9 - Management Report
MEMORANDUM
To: Board of Commissioners
From: Management Staff
Subject: Report of Activity
Date: February 1, 2011
This month's Management report includes:
Consent:
Action: December 2010 Preliminary Financial Summary
Resolution #1: 2010 Management Assessment
(MASS) for PIIAS submission
Resolution #2: Section 8 Administrative Plan Adoption
Resolution 43: Adoption of Changes to Preferences for the Public
Housing and Section 8 Housing Choice Voucher Program
Updates: Occupancy Status and Net Rental Income
Green Matrix and Solar Tracking
CIP Projects
Attachments: 2010 Management Assessment for Public Housing Agencies
(by email)
Resolution #1: 2010 Management Assessment
(MASS) for PHAS submission
December 2010 Financials
Resolution 42 Section 8 Administrative Plan Adoption
Resolution 43 Adoption of Changes to Preferences for the Public
Housing and Section 8 Housing Choice Voucher Program
Green Projects Matrix
CONSENT ITEMS:
ACTION ITEMS:
December 2010 Financial Summary - Preliminary
The attached numbers should be considered preliminary. We have completed all of the
entries currently identified that affect 2010 income and expense and all balance sheet
account reconciliations. However, we are keeping the books open until February 15 for
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material invoices related to 2010. This was an area of concern to the auditors in 2009
specifically related to large invoices affecting our Capital Grants so we are being extra
cautious. We still have some balance sheet clean up to complete before the numbers are
considered final (pending audit).
Income Statement
Boulder Housing Partners completed a successful 2010 with revenues of $21,488,270 and
expenses (including loss related to disposition of property) of $17,400,493 resulting in net
income of $4,087,777 versus a budget of $2,068,545. It is important to note that this
income is not unrestricted cash. Some significant items that adjust income to cash are:
,amortization and depreciation 1,280,000
Developer fees collected, prior years income 570,000
Principal payments on mortgage loans (1,770,000)
Capitalization of grant expenditures (3,550,000)
Developer fees earned, not yet collected 420,000]
Total use of cash 890,000]
(Please see the attached statement of Cash Flows for more detail)
The major variances from budget arc explained as follows:
Total Operations Revenue of $5,950,946 (A) continued in line with budget. Development
Fees revenue is $215,556 (B) favorable to budget as a result of the recognition of the
remaining fees from Broadway West and the total amount earned to date from Red Oak
Park.
HCV-HAP Revenue variance of $571,627 (Cl) is partially offset by the increase in FICV-
HAP Expense (C2). Both relate primarily to the 181 new vouchers received over the last
two years. Revenue exceeds the expense as the lease-up process occurs.
Non Federal Grants and Donations revenue exceeded budget by $2,491,211 (D) primarily
relating to City of Boulder funds received to retire debt on the Red Oak Parlc land at the
closing of the tax credit partnership, City support for rehabilitation of the Bridgewalk
property and City support for predevelopment work at High Mar. Federal Capital Grants
revenue ended the year unfavorable to budget by $548,369 (E), an improvement from
$1,209,979 at September 30. We have several projects close to completion including
energy efficiency measures at the public housing family sites and solar installations at the
senior sites which will result in recognition of income in 2011. These have been included
in the 2011 budget.
Total Miscellaneous Revenue (F) includes one-time income from Solar Rebates of
$291,403 and insurance dividend revenue of $31,698.
HUD Capital Improvement Expense (G) is under budget by $487,226. This is the result of
more projects being capitalized than planned in 2010. We have corrected our estimating
for the 2011 budget.
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Loss on Disposition of Property of $632,892 (H) is the June write-off of accumulated
predevelopment expenditures for Red Oak Park previously recorded as Construction in
Progress (CIP) offset by the gain on the sale of a condo at Two Mile Creek. Extraordinary
Expense of $100,000 (I) is the write-off of a grant receivable that proved to be structured as
a loan with terms unfavorable to BHP. While we are still negotiating with the funding
source, accounting rules require this write-off pending clarity of terms.
Balance Sheet
Accounts Receivable of $1,253,100 (J) includes approximately $180,000 of grant proceeds
which have already been collected in 2011 and $420,000 of developer fees for Red Oak
Park and Broadway West which should be collected over 2011 and 2012.
Restricted Cash - Other (Kl) continues to decline as we spend the money we borrowed for
the Canyon Pointe Green Retrofit project and the Energy Performance Contract for the
public housing sites. There is a corresponding increase in Construction in Progress (K2) for
the work we have done on these projects. They will both be completed in early 2011.
Statement of Cash Flows
The Statement of Cash Flows provides detail on the overall year to date increase in Cash
and Cash equivalents of $171,287(M). The significant items are the increase in restricted
Cash (Ll) and the increase in Construction in Progress (L2) as mentioned above. The
decline in the current month relates to the delay in receipt of grant funds of $180,000 and
payments made fiom the Xcel solar rebate cash to our solar vendors.
Portfolio Analysis Report
Given the demands of the December close we have not had time to complete the Portfolio
Analysis for December. We will have it prepared for the Board Meeting
Cash Report
Note: The cash restricted for use from the Green Retro Fit Loan and the QECB and BAB
bonds has not been included in the cash report. These projects are underway and the cash
cannot be used for anything other than the planned project expenses and will all be spent on
capital assets by the end of 2011.
Resolution #1: Approval of 2010 Management Assessment (MASS) for PHAS
submission
HUD requires PHAs to submit a Management Assessment to measure performance of our
public housing using a number of metrics. Attached is the 2009 submission with 2010
numbers in the margin for comparison.
The majority of the metrics are holding steady (annual inspections, capital fund, security
and economic self-sufficiency), with the following exceptions:
• Vacant turnover time: There is a substantial difference in the vacant unit turnover
time for 2010 versus 2009. The total average days vacant increased (from 26.8 days
to 46).
• Average lease up days: The average lease up days increased (from 17.86 days to 30
days). This is due to management's decision to hold units for two reasons:
1) Priority was given for Family Self Sufficiency (FSS) applicants into
public housing and units were held in order to give time for these applicants
to apply and be screened; and
2) one-bedroom units were held in order to find an applicant that would
better match our screening criteria and better fit into the communities
(specifically Walnut Place, Northport and Manhattan).
• Average make ready days: The average turnover days also increased (from 8.93 to
15 days). This is due to some rehabilitation work that was paid for out of ongoing
maintenance expenses and therefore the days were part of make ready time (versus
having the work paid out of capital funds and the days then being exempted from
the make ready time).
• Emergency work orders: There was also an increase in the number of emergency
work orders (from 319 to 434). All were completed within 24 hours. The emergency
work order numbers are up largely due to our Energy Performance Contract (EPC)
work; primarily furnace replacement/no heat calls and some new toilet problems.
• Non-emergency work orders: The number of non-emergency work orders also
slightly increased (from 2,425 to 2,493), with an increase in days to complete (from
6,139 to 9,280). This increase results from two improvements: a much-enhanced
preventive maintenance inspection program and a new site inspection program.
Resolution #2: Revised Section 8 Administrative Plan
We are bringing the Section 8 Administrative Plan for Board review and adoption. The
Section Administrative Plan (Admin Plan) is a FIUD-.required plan that governs how the
Section 8 Housing Choice Voucher Program is operated by a housing authority. We began
the process of re-writing our plan in 2009. In August 2010, a draft of the Admin Plan was
brought to the Board, and several questions were raised during the public comment.
Changes and clarifications were made to the Admin Plan to address these concerns.
Below is a summary of the major changes in this Admin Plan. We have:
- Awarded a local preference to students who currently live outside the city limits of.
Boulder but who attend an institution of higher learning, as defined by HUD, on a
full time basis, located within the city limits of Boulder. (Part of Chapter 4, tenant
selection);
- Adopted the Multi-Family definition of medical deductions from the HUD
Guidebook 4350.3 in order to be consistent across all federal programs. (Chapter
6);
- Implemented the same threshold for interim recertification as the public housing
program, which is a change in income of $250 or more per month, again to be
consistent across all programs. (Chapter 11);
- Created a better definition for how to terminate families from the program in the
case of insufficient funding (Chapter 12); and
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Changed the procedure for unreported income: the second time a family does not
report income and causes an overpayment of assistance, no repayment agreement
will be offered. Payment must be paid in full. (Chapter 16).
Given the size of the document (452 pages), we asked for two Board members to assist in
reviewing the plan and providing feedback. Commissioners Smart and Mitchell
volunteered; and provided their continent in August. The Admin Plan can be viewed in its
entirety on the BHP website: http://www.boulderhousing.org
The revised Plan was posted on December 20, 2010 for public review, allowing for the 45-
day period for public comment. A public hearing was held on January 12, 2011, and was
attended by four current participants. No issues or concerns were raised. One participant
was greatly reassured with regard to the medical expenses wording.
The Plan had been provided to the Resident Representative Council for their feedback and
review, as well as three current participants in the Section 8 program who offered to review
and provide feedback. Staff has checked in with all of them, and their comments will be
shared at the Board meeting. Appointments will be scheduled with these individuals and
the RRC during the week of January 31. Any feedback will be summarized and provided
to the Board at the meeting.
Based on the feedback received to date, the Administrative Plan is in its final phase.
However, the Plan is a living document and will be reviewed annually and changed as
needed.
Staff recommends approval of the Resolution #2 for the Section 8 Admin Plan updates, and
proposes that the new rules be effective at the time of Board approval.
Resolution 43: Changes to Preferences for the Public Housing and Section 8 Housing
Choice Voucher Program
We are bringing changes to preferences for the Public Housing and Section 8 Housing
Choice Voucher Program to the Board for review and adoption. At the December meeting,
proposed changes were brought to the Board prior to being released for the 45-day public
review period. The proposed changes were:
1. Adding an "emergency/disaster" preference
2. Adding a "graduates of transitional housing" preference
3. Removing the "homeless" preference
They are described in detail below for your review. There have been no changes since you
saw the proposals at the December Board meeting.
A public hearing was held on January 12, 2011 and was attended by seven people. They
were very supportive and understanding of the proposed changes, no concerns were voiced.
No other public comment was received. Once the preferences are adopted, staff will work
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with the Boulder Shelter for the Homeless and the Emergency Family Assistance
Association to agree upon a definition for graduation from a transitional program.
Staff is seeking Board adoption of these changes, effective immediately.
The wording for the preferences will be adopted as follows:
Disaster Emergency Preference
BHP will give a priority preference for families affected by a local natural disaster. Local
disasters include fire, flood, hurricane, earthquake, or tornado causing the applicant's
current housing to be considered uninhabitable as verified by local, state, or federal
authorities within the last six months. Local is defined as within the confines of Boulder
County.
Priority will be given in the following order:
First priority: current BHP residents affected by the disaster
Second priority: to others displaced by disaster (who also meet other eligibility
requirements).
Priority means those affected by the disaster be allowed to apply for housing assistance
even if the waiting lists are closed and receive this emergency preference. These families
will have preference over the applicants on the current Section 8 and Public Housing
waiting lists and will remain at the top of the list for assistance for a period of six months
from the date of the disaster. If at the end of the six-month period, no assistance has
become available, their application will be removed from the wait list. Assistance will be
limited to availability of vouchers or units in each of the programs and will reflect the
nature and the extent of the disaster. The Board will determine, at its next regular meeting
following the disaster, or sooner if needed, the extent of housing assistance to be allocated
to the victims.
Based on the severity of the natural disaster and the number of families affected, the Board
will have discretion to approve the number of families who would qualify for this
preference.
Graduates of transitional housing preference:
Upon graduation from a transitional program, the graduate would be allowed to apply for
housing through our public housing or section 8 project-based programs, even if the wait
list(s) were closed. They would be first in line for the next available unit of the appropriate
bedroom size.
In order to allow applicants who have been waiting on the list and not provide housing only
to graduates of transitional housing, this preference would be applied to every third unit of
each bedroom size. For example, a one-bedroom -unit comes available in our public
housing program and we have a graduate who has been determined eligible. They would
be offered that available unit. The next two one-bedroom units that become available
would be offered to applicants fiom our waiting list.
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Removal of homeless preference:
The current preferences would remove any reference to homeless for public housing and
section 8 project-based properties, as shown below:
Ranking 1 applies to all elderly, persons with disabilities, and family applicants who
live and/or work within the city limits of Boulder er- are hem
Ranking 2 applies to all elderly, persons with disabilities, and family applicants who
live and/or work within Boulder County ^r- are homeless
Ranking 3 applies to all elderly, persons with disabilities, and family applicants who
live and/or work outside of Boulder County °r °Fe hemeless
Ranking 4 applies to all single applicants who are not elderly or disabled who live
and/or work within the city limits of Boulder
Ranking 5 applies to all single applicants who are not elderly or disabled who live
and/or work within Boulder County
Ranking 6 applies to all single applicants who are not elderly or disabled who live
and/or work outside Boulder County
UPDATES:
Occupancy Status and Net Rental Income
The combined net rental income for all of BHP properties through December was
$5,950,946 compared to a budgeted net rental income of $5,964,366 which is a negative
variance to budget of $13,420. The combined net rental income for all of the Tax Credit
Properties through December was $2,025,951 compared to a budgeted net rental income of
$1,980,488 which is a positive variance to budget of $45,463.
The variances in public housing income are a result of having budgeted operating subsidy
based on 2009 levels. In 2010 our subsidy included asset repositioning fees for Broadway
East that have since expired.
The variance in project based rental income is the result of a budget oversight in which the
vacancy calculation was applied to tenant rent but not subsidy income. It also results from a
protracted legal interaction with one resident who did not pay rent for many months.
The BHP year-to-date occupancy through December was 97.61 compared to a budgeted
occupancy rate of 97%. The combined physical occupancy rate for the Tax Credit portfolio
year-to-date through December was 98.99%, compared to a budgeted occupancy of 97%.
The chart below shows physical occupancy by property type. These property designations
mirror the way the budget is organized. Public Housing has been divided into two groups of
less than 250 units each, to comply with HUD Project Based Accounting requirements.
Public Housing I is comprised of all the family sites and Public Housing II is comprised of
the two senior sites.
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5V
Public Housing I properties - Arapahoe, Diagonal, Iris/Hawthorne, Kalmia, Madison and
Manhattan. -188 units
Public Housing II properties - Northport and Walnut Place - 145 Units
Project Based Section 8 Properties - Canyon Point, Glen Willow & North Haven - 124
Work Force - 101 Pearl, Arapahoe East, Bridgewalk, Dakota Ridge, Eden East, Hayden
Place, Midtown, Orchard House, Sanitas Place, Twin Pines, Whittier and Woodlands- 272
Tax Credit properties - Broadway East, Broadway West, Foothills Community, Holiday
Neighborhood and Vistoso 208 units
Total units combined - 936
Net Rental Net Rental Net Rental Physical Occ Physical Occ Variance to
Income Income - Income - YTD Budge Budget
YTD BndLct Variance
Public 97.60% 97% 0.60%
Housing -1 $1,138,789 $1,168,249 ($29,460)
Public 97.93% 97% 0.93%
Housing -
It $702,764 $708,975 ($6,211)
PB Sec. 8 97.76% 97% 0.76%
properties $1,203,536 $1,212,822 $9,286)
Work 97.14% 97% 0.14%
Force $2,904,816 $2,873,320 $31,496
BHP 97.61% 97% 0.61%
portfolin
combined $5,950,946 $5,964,366 $13,420)
Broadway 98.70% 97% 0.70%
Fast $518,077 $505,459 $12,618
Foothills $898,215 $880,089 $18,126 99.28% 97% 2.28%
Holiday $468.737 $456,225 $12.512 99.71% 97% 2.71%
Vistoso $140,921 $138,715 $2,206 98.27% 97% 1.27%
TC $2,025,951 $1,980,488 $45,463 98.99% 97% 1.99%
portfolio
combined
Green Matrix and Solar Tracking
Boulder Housing Partners completed some impressive steps towards greening its portfolio
in 2010. We are nearing completion on our Energy Performance Contract with Johnson
Controls which should have a drastic effect on the water and energy usage at our family
housing sites. Already we have started to see the benefits with a reduction in energy bills
and an. average monthly water savings of 500,000 gallons spread across our portfolio. BHP
is also nearing completion on our Green Retrofit Program at Canyon Pointe. The work will
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be completed in February 2011 and includes new windows, lighting, carpeting, siding,
ventilation systems, and with a brand new solar system on the roof.
Throughout 2010, BHP also made great progress on putting solar photovoltaic panels on
the roofs of our sites. Boulder Housing Partners will have almost 500 kW of photovoltaic
panels installed by early 2011. This solar production accounts for 16 % of all installed solar
for the city of Boulder, and will go a long way to reduce the energy needs for BHP and our
residents.
In 2011, BHP will use city funding to renovate and make more energy efficient the
"troubled three" assets of Sanitas Place, Hayden Place and Arapahoe East. We will also
begin phase III renovations at Bridgewalk in Spring 2011 with an upgrade to the landscape
and paving at the site. More extensive interior and exterior renovations to transform
Bridgewalk into a "class green" property will begin later this year.
Finally, Boulder Housing Partners is tracking possible local, state, and federal grant and
funding opportunities to continue our energy efficiency push throughout our portfolio.
See attached matrix for more detail
CIP Projects
The Capital Improvement Program has been very active over the past few months. Through
a combination of ARRA funding, City of Boulder funds, HUD Capital Funds, the Green
Retrofit Loan, and the Bridgewallc work, 2010 was a record breaking year in terms of
reinvestment in our existing housing stock. We are poised for a strong 2011 as well, with a
focus on the T-3 and public housing.
Currently we have:
• Completed exterior renovations at Arapahoe East.
• Completed unit interiors and exterior paint at Arapahoe Court.
• Completed the Hayden Place stair replacement.
• Walnut Place windows replaced.
• The Energy Performance Contract is nearly complete, with punch list and
contingency spending now in process.
• Canyon Pointe Green Retrofit will be completed in February. We have six units
remaining to be renovated as well as re-carpeting two floors and the common
areas.
• Phase II of Bridgewalk work (paving and site work) should be under contract
prior to the Board Meeting.
• Phase III of Bridgewallc (siding, windows, roofs, and unit interiors) is in design.
• Walnut Place solar is being installed the week of January 31 st.
• Northport solar nearly under contract and will begin once Walnut Place solar is
complete.
• Bid package for Manhattan siding and windows is ready to be released.
• Planning for 2011 City of Boulder CIP funds underway.
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BHP
Statement of Activities
for the Year to Date Ending - December 31, 2010 - Preliminary
Ref YTD Actual YTD Budget Variance $ % Var
Revenue
Operations Revenue
Tenant Dwelling Rental 4,737,049 4,619,949 117,100 2.5%
Non Dwelling Rental Income 9,865 7,600 2,265 29.8%
Rental Write-offs (22,366) (16,823) (5,543) 32.9%
HUD-Operating Subsidy 506,621 549,568 (42,947) -7.8%
HAP Project Based Assistance 719,777 804,072 (84,295) -10.5%
Total Operations Revenue A 5,950,946 5,964,366 (13,420) -0.2%
Fee Revenue
Asset Fee Revenue 87,510 87,600 (90) -0.1%
Property Mgmt & Bkkpg Fee 597,629 558,393 39,236 7.0%
Development Fees B 659,336 443,780 215,556 48.6%
Mgmt Fees - Tax Credits & S8 315,194 318,662 (3,468) -1.1%
Total Res Svc Fee Income 186,896 194,858 (7,962) -4.1%
Total Fee Revenue 1,846,565 1,603,293 243,272 15.2%
Grants and Subsidies
HCV-HAP Revenue C1 6,341,390 5,769,763 571,627 9.9%
Non Federal Grants and Donations D 2,880,749 389,538 2,491,211 639.5%
Federal Capital Grants E 1,874,369 2,422,738 (548,369) -22.6%
Federal Service Grants 494,113 446,709 47,404 10.6%
Total Grants and Subsidies 11,590,621 9,028,748 2,561,873 28.4%
Other Revenue
Tenant Late Fees 21,775 13,980 7,795 55.8%
Tenant Work Order Charges 66,793 15,768 51,025 323.6%
Tenant Reim - Utilities 19,504 36,465 (16,961) -46.5%
Interest Income 559,359 533,674 25,685 4.8%
Total Laundry 66,559 69,516 (2,957) -4.3%
Community Center Revenue 5,748 5,580 168 3.0%
Maint Charges to Prop 952,423 1,085,567 (133,144) -12.3%
Total Miscellaneous Revenue F 407,977 6,216 401,761 6463.3%
Total Other Revenue 2,100,138 1,766,766 333,372 18.9%
Total Revenue 21,488,270 18,363,173 3,125,097 17.0%
Expenses
Salaries and Benefits
Total Salaries 3,602,223 3,600,338 (1,885) -0,1%
Total Salaries and Benefits 3,602,223 3,600,338 (9,885) -0.1%
Property Costs
HUD Capital Improvement Expense G 39,364 526,590 487,226 92.5%
Management Fees 182,506 171,060 (11,446) -6.7%
Maintenance Materials 234,979 225,112 (9,867) -4.4%
Contract Labor & Repairs 748,212 644,804 (103,408) -16.0%
BHP Contract Labor 782,743 929,037 146,294 15.7%
Extraordinary Maintenance 201,187 113,746 (87,441) -76.9%
Garbage and Trash Removal 119,804 111,360 (8,444) -7.6%
Water and Sewer 270,561 284,660 14,099 5.0%
Electricity 197,145 176,852 (20,293) -11.5%
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BHP
Statement of Activities
for the Year to Date Ending - December 31, 2010 - Preliminary
Ref YTD Actual YTD Budget Variance $ % Var
Gas 194,738 191,991 (2,747) -1.4%
PILOT 102,025 94,430 (7,595) -8.0%
HOA Fees 7,707 5,196 (2,511) -48.3%
Selling Expenses 5,065 0 (5,065) -100.0%
Total Property Costs 3,086,036 3,474,838 388,802 11.2%
Operating Expenses
Amortization Expense 41,377 20,112 (21,265) -105.7%
Asset Management Fee 87,510 87,560 50 0.1%
Audit Fees 39,136 42,492 3,356 7.9%
Background Checks 12,571 6,414 (6,157) -96.0%
Bank Fees 6,100 4,416 (1,684) -38.1%
Board Expense 4,376 5,884 1,508 25.6%
Community Center Exp 1,210 1,320 110 8.3%
Consultants 95,283 11,240 (84,043) -747.7%
Depreciation 1,234,306 1,208,620 (25,686) -2.1%
Dues and Fees 55,923 37,978 (17,945) -47.3%
Expendable Equipment 91,612 105,772 14,160 13.4%
HCV-HAP Expense C2 5,519,830 5,278,332 (241,498) -4.6%
Insurance Expense 189,609 192,890 3,281 1.7%
Interest Expense 8,294 12,600 4,306 34,2%
Legal Expense 41,835 21,960 (19,875) -90.5%
Mileage 9,942 14,040 4,098 29.2%
Miscellaneous - Expense 33,301 25,332 (7,969) -31.5%
Mortgage Interest Expense 1,014,258 1,020,612 6,354 0.6%
Non-Salaried Personnel 57,484 45,804 (11,680) -25.5%
Advertising/Marketing 28,391 24,840 (3,551) -14.3%
Office Supplies 35,805 32,420 (3,385) -10.4%
Phone Expense 56,346 52,358 (3,988) -7.6%
Postage Expense 16,378 14,150 (2,228) -15.7%
Pre-Development Costs 0 2,000 2,000 100.0%
Printing Expense 34,148 36,100 1,952 5.4%
Property Mgmt & Bkkpg Fee Exp 597,629 558,146 (39,483) -7.1%
Publications 730 730 0 0.0%
Res Svc/Strategic Planning Fee Exp 183,576 186,528 2,952 1.6%
Staff Training 49,473 74,276 24,803 33,4%
Service Grant Expense 374,701 364,529 (10,172) -2.8%
Vehicle Expense 49,560 48,250 (1,310) -2.7%
RRC Allocation 8,648 8,648 0 0.0%
Total Operating Costs 9,979,342 9,546,353 (432,989) -4.5%
Total Expenses 16,667,601 16,621,529 (46,072) -0.3%
Net Income before Sale of Assets 4,820,669 1,741,644 3,079,025 176.8%
Gain (Loss) on Disposition of Property H (632,892) 0 (632,892) -100.0%
Extraordinary Income (Expense) 1 (100,000) 326,901 (426,901) -130.6%
TOTAL NET INCOME (LOSS) 4,087,777 2,068,545 2,019,232 97.6%
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BHP
Balance Sheet
December 31, 2010 and December 31, 2009 - Preliminary
Balance Balance Net
Ref December-10 December-09 Change YTD
ASSETS
Current Assets
Unrestricted Cash and Cash Equivalents 2,677,124 2,505,834 171,290
Reserved Cash - Replacements 731,270 730,681 589
Reserved Cash - Tenant Security Deposits 388,795 376,805 11,990
Accounts Receivable J 1,253,100 748,167 504,933
Accounts Receivable-Tax Credits 108,186 734,397 (626,211)
Prepaid Expenses 71,121 63,246 7,875
Supplies-inventory 24,331 26,576 (2,245)
Total Current Assets 5,253,927 5,185,705 68,222
Restricted Cash
Restricted Cash -Other K1 1,791,723 231,113 1,560,610
Restricted Cash - Section 8 112,429 112,429 0
Total Restricted Cash 1,904,152 343,542 1,560,610
Capital Assets
Construction in Progress K2 4,025,988 1,944,274 2,081,714
Furniture Fixtures and Equipment 465,941 457,936 8,005
Real Estate Assets-Land and Buildings 51,054,451 49,583,756 1,470,695
Less: Accum Depreciation Real Estate Assets -28,334,063 (27,276,844) (1,057,219)
Total Capital Assets 27,212,317 24,709,121 2,503,196
Other Assets
Notes Receivable 9,757,205 9,714,740 42,465
Interest Receivable Notes 3,231,205 2,829,943 401,262
Partnership Investments 432,752 432,752 0
Net Amortized Costs 853,683 890,103 (36,420)
Total Other Assets 14,274,845 13,867,538 407,307
TOTAL ASSETS 48,645,241 44,105,906 4,539,334
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Accounts Payable 566,955 184,575 (382,380)
Accrued Payroll 66,923 56,928 (9,995)
Accrued Payroll Taxes Payable 26,626 31,545 4,919
Accrued Compensated Absences 252,654 281,068 28,414
AP - Tax Credits 1,568 86,757 85,189
Other Accrued Expenses 313,913 328,701 14,788
Deferred Revenue 283,665 666,793 383,128
Current Portion of Long Term Debt 465,203 1,079,323 614,120
Prepaid Rent 12,683 47,419 34,736
Security Deposits 389,365 377,366 (11,999)
Total Current Liabilities 2,379,555 3,140,475 760,920
Long-Term Liabilities
Notes Payable 426,072 431,905 5,833
Mortgages Payable 18,930,305 19,276,380 346,075
Bonds Payable 1,564,386 0 (1,564,386)
Total Long-Term Liabilities 20,920,763 19,708,285 (1,212,478)
TOTAL LIABILITIES 23,300,318 22,848,759 (451,559)
EQUITY
Total Equity 25,344,923 21,257,147 (4,087,776)
TOTAL LIABILITIES AND EQUITY 48,645,241 44,105,906 (4,539,335)
1 of 1 211120119:39 AM
3re .
BHP
Statement of Cash Flows
for the Month and Year to Date Ending December 31, 2010 - Preliminary
December 2010
Ref Month to Date Year to Date
Reconciliation of Net Income to Net Cash Provided
(Used) by Operating Activities
Net Income (Deficit) $ 613,413 $ 4,087,777
Adjustments to Reconcile Net Income to Net Cash
Provided (Used) by Operating Activities
Increase (Decrease) Accum Deprec/Amort $ 111,703 $ 1,093,639
(Increase) Decrease in Accounts Receivable $ (1,253,508) $ 121,277
(increase) Decrease in Prepaid Expenses $ 13,452 $ (7,875)
Increase (Decrease) in Prepaid Rent and Security Deposits $ (15,166) $ (22,737)
(Increase) Decrease in Supplies/Inventory $ 6,098 $ 2,245
(increase) Decrease in Reserved Cash $ 1,004,331 $ (12,579)
(Increase) Decrease in Restricted Cash L1 $ 592,495 $ (1,560,610)
Increase (Decrease) in Payables and Accrued Expenses $ 81,495 $ 259,065
Increase (Decrease) in Deferred Revenue $ (44,257) $ (383,128)
Total Adjustments $ 496,643 $ (510,703)
Net Cash Provided (Used) by Operating Activities $ 1,110,056 $ 3,577,075
Cash Flows from Investing Activities
(Increase) Decrease in Construction in Progress 1-2 $ (881,246) $ (2,081,714)
(Increase) Decrease in Furniture Fixtures and Equipment $ 0 $ (8,005)
(Increase) Decrease in Real Estate Assets $ (517,751) $ (1,470,695)
(increase) Decrease in Notes and Interest Receivable $ (40,205) $ (443,727)
Net Cash Provided (Used) by Investing Activities $ (1,439,202) $ (4,004,142)
Cash Flows from Financing Activities
Increase (Decrease) in Current Portion of Long Term Debt $ (203,639) $ (614,120)
Increase (Decrease) in Notes Payable $ 0 $ (5,833)
Increase (Decrease) in Mortgages and Bonds Payable $ 214,801 $ 1,218,311
Net Cash Provided (Used) by Financing Activities $ 11,162 $ 598,358
Net Increase (Decrease) in Cash and Cash Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents M $ (317,988) $ 171,287
Cash and Cash Equivalents - Beginning $ 2,995,109 $ 2,505,834
Unrestricted Cash and Cash Equivalents - Ending $ 2,677,122 $ 2,677,122
1 of 1 2/1/20119:39 AM
301
Boulder Boulder Housing Partners
H11,w ng~„ Cash Report
Partners ,1 December & November, 2010
Aliris4~l .Irr;ln IrySln'r l46G
CASH NEEDED FOR OPERATIONS AND RESERVES
Target Dec-10 Nov-10 Change
Cash Needed for Day-to-Day Operations $ 750,000.00 $ 750,000.00 $ -
Development Working Capital $ 250,000.00 $ 250,000,00 $ -
Restricted Cash BMM Loan $ 345,270.48 $ 345,132,16 $ 138.32
Reserve for Capital Replacements - Woodlands $ 600,000.00 $ 600,000.00 $ -
Reserve for Capital Replacements - General $ 600,000.00 $ 600,000.00 $ -
4800 Broadway Reserve $ 70,000.00 $ 70,000.00 $ -
Landscaping Escrow - Set Aside $ 72,913.55 $ 72,920.45 $ (6,90)
Total cash needed $ 2,688,184.03 $ 2,688,052.61 $ 131.42
Actual
Total Unrestricted Cash Available for Operations $ 637,911.01 $ 777,857.21 $ (139,946.20)
Restricted Cash for ROP/BMM $ 345,270.48 $ 345,132.16 $ 138.32
Unrestricted Cash Targeted for Woodlands Rehab $ 458,372.49 $ 452,182.90 $ 6,189.59
Unrestricted Cash Avail. for Replacements - Proj. Based only $ 77,568.21 $ 76,714.92 $ 853.29
Unrestricted Cash Available for Replacements $ 267,650.08 $ 315,579.28 $ (47,929.20)
Development Funds Set Aside (Landscaping Escrow) _ 72,913.55 $ 72,920.45 $ (6.90)
Total Cash available for Operations, Replacement and Set Asides $ 1,8594685.82 $ 2,040,386.92 $ (180,701.10)
Overage (Shortage) $ (828,498.21) $ (647,665.69) $ (180,832.52)
IMPACT:
We continue to run short of the Board designated targets for operations and reserves. The impact is that rehabilitation projects may be
delayed and that BHP does not have the ability to fund development projects or to take advantage of acquisition opportunities with casts
reserves,
CASH NEEDED FOR PUBLIC HOUSING AND PR03ECT BASED PROPERTIES
Target Dec-10 Nov-10 Change
Restricted Cash - Public Housing & Project Based -Target $ 650,000.00 $ 650,000.00 $ -
Actual
Restricted FSS Escrow $ 3,145.71 $ 2,828.71 $ 317.00
Restricted Cash - Public Housing & Project Based - Actual $ 1,074,145.03 $ 1,323,751.70 $ (249,606.67)
Total PH and Project Based Cash $ 1,077,290.74 $ 1,326,580.41 $ (249,289.67)
Overage (Shortage) $ 427,290.74 $ 676,580.41 $ (249,606.67)
IMPACT:
The unrestricted Public Housing and Project Based money cannot be borrowed for COCC Operations and has therefore been split from the
Unrestricted Operating Cash. This money is available to fund operations for PH and PB portfolios. Current plans are in place to spend
approximately $145,000 over the next 12 months on capital improvements for Public Housing
CASH NEEDED FOR SECTION 8
Target Dec-10 Nov-10 Change
Cash Needed for 1 month of HAP and Admin -Target $ 525,000.00 $ 525,000.00 $ -
Actual
Restricted Cash Available for Section 8 Operations - Actual $ 964,967.56 $ 893,473.83 $ 71,493.73
Restricted Funds Available for Use on HAP and FSS escrow $ 158,086.79 $ 155,317.79 $ 2,769.00
Total Section 8 Cash $ 1,123,054.35 $ 1,048,791.62 $ 74,262.73
Overage (Shortage) $ 598,054.35 $ 523,791.62 $ 74,262.73
IMPACT:
Currently reserve is funded - If HUD were to slow down their payments, BHP would have funds to cover the shortfall for one month -This
has been building due to full funding received for the 181 new vouchers which are still in the lease-up process,
$300,000 Line of Credit Terms: If drawn on, terms are interest only variable rate of approx 5%, payment in full due November 2011
S:1FinanceiFinancials1201012010-121Finance Committee ReporttDecember Prelim - Fin Stmts xis 2/1/2011
ya
BHP GRFFN IMPROVEMENTS MATRIX
Public Housing I Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar kW
Arapahoe Court Complete lighting retrofit, new t-stats, Fmrhed for now. Energy Performance Completed
Insulation and water conservation Contract (EPC)
measures.
Diagonal Court Solar energy system January 2008 Finished for now. EPC Completed 52.5
Complete lighting retrofit, DHW boiler,
duct Insulation, envelope work, irrigatio
controls and water conservation
Complete lighting retrofit, envelope Finished for now. EPC Completed 14,96
work, Insulation, Irrigation controls and
water conservation.
Iris/Hawthorne
Five Homes at Iris/Hawthorne are Finished for now. Competitive Capital Fund Completed
currently receiving 14.96 kW solar Grant and Xcel rebates,
energy systems.
Complete lighting retrofit, envelope Finished for now. EPC Completed
work, insulation, irrigation controls and
water conservation.
Kalmia
Kalmia is receiving 76.84 kW e4 solar Flushed for now. Competitive Capital Fund Completed 76.84
energy on five buildings. C. ant and X<el rebates.
Complete lighting retrofit, envelope Finished for pow. EPC Completed 41 99
work, irrigation controls and water
conservation measures.
Madison
Madison is receiving 42 kW of solar Finished far now. Competitive Capital Fund Completed
energy placed on three buildings. Grant and Xcel rebates.
Complete lighting retrofit, high efficient Finished for now. EPC Completed 40.29
furnaces, envelope work, irrigation
controls and water conservation
measures,
Manhattan
Manhattan is also receiving 40 kW of Finisned for row. Competitive Cap'ta Fund Completed
solar energy placed on 4 buildings. Gram: and Xcel rebates.
of,
Public Housing II Green Improvements Completed Green Improvements Planned Financing Timellne Total Solar W
Complete lighting retrofit, None EPIC Completed 31.36
programmable t-stets, high efficiency
boiler, pipe insulation, envelope work,
Irrigation controls, water conservation
measures and a new roof on the south
side flat roof.
Northport
Northportwill also receive 31.36 Competitive Capital Fund Feb-March 2011 (Clossto
kW of solar energy placed on both Grant and Xcel rebates, contract with Lighthouse
the north and south buildings. Solar)
Complete lighting retrofit, high efflcienc None EPC Completed
cooling for common areas, pipe
Insulation, envelope work, irrigation
controls and water conservation
measures.
Walnut Place
New roof completed (to replace the Wa:nct Place will be receiving a Competitive Capital Find Insta~.''.atlor January 2011 75.6
damage to the old one) 75.6 kW solar system. Grant and Xcel rebates.
Installation of energy-efficlent windows HUD Capital Improvemenl Completed
Funds
Project Based Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar kW
Canyon Pointe Is In the process of None Loan through the Green Completion by Fetruarv 59.8
receiving an extensive green rehab Retrofit Program. 2031
through financing we received through
Canyon Pointe the Cap Fund. Improvements will include
an array of solar panels, new windows
and patio doors, and rehab work in
kitchens, bathrooms and common areas.
Glen W'IIoW None None
North Haven Nene None
~y
Workforce Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar kW
Rentals
101 Pearl St None TBD TED
Al East Installation of new cemenVous siding Weatherization Project: Water Capital Funds 2011
and energy efficient windows heater & fireplace enclosure Possible Energy Outreach
Colorado and GEO
Weatherizatlon Funding
Bridgewalk None Complete renovation of units with Renovation Phase III Paving and grading
low-VOC flooring, cabinets, improvements to occur in
cementious siding, and energy 2011, with interior/exterior
efficient windows renovations to fol~ow in
late 2011 through 2012
Looking for opportunities for solar
photovoltaic system
Dakota Ride None TED TBD
Hayden Place None Weatherizatlon Project: renovated Capital Funds 2031,
kitchens & baths; Improve building Possible Energy Outreach
envelope and Insulation Colorado and GEO
Weatherizatlon Funding
Mld:own None Weather4ation Project: improved Capital Funds TBD
household appliances Possible Energy Outreach
Colorado and GEO
Weatherization Funding
Orchard House None TBD TBD
Sanitas Place None Weatherizatlon Project: renovate Capital Funds 2011
kitchens, baths, appliances, A/C Possible Energy Outreach
Colorado and GED
Weatherization Funding
Twin Pines None Weatherizaton Project replace Capital Funds TED
appliances, A/C Possible Energy Outreach
Colorado and GED
Weatherizatlon Funding
Whittier None Weatherization Project: Improved Capital Funds TBD
envelope, replaced appliances Possible Energy Outreach
Colorado and GEO
Weatherization Funding
Woodlands Weatherization caulking completed to Exploring opportunities for Solar 2009 Refl funds Completed
se I the cnveiu e
Tx Cr Companies Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar kW
Foothills None To be anal ized at LIHTC exit
Vistoso None To be analvized at LIHTC exit
406day None i o be analv'ized at LIHTC exit
Broadway East Installation of a 92kW solar system Rcel rebates and grant Completed 92
from the City of Boulder
Vie are exploring financing
Broadway West None opportunities for a ll solar TBD TBD
system at the new BWW building.
Total 5a1a1 494.34
Lucia Craycraft
700 Walnut #214
Boulder, CO 80302
303-447-1092
November 11, 2010
Betsy Martens
Boulder Housing Partners
4800 Broadway
Boulder,CO 80304
Dear Ms. Martens:
I am writing to thank the Housing Authority for these absolutely wonderful renovations
here at 700 Walnut. Everything is just great' and quite an improvement. I am truly
grateful - both for being provided with a place to live and for these very welcome
upgrades.
I also want to bring to your attention how much I appreciate your great staff. Nina
Bennett is always there to help with a cheerful smile and a gracious attitude. She is a
gem! And also, with these renovations came a lot of need for moving furniture, taking
down pictures, etc. and George was just invaluable. He helped me so much! He moved
furniture, took down and re-hung all of my paintings and was also there for moral
support. George is always there to help (he also fed my cat during the evacuation when I
was not allowed to enter the building when I came home from work at noon) and always
with a joke and a smile. I absolutely cannot say enough to praise him. Give him a big
raise!
I really do want to thank the Housing Authority for everything - these wonderful
renovations and your great staff.
With Many Thanks,
f
47/,
Lucia Craycraft /
04Y