Louisville Housing Authority Agenda and Packet 2012 07 31

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Louisville Housing Authority BOARD MEMO Date: July 23, 2012 To: Board of Commissioners From: Frank Alexander, Executive Director Re: Board Report for July 31, 2012 Meeting Financial Statements Finance staff are working to complete the journal entries to bring Lydia Morgan into LHA, following our LIHTC partnership exit in June. We will report both June and July Financial statements at the August meeting. Intergovernmental Agreement Status Since the June meeting, we have been through three iterations of review and comment on the intergovernmental agreement (IGA), and believe it is now in final form for action by the four entities who are party to the agreement: LHA Board of Commissioners, BCHA Board of Commissioners, Louisville City Council, and Boulder County Commissioners. At the previous meeting, LHA directed that staff begin to collect the necessary consents for transfer of assets and debt obligations. To date we have initiated conversations with Wells Fargo, HUD, and US Bank CDC. These partners have indicated support of the transaction and willingness to consent. Our proposed timeline for approvals are: st - July 31 - LHA Board approval th - August 14 City of Louisville approval st - August 21 BCHA Board and BOCC approval If all the parties agree to the IGA, next steps will include continuing to pursue consents and HUD approvals, and effectuating the transfer of properties, potentially as soon as late August or early September. Public Housing Disposition Application At the last meeting, we discussed the transfer the Hillside property by eminent domain or the traditional HUD disposition process. We are continuing to research these options, and will return with a recommendation at the next meeting. We are also recommending that LHA retain Mark Welch with Community Capital Corporation for a sole procurement to assist with the public housing disposition. nts in Colorado familiar with the HUD process. Five Year and/or Annual Plan, which is a required Public Housing Authority document with HUD. The Board last adopted a Five Year Plan in October 2009. The Board has approved Annual Plan updates annually since that time. We will be seeking Board approval of the revised Five Year and/or Annual Plan at the August or September meeting, after we have worked through the required public review and resident comment periods. Property Management update As of July 19, 2012 there are currently a total of four vacancies in Louisville, two units at Lydia Morgan, one at Sunnyside, and one at Regal II. We will be signing a lease for one unit at Lydia this coming week, and are currently marketing the other unit. At th Sunnyside, we have an eligible applicant who intends to move in August 20. For Regal II, we anticipate an FSS client moving into the unit in August.