Louisville Housing Authority Agenda and Packet 2011 02 28

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8 -10 years. The PHA score was received this month. We scored an 85 on HUD testing, which makes us a Standard Performer. To reach High Performer status, the PHA must score 90 or higher. Chuck explained the Tenant Protection vouchers if PH is disposed of. Chuck and Frank recommended that LHA consider engaging with a 3` party financial consultant to look at entire portfolio to help with future decision- making. The board may want to consider discussing. Rob asked if that included a financial analysis that would then lead to marketing the LHA and properties as an investment: Chuck discussed the possibility of privatizing Hillside to use that money for investment in other areas. Chuck estimated that privatizing Hillside would move it from project -based to tenant based assistance and allow LHA to triple its income from the property. Hillside would no longer be tied to HUD as public housing and would be owned by,an LLC with LHA as a subsidiary owner. Current tenants would be issued tenant protection vouchers:— tenants would essentially have the right to remain or move with assistance. HUD reviews each disposition application carefully, so we would need to be thorough and careful in the process. Financial consulting would help greatly in this process. At the Federal level, HUD is currently very interested in public housing. Chuck said that the disposition process usually takes around 11 months. This would be presented in a public meeting: Chuck discussed the historic support of Section 8 at the Federal level and anticipation that it would continue. The Sect. 8 Voucher program was started in 1972 and has gone up every year since. Annual Contribution Contract does not have to be bought out per Chuck. Rob will go in and see the notes on the properties. Per Sheri Sunnyside is the only one that has not done so well due to bad loan. Rob stated we can always refinance. Chuck will finish the financial analysis and bring it to next board meeting.; He will consult with Steve Clark Associates for public housing disposition. At Lydia Morgan we are trying bids for the underlying pavement. Don Roybal is working on that along with the PNA which will be done in September. Walt expressed that residents are concerned about the flooring in the community room at Lydia Morgan. Chuck explained the Tenant Protection vouchers and the rights of the tenants. Tenants have the right to move and we would have to share the relocation fee and the utility expenses. Tenants' rents would remain the same. HUD would need to have a good reason on the disposition contract why we want to dispose and leave the PHA. Rob asked about NSF, Chuck will check but does not think we applied for these funds. Rob discussed the benefits of expansion that could be allowed by privatizing Hillside. Chuck said that he will bring further, info on the disposition of Hillside to future board meetings. The Board agreed that Chuck would engage Steve Clark and Associates in a preliminary analysis /estimate and that he would bring info to next meeting and the Board will decide if they want to engage Steve Clark and Associates in a full analysis: Chuck closed by saying that Frank would hopefully be at the next meeting. Resolution 2011 -01: A Resolution Designating the Place for Posting of Notices of Meetings of the Board of Commissioners of the Louisville Housing Authority Teri motioned to approve resolution 2011 -01 and Rob seconded the motion, all in favor. The motion to approve Resolution 2011 -01 passed unanimously. Bonnie brought the Open Government Ethics for each board member. Joyce Brassem is here and she will be replacing Walt on the board.