated in the IGA for the transactions to <br />move forward. <br /> <br />The HUD process for Regal Square requires a signed IGA to initiate the process. Another consent <br />required by the to the disposition of Hillside. <br /> <br />Traditional disposition normally takes between one to two years. Creative options were discussed for <br />potential time saving, including a condemnation process. <br /> <br />Jeremy said we want to dispose of it from LHA to BCHA and dispose of it from the Public Housing <br />Program at that time. <br /> <br />As in the past, HUD would be involved in the process up front. The only thing required to initiate <br />condemnation is a vote by the board to start the process. <br /> <br />going to be taken after you have already negotiated a settlement. We will research that option further. <br /> <br />Heather said that we are all comfortable that we are moving in the right direction and there is nothing <br />stopping us from proceeding. <br /> <br />Resolution # 2012-06 Authorizi <br />Public Housing Disposition. <br /> <br />Walt made a motion to approve Resolution #2012-06, Kelly seconded the motion. Resolution is <br />approved. <br /> <br />Property Management update <br /> <br />a)Rent and occupancy update <br />Willa said we are 98% occupied and the market appears to be very strong. <br />The maintenance <br />manager asked if the board could ask to use some of the additional funding from Louisville to fix <br />the existing system for $10,000 or replace permanently for $40,000. <br /> <br /> <br />-Louisville currently has $20,000 in the fund <br /> <br />-The other $20,000 could potentially be fund-raised <br /> <br />-During the Lydia Morgan refinance, we could include the new air conditioning units <br /> <br />-This should be addressed quickly, as it is a health and safety issue <br /> <br />