Louisville Housing Authority Agenda and Packet 2013 02 26

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Louisville Housing Authority BOARD MEMO Date: February 26, 2013 To: Board of Commissioners From: Frank Alexander, Executive Director Re: Board Report for February 26, 2013 Meeting Intergovernmental Agreement Update At the end of August, four parties all executed the IGA to transfer the LHA properties to BCHA and bind BHCA to a number of commitments over the next 50 years. Since the adoption of the agreement, we have successfully transferred the first four properties, Acme, Lilac, Lydia Morgan, and Regal Court II. The properties have been refinanced simultaneously with their transfer, and BCHA has restricted $1.7 million to complete renovations in Louisville in the next three years. Property Anticipated Transfer Date Consenting parties Consents obtained? Status Acme Done 4 party IGA Yes Transfer complete Lilac Done 4 party IGA, lender Yes Transfer complete Regal Court II Done 4 party IGA, lender Yes Transfer complete Lydia Morgan Done 4 party IGA, lender Yes Transfer complete Sunnyside March 2013 4 party IGA, Investor, Lender, In process Consent obtained from investor; lender is in credit approval process Regal Square March 2013 4 party IGA, HUD – office of multifamily housing, Lender In process Application has been approved by CHFA and is in process with HUD. Hillside Square Later in 2013 4 party IGA, HUD – office of public housing In process We are working on the application to HUD and hope to submit in 30 days. Landbank update Boulder County Staff is proceeding with the purchase of the Alkonis site, based on clean review of all due diligence. The City of Lousiville has extended their timeline for adopting the updated Comprehensive Plan. Buyer and Seller of Alkonis agreed to extend the closing date to March 22, 2013. Rehab Update We are working on plans and specifications for the Louisville properties transferred to BCHA in October. We hope to have the work out to bid by April. Rent and Occupancy update LHA ended the year with vacancy of less than 4%. We will be implementing $10 rent increases for the affordable properties for 2013. Increases are anticipated to take place in April.