Louisville Housing Authority Agenda and Packet 2013 02 26

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Our commissioners commitment to the community saw this as the top parcel to acquire It is similar in size to Josephine Commons (14 acres) Preliminary conversations regarding use have begun with Planning staff Other entities have been looking at it and have submitted a back-up contract It demonstrates the commitment from Boulder County to the City of Louisville We will be looking at senior housing building and other options there Frank announced to the Board that it’s important to know that no proceeds from any of the Louisville transactions were used for the purchase of the Alkonis prtoperty. Willa said the success of the IGA led BOCC to focus on the commitments we made for additional units. Jay will let members of the public know at the next Council meeting that it is under contract. Kelly is impressed with the potential purchase that significant and what a positive impact that is for Louisville. The board has hoped for something like this for years. She thanked the board for her role in Housing & Human Services Advisory Board. Many positive things are happening. Most recently, encompassing Louisville, is the (TSN) Temporary Safety Net; voted in by County in 2010. It is an infusion of $5 million a year to enhance the services that DHHS is already providing and to change strategy for earlier intervention in the process for child care, food, etc. They are helping the taxpayers understand the benefits of this approach and the money that has been put into the system. Yesterday, the Advisory Board had a meeting with citizens of Boulder County to help us understand the best way to share that information with the rest of the community. BUDGET The budget was presented, including changes and consolidations, prior to officially opening a Public Hearing. Richard presented the changes In September 2012, four properties transferred to BCHA - Lydia Morgan - Lilac - Regal Court II - Acme Document before the board is the budget and summary for the remaining two properties, Hillside and Regal Square. East Street is still owned in a LIHTC Partnership with LHA as general partner. Total expenses are $165,022. The decrease in the 2013 budgeted revenues and expenses are reflective of the four properties moving to BCHA. Shirley presented the 2013 expectation for property transfers to BCHA - Regal Square is budgeted through April (4 months) - Hillside is budgeted through September (9 months) - East Street/Sunnyside is anticipated to divest in the first quarter of 2013 (3 months) - They are pro-rated and combined on the front page of the budget documents. - Associated management fees are prorated for the months in LHA before they move to BCHA. Frank said that if for some reason the transactions are delayed, we will come back to the Board with a budget adjustment later in the year. Willa gave an update on the East Street (tax credit limited partnership) transaction