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Louisville Housing Authority <br />BOARD MEMO <br />Date: August 22, 2012 <br />To: Board of Commissioners <br />From: Frank Alexander, Executive Director <br />Re: Board Report for August 28, 2012 Meeting <br />Financial Statements <br />June and July Financial Statements <br />Intergovernmental Agreement Status <br />st <br />The IGA has been approved by LHA Board on July 31and Boulder County Commissioners (BOCC) and <br />thth <br />the BCHA Board on August 14.At the Louisville City Council meeting on August 24, the Council <br />approved the IGA in a 4-3 vote, with an amendment of the term from 30 to 50 years. At the August 28,th <br />meeting, we will be seeking approval of the amendment by LHA. The amendment is scheduled to go before <br />BOCC and the BCHA Board the same day. <br />If all the parties agree to the IGA, we will begin transfer of the properties, with the goal of dissolving LHA <br />in 2013. <br />Wells Fargo has provided consent to have BCHA assume the debt on Regal Court II, Regal Square, and <br />Lilac Place. BHCA has issued an RFP to refinance 11 other properties, and has also included the opportunity <br />to refinance Lilac, Regal Court II, and Lydia Morgan, if the timing of the transfer makes sense. We have <br />received strong proposals from three banks and are currently evaluating them. <br />LHA/BCHA Eligibility policies <br />At the July meeting, the LHA Board asked that staff provide the eligibility policies for the LHA portfolio, in <br />anticipation of the change of ownership under the IGA. BCHA will continue to operate the properties in a <br />seamless manner for the residents. BCHA conducts criminal background checks on all prospective residents. <br />A number of current Federal, State and local policies govern properties. We will provide a more <br />comprehensive set of policies at the next Board meeting. A basic chart is as follows: <br />PropertyDemographic Entity setting Rent structureNew residents <br />Restrictionprevailing recruitment <br />eligibility rules <br />NoneBCHA AffordableFlat rent set by Open marketing <br />ACME PLACE <br />Area Median Income <br />NoneHUDPublic 30% of residents Waitlist <br />HILLSIDE <br />Housingincome <br />SQUARE <br />NoneBCHA AffordableFlat rent set by Open marketing <br />LILAC PLACE <br />Area Median Income <br />Seniors/DisabledHUDMulti-Family 30% of residents Waitlist <br />REGAL <br />Section 8income <br />SQUARE <br />4 <br />