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Director's Report <br />Frank. gave an update on the status of the information staff has received to date on the stimulus <br />money that is available for affordable housing. The economic downturn has significantly <br />impac;ted the state budget. The state has a draft plan for $1 billion in cuts in 2009/2010. <br />Finance Report <br />2008 .Audit Update <br />Auditors have been out for the past few weeks. An :interview with the auditors is scheduled on <br />Thursday with Frank. The audits will be presented by the auditors to the LHA Board of <br />Commissioners at either the March or Apri12009 meeting. <br />January 2009 Financials <br />Financials will be presented next month due to the focus of the Finance Team on the work <br />required by the LHA auditors. There have been no significant anomalies from the financial <br />statements that were presented to the LHA Board four the year end 2008. <br />Acquisition of land opportunities for future affordable housing development <br />Cottonwood Park 5-acre piece of land: under contract <br />Other land acquisition opportunities <br />Steve Underhill passed out his draft proforma on a proposed land acquisition and senior housing <br />development. The costs from Lydia Morgan audit were used. Soft costs pulled from RMS means <br />data. <br />Next steps for the LHA <br />Rob motioned to set a goal for the LHA to develop car acquire 45 units of affordable housing <br />within the next 5 years. Steve seconds. All in are in favor. Rob would like everything laid out <br />and use it as a working plan. This can be taken to City council as the LHA goals. <br />Paul, Frank and Steve agreed to meet with Cottonwood developer to represent LHA and to <br />discuss potential options on the development. Paul will establish a time for the meeting. <br />Frank described the means by which the BCHA becaune involved in the Eagle Place partnership <br />and the limited role the organization played in the 60~-unit development. <br />Property ManagementlMaintenance Report <br />Rent and Occupancy Update/ Monthly Rental Vacancy Report <br />Sally provided an update on the properties. There was recently 1 vacancy at Lilac and a lease is <br />being signed today. There is more of a need for subsidized housing due to economic crisis. <br />Scott would like some stories for the newspaper. <br />Denver's rental report was released on February 20`t'. Rob will email the report. There is less <br />than 3 months of inventory in the real estate market. <br />Many families have been saved from eviction because of the BCHA emergency Housing Crisis <br />funds program. The Commissioners asked for a current status of the wait lists. The Housing <br />Choice Voucher waitlist currently has about 1,000 individuals on it. The waitlist is purged <br />2 <br />