Louisville Housing Authority Agenda and Packet 2013 12 10

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Louisville Housing Authority BOARD MEMO Date: November 27, 2013 To: Board of Commissioners From: Frank Alexander, Executive Director Re: Board Report for December 10, 2013 Meeting 1.Intergovernmental Agreement (IGA) Update At the end of August, 2012, four parties all executed the IGA to transfer the LHA properties to BCHA and bind BCHA to a number of commitments over the next 50 years. Progress on the IGA commitments is as follows: 2.Transfer of Properties Since the adoption of the agreement, we have successfully transferred all seven of the properties and the commensurate commitments of the IGA are being completed. BCHA is working closely with our auditors, Eide Bailly, to ensure that the presentation of all transactional components of the LHA IGA are completed effectively. Per GASB rules, the final audits for 2013 will show all capital transfers and operating expenditures in BCHA from January 1, 2013. As a result, all YTD financial statements are within the BCHA. In addition, BCHA restricted $1.7 million to complete renovations in Louisville in the next three years. PropertyAnticipated Consenting partiesConsents Status Transfer Dateobtained? AcmeDone4 party IGAYesTransfer complete LilacDone4 party IGA, lenderYesTransfer complete Regal Court IIDone4 party IGA, lenderYesTransfer complete Lydia MorganDone4 party IGA, lenderYesTransfer complete Regal SquareDone4 party IGA, HUD Office of Multifamily YesTransfer complete Housing, lender Hillside SquareDone4 party IGA, HUD Office of Public HousingYesTransfer complete SunnysideDone4 party IGA, Investor, lender, CHFAYesTransfer complete 3.Provision of Additional 15 Units of Affordable Housing In Five Years (as required by IGA) Boulder County purchased 12.86 acres of land in Louisville, located at 245 96th Street and known as the Alkonis property. The transaction closed March 22, 2013. Boulder County has conducted preliminary studies to determine that the site is highly suitable for affordable housing. In October, Alkonis was the subject of an intensive charrette at the Housing Colorado conference in Vail. A team of professional architects and planners led a group of Urban Planning students from the University of Colorado at Denver to design two viable design options and financial analyses for sites, which will provide between 175-211 additional affordable housing units. Supporting their efforts were an engineering professional, BCHA staff, and City of Louisville Planning Department staff. Boulder County and BCHA staff will also be engaged in the small area planning process lead by the City in 2014 and hope to have permit-ready development by 2015. 4.Rehabilitation Projects Update The Louisville Rehab Project (Regal Court, Acme, Lydia Morgan, and Lilac Place) has been completed, except for landscaping and final overly to asphalt parking lots. Both landscape and asphalt are anticipated to be completed by Thanksgiving subject to any weather delays. Staff is planning a final walk of properties on December 2. Feedback received from residents regarding improvements and work process has been very positive. We also added some work at Regal Square (roofing and parking lot repairs), which will be completed by Thanksgiving. 7