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Boulder Housing Partners Meeting Packet for 3/14/2011 BOULDER HOUSING PARTNERS REGULAR MEETING OF THE BOARD OF COMMISSIONERS FEBRUARY 7,2011,2:30 PM BHP OFFICE 4800 N. BROADWAY, BOULDER COLORADO Commissioner Lawrence Betsey Martens Lindsey Moss Commissioner Mitchell Willa Johnson Kevin Knapp Commissioner Topping Stuart Grogan Tim Beal Commissioner Eckert Jim KoczeIa Liz Wolfert Commissioner McCormick Penny Hanncgan Kathy Haddock CAO Commissioner Ageton Shannon Cox-Baker Andy Proctor, HHS Commissioner Klerman Karen Kreutzberg Public: Commissioner Hempel Anna Kay Johnson Joseph Browning Commissioner Smart Catherine Pierce 1. Call to order Commissioner McCormick called the regular meeting of the Board of Commissioners to order at 2:37 pm. II. Determination of Quorum A quorum was declared. III. Public Participation Foothills resident, Joseph Browning, expressed his concerns about security at the Foothills Community. Staff will follow up with Mr. Browning's concerns. Mr. Browning also asked about how he could attend an RRC meeting. Coinmissioncr Hempel, representing the RRC, stated that the RRC meetings take place the second Wednesday of each month at 12:30 at Northport located at 1133 Portland Place. The schedule is also posted in the resident newsletter and on the BIIP website. Mr. Browning also asked for clarification about the $25 per unit fee that is allocated to the RRC. Betsey explained that the RRC fee is set by federal statute just for public housing units. Funds are used for RRC activities at the public housing sites. 1 IV. Board Announcements Commissioner McCormick stated that the annual performance review process for Betsey is under way. Elaine Keiser has been contracted to coordinate the process. Ms. Keiser will consolidate all the requested information from staff, Commissioners and others outside the organization for the review. The Board will discuss the review at an executive session after next month's meeting (in March). The Personnel Committee will then meet with Betsey. Commissioner Topping stated that the Board is negotiating an employment contract with Betsey, which is the best practice among our housing authority peers and encouraged by NAHRO. The contract will clearly define the terms of Betsey's employment. Commissioner Topping announced that he had attended the City Council meeting about an early childhood education center at Mapleton. He encouraged BHP to be part of the city discussions about the development of this center given the large population of pre-school age children residing with their parents in BHP properties. V. Board Development Betsey presented "2010 In Review". It was a great year for BHP with many highlights! VI. Board Committee Reports Governance Commissioner Smart asked for an update on progress to identify potential candidates for BHP's open Commissioner position. Commissioner Topping, Commissioner McCormick, and Commissioner Klerman all reported having met with potential candidates. Applications are due at the city by February 19"'.There are still questions about whether candidates need to both live and worlc in the city of Boulder since BHP has a statutory Board and exceptions to the "elector" requirement have been made in the past. Kathy Haddock will check into this. Although March technically would have been her last meeting, Commissioner Smart shared with the Board that this was her last meeting, given a conflict with next month. She has been on the Board for almost 20 years. The Board and Betsey expressed their heartfelt appreciation for all that Commissioner Smart has contributed to BHP and the BI1P Foundation. The Board hoped that Commissioner Smart would be able to attend a breakfast meeting in the near future to discuss the 2 repositioning/rebranding of affordable housing and to properly thank her for her contribution. Finance Commissioner Topping reported that the BHP auditors will be back at BHP the beginning of April. Other financial reports were given with the Management Report. Resident Representative Council Commissioner Hempel reported that the RRC had approved its annual budget and approved a list of scheduled activities for the year at its last meeting. The election of officers also took place at this meeting. The RRC Officers elected include: Ralph Haywood, Secretary; Robin Chavez, Treasurer; Jim O'Neil, Vice President; Morton Hempel, President; all for two- year terms. Commissioner Hempel also reported that there will be a Resource Fair at Walnut Place on March 9th. Shelly will attend the Feb meeting of the RRC in order to recruit help and ideas for the resource fair. Foundation Commissioner Mitchell will hopefully now serve as the Board's representative on the Foundation Board. Development The Development Committee did not meet. VII. Approval of the Agenda Consent agenda items approved: 1. Minutes from December 13. 2010 COMMISSIONER SMART MOVED TO APPROVE THE CONSENT AGENDA. COMMISSIONER HEMPEL SECONDED THE MOTION. The motion passed unanimously. VIII. Action Agenda IX. Director's Report Proposed 2011 Development Topics Commissioner Ageton suggested that the Board hold a discussion about strategic re-positioning of affordable housing. She observes that it is not yet regarded as a key community value that rises to the level of essential community assets in the way that parks, open space and protective services do. She voiced her concern that affordable housing is still not well understood by the community, making it hard to compete for restricted dollars in the city. Commissioner Eckert suggested that this could be a joint discussion with the Foundation Board. He was also curious to know the exit data for our residents; why are people leaving, where are they going, are they moving up and out, etc. Commissioner McCormick used the analogy of recycling and the extent to which public education has been successful in helping people completely change their minds about investing in recycling infrastructure. Staff will work on getting that data together. Proposed 2011 Work Plan Revisions Commissioner Topping recommended adding a work plan item. He suggested that BHP staff participate in discussions about early childhood education programming in the city since BHP has so many children living in our units that would be eligible. Commissioner Smart added that the Foundation could also be involved in the early childhood programming discussions. IIUD Budget Update Betsey stated that when the House and Senate adopt the 2011 HUD budget, then she and Jim K. will review the impact on BHP's budget with the Board. X. Management Report December 2010 Preliminary Financial Summary Jim K. reported that the Auditors are done with their preliminary work on the BHP financials and will return in April to finish up. The Tax Credit audit drafts are back and have been sent to our tax credit partners. Jim also stated that the finance staff 4 has been in transition and is hiring a new General Ledger Accountant. Willa described that she is negotiating an agreement with the city related to our award of capital funds and their relationship to the financial status of the "Troubled 3". The capital improvements will decrease expenses. These properties lack operational efficiencies due to their small unit size. The Board recommended that the property tour in May include the "Troubled 3". Resolution #1: Aj)3roval of 2010 Management Assessment (MASS) for PHAS Submission Karen K.explained that the MASS is an annual HUD requirement, and is a tool to indicate how well we have managed our properties. Karen explained some of the discrepancies from the 2009 report. She stated that some of the units had been intentionally left vacant for the Family Self Sufficiency program. Commissioner Lawrence wondered if the Energy Performance Contract (EPQ work had an impact on the number of non-emergency work orders and Karen affirmed his intuition. COMMISSIONER TOPPING MOVED TO APPROVE RESOLUTION 91, THE APPROVAL OF THE 2010 MASS REPORT. COMMISSIONER KLERMAN SECONDED THE MOTION. The motion passed unanimously. Resolution #2: Section 8 Administrative Plan Adoption Betsey explained the extra outreach that Karen K. did to listen and to reach out to the public and Section 8 residents to help understand the proposed changes to the Admin Plan. In addition to the public meetings, the revised Adn-dn Plan was reviewed by five members of the RRC. COMMISSIONER KLERMAN MOTIONED TO APPROVE RESOLUTION #2 ADOPTING THE PROPOSED REVISIONS TO THE SECTION 8 ADMINISTRATIVE PLAN. COMMISSIONER HEMPEL SECONDED THE MOTION. The motion passed unanimously. 5 Resolution 93: Adoption of Changes to Preferences for the Public Housing and Section 8 Housing Choice Voucher Program Karen K. stated that a public hearing had been held to discuss the proposed changes to the public housing and Section 8 program preferences. Seven people attended. COMMISSIONER LAWRENCE MOVED TO APPROVE RESOLUTION 43 ADOPTING CHANGES TO THE PREFERENCES FOR THE PUBLIC HOUSING AND SECTION 8 HOUSING CHOICE VOUCHER PROGRAM. COMMISSIONER TOPPING SECONDED THE MOTION. The motion passed unanimously. Section 8 Lottery Update Karen K. reported that over 900 applications were received in the ten days that the Section 8 lottery was open. People understood that they didn't need to line up to submit their application so traffic was steady throughout the week. Staff were surprised to find that faxing seemed to be the most common way for people to submit their applications. XI. Development Report High Mar Development Stuart gave an update about the High Mar development which is now fully entitled. He presented a preliminary sketch of the project. Commissioner Lawrence asked that staff compare the financial benchmark matrix for Broadway West (without the cost of the parking structure) to the proposed High Mar financial benchmarks. Red Oak Park Kevin reported that the ROP contractor delivered 10 units the first week of February. Six units were leased ahead of the leasing schedule and construction remains ahead of schedule. All six leased units were returning Boulder Mobile Manor residents. Lindsey reported that the media tour of Red Oalc Park will be from 11-12:30 Wed. Feb. 9"'. This will be a "soft" opening of the site to annom-ice that residents are moving in. The official opening of ROP will be in early summer. 6 Lee Hill Housing Stuart reported that the project is moving forward and BHP and the Shelter for the Homeless are in the process of interviewing the architects that are finalists in the bid process. There were 26 responses to the RFP. XII. Adjourn COMMISSIONER SMART MADE A MOTION TO ADJOURN THE REGULAR MEETING OF THE BOARD OF COMMISSIONERS. COMMISSIONER KLERMAN SECONDED THE MOTION. The motion passed unanimously. The regular session of the Board of Commissioners adjourned at 5:15 pin SEAL DATE: 2/07/11 Angela McCormick, Chair, Board of Commissioners Boulder Housing Partners BETSEY MARTENS Executive Director PENNY HANNEGAN Recording Secretary 7 MEMORANDUM To: Board of Commissioners From: Betsey Martens, Executive Director Subject: Director's Report Date: March 4, 2011 This month's Director's report includes: Consent: None at this time Action: Partnership Awards Bylaws Revisions Board applicants Updates: City Issues Affecting Affordable Housing Attachments: Bylaw revisions-original and redlined versions Summary of City Issues Affecting Affordable Housing ACTION ITEMS: Partnership Awards The BHP Partnership Award program recognizes the efforts of individuals, businesses, corporate partners, and non-profit and governmental agencies for their support of BI-1P and its mission. The award winners in the category of individuals, businesses and non-profit partners who make a difference are: Steffi Williams, Resident Partner: Steffi lives at the Glen Willow apartments. Steffi has spent quite a bit of her time to help keep the yards at Glen Willow tidy and beautiful. Her efforts in weeding and trash collection set a wonderful example for other residents and add to the "curb appeal" of that community. Rosario Alvarado, Resident Partner: Rosario lives at the Madison apartments. She took on a strong leadership role organizing moms at Madison to create supervised summer activities for their children. Iler efforts helped to create a stronger sense of place among parents and children. She went the extra mile, taking her time to reach out to her neighbors, to help purchase art supplies, to create a supervision schedule, and to oversee many activities. I Boulder Police Department, Service Partner: The Police Department has been a partner of BHP's since 1998. Recently, the partnership has evolved to a new level of information sharing and collaboration. Special acknowledgement goes to Officer Beverly Bookout and Sargent Paul Reichenbach who meet quarterly with the BHP staff managing our senior sites. The focus of these meetings has been to identify issues and work together to resolve them. The partnership with the Police Department has grown over the years and has made BHP a better landlord and community partner. We thank the officers and personnel mentioned here, but also the entire Police Department for all their hard work and effort. CU Going Local, Non-Profit Partner: In partnership with CU Going Local, children at Madison planted and cared for a garden with CU students on Saturday mornings last summer and then shared a delicious meal together prepared by the participants' moms. CU Going Local also supported the start-up efforts of residents at Glen Willow who wanted to create a community garden. They provided plants and seeds as well as coordinated workshops conducted by master gardeners for residents at Kalmia. Bryant Mason and Wynne Adams will accept the award on behalf of the organization. Bylaws Revisions After several meetings with the city attorney's office and a significant editing effort by Commissioner Smart and Kathy Haddock, we are pleased to present for your approval the revised Bylaws. Attached is a non-redlined version of the Bylaws and a version with the proposed changes redlined to the last version formally adopted by the Board in 2005. Board applicants Boulder Housing Partners received five applications to fill two open seats on the Board (Commissioner Smart retiring and Commissioner McCormick re-applying). The applicants are: Sara Bayko George Hernandez Scott Holton Angela McCormick Matt Roan Two of the five applicants (Angela and Scott) interviewed with City Council on March 3. We understand from the City Manager's office that Mr. Hernandez withdrew his application; Ms Bayko was out of the country for the interview; and Matt Roan was disqualified based on his residency. Prior to this advisement, all applicants had been invited to attend the March Board meeting. They were advised that Council prefers that the interview process remain with Council but that they could address the Board during public participation is they so desire. The ad-hoc nominating cominittee will bring a recommendation to the Board about how the applicants respond to the Board matrix. 2 Board Development Our development topic this meeting is Colorado's open meetings provisions. Our City Attorney's Office liaison, Kathy Haddock, will be our guest presenter. UPDATES: Moving To Work Application We have been advised by HUD that the decisions have been made and that the announcement is in then press release queue. When we spoke with the MTW staff two weeks ago they said that the release would happen "very, very, very soon". We now understand why working with HUD is a challenge. Our definition of "soon with three verys" means some time long ago. We are hoping that we will have some news on Monday. FY 2011 and FY 2012 Budget Congress approved a two-week extension to the Continuing Resolution (CR), avoiding the threatened government shut-down. This extension reduces spending by $4 billion. The spending reductions are all cuts that the White House has/had previously expressed support for; they would also eliminate a number of earmarks. None of the stated reductions will impact our programs. NAHRO reports as follows: Tn an effort to lengthen the extension by several weeks, the White House and Senate earlier today were still pressing for a four- to five-week CR extension. The White House had also announced support for an $8 billion dollar cut in exchange for the longer extension. This afternoon, the House rejected that offer and has apparently prevailed in this latest round of negotiations on the approval of a final 2011 spending package. Senate Democrats are opposed to the number and the extent of the cuts contained in H.R. 1, which was approved by the House earlier this month. The White House has already announced it will veto H.R. 1 in its current form. The House has refused to pass any CR extension at level FY 2010 funding, and will in all likelihood balk at any measure sent back to it by the Senate that does not match or come close to the amount of spending cuts approved in H.R. 1. The House has also floated the possibility of many small incremental extensions between now and the end of the year, totaling the amount of spending reductions in H.R. 1 a plan roundly rejected by its Democratic minority. The growing problem is that we're now in the sixth month of the fiscal year without an appropriation and lots of threats of reduction without knowing how to estimate the degree. This is an excellent time for Board members to call members of Congress. In FY 2012 budget news, HUD proposed to offset the President's request budget reductions by asking PHAs to use public housing reserves in excess of a yet-to-be-determined number of months of operating expenses in lieu of frill operating subsidy. This proposal has triggered a wave of anxiety in the industry. We continue to model the impact under all the possible scenarios and will bring real data to the Board when Congress makes final decisions. HUD Transformation Initiative In other HUD news, the Secretary continues to pursue his strategic goal of transforming HUD. As part of that goal, he has convened a staff working group charged with evaluating operations on many levels. One of the groups is charged with re-evaluating how we report to, and are regulated by, HUD. The group is interviewing six housing authorities in the country about their "out of the box" ideas. BHP is one of the six and we have been happily sharing our great ideas with HUD. City Issues affecting Affordable Housing Summary: There were several issues that staff identified for Board review that are currently under consideration by the City of Boulder; a summary is included in the attachments. 4 BYLAWS OF THE ROUSING AUTI-IORITY Deleted: '7/20106 OF THE CITY OF BOULDER, COLORADO ARTICLE I THE AUTHORITY Section 1. NAME OF AUTHORITY The.fluthority is the,Housing Atlthorily_ of the Qty_of Bouldcr, Colorado, "Tire Deleted: nameofine Authority has ,elected to use a trade, or "doing business as" name, as Boulder Tiousing - Deleted: shall be., Partners, with the approval of the Directors.- Deleted: Deleted: " Section 2. SEAL OF AUTHORITY Deleted: may The seal of the Authority shall be and is in the form of a circle bearing the name of the Authority. Said seal's impression is contained in the margin hereof. Section 3. OFFICE OF AUTHORITY The office of the Authority shall be at 4800 N. Broadway, in the City of Boulder, Colorado. ARTICLE II COMMISSIONERS Section 1. APPOIN'TMEN'T AND TERh9 i Deleted: MANAGEME IT The nl nt commissioners, one being a Ili n]b~r,ai thG' City Conjicily ind wic " Formatted: No underline 17ZlllQ t'IZC1ti' ~I__'j' !ti~l _ 'i v rl'the Authority I7 ~.ccoi, Ll wcc %hk1i Deleted; n official appiiC.,![, t' ia~l. Shall constitute the policy making or legislative atlthol'Ity of the 1 Deleted: Resident Commissioner Housing Authority. All of the affairs, property and business of the Authority shall be Deleted: appointed by the Mayor of vested in the saidiline Commissioners who are appointed_asprovidedb}~ statute by the the City ofBouldcr Mayor of the City of Boulder, Colorado. The term of a commissioner shall be five years. Formatted: No underline There shall be no lirnit on the number of terms that may be served by a commissioner. Commissioner- shall hold office until their successors are-properly-appointed - - - - - - - - _ _ - Deleted: and Deleted: they t Amended August 27, 2001 2 Amended April 30, 2007 I r Deleted: . The ei i J COm1nISSIOnCIa, Section 2. BOARD VACANCIES one beingaRcsidentCorr theCity appointed by the Mayoro ofthe City of Boulder shall constitute the policy Any vacancy in the Board of Commissioners, however caused, shall be filled b mousin or legislative authority ortlu Y Y Y Housing Authority. All of the affairs, the Mayor ',4.l~l Illlr;illl[I(,:1 th-: Ci;\ t :1'1141{~ as provided by statute. The property and business of the Authority io" Commissioner appointed to fill a vacancy shall hold office for the un-expired terns and CShall omm be issstonioneers who rs who are c appointed eight as until successor has been appointed as provided by statute. provided by statute by the Mayor ofthe - - - - - - - - _ _ - - - - - - - - - - _ ' - - - - City of Boulder, Colorado, and they shall , hold office witil their successors are ARTICLE III properly appointed I MEETINGS I . The seven' commissioners, one being a ` Resident Commissioner, appointed by the Mayor of the City ofBoulder shall Section 1. ANNUAL MEETING constitute the policy making or legislative authority of the Housing Authority. All The annual meeting of the Authority shall be held at such lace so designated b of the affairs, property and business of g `J p y the Authority shall be vested in the said the Authori on tile second Monday of Septelnber and each year, five' Commissioners who are appointed s " " - as prodded by statute by the Mayor of _ - _ - - - - - _ A the City of Boulder, Colorado, and They Section 2. REGULAR MEETINGS shall hold office until their successors are 1 properly appointed.q Regular meetings of the Authority shall be held at such place so designated by the 141 q I,I Deleted: of the City o£Baulder, Authority on thc; ect)a(Monda of each month 111 131)uklej l'0101'dlColorado Deleted: his Section. SPECIAL MEETINGS Deleted: , at 2:00 o'clock p.m., Special meetings of the Board of Commissioners may be held at such place so Deleted: last designated by the Authority in Boulder, Colorado, at any time on call of the Chairperson, - or the Secretary, or any three members of the Board of Commissioners, and may be held Deleted: GrstMondayafAugust at any time and place. Notice to the public shall be provided as required b}' Colurado Deletes' law. Fw- [~.'~I!!1'! 1L'il~lirClnr=ll(z, hO>iI11'_ti •.,1 tie lllecr..lnn5 shall 1. tc in f1C ltlhi~\' o 13cilllilt'r Deleted: thereafter I foU in {'!11'lnrt ;il ` - 1'•r '::;i\t:.`.. i'. l The Coitlnli5sipnerc may \1'aive Deleted: q he nnoal notice o each of Iheln by unanimous Written consent of all the members of the Board of n he'lda such place agnate tysi .l Y i he held at such place so designated by di, Commissioners, of lvlth the presence and participation of all members of the Board of Authority at 3:00 o'clock pin oiW clast Commissioners. , The record of any action recorded in minutes of any meeting •,nd Monday of July 1991, and each y 1 h\' the 13il;tt' l Ui t c'i' Ill;s;l'n~l ..;i .I . a~' ..j'.iWllt 17 shall be valid, a11C1 all Deleted: firs[ actions so recorded shall be as valid and effectual _ Deleted: last Deleted; at 3:00 o'clock p.m Section, NOTICES TO CONIIIISSIONERS, Deleted: 5 Deleted: mailed - Notices of special meetings, except when held by unanimous consent or t Deleted: at Sachmeeting artici ation shall be mailed b the secrets to each member of the Board of I p p ° by - - - - - - Deleted: Aresolution inwriting signed commissioners not less than five (5) calendar days before any such meeting, and the I by all the Commissioners shall beF:. f2l Notice shall include the purposes of such meeting. -Ih~- pr ' ;ence of the person entitled Deleted: which are signed by all the Commissioners Deleted: as if actually passed or f approved at [lie meeting of the 3 Deleted: G Deleted: s Deleted: ,nailed 7 Deleted: I Section QUORUM ORUM - ~ Deleted: 7 A quorum at any meeting shall consist of five (5)8 members of the Board of Commissioners. A majority of those in attendance, in the presence of a quoruin, shall decide any question that may come before the meeting, except as might otherwise be provided herein, or as might otherwise be required by law Deleted: q tiection 6. ATTENDANCE BY TELEPHONE _ - Formatted: underline Any Commissioner may attend a meeting by telephone under the following conditions: A. There is a speaker phone operating at the business office of the Authority so that the Commissioner(s) attending by telephone can be heard by the public, staff and any Conmiissioners in attendance at the business office; and B. Any Commissioner(s) attending by telephone can hear all other Commissioners in attendance at the meeting, whether by phone or in person. Section 7 EXECUTIVE SESSIONS Formatted: Underline Deleted:.... A quorum at any Executive sessions may be held by the Commissioners as provided by Colorado mebers ofthe Board ofr memmbers ofth Hoard of Commommissioncra. law. The Commissioners may hold executive sessions by telephone without a A majority of those in attendance, in the speakerphone being available to the public only under the following circumstances: presence ofa quonim, shall decide any question that may come before the meeting, except as might otherwise be A. The only matter on the agenda is an executive session; and proNrided herein, or as might otherwise be - B. All Commissioners, staff and consultants necessary for the executive required by law session can hear and speak to each other, and C.. The only action or votes that may be taken at the special meeting are to go into executive session for reason(s) allowed by Colorado law and the vote to close the executive session as allowed by Colorado law. No other action may be taken by the Board at any executive session held by telephone; and D. There are minutes of the executive session for approval of the Commissioners at the next regular or special meeting of the Authority. The minutes shall include the date of the meeting, the reason(s) and vote for the executive session, and the vote and any disclosures at the end of the executive session. + - - Formatted: Indent: Left: 0", First Section ORDER OF BUSINNTSS - - - ` line: 0" - - - - - - - - - Deleted: 9 The order of business at any regular or special meeting of the Board of Commissioners, unless otherwise prescribed at any inceting by the Board of Commissioners, shall be established by the Executive Secretary in conjunction with the Chair of the Board. At a minimum, each regular agenda will include: a Amended April 30, 2007 3 1. Review and Approval of Minutes 2. Resident Representative Council Report Deleted: <I>Rcview ofMonlh]y financial Statements9 Deleted: <g>Management Reports 3. Public Participation f I Deleted: <#>Project Reports9 CFormatted: Bullets and Numbering Specific order of agenda items may vary from one meeting to the next so long as at least the above listed topics are included. Pic Amhc rirv may act by motion or rc olutlon. 1-he c'ur'd of tho vote on nll moiiolrs amd rl_,solutions shall Ile inCluded in the minutes of the All resolutions shall be in writing and executed copies maintained in an appropriate master file containing a record of the proceedings of the Authority. Section 9. MANNER OF VOTING The voting on all-questions coming before the Authority shall be by oral vote, and Deleted:... the ayes and nays shall be entered upon the minutes of such meetings Deleted: except on the election of ofricers which may be by ballot Deleted: Action without a meeting; ARTICLE 1\11 With respect to subjects that Q _ would justify nn Executive Session OFFICERS meeting, the Commissioners may be polled individually by the Executivo Director by telephone or e-mail with the understanding that any actions and votes - taken as a result of said poll shall be Section 1 . i' 1 I I' - . R ti _ - - - _ ratified at the following meeting of the Board! I The officers of the Authority shall be a Chairperson, a Vice Chairperson, and a Secretary who shall be the Executive Director. Deleted: n Deleted: IMES Section 2. CHAIRPERSON The Chairperson shall preside at all meetings of the Authority. Except as otherwise authorized by resolution of the Authority, the Chairperson shall sign all deeds ,ii:d contracts ar L uh :n seilin , real ~ e t~ At each meeting, the Chairperson shall i Deleted: and deeds made by the submit such recommendations and information as s/he may consider proper concerning Authority. the business affairs and policies of the Authority. Section 3. VICE-CHAIRPERSON The Vice-Chairperson shall perform the duties of the Chairperson in the absence or incapacity of the Chairperson; and in case of the resignation or death of the Chairperson, the Vice-Chairperson shall perform such duties as are imposed on the Chairperson until such time as the Authority shall select a new Chairperson. 4 Section 4. SECRETARY The Secretary shall be the Executive Director of the Authority, and as such, shalt have general supervision over the administration of its business and affairs, subject to the direction of the Authority. The Secretary shall be charged with the management of the Housing Projects of the Authority, The Secretary shall keep the records of the Authority, shall be responsible for the minutes of the meetings of the Authority and for keeping a record on all votes, and shall keep a record of the proceedings _ii l _ of the Authority in a master file to be kept for such purpose, and shall perform all duties incident to this office. The Secretary shall keep, in safe custody, the seal of the Authority and shall have power to affix such seal to all contracts and other instruments authorized to be executed by the Authority. t ru aC i i2wlir~d to be signed by the Chairperson, including without nitatiori. contracu, Ior L'rauts.. Ioans, financing of projects, or otherwise necessary for the iciem functioning-, of the Authorir ; provided however, the Secretary may not sign any itract that iq not consistent with tlic snnual budget approved by the Board of The Secretary shall have the care and custody of all funds of the Authority. The Secretary shall pay out monies under the direction of the Authority and shall keep regular books of account showing receipts and expenditures and shall render to the Authority at each regular meeting, or more often when requested, and account of transactions and also financial condition of the Authority. Deleted: TheSecrclary shall give such bond for the raithrul performance of these duties as the Authority may designate. Compensation of the Secretary. t n],,. J-, cp shall be determined by the Authority., Deleted: ; a temporary appointee, Section 5. ADDITIONAL DUTIES selected from among the Commissioners of the Authority shall serve without compensation (other than the payment of The officers of the Authority shall perform such other duties and functions as may 11. necessary e.penses.)q from time to time be required by the Authority or rules and regulations of the Authority, Deleted: I Section b. ELECTIONS AND APPOINTMENTS Y The Chairperson and Vice Chairperson shall be elected at the annual meetings of the Authority in ,:u iiher cl from among the Commissioners of the Authority, and office shall be held for j- - year or until their successors lire elected and qualify. Deleted: one Deleted: The Secretary shall he Section 7. OFFICER VACANCIES appointed to the Authority, Any person ❑ppointed to fill the Office of Secretary, or any vacancy therein shall have such Should the office of Chairperson or Vice Chairperson become vacant, the term as the Authority fixes, but Commissioner of the Authority shall he Authority shall elect a successor from its membership at the regular next meeting, and eligible to serve in such capacity except such election shall be for the un-expired term of said office. When the office of Secretary as a temporaryappoinrce~ becomes vacant, the Authority shall appoint a successor, as aforesaid. Section 8. ABSENCES AND LEAVES OF ABSENCE 5 Deleted: Commissioners shall not Upon written request the Board may grant a leave of absenee of up to six months accumulate more than three (3) excuse or two tip ltscd absences in a given to one or move commissioners, provided, however, that such approval will not result ill a calendar year. The Board may take loss of quorum. Each COll missioner may accumulate no more than six months leave in excee lding g this toro limit in move a accordance w we iitsh h exceeding the provisions of Section 9,1 any fi Ve (5) year term. _ - _ _ - I Deleted: y - Section 9._ REMOVAL-OF COMMISSIONERS - - - - - - - - - - l A Commissioner may be removed by the Mayor I,tii,,++ing a recorninendatiOil h! ~y majority vote of the Board of Commissioners present and voting at any Deleted: or meeting where such action is an announced item of business. Action for removal of a Commissioner must be in accordance with the standards and procedures established Under : ltlw, Deleted: the cxisling state Section 10. REMOVAL OF OFFICERS yLny officerm_ay.be removed at any time !,;r iii • r ,i., I:J.;_: - Formatted: Indent: Flrstline: 0.5^ .r r u I fi by a vote of the majority of the Board of Commissioners present and voting at Deleted: q any meeting of the Board of Commissioners called and held for that purpose; however, Deleted.. other0ianthe first Notice of any motion to remove any officer shall be given to the officer no less than ten ('h.,igrerson, (10) days and no more than thirty (30) days prior to such meeting in writing. Formatted: Left [Deleted: q aers may appoint such advisory Committees as the Bo ::-d Deleted: l -1,:rilli ics appropiia,i:. Sucii committees shall have the duties and responsibility set rfh by the Board of Commissioners, and shall live or vvork in Boulder. Colorado. The Deleted: y lvisory Committee shall not have any authority to make any final decisions which bind ~ Deleted: Authority Or approve any conn'acts, but shall serve in an advisory capacity to the Deleteretaryd: Chairperson or Executive Sec Deleted: Any two of the individuals serving as Secretary, Deputy Director, 111ZTlCLE,V - Chairperson, or Vice Chairperson, FINANCES together, arc hereby authorized to collect, discount, negotiate, endorse and assign, in the name of the Authority, all checks, Section l.- MON7hS drafts, notes and all other paper, which are payable to this Aulhority, or in whielt this Authority ltas nn interest. the monies of the Authority shall be deposited in the narne of the Authority in such bank Deleted: Any two of the individuals or banks or trust companies or with such agent or agencies as the Board of ChaiingasSrperson, ec or Vtcc ChairpVice Chairperson are are e _ Cha Commissioners shall designate. Hie , 11o;!rd of t_i`iI1n11S51ttntl':: sl1:►ll Ali' i~`aille by further authorized to,in file nameof die Anlhotity, endorse all checks, drafts, 1"ZSllltlhr.tll tll;; l)dii'C: %tiho are ;JLtlhPrl7t".1 117 Sl'CIIIe, t:I 'L'ct. Holes or other paper, for deposit in such and 3S5!', in 1'he nallle of' the AlIth01'ktV, 111 checks, drafts. roles and all other haper, bank or banks or mist companies as may which are payable to this Authority. or in which this Authority has all nltel'esl. on behalf be selected by the Board, to [lie ctedit of this authority, and to draw, sign and (If the 17111 1 01!rd [hust ILIOCL1mC111S [lot requiring Board action prior to exceiiLto l,r, _ deliver, in the name of this authorily,all checks against the funds of this Authority on deposit in said bank, and, upon such Section 2. FISCAL YEAR checks to withdraw iiom said bank such funds, and to do all such other acts and things as cony he incidental to the Authority and powers here inbefore given 6 f Ile fiscal year shall be the calendar year. Deleted: Unless and tmtil the Board of Commissioners by resolution shall dctermineothenvise.,t ARTICLE VI Deleted: q c - Deleted:NOTICES9 i.------- ------------------41-`--Deleted: I Deleted: I - AMENDMENTS Section 1.. RPgUiREMENTSI Deleted: The bylaws of the Authority shall be amended only with the approval of at least t I Deleted: whenever notice is `j c Of the members of the Authority at any regular or special meeting, but no such Deleted: a Notice shall he amendment shall be adopted unless at least seven (7) days written Notice thereof has Deleted: rewired by the stamtcs of the been previously given to all of the Commissioners. Such Notice shall include the state ofcolorado to be given to an individual, proposed an.cndments icy tiie bylaws to h, consir_lercd at the meeting. - - - - - Deleted: , or by these bylaws, T - Adopted to be effective the day of 120J 1, Deleted: such notice shall he effective is Deleted: there shall be no necessity for SEAL. giving personal notice, and Notice may be Angela N,IcCormic " Chair Person Deleted: given (a) in writing by - - - - - - - - - - depositing the same in the post office, or letter box in a postpaid sealed envelope addressed to the person of whom such L - - - - - - - - - - - - - Notice is intended, to her or his ]ionic or BETSEY MARTENS, - - Deleted: f f asthe =XOCUtIVeDireIrCCt01 Deleted: office, address, 4 - tive--'------------------------ Deleted: and the Deleted: time of mailing shall Deleted: Deleted: Waiver of any notice i fi Deleted: I Deleted: Section 2. PRFSF,N' 7 }'p Deleted: - t°, , 'l Deleted: - The presence of the 1 (81 j Deleted: Deleted: The ratification of tl 1L. 19 •.4':~ Deleted: ARTICLF.VII¶ Deleted: four(4) Deleted: q ( X101 Deleted: 09 Deleted: BETTY HOYE Deleted: I Deleted: /CINDY BROWN Deleted: Co- Deleted: s 7 Page 2: [1] Deleted haddki 7/31/2009 6:53:00 AM The annual meeting of the Authority shall be held at such place so designated by the Authority at 3:00 o'clock p.m., on the last Monday of July 1991, and each year thereafter. Page 2: [2] Deleted Laurel 1. Hamilton 2/9/201110:30:00 AM A resolution in writing signed by all the Commissioners shall be as valid and effectual as if it had been passed at a meeting of the Commissioners duly called, constituted and held. Page 2: [3] Deleted Laurel I Hamilton 2/91201110:32:00 AM as if actually passed or approved at the meeting of the Commissioners duly called, constituted and held Page 7: [4] Deleted Laurel I Hamilton 219/20114:09:00 PM office address, as the same shall appear in the books of the Authority. The Page 7: [5] Deleted Laurel I Hamilton 219/20114:09:00 PM time of mailing shall be deemed to be the time of giving notice.. (b) by facsimile. The time of receipt of confirmation that the facsimile has been received at the fax number provided by the person for whom the notice is intended shall be deemed the time of giving notice. Page 7: [6] Deleted Laurel I Hamilton 2/9/20114:09:00 PM Waiver of any notice in writing, signed by a person entitled to such notice, whether signed before or after the time stated in such Waiver for holding a meeting, shall be sufficient. Page 7: [7] Deleted Laurel I Hamilton 2/9/20114:09:00 PM Section 2. PRESENCE Page 7: [8] Deleted Laurel I Hamilton 2/9/20114-09:00 PM The presence of the person entitled to Notice at a meeting shall in all events be considered a Waiver of Notice and failure to vote shall not defeat the effectiveness of such Waiver. Section 3. RATIFICATION Page 7: [9] Deleted Laurel 3. Hamilton 2/9/20114:09:00 PM The ratification of the minutes of any meeting of the Board of Commissioners shall have the same force and effect as if the person ratifying the same were present in person at said meeting. Page 7: [10] Deleted haddkl 7/31/2009 7:28:00 AM BYLAWS OF THE HOUSING AUTHORITY OF THE CITY OF BOULDER, COLORADO ARTICLE I THE AUTHORITY Section 1. NAME OF AUTHORITY The Authority is the Housing Authority of the City of Boulder, Colorado. The Authority has elected to use a trade, or "doing business as" name, as Boulder Housing Partners, with the approval of the Directors.1 Section 2. SEAL OF AUTHORITY The seal of the Authority shall be and is in the form of a circle bearing the name of the Authority. Said seal's impression is contained in the margin hereof. Section 3. OFFICE OF AUTHORITY The office of the Authority shall be at 4800 N. Broadway, in the City of Boulder, Colorado. ARTICLE II COMMISSIONERS Section 1. APPOINTMENT AND TERMS The nine 2 commissioners, one being an official of the City , and one being elected by the qualified resident body of the Authority in accordance with applicable law, shall constitute the policy making or legislative authority of the Housing Authority. All of the affairs, property and business of the Authority shall be vested in the said nine Commissioners who are appointed as provided by statute by the Mayor of the City of Boulder, Colorado. The term of a commissioner shall be five years. There shall be no limit on the number of terms that may be served by a commissioner. Commissioners shall hold office until their successors are properly appointed. Section 2. BOARD VACANCIES Amended August 27, 2001 Amended April 30, 2007 I Any vacancy in the Board of Commissioners, however caused, shall be filled by the Mayor with confirmation of the City Council, as provided by statute. The Commissioner appointed to fill a vacancy shall hold office for the un-expired term and until a successor has been appointed as provided by statute. ARTICLE III MEETINGS Section 1. ANNUAL MEETING The annual meeting of the Authority shall be held at such place so designated by the Authority on the second Monday of September, and each year. Section 2. REGULAR MEETINGS Regular meetings of the Authority shall be held at such place so designated by the Authority on the second Monday of each month in Boulder, Colorado. Section 3. SPECIAL MEETINGS Special meetings of the Board of Commissioners may be held at such place so designated by the Authority in Boulder, Colorado, at any time on call of the Chairperson, or the Secretary, or any three members of the Board of Commissioners, and may be held at any time and place. Notice to the public shall be provided as required by Colorado law. For posting requirements, postings of the meetings shall be in the lobby of Boulder Housing Partners at N. Broadway, Boulder, CO. The Commissioners may waive notice to each of them by unanimous written consent of all the members of the Board of Commissioners, or with the presence and participation of all members of the Board of Commissioners. The record of any action recorded in minutes of any meeting and approved by the Board of Commissioners at a subsequent meeting shall be valid, and all actions so recorded shall be as valid and effectual. Section 4. NOTICES TO COMMISSIONERS Notices of special meetings, except when held by unanimous consent or participation, shall be emailed by the secretary to each member of the Board of commissioners not less than five (5) calendar days before any such meeting, and the Notice slrall include the purposes of such meeting. The presence of the person entitled to notice of a meeting shall in all events be considered a waiver of notice and failure to vote shall not defeat the effectiveness of such waiver. Section 5. QUORUM A quorum at any meeting shall consist of five (5)$ members of the Board of Conunissioners. A majority of those in attendance, in the presence of a quorum, shall decide any question that may come before the meeting, except as might otherwise be provided herein, or as might otherwise be required by law Section 6. ATTENDANCE BY TELEPHONE Any Commissioner may attend a meeting by telephone under the following conditions: A. There is a speaker phone operating at the business office of the Authority so that the Commissioner(s) attending by telephone can be heard by the public, staff and any Commissioners in attendance at the business office; and B. Any Commissioner(s) attending by telephone can hear all other Commissioners in attendance at the meeting, whether by phone or in person. Section 7, EXECUTIVE SESSIONS Formatted: No underline Executive sessions may be held by the Commissioners as provided by Colorado Formatted: No underline law. The Commissioners may hold executive sessions by telephone without a speakerphone being available to the public only under the following circumstances: A. The only matter on the agenda is an executive session; and B. All Commissioners, staff and consultants necessary for the executive session can hear and speak to each other; and C.. The only action or votes that may be taken at the special meeting are to go into executive session for reason(s) allowed by Colorado law and the vote to close the executive session as allowed by Colorado law. No other action may be taken by the Board at any executive session held by telephone; and D. There are minutes of the executive session for approval of the Commissioners at the next regular or special meeting of the Authority. The minutes shall include the date of the meeting, the reason(s) and vote for the executive session, and the vote and any disclosures at the end of the executive session. Section 8. ORDER OF BUSINESS The order of business at any regular or special meeting of the Board of ! Commissioners, unless otherwise prescribed at any meeting by the Board of Commissioners, shall be established by the Executive Secretary in conjunction with the Chair of the Board. At a minimum, each regular agenda will include: 1. Review and Approval of Minutes 2. Resident Representative Council Report s Amended April 30, 2007 3 3. Public Participation Specific order of agenda items may vary from one meeting to the next so long as at least the above listed topics are included. The Authority may act by motion or resolution. The record of the vote on all motions and resolutions shall be included in the minutes of the meeting. All resolutions shall be in writing and executed copies maintained in an appropriate master file containing a record of the proceedings of the Authority. Section 9. MANNER OF VOTING The voting on all questions coming before the Authority shall be by oral vote, and the ayes and nays shall be entered upon the minutes of such meeting. ARTICLE .IV OFFICERS Section 1. OFFICERS The officers of the Authority shall be a Chairperson, a Vice Chairperson, and a Secretary who shall be the Executive Director. Section 2. CHAIRPERSON The Chairperson shall preside at all meetings of the Authority. Except as otherwise authorized by resolution of the Authority, the Chairperson shall sign all deeds and contracts for buying or selling real property. At each meeting, the Chairperson shall submit such recommendations and infonnation as s/he may consider proper concerning the business affairs and policies of the Authority. Section 3. VICE-CHAIRPERSON The Vice-Chairperson shall perform the duties of the Chairperson in the absence or incapacity of the Chairperson; and in case of the resignation or death of the Chairperson, the Vice-Chairperson shall perform such duties as are unposed on the Chairperson until such time as the Authority shall select a new Chairperson. Section 4. SECRETARY The Secretary shall be the Executive Director of the Authority, and as such, shall have general supervision over the administration of its business and affairs, subject to the direction of the Authority. The Secretary shall be charged with the management of the Housing Projects of the Authority, The Secretary shall keep the records of the Authority, shall be responsible for the minutes of the meetings of the Authority and for keeping a 4 record on all votes, and shall keep a record of the proceedings and resolutions of the Authority in a master file to be kept for such purpose, and shall perform all duties incident to this office. The Secretary shall keep, in safe custody, the seal of the Authority and shall have power to affix such seal to all contracts and other instruments authorized to be executed by the Authority. The Secretary may sign all contracts of the Authority not required by these bylaws to be signed by the Chairperson, including without limitation, contracts for grants, loans, financing of projects, or otherwise necessary for the efficient functioning of the Authority; provided however, the Secretary may not sign any contract that is not consistent with the annual budget approved by the Board of Commissioners. The Secretary shall have the care and custody of all funds of the Authority. The Secretary shall pay out monies under the direction of the Authority and shall keep regular books of account showing receipts and expenditures and shall render to the Authority at each regular meeting, or more often when requested, and account of transactions and also financial condition of the Authority. Compensation of the Secretary, or a temporary appointee shall be determined by the Authority. Section 5. ADDITIONAL DUTIES The officers of the Authority shall perform such other duties and functions as may from time to time be required by the Authority or rules and regulations of the Authority. Section 6. ELECTIONS AND APPOINTMENTS The Chairperson and Vice Chairperson shall be elected at the annual meetings of the Authority in even numbered years from among the Commissioners of the Authority, and office shall be held for two years or until their successors are elected and qualify. Section 7. OFFICER VACANCIES Deleted: y Should the office of Chairperson or Vice Chairperson become vacant, the Authority shall elect a successor from its membership at the regular next meeting, and such election shall be for the un-expired term of said office. When the office of Secretary becomes vacant, the Authority shall appoint a successor, as aforesaid. Section 8. ABSENCES AND LEAVES OF ABSENCE Upon written request, the Board may grant a leave of absence of up to six months to one or more commissioners, provided, however, that such approval will not result in a loss of quorum. Each Commissioner may accumulate no more than six months leave in any five (5) year term. Section 9. REMOVAL OF COMMISSIONERS 5 A Commissioner may be removed by the Mayor following a recommendation adopted by majority vote of the Board of Commissioners present and voting at any meeting where such action is an announced item of business. Action for removal of a Commissioner must be in accordance with the standards and procedures established under applicable law. Section 10. REMOVAL OF OFFICERS Any officer may be removed at any time for neglect of duty or misconduct in office by a vote of the majority of the Board of Commissioners present and voting at any meeting of the Board of Commissioners called and held for that purpose; however, Notice of any motion to remove any officer shall be given to the officer no less than ten (10) days and no more than thirty (30) days prior to such meeting in writing. Section 11. ADVISORY COMMITTEES The Board of Commissioners may appoint such advisory committees as the Board determines appropriate. Such committees shall have the duties and responsibility set forth by the Board of Commissioners, and shall live or work in Boulder, Colorado. The Advisory Committee shall not have any authority to make any final decisions which bind the Authority or approve any contracts, but shall serve in an advisory capacity to the Board. ARTICLE V FINANCES Section 1. MONIES The monies of the Authority shall be deposited in the name of the Authority in such bank or banks or trust companies or with such agent or agencies as the Board of Commissioners shall designate. The Board of Commissioners shall designate by resolution the parties who are authorized to execute, collect, discount, negotiate, endorse and assign, in the name of the Authority, all checks, drafts, notes and all other paper, which are payable to this Authority, or in which this Authority has an interest, on behalf of the full Board those documents not requiring Board action prior to execution. Section 2. FISCAL YEAR The fiscal year shall be the calendar year. ARTICLE VI AMENDMENTS 6 The bylaws of the Authority shall be amended only with the approval of at least six (6)of the members of the Authority at any regular or special meeting, but no such amendment shall be adopted unless at least seven (7) days written Notice thereof has been previously given to all of the Commissioners. Such Notice shall include the proposed amendments to the bylaws to be considered at the meeting. Adopted to be effective the day of , 2011. SEAL Angela McCormick, Chair Person BETSEY MARTENS Executive Director 7 ATTACHMENT Summary of Current City Issues Affecting Affordable Housing February 26 is Reverend Rol Hoverstock Day: In February, Mayor Susan Osborne honored Boulder's Reverend Rol Hoverstock of St. John's Episcopal Church by declaring February 26 to be "Reverend Rol Hoverstock Day." Rev. Hoverstock and the St. John's Foundation (a charitable arm of the church) have been ardent supporters of affordable housing in Boulder since 1974, when the Foundation funded the construction of the San Juan del Centro affordable housing community. More recently, Rev. Hoverstock and the Foundation provided the Broadway East and West projects with a substantial grant as well as ongoing partnership and support through the lengthy development process.. We would like to extend our congratulations to Rev. Hoverstock for the recognition of his contributions to Boulder's quality of life. Update: 2010 Boulder Valley Comprehensive Plan Over the past several months, we have informed the Board about developments within the 2010 Boulder Valley Comprehensive Plan (BVCP) major update that particularly pertain to Boulder's affordable housing industry. This month, the Planning Board and City Council arc reviewing revisions to the language of the BVCP itself, in preparation for approval in the coming months. Many substantial changes to the BVCP language emphasize support for the provision and development of affordable housing and critical services within Boulder, as well as language that supports the quality of life for our residents. Please see a sample of the language changes in the attachment to the City Issues Summary. Attachment New Language from the 2010 Boulder Valley Comprehensive Plan Update + "Community Design" section is now named "Built Environment:" o This section now includes a statement that the elements of Boulder's built environment should "support its continuing evolution to a more sustainable urban form" The definition of "sustainable urban form" (as newly described within the BVCP) includes attitudes that support the provision and production of affordable housing, like appropriate density and community inclusivity: ■ "Sustainable Urban Form Definition: The city's urban form is shaped by the location and design of streets, bike paths and open spaces; the mix of uses and activities that are allowed in each area of the city; and the design and intensity of development and public improvements. The city's goal is to evolve toward an urban form that supports sustainability. This "sustainable urban form" is defined by the following components: • Compact: o A compact development pattern with density in appropriate locations to create and support viable, long term commercial opportunities and high frequency public transit. • Connected: o An integrated rnultimodal system with abundant, convenient and pleasant ways to get around on foot, by bike, and by local and regional transit service. o Opportunities for people to connect to nature and natural systems. • Complete. o Daily needs within easy access fr-orn school, work or home without driving a car. o A quality of life that attracts, sustains and retains diverse businesses, creative entrepreneurs and investment in the local economy. • Green, Attractive and Distinct. o Comfortable, safe, and attractive places to live, iA,ork, learn and recreate that have a distinct, memorable character and promote a healthy, active lifeso)le. o Apublic realm that is beautiful, well-used and enriched with art, trees and landscaping. o Buildings, streets, utilities and other infi°astructure that protect natural systems, minimize pollution and urban heat island effects and support clean energy generation. o Preservation of agriculturally significant lands, environmentally sensitive areas and historic resources. Inclusive: o A diversity of housing types and prices, employment, and other uses to meet the needs of a diverse community (ages, incomes, abilities and lifestyles). o Welcoming, accessible public gathering spaces, for interaction among people from all walks of life and with all levels of ability. " o "Mixed Use Development" is now named "Mixed Use and Higher Density Development" ■ Higher density development for the purpose of affordable housing provision will now be encouraged closest to multimodal transit corridors and centers o "Activity Centers" now indicates that activity centers should be supported when they contain human services, and should be accessible o Under "Urban Linkages," the BVCP now commits to making Boulder an accessible city, in addition to being a walkable city. Accessibility throughout the city will benefit our residents with differing abilities. a Under "Design Quality," a section has been added, called "Design of Newly- Developing Axeas" which specifies that includes a variety of residential densities, housing types and prices • The "Housing" section has been updated: o The introductory paragraph will be substantially rewritten: ■ "The social, economic and environmental well-being of the community is enhanced when individuals and families are retained, workforce housing is available, and existing residents with changing or special housing needs are served.. Through a variety ofpolicies, programs and regulations, a definitive difference can be made in the type, number, and affordability of new and existing housing units can be influenced, and in the programs and assistance made available to those who have limited resources or special needs. Emerging trends facing the community include growth in the senior population; the addition of over S, 000 university students by 2030; and the growing difficulty of providing affordable housing attractive to families with children in a land-constrained community. Additionally, current regulations may not accommodate an expanding variety of household types, including multi-generational households. " o The "Local Housing Solutions" section now includes this statement: ■ "The city recognizes that affordable housing provides a significant community benefit and will continually monitor and evaluate its policies, programs and regulations to further the city's affordable housing goals. " o The "Advance and Sustain Diversity" goal includes new language regarding the need for housing: ■ "Balancing Housing with Employment Base " now includes: "Key considerations include housing type, mix, and affordability.. The city will explore policies and programs to increase housing for Boulder workers by fostering mixed-use and multifamily development proximate to transit, employment or services and by considering the conversion of commercial and industrial zoned or designated land to residential use. " • The "Human Services" section is now named "Community Well-Being:" o Under "Social Equity," a new section has been included, called "Equitable Distribution of Resources, which states: ■ "The city will work to ensure that basic services are accessible and affordable to those most in need. The city and county will consider the impacts ofpolicies and planning efforts on low and moderate income and special needs populations and ensure impacts and costs of sustainable decision-making do not unfairly burden any one geographic or socio- economic group in the city. The city and county will consider ways to reduce the transportation burden for low-income and disabled populations, enabling equal access to community infrastructure. " o Another new section, "Addressing Community Deficiencies," indicates that: ■ "The city will identify barriers to provision of important basic human services and work to find solutions to critical social issues such as lack of housing options for very low income and special needs populations, access to and affordability of basic services, and limited availability of affordable retail products. " o The new section "Diversity" states: ■ "The community values diversity as a source of strength and opportunity. The city and county will support the integration of diverse cultures and socio-economic groups in the physical, social, cultural and economic environments; promote opportunities for community engagement of* diverse community rnernbers; and promote forn2al and informal r"epreSE'r?tati0r? of diverse COn?Ir?2n11Iy n1G'rr?ber5 in GlV1C affairs, MEMORANDUM TO: Board of Commissioners FROM: Betsey Martens, Executive Director Stuart Grogan, Director of Development Shannon Cox Baker, Project Manager Kevin Knapp, Project Manager Liz Wolfert, Project Assistant Lindsey Moss, Project Assistant SUBJECT: Development Report DATE: March 9, 2011 This month's development report includes: Consent: None at this meeting Action/Discussion: Boulder Transit Village Foothills Right of Way Dedication Updates: High Mar Redevelopment Lee Hill Housing Red Oak Park Broadway West Attachments: 1000 Rosewood Site Plan BTV Concept Plan sketches Project Tracking Form and Timeline CONSENT ITEMS ACTION/ DISCUSSION ITEMS BOULDER TRANSIT VILLAGE: Previous Board Meeting: At the last meeting, we provided the following information: • This project is being introduced to the Board at this meeting Progress since Previous Board Meeting; The Boulder Transit Village site, owned by RTD, is located between the Pollard site at the northwest corner of the intersection of Pearl St. and the railroad tracks west of 30th St. RTD issued a Request for Proposals (RFP) in September, 2010 for a design-build team to construct the infrastructure, bus drop off and pick up, supportive services and parking for a Bus Rapid Transit (BRT) facility. Applicants had the option to propose ideas for a mixed use / residential addition to the project. Five teams submitted responses and two teams were selected for interviews. BHP participated on both of the final two teams in the competition. Last month, RTD announced that it had selected the team to develop a mixed use project that includes the following: Bus Rapid Transit • Underground bus loading and unloading with one way circulation loop; • Access to / from housing, parking structure, hotel and open area patio; • Driver break area; • 100 parking spaces BRT users; • Kiss and ride drop off and pick up areas; • Room for maintenance and storage; Residential • Approximately 77 one, two and three bedroom units; 0 64 units required under the Inclusionary Housing Ordinance from Junction Place Village; 0 13 units required under the lnclusionay Housing Ordinance for this project; o Current mix: (49) one bedroom, 1 bath (13) 2 bedroom, 1 bath ■ (13) 2 bedroom, 2 bath ■ (2) 3 bedroom, 2 bath • Affordable at 50% AMI • Eco-passes for residents; • 1 space per unit of parking; • Car and bicycle share programs; Other • 100 dedicated parking spaces for the City of Boulder parking district; • Rehabilitation of the historic train depot for cornmercial use; • Large open central plaza with integrated parking and drop off for the hotel which doubles as the roof of the BRT facility; Hotel • 80 room boutique hotel; Infrastructure • New boulevard redevelopment of Pearl St; • Construction of the first segment of Junction Place; Copies of some of the preliminary plans that were part of the application submitted to RTD are included with this memorandum in the attachments. The winning development team is led by Scott Pedersen, the developer of the Junction Place Village on the south side of Pearl St. immediately opposite this site. The team includes Adolphson Pedersen Construction as the general contractor, Short Elliot and Hendrickson (SEH) Architects for design, JVA for engineering services, Carol Adams for landscape design, and BHP as the take out buyer of the affordable housing. Following selection by a committee that included representatives from RTD and the City of Boulder, BHP has started working through the details of the project and our questions in order to help the Board understand the terms and conditions of our role in the project. This due diligence process includes defining our business relationship with Pedersen Development, understanding the market, working to understand and advocate for a "quiet zone" designation for the site to minimize train noise, defining the unit mix, crafting the unit specifications, testing feasibility, and developing a detailed project timeline. We. provided a copy of a build to suit contract we used on another BHP project as a starting place for our discussions. This process will continue for several months and we will provide regular updates to the Board before a decision regarding final approval would be requested. We have invited Scott Pederson to join us at the Board meeting on March 14, 2011 to discuss his vision for the site and our partnership. Next steps • Work out the details of a Memo of Understanding with Pedersen Development; • Continue feasibility testing of the financial model and due diligence with the developer and BHP staff, and • Track the development review process with the City of Boulder. FOOTHILLS RIGHT OF WAY DEDICATION Previous Board Meeting: At the last meeting, we provided the .following information: • This project is being introduced to the Board at this meeting Progress since Previous Board Meeting: Thistle Community Housing (Thistle) is in the predevelopment process for a new construction project known as 1000 Rosewood, adjacent to BHP's Foothills Community. Thistle's 18 unit project is 16 single family modular homes and one duplex on a 2.3 acre site. All of the units will be for sale, and 50% (9) units are proposed to be permanently affordable, while the remainder will be sold at market rate. The new 9"' Street will dead end at the north side of the street with the intention to connect across the creek with a public bridge in the future. As part of this new project, Thistle will be required to develop 9"' Street as a public right-of-way. When the Foothills Community was in the site review process, BHP was required to hold this as land from development and at the City's request, dedicate half of the street. Dedication of right- of-way is a typical City requirement where existing, proposed or planned public improvements impact a property. Since 1000 Rosewood is Thistle's project, they will be doing most of the work needed to pay for, plan, dedicate and build the street. The only action BHP will need to take is to execute the deed for the portion on the Foothills property to the City of Boulder for westerly half of W" Street. 'rhe City of Boulder will maintain this land and right-of-way after the dedication is complete and the improvements accepted by the City. If BHP were to redevelop the vacant land next to the site within the ten years, we would be responsible for reimbursing Thistle for our share of the cost of the new street. Half of the street will on an easement in the Foothills Community. The street will be located between the Foothills' detention outlot to the Rosewood project; please see the 1000 Rosewood Site Plan attached to this memo. Thistle has received approval of the Annexation of the property to the City of Boulder, an initial zoning designation, and zoning variations for the development plan that include reduced setbacks for the units. Thistle is moving on to submit an application for Technical Documents review which will include the dedication process for 9'" Street. We will continue to gather all of the details from Thistle, and provide Betsey with the full packet when it is ready to sign. Staff recommendation: We recommend the Board authorize Betsey Martens to sign the dedication for half of the 9"' Street land to the City of Boulder for the public right of way. Next steps • Work with Thistle to complete the dedication of right of way application; • Track Thistle's progress through the City of Boulder Planning Department's process and requirements; and • When appropriate and documents ready, provide copies to Betsey for her signature. UPDATE ITEMS HIGH MAR REDEVELOPMENT At the last meeting, we provided the following information. • We received a Notice of Disposition approving the project from the Planning Department indicating that we had completed the land use review process; • The design team was on target to complete Design Development (a more detailed set of drawings than Schematics that will inform the final Construction drawings) by the end of March; • The City's Housing and Human Services group was deliberating our request for a $350,000 predevelopment grant; • The Schematic Design cost estimate was in line with our original expectations; and • We procured the law firm of Winthrop & Weinstine (specifically, attorney Jon Peterson, who worked on the Red Oak Park closing) to represent both High Mar and Lee Hill throughout the LIHTC and development processes. Progress since Previous Board Meeting: Design Process: We submitted Technical Documents to the City's Engineering Department for a first round review in mid-February. We anticipate two rounds of City comments, with final approval delivered by early May. We will conduct a bid, pricing, and value engineering exercise of the Design Development drawing set between April-May. This exercise will allow us to anticipate an accurate budget for the construction of High Mar. We anticipate releasing a Request for Proposals (RFP) for a general contractor and beginning the construction document phase after Design Development is complete. The project is slated to be building permit ready by July 1, 2011. LIHTC Application: As we mentioned at the last Board meeting, we prepared and submitted this application for the first time, using our own resources and experience. We retained Rodger Hara, an experienced project and affordable housing finance consultant in Colorado, to peer review the application for strategy, completeness and financials. In addition to readiness to proceed due to our zoning approvals and our financial commitments, we were able to include letters of support from the Mayor and City Manager of the City of Boulder, senior housing providers, and neighbors. We submitted the application for 9% Low Income Housing Tax Credits (LIHTC) on March 1, 2011. The Colorado Housing and Finance Authority (CHFA) should announce preliminary reservations by May 1, 2011. We anticipate requests for follow up information or questions from CHFA later this month. In the meantime, we will continue to work witlr our friends and supporters to insure CHFA understands that this is a very strong project and deserves to be funded. If a 2011 LIIITC Preliminary Reservation is secured during this application round, construction could commence as early as July, 2011. If a second application is required, we will re-submit in July 2011. If necessary, a second application will allow us to address any questions that CHFA had, continue to improve our readiness to proceed status in the Tecluucal Documents process and towards being building permit ready, and to further document the strong demand for affordable senior housing. An allocation later in 2011 will delay the commencement of construction until September 2011 at the earliest. Project Financing: We included in our application an updated commitment from the City of Boulder's Housing and Human Services (HHS) to provide High Mar with a $350,000 grant pursuant to our most recent funding application. We also received and included letters of interest from I5t Bank as the construction and permanent lender, Richman Capital as the LIHTC equity investor, and the Colorado Division of Housing in amounts sufficient to meet all of the development costs. Below is an overview of the sources and uses submitted in the March 1, 2011 LIHTC application. This summary differs, from what you saw in the last memo as a result of dozens of minor adjustments in fees, pricing, and estimates for services resulting in a total costs lower by approximately $ 200,000. SOURCES USES Tax Credit Equity $0.86/credit) $8,431,527 Land $503,288 Permanent Loan $1,880,000 Site Work $724,111 Citv Grants $1,495,500 New Construction $7,710,959 DOH Grant $501,500 Professional Fees $732,284 Deferred Dev. Fee $200,000 Construction Interim Costs $921,250 GEO Grant $25,000 Permanent Financing $38,200 Enterprise Grant $5,000 Soft Costs $383,725 Syndication Costs $75,000 Developer Fees $1,272,552 Project Reserves $177,158 TOTAL $12,538,527 TOTAL $12,538,527 Cost Estimate: At the project's outset, we set a hard cost goal (vertical construction only) of $110 per square foot (sf). The cost estimate performed during the schematic design stage bettered our original expectations by coming in at $98/sf 102,477/unit). Due to an increase in tax credit equity pricing pursuant to the proposal letter from our investor, the project is able to support a higher hard cost per square foot. Therefore, we enhanced the base building package with additional features such as. carports, hard surface flooring materials and ceiling fans in the units, and upgraded exterior finishes. These additional features increased project hard cost/sf to $136, which is still aligned with the State of Colorado Division of Housing's financial benchmarks (see below). HIGH MAR FINANCIAL BENCHMARKS CDOH RANGE HIGH MAR Total Development Cost*/SF $135 to $205 $202 Hard Cost/SF (inc. dev. fee) $105 to $160 $136 Soft Cost/SF $25 to $40 $24 Land Cost/Unit $10,000 to $18,000 $7,492 PUPA w/o reserves $3,700 to $4,700 $4,600 Replacement Reserves/Unit $250 (senior properties) $300 Debt Coverage Ratio (yr 1) 1.10 to 1.20 1.15 Debt Coverage Ratio (yr 15) 1.10 to 1.20 1.15 Capitalized Operating Reserve 4 months debt, op. costs 6 months CDOH Investment/Unit $4,000 to $10,000 $8.500 Commissioner Lawrence requested a review of this same data against our BWWest final cost data. We will bring that to the meeting. Next steps: • Complete the Technical Document review with the City; • Complete Design Development phase, including bidding, pricing, and value engineering; and • Prepare a general contractor RIP in June 2011. LEE HILL HOUSING Previous Board Meeting: At the last meeting, we provided the following information: • We finalized the predevelopment consultant team selection and planned to host a kickoff design team meeting the first week of March; • The City's HHS staff and the Technical Review Group (TRG) agreed to provide the project with $300,000 in the fonn of a grant instead of a loan; and • We updated the schedule to include a commitment to commence the neighborhood outreach process in March, during concept design. Progress since Previous Board Meeting: Design Team: Last month, we finalized our selection process for the architect for the Lee Hill project. We received twenty six proposals in response to our RFP. After an initial review and scoring process, three firms were interviewed and visits to select projects were scheduled with the firms. Three members of the Boulder Shelter for the Homeless (BSA) participated on a team with our staff throughout the process. The top scoring team was a design firm from Denver called Humphries Poli. In addition to a lot of design experience, they have a very strong background serving the population we anticipate at Lee Hill Housing from work with the Colorado Coalition for the Homeless (CCH) and the Denver Housing Authority. While they have not done a project in Boulder, they have partnered with Stephen Walsh, a local architect with substantial experience with Boulder's processes and requirements. We hosted a kickoff design team meeting during the first week of March with Shelter staff and the Humphries Poli team. This introductory meeting focused largely on the neighborhood outreach process and the team discussed their thoughts and ideas, as well as shared best practices from related projects. Our intention is to design a detailed neighborhood outreach plan to present to both BHP's and BSA's boards in April, rather than in March as we originally anticipated. The additional time will allow us to identify key stakeholders and to prepare a thorough and thoughtful communication strategy. Next steps: • Execute consultant contracts; • Commence neighborhood outreach process; • Create a project schedule and preliminary budget; and • Draft a binding partnership agreement with the Shelter. RED OAK PARK Previous Board Meeting: At the last meeting, we provided the following information: • The project's seventh draw request was funded, which increased total project expenditures to date to 54% of budget; • A construction and leasing update anticipated the first delivery of units on February 1, 2011, and immediate occupancy of four homes; and • Completion of all caisson drilling and underground utility work. Progress since the Previous Board Meeting: Budget Update: Key Bank has funded our eighth draw request that totaled over $ 1.1 million. That increases our total project expenditures to $ 7.3 million, or 63% of the total project and we're still within our budget with a fully funded contingency account due to some savings within the project. Staff is now preparing the ninth draw request. Construction and Leasing Update: Since the beginning of February, the Red Oak Park development team has handed over the first 25 completed units to our leasing and operations staff. These units were completed over two weeks ahead of schedule and the current projection is for construction to continue to advance well ahead of the original timeline. The leasing team continues to see a high level of inquiries from potential residents. As of the beginning of March, there are eight homes occupied with a few more leases near completion. Construction on the remainder of Red Oak Park is progressing at a high rate without any major obstacles. The concrete sub-contractor and the framers are nearly complete with all 40 residential buildings now standing as is the community center. The next homes to be placed in service will be the nine units on the west side of Little Leaf Lane. Staff is optimistic that those homes will be available within the month of March. ROP Projected Unit Delivery Schedule Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Phase 1 (16 units) Phase 2 (9 units) Phase 3 (10 units) Phase 4 (9 units) Phase 5 (8 units) Phase 6 (7 units) Community Center Construction Completion Solar Update: Our partnership agreement with the tax credit investor at Red Oak Park has been amended to include energy tax credit equity and will be signed once the agreement with our solar installer is complete. The actual solar installs are schedule to begin this month and should be frilly complete by early summer. Staff will present on Energy Tax Credits and how the financials worked at Red Oak Park during the Board Development portion of April's Commissioner meeting. Next steps: • Complete agreement with solar contractor in March; • Complete partnership amendment with WNC to incorporate energy tax credits into total tax credits in March; • Continue the lease-up process; • Submit Draw ##9; and • Monitor construction activities to ensure delivery of nine additional units this month. BROADWAY WEST Previous Board Meeting: At the last meeting, we updated the Board on substantial progress toward finishing the last items of the Broadway West project: • Broadway West received its Land Use Restriction Agreement (LURA) and 8609 certificates from CHFA, completing the tax credit process; • We received the 2nd Capital Contribution from US Bank which was utilized to pay down the construction loan; and • We converted our construction loan to a permanent loan. Progress since the Previous Board Meeting: 3~d and 4`h Capital Contributions: We have submitted our draft tax returns and audits to our investor partners. Once we have rcceived the final, and accepted, tax return for Broadway West, we will be able submit the necessary documentation to receive the 3`d and 4`h Capita! Contributions from US Bank. According to the Broadway West Partnership Agreement, the 3rd and 4t' Capital Installments are to be used to pay BHP the remainder of its Developer Fee for the project. We expect to complete the application for the final two Capital Contributions during the month of March, and to receive payment in either March or April. Next steps • Submit for and receive 3`d and 4th Capital Contributions from US Bank. PROJECT TRACKING AND TIMELINE The following Development Division tracking tools, which are updated monthly, are attached to this memo: • Development Tracking Sheet • Project Benchmark Timeline Boulder Transit Village Concept Plan "rh't k 7 •'r ~ - / ~ ~~?t•y~~«S. ~Sv ~y~ r '11 o! l~ Y~~`4•C't •tiA.~~ s.- ~ z,t~r ~'ti • v.}, sk ~.T >;:SS-~~ 2 ' ^I~ 'r- a ''y'T 5~'4T •Y~"~^ •i.\;'-a'.~'~,r~~j~~iy.~~.e ~ ~ y' t4v. ~e ~ .1~`'~k s °e i'1~ I / T} • 1, ~ 1~~Y ~.11 9'.: -ti~~'~ > iil ~ .1 •x ,~'y~1s' btu •n ~ 2ti ;r~ i-}~ ti~`~~ Y elw i}c~ I~ ~ i s 1,4t ~n T`ti. r. C t°'~+yf ti,. 4 ~ •4. .,L"-`~'r~(~~} ~'iJ.i'{4~l~y S'°- ti:.-i, ~F~. t .v ~ r ti;. 1'.: 'Rv ~L x.,~,'l'~{.~~` ~a ;~tk ~+,r,~; • b~t 1•„ a ls~•^-~+~.v~?~i°,.:e.r~r `Z``'~ kl-r ' F v+ ' ~ I _ l11 ry 1 iL.LL! t-1~y 'h ? ; sue pl \j c 'S."' 4.. y,•{:: ~ I } {/I I ` ~f . ~ l k 61 :t II` j - .7 ,~..~t ~~T~~.l,~' II,,,"~' - ,~t•. 3` r I ;Il~Tr l..-I T~ h _,~y--•, 1R - -(i- - ~ 6✓ C, 3-P' -r • ~ i _ ~ {"~,4G\~~'i° L_ I' •G ~y~ y , ///~}}}t}}}••~{~ ~ 1Y J f • ~ t \--i }~j ~SJJ •f'`l~S-,~ f7/~ ~.1'--`"-~--~.•'`~, --i` _ 9 41~'%i~ Y~ e'r •5 ! -,I 1~ l,i ,J{ ~•M1~ ll/ J fJllJ V - i, t: A REQUEST FOR PROPOSALS FOR PROFESSIONAL OR SUPPLY/SERVICES 71 6 I~ BOULDER TRANSIT VILLAGE N RFP NO. 10FH032 12.16.2010 m RiD'FOCAT POINT' LIKE SHARE 7]lIROAD y\,_-• --.+1 T L' ~ Ib~~ II ~ - ~ -•-n7D 51GNAGE l rrr _ d c l° ; -:~RIG HT-IN(RIGHT-OUT • E.~' J.Y \ `1 ~r' r fI _ f' GARAGE ACCESS (:I J '1~ L~ .•~q i E IL `DEPOT ~ :•~'1~`4 y 1 I i' tiol }i T _ C" PROPOSED"WOONEW PEARL PARKWAY CONCEPT f. `t. - f• , * U.',ku1ttA 4 .iif 1w ROW -0O,y - wft f ✓l y dU70 7 ~~~11~ -F 1 RIO SIGNAGE p z I Cf j~M. TVANFR STOP POCKET j, YJa. xr::,ra,oE IolE4 II -RTDIGHAGE 111-- ~F rf . MA 1 cjl,• - r ~ ~ sr I nuc€ ~1 - Q• (7 STREET LOCATIO~ Tn0 ~-c NOP 3.10P m 4 TE RAN VERTICALCIRCULATION - r FROM PLATA AND PARKING - - GARAGE TO PEOESTRIAN AREA OF EUS TERMIHAL_ I Imo, .ntl ~ j I T ' i h ~ 1\ ~y --MAINTENANCE VEHICLE ~4y 1Fi. S10RAGE/PARKING ~i r L. ITTONALTM BUS GATE FOR ~ TOR IAYOVER!EKPArulON GATE CANOPY L- - 'r J f IOENTINCATION r • (TYPICAL) ESCALATORS 6 STAIRS FROM PLAZA TO PEDEMIAN AREA OF BUS TERMINAL (NO CROSS TRAFFIC CONFLICT WOH RUS MOVEMEMSJ I! - 110 RAMPS TO JUNCTION PLACE WITH 8% SLOPE AND 6% TRANSITIONS AND SNOW MELT SYSTEM TRANSIT STATION PERSPECIPJE 5 µµ^~.J[. °k MSt~i11S1~ ~ ,rm, `l r 1 . ry~~C`>a :n~~ll`!`~k hl 1 IL{~ ; f~ I MMMm I LILI 1 L~~T,•~L!-~~ ms's. 1~. ~4 I ~{.T'"1~~~~1 . L `f`flpyy,;u~F;°IA'Iy t~+ (,y~{ny-•'T 9" ~L?I- t -r "aI1C Y y~l 11 tSt T.lll\~,,`~ J ~C,,. - ~ L i-~ .~"r C II.kL, I IL n }~~f =1T ~~tA,ir r v r~~~~~ ~ j~j, - a (t L y ~ T a I_e,de! ~ ~ 1 Yr ~ f.~• _ yc°~. rs, SOUTHEAST AERIAL 7 D ev e l o m e n T r a c k i n March 2011 Research, Pre Construction Transition/ Leased-Up/ Evaluation, Development Lease-Up Completed On Hold or Red Oak Park Red Oak Park T ckirc w (Phase 1, 2) Existing Unit Acquisition Bridgewalk Wallace Acquisition 28th Kalmia Lee Hill Housing NoBoYarmo Valmont (ROP II) High Mar Armory Redevelopment Transit Village (RTD) Hogan Pancost Palo Park Iris Hawthorn Public Housing Conversion Tax Exempt Partnerships Infeasible Technical Assistance Landmark Lofts Junior Academy Roaring Fork Orchard Grove Authorize Betsey to sign the 9th St. dedication - - 1 1 \ \ \ \ \ \ \ ` \IV II / \ COBURN creating great places" 1` r \ I l \ , \I ~ , , I I 1, I vl ~v II !1 I ~ % I I I IVI I 1 I 1 a 11 j1 \3 a ,°u a `111 III 1 t / \ r i ter` ! 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I I eYL~Il I - AIR to SUPPORT b0' ~ r / / o~ i w SIDE s(rt fEllJdl(Sim ~I I 47E I I SOE IISrgPAU& I,{ I SME 6'-+l' 1 I" 13'~ Zo ow wloln Al ROS D f ~ r2 I T u J I^` I I I I I I ` I I ~1 - t. 5 ; p ,2T658 S.r. / , J m I i , I Wr1418 V. ~ \ I I I II II - I 1 it or r r I U a 1 -d I I I I I I I I III I I III I I (\I I IF,j 1 9 T--_-- ~ Il a: c / I Q ~p I I ~ I II' I I II I I I \I I I ~14 ~ riUFr USE1sENt ~ ~ 2 / ,C / ~ / u ~i I t I L I. I~• IL ILA I RR~- I o~ I / N ! I!! r . 3 A I I \ a~ - K I.-_ { 1 i<T_1 r L.+I~ ! 32'-0' - 1Q y°~ ~~r/!e ,`1 1 1 II I L - 169 TI o 4 ALLEY `b~ \ 1AWRSOeI~$l. 14 0 I i ~ 8 I I \ I s32 200 1 4' 1 ! r fr jl ! II If /\II\ EXISTING MOBItENOMEPARK ACCESS ANDPAAKJN~ Frontsnbaek• d20 feel(lo°1,28,3} III I \ \ I I f2 ! / I y 486fedIlots12,13,a141) \ \ I I , r ! / / ! -Y10 feet fall othe, rctal I?\ ' \ ` -a~ \ 1 ! ,Std. s,,b,,kfrwn a i 10 feet (Lots 1 and 121 E - - I ! ! / 1m.el -15 Net [lot 151 1 1 / I l J J /l ImMo, nde yard 43feet (Lots 2, 3,12.13,14, and any interior lot lines north of structures.) 1 f ! / f "tbltk" 42 feet(lots 16 and 17) and 0 feet where attuhed. i5feet for all olner~marlarfide ems. RearseLbask }4ffeeetftm 2l f ff l ! / 1 d2et (Lot41 ! y , ! d8 feet lL.1171 ~ID 1-1.Ilatlsl f /1 1 'Porch., mayeriuaath into telb,J p-., Krtion 9.1J, B. R.6.1961. " Approved setbacks do not ,...Nut, any -i-f te, the Solar Access regulations of section 9.9-17, i I / B;P.C 1981. Accessary building+ 10 feet (alt other lots) must conform to RM•1 setbacks, PONDEROSA MOBILEHOME PARK Principal Building Setback Table IN BOULDER COUNTY ENCLAVE SITE REVIEW CORRECTIONS /a F-1 Site Development Alternate R.O.W. Plan N S R-2 Scale: I"= 30' 1000 ROSEWOOD AVE, Site Development Alternate R.O.W. Plan 10.11.10 BOULDER. COLORAI30 Planners • Designers • Builders 3020 Carbon Place # 203 Boulder, CO 80301 303.442-3351 cohumdev.com 2009 2010 20 111 20 12 3013 sop Ccl f4o, Qec Jan Feb) h^., !'ny Jun Jul %wq Sea Oct Nev Lee Jan Feb Mal Apt ~ May ~ Jun ~ ill 5ep Ou ~ Nov De: Jan PeD at AN May Jun JAI Apo SOP Oc Nov DPC an Fah ~ Mat Anr i Mny Jun Jul E+~• Rod Oak Park I c-tee...-< i Y High Mar "77 ppafa Ap I' lee raa Apply for ~pI city re.~tio una Cndllp ( City 0~a0Yl0enu FunCa - ~ FuMs 6x+f.1r.,v., Lee Hill Housing apply W Apply 1., Apply ror r^aren q4y Ciry f'{Ta ahr"9&9o0 FinAa flvd+ Cnetkb I wr Qea~lnp 0HPDi- Clap Jof + A' .F }f l,y •Y teTrmafer 0il~ger,c. plopedy I 'e- P..u•, ,rcwi + rr q+~{rfu: el _ CtICMnP'~,i R~ P- -ti ~..~a AppylaTCGeaa• Pxpwehy FO,mM ae'sa!ot caws ep:c%edOrwpvc7 tr^., t~ _ _ _ parO Geosin MEMORANDUM To: Board of Commissioners From: Management Staff Subject: Report of Activity Date: March 14, 2011 This month's Management report includes: Consent: Resolution #4: Certifying the Section 8 Management Assessment Program (SEMAP) Action: January 2011 Financial Summary Updates: Occupancy Status and Net Rental Income Section 8 Lottery Bridgewalk Rehab Social Media Efforts Attachments: Resolution #4: Certifying the Section 8 Management Assessment Program (SEMAP) January 2011 Financial Summary Bridgewalk timeline CONSENT ITEMS: Resolution #4: Certifying the Section 8 Management Assessment Program (SEMAP) The request for approval of Resolution 44 certifying our self assessment of the Section 8 Program was sent via email request and approved. The Board's action today codifies the e- mail approval. The Section Fight Management Assessment Program (SEMAP) is an annual assessment in which HUD measures 14 components of program operation. BHP certifies that the Section 8 Housing Choice Voucher Program is in compliance with 14 components of SEMAP. Based on our self-assessment we expect to receive the highest score possible and be rated a "High Performer". Annually, our independent auditors check our files to verify that we are within the SEMAP requirements and certifying accurately. 1 ACTION ITEMS: January 2011 Financial Summary 2010 Year End We have completed all year-end work and expect no more entries pending the audit. Plante & Moran is scheduled for field work the first week of April. This is consistent with prior years. We will be working throughout March to provide them with data electronically to minimize their time spent on site. All tax credit audits and 2010 tax returns are completed in draft by Comer Nowling and have been submitted to our investors for comment. We expect those to be finalized by mid-March. January 2011 Boulder Housing Partners year-to-date revenues of $1,349,498 and expenses of $1,352,247 result in a net loss of $2,749 versus a budgeted loss of $58,273. The budget shows a small amount of income in February and returns to positive in March 2011. The January variance is explained as follows: Income Statement Total Operations Revenue of $504,080 (A) is right in line with budget. HCV Revenues of $555,197 (B) are unfavorable to budget by $20,225. Our budget assumption included additional funding for the 81 new vouchers which have been rolled in with our 600 HCV program. HUD is continuing to fund at the rate for 600 without including an increase for the 81. We are in contact with IIUD and awaiting a response. Non Federal Grants of $28,302 (C) is the recognition of previously deferred revenue for High Mar. Federal Capital Grants (D) is a timing difference between the budget and actual spending on capital projects. Federal Service Grants (El) and Expense (E2) is also a timing difference. This revenue is recognized as invoices are submitted for payment. More effort was made to properly record expenses into 2010. The delay in invoicing for these grants by our service partners will likely not catch up until year end 2011. Miscellaneous revenue of $7,802 (F) is primarily fraud recoveries on Section 8 HAP. These are unpredictable in amount and timing. Contract Labor & Repairs of $53,192 (G) is unfavorable to budget by $16,950 as a result of hazardous materials management. This expense will be reclassified to extraordinary expense in February to reflect the one time nature of the expense. BIIP Contract Labor of $82,428 (H) is running slightly over budget as a result of snow removal and freezing pipes. Water and Sewer (I1) and Gas (I2) are under budget due to certain invoices not received in January. These should catch up over the next month or two. 2 HCV/HAP Expense of $478,163 (J) will continue favorable to budget through the lease up period for the 100 new vouchers. Balance Sheet The substantial reduction in Accounts Receivable ($362,553) (K) results from the collection of grant revenues and work order payables earned in December and received in January. Restricted Cash (1,1) continues to decline as we spend money borrowed to complete the work at Canyon Pointe for the Green Retrofit project and at the Public Housing sites for the Energy Performance Contract. There is a corresponding increase in Construction in Progress (L2). Both of these projects are nearing completion. Statement of Cash Flows The Statement of Cash Flows provides detail on the overall year to date increase in Cash and Cash equivalents of $12,210 (M). The significant items are the increase in restricted Cash (L1) and the increase in Construction in Progress (L2) as mentioned above. Portfolio Analysis Report We are in the process of converting the model from 2010 to 2011. The portfolio analysis will be shared at the Board meeting. Cash Report The cash restricted for use from the Green Retrofit 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. UPDATES: Occupancy Status and Net Rental Income The combined net rental income for all of BHP properties for January was $504,079 compared to a budgeted net rental income of $501,246 which is a positive variance to budget of $2,833 (100.56%). The combined net rental income for all of the Tax Credit Properties for January was $192,086 compared to a budgeted net rental income of $186,053 which is a positive variance to budget of $6,033 (103.24°/x). The BHP year-to-date occupancy for January was 97.16%, compared to a budgeted occupancy rate of 97%. The combined physical occupancy rate for the Tax Credit portfolio year-to-date for January was 99.72%, compared to a budgeted occupancy of 97%. Public Housing I properties - Arapahoe, Diagonal, Iris/llawthorne, Kalmia, Madison and Manhattan. - 188 units 3 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 January 2011 Net Rental Net Rental Net Physical Physical Variance to Budget Income - YTD Income - Rental Occ Oce Budget Income - YTD Bud et Variance Public 97.72% 97% 0.72% Housing - I $93,187 $92,330 $857 Public 95.95% 97% -1.05% Housing - Q $58,939 $58,752 $187 PB Sec. 8 96.59% 97% -0.41% Properties $103,310 $104,818 ($1,508) Work Force 97.30% 97% 0.30% $247,562 $244,306 $3,256 BHP portfolio 97.16% 97% 0.16% combined $504,079 $501,246 $2,833 Broadway 99.05% 97% 2.05% East $43,187 $41,583 $1,604 Broadway 99.88% 97% 2.88% West $20,931 $20,453 $478 Foothills $76,334 $74,040 $2,294 100.00% 97% 3.00% Holiday $39.766 $38,413 $1,353 100.00% 97% 3.00% Vistoso $111868 $11,564 $304 99.14% 97% 2.14% TC portfolio 99.72% 97% 2.72% combined $192,086 $186,053 $6,033 Bridgewalk Rehab Phase I of the Bridgewalk rehab is complete. That phase included a vision plan, existing conditions, engineering study, radon remediation, and replacement of patio fences and decks. We are under construction with Phase 11, which includes structural stabilization, re- d grading, replacement of concrete drives and sidewalks, and landscape. We are working with Odell Architects and Architectural Resource Consultants on design and construction cost estimating for Phase III, which will include new siding, new windows, new roofs and replacement of exterior stairs. We anticipate design being complete in June, contractor selection occurring in July, and notice to proceed in early August. Conceptual sketches should be available for the April packet. We are issuing an RFP for the refinance of all outstanding debt on the property, targeting a $15,500,000 loan. We anticipate receiving responses from lenders in late March, and including a recommendation to the Board in the April memo. We'll have three months for terms negotiation, appraisal, due diligence and review of closing documents, anticipating a July close. A large part of successfully refinancing to a loan large enough to complete the proposed scope of work depends upon our ability to strategically increase rents. We are now actively renovating units and testing rent tolerance. We began the process by selecting a single unit from each of the four floor plans to test a complete renovation with our proposed finishes. These four units are receiving new cabinets, appliances, fixtures, flooring, paint, and air conditioning. One unit is pre-leased at the new target rent, and the leasing agent is actively marketing the others. We will be completing as many interior renovations at unit turn as our budget allows prior to the summer refinance. The remainder of interior rehabs will happen after the refinance. We anticipate the process of renovating units continuing into 2012. A timeline is attached. Section 8 Lottery The Section 8 lottery was open for seven business days, from January 21 - 28, 2011. In all, 925 lottery forms were received. Below is a breakdown of how the applicants fall into our preference categories. The preferences are described below: Preference 1 551 Preference 2 152 Preference 3 120 Preference 4 71 Preference 5 14 Preference 6 17 Young/disabled applicants w/ pref #1 226 Young/disabled applicants w/ pref #2 50 On March 1, 2011, we pulled a total of 600 lottery numbers. All 551 applicants who live or work within the city of Boulder were chosen, along with 49 who live or work in Boulder County. The first group of 30 will be invited to an eligibility meeting on March 18; the second group of 30 will be invited in on March 31. The current goal is to process between 50 and 60 applicants per month, which may change based on budget projections, vouchers 5 available, and lease up rate. Selected lottery numbers will be published in the Daily Camera and on our website, and will be posted on our front door. Overall, our first impression of the lottery is very favorable. Applicants really heard the message that they did not need to be first in line on the opening day, which alleviated a lot of the traffic and stress for both applicants and staff. The numbers that were not selected were easily removed from the system, without having to conduct a purge, which saved many hours of staff time. Staff is eager to see what the response rate will be from those applicants who have just recently applied and how much it will change from now until the end of the year when we are pulling the last of the chosen numbers. We are predicting that the lease up rate will be higher than what it was for the wait list, which has been 24% since January 1, 2009. Preferences: Preference 1 = Families, elderly (62 or over), or disabled person(s) who live or work in the City of Boulder Preference 2 = Families, elderly (62 or over), or disabled person(s) who live or work in Boulder County Preference 3 = Families, elderly (62 or over), or disabled person(s) who live or work outside Boulder County Preference 4 = Single persons (not elderly or disabled) who live or work in the City of Boulder Preference 5 = Single persons (not elderly or disabled) who live or work in Boulder County Preference 6 = Single persons (not elderly or disabled) who live or work outside Boulder County Social Media Efforts Last fall we began working on our social media presence with the help of students from the CU Program for Writing and Rhetoric. Three students from this program worked with staff to help create BHP's blog. The assignn-nent and collaboration was so interesting and successful that three new students from the program have signed up to work with us again this semester. The focus for this semester will be on "blogging" about Red Oak Park and other properties in our affordable portfolio. Videos were taken last week of three of our affordable properties: ROP, Whittier, and Broadway West. We want to invite you to take a look at our blog (and stay tuned for the videos to be posted) hM://boulderhousing.tumblr.com/ One of the CU students who worked on our blog last fall has volunteered to work on our Twitter and Facebook account for this semester. You can access all of our social media from our website: www.boulderhousing.or . We've also been tracking our website visits using Google Analytics. You can see from the graph below the added interest in the site in October when our wait list opened and again in January when we held the Section 8 lottery: 6 Total number of site visits per month 7000 6433 6000 5000 4095 -370Y- 4000 3499 3455 3600 3401 3179 3045 4 3000 2599 2410 - - tuir i 1000 ~ .i , 0 ,Qh ~p°~ oti6 O.tiO nOZ~ O.yO 4.y6 Qy0 X10 oti~ O,yO Q.~'ti '1'4~ ~Jy, . ~'o. oq~1. Oct PQ4y Jam ~0 5~Q ~yo Oc We also continue to attract new visitors but have a number of return visitors as well. New vs. Returning Visitors 4000 3000 l 2500 - - - ` - 2000 - - ~ ~ - F' 1500 N!W Visitors 100D - - - - 11 Returning Visitors 4 ~ ~ 4~ x'10 Q'ti0 p'ti6 pi0 d'~6 O'+`d ~'ti~ d'w° ~1Q Q~ 'L 'L 'L Z~. 1 1 't• 't• I',- ,vMA, 40 KAI Through our social networking efforts, we hope to improve SHP's overall visibility in the community and inform, educate and inspire our viewers. Our efforts will help to spread the message to those who are in search of low-income and affordable housing and will be the link to our next generation of customers. 7 BHP Statement of Activities for the Year to Date Ending - January 31, 2011 Ref YTD Actual YTD Budget Variance $ % Var Revenue Operations Revenue Tenant Dwelling Rental 399,505 396,111 3,394 0.9% Non Dwelling Rental Income 1,657 1,615 42 2.6% Rental Write-offs 0 (2,214) 2,214 -100.0% HUD-Operating Subsidy 40,986 40,990 (4) 0.0% HAP Project Based Assistance 61,932 64,744 (2,812) -4.3% Total Operations Revenue A 504,080 501,246 2,834 0.6% Fee Revenue Asset Fee Revenue 7,280 7,280 0 0.0% Property Mgmt & Bkkpg Fee 46,576 46,767 (191) -0.4% Development Fees 0 0 0 0.0% Mgmt Fees - Tax Credits & S8 26,980 26,414 565 2.1% Total Res Svc Fee Income 15,409 18,245 (2,836) -15.5% Total Fee Revenue 96,244 98,706 (2,462) -2.5% Grants and Subsidies HCV-HAP Revenue B 555,197 575,422 (20,225) -3.5% Non Federal Grants and Donations C 28,302 0 28,302 100.0% Federal Capital Grants D 464 23,438 (22,974) -98.0% Federal Service Grants E1 0 39,967 (39,967) -100.0% Total Grants and Subsidies 583,963 638,827 (54,864) -8.6% Other Revenue Tenant Late Fees 2,125 1,543 582 37.7% Tenant Work Order Charges 309 1,105 (796) -72.1% Tenant Reim - Utilities 2,903 3,266 (363) -11.1 %o Interest Income 51,093 48,342 2,750 5.7% Total Laundry 3,782 5,685 (1,903) -33.5% Community Center Revenue 300 479 (179) -37.4% Maint Charges to Prop 96,898 91,250 5,648 6.2% Total Miscellaneous Revenue F 7,802 845 6,957 823.3% Total Other Revenue 165,211 152,515 12,695 8.3% Total Revenue 1,349,498 1,391,295 (41,797) -3.0% Expenses Salaries and Benefits Total Salaries 300,858 313,671 12,813 41% Total Salaries and Benefits 300,858 313,671 12,813 4.17 Property Costs Management Fees 15,854 15,343 (511) -3.3% Maintenance Materials 15,529 18,057 2,528 14.0% Contract Labor & Repairs G 53,192 36,242 (16,950) -46.8% BHP Contract Labor H 82,428 71,950 (10,478) -14.6% Extraordinary Maintenance 2,985 7,250 4,265 58.8% Garbage and Trash Removal 10,289 9,565 (724) -7.6% Water and Sewer 11 13,112 23,583 10,471 44.4% Electricity 15,331 15,490 159 1.0% I of 2 317/20113:01 PM A l BHP Statement of Activities for the Year to Date Ending - January 31, 2011 Ref YTD Actual YTD Budget Variance $ % Var Gas 12 20,913 25,711 4,798 18.7% PILOT 9,057 8,260 (797) -9.6% HOA Fees 0 388 388 100,0% Total Property Costs 238,690 231,839 (6,850) -3.0% Operating Expenses Amortization Expense 4,334 2,545 (1,789) -70.3% Asset Management Fee 7,280 7,280 0 0.0% Audit Fees 3,979 3,979 (0) 0.0% Background Checks 34 737 703 95.4% Bank Fees 482 530 48 9.0% Board Expense 1,320 871 (449) -51.5% Community Center Exp 110 110 0 0.0% Consultants 0 6,837 6,837 100.0% Depreciation 109,157 114,870 5,713 5.0% Dues and Fees 3,117 5,167 2,050 39.7% Expendable Equipment 0 7,483 7,483 100.0% HCV-HAP Expense J 478,163 527,125 48,962 9.3% Insurance Expense 15,616 16,820 1,204 7.2% Interest Expense 223 700 477 68.2% Legai Expense 1,154 947 (207) -21.8% Mileage 45 887 842 95.0% Miscellaneous - Expense 3,571 1,920 (1,652) -86.1% Mortgage Interest Expense 86,439 85,111 (1,328) -1.6% Non-Salaried Personnel 0 3,700 3,700 100.0% Advertising/Marketing 0 877 877 100.0% Office Supplies 1,731 2,705 974 36.0% Phone Expense 3,221 5,106 1,885 36.9% Postage Expense 970 1,180 210 17.8% Printing Expense 3,207 1,900 (1,307) -68.8% Property Mgmt & Bkkpg Fee Exp 46,576 46,772 196 0.4% Publications 0 0 0 0.0% Res Svc/Strategic Planning Fee Exp 15,132 17,088 1,956 11.4% Staff Training 5,790 5,516 (274) -5.0% Service Grant Expense E2 13,731 29,598 15,867 53.6% Vehicle Expense 6,628 5,005 (1,623) -32.4% RRC Allocation 692 692 0 0.1% Total Operating Costs 812,700 904,058 91,358 10.1% Total Expenses 1,352,247 1,449,568 97,320 6.7% Net Income before Sale of Assets (2,749) (58,273) 55,524 -95.3% Gain (Loss) on Disposition of Property 0 0 0 0.0% Extraordinary Income (Expense) 0 0 0 0.0% TOTAL NET INCOME (LOSS) (2,749) (58,273) 55,524 -95.3% 2 of 2 3/7120113:01 PM ~ BHP Balance Sheet January 31, 20101 and December 31, 2010 Actual Actual Net Ref January-11 December-10 Change YTD ASSETS - Current Assets Unrestricted Cash and Cash Equivalents 2,080,565 2,068,355 12,210 Reserved Cash - Replacements 736,669 731,270 5,399 Reserved Cash - Tenant Security Deposits 388,859 388,795 64 Accounts Receivable K 908,156 1,270,709 (362,553) Accounts Receivable-Tax Credits 113,125 108,186 4,939 Prepaid Expenses 54,273 71,121 (16,848) Supplies-Inventory 23,039 24,331 (1,292) Total Current Assets 4,304,686 4,662,767 (358,081) Restricted Cash Restricted Cash -Other L1 1,310,143 1,791,723 (481,580) Restricted Cash - Section 8 751,134 721,195 29,939 Total Restricted Cash 2,061,277 2,512,918 (451,641) Capital Assets Construction in Progress L2 4,621,463 4,022,208 599,255 Furniture Fixtures and Equipment 465,941 465,941 0 Real Estate Assets-Land and Buildings 51,054,451 51,054,451 0 Less: Accum Depreciation Real Estate Assets -28,443,220 -28,334.063 (109,157) Total Capital Assets 27,698,636 27,208,537 490,099 Other Assets Notes Receivable 9,757,205 9,757,205 0 Interest Receivable Notes 3,272,089 3,222,076 50,013 Partnership Investments 432,625 432,625 (0) Net Amortized Costs 849,349 853,683 (4,334) Total Other Assets 14,311,268 14,265,589 45,679 TOTAL ASSETS 48,375,867 48,649,811 (273,944) LIABILITIES & EQUITY LIABILITIES Current Liabilities Accounts Payable 398,246 575,241 176,995 Accrued Payroll 86,012 66,923 (19,089) Accrued Payroll Taxes Payable 26,227 26,626 399 Accrued Compensated Absences 250,050 254,754 4,704 Other Accrued Expenses 253,357 313,913 60,556 Deferred Revenue 253,981 283,665 29,684 Current Portion of Long Term Debt 465,203 465,203 0 Prepaid Rent 26,727 12,683 (14,044) Security Deposits 389,976 389,365 (611) Total Current Liabilities 2,149,780 2,388,373 238,593 Long-Term Liabilities Notes Payable 351,171 351,171 0 Accrued Interest Payable 119,769 110,995 (8,774) Mortgages Payable 18,883,760 18,925,136 41,376 Bonds Payable 1.564.386 1.564.386 0 Total Long-Term Liabilities 20,919,086 20,951,688 32,602 TOTAL LIABILITIES 23,068,866 23,340,061 271,195 EQUITY Total Equity 25,307,001 25,309,750 2,749 TOTAL LIABILITIES AND EQUITY 48,375,867 48,649,811 273,944 1 of 1 3!7!20113:01 PM I BHP Statement of Cash Flows for the Month and Year to Date Ending January 31, 2011 January 2011 Ref Month to Date Year to Date Reconciliation of Net Income to Net Cash Provided (Used) by Operating Activities Net Income (Deficit) $ (2,749) $ (2,749) Adjustments to Reconcile Net Income to Net Cash Provided (Used) by Operating Activities Increase (Decrease) Accum Deprec/Amort $ 113,491 $ 113,491 (Increase) Decrease in Accounts Receivable $ 357,614 $ 357,614 (Increase) Decrease in Prepaid Expenses $ 16,848 $ 16,848 Increase (Decrease) in Prepaid Rent and Security Deposits $ 14,655 $ 14,655 (Increase) Decrease in Supplies/inventory $ 1,292 $ 1,292 (Increase) Decrease in Reserved Cash $ (5,463) $ (5,463) (Increase) Decrease in Restricted Cash L1 $ 451,641 $ 451,641 Increase (Decrease) in Payables and Accrued Expenses $ (223,564) $ (223,564) Increase (Decrease) in Deferred Revenue $ (29,684) $ (29,684) Total Adjustments $ 696,830 $ 696,830 Net Cash Provided (Used) by Operating Activities $ 694,081 $ 694,081 Cash Flows from investing Activities (Increase) Decrease in Construction in Progress 1-2 $ (599,255) $ (599,255) (Increase) Decrease in Furniture Fixtures and Equipment $ (0) $ (0) (Increase) Decrease in Real Estate Assets $ (0) $ (0) (increase) Decrease in Notes and Interest Receivable $ (50,014) $ (50,014) Net Cash Provided (Used) by Investing Activities $ (649,269) $ (649,269) Cash Flows from Financing Activities Increase (Decrease) in Current Portion of Long Term Debt $ (0) $ (0) Increase (Decrease) in Notes Payable $ 0 $ 0 Increase (Decrease) in Mortgages and Bonds Payable $ (32,602) $ (32,602) Net Cash Provided (Used) by Financing Activities $ (32,602) $ (32,602) Net Increase (Decrease) in Cash and Cash Equivalents Net Increase (Decrease) in Cash and Cash Equivalents M $ 12,210 $ 12,210 Cash and Cash Equivalents - Beginning $ 2,068,355 $ 2,068,355 Unrestricted Cash and Cash Equivalents - Ending $ 2,080,565 $ 2,080,565 1 of 1 3/7120113:02 PM b ) Boulder Housing Partners Cash Report January 2011 & December, 2010 CASH NEEDED FOR OPERATIONS AND RESERVES Jan-11 Dec-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 ROP $ 345,408.85 $ 345,270.48 $ 138.37 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 $ 72,906.64 $ 72,913.55 $ (6.91) Total cash needed $ 2,688,315.49 $ 2,688,184.03 $ 131.46 Total Unrestricted Cash Available for Operations $ 716,991.78 $ 637,911.01 $ 79,080.77 Restricted Cash for ROP $ 345,408.85 $ 345,270.48 $ 138.37 Unrestricted Cash Targeted for Woodlands Rehab $ 458,498.17 $ 458,372.49 $ 125.68 Unrestricted Cash Avail. for Replacements - Proj, Based only $ 22,390.53 $ 77,568.21 $ (55,177.68) Unrestricted Cash Available for Replacements $ 329,997.89 $ 267,650.08 $ 62,347.81 Development Funds Set Aside (Landscaping Escrow) $ 72,906.64 $ 72,913.55 $ 6.91) Total Cash available for Operations, Replacement and Set Asides $ 1,946,193.86 $ 1,859,685.82 $ 86,508.04 Overage (Shortage) $ (742,121.63) $ (828,498.21) $ 86,376.58 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 cash reserves. CASH NEEDED FOR PUBLIC HOUSING AND PROJECT BASED PROPERTIES Jan-11 Dec-10 Change Restricted Cash - Public Housing & Project Based - Target $ 650,000.00 $ 650,000.00 $ Restricted FSS Escrow $ 3,644.71 $ 3,145.71 $ 499.00 Restricted Cash - Public Housing & Project Based - Actual 1,058,739.53 $ 1,074,145.03 $ (15,405.50) Total PH and Project Based Cash $ 1,062,384.24 $ 1,077,290.74 $ (14,906.50) Overage (Shortage) $ 412,384.24 $ 427,290.74 $ (15,405.50) 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 6 months on capital improvements for Public Housing In addition, as HUD works on its budget for 2011 we are cautious about appropriate reserve levels as funding cuts are expected. CASH NEEDED FOR SECTION 8 Jan-11 Dec-10 Change Cash Needed for 1 month of HAP and Admin -Target $ 525,000.00 $ 525,000.00 $ Restricted Cash Available for Section 8 Operations - Actual $ 304,734.41 $ 964,967.56 $ (660,233.15) Restricted Funds Available for Use on HAP and FSS escrow $ 797,934.83 $ 158,086.79 $ 639,848.04 Total Section 8 Cash $ 1,102,669.24 $ 1,123,054.35 $ (20,385.11) Overage (Shortage) $ 577,669.24 $ 598,054.35 $ (20,385.11) 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 balance has been building due to full funding received for the 181 new vouchers which are still in the lease-up process. The significant swing from cash available for operations vs HAP results from a reconciliation with HUD of the sources of these excess funds $300,000 Line of Credit Terms: If drawn on, terms are interest only variable rate of approx 5%, payment in full due November 2011 ct)~ 3/8/2011 Bridgewalk Project Timeline 2011 Action Status January February March April May June July August September October November December Phase It - Construction In process Phase III - Design In process Phase III • Construction pricing In process Phase III - out to bid Phase III - contractor selection Phase III - Notice to proceed I Phase III - exterior rehab construction Phase III - Interior Rehabs In process Push Rents In process Refinance RFP Refinance Selection Refinance Appraisal Refinance due diligence Close loan ~ I-~ SAASSet Management\Prope ridgewalk\Phase III\Timeline RESOLUTION 44 Series of 2011 A RESOLUTION FOR THE PURPOSE OF CERTIFYING THE "SECTION 8 EXISTING MANAGEMENT ASSESSMENT PROGRAM" (SEMAP) SUBMISSION FOR BOULDER HOUSING PARTNERS WHEREAS, Boulder Housing Partners administers the Section 8 program for approximately 850 families; and WHEREAS, HUD requires that Boulder Housing Partners certify that the agency operates its Section 8 program in compliance with fourteen components in SEMAP; and WHEREAS, the Section 8 Team has worked through 2010 to be able to document that it operates the Section 8 program in compliance with the components of SEMAP; and WHEREAS, the Section 8 Team created a SEMAP notebook to verify that all components of SEMAP were met; and WHEREAS, I-IUD audited the Section 8 program and confirmed that the Section 8 Team operates the program in compliance with HUD and SEMAP regulations; NOW, THEREFORE, be it resolved that the Board of Commissioners certifies the SEMAP submission for the Section 8 program for Boulder Housing Partners. Adopted this 14th day of March, 2011. (SEAL) Angela McCormick, Chair Boulder Housing Partners ATTEST: BETSEY MARTENS Executive Secretary