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<br /> <br />Post Office Box 471 Boulder, Colorado 80307 (303) 441-3929 <br />TDD Colorado Relay 1-800-659-2656 <br />Dissolution of LHC <br />As of the Lincoln Street Elderly Limited Partnership’s (Lydia Morgan) Year 15 LIHTC partnership exit in May <br />of 2012, Louisville Housing Corporation (“LHC”) had no further purpose and agreed to dissolve. The last actions <br />of LHA related to LHC were to re-appoint the board members in April 2012. Board members were Terri Abbott, <br />Steve Underhill, and Earnest Villany. LHC then resolved to exit the Lincoln Street Elderly Limited Partnership <br />and dissolve when appropriate. BCHA filed one last tax return on LHC’s behalf covering the portion of 2012 that <br />LHC was still active. Otherwise, our outside counsel on the Year 15 exit, Paul Smith, advised us to hold on <br />formally filing the statement of LHC dissolution with the Secretary of State until approximately a year after the <br />exit transactions. Submission of that filing is now underway, and we will let the LHA Board know once it’s <br />finalized. <br /> <br />Dissolution of LHA <br />As discussed at the May meeting, we anticipate that dissolution of LHA will not occur until the 2013 audit has been <br />completed and the entity has been kept open for a period of time to capture any additional transactions, similar to <br />LHC. We are proposing that LHA Board plans to have one more meeting in 2013, and 1-2 meetings in 2014. Board <br />feedback on this proposal is welcome. <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. Scope of work is complete and contractors have been chosen with contracts executed. BCHA is running <br />some of the work, such as roofing, and Pinkard Construction was selected for the work to be run by General <br />Contractor. Our preconstruction meeting was held with the architect and contractor. Individual site inspections <br />began on July 18, with work scheduled to begin the first week of August. <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. We are in the process of generating 2014 budgets, with the assumption that <br />all properties will be transferred to BCHA at that time. <br /> <br />Lydia Morgan <br />At the last meeting, Commissioner Oehkers asked for some additional follow-up on property management and <br />resident services at Lydia Morgan. <br /> <br />Tenant Screening process <br />Staff has heard repeatedly that current residents aren’t happy with our screening of new applicants. Our <br />screening process is governed by the funding covenants for the property and Fair Housing law. We will do a <br />brief education on screening at our next Resident meeting. <br /> <br />For the Board’s education: when units become available at Lydia Morgan, we advertise with a sign in front <br />of the building and on Craig’s List. We accept all applications from any interested applicant who meets the <br />age requirement of 62+. Once we receive the full application from the applicant, we screen the following: <br /> <br /> <br /> <br />13