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Louisville Housing Authority Agenda and Packet 2010 05 25
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Louisville Housing Authority Agenda and Packet 2010 05 25
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LHAPKT 2010 05 25
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<br />wrote things down, and are addressing them. Most tenants came up and thanked them for <br />coming and listening to them. <br /> <br />Sally noted that the survey went out yesterday. It explains the resident council and what will be <br />happening. Sally will send out an invite to the commissioners and Kay will send out a letter <br />regarding the meeting - Sally will let her know what to send out. <br /> <br />Section 8: HCV Proe:ram Reoort: Monthlv statistics <br />The Section 8: HCV Program Report is in the board packet. A brief discussion was held <br />regarding the 724 available vouchers - 686 vouchers able to fill- 38 unable because of <br />budgetary limits. - Chuck gave a brief overview of the Section 8 program to the two students. <br /> <br />Uodate on Status of 520 South Boulder Road transaction with Habitat for Humanitv: <br />Bonnie Star and Steve Underhill <br />Steve and Rob met with John Lowell last week. Things are ready to go. Should get land <br />transferred to them by the end of the year, with preliminary Plan approval hopefully by the end <br />of July. Would like to request the council make it a priority. <br /> <br />Steve mentioned that the LHA attorney could prepare the documents for review and approval of <br />the Louisville City Attorney. Habitat would be happy to share equity; LHA contribute 14% of <br />cost via the land and Habitat will contribute the other 86%. They have agreed to split any profit <br />with LHA over the 1 st 20 years on the percentage basis. <br /> <br />Length of restriction will be in perpetuity -level of income - 60 to 80 %. Brief discussion on <br />future owners selling the property - how many are below the 60% that are able to buy it. <br />Louisville Needs Assessment for 2008 - discussion - 80,000 to 82,000 for family of 4 is the <br />median income. In 2009, $53,204 for family of 4 - for Habitat wants to go to 60% AMI. <br /> <br />Review of Centennial Pavilion documents <br />This document is just for provision of some good information; how to deed restrict, what the <br />application is like, etc. <br /> <br />Initial sale will be less than 60% AMI issue is subsequent sale to non-Habitat homeowner. 80% <br />- HUD 80 or mathematical is 80 - HUD 80 is 64,000 - mathematical would be 70,200. Use <br />HUD 80% number for subsequent sales. Most important is to keep it affordable. <br /> <br />City of Louisville - better business practice - responsibility to lie with the City and can delegate <br />it to the Housing Authority. The City can enforce covenant issues - but the Authority cannot. In <br />order to enforce deed restrictions, you must have an entity that is going to be there forever. <br /> <br />The Centennial Pavilion could be a good document with some tweaks that are needed for LHA. <br /> <br />Steve will put together a memo and Rob and Steve will meet with the City Attorney regarding <br />moving along the legal documents. <br />
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