Meeting Packet - Boulder Housing Partners - 4/11/2011
BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
MARCH 14,2011,2:30 PM
BHP OFFICE, 4800 N. BROADWAY, BOULDER COLORADO
Commissioner Klerman Betsey Martens Anna Kay Johnson
Commissioner Lawrence Stuart Grogan Liz Wolfert
Commissioner Topping Penny Hannegan Shannon Cox-Baker
Commissioner Eckert Willa Johnson Andy Proctor, HHS
Commissioner McCormick Kevin Knapp Kathy Haddock, CAO
Commissioner Ageton Tim Beal Public:
Commissioner Hempel Karen Kreutzberg Elizabeth Black
Commissioner Mitchell Scott Pederson
(vacant seat: Smart) Jeff Shanahan
Scott Holton
Mike Quinn
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. Partnership Awards
BHP Partnership awards were given to Rosario Alvarado, for organizing moms at
Madison to create supervised summer activities for their children; Beverly Bookout,
Sergeant Paul Reichenbach and the Boulder Police Department for their ongoing
partnership and collaboration and; CU Going Local for its partnership helping to
create a community garden at Kalmia. Steffi Williams will receive her partnership
award next month for her work keeping Glen Willow tidy and beautiful.
IV. Public Participation
There was no public participation.
V. Board Announcements
Commissioner Mitchell announced that she had her number randomly selected in
the recent lottery drawing for Section 8 vouchers. She invited the other
commissioners to accompany her while she searches Boulder's housing inventory
for a home where she can use the voucher.
COMMISSIONER TOPPING MADE A MOTION TO ADJOURN INTO
EXECUTIVE SESSION AT THE CLOSE OF THE MEETING AS PER
COLORADO STATUTE CRS-24-6-402 4(f) TO DISCUSS PERSONNEL
MATTERS. COMMISSIONER ECKERT SECONDED THE MOTION.
The motion passed unanimously.
VI. Board Development
Open Meeting Procedures
Kathy Haddock, CAO, talked with the Board about the Open Meeting rules for the
City of Boulder and how it pertains to the procedures of the BHP Board.
VII. Committee Reports
Governance
Betsey suggested that the Commissioners take some time to review Board
committee membership at the Board breakfast in late April (date still to be
determined).
Finance/Audit
Commissioner Topping reported that the Finance Committee had reviewed the 2010
year end financials. Reviews of additional financial reports were given with the
Management Report.
Resident Representative Council
Commissioner Hempel stated that 10 people attended the last RRC meeting. There
is not currently a Secretary in place to take minutes. Commissioner Hempel also
reported that the RRC sponsored Resident Resource Fair was also held last week. It
lasted one hour and a number of groups were represented, including AA. There was
a good resident turn out.
Boulder Housing Partners Foundation
Betsey reported for the Foundation. Election of officers was held at the last meeting.
Rene Brodeur was elected President; Midge Korczak, Vice-President; and Neil
Littman, Secretary. The email fundraiser raised $9,800 at year end 2010.
Commissioner Klerman asked how the money would be spent. The money will be
spent to support resident services programming supporting families, youth and
seniors. A partnership with the Colorado Statewide Parenting Coalition was also
discussed.
Development
Commissioner Eckert suggested that the CU Green Fund might be a source of funds
from private investors for BHP. Stuart and Kevin will follow up.
VIII. Approval of the Agenda
Consent agenda items:
1. Minutes from February 7, 2011
2. Resolution #4: Section 8 Management Assessment Program (SEMAP)
COMMISSIONER KLERMAN MOVED TO APPROVE THE CONSENT
AGENDA. COMMISSIONER AGETON SECONDED THE MOTION.
The motion passed unanimously.
IX. Director's Report
Bylaws Revisions
Kathy Haddock helped interpret the changes that were proposed in the updated draft
of the bylaws. Kathy will make the Commissioners recommended changes for
April's Board meeting for the Commissioners' final approval.
Board Applicants
One of the applicants for the open Commissioner position, Scott Holton, was in
attendance and introduced himself to the Board. City Council will make their final
Board selection on March 29`x'.
X. Development Report
Boulder Transit Village
Stuart introduced Scott Pederson and Jeff Shanahan, the developers selected by
RTD and the City of Boulder for the Boulder Transit Village. They presented their
overall Concept Plan for the site. The Concept Plan proposes 78 units in association
with an underground bus rapid transit facility, a parking garage, rehabilitation of the
historic depot, and a hotel. The proposal is that 100% of the housing units will be
owned by BHP. Commissioner Lawrence expressed his desire to have BHP
included in the design of the project and asked about the flexibility of the project to
divide the 78 units if BHP cannot absorb them all. Scott and staff assured him that
we will be closely involved in the design and that it was staff s preference we own
all the units. He also wanted to confirm the cost per square foot when it was
available. The architects are working on a project timeline. The development team
has submitted the Concept Plan to the City for review; the Planning Board is
tentatively scheduled to discuss the project on April 21, 2011.
Commissioner Eckert confirmed that the project would need to meet the Enterprise
Green Community standards to get tax credits. He also voiced concern that the plan
consider sharing the expense of common areas between all users. Commissioner
Mitchell voiced concern about the quiet zone designation being approved by the
federal government before the units would be available for leasing. Scott indicated
that he had been working with the City, who is the entity to submit the application,
to keep this process moving forward.
Foothills Right of Way Dedication
Lindsey reported to the Board that Thistle Community Housing has finished the
annexation and site review processes and is now in the technical documents review
phase for a new construction project known as 1000 Rosewood. The site is adjacent
to BHP's Foothills Community. BHP agreed to dedicate, at the City's request,
right of way for the westerly half of 9th St. at the time of our Site Review approval.
Thistle will dedicate the easterly half and construct the road. BHP will be
obliged to pay Thistle for our prorated share of the cost if we redevelop our out lot
within ten years.
COMMISSIONER TOPPING MOVED TO AUTHORIZE BETSEY TO SIGN
THE DEDICATION FOR HALF OF THE 9TH ST. LAND TO THE CITY OF
BOULDER FOR THE PUBLIC RIGHT OF WAY. COMMISSIONER
KLERMAN SECONDED THE MOTION. The motion passed unanimously.
Hip,h Mar Redevelopment
Shannon reported that the Development staff had submitted the low income housing
tax credit (LIHTC) application to the Colorado Housing Finance Authority (CHFA)
on March 1, 2011. BHP is now actively lobbying CI-TA to approve the application
by enlisting support from local officials, future users and partners who emphasize
the need for this project in this community. She also stated that the project is
proceeding on schedule for the design phase. Commissioner Lawrence asked how
the cost per square foot compares to Broadway Nest. Stuart provided a
comparison for table. Shannon explained some of the differences noting that the
City's high tap fees account for 50% of the "soft costs" category, which is why High
Mar's soft costs per square foot are higher than the Colorado Division of Housing's
(CDOH) range. Commissioners Eckert and Lawrence both stated that the
contingency line item seemed low given that the construction market seems to be
trending back up. They recommend looking at the implications on the proforma of
carrying a 10% contingency fee. Commissioner Eckert suggested incentivizing the
agreement with the General Contractor with a share of the Contingency if the
project was completed ahead of schedule and under budget.
Lee Hill Housing
Shannon provided a summary of the status of the project. Commissioner Ageton
asked what the neighborhood outreach process will entail. She stated that we should
send an outline to the Commissioners and the Shelter Board for feedback about the
outreach process and should hold a special meeting of the two Boards. Shannon
noted that this was in process and that planning for the community outreach process
would start with a meeting between the Development Committees of the two
organizations in April.
Red Oak Park
Kevin provided an update on construction at the site and provided pictures. He
noted that members of the City's Planning Board and the City Council have been on
recent tours at Red Oak Park (ROP). He added that CHFA has selected ROP to be
highlighted in their annual report and marketing publications. Kevin indicated that
nine units are occupied and that is ahead of schedule. He added that we have been
working on completing the agreements to install solar panels at the site.
Commissioner Topping asked about the impact of the recent announcement by Xcel
to reduce their support for panes. Kevin responded that we have already locked in
our rebates with Xcel. He reported that all construction is complete on Arnett St.
Although there have not been safety problems to report, the Commissioners would
like to revisit the issue of safety precautions by leasing and what measures the
construction team is taking to protect residents living on the edge of the construction
zone especially now that spring is here and more kids will be playing outside.
Commissioner McCormick asked about the last phase of construction along
Valmont and the gap in funding. Kevin noted that we are working on several
financing scenarios but would be awhile before we return to this site for
construction.
Commissioner Mitchell said that she would like to go on a tour of ROP which
Kevin offered to arrange with her.
XI. Management Report
January 2011 Financial Summary
Jim K. presented January financials to date. He stated that finance staff have
completed four of the six Tax Credit financials and have given them to the
investors. He celebrated being able to show the signed release of the Woodlands
note to the Board. Jim also informed the Board that the finance staff was currently
short staffed since the Controller had resigned.
Jim K. also stated that his negotiation to re-amortize the loan that includes Arapahoe
East, Dakota Ridge, Sanitas Place and Twin Pines will improve the DSCR for three
of these properties, bringing them to an expected 1.00% as a result.
XII. Executive Session
The Board of Commissioners recessed for the Executive Session at 5:15pm
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XIII. Adjourn
COMMISSIONER KLERMAN MADE A MOTION TO ADJOURN THE
REGULAR MEETING OF THE BOARD OF COMMISSIONERS.
COMMISSIONER MITCHELL SECONDED THE MOTION. The motion
passed unanimously.
The regular session of the Board of Commissioners adjourned at 6:00pm
SEAL
DATE: 3/14/11
Angela McCormick, CHAIRPERSON
Boulder Housing Partners
BETSEY MARTENS
Executive Director
PENNY HANNEGAN
Recording Secretary
MEMORANDUM
To: Board of Commissioners
From: Betsey Martens, Executive Director
Subject: Director's Report
Date: April 5, 2011
This month's Director's report includes:
Consent: None at this time
Action: Partnership Award presentation: Steffi Williams
Award of Moving to Work Status
2011 Q1 Work Plan
Resolution 45 -Bylaws Revisions
Board tour of properties in May
Updates: Federal budget
City Issues Affecting Affordable Housing
Attachments: MTW application (by electronic mail)
2011 Ql Work Plan
Bylaw revisions- redlined version
Summary of City Issues Affecting Affordable Housing
ACTION ITEMS:
Partnership Award presentation:
Steffi was unable to join us for the awards presentation last month and hopes to come to the
April meeting to receive her recognition.
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.
Award of Moving to Work Designation
BHP received word on March 31, 2011 that we have been accepted into the Moving to
Work (MTW) demonstration as authorized by Congress in the Consolidated Appropriations
Act of 2010.
As a reminder, Moving to Work (MTW) is a demonstration program for public housing
authorities (PHAs) that provides them the opportunity to design and test innovative,
locally-designed strategies that use Federal dollars more efficiently, help residents find
employment and become self-sufficient, and increase housing choices for low-income
families. MTW gives PHAs exemptions from many existing public housing and voucher
rules and more flexibility with how they use their Federal funds. MTW PHAs are expected
to use the opportunities presented by MTW to inform HUD about ways to better address
local community needs.
There are many, many benefits to our new MTW status:
All of our funding for our core HUD programs - public housing operating subsidy,
capital funds, housing choice voucher assistance payments and housing choice
voucher administrative fees - will come to us in a single block grant, allowing us
complete flexibility about how to use our resources. The total of these funds in
2011 is $7.3 million.
We establish a contractual relationship with HUD which means that our baseline
level of funding is no longer subject to appropriations. Our contract will run through
September 30, 2018.
We will submit an annual work plan that outlines the regulations that need to be
waived in order for us to pursue our MTW goals. The goals that we applied to
pursue include:
Use federal housing resources as compelling tools in creating positive
change for families,
Manage converted public housing as a real estate asset and a vital part of our
community's infrastructure,
Encourage the community, and our prospective customers, to perceive public
housing as a place to Live, Learn, and Earn,
Accelerate the shift of staff focus from paper to people,
Complete the transformation of a public agency from bureaucratic to
entrepreneurial,
Accelerate changes in outcomes for families from tepid to catalytic,
Enhance our role in the industry from thinkers to doers, and
Provide a more complete continuum of housing choices.
Our proposed first year (January 1, 2012) activities include:
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1. Allow BHP to commit project-based vouchers to cover 100% of the units at
converted public housing developments.
2. Create a rent simplification structure specifically for elderly households and
people with disabilities.
3. Create a rent simplification structure for family households.
4. Implement rent simplification measures for all households.
5. Design the rent reform study.
6. Eliminated the 40% of income cap in the voucher program.
7. Implement a flat utility allowance for the voucher program.
8. Implement a landlord self certification system for HQS inspections for the
voucher program.
Our anticipated impacts include these specific outcomes:
1. Convert all of our public housing to a Section 8 project-based financing model that
replicates the tremendously successful model we used with our first public housing
conversion at Broadway East.
2. Achieve 100% service enrichment at all of our public housing properties.
3. Transform both the practice and perception of public housing into an enviromnent
where residents "Live, Learn and Earn".
4. Focus substantial service support to the voucher population.
5. Amend our rent and program administration guidelines to make the programs more
user-friendly, less staff-intensive and more conducive to economic self sufficiency.
6. Address critical gaps in the housing continuum at the entry and exit points for the
public housing and voucher program's participants. We can do this in two ways:
by committing up to 60 new vouchers to project-based transitional programs and
using the flexibility of our existing funds, along with resources generated by
conversion, to create a minimum of 100 new units to be included in BHP's Boulder
Affordable Rentals program.
7. Use leveraged funds from the public housing conversion initiative to bring much-
needed gap funds to two projects already in development: Lee Hill Housing for
chronically homeless individuals and Red Oak Park Phase 11, the Valmont building,
for 20 units of transitional housing.
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8. Expand the successful partnership that provides college tuition to BHP children who
participate in the I Have A Dream (IHAD) program. MTW flexibility will allow us
to create more community space, which will allow for another classroom.
9. Incentivize movement along Boulder's housing continuum by encouraging
economic self sufficiency and moving people towards market-rate housing, thus
creating more housing opportunities for those on the waiting list.
By the May meeting we will be able to bring to you a schedule of events, proposed staffing,
proposed changes to the work plan and an estimate of impact to 2011 budget. We expect to
need to pay legal fees to help us negotiate the MTW contract, some travel expense to MTW
learning opportunities and some administrative support to the staff that will be doing the
planning.
2011 Quarter 1 Report
Attached please find a summary report of our first quarter work plan. As just referenced in
the MTW discussion, we will be reviewing the work plan to determine what needs to
change to accommodate the MTW opportunity. We expect to bring that discussion next
month. In the meantime, if you do a visual scan of the column titled Ql, you'll see that
much of the work plan is underway. This explains why things are often buzzing at BHP.
We welcome any questions you might have.
Bylaws Adoption
Attached please find a final draft of the by-laws with changes pursuant to the Board's
discussion last month. The following changes are reflected in the document, which is
attached in redline format:
1. Moved the section on "Removal of Commissioners" from Article IV - Officers to
Article II - Commissioners.
2. Created a new Section 4 in Article III detailing how the public receives notice of our
meetings
3. Clarify that the election of the Chair and Vice-Chair occurs annually and there is no
limit to the number of terms for the officeholder
4. Strikes the reference to living or working in the city of Boulder for members of any
advisory committees created by the Board, and clarifies that advisorycommittces
can be populated by Commissioners and non-Commissioners.
After several meetings with the city attorney's office and a significant editing effort by
Coimnissioner Smart and Kathy Haddock, we are pleased to present for your approval the
revised Bylaws. Attached is a redlined version of the Bylaws and a version with the
proposed changes redlined to the last version formally adopted by the Board in 2005.
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Board Tour of Select Properties
Our annual board tour of select properties is scheduled for May 9"' before the Board
meeting. We heard the Board indicate interest in seeing Arapahoe East, Hayden Place,
Sanitas Place and Bridgewalk. We should certainly do a swing by Red Oak Park and we
can try to highlight some of the green improvements. We'd like to show you interiors at
Bridgewalk and Red Oak Park. Please let us know what else is of interest.
Our proposal is to begin the tour at noon. We'll provide box lunches and a van. If you can't
join for the entire tour we'll publish a schedule of where we think we'll be, which you can
confirm by cell phone. How does this sound?
Board Development
Our development topic this month focuses on the energy investment tax credit. Kevin
Knapp will be our presenter.
UPDATES:
FY 2011 and FY 2012 Budget
At Board packet time, there is no indication from DC about whether we'll have yet another
continuing resolution, a government shut-down or a compromise on a balance-of-year
spending bill.
In each case, HUD is beginning to prep PHAs for anticipated reductions. In a letter
received today, HUD writes -
"As you know, the Department is currently operating under a
Continuing Resolution, which expires on April 8, 2011. At this time, a final
Appropriations Bill for Federal Fiscal Year (FFY) 2011 has not been passed;
however, admin fee provisions proposed under the House and Senate HR1
Bills ($1.207 and $1.575 billion, respectively) are below the most current
estimated needs for 2011. The Department recognizes that if the lower
(House mark) a.dmin fee funding level was enacted, it would result in a
downward proration to approximately 65% of estimated eligibility.
Additionally, given the lateness of the Appropriations Bill and the admin
fees already provided during CY 2011, advances for the remaining months
of CY 2011 may well be below 60% of estimated eligibility."
We have sufficient administrative fee reserves to weather this proposed reduction. As
we've described, our real concern is about the longer term forecast. We have spent time
with the Finance Committee on this topic and have agreed on a plan to notify the Finance
Committee when things become of substantial concern.
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In related news, HUD continues to press for rescission of operating reserves in the FY2012
budget. This proposal has received overwhelming opposition from PHAs. In a meeting with
HUD last week, Betsey and other industry representatives began the discussion about
alternatives.
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.
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ATTACHMENT
Summary of Current City Issues Affecting Affordable Housing
NoBo is Nominated for DRCOG's "Live Work Play" Award:
We encourage the Board to vote for our very own "NoBo" neighborhood in DRCOG's "Live Work
Play" award contest. DRCOG (the Denver Regional Council of Governments) has initiated the first-
ever "Live Work Play" award in an effort to showcase the "great places and livable communities"
within the Denver metro region. NoBo (here defined as the Holiday Neighborhood, Uptown
Broadway, and the Buena Vista mixed use communities) has been chosen as an award finalist based
on its distinct identity as a vibrant urban center. According to DRCOG, "vibrant urban centers are
clean, safe, compact, 24/7 environments. They are sustainable when people and businesses co-mingle,
creating a sense of place that attracts people of all incomes and ages to stay while they live, work and
play." We are proud of our contribution to the creation and development of the NoBo neighborhood.
You can vote as many times as you would like between now and April 13 by going to:
www3.dreoL-.org/liveworknlay
City Council Retreat: Decide on 2011 priorities incl. Boards and Commissions: Jan 18-22
The City recently published minutes from the City Council's 2011 Work Plan retreat. The City
Council used this planning retreat to recap important outcomes from 2010, including income and
budget issues as well as accomplishments and lessons-learned. During this retreat, the City Council
also determined its project priority-list through discussion and vote. The City Council had prioritized
the following projects for 2011:
• Civic Center/Conference Center
• Diagonal Plaza Redevelopment
• Planning Reserve Study/Plan
• Annexation Study
• Sustainable Streets/Centers Project
Additionally, City Council's advisory Boards and Committees also presented their 2011 priorities to
the City Council. Below are several priorities that pertain to affordable housing in Boulder:
• Boulder Urban Renewal Authority (BURR): Focus on the Diagonal Plaza redevelopment in
the coming year.
o Asa neighboring property owner and prominent Boulder developer, BHP will likely
continue to be invited to participate in the predevelopment planning for this area.
• Downtown Development Advisory Board (DDAB): Update of downtown design guidelines
and process improvement.
o BHP would benefit from guidelines that utilized density bonuses, inclusionary housing
requirements, and other stipulations to promote more affordable housing in the
downtown area.
• Human Relations Committee: Focus on immigrant integration, support implementation of
Bridges Out of Poverty classes, and promote individual development accounts (IRAs) to help
families with saving and upward mobility.
o All these initiatives will benefit Boulder's low- and moderate-income households,
including our residents.
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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.
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 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
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.
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Section 3. REMOVAL OF COMMISSIONERS - - Formatted: Indent: First line: 0.5"
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.
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. The Commissioners _may_waive- notice to each of them by_ , _ - Deleted: Notice to the public shall b
unanimous written consent of all the members of the Board of Commissioners, or with For poed as required by Colo o
or posting requirements, postings stings of
the presence and participation of all members of the Board of Commissioners. The meetings shall be in the lobby of Boulder
record of any action recorded in minutes of any meeting and approved by Broadway, the Board of iBoulder, N.
CO.
Commissioners at a subsequent meeting shall be valid, and all actions so recorded shall
be as valid and effectual.
Section 4. NOTICES OF MEETINGS TO THE PUBLIC
Notice to the public shall be provided as required by Colorado law. For posting'--- - Formatted: Indent: First line: 0.5"
requirements, postings of the meetings shall be in the lobby of Boulder Housing Partners
at 4800 N. Broadway, Boulder, CO.
Section 5r NOTICES TO COMMISSIONERS + - Formatted: Indent: Left: 0.5", First
•
- - line: 0.5"
Notices of special meetings, except when held by unanimous consent or Deleted:4
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 shall include the purposes of such meeting. The presence of the person entitled
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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 6 QUORUM - - - ; Deleted: 5
A quorum at any meeting shall consist of five (5) members of the Board of
Commissioners. 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 7_ ATTENDANCE BY TELEPHONE - - Deleted: 6
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 EXEC1Tl'-VE SESSIONS - - - Deleted: 7
Executive sessions may be held by the Commissioners as provided by Colorado
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 9 ORDER OF BUSINESS- - - Deleted: s
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
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2. Resident Representative Council Report
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 10. MINUTES OF MEETINGS
The record of any action recorded in minutes of any meeting and approved by the- - - - ' Formatted: Indent: First line: 0.5"
Board of Commissioners at a subsequent meeting shall be valid, and all actions so
recorded shall be as valid and effectual.
Section 11,_ MANNER OF VOTING Deleted: 9
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. The Chairperson and Vice Chairperson
shall be Commissioners of the Authority. The Secretary shall not be a Commissioner of
the Authority.
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, provided however, the Executive
Director may sign deeds and contracts for buying or selling real property as authorized by
the Commissioners by resolution or as provided in these bylaws. At each meeting, the
Chairperson shall submit such recommendations and information as s/he may consider
proper concerning the business affairs and policies of the Authority.
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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.
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
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, acquisitions of property, 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 from among the Commissioners of the Authority, and office shall be held, Deleted: in even rnimbered years
until their successors are elected and qualify. Tfie officers may serve for any number of Deleted: =f.,,,o years Or,
terms, as determined by the Conunissioners.
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Section 7. OFFICER VACANCIES
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 OFFICERS - Deleted: section 9.. REMOVAL Or
- - - -
- - - - - - - - ' - COMMISSiONERSq
_ A Commissioner may be removed by
Any officer may be removed at any time for neglect of duty or misconduct in the Mayor following a recommendation
office by a vote of the majority of the Board of Commissioners present and voting at any Commdbissiooners presennersp esenttaoftheBoard of
Comm and voting at any
meeting of the Board of Commissioners called and held for that purpose; however, meeting where such action is an
Notice of any motion to remove any officer shall be given to the officer no less than ten reor'aC item ofbsis Action for
removalo of a Commisssioonener must be in
(10) days and no more than thirty (30) days prior to such meeting in writing, accordance with the standards and
procedures established under applicable
law.S
Section 10, ADVISORY COMMITTEES _ _ Deleted: Io
The Board of Commissioners may appoint such advisory committees as the Board Deleted: t
determines appropriate. Such committees shall have the duties and responsibility set
forth by the Board of Commissioners, _The Advisory Committee shall not have Any. _ Deleted: , and shall live or work in
authority to make any final decisions which bind the Authority or approve any contracts, Boulder. Colorado
but shall serve in an advisory capacity to the Board. The appointees to such colmnittees
may be any combination of commissioners and individuals that are not commissioners of
the Authority.
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.
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Section 2. FISCAL YEAR
The fiscal year shall be the calendar year.
ARTICLE VI
AMENDMENTS
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 12011.
SEAL Angela McCormick, Chair Person
Betsey Martens, Executive Director
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.ail (''>7 rlk~l ~j ~F, t at rl'>ls~9' ,ll
In 2011, we will take the following actions to support the goals of BHP's Strategic Plan:
GOAL ONE: Maintain and Enhance What we Own Qi Q2 Q3 Q¢ Notes:
1,1 Increase the quality, value, marketability and energy efficiency of all BHP properties
1 Complete major capital improvement work at: Arapahoe East, Arapahoe Court, Manhattan, and Canyon Pointe . Canyon Pointe, Arapahoe East and Arapahoe Court are complete
with exterior work. Manhattan
is out to bid. AE interiors will be out to bid 2
2 Begin major capital improvement work at, Kaimia, Hayden Place, and Sanitas Place t- Sanitas is in progress; others out to bid Q2
3 Curb Appeal Plan: implement upgrades at a minimum of six sites Third quarter
4 Complete Phase 3 of Brdgewalk Renovation - site work, siding, windows, interiors + well underway; see Board packet
5 Refine Capital Needs Planning for IIHTC projects • Underway
1.2 Major redevelopments of aging properties
1 Explore redevelopment options for North Haven-Q' + underway
2 Vision plan and predevelopment for Walnut Place renovation-Q: will now get underway per the M1N planning schedule
3 Vision plan and predevelopment for 101 Pearl as an income producing asset- ' Fourth quarter
1,3 Net-Zero Plan❑
i Complete the Energy Performance Contract for Public Housing Done!
2 Analyze energy performance results impact of green improvements completed 2007-2010 • Underway
3 Analyze capital improvement program impact of green improvements completed 2007-2010 Underway
4 Analyze feasibility of implementing renewable energy at Bridgewalk and/or other workforce sites Underway
s Continue office transition to net-zero waste • Underway
1.4 Asset Work
1 Initiate tax credit exit for Foothills at year 10 Quarter 2
2 Sell Bluff • Will be listed this month
3 Create and implement work-out plans: Arapahoe East, Sanitas Place, and Hayden Place • Underway - loan re-amortization should leave us with Ti
4 Update the Portfolio Plan Quarter 2
5 Explore new approach to asset based property management . T ming will now depend on MiW roll out
WPM
1.S Moving to work i
I Negotiate Contract
2 Finalize MTW Plan Quarter I
3 Begin Public Housing conversion planning WIII determine timing with work plan re-thinking
GOAL TWO: Add to the Inventory
2.1 Manning, financing and construction of current project commitments
1 Red Oak Park: Substantial completion of construction and lease up • Delivery of units and occupancy ahead of schedule and LLLP commitments
a. Coordinate the team effort to install a Kaboom playground project savings result in ability to fund playground directly
2 High Mar: Arrange for financing, apply for IIHTCS, begin construction ► Submitted LIHTC app, resolved funding agreements with CoB, obtained financing letters
3 Lee Hill Housing First: Begin neighborhood outreach, entitlement, and financing ► Consultants selected, initial mtgs launched, partnership clarified with shelter
2.2 Actively identify new opportunities to create and add affordable units to the portfolio:
I Complete analysis of financing strategies and underwriting requirements for future purchases ► Met with private secatr consultant regarding market approach to acquisitons
2 Track, underwrite and seek approval of potendal acquisitions • Ongoing review of opportunities Including 28th and Kalmia, NoBo Yarmo, 131V
3 Extend partnerships using BHP advantages such as property tax exemptions and bank qualified tax exempt debt Notice of BQ avalialbility planned For 3rd qtr
el Cultivate opportunities for homeless programs
2.3 Increase our capacity to respond to opportunities;
1 Complete analysis of opportunities and limitations of financing strategies for projects and acquisitions • As noted belbw
a. Create and adopt a standard financial model + initial draft completed, audltjbeta test and revisions planned for 2nd and 3rd qtr
b. Identify opportunities for alternative sources for predevelopment funding . working with consultants to understand market constraints and find opportunities
2 ,Establish checklist of Information, obligations, and contact Information for completed projects Planned for 2nd and 3rd quarters as transition of Red oak Park from construction
to mgmt
2.4 Pursue opportunities to grow voucher program
1 Evaluate every notice of funding for new Section 8 vouchers
COAL THREE; Provide Service Enriched Housing
3.1 Keep residents housed and promote their economic success
1 Develop a self sufficiency matrix and continuum by which resident success can be measured
2 Continue to expand the financial literacy program ► Computer lab @ Kalmla- team to Earn Program instituted
3 Manage the transition of resident programming at Red Oak Park Community center
4 Support High Mar Senior program planning Addltonal support may be necessary
5 Cultivate opportunities to support residents who were previously homeless . Partnerships and potential funcing being explored
6 Develop interdepartmental procedures for eviction prevention
3.2 Promote safe and healthy communities
1 Promote formation of family site resident committees.
z Bring service coordination/community building support to Glen Willow and Broadway East • Hiring proces for PT Service Coordinator underway
3 Coordinate the volunteer effort to install a Kaboom playground . Awaiting information from Development Team
a Expand BB prevention education to any sites that demonstrate BB activity
5 Create an energy awareness program for residents • I
3.3 Mobilize local, state and federal resources
> Create a 3-5 year funding plan for RS
2 Continue to support the foundation in its stewardship, advocacy and fundralsing • Foundation is doing well.
3 Participate in community discussions about the creation of an early childhood education center
3.4 Promote effective communication among BHP residents, staff and the Boulder community
1 Develop benchmarks to track core program impact
+
2 Provide training for leasing, maintenance and admin staff on mental illness and special needs
3 Improve Resident Services page on website
4 Improve process for better tracking/ understanding(implications of resident exit data '
wP~'~
GOAL FOUR: Infrastructure/ Organizational Outreach
4.1 Broaden the community's understanding of our work
1 Ensure consistent messaging and accuracy in BHP materials • Ongoing process improvement on clarity and tone of forms, website and communications
2 increase BHP's visibility as a housing provider in the community • New PR consultant hired. Great PR about ROP
3 Increase BHP's visibility In the community in order to attract higher (50% AMI) residents Discussions started. Demographic and statistical data gathering in progress
4.2 Practice exemplary customer service
I I Complete process improvement: recertification process for all federally subsidized programs Process Improvement session and best practice research complete. Moviny to
revise packet and
put in lace Interview roceedure for recertification
21Conduct Resident Satisfaction Survey • Draft done. Will test a few properties then send to all BHP residents
3IITransition the website to be more interactive + Job application now flllable pdf; moving to make recert forms available on website
41 Audit IT systems to ensure they meet the operational needs of the organization • Transition to office 2010 started
4.3 Invest In staff
I Provide training for front line staff on referral options for clients
2 Continue to support, update and train supervisors in performance management High Performance Management Training by NAHRO attended by 4 supervisors. Annual
Performance Review process redesigned and completed by staff on time.
3 Expand new staff orientation to include cross departmental education and customer service training • On-going
4 Complete process Improvement: administration of BHP benefits with the city + Met with city BHP HR Rep. Will meet with benefits personnel In 2nd quarter.
5 Create a succession career planning program MTw will have implications to the succession plan
6 Conduct training on Housing Authority Ethics standards 4th quarter
7 Conduct Q12 staff satisfaction survey r Sent. Results to be analyzed
4.4 Enable efficiency and accuracy in monthly processing and financial reporting
I Continue staff training across all departments on proper use of existing Yardi Modules.
2 Automate reporting for both Internal and external users of financial, residential and statistical data + Underway
3 Review existing tenant data to ensure accuracy and completeness Underway
4 Develop a standardized Yardi property level database with definitive property data and analytical reporting Q2
5 Document policies and procedures for each departmentimodule to provide consistency and control . T Underway
6 . Improve process for managing capital grants to include using Yardi for draws • Underway
MEMORANDUM
To: Board of Commissioners
From: Management Staff
Subject: Report of Activity
Date: April 11, 2011
This month's Management report includes:
Consent: None
Action: February 2011 Financial Summary
Bridgewalk Renovation
Updates: Occupancy Status and Net Rental Income
Capital Improvement Program (CIP) Progress
New partnership with Safehouse
Boulder Housing Partners waiting lists open up
Attachments: February Financials
Bridgewalk Re-design
CONSENT ITEMS:
None at this time
ACTION ITEMS:
February 2011 Financial Summary
2010 Year End
Our auditors, Plante & Moran are scheduled for field work the first week of April. This is
consistent with prior years. We have provided a substantial amount of data in advance
which will allow us to focus on details of the report while they are here. All tax credit
audits and 2010 tax returns are complete and have been filed on time. We made one
significant entry to our balance sheet for December to reclassify the existing Bridgewalk
loan from long term to current liability. This reduces the Current Ratio to .64. This ratio
measures our ability to pay our current liabilities with our current assets. Typically we
would not want this to fall below 1.0. However, since we know we have the ability to
refinance this loan this temporary situation is not a concern. We will provide disclosure in
our audit footnotes to clarify this for interested parties.
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February
Boulder Housing Partners year-to-date revenues of $2,786,251 and expenses of $2,732,955
and an extraordinary gain from the settlement of an insurance claim results in net income of
$143,295 versus a budgeted loss of $39,744. The budget returns to positive year-to-date in
March. The February variance is explained as follows:
Income Statement
Total Operations Revenue of $981,113 (A) is in line with budget. HCV Revenues of
$555,197 (131) are unfavorable to budget by $41,542. This is more than offset by the
favorable HCV Expense variance of $93,685 (B2). We met with HUD regarding the 2011
voucher funding which is running below our budget. When HUD awards new vouchers
they immediately begin funding at the full amount of HAP. During the first year as we
lease up the vouchers we accumulate an excess amount of cash in our Net Restricted Asset
reserve. The following year HUD funds the new vouchers based upon the amount spent in
the prior year. Therefore the second year we will be receiving less than we spend and using
the reserves built in the first year of the award. Unfortunately we budgeted for the 81 new
vouchers based on the monthly amount we had been receiving in 2010. The impact of this
budgeting error is that we will receive approximately $240,000 less in income than we
budgeted for 2011. We will not be short cash as we have the reserves we built in 2010. In
addition, we are being overfunding this year for the 100 new vouchers we received in 2010.
This will create the same problem in 2012 when we will be required to spend down the
cash we accumulate on these vouchers in 2011. We will need to be careful in our
budgeting for 2012 relating to the 100 new vouchers to avoid the same problem.
Non Federal Grants of $57,645 (C) is the recognition of previously deferred grant revenue
for High Mar and City funding for work at Arapahoe East. We budgeted for this to be
recognized in March.
Federal Capital Grants variance of $44,350 (D) is a timing difference between the budget
and actual spending on capital projects. Federal Service Grants Revenue (EI) and Expense
(E2) are also timing differences. This revenue is recognized as invoices are submitted for
payment. Efforts were 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.
Water and Sewer (F) are under budget by $17,781. Some of this is related to invoices
booked into December however the Public Housing Properties and Canyon Pointe which
have received water savings measures are collectively $6,200 below last year's expense
through February. While this is a short test period the results of our efforts look favorable.
Electricity (G) is in line with budget and only slightly below last year. We expect this to
decline relative to 2010 as the solar systems for Canyon Pointe, Walnut Place and
Northport come on line over the next few months. Gas Expense (IT) is favorable to budget
however this is related to timing of invoices rather than actual energy savings.
Extraordinary Income of $90,000 (I) is the insurance settlement we received for the roof
damage at Walnut Place. The related expense to replace the roof was incurred in 2010.
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Balance Sheet
The increase in cash of $501,854 (J) is more fully explained on the monthly cash report
however the major items contributing to the increase in February are the Walnut Place
insurance settlement of $90,000 and the release from restriction of $186,000 that was
previously set aside for Red Oak Park construction contingency. The collection of
Accounts Receivable ($534,214) (K) results from the collection of grant revenues and
developers fees from Broadway East and West.
Restricted Cash (L 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) and Real Estate Assets (L3). Both of these projects are nearing completion.
Account Payable declined by $227,836 (M) as we paid invoices on our construction
projects that were accrued at year end.
The large balance of $5,372,504 (N) reflects the entire balance due of $5,080,000 on the
Bridgewalk Loans. When we complete the refinance of this loan this balance will again
reflect only the amount due in the next 12 months.
Statement of Cash Flows
The Statement of Cash Flows provides detail on the overall year to date increase in Cash
and Cash equivalents of $501,854 (O). The significant items are the collection of
receivables (P1) and the reclassification of the restricted cash for Red Oak Park to
unrestricted (P2).
Portfolio Analysis
The four properties that are tied together in one loan that is not performing are highlighted
in green (TL). Dakota Ridge is below our target of 1.15 this month due to the write-off of
some past due receivables from former tenants. We completed the re-amortization of this
loan effective with the payment made in March so we should see a small improvement for
each of these properties next month. Hayden Place (HP) continues to underperform.
Cash Report
Note: 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.
Bridgewalk Renovation
Bridgewallc renovation is very active this month. We are bringing three action items this
meeting:
1. an update on Phase 2 of construction,
2. a request for feedback on Phase 3 design, and
3. a request for Board approval for selection of a refinance lender.
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By way of reminder, the Bridgewalk renovations are planned in phases in response to
funding availability. The phases are as follows:
Phase Description Status
Phase I vision plan, existing conditions, engineering study, radon Done
remediation, and replacement of patio fences and decks
Phase 2 structural stabilization, re-grading, replacement of concrete Under
drives and sidewalks, landscape, renovation of the leasing office, Construction
and testing specifications for unit interiors
Phase 3 new siding, new windows, new roofs, replacement of exterior In Design
stairs, new playground, signage, new wetlands walkways, and
completion of unit interiors. Possible solar installation.
Construction Update, Phase 2
Bridgewalkc is well under way with Phase 2 construction work. SC Holley was awarded the
contracts for re-grading and structural improvements, and paving contracts for the site.
Mercy Loan Fund and Mile High Loan Fund are providing funding for this phase of the
project.
Grading and Structural Work: In order to maintain the long-term structural integrity of the
buildings, BHP needed to create positive drainage away from the buildings, improve the
irrigation at the site, and complete improvements in the buildings' crawl spaces that include
installation of sump pumps and grouting of support beams. This contract started at the end
of February and is 50% complete. Specifically, 75% of the grading work has been
completed, sump pumps have been installed in all crawl spaces needing additional water
mitigation, and all landscape has been removed. New landscape rock and plantings will be
installed in the next month, a new irrigation system will be installed, and all other grading
and site work will be completed by the end of May.
Paving: The paving contract for Bridgewalk will begin the week of April 11 , weather
permitting. The work will be completed in 6 phases allowing the site to remain open to
drive traffic. Each phase will take about 10 to 14 days to complete. Each phase will entail
the following. one day of existing concrete removal, one day of re-pouring the concrete
and about 10 days for the new concrete to cure. We anticipate being complete with the new
concrete by the end of June. In addition, two traffic calming measures will be installed to
keep cars from driving so quickly through the site. We are also installing a new sidewalk in
front of two buildings to ensure resident safety and a traffic island at the entrance to the
site.
Interior Unit Rehab: In addition to the two contracts mentioned above, the site is
undergoing unit interior rehab upon vacancy. We are testing four different floor plans with
comprehensive renovations that include new wood flooring, new kitchens, new bathrooms,
new interior paint, and new HVAC systems. As budget permits, we will try to do as many
wood floors and painting upon unit turn this summer so that occupied rehab is not as
complicated in our Phase 3.
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Phase 3 Design Uor
Staff has been working with Odell Architects and ARC Integrated Solutions on Phase 3
Design work for Bridgewalk Apartments. Odell is providing design work under staff
direction and ARC is providing estimating services. Phase 3 work will be financed by the
permanent refinancing that is currently being negotiated (see below). Work will include the
following: new siding, new roofs, new windows, new gutters, new entries, new signage
and lighting, interior renovations, new playground and budget permitting, solar.
BHP's vision plan for the site included a very green (Class G) and sustainable renovation of
the site. We are very much in-line with that goal. Re-design mock-ups are attached to the
packet. As you will see, the color scheme follows a more muted "south" Boulder palette
with an emphasis on lighter natural colors. We tried to bring individuality to each of the
townhomes while creating some subtle design excitement in the multi-family buildings by
highlighting entry areas and playing with siding orientation and textures. The new design
has been vetted with the larger BHP staff and initial feedback is positive. Our goal is have
a complete construction drawing set by late spring and be out to bid on this work by early
summer. This will allow us to provide the selected contractor with a notice to proceed as
soon as funds from our refinance are available on or around August 1St
Refinance
BHP issued an RFP for a lender to complete a July refinance of all the existing debt, as well
as funding Phase 3 construction. We posted the RFP on our website and emailed it to
approximately 25 financial institutions on March 8t!' We received interest in the form of
questions and requests for site visits from seven lenders. We received proposals fiom Citi,
FirstBank, and Wells Fargo. The FirstBank and Wells Fargo proposals rose to the top, and
from our initial review, the two proposals appear to be within $4,000 of each-other. We
have asked the top two proposers to provide some additional clarification and a final terms
sheet. We will be reviewing these proposals at Asset Team on Wednesday April 6`n, and
will bring a recommendation to the Board on April 11 to
UPDATES:
Occupancy Status and Net Rental Income
The combined net rental income for all of BHP properties for February was $981,113
compared to a budgeted net rental income of $1,001,718 which is a negative variance to
budget of $20,605 (98%). Income was impacted by a large number of write offs in
February across the entire portfolio. There was also some longer than expected vacancy in
the Affordable Portfolio. Several units at Arapahoe East and Bridgewalk are under going
major interior rehabs.
The combined net rental income for all of the Tax Credit Properties for February was
$382,574 compared to a budgeted net rental income of $372,461 which is a positive
variance to budget of $10,113 (102.70%).
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The BHP year-to-date occupancy for February was 96.90°/x, compared to a budgeted
occupancy rate of 97%. The combined physical occupancy rate for the Tax Credit portfolio
year-to-date for January was 99.16%, compared to a budgeted occupancy of 97%.
February 2011
Net Rental Net Rental Net Rental Phvsical Occ Physical Oce Variance to
Income - Income - Income - YTD Budget Budeet
YTD Budget Variance
Public 97.84% 97% 0.72%
Housing - I $180,660 $184,660 ($4,000
Public 96.00% 97% -1.05%
Housing -11 $112,732 $117,504 ($4,772)
PB Sec. 8 98.00% 97% -0.41%
properties $205,272 $209.636 ($4,364)
Work Force $481,368 $488,878 ($7,510) 98.50% 97% 0.30%
BHP 96.90% 97% 0.16%
portfolio
combined $981,113 $1,001,718 $20,605)
Broadway 99.05% 97% 2.05%
East $87,198 $83,166 $4,032
Broadway 99.88% 97% 2.88%
West $42,211 $41,050 $1,161
Foothills $152,753 $148,214 $4,539 100.00% 97% 3.00%
Holiday $76,569 $76,923 ($354) 100.00% 97% 3.00%
Vistoso $23,843 $23,128 $715 99.14% 97% 2.14%
TC portfolio 99.16% 97% 2.72%
combined $382,574 $372,461 $10,113
Capital Improvement Program (CIP) Progress
BHP completed the following renovation work during I" quarter 2011:
Canyon Pointe Green Retrofit Program
BHP received a $1.2M loan for energy improvements at the Canyon Pointe Apartments.
Work included 42 new kitchens, 75 new bathrooms, new electrical panels, new lighting,
new water conservations measures including new toilets, a new domestic hot water boiler, a
solar system, air conditioning and new appliances. Construction work is complete and staff
is now working on final project close-out.
Energy Performance Contract
The Energy Performance Contract is 100% complete. BHP has asked JCI to complete two
additional work items out of contingency funds. Once that work is complete, final billings
and project close out will take place. We'll bring the results of our project analysis to the
Board at a later date.
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Walnut Place Solar System
The solar system at Walnut Place is in place and operational. All work is complete and
BHP is now waiting for the Xcel Rebate funds in order to proceed with solar at the
Northport Apartments.
Northport Solar S y stem
BHP is under contract for a new roof on the north side of the Northport building. This
work will be completed in mid-April and then Lighthouse Solar will install a 33.37 KW
system on both the north and south roofs at Northport. This work should be complete by
the end of May.
Manhattan Exterior Project
This project includes replacement of the windows, new siding, new irrigation system, new
fencing, new lighting, and new landscape work. This work will unify the site with the stair
tower work that was completed last year. This project is being paid for out of the Capital
Fund Program. Work will commence in May and take approximately two months.
E-3 Renovations Arapahoe East, Sanitas Place, Hayden Place
BHP received $1.2M in funds from the City of Boulder for 2011 renovation work at the
emerging (previously referred to as the "troubled") three sites listed above. Work includes
full interior renovations for all units at all these sites. We arc trying to complete the
renovations upon unit turn and will catch any units that do not turn over for renovation in
the fall. In addition, Sanitas Place will receive a full exterior renovation. The goal of this
work is to enable BHP to operate these sites without any future city fiends and to stabilize
DSCR.
New partnership with Safehouse
Safehouse Progressive Alliance for Nonviolence was recently awarded a $250,000
Transcendence Transitional Housing Project (TTHP) grant though the Department of
Justice. The primary goal of the project is to expand the availability of transitional housing
for survivors of domestic violence and to bridge their transition from emergency shelter to
self-sufficiency and empowerment. BHP will provide the housing portion of the grant.
Their goal is to eventually master lease 4 or 5 units from BHP for these program
participants. The units will be scattered in our Boulder Affordable Rentals portfolio.
They hope to lease up their first apartment in the next couple of weeks. This partnership
will also include a comprehensive continuum of services designed to support survivors'
transition to safe, permanent housing. These additional support services will be provided by
Boulder County Human Services, the Homeless Shelter and Safehouse.
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Boulder Housing Partners waiting lists open up
The wait lists for Public Housing and the Section 8 Project Based programs will be open
from 8 a.m. on Monday, April 11t" to 5:00 p.m. on Friday, April 22°d. Residents who
qualify for these reduced rent programs pay approximately 30 percent of their income
towards rent. Priority is given to families, elderly and people with disabilities. For your
reference, the properties that will be accepting wait list applicants are:
■ Broadway East-Families only
■ Diagonal Court-Families only
■ Iris/Hawthorne-Families only
■ Canyon Point-Seniors only
■ Glen Willow-Families, Seniors, Persons with disabilities
■ Kalmia-Families, Seniors, Persons with disabilities
■ Manhattan- Families, Seniors, Persons with disabilities
■ Northport-Seniors, Persons with disabilities
■ Walnut Place-Near elderly only (50 years or older)
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BHP
Statement of Activities
for the Year to Date Ending - February 28, 2011
Ref YTD Actual YTD Budget Variance $ % Var
Revenue
Operations Revenue
Tenant Dwelling Rental 791,712 792,489 (777) -0.1%
Non Dwelling Rental Income 2,232 2,190 42 1.9%
Rental Write-offs (13,217) (4,429) (8,788) 198.4%
HUD-Operating Subsidy 77,053 81,980 (4,927) -6.0%
HAP Project Based Assistance 123,334 129,488 (6,154) -4.8%
Total Operations Revenue A 981,113 1,001,718 (20,605) -2.1%
Fee Revenue
Asset Fee Revenue 14,560 14,560 0 0.0%
Property Mgmt & Bkkpg Fee 92,729 93,534 (805) -0.9%
Development Fees 0 0 0 0.0%
Mgmt Fees - Tax Credits & S8 60,601 53,036 7,566 14.3%
Total Res Svc Fee Income 34,086 36,489 (2,403) -6.6%
Total Fee Revenue 201,976 197,619 4,357 2.2%
Grants and Subsidies
HCV-HAP Revenue B1 1,109,302 1,150,844 (41,542) -3.6%
Non Federal Grants and Donations C 57,645 0 57,645 100.0%
Federal Capital Grants D 85,143 129,493 (44,350) -34.2%
Federal Service Grants E1 23,493 79,935 (56,441) -70.6%
Total Grants and Subsidies 1,275,583 1,360,272 (84,688) -6.2%
Other Revenue
Tenant Late Fees 3,625 2,936 689 23.5%
Tenant Work Order Charges 1,540 2,210 (670) -30.3%
Tenant Reim - Utilities 8,212 6,532 1,680 25.7%
Interest Income 101,988 96,685 5,303 5.5%
Total Laundry 8,971 11,370 (2,399) -21.1%
Community Center Revenue 600 958 (358) -37.4%
Maint Charges to Prop 193,128 182,500 10,628 5.8%
Total Miscellaneous Revenue 9,515 1,505 8,010 532.2%
Total Other Revenue 327,578 304,696 22,882 7.5%
Total Revenue 2,786,251 2,864,304 (78,054) -2.7%
Expenses
Salaries and Benefits
Total Salaries 605,626 627,342 21,716 3.5%
Total Salaries and Benefits 605,626 627,342 21,716 37%
Property Costs
Management Fees 31,452 30,687 (765) -2.5%
Maintenance Materials 31,542 35,332 3,790 10.7%
Contract Labor & Repairs 87,311 88,004 693 0.8%
BHP Contract Labor 159,363 143,900 (15,463) -10.7%
Extraordinary Maintenance 25,115 14,500 (10,615) -73.2%
Garbage and Trash Removal 20,277 19,130 (1,147) -6.0%
Water and Sewer F 29,386 47,167 17,781 37.7%
Electricity G 31,758 30,980 (778) -2.5%
1 of 2 415/2011 B:56 AM
BHP
Statement of Activities
for the Year to Date Ending - February 28, 2011
Ref YTD Actual YTD Budget Variance $ % Var
Gas H 47,672 56,938 9,266 16.3%
PILOT 17,381 16,520 (861) -5.2%
HOA Fees 4,940 775 (4,165) -537.4%
Total Property Costs 486,197 483,932 (2,265) -0.5%
Operating Expenses
Amortization Expense 8,668 5,090 (3,578) -70.3%
Asset Management Fee 14,560 14,560 0 0.0%
Audit Fees 7,958 7,958 (0) 0.0%
Background Checks 898 1,507 609 40.4%
Bank Fees 983 1,060 77 7.3%
Board Expense 1,398 942 (456) -48.4%
Community Center Exp 220 220 0 0.0%
Consultants 0 8,096 8,096 100.0%
Depreciation 225,282 229,740 4,458 1.9%
Dues and Fees 6,084 10,114 4,030 39.8%
Expendable Equipment 719 9,266 8,547 92.2%
HCV-HAP Expense B2 960,565 1,054,250 93,685 8.9%
Insurance Expense 31,232 33,640 2,408 7.2%
Interest Expense 223 1,400 1,177 84.1%
Legal Expense 3,141 1,894 (1,247) -65.8%
Mileage 695 1,819 1,124 61.8%
Miscellaneous - Expense 4,778 3,714 (1,064) -28.6%
Mortgage Interest Expense 168,286 165,965 (2,321) -1.4%
Non-Salaried Personnel 2,995 7,400 4,405 59.5%
Advertising/Marketing 812 2,904 2,092 72.1%
Office Supplies 4,496 5,410 914 16.9%
Phone Expense 7,418 10,212 2,794 27.4%
Postage Expense 2,165 2,360 195 8.3%
Printing Expense 5,098 3,800 (1,298) -34.2%
Property Mgmt & Bkkpg Fee Exp 92,729 93,544 815 0.9%
Publications 0 190 190 0.0%
Resident Relocation 1,895 0 (1,895)
Res Svc/Strategic Planning Fee Exp 33,532 34,176 644 1.9%
Staff Training 7,539 10,983 3,444 31.4%
Service Grant Expense E2 35,493 59,196 23,703 40.0%
Vehicle Expense 9,889 10,010 122 1.2%
RRC Allocation 1,383 1,384 1 0.1%
Total Operating Costs 1,641,132 1,792,803 151,672 8.5%
Total Expenses 2,732,955 2,904,078 171,123 5.9%
Net Income before Sale of Assets 53,295 (39,774) 93,069 -234.0%
Gain (Loss) on Disposition of Property 0 0 0 0.0%
Extraordinary Income (Expense) 1 90,000 0 90,000 0.0%
TOTAL NET INCOME (LOSS) 143,295 (39,774) 183,069 -460.3%
2 of 2 4/5/20118:56 AM
32
BHP
Balance Sheet
February, 2011 and December 31, 2010
Actual Actual Net
Ref February-11 December-10 Change YTD
ASSETS
Current Assets
Unrestricted Cash and Cash Equivalents J $ 2,570,210 $ 2,068,356 $ 501,854
Reserved Cash - Replacements 740,233 731,270 8,963
Reserved Cash - Tenant Security Deposits 388,917 388,795 122
Accounts Receivable K1 736,495 1,270,709 (534,214)
Accounts Receivable-Tax Credits K2 33,084 108,187 (75,103)
Prepaid Expenses 67,174 71,121 (3,947)
Supplies-Inventory 25,534 24,331 1,203
Total Current Assets 4,561,647 4,662,769 (101,122)
Restricted Cash
Restricted Cash - Other J&L1 1,114,612 1,791,724 (677,112)
Restricted Cash - Section 8 771,747 721,195 50,552
Total Restricted Cash 1,886,359 2,512,919 (626,560)
Capital Assets
Construction in Progress L2 3,908,883 3,964,305 (55,422)
Furniture Fixtures and Equipment 465,941 465,941 0
Real Estate Assets-Land and Buildings L3 51,840,240 51,042,321 797,919
Less, Accum Depreciation Real Estate Assets (28,559,345) (28,334,063) (225,282)
Total Capital Assets 27,655,719 27,138,504 517,215
Other Assets
Notes Receivable 9,757,205 9,757,205 0
Interest Receivable Notes 3,268,584 3,222,076 46,508
Partnership Investments 432,625 432,625 0
Net Amortized Costs 845,015 853,683 (8,668)
Total Other Assets 14,303,429 14,265,589 37,840
TOTAL ASSETS $ 48,407,154 $ 48,579,781 $ (172,627)
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Accounts Payable M $ 277,375 $ 505,211 $ 227,836
Accrued Payroll 88,063 66,922 (21,141)
Accrued Payroll Taxes Payable 27,878 26,626 (1,252)
Accrued Compensated Absences 258,637 254,754 (3,883)
Other Accrued Expenses 309,042 346,383 37,341
Deferred Revenue 253,681 283,665 29,984
Current Portion of Long Term Debt N 5,372,504 5,406,271 33,767
Prepaid Rent 35,221 12,683 (22,538)
Security Deposits 391,487 389,365 (2,122)
Total Current Liabilities 7,0133888 7,291,880 277,992
Long-Term Liabilities
Notes Payable 351,171 351,171 0
Accrued Interest Payable 82,156 80,070 (2,086)
Mortgages Payable 13,944,052 13,984,068 40,016
Bonds Payable 1,564,386 1,564,386 0
Total Long-Term Liabilities 15,941,765 15,979,695 37,930
TOTAL LIABILITIES 22,955,653 23,271,575 315,922
EQUITY
Total Equity 25,451,501 25,308,206 (143,295)
TOTAL LIABILITIES AND EQUITY $ 48,407,154 $ 48,579,781 $ 172,627
1 of 1 415!20118:57 AM
BHP
Statement of Cash Flows
for the Month and Year to Date Ending February 28, 2011
February 2011
Ref Month to Date Year to Date
Reconciliation of Net Income to Net Cash Provided
(Used) by Operating Activities
Net Income (Deficit) $ 146,045 $ 143,295
Adjustments to Reconcile Net Income to Net Cash
Provided (Used) by Operating Activities
Increase (Decrease) Accum Deprec/Amort $ 120,459 $ 233,950
(Increase) Decrease in Accounts Receivable P1 $ 251,589 $ 609,317
(Increase) Decrease in Prepaid Expenses $ (12,901) $ 3,947
Increase (Decrease) in Prepaid Rent and Security Deposits $ 10,118 $ 24,660
(Increase) Decrease in Supplies/Inventory $ (2,495) $ (1,203)
(Increase) Decrease in Reserved Cash $ (3,622) $ (9,085)
(Increase) Decrease in Restricted Cash P2 $ 174,919 $ 626,560
Increase (Decrease) in Payables and Accrued Expenses $ (15,334) $ (238,901)
Increase (Decrease) in Deferred Revenue $ (300) $ (29,984)
Total Adjustments $ 522,433 $ 1,219,261
Net Cash Provided (Used) by Operating Activities $ 668,478 $ 1,362,556
Cash Flows from Investing Activities
(Increase) Decrease in Construction in Progress $ 654,677 $ 55,422
(Increase) Decrease in Furniture Fixtures and Equipment $ 0 $ 0
(Increase) Decrease in Real Estate Assets $ (797,919) $ (797,919)
(Increase) Decrease in Notes and Interest Receivable $ 3,505 $ (46,508)
Net Cash Provided (Used) by Investing Activities $ (139,737) $ (789,005)
Cash Flows from Financing Activities
Increase (Decrease) in Current Portion of Long Term Debt $ 4,907,301 $ (33,767)
Increase (Decrease) in Notes Payable $ 0 $ 0
Increase (Decrease) in Mortgages and Bonds Payable $ (4,946,397) $ (37,930)
Net Cash Provided (Used) by Financing Activities $ (39,096) $ (71,697)
Net Increase (Decrease) in Cash and Cash Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents O $ 489,645 $ 501,854
Cash and Cash Equivalents - Beginning $ 2,080,555 $ 2,068,356
Unrestricted Cash and Cash Equivalents - Ending $ 2,570,210 $ 2,570,210
1 of 1 4/5/20118'57 AM
3y
BoulderHousin Partners - Portfolio Analysis
2011 Months in 2 Annualized Adjusted
PUPA PUPA PUPA PUPA Adjusted
Properhj Address Units EGI OpEx NOT Dent DSCR
YTD
Arapahoe Court 951,953 Arapahoe 14 $ 5,216 $ (7,178) $ (1,962) $ -
Diagonal Court 3265-3273 30th St. 30 $ 6,063 $ (4,270) $ 1,793 $ - -
Iris Hawthorne 1650-1690 Iris Ave. 14 $ 6,144 $ (4,406) $ 1,739 $ -
Kalmia 3500 Nottingham 53 $ 6,585 $ (6,051) $ 535 $ -
Madison 1130-1190 35th St. 33 $ 5,716 $ (5,663) $ 54 $ -
Manhattan 660-690 Manhattan 43 $ 5,643 $ 6,177 $ 535) $ - -
Public Housing I Sub Total. 187 $ 5,996 $ 5.687 $ 309
Northport 1133 Portland Place 50 $ 4,584 $ (5,383) $ (799) $ - -
Walnut Place 11940 Walnut Place 95 $ 4.857 $ 4.821) $ 36 $ - -
Public Housing 11 Sub Total: 145 $ 4,763 $ 5.015 $ . (252)
Canyon Pointe 700 Walnut 82 $ 9,515 $ (5,555) $ 3,960 $ 3,915 1.01
Glen Willow 301-333 Pearl St. 34 $ 10,864 $ (9,569) $ 1,295 $ - -
North Haven 2550 9th St 8 $ 12,245 $ 7,128) $ 5,117 $ - -
Project Based Sub Total: 124 $ 10,061 $ 6,757 $ 3,304 $ 2,589 1.28
101 Pearl 101 Pearl 6 $ 13,853 $ (4,352) $ 9,501 $ - -
Arapahoe East 4610 Arapahoe 11 $ 8,267 $ (6,468) $ 1,799 $ 1,815 0.99 TL
Bridgewalk 602-698 Walden Circle 123 $ 11,746 $ (3,906) $ 7,840 $ 4,664 1.68
Dakota Ridge 4900 10th St. 13 $ 11,321 $ (4,746) $ 6,575 $ 7,643 0.86 TL
Hayden Place 34th & Hayden Place 24 $ 8,340 $ (6,710) $ 1,630 $ 3,873 0.42 HP
Midtown 837 20th St. 13 $ 8,774 $ (3,542) $ 5,232 $ - -
Orchard House 1 $ 72 $ (2,838) $ (2,766) $ - -
Sanitas Place 3640 Broadway 12 $ 7,820 $ (5,263) $ 2,557 $ 4,498 0.57 TL
Twin Pines 1700 22nd St. 22 $ 8,801 $ (4,474) $ 4,327 $ 3,635 1.19 TL
Whittier 1946 Walnut St. 10 $ 9,572 $ (5,111) $ 4,460 $ 3,113 1.43
Woodlands 2600 Block of Mapleton 35 $ 13,706 $ (6,957) $ 6,749 $ 3,405 1.98
Workforce Sub Total: 269 $ 10,941 $ 4,843 $ 608 $ 3,978 1.53
Portfolio Totals: 725 $ 8,279 $ (5,422) $ 2,857 $ 1,919 1.47
DSCR Not Indnding PH
2011
Tax Credit Properties Address Units PUPA PUPA PUPA PUPA Adjusted
EGI OpEX NOI Debt DSCR
Broadway East 3160 Broadway 44 $ 12,140 $ (5,870) $ 6,270 $ 3,410 1.84
Foothills 4500 block of 7th/8th 74 $ 12,518 $ (4,047) $ 8,471 $ 6,385 1.33
Holiday 1500 Lee Hill 49 $ 1,577 $ (713) $ 865 $ 3,629 1.43
Vistoso 4500 Baseline 15 $ 9,852 $ (5,779) $ 4,073 $ 2,768 1.45
Broadway West 3120 Broadway 26 $ 10.154 $ (5,032 $ 5,121 $ 3,232 1.58
Tax Credit Sub Total: 182 $ 9,261 $ 3,733 $ 5,529 $ 4,398 1.45
Properties in Transition Address
Bluff Street 2232 Bluff St. Index of terms
BMM/Red Oak Park 27th & Valmont PUPA - Per Unit Per Annum
Orchard House 1603 Orchard St. EGI - Effective Gross Income = (Total Revenue - Grant Revenue)
Dp Ex - Operating Expenses = (Total Expenses-Capital
Expenses-Extraordinary Maintenance and Non-Op Ex)
N01 - Net Operating Income = (Net Income + Non OpEx)
DSCR - Debt Service Coverage Ratio = NOI/Debt
ADJUSTED - For Capital Grants, Capital Exp, and Extrodinary Maint.
3~
Boulder Housing Partners
Cash Report
February & ]anuary, 2011
CASH NEEDED FOR OPERATIONS AND RESERVES
Feb-11 Jan-11 Change
Cash Needed for Day-to-Day Operations $ 750,000.00 $ 750,000,00 $ -
Development Working Capital $ 250,000.00 $ 250,000.00 $ -
Restricted Cash BMM Loan $ 159,179.80 $ 345,408.85 $ (186,229.05)
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 $ 72,899.44 $ 72,906.64 $ (7.20)
Total cash needed $ 2,502,079.24 $ 2,688,315.49 $ (186,236.25)
Total Unrestricted Cash Available for Operations $ 1,062,273.19 $ 716,991.78 $ 345,281.41
Restricted Cash for ROP/BMM $ 159,179.80 $ 345,408.85 $ (186,229.05)
Unrestricted Cash Targeted for Woodlands Rehab $ 464,668.11 $ 458,498.17 $ 6,169.94
Unrestricted Cash Avail. for Replacements - Proj. Based only $ 23,240.53 $ 22,390.53 $ 850.00
Unrestricted Cash Available for Replacements $ 328,411.04 $ 329,997.89 $ (1,586.85)
Development Funds Set Aside (Landscaping Escrow) $ 72,899.44 $ 72,906.64 $ (7.20)
Total Cash available for Operations, Replacement and Set Asides $ 2,110,672.11 $ 1,946,193.86 $ 164,478.25
Overage (Shortage) $ (391,407.13) $ (742,121.63) $ 350,714.50
IMPACT:
The improvement in February relates to the release of a restriction on $186,000 related to Red Oak Park construction and collection of
Development Fees for Broadway East and West. 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
Feb-I3 Jan-11 Change
Restricted Cash - Public Housing & Project Based - Target $ 650,000.00 $ 650,000.00 $ -
Restricted FSS Escrow $ 4,143.71 $ 3,644.71 $ 499.00
Restricted Cash - Public Housing & Project Based - Actual $ 1,158,005.35 $ 11058,739.53 $ 99,265.82
Total PH and Project Based Cash $ 1,162,149.06 $ 1,062,384.24 $ 99,764.82
Overage (Shortage) $ 512,144.06 $ 412,384.24 $ 99,265.82
IMPACT:
The improvement in Public Housing Operating cash relates to the collection of the insurance settlement for Walnut Place Roof. The
unrestricted Public Housing and Project Based money cannot be borrowed for COCC Operations and has therefore been split from the
Unrestricted Operating Cash. This money is available to fund operations for PH and PB portfolios. Current plans are in place to spend
approximately $145,000 over the next 12 months on capital improvements for Public Housing.
CASH NEEDED FOR SECTION 8
Feb-11 Jan-11 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 $ 349,832.63 $ 964,967.56 $ (615,134.93)
Restricted Funds Available for Use on HAP and FSS escrow $ 821;497.80 $ 158;086.79 $ 663;411.01
Total Section 8 Cash $ 1,171,330.43 $ 1,123,054.35 $ 48,276.08
Overage (Shortage) $ 646,330.43 $ 598,054.35 $ 48,276.08
IMPACT:
This balance continues to grow as we are fully funded for the new 100 vouchers which are still in the lease-up period. Next years funding will
likely be shorted to reflect the overpayment this year. Currently reserve is funded - If HUD were to slow down their payments or reduce the
administration fees, BHP would have funds to cover the shortfall.
$300,000 Line of Credit Terms: If drawn on, terms are interest only variable rate of approx. 5%, payment in full due November 2011
n
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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: April 6, 2011
This month's development report includes:
Consent: None
Action/Discussion: High Mar Redevelopment: authorization to sign easement dedications
Lee Hill Pennanent Supportive Housing
Updates: Red Oak Park
Broadway West
Attachments: High Mar: Map showing the location of the easements
Notice of Disposition
Lee Hill: Draft guiding principles
Project Tracking Form and Timeline
CONSENT ITEMS
None
'16
ACTION/ DISCUSSION ITEMS
HIGH MAR REDEVELOPMENT
Previous Board Meeting:
At the last meeting, we provided the following information:
• Updates on the design process including:
o We anticipate final approval of Technical Documents by early May;
o We will conduct a value engineering exercise of the Design Development
drawing set between April-May;
o We plan to release a Request for Proposals (RFP) for a general contractor in early
May; and
o We will begin the construction document phase after Design Development is
complete.
• Indication that the project will be ready for building permits by July 1, 2011;
• Information about our March 1 application for 9% Low Income Housing Tax Credits
(LIHTC) and that we expect the Colorado Housing and Finance Authority (CHFA) to
announce preliminary reservations by May 1, 2011;
• If a 2011 L11-ITC 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, pushing the construction start date to 4t" Quarter 2011;
and
• An update on total development costs, which are currently estimated at $12.5 million,
with hard costs currently estimated at $13 6/sf.
Progress since Previous Board Meeting:
Design Process: We are on track to complete the Technical Documents review process by early
April, about one month ahead of schedule. Pursuant to the conditions of the Notice of
Disposition which approved the project (attached) which are noted on pages 8-9 and the
requirements of the Technical Document process, BHP is required to dedicate five easements
including a bike and pedestrian access easement, two drainage easements, a utility easement, and
an emergency access easement to the City, at no cost. Dedication of the easements is part of the
Technical Document review process. The attached exhibit delineates the location of the five
easements for your review.
Staff recommendation: We recommend that the Board authorize Betsey to sign the easement
dedications when she is satisfied with the language and descriptions in the documents.
47
LIHTC: During the March Board meeting, the Commissioners inquired about the number of
first round LIHTC applications that were resubmissions from prior rounds. Of the 22
applications submitted on March 1, 2011, there are 6 repeat applicants: Bishops Court, Aria,
Sunset Park, University Station, Legacy and Glenwood Meadows. Sunset is an
acquisition/rehabilitation project and the rest are new construction. The first four are located in
the Denver metro area, Legacy is in Ft. Collins and Glenwood Meadows is in Glenwood Springs.
Over the last month, we have asked local individuals to express their support to CHFA staff for
the High Mar project. The following individuals have contacted CHFA staff to voice their
support for the project: State Representative Claire Levy, Mayor Susan Osborne, Suzy Ageton in
her Council role, and Karen Rahn (Boulder Housing and Human Services). Betsey placed
numerous requests via phone, email, and letter asking HUD Regional Director Garcia, U. S.
Representative Polis, U.S. Senator Heath, and U.S. Senator Bennett to contact CHFA staff. We
have also requested two neighbors and numerous eligible residents contact CHFA staff and voice
their support.
We received, and responded to a letter from the reviewing staff at CHFA requesting some minor
clarifications and corrections in our application. We still anticipate hearing from CHFA by mid-
May with the list of projects recommended for funding in this round.
Project Costs: During the March Board meeting, the Commissioners requested information
about the percent contingency carried by the project. Currently, the project budget includes a 4%
(of hard costs) contractor contingency and a 4.5% (of hard costs) owner's project contingency,
for a total contingency of 9.5%, or $525,000.
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 Request for Proposals (RFP) for distribution in June, 2011.
LEE HILL HOUSING
Previous Board Meeting:
At the last meeting, we provided the following information:
• Summary of the selection process of the architectural services team of Humphries Poli
and Steven Walsh. Humphries Poli is a Denver-based firm that has worked extensively
for the Colorado Coalition for the Homeless (CCH) and the Denver Housing Authority.
Mr. Walsh is a Boulder architect and will be providing entitlement consulting services.
41
Progress since Previous Board Meeting:
Design Team: In addition to the architectural services team of Humphries Poll and Steven
Walsh, we have retained the following consultants: CTL Thompson (geotechnical testing), Scott
Cox & Associates (survey), and Deneuve Construction (cost estimation services). Geotechnical
and survey work was completed in late March. Most of the remaining consultant team will be
retained by Humphries Poli who will select, with BHP's participation and approval, firms for
civil, mechanical, electrical, plumbing, and structural engineering.
We held our first programming and design charrette on Wednesday, March 30, 2011 where
representatives from BHP and the Shelter met to create a list of desirable physical features and
conceptual attributes for the project. We will use this list to create the project goals and guiding
principles. This list will also inform the architect's initial concept planning and design
development.
Guiding Principles: The joint development team, consisting of staff from the Shelter and BHP
drafted an initial set of guiding principles to help communicate our intentions to the public, set
goals for our planning, and help with decision making when there are competing interests. On
April 4, the joint development team met with BHP's, and the Shelter's development committees
to review, revise, and recommend these principles; a redline version of the draft is included in
the attachments. Your comments and suggestions would be very helpful in anticipation of your
consideration and adopting at the May 9 meeting. The Shelter's Board will consider the same
draft at their meeting on the April 19, 2011 and adoption at their May 17 meeting.
Zoning Analysis and Unit Count: The current size of the site is estimated at 1.02 acres.
Depending on confirmation of this per the survey, which is forthcoming, the zoning requirements
will allow us to build up to 27 "regular" dwelling units on the property and approximately
21,430 square feet for floor area. These two factors, in addition to the parking requirement and
the drainage requirements set the fundamental limits on the size of the building we can develop
at the site. Density, the number of dwelling units, is not generally something that can be
increased in a review process except in very limited circumstances. Under the land use
regulations, very small units (less than 475 square feet) are considered equal to one regular unit.
Without triggering a more extensive review process, we can add up to six "efficiency living
units" to the project which could bring the total number of actual units to as much as 30. With
the detail from the survey, we will refine this calculation and provide the Board with a
calculation of the final density at a later meeting.
41
Entitlement Process: We provided a thorough overview and analysis of the zoning
requirements and development review process to the development committees of BHP and the
Shelter at the joint meeting on April 4, 2011. Our recommendation was to pursue the
Conditional Use Review process rather than additional density under the site and use review
processes. Conditional Use is a staff level decision to ensure compliance with the Land Use
Code. We recommended this approach for the following reasons:
- While we will still engage in a public outreach process, formal notice and public review
is not a requirement of the Conditional Use process;
- Use Review and Site Review projects are subject to public hearings before Planning
Board and, potentially, City Council call-up which - assuming design changes are
required by the Board or Council - can add considerable scheduling and budgetary risks
to the project;
- We can meet all of our programming needs without requesting any variations to the land
use regulations; and
- This would not preclude applying for permission to include future nonresidential uses
like offices, a small restaurant or retail space on the corner.
We request that the Board acknowledge and approve proceeding with the development of this
project under the Conditional Use process.
Neighborhood Outreach: We also discussed our proposed neighborhood outreach strategy at
the joint Shelter/BHP Development Committee meeting last week. In summary, the strategy
includes:
• Identifying project spokespersons within the two organization and the development of
project talking points;
• A process for garnering the support of project allies;
• A plan to personally contact the neighborhood leadership with the intention of gathering
their feedback on the project and our planned neighborhood outreach process (including
forum, location, dates, and agendas);
• Internal check-in on the overall strategy; and
• Neighborhood meetings.
We took forward to discussing our proposed strategy with the Board and getting your comments
and suggestions.
Surrounding Zoning Context: During the March Board meeting, the Commissioners expressed
interest in the zoning designation of the property to the west of the Lee Hill site. We have
confirmed that the parcels immediately adjacent to Lee Hill are also zoned BT-2 (Business-
Transitional 2). This zoning designation allows most types of housing (except mobile homes,
live/work lofts, and cooperative housing) and "neighborhood-type" business and facilities, such
as art/craft studios, schools, social services, religious facilities, medical/dental facilities, offices,
and personal services. To the west of the immediate neighbors, the zoning is IS-1 (Industrial
Service 1), a zone primarily focused on smaller industrial-type uses (commercial kitchens,
technical offices, vet services, small manufacturing, vehicle and equipment service, laundry
facilities, storage and warehouses, greenhouses, etc.)
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Next steps:
• Retain remaining consultants and execute contracts;
• Commence neighborhood outreach process;
• Create a project schedule and preliminary budget; and
• Draft a binding partnership agreement with the Shelter.
UPDATE ITEMS
RED OAK PARK
Previous Board Meeting:
At the last meeting, we provided the following information:
• A budget update where we indicated that 63% of our total construction budget had been
expended;
• An update on the completion of the nine homes within second phase of construction; and
• Information about the signing of our solar installation contract with Lighthouse Solar and
completing an amended partnership agreement with our investor WNC to include Solar
Investment Tax Credit equity.
91
Progress since the Previous Board Meeting:
Budget Update: We completed the draw process for the month of February, which increased our
project expenditures to 70% of the project's total construction budget. Our contingency account is
nearly full and we will begin to spend those funds on some solar costs and a few select upgrades that
were not included in the original budget. These expenditures will bolster the project's eligible basis
and will ensure we deliver the amount of tax credits promised to our equity investor.
Construction and Leasing Update: On April 1, 2011, we received all nine homes that make up the
third phase of construction. Currently, 15 homes are occupied at Red Oak Park and we are meeting
our investor's lease up schedule. In the last week of March, the leasing staff leased three additional
units, which exceeds our occupancy schedule and provides some flexibility in lease-up during the
month of April.
Occupancy during Construction: Despite the logistical challenges of having a partially occupied
community living next to an active construction site at Red Oak Park, everything has gone smoothly
and without incident. The phasing and timeline were designed with careful consideration for the
residents who would be living at Red Oak Park during construction and our leasing staff explains to
each new resident the importance of staying outside of the construction area which is clearly
separated from the occupied units with a 6 foot high chain-link fence. The development team
addresses this issue twice weekly with the on-site construction staff to ensure that all necessary
safety protocols are being followed. Although risks associated with the proximity of families and
live construction will remain a concern for the remainder of the project, we expect the risk to
decrease as we near completion. Our subcontractors with the heaviest equipment and trucks have
either completed their scope of work or are nearing completion including the underground utilities,
framing and concrete.
Solar Update: In March, we completed an amended tax credit partnership agreement to include
the provision of additional equity specifically for the costs of our solar system. We also
completed an installation contract with our installer Lighthouse Solar. After those two
agreements were finalized the panel installation immediately began and has progressed through
much of the first two construction phases at Red Oak Park. At our current pace we are
anticipating completion of all solar work in mid-May.
Next steps:
• Increased focus on the lease-up process;
• Submit draw request #10; and
• Monitor construction activities to ensure a high quality of work through project
completion.
S1Z
BROADWAY WEST
Previous Board Meeting:
At the last meeting, we reported that our draft tax returns and audited financials had been
provided to US Bank for approval. We also indicated our plans to submit documentation to US
Bank in March in order to receive the project's final two Capital Installments.
Progress Since the Previous Board Meeting:
3rd and 4th Capital Contributions: The 2010 tax returns were approved and signed during the
month of March. Finalization of the tax returns enabled us to submit a complete package of
documents to US Bank to receive our final two Capital Installments. We have received
comments back from US Bank about our submitted documents, and will be making corrections
and updates during the end of March and beginning of April. We plan to receive the final two
Capital Installments in early April. Per the Partnership Agreement, these funds are to be used to
fund the property's Operating Reserve and to pay BIIP the remainder of its Developer Fee.
Next steps
• Work with US Bank to receive 3rd and 4th Capital Contributions.
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
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ATTACHMENT A
Signed Disposition
CITY OF BOULDER
$0 40- Planning and Development Services
1739 Broadway, Third Floor P.O. Box 791, Boulder, CO 80306-0791
phone 303-441-1880 • fax 303-441-3241 • web boulderplandevelop. not
CITY OF BOULDER PLANNING DEPARTMENT
NOTICE OF DISPOSITION.
You are hereby advised that the following action was taken by the Planning Department based on the
standards and criteria of the Land Use Regulations as set forth in Chapter 9-2, B.R.G. 1981. as applied to
the proposed development.
DECISION: APPROVED WITH CONDITIONS
PROJECT NAME: BHP - HIGH MAR
DESCRIPTION: SITE REVIEW for High Mara 59 unit affordable multifamily rental housing
exclusively serving senior residents above the age of 62. The project is
proposed to contain one and two bedroom units sized between 700 and 900
square feet each, plus large and small indoor common spaces. All units will
be contained within a three story, 58,204 square foot elevator building
served by surface parking and usable outdoor open spaces.
LOCATION: 4990 MOORHEAD AV
COOR: S02W02
LEGAL DESCRIPTION: Refer to Exhibit A - Attached
APPLICANT: JEFF DAWSON
OWNER: Boulder Housing Partners (Housing Authority of City of Boulder)
APPLICATION: Site Review, LUR2010-00055
ZONING: RH-5
CASE MANAGER: Elaine McLaughlin
VESTf_D PROPERTY RIGHT: NO; the owner has waived the opportunity to create such right
under Section 9-2-19, B.R.C. 1981.
FOR CONDITIONS OF APPROVAL, SEE THE FOLLOWING PAGES OF THIS DISPOSITION.
Approved On: I- 1-
Date
By
Davi Driskell, E ce utive irector of Community Planning and Sustainability
This decision may be appealed to the Planning Board by filing an appeal letter with the Planning
Department within two weeks of the decision date. If no such appeal is filed, the decision shall be
deemed final fourteen days after the date above mentioned.
Appeal to Planning Board expires:
IN ORDER FOR A BUILDING PERMIT APPLICATION TO BE PROCESSED FOR THIS PROJECT, A
SIGNED DEVELOPMENT AGREEMENT AND FINAL PLANS FOR CITY SIGNATURE MUST BE
SUBMITTED TO THE PLANNING DEPARTMENT WITH DISPOSITION CONDITIONS AS APPROVED
SHOWN ON THE FINAL PLANS, IF THE DEVELOPMENT AGREEMENT IS NOT SIGNED WITHIN
NINETY (90) DAYS OF THE FINAL DECISION DATE, THE PLANNING DEPARTMENT APPROVAL
AUTOMATICALLY EXPIRES.
Address: 4990 Moorhead Ave.
Pursuant to Section 9-2-12 of the Land Use Regulations (Boulder Revised Code, 1981), the applicant
must begin and substantially complete the approved development within three years from the date of final
approval [or in compliance with the phasing plan]. Failure to "substantially complete" (as defined in
Section 9-2-12) the development within three years [or in compliance with the phasing plan] shall cause
this development approval to expire.
CONDITIONS OF APPROVAL:
1. The Applicant shall be responsible for ensuring that the development shall be in compliance with all approved
plans dated January:3; 201°1 arid.thie writtetfi sta#einerit dated September 20, 2010 on file in the City of Boulder
Planning Department, except to the extent that the development may be modified by the conditions of approvat.
2. Prior to a building permit application, the Applicant shall submit a Technical Document Review application for the
following items, subject to the review and approval of the City Manager:
a, Final architectural plans, including materials and colors, to insure compliance with the intent of this
approval and compatibility with the surrounding area. The architectural intent shown on the elevation plans
dated Jan. 3, 2011 is acceptable. Planning staff will review plans to assure that the architectural intent is
performed.
b. A final site plan showing the corrections and additions requested by this approval, including building
setbacks on fully dimensioned plans, A signed survey drawing should also be submitted.
C. A final utility plan meeting the City of Boulder Design and Construction Standards.
d. A final stormwater report and plan meeting the City of Boulder Design and Construction Standards,
which include information regarding the groundwater conditions (geotechnical report, soil borings, etc.) on
the Property, and all discharge points for perimeter drainage systems.
e. A detailed landscape plan, including size, quantity, and type of plants existing and proposed; type and
quality of non-living landscaping materials; any site grading proposed; and any irrigation system proposed,
to insure compliance with this approval and the City's landscaping requirements. Removal of trees will be
subject to review and approval of the City Manager. Removal of any tree in City right of way must also
receive prior approval of the City Forester.
f. Final transportation plans meeting. the City of Boulder Design and Construction Standards for all
transportation improvements. These plans must include, but are not limited to: street plan and profile
drawings, cross-sectional drawings, detail drawings, a geotechnical soils report, and a pavement design
report in accordance with section 1.03 of the City of Boulder Design and Construction Standards.
3. Prior to building permit application, the Applicant shall dedicate to the City, at no cost, the following easements as
shown on the approved plans, meeting the City of Boulder Design and Construction Standards, as part of Technical
Document Review applications, the form and final location of which shall be subject to the approval of the City
Manager:
a. A 20-foot wide emergency access easement for the emergency access lane located from Moorhead
Avenue in the northwest portion of the site to the emergency turnaround in the southwest portion of the site.
Address: 4990 Moorhead Ave.
S7
b. A 14-foot wide public access easement for the multi-use path located from the northwest corner of the
site to the southwest corner of the site along the northwest property line.
C. A 14-foot (minimum) wide drainage easement for the drainage facilities located adjacent to Morehead
.Avenue in the northeast portion of the site.
d. An irregularly-shaped drainage easement for the drainage facilities located adjacent to Moorhead Avenue
in the southeast portion of the site.
e. An approximately 25'-wide utility easement for the 8-inch water line located from Moorhead Avenue in the
northwest portion of the site to the fire-hydrant in the southwest portion of the site.
4. Prior to a building permit application, the Applicant shall submit a financial guarantee, in a form acceptable to the
Director of Public Works, in an amount equal to the cost of providing eco-passes to the residents of the
development for three years after the issuance of a certificate of occupancy for each dwelling unit as proposed in
the Applicant's Transportation Demand Management (TDM) plan.
Address: 4990 Moorhead Ave. 9
Lee Hill Permanently Supportive Housing Boulder
Roiising
• p Partners u
Guiding Principles DRAFT
Affordability: Produce a high quality, permanently supportive affordable housing
community with a focus on minimizing short and long-term costs.
We intend to...
• Expand Boulder County's residential Housing First program and inventory to reduce the costs
of homelessness on the broader community;
• Target a not-to-exceed development cost to ensure the project will be competitive for
construction funding and to minimize project debt-carry;
• Focus on the life cycle cost in all design decisions and specifications to ensure the long-term
viability of the housing community;
• Plan for the potential accommodation of future and/or additional uses (commercial, retail,
office, or residential) in order to ensure the project's perpetual financial viability;
• Explore partnerships with local programs and services to provide support for the residents,
capitalizing on existing community resources; and
• Leverage alternative sources of financing, public/private partnerships, or other relevant
methods to ensure the project's long term financial viability.
Neighborhood Integration: Strive to fully integrate the community into the
surrounding neighborhood by enhancing the physical aesthetic and creating a sense of
neighborhood pride
We intend to...
• Ensure the building is aligned with the North Boulder Subcommunity Plan;
• Make an appropriate statement to our residents and the community, acknowledging not only
the project's positive social impact but also this building's visual impact and precedence for
future development in North Boulder;
• Facilitate the integration of this community with its surroundings through neighborhood
outreach and engagement; and
• Create a place that evokes a sense of pride and distinction in North Boulder.
S1
Environmental Performance: Design and construct a building that integrates with
its surroundings and is cost-effective to build and operate.
We intend to...
• Meet or exceed the City of Boulder's high performance building requirements, as well as the
requirements of project financiers (i.e., CHFA's mandatory requirement to certify to Enterprise
Green Communities criteria);
• Maximize opportunities for residents to control their own environment and comfort level - to
provide residents with the choice to bring the outside elements inside according to their own
desires - fresh air, breezes, daylight, humidity, noises;
• Emphasize durability, efficiency, and utility when designing the site and buildings, as well as
when choosing construction materials and interior finishes, all without sacrificing healthiness,
comfort, beauty, or dignity for our residents;
• Provide flexibility for future incorporation of renewable energy features; and
• Enhance the existing features of the site by emphasizing view corridors, utilizing bioswales for
both drainage and landscape buffers, and landscaping with native species.
Dignity: Create a community that evokes a feeling of home, not institutionalized
housing.
We intend to...
• Facilitate the joint missions of Boulder Housing Partners and the Boulder Shelter for the
Homeless in all aspects of this new community;
• Design and operate the facility to maximize the safety and security of the residents of the new
building and the surrounding neighborhood;
• Create a sense of home for the residents- a place of belonging;
• Provide high quality spaces for staff to deliver supportive services, such as training and
community building or health care;
• Create a sense of comfort, stability, familiarity, personalization, privacy, peace, happiness, and
aesthetics for our residents; and
• Minimize features that create a feeling of institutionalization.
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RESOLUTION # 5
SERIES OF 2011
A RESOLUTION FOR THE PURPOSE OF AMENDING THE BYLAWS OF THE HOUSING
AUTHORITY OF THE CITY OF BOULDER dba BOULDER HOUSING PARTNERS.
WHEREAS, the original Bylaws of the Housing Authority were created when the Authority was
established by state statute in 1966; and
WHEREAS, the Board of Commissioners is the policy making body for Boulder Housing Partners; and
WHEREAS, the Bylaws inform the Board of Commissioners about the manner in which they conduct
business; and
WHEREAS, the Bylaws are in need of periodic updating to reflect changes in procedures for the Board
of Commissioners; and
WHEREAS, the Bylaws were last amended in 2005; and
WHEREAS, the Governance Committee, staff and the City Attorney have reviewed and made proposed
changes to the Bylaws to bring them into accord with current practices and policies of the Board; and
WHEREAS, the Board of Commissioners was notified of the proposed revisions within the prescribed
time period to make amendments.
NOW, THEREFORE, be it resolved that the Board of Commissioners adopts the proposed changes to
the Bylaws of the Authority.
Adopted this 11th day of April.
(SEAL)
Angela McCormick,
Chair, Board of Commissioners
Housing Authority of the City of Boulder
ATTEST:
BETSEY MARTENS
Executive Secretary
44)