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<br />Louisville Housing Authority <br /> <br />BOARD MEMO <br />Date: May 20, 2013 <br />To: Board of Commissioners <br />From: Frank Alexander, Executive Director <br />Re: Board Report for May, 28, 2013 Meeting <br /> <br /> <br />Intergovernmental Agreement Update <br />At the end of August, four parties all executed the IGA to transfer the LHA properties to BCHA and bind BHCA to a <br />number of commitments over the next 50 years. Since the adoption of the agreement, we have successfully transferred <br />the first five properties, Acme, Lilac, Lydia Morgan, Regal Court II, and Regal Square. The first four properties were <br />refinanced simultaneously with their transfer, and BCHA has restricted $1.7 million to complete renovations in <br />Louisville in the next three years. <br /> <br />Property Anticipated <br />Transfer Date <br />Consenting parties Consents <br />obtained? <br />Status <br />Acme Done 4 party IGA Yes Transfer complete <br />Lilac Done 4 party IGA, lender Yes Transfer complete <br />Regal Court II Done 4 party IGA, lender Yes Transfer complete <br />Lydia Morgan Done 4 party IGA, lender Yes Transfer complete <br />Regal Square Done 4 party IGA, HUD – office <br />of multifamily housing, <br />Lender <br />Yes Transfer complete <br />Hillside Square July 2013 4 party IGA, HUD – office <br />of public housing <br />In process We have submitted an <br />application to HUD, and <br />anticipate approval in June. <br />Sunnyside July 2013 4 party IGA, Investor, <br />Lender, CHFA <br />In process Consent obtained from <br />investor; lender is in credit <br />approval process; consent <br />to CHFA in process with <br />BCHA staff <br /> <br /> <br /> <br />Landbank update <br />Boulder County closed on purchase of the Alkonis site March 2013. The City of Louisville has adopted their <br />updated Comprehensive Plan. The Small Area Planning process is anticipated to begin later in 2013. <br /> <br />Rehab Update <br />We are working on plans and specifications for the Louisville properties transferred to BCHA in October. We’ve <br />attached samples of the work to be completed for Lydia, Lilac, Acme, and Regal Court II. Regal Square is in <br />process. <br /> <br />Rent and Occupancy update <br />We continue to see vacancy rates of around 3% for the Louisville portfolio. We implemented a $10 rent increase <br />for units where appropriate in April. <br /> <br />3