Meeting Packet - Boulder Housing Partners - 7/11/2011
BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
JULY 11, 20112:30 PM
BHP OFFICE 4800 N. BROADWAY, BOULDER COLORADO
Our primary mission is to provide quality affordable housing that is developed and
managed with respect for the dignity of all involved. TVe also seek to create a sense of
community strength and spirit that supports resident efforts to realize success in their lives.
REGULAR AGENDA
1. Call to order
II. Determination of Quorum
III. Public Participation"
IV. Board Announcements-
V. Board Development- MTW Board Members from Keene, N.H
VI. Committee Reports
1. Governance
2. Finance/Audit
3. Resident Representative Council
4. Boulder Housing Partners Foundation
5. Development
VII. Approval of the Agenda
VIII. Consent Agenda
1. Minutes from June 13, 2011
IX. Action and Discussion Agenda
Directors Report
1. Updates
Management Report
1. May 2011 Financial Sununary
2. Resolution #10: Bridgewalk Refinance
Development Report
1. Lee Hill Housing: Amended Guiding Principles
2. Resolution #I1: Ratification of the Creation of 1175 Lee Hill, LLC.
3. High Mar
4. Rod Oak Park
X. Adjourn
Any member of the public is invited to address the Board on any topic that is on, or not
on, the agenda during Public Participation. Anyone wishing to speak will have the floor for
a inaximum of 3 minutes.
BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
JUNE 13, 2011, 2:30 PM
4800 BROADWAY, BOULDER COLORADO
Commissioner Lawrence Betsey Martens Karen Kreutzberg
Commissioner Mitchell Willa Johnson Krystle Brandt
Commissioner Topping Stuart Grogan
Commissioner Eckert Jim Koczela
Commissioner McCormick Kevin Knapp Kathy Haddock, CAO
Commissioner Ageton Shannon Cox-Baker Public:
Commissioner Hempel Tim Beal Heidi McCann
Commissioner Holton Anna Kay Johnson Andy Proctor
Commissioner Klerman Lindsey Moss
1. Call to order
Commissioner McCormick called the regular meeting of the Board of
Commissioners to order at 2:32 pm.
II. Determination of Quorum
A quorum was declared.
III. Partnership Awards
Commissioner McCormick presented the partnership awards as follows:
Melissa Mereil and Debbie Rade from Adams Co. Housing Authority for
their help in transitioning BHP to the Yardi software system; Chief Larry
Donner accepting for Sherry Kenyon, the Fire Safety Education Coordinator
for the City of Boulder Fire Dept. for assisting BHP with emergency
preparedness education; Randy Rothberg for his volunteer activities teaching
basic computer classes to Kalmia's residents; Pedro de la Cruz, Stephanie
Jimenez, Cynthia Jackson, Kalmia residents who make outstanding
contributions to their community.
IV. Public Participation
Heidi McCann, a resident of Glen Willow, addressed the Board on behalf of
herself and other Glen Willow residents regarding what they feel is a lack of
communication to discuss seasonal policies and resident concerns between
BHP and Glen Willow residents. Betsey explained that a community meeting
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was going to be held in July, but commented that perhaps the meeting needed
to occur earlier in the year.
V. Board Announcements
COMMISSIONER AGETON MADE A MOTION TO RECESS INTO
EXECUTIVE SESSION AT THE CLOSE OF THE MEETING AS PER
COLORADO STATUTE CRS-24-6-402 4(f) TO DISCUSS
PERSONNEL MATTERS. COMMISSIONER TOPPING
SECONDED THE MOTION. The motion passed unanimously.
Commissioner Klerman suggested the Board set up a brainstorming session
to discuss financing tools to use as an alternative to tax credits.
Commissioner Topping suggested adding a discussion about New Market
credits to this special session.
Willa introduced BHP's new Real Estate intern Alex Atherton who is taking
the place of Will Bloomer. Anna Kay Johnson introduced two new Resident
Services interns from the CU PIIE Program (Public Interest Internship
Experience), Erica Dixon and Mara McKillop. They are both seniors at CU
and will be working with BHP Resident Services staff during the
suminer. Betsey thanked Commissioner Topping for his suggestion to work
with CU utilizing them as a source for interns.
Commissioner Ageton announced that the city's reduction in CDBG and
HOME funds was almost fully offset with the operating fluids that BHP
reimbursed to the city.
Commissioner Eckert asked if any staff members were going to attend the
Healthy Home conference that is being held in Denver, June 20-23, Board
Commissioner Mitchell suggested that Commissioner Eckert circulate an
email regarding the conference.
Commissioner Holton related that he attended the NAHRO Conference that
was held in Breckenridge last month and that he was impressed with the
feedback on BHP and how well respected BHP is as an agency. He felt it was
an honor to attend.
VI. Board Development-Greg Harms; Housing First
Greg Harms, the Executive Director of the Boulder Shelter for the Homeless,
presented the Housing First Program, which is the model for the Lee Hill
Development.
Discussion points following the presentation were as follows:
Z
• Commissioner Topping asked if Housing First had reached their goal
after being in existence for 2 years, and assumed that there is a great
deal of unmet need.
• Mr. Harms stated that the program could be 2 to 3 times the size it is
now, housing 26 individuals.
• The Board discussed the make up the clientele of the program and the
criteria used to select that group, the fmancing by HUD, and the
accuracy of data for the Point in Time survey.
• 13HP staff will provide the Board with BVSD notes on homelessness
and children in the school district and highlights from this year's
Point in Time survey.
VII. Board Committee Reports
Governance
Did not meet
Finance and Audit
Commissioner Topping noted that the Finance and Audit committee met and
reviewed Betsey's contract and the Thistle Note. He stated that more would
be presented with the financial report and in Executive Session.
RRC
Mort Hempel reported on the RRC meeting. Discussion points were as
follows:
• The need to increase RRC membership
• Anna Kay's survey
• Managers should be aware of what the RRC is doing with the
residents
• RRC meeting times and what to do about cliild care
• Agenda and structure
• How to get money to Canyon Pointe
• August BBQ
Commissioner Topping asked that Mort notify the Board of the date of the
BBQ.Betsey said that RRC funds paid for two residents to attend the
NA14RO conference.
Foundation
Commissioner Holton is now the Board liaison with the BHP Foundation. He
announced that the Foundation received the Colorado NAHRO Award of
Excellence for the computer lab at Kalmia. He also announced that they were
able to use the $4,500 grant from US Bank to help build a soccer field at
Kalmia. Also, seven scholarships were received for $4,235 for children to
attend Art Camp. Resident Services is working on additional grants for
dental work for residents.
Development
Updates were included in the board packet about the Boulder Transit Village
and Lee Hill developments. Also included was a PR plan from Portell Works
for Lee Hill. Commissioner Topping asked if the public meetings described
in that plan were to begin in late July. Commissioner Ageton mentioned that
the City gets a great deal of negative feedback for public meetings held in
July during summer vacation time.
VIII. Approval of the Agenda
Consent agenda items:
1. Minutes from May 9, 2011
COMMISSIONER ECKERT MOVED TO APPROVE THE CONSENT
AGENDA. COMMISSIONER KLERMAN SECONDED THE
MOTION. The motion passed unanimously.
IX. Action Agenda
Directors Report
Moving to Work Update and Budget Authorization
Willa Johnson and Karen Kreutzberg reported on BHP's recent meeting with
the HUD Headquarters MTW staff. The focus of the meeting was on the
conversion of BHP's application to contract approval by HUD. Betsey
requested an authorization to increase spending by $60,000 to fluid MTW
planning for the rest of this year. The requested increase covers items listed
in the Commissioner's packet and the source of funds is public housing cash.
Discussion points were as follows:
Commissioner Lawrence asked what smaller capital projects were set
aside as a tradeoff for the MTW budget increase.
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• Commissioner Ageton asked about the job description for the CU
research Fellow. Willa described the position as 20 hrs per week to be
used conducting a longitudinal study focusing on rent reform. The
hire date would be sometime this fall. Betsey noted that BHP is the
first agency to be doing a controlled rent reform study and data BHP
collects is going be very useful to the MTW program.
COMMISSIONER TOPPING MOVED TO APPROVE THE
ALLOCATION OF FUNDS FROM THE BUDGET FOR MTW
EXPENSES THIS YEAR, COMMISSIONER KLERMAN SECONDED
THE MOTION. The motion passed unanimously.
Betsey drew attention to the Employee Survey and promised results from the
Resident Survey in next month's packet.
Management Report
Bridizewalk Refinance
Willa will bring a resolution for the refinance of Bridgewalk to the July
Board meeting. Staff will communicate with the City regarding their
mediation with Wells Fargo.
Resolution #7: Restatement of the Note from BHP to Thistle regarding Sage
Court
Jim Koczela explained the history of the BHP and Thistle agreement and the
terms of the note for the Sage Court property. Commissioner McCormick
asked if there could be a due on sale clause in the note, in case Thistle would
sell the property. Jim said he would look into that.
COMMISSIONER TOPPING MOVED TO APPROVE RESOLUTION
#7 THE RESTATEMENT OF THE NOTE FROM BHP TO THISTLE
REGARDING SAGE COURT. COMMISSIONER MITCHELL
SECONDED THE MOTION. The motion passed unanimously.
Resolution #8: Approval of the 2010 Audit
Jim Koczela summarized Plante and Moran's audit highlighting key points
and minor suggestions for management, all of which was detailed in the
Board packet. Commissioner Topping suggested that the audit results be
communicated to the City Council.
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COMMISSIONER KLERMAN MOVED TO APPROVE,
RESOLUTION #8, THE APPROVAL OF THE 2010 AUDIT.
COMMISSIONER TOPPING SECONDED THE MOTION. The
motion passed unanimously.
April Financials
Jun K. reviewed the April 2011 fmancial summary.
North Haven Redevelopment Options:
Willa presented the information on the North Haven property and requested
feedback from the Board on the options described in the Board packet.
Willa asked for approval from the Board to notify CHFA that BHP might opt
out of our HAP contract for North Haven in 2012.
Commissioner Age-ton suggested staff discuss possible options with the Safe
House (SPAN). Commissioner Topping commented that staff should notify
SPAN that the Board has approved opting out of the North Haven contract
with CHFA. Many Board members expressed an interest in preserving the
density of the site as a priority.
COMMISSIONER TOPPING MOVED TO APPROVE THE NOTICE
TO CHFA THAT BHP WILL OPT OUT OF THE CHFA CONTRACT
FOR THE NORTH HAVEN PROPERTY AS OF NOVEMEBR 2012.
COMMISSIONER MITCHELL SECONDED THE MOTION. The
motion passed unanimously
Development Report
Lee Hill Housing: Adoption of Concept Plan
Shannon Cox-Baker and Stuart related to the Board that the Board
Development Committee had recommended going forward with the Concept
Plan for Lee Hill Housing. Additional questions and comments from the
Board about the concept plan included:
• Commissioner Topping asked if we anticipate any concerns from the
Shelter Board.
• Commissioner Lawrence asked if BHP was ruining the risk of not
enough conununity input in the planning stage.
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• Shannon added that with the meeting being held in July, the staff has
built in time to be able to make changes to address any community
concerns before submitting to the City.
Stuart will provide the City Council with a memo/briefing a week or two in
advance of the neighborhood outreach meeting tentatively scheduled for later
in July.
Suggestions for updating the neighborhood plan are as follows:
• Broaden media outreach to include Heath Urie, Alicia Wallace
andErica Stutzman,
• Try for an Op Ed piece in the Daily Camera
■ Identify and add other non-profit partners like
Community Foundation, EFAA, Boulder Police, the
faith community, BCAP, Attention Homes, People's
Clinic, and Boulder County Cares.
• Allow for 2nd optional meeting with the public if needed
• Commissioner Ageton provided helpful edits to the PR plan.
COMMISSIONER TOPPING MOVED TO APPROVE THE
CONCEPT PLAN FOR THE LEE HILL HOUSING FIRST
DEVELOPMENT. COMMISSIONER LAWRENCE SECONDED THE
MOTION. The motion passed unanimously.
Red Oak Park Update
All updates and timeliDes were included in the Board packet. Stuart related
that the construction trailers would be removed very soon. The Board gave
kudos to Kevin Knapp for his diligence in working on the Red Oak Park
development.
High Mar Updates
The Board discussed the postponement of development due to CHFA`s denial of
BHP's application for tax credits. They discussed what the schedule for a new
submittal would be now, if there are any other developments in the works that may
be competitive with BHP's next application, and what type of policy discussion
should take place within the HOA's of the Front Range in this challenging market
dynamic.
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X. Adjourn
COMMISSIONER AGETON MADE A MOTION TO ADJOURN THE
REGULAR MEETING OF THE BOARD OF COMMISSIONERS.
COMMISSIONER KLERMAN SECONDED THE MOTION. The
motion passed unanimously.
The regular session of the Board of Commissioners adjourned at 5:50 pm.
SEAL
DATE: 06/13/2011
ANGELA MCCORMICK, CHAIR
Boulder Housing Partners
BETSEY MARTENS
Executive Director
PENNY HANNEGAN
Recording Secretary
E3
MEMORANDUM
To: Board of Commissioners
From: Betsey Martens, Executive Director
Subject: Director's Report
Date: July 5, 2011
This month's Director's report includes:
Consent: None at this time
Action: None at this time
Updates: Status of Moving to Work Designation
Canyon Pointe Response
Infonmation Update to City Council
City Issues Affecting Affordable Housing
Attachments: Letter to Canyon Pointe Residents
Information Update to City Council
Summary of City Issues Affecting Affordable Housing
ACTION ITEMS:
UPDATES:
Board Development:
This month's session features two members of the Keene (NH) Housing Authority (KHA)
Board. Board Chair, Chris Coates, and Vice Chair, Tom Moses will join us for an overview
of MTW from a Board member's perspective. KHA has been an MTW agency since 1997.
KHA has used its MTW authority to develop the SPECTRUM Housing Program, which
has been in operation for 10 years. The goals of the program include increasing the share of
residents making progress toward self-sufficiency, improving the quality of assisted
housing stock, providing a full spectrum of housing options for applicants, increasing
homeownership among residents, enhancing KHA's capacity to plan and deliver effective
programs and increasing resident satisfaction. KHA reports that its MTW program has
positively impacted residents, with a significant increase in average income.
t
KHA originally administered approximately 200 public housing units and 600 Housing
Choice Voucher units. However, KHA undertook a portfolio transformation to replace its
public housing program with an expanded Section 8 subsidy program.
Status of Moving to Work Designation
Our current MTW focus is working towards a contract with HUD. We are revising our
Year 1 plan, and awaiting HUD's provision of a draft "Attachment A," which spells out the
details of our funding allocation. At our June site visit from HUD, we all agreed on a target
contract signing of September 1 of this year. We are continuing work on preparation of
Year One activities as well as the conversion of our public housing. We will provide more
detail at the September meeting.
Canyon Pointe Response
Last month you received communication from some Canyon Pointe residents who
expressed opposition to our implementation of the no-smoking policy. In conversation with
Angela and Karen, the attached letter was sent to them as the Board's response. We have
not heard that they are interested in any further meetings. Both the leasing and the resident
services staff have spent significant time trying to reach out to affected residents. As
background, before the questioned March 7, 2011 letter was sent, the property manager
contacted each resident 3 - 4 times seeking communication or resolution. A lease violation
letter is rarely the first contact.
Information Update to City Council
Attached is a brief communication from the Board to Council covering five topics: progress
at Red Oak Park; net zero initiative and green improvements; Moving To Work; the 2010
audit results and the Executive Director employment contract.
Hold the Date
As we head into August and the summer Board recess, we want to remind you of several
important dates that we hope you have on your calendars:
• August 10th: Red Oak Park Grand Opening
• September 12th: Annual Board dinner following the Board meeting, hosted by
Commissioner Klerman
• September 23`d : Annual Board retreat from 2-5 pm
Conferences to also keep in mind:
• NAHRO Summer conference July 28-30 Louisville KY
• Housing Now conference October 11-14, Vail, CO
• NAHRO National conference October 23 - 25 St Louis MO
2
ro
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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t/
Boulder
Housing
Partners
A HoushtfAuthority Shire 1966
4800 N. Broadway, Bounder, CO 80304
Phone: (720) 564 - 4610
Fax: (303) 939-9569
June 29, 2011
Dear Ms. Maggio, Ms. Hansen-Craig, Mr. Finley, Mr. Roselli, Mr. Jewell, Mr. Hartz,
Ms. Crutchlow, Mr. Arthure, Ms. Deuthsch, Ms. Bennett, Ms. Byine, Ms. Kelly, Ms.
Parkin, Ms. Graffs, Ms. Bebee, Ms. Melvill,
On behalf of the Board of Commissioners, thank you for sharing your concerns. We have
reviewed your letter dated June 13, 2011 and the materials related to your concerns about
the implementation of our no-smoking initiative.
We have attached BHP's complaint policy to suggest that the next step for you in
resolution of your complaints would be a meeting with BHP's Executive Director. We're
certain that our Director, Betsey Martens, would welcome such a visit either with you as a
group or any of you individually. For our part, it is essential that the Board of
Commissioners not involve itself in management complaints until all options have been
exhausted at the staff level.
Based on a review of the materials you sent, however, we find that Ms. Bennett's letter
dated March 7, 2011 is a professional communication in the service of her responsibilities
as a property manager. We would need to hear that you've been unsuccessful in a
resolution of your complaint with our staff and we would need stronger evidence to
support your claim to warrant the Board's involvement.
We note that several of you attended the Board meeting on June 13, 2011 and we
encourage participation at our Board meetings as an option for you in order to let us know
how things are progressing.
Respectfully,
((t lG r G
Angelf McCormick Chair Karen Klerman> Vice Chair
Boulder Housing Partners Boulder Housing Partners
Board of Commissioners Board of Commissioners
,'z
Boulder Housing Partners Complaint Resolution Process
(a quick synopsis)
Resident submits a written complaint to Property Manager or Section 8 specialist
• Staff records the complaint in Yardi
• Staff investigates or researches complaint depending on complaint type
• If resident requests a written response, staff will acknowledge complaint was
received and will be following up with appropriate action as necessary
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Staff addresses complaint as necessary, i.e;
• work order
• lease violation letter
• adverse action letter
• verbal reminder
• scheduled meeting
__T
If no resolution, next steps include:
• referral to the leasing supervisor
• referral to mediation
• referral to Resident Services for a service evaluation
1
If there is no resolution, the complaint takes one of two paths
depending on wliich type of property the resident lives in.
If the resident/participant is still not If the complaint is not satisfied at the staff level, for
satisfied for Public Housing residents and Section 8 Project-Based, Reduced Rent and
Section 8 Housing Choice Voucher Market residents, the complaint then goes to the
Program participants, the grievance Director of Housing Services, then finally to the
process begins. Executive Director.
The grievance process includes a formal In unusual circumstances, a complainant may appeal
hearing officer, who hears the case and to the Board of Commissioners. The Board will
issues a final decision. The decision is review the complaint file and determine whether to
binding on BHP, but not on the resident or respond to the complaint or appoint a sub-committee
participant. to hear the complaint. The Board's review of the
complaint will be final.
~'3
Boulder
Housing 4800 N. Broadway, Boulder, CO 80304
Partners Phone: (720) 564 - 4610
A HousingAuthoro Since 1966 Fax: (303) 939-9569
Memo
To: City Council
From: BHP Board of Commissioners
Date: June 29, 2011
Re: Updates from BHP
The Board and Council last met together in September 2010. We wanted to provide a brief
update and highlights since then.
Red Oak Park
Red Oak Park has begun to reflect our organization's vision for the community when we
deconstructed Boulder Mobile Manor in 2008. It has been our honor to tour a number of City
Council, Planning Board and other elected and appointed officials through the site. We want to
thank the Council for their support for this project. We think Red Oak Park is indicative of the
quality of home we strive to deliver and something our entire community can value for many
years to come.
Construction activities are in the home stretch
Completion anticipated in August
We are ahead of schedule by nearly five weeks, and our contractor has performed under
budget
Red Oak Park's Community Center will provide a space for resident services and
community activities
Over 144 kW of solar energy through financing that included Renewable Energy Investment Tax
Credits, the financial incentives provided by Xcel Energy and a Polk Foundation grant
BERS ratings in the 55-65 range before accounting for the renewable energy created on site by
solar panels'.
1 Red Oak Park was constructed with many sustainable features. The new homes will increase housing
options for some of the lowest income earners in our community, offering a product similar in scale to a
mobile home, but in a financially and economically more sustainable format. We believe the community
sets a new precedent for green and sustainable housing. Red Oak Park was designed and built with the
durability to last for multiple generations and the energy efficiency to further the affordability for our
residents.
~7
Wlio is living at Red Oak Park?
34 of the 49 available units are leased. We anticipate having all 59 units leased by the end
of July.
The majority of the new residents at Red Oak Park are families. Of the 34 homes leased
to date, 28 are occupied by families of 3 or more people. The average income per
household in the neighborhood is $27,773. The average area median income for the
community to date is 32.5%.
There are l 1 former BMM families that have moved back into the neighborhood after
residing elsewhere for the last couple of years, and we expect one more.
City support for increased affordability has allowed us to offer lower rents, enabling these
families to return.
Net Zero Initiative - Portfolio Greening
In 2009, Boulder Housing Partners Board of Commissioners adopted a motion that BHP seek to
be the first net zero housing authority in the US. Since then, we have taken advantage of many
local and federal sustainability initiatives, and have completed some impressive steps towards
greening our portfolio.
Recently completed work on an Energy Performance Contract totaling $1.5 million in
water and energy savings features at our family public housing sites.
Early benefits include a reduction in energy bills and an average monthly water savings
of 500,000 gallons spread across our portfolio.
BHP also recently completed a $1.2 million green renovation at Canyon Pointe, which is
home to 81 elderly households. The work includes new windows, lighting, carpeting,
siding, ventilation systems, and a brand new solar system on the roof. all of which should
save water and energy and improve the health and safety for our residents.
BHP will have 625 kW of photovoltaic panels installed by summer 2011, accounting for
approximately 16 % of all installed solar in the city of Boulder.
BHP is using city funding to renovate and make more energy efficient three assets -
Sanitas Place, Hayden Place and Arapahoe East.
We are also currently completing renovations at Bridgewalk to transform it into a "class
green" property.
Finally, Boulder Housing Partners recently received a $30,000 grant to install a solar
system at our newly completed Broadway West property through the city of Boulder's
Solar Grant Program.
See attached matrix for more detail on specific energy saving improvements and renewable
resource installations.
Moving to Work Designation
On March 30, 2011 HUD notified BHP that we've been accepted into an elite program known as
Moving to Work (MTW). MTW is a demonstration program for 33 public housing authorities
(PHAs) giving us the opportunity to design and test innovative 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.
2010 Audit
We are pleased to report that we have completed our annual audit process for 2010 and received
an unqualified opinion from our auditors Plante & Moran. For the second year in a row, BHP
shows no material weakness or significant deficiencies in internal controls over financial
reporting or major programs. The result of this clean audit is that BHP will qualify in 2011 as a
"low risk" auditee. Copies of the report are available upon request and at our website
W%N,7vn,'.boulderlhousingpartners.orLI.
Executive Director Contract
In June, the BHP Board of Commissioners approved a new employment contract for its
Executive Director, Betsey Martens. Based on reviews of best practices at other housing
authorities and a desire to codify the Board's commitments to Betsey during her tenure as
President of the National Association of Housing and Redevelopment Officials (NAHRO), the
Commissioners decided it was in everyone's best interest to execute an employment
contract. The Finance Committee of the Board reviewed drafts with consultation from Kathy
Haddock of the City Attorney's Office. Unanimous approval of the final contract was given
:tune 13, 2011.
Please lct any of us know if you'd like follow up information on anything described in summary
here.
;G
BHP GREEN IMPROVEMENTS MATRIX
Public Housing I Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar kW
Arapahoe Court Complete lighting retrofit, new t-stats, Finished for now. Energy Performance Completed
insulation and water conservation Contract (EPC)
measures.
Diagonal Court Solar energy system January 2008 Finished for now. EPC Completed 52.5
Complete lighting retrofit, DHW boiler,
dud insulation, envelope work, irrigation
controls and water conservation
Complete lighting retrofit, envelope Finished for now. EPC Completed 14.96
work, insulation, irrigation controls and
water conservation.
Iris/Hawthorne
Five Homes at Iris/Hawthorns are Finished for now. Competitive Capital Fund Completed
currently receiving 14.96 kW solar Grant and Xcel rebates.
energy systems.
Complete lighting retrofit, envelope Finished for now. EPC Completed
work, insulation, irrigation controls and
water conservation.
Kalmia
Kalmia is receiving 76.84 kW of solar Finished for now. Competitive Capital Fund Completed 76.84
energy on five buildings. Grant and Xcel rebates.
Complete lighting retrofit, envelope Finished for now. FPC Completed 41.99
work, irrigation controls and water
conservation measures.
Madison
Madison is receiving 42 kW of solar Finished for now. Competitive Capital Fund Completed
energy placed on three buildings. Grant and Xcel rebates.
Complete lighting retrofit, high efficiency Finished for now. EPC Completed 40.29
furnaces, envelope work, irrigation
controls and water conservation
measures.
Manhattan
Manhattan is also receiving 40 kW of Finished for now. Competitive Capital Fund Completed
solar energy placed on 4 buildings. Grant and Xcel rebates.
Public Housing II Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar M
Complete lighting retrofit, programmable hone EPC Completed 33.37
t-stats, high efficiency boiler, pipe
insulation, envelope work, irrigation
controls, water conservation measures
and a new roof on the south side flat
roof.
Northport
Northport has 33.37 kW of solar energy Competitive Capital Fund Installation to be complete
placed on both the north and south Grant and Xcel rebates. June 2011
buildings
Complete lig'ntng retrofit, high. efficiency None EPC Completed
cooling for common areas, pipe
insulation, envelope work, irrigation
controls and water conservation
measures.
Walnut Place
New roof completed Ito replace the Walnut Place will be receiving a Competitive Capital Fund Completed 75.6
damage to the old one) 75.6 kW solar system. Grant and Xcel rebates.
nstallation of energy-efficient windows HUD Capital improvement Completed
Funds
Project Based Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar M
Canyon Pointe is in the process of None Loan through the Green Completed 58.8
receiving an extensive green rehab Retrofit P~cpra^ .
through financing we received through
Canyon Pointe the Cap Fund. Improvements will include
an array of solar panels, new windows
and patio doors, and rehab work in
kitchens, bathrooms and common areas.
Glen Willow None None
North Haven None None
lnrorkiorce Green Improvements Completed Green Improvements Planned Financing Timeline Total Solar kW
Rpntals
arl St None 7BD TBD
Arapahoe East Installation of new cementious siding and Weatherization Project: Water Capital Funds 2011
energy efficient windows heater & fireplace enclosure Possible Energy Outreach
Colorado and GEO
Weatherization Funding
Bridgewalk In Progress with Interior Renovations Complete renovation of exteriors Renovation Phase III Paving, grading, and
Complete renovation of units with low- with new windows, siding and interior improvements to
VOC flooring, cabinets, cementious insulation occur in 2011, with exterior
siding, and energy efficient windows renovations to follow in late
2011 through 2012
Looking for opportunities for solar
photovoltaic system
Dakota Ride None TBD TBD
Hayden Place None Weatherization Project: renovated Capital Funds 2011
kitchens & baths; improve building Possible Energy Outreach
envelope and insulation Colorado and GEO
Weatherization Funding
Midtown None Weatherization Project: improved Capital Funds TBD
household appliances Possible Energy Outreach
Colorado and GEO
Weatherization Funding
Orchard House None TBD TED
Sanitas Place None Weatherization Project: renovate Capital Funds 2011
kitchens, baths, appliances, A/C Possible Energy Outreach
Colorado and GEO
Weatherization Funding
Twin Pines None Weatherization Project: replace Capital Funds TBD
appliances, A/C Possible Energy Outreach
Colorado and GEO
Weatherization Funding
Whittler None Weatherization Project: improved Capital Funds TBD
envelope, replaced appliances Possible Energy Outreach
Colorado and GEO
Weatherization Funding
Woodlands WeatherlZatlDn caulking completed to Exploring opportunities for Solar 2009 Refi funds Completed
seal the envelope
Tx Cr Companies Green Improvements Completed Green Improvements Planned Fnancing Timeline Total Solar kW
ootni is None To be analyized at LIHTC exit
stoso None To be analyized at LIHTC exit
o i ay None To be analyized at LIHTC exit
installation of a 92kW solar system Xcel rebates and grant Completed 92
Broadway East from the City of Boulder
We are exploring financing
Broadway West None opportunities for a 10kW solar TBD TBD
system at the new BWW building.
In Progress - Installing 140 kW solar 140
Red Oak Park
system
Total Solar 626.35
Green Summary
Boulder Housing Partners has completed some impressive steps towards greening its portfolio in 2010 and this work continues into 2011. We have completed
work on our Energy Performance Contract with Johnson Controls which should have a drastic effect on the water and energy usage at our family housing sites.
Already we have started to see the benefits with a reduction in energy bills and an average monthly water savings of 500,000 gallons spread across our
portfolio. BHP also recently completed our Green Retrofit Program at Canyon Pointe. The work includes new windows, lighting, carpeting, siding, ventilation
systems, and a brand new solar system on the roof, all of which should save water and energy and improve the health and safety for our residents.
BHP has also made great progress on putting solar photovoltaic panels on the roofs of our sites. Boulder Housing Partners will have at least 625 kW of
photovoltaic panels installed by summer 2011 upon completion of Red Oak Park. This solar production accounts for at least 16 % of all installed solar for the
city of Boulder, and will go a long way to reduce the energy needs for BHP and our residents.
In 2011, BHP will use city funding to renovate and make more energy efficient the "emerging three" assets of Sanites Place, Hayden Place and Arapahoe East.
We will also currently completing phase III renovations at Bridgewalk in Spring 2011 with an upgrade to the landscape and paving at the site. We have also
started interior renovations at Bridgewalk with new flooring, fixtures, and energy star appliances. Extensive exterior renovations with new windows, siding, and
insulation are slated to begin later this summer to complete the transformation of Bridgewalk into a "class green" property.
Finally, Boulder Housing Partners recently received a $30,000 grant to install a solar system at our newly completed Broadway West property through the city
of Boulder's Solar Grant Program. BHP continues to track all possible local, state, and federal grant and funding opportunities to continue our energy efficiency
push throughout our portfolio and reach our adopted goal to become the first net-zero housing authority in the nation.
I(o -o~
ATTACI MENT
Summary of Current City Issues Affecting Affordable Housing
"Downtown Design Advisory Board" Becomes Boulder's "Design Advisory Board"
City Council recently approved expanding the role of its Downtown Design Advisory Board to
provide design review and decision-making threshold for all projects in Site Review, in the
public realm, or of a value greater than $25,000 (rather than just those projects within the
downtown area). The Downtown Design Advisory Board will now be known as the Design
Advisory Board and will critique eligible projects on their design according to an updated
version of the Downtown Urban Design Guidelines (an excerpt is attached). In the past, only
projects within the central downtown area were subject to a design review. Under its new role,
projects throughout the city will be subject to a DAB review. The Planning Board would focus
their review of new projects on height, use, and massing issues, rather than design
considerations.
Although a design review by the DAB will be mandatory, their design recommendations will be
used primarily to inform the Planning Board's Site Review recommendation, and are not
mandatory. The design of BHP's new projects and larger rehabilitations will be subject to review
by this advisory board.
With the DAB's involvement; a Concept Plan would be reviewed by Planning Board, who would
summarize their design concerns for the DAB. The DAB would review the Concept Plan against
their oven and Planning Board's criteria and provide additional design-related comments to be
included in the Planning Board's Site Review. We will keep the Board up-to-date with Boulder's
new design standards, as they become available.
DRCOG Votes to Allow Grants for EcoPasses
The Denver Regional Council of Governme-nts (DRCOG), of which Boulder is a member,
received a grant from the Federal Highway Administration equaling $1.341.4 million for each
of the next two years. DRCOG intended to make these funds available to its member
communities through a grant application process. The City's Council representative at DRCOG
recently proposed a change to the grant criteria to allow these Federal funds to be used to
subsidize EcoPasses (all-inclusive annual RTD transit passes). We will continue to monitor the
City's attempt to bring these funds to support Boulder EcoPass program. We are engaged in
ongoing discussions with the City about configuring the Boulder EcoPass program to allow for
us to provide and manage EcoPasses for all of our affordable housing residents. Additional
funding for this program may enable us to subsidize these passes and expand our participation.
1,7
Municipal Action for Immigrant Integration (MAIL):
In 2010, the City of Boulder entered into a partnership with the National League of Cities (NLC)
to participate in its Municipal Action for Immigrant Integration (MAII) initiative. Boulder was
selected by the NLC to participate in the MAII based on Boulder's proactive stance toward
integrating its immigrant population. Although participation in the MAII did not include any
additional funding sources, engaging with the NLC allowed Boulder to reframe its thinking
about civic integration of immigrants and take action through and beyond 2011. Boulder's goals
for innnigrant inunigration include: improving immigrants' confidence and willingness to report
crimes, removing language and cultural barriers between the City and the immigrant community,
increase civic participation of immigrants on advisory boards and commissions, and education
about City services through multi-lingual presentations and website information. As Boulder's
largest landlord often serving immigrants, their families and friends, the City's efforts to
integrate the unmigrant community will directly benefit our residents.
l8
MEMORANDUM
To: Board of Commissioners
From: Management Staff
Subject: Report of Activity
Date: July 5, 2011
This month's Management report includes:
Consent: None
Action: May 2011 Financial Summary
Resolution #10: Bridgewalk Refinance
Updates: Occupancy Status and Net Rental Income
Asset Disposition - Bluff Property
Red Oak Park Lease Up
Resident Survey Results
Attachments: May 2011 Financial Statements
Resolution #10: Bridgewalk Refinance (by email)
CONSENT ITEMS:
None at this time
ACTION ITEMS:
May 2011 Financial Summary
May 2011
Boulder Housing Partners year-to-date revenues of $7,517,911 expenses of $5,651,293 and
extraordinary gains from the settlement of an insurance claim and debt forgiveness of
$424,016, results in net income of $803;257 versus a budgeted income of $636,735. The
positive variance of $166,522 is explained as follows:
Statement of Activities
Total Operations Revenue of $2,428,822 (A) continues in line with budget. Rental Write-
offs are over budget by $15,076 (B) as a result of a cleanup of the outstanding receivables
list in anticipation of changing our accounting to establish a reserve for Bad Debt during
l
the remainder of 2011. As a result of this change, 2011 will have an additional unbudgeted
expense of approximately $30,000 through the remainder of 2011.
Non Federal Grants and Donations variance of $131,396 (B1) and Federal Capital Grants
variance of $151,227 (B2) are timing differences between the budget and actual spending
on capital projects. The 2011 allocation of Capital Funds for Public Housing has not been
authorized by HUD so this delay in spending is not unexpected. Federal Service Grants
Revenue variance of $61,341 (C) is also a timing difference. 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.
Miscellaneous Revenue positive variance of $189,534 (D) includes a rebate from Xcel
Energy for the solar system installed on Walnut Place. This cash will be used to complete
the Northport Solar system.
Extraordinary Maintenance of $152,940 (E) includes expenditures for siding repairs at
Kalmia; electrical work at Madison, Manhattan and Hayden Pl.; hazardous materials testing
across all sites; rental license inspection fees; HVAC repair work at Sanitas Pl. and bedbug
work across the portfolio. We will be reviewing these expenses in detail in June to insure
treatment as extraordinary is appropriate. This may result in a reclassification of a portion
of this expense from Extraordinary to Contract Labor and Repairs in the June statements.
Water and Sewer has a positive variance of $41,146 (F) which includes $28,000 from the
Public Housing properties and Gas has a positive variance of $21,178 (G) which includes
$16,000 from the Public Housing properties. This savings is attributed to the Energy
Performance Contract work to reduce energy consumption at these sites.
Amortization expense variance of $26;981 (H) includes the write-off in March of $13,469
related to an old loan secured by 101 Pearl that was paid off and the associated loan costs
were never removed from the books.
HCV-HAP Expense positive variance of $204,647 (I) relates to the slower than budgeted
lease up of the 100 new vouchers.
Extraordinary Income of $416,901 (J) includes the recognition of the forgiveness of debt by
the City of Boulder in the amount of $326,901 (principal and interest) relating to
Woodlands and the insurance settlement of $90,000 we received for the roof damage at
Walnut Place.
Balance Sheet
The increase in cash of $650,551 (K) is more fully explained on the monthly cash report
however the major items contributing to the increase in cash are the receipt of $268,000 in
developer fees from Broadway West, 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 ($743,273) (L) results
from the collection of grant revenues and developer fees from Broadway East, Broadway
West and Vistoso.
20
Restricted Cash (M1) declined as we spent money borrowed to complete the work at Public
Housing sites for the Energy Performance Contract. There is a corresponding increase in
Capital Assets (M2). The Public Housing project will be completed in June.
Accounts Payable declined by $734,878 (N) as we paid invoices on our construction
projects that were accrued at year end.
The large balance of Current Portion of Long term Debt of $5,324,283 (O) reflects the
entire balance due of $5,048,000 on the Bridgewalk Loans. When we complete the
refinance of this loan in July, this balance will again reflect only the amount due in the next
12 months.
The increase in Mortgages Payable of $555,130 (P) relates to additional draws made
against the Mercy Loan for Bridgewalk construction work offset by normal amortization
payments.
Statement of Cash Flows
The Statement of Cash Flows provides detail on the overall year-to-date increase in Cash
and Cash equivalents of $650,551 (Q). The significant items year-to-date are the collection
of receivables (R) and the reclassification of the restricted cash for Red Oak Park to
unrestricted (S).
Portfolio Analysis Report
Overall performance of the portfolio remains strong with BHP debt service coverage at a
combined 1.43 and the Tax Credit entities at 1.42. Bridgewalk remains strong during the
rehab process at 1.48 and Canyon Pointe is still covering the additional debt load from the
reallocation from Midtown, Glen Willow and North Haven. The portfolio analysis now
shows the 4 properties that support the single loan at First Bank separately from the rest of
the Workforce properties. The subtotal represents the actual totals for all 4 properties and
indicates a Debt Service Coverage Ratio of .93 for the loan. This is substantially affected
by the rehab work currently underway at Arapahoe East. As each unit becomes vacant, we
are completing modernization of the kitchens and bathrooms and installing new flooring.
This extended vacancy is resulting in lower than budgeted rental income. Witbout this
vacancy, the consolidated loan would be at approximately 1.00. Sanitas Place is operating
in accordance with budget. Improvements are not expected until the rehabilitation is
completed in 2012.
Resolution #10: Bridgeivalk Refinance
At the May meeting, the Board authorized staff to proceed in the selection of a lender to
finance a $14 million new loan for Bridgewalk. Loan proceeds will be used to:
* take out approximately $7,400,000 of existing debt;
* complete $5,800,000 of renovation work to site and buildings;
* cover $550,000 of soft costs, including design and engineering, resident
relocation, and funding of reserves; and
3
zi
* fund a $250,000 developer fee to BHP.
We have been working on due diligence and closing documents with Wells Fargo, and we
are on track to close the last week of July. We are asking for Board approval of attached
Resolution #10: Bridgewalk Refinance.
Update on City of Boulder Dilute
A concern at the time of the recommendation to select Wells Fargo as lender is that there is
an ongoing legal dispute between Wells Fargo and The City of Boulder. BHP has worked
with City of Boulder and the lender to support a resolution of this dispute. At the time of
this memo, sing ificant progress has been made, and we understand that a settlement is
expected prior to.August 1, 2011.
UPDATES:
Occupancy Status and Net Rental Income
The combined net rental income for all of BHP properties through May was $2,428,822
compared to a budgeted net rental income of $2,507,841 which is a negative variance to
budget of $79,018 (-3.15%). The combined net rental income for all of the Tax Credit
Properties through May was $961,275 compared to a budgeted net rental income of
$934,163 which is a positive variance to budget of $27,112.
Several of BHP property groups were showing negative net rental income at the end of the
May. The variances in Public Housing income are still primarily due to a funding delay
because of the federal budget process. The variances in Section 8 Project Based Properties
are due to higher than normal vacancy at North. Haven. The variance in the Workforce
portfolio income is a result of a large number of vacancies at Bridgewalk and Arapahoe
East and Hayden Place related to renovation. Staff has deliberately held units out of the
rental pool for substantial rehabilitation at these three properties. We anticipate that we
have seen the peak of vacancies due to the construction. Occupancy should start trending
up as we bring rehabbed units back on line.
The BHP year-to-date occupancy through May was 96.85°/x, compared to a budgeted
occupancy rate of 97%. The combined physical occupancy rate for the Tax Credit portfolio
year-to-date through May was 98.99%, compared to a budgeted occupancy of 97%.
The chart below shows physical occupancy by property type. These property designations
mirror the way the budget is organized. Public Housing has been divided into two groups of
less than 250 units each, to comply with HUD Project Based Accounting requirements.
Public Housing I is comprised of all the family sites and Public Housing Il is comprised of
the two senior sites.
Public Housing I properties - Arapahoe, Diagonal, IrislHawthome, Kalmia, Madison and
Manhattan. - 188 units
Public Housing II properties - Northport and Walnut Place - 145 Units
4
.2Z
Project Based Section 8 Properties - Canyon Point, Glen Willow & North Haven - 124
Work Force - 101 Pearl; Arapahoe East, Bridgewalk, Dakota Ridge, Eden East, Hayden
Place, Midtown, Orchard House, Sanitas Place, Twin Pines, Whittier and Woodlands- 272
Tag Credit properties - Broadway East, Broadway West, Foothills Community, Holiday
Neighborhood, and Red Oak Park (under construction) Vistoso - 267 units
Total units combined - 995
May 2011
Net Rental Net Rental Net Rental Physical Occ Physical Occ Variance to
Income - Income - Income - YTD Budget Budget
YTD Budget Variance
Public 98.04% 97% 1.04%
Housing - I $446,515 $461,650 ($15.135.00)
Public 97.12% 97% 0.12%
Housing -11 $281,193 $293,760 ($12,567.00)
PB Sec. 8 98.22% 97% 1.22%
properties $512,627 $5241090 ($11.46100)
Work Force $1,186,365 $1,227,301 ($40,936.00) 93.62% 97% -3.38%
BHP 96.85% 97% -0.15%
portfolio
combined $2,428,822 $2,507,841 ($79,019.00)
Broadway 98.47% 97% 1.09%
East $218.387 $208.080 $10.307
Broadway 97.75% 97% 0.19%
West $105,998 $103,766 $2,232
Foothills $382,838 $371,701 $11,137 100.00% 97% 3.00%
Holiday $195,944 $192,816 $3,128 99.06% 97% 2.06%
Vistoso $58,108 $57,820 $288 97.72% 97% 0.72%
TC portfolio 98.99% 97% 1.99%
combined $961,275 $934,183 $27,112
Red Oak Park lease up
The Red Oak Park lease up process continues to go very well. We have leased up 48 of the
59 available units as of the end of June. The Partnership agreement requires that we have
the site fully leased by the end of August. We currently anticipate having all units leased by
the end of July.
Asset Disposition - Bluff Property
BHP has closed on the sale of 2232 Bluff (authorized by the Board on June 13, 2011). Net
proceeds from the sale totaled $227,305, exceeding the Board approved minimum by
$70,435. Below is a final score sheet for the asset disposition project, begun in 2008. With
the changes in the housing market since 2008, we feel very successful in netting 97.3% of
scheduled proceeds to BHP. In addition, the process created a net benefit of over $1 million
in cash, and relieved the organization of 13 wilder performing assets.
5
23
Property Sale Date Current status Scheduled net Actual Net Delta
Wimbledon T209 - 2008 SOLD $86,500 $84,687 -$1,813
SOLD
Wimbledon T108 Q 1 2009 SOLD $91,530 $97,019 $5,489
TMC Unit 115D Q l 2009 SOLD $25,400 $26,575 $1,175
RP units 210G Q 2 2009 SOLD $107,631 $105,417 -$2,214
TMC Unit 215D Q 32009 SOLD $42,500 $47,702 $5,202
Wimbledon K220 Q 3 2009 SOLD $91,530 $93,920 $2,390
RP units 102E Q 3 2009 SOLD $114,400 $127,210 $12,810
TMC Unit 106A Q 4 2009 SOLD $20,600 $17,444 -$3,156
Wimbledon T107 Q 4 2009 SOLD $91,530 $99,073 $7,543
TMC Units 109A Q 4 2009 SOLD $46,360 $51,853 $5,493
TMC Unit 210B Q 3 2010 SOLD $101,500 $104,960 $3,460
Stratford Park M-19 Q 3 2010 SOLD $73,197 $56,000 -$177197
2232 Bluff Q2 2011 SOLD $206,870 $157,827 -$49,043
Total $1,099,548 $1,069,686 -$29,862
2011 Resident Survey
This spring we conducted a resident satisfaction survey to evaluate resident perceptions of
BHP's operations and to determine residents' level of satisfaction with the service we
provide. The survey was sent to 948 of our current residents at all BHP properties. The
survey was prepared in English and Spanish. Two hundred ninety nine (299) residents, or
32%, responded.
Overall, the survey revealed that our residents are satisfied with the service and housing we
provide. Highlights from the survey showed:
• Seventy-five percent (75%) think our responsiveness to their questions and concerns
is excellent
Ninety-three percent (93%) of our residents feel secure or very secure in their
homes, building and in the parking lots.
• Eighty-six percent (86%) of the residents feel their rents are affordable.
• Ninety-one percent (91%) of residents would refer BHP to a friend or family.
• Ninety-eight percent (98%) of the residents gave an excellent or average rating in
working with the maintenance group.
• Thirty-seven percent (37%) of the respondents have lived with BHP over five years,
26% between two and five years, and 26% less than two years.
On a scale of Excellent/Average/Poor the highest rating in the "poor" category is a 6%
related to how well BHP policies were explained at move-in. This is something we've long
discussed because we know that the priority at move-in is to get in and get unpacked, and
not to focus on lease rules and regulations. We will look at the timing of this
communication again.
6
NNIV11 be repeating, this survey on an annual basis so that we can both trend the information
and stay informed about resident perceptions and satisfaction with our operations and
housing from year-to-year. Results will be distributed. and supervisors will be asked to use
this inforn}ation to work with their teams to provide the most exceptional service possible
to our residents. Please let us know if you'd like to see the survey in its entirety.
23
BHP
Statement of Activities
May 31, 2011
YTD YTD
Ref _ Actual Budget Variance_ % Var _
Revenue
Operations Revenue
Tenant Dwelling Rental $ 1,942,818 $ 1,984;215 $ (41,397) -2.1%
Non Dwelling Rental Income 6,204 6,040 164 2.7%
Rental Write-offs B (26,160) (11,084) (15,076) 136.0%
HUD-Operating Subsidy 188,533 204,950 (16,417) -8.0%
HAP Project Based Assistance _ 317,427 323,720 _ (6,293) -1.9%
Total Operations Revenue A 2,428,822 2,507,841 (79,019) -3.2%
Fee Revenue
Asset Fee Revenue 36,400 36,400 0 0.0%
Property Mgmt & Bkkpg Fee 233,119 233,835 (716) -0.3%
Development Fees 30,000 37,500 (7,500) -20.0%
Mgmt Fees - Tax Credits & S8 145,551 138,297 7,254 5.2%
Total Res Svc Fee Income 101,211 91,223 9,988 10.9%
Total Fee Revenue 546,281 537,255 9,026 1.7%
Grants and Subsidies
HCV-HAP Revenue 2,850,735 2,884,022 (33,287) -1.2%
Non Federal Grants and Donations t1~ B1 198,604 330,000 (131,396) -39.8%
Federal Capital Grants B2 348,030 499,257 (151,227) -30.3%
Federal Service Grants C 138,495 199,836 (61,341) -30.7%
Total Grants and Subsidies 3,535,864 3,913,115 (377,251) -9.6%
Other Revenue
Tenant Late Fees 8,080 7,265 815 11.2%
Tenant Work Order Charges 7,250 5,525 1,725 31,2%
Tenant Reim - Utilities 29,093 16,330 12,763 78.2%
Interest Income 258,895 241,712 17,183 7.1%
Total Laundry 26,759 28,425 (1,666) -5.9%
Community Center Revenue 1,500 2,395 (895) -37.4%
Maint Charges to Prop 485,833 456,250 29,583 6.5%
Miscellaneous Revenue D 189,534 14,145 175,389 1239.9%
Total Other Revenue 1,006,944 772,047 234,897 30.4%
Total Revenue 7,517,911 7,730,258 (212,347) -2.7%
Expenses
Salaries and Benefits
Total Salaries 1.557,242 1,568,355 11,113 0.7%
Total Salaries and Benefits 1,557.242 1,568,355 11,113 0.7%
Property Costs
Management Fees 80,415 79,057 (1,358) -1.7%
Maintenance Materials 92,D71 101,941 9,870 9,7%
Contract Labor & Repairs 261,394 307,680 46,286 15.0%
BHP Contract Labor 406,117 359,750 (46,367) -12.9%
Extraordinary Maintenance E 152,940 58,250 (94,690) -162.6%
Garbage and Trash Removal 55,533 47,825 (7,708) -16.1%
Water and Sewer F 76,771 117,917 41,146 34.9I/c.
Electricity 72,599 77,450 4,851 6.3%
Gas G 100,409 121,587 21,178 17.4%
PILOT 44,205 41,300 (2,905) -7.0%
HOA Fees 4,940 1,938 (3,003) -155.0%
1 of 2 612912011524 PM
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BHP
Statement of Activities
May 31, 2011
YTD YTD
Ref Actual Budget Variance $ % Var
Total Property Costs 1,347,394 1,314,694 (32,700) -2.5%
Operating Expenses
Amortization Expense H 39,706 12,725 (26,981) -212.0%
Asset Management Fee 36,400 36,400 0 0.0%
Audit Fees 19,895 19,895 0 0.0%
Background Checks 2,634 3,751 1,117 29.8%
Bank Fees 2,399 2,650 251 9.5%
Board Expense 2,749 2,155 (594) -27.6%
Community Center Exp 440 550 110 20.0%
Consultants 3,000 19,965 16,965 85.0%
Depreciation 568,794 625,880 57,086 9.1%
Dues and Fees 16,513 21,116 4,603 21.8%
Expendable Equipment 3,431 16,065 12,634 78.6%
HCV-HAP Expense 1 2,430,978 2,635,625 204,647 7.8%n
Insurance Expense 78,080 84,100 6,020 7.2%
Interest Expense 1,126 3,500 2,374 67.8%
Legal Expense 11,062 4,735 (6,327) -133.6%
Mileage 2,939 4,670 1,731 37,1%
Miscellaneous - Expense 11,011 9,423 (1,589) -16.9%
Mortgage Interest Expense 434,097 423,505 (10,592) -2.5%
Non-Salaried Personnel 11,870 18,500 6,63D 35.8%
Advertising/Marketing 6,269 5,815 (454) -7.8%
Office Supplies 14,108 13,525 (583) -4.3%
Phone Expense 20,874 25,530 4,656 18.2%
Postage Expense 7,780 5,900 (1,880) -31.9%
Printing Expense 13,475 12,300 (1,175) -9.6%
Property Mgmt & Bkkpg Fee Exp 233,119 233,860 741 0.3%
Publications - 390 390 100.0%
Resident Relocation 1,695 - (1,895) 100.C%
Res Svc/Strategic Planning Fee Exp 84,676 85,440 764 0.911/0
Staff Training 19,027 32,932 13,905 42.2%
Service Grant Expanse 127,810 147,989 20,179 13.6%
Vehicle Expense 25,802 25,025 (777) -3.1%
RRC Allocation 2,075 3,460 1,385 40.0%
Total Operating Costs 4,234,034 4,537,375 303,341 6.7%
Total Expenses 7,138,670 7,420,424 281,754 3.8%
Net income before Other Items 379,241 309,834 69,407 22.4%
Gain (Loss) on Disposition of Property 7,115 - 7,115 100.0%
Extraordinary Income (Expense) J 416,901 326,901 90,000 0.0%
TOTAL NET INCOME (LOSS) $ 803,257 $ 636,735 $ 166,522 25.2%
l1) Note: Full year budget was adjusted by moving $715,000 from Federal capital Grants to Non Federal Grants and Donations to reflect
City of Boulder money designated from CHAP rather than CBBG as anticipated. No net effect on budget.
2 of 2 6/29!20115:24 PM
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BHP
Balance Sheet
May 31, 2011 and December 31, 2010
Actual Actual Net Change
Ref May-11 December-10 YTD
ASSETS
Current Assets
Unrestricted Cash and Cash Equivalents K $ 2,718,907 $ 2,068,356 $ 650,551
Reserved Cash - Replacements 680,371 731,270 (50,899)
Accounts Receivable L 527,436 1,270,7D9 (743,273)
Accounts Receivable-Tax Credits 45,760 108,187 (62,427)
Prepaid Expenses 55,574 71,121 (15,547)
Supplies-Inventory 24,447 24,331 116
Total Current Assets 4,052,495 4,273,974 (221,479)
Restricted Cash
Restricted Cash - Other M1 934,850 1,791,724 (856,874)
Restricted Cash - Section 8 891,630 721,195 170,435
Restricted Cash - Tenant Security Deposits 387,981 388,795 (814)
Total Restricted Cash 2,214,461 2,901,714 (687,253)
Capital Assets
Construction in Progress 3,608,781 4,493,040 (884 259)
Furniture Fixtures and Equipment 493,914 465,941 27,973
Real Estate Assets-Land and Buildings 53,640,779 51,042,321 2,598,458
Less: Accum Depreciation Real Estate Assets (28,795,450) (28,334,063) (461,387)
Total Capital Assets M2 28,948,024 27,667,239 1,280,785
Other Assets
Notes Receivable 9,757,205 9,757,205 0
Interest Receivable Notes 3,277,314 3,222,076 55,238
Partnership Investments 432,625 432,625 0
Net Amortized Costs 706,020 853,683 (147,663)
Total Other Assets 14,173,164 14,265,589 (92,425)
TOTAL ASSETS $ 49,388,144 $ 49,108,516 $ 279,628
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities
Accounts Payable N $ 299,068 $ 1,033,946 $ 734,878
Accrued Payroll 108,158 66,922 (41,236)
Accrued Payroll Taxes Payable 63,792 26,626 (37,166)
Accred Compensated Absences 262,965 254,754 (8,211)
Other Accrued Expenses 242,540 346,383 103,843
Deferred Revenue 353,254 283,665 (69,589)
Current Portion of Long Term Debt 0 5,324,283 5,406,271 81,968
Prepaid Rent 27,391 12,683 (14,708)
Security Deposits 382,090 389,365 7,275
Total Current Liabilities 7,063,541 7,820,615 757,074
Long-Term Liabilities
Notes Payable 99,171 351,171 252,000
Accrued Interest Payable 10,385 80,070 69,685
Mortgages Payable P 14,539,198 13,984,068 (555,130)
Bonds Payable 1,564,386 1,564,386 0
Total Long-Term Liabilities 16,213,140 15,979,695 (233,445)
TOTAL LIABILITIES 23,276,681 23,800,310 523,629
EQUITY
Total Equity 26,111,463 25,308,206 (803,257)
TOTAL LIABILITIES AND EQUITY $ 49,388,144 $ 49,108,516 $ (279,628
of 1 612912D115:24 PM
BHP
Statement of Cash Flows
for the Month and Year to Date Ending May 31, 2011
Ref Month to Date Year to Date
Reconciliation of Net Income to Net Cash Provided
(Used) by Operating Activities
Net Income (Deficit) $ (71,352) $ 803,257
Adjustments to Reconcile Net Income to Net Cash
Provided (Used) by Operating Activities
Increase (Decrease) Accum Deprec/Amort 127,011 609,050
(Increase) Decrease in Accounts Receivable R 275,647 805,700
(increase) Decrease in Prepaid Expenses (13,508) 15,547
Increase (Decrease) in Prepaid Rent and Security Deposits (16,462) 7,433
(Increase) Decrease in Supplies/Inventory 1,614 (116)
(Increase) Decrease in Reserved Cash 6,735 50,899
(Increase) Decrease in Restricted Cash S (142,378) 687,253
Increase (Decrease) in Payables and Accrued Expenses 127,536 (752,108)
Increase (Decrease) in Deferred Revenue 149,686 69,589
Total Adjustments 515,881 1,493,247
Net Cash Provided (Used) by Operating Activities 444,529 2,296,504
Cash Flows from Investing Activities
(Increase) Decrease in Construction in Progress (413,687) 884,259
(Increase) Decrease in Furniture Fixtures and Equipment 0 (27,973)
(Increase) Decrease in Real Estate Assets 0 (2,598,458)
(Increase) Decrease in Notes and Interest Receivable 95,529 (55,238)
Net Cash Provided (Used) by Investing Activities (318,158) (9,797,410)
Cash Flows from Financing Activities
Increase (Decrease) in Current Portion of Long Term Debt (15,867) (81,988)
Increase (Decrease) in Notes Payable 0 (252,000)
Increase (Decrease) in Mortgages and Bonds Payable 218,627 485,445
Net Cash Provided (Used) by Financing Activities 202.,760 151,457
Net Increase (Decrease) in Cash and Cash Equivalents
Net Increase (Decrease) in Cash and Cash Equivalents Q 329,131 650,551
Unrestricted Cash and Cash Equivalents - Beginning 2,389,776 2,068,356
Unrestricted Cash and Cash Equivalents - Ending $ 2,718,907 $ 2,718,907
1 of 1 6/29120115:24 PM
Boulder Housing Partners
Cash Report
May & April 2011
CASH NEEDED FOR OPERATIONS AND RESERVES
May-11 Apr-11 Chance
Cash Needed for Day-to-Day Operations $ 750,000.00 750,000.00 3
Development Working Capital $ 250,D00.00 $ 250,000,00 $ -
Restricted Cash ROP, FH and Other $ 304,725.63 $ 159,295.31 $ 145,430.32
Reserve for Capital Replacements - Woodlands $ 600,000.00 $ 600,000.00 $ -
Reserve for Capital Replacements - General $ 600,000.00 $ 600,000.00 $ -
1800 Broadway Reserve $ 70,000.00 $ 70,000.00 $ -
Landscaping Escrow - Set Aside $ 72.878.62 $ 72,892.53 S (13.91)
Total cash needed 2.647,604.25 $ 2501187,84 $ 145,416.41
Total Unrestricted Cash Available for Operations $ 1,342,645.09 $ 925,600.54 $ 417,044.55
Restricted Cash ROP, FH and Other $ 304,725.63 $ 159,295.31 $ 145,430.32
Unrestricted Cash Targeted for Woodlands Rehab $ 462.089.21 $ 477,039.28 $ (14,950.07)
Unrestricted Cash Avail. for Replacements - Proj. Based only $ 25,790.53 $ 24,940.53 $ 850.00
Unrestricted Cash Available for Replacements $ 299,981.94 $ 289,886.85 $ 10,095.09
Development Funds Set Aside (Landscaping Escrow) $ 72,878,62 $ 72,885.53 $ (6.91)
Total Cash available for Operations, Replacement and Set Asides $ 2,508,111.02 S 1,949,646,04 $ 556,462.98
Overage (Shortage) $ (139,493.23) $ (552,539,80) $ 413,046.57
IMPACT:
Improvement results from the receipt of deferred developer fees however, 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 PROTECT BASED PROPERTIES
May-11 Apr-11 Change
Restricted Cash - Public Housinq & Project Based - Target $ 650,000.00 $ 65D,0D0.00 $ -
Restricted FSS Escrow $ 5,631.71 $ 5,135.71 $ 496.00
Restricted Cash - Public Housing - Actual $ 580,692.79 $ 703,447.90 $ (122,755.11)
Restricted Cash - Project Based - Actual $ 465,594.99 $ 455,069.36 $ 10,525.63
Total PH and Project Based Cash $ 1,051,919.49 $ 1,163,652.97 S (111,733,48)
Overage (Shortage) $ 401,919,49 $ 513,652.97 $ 10,525.63
IMPACT:
The unrestricted Public Housing and Project Based money cannot be borrowed for COCC Operations and has therefore been split from the
Unrestricted Operating Cash, Mils money is available to fund operations for PH and PB portfolios.
CASH NEEDED FOR SECTION 8
May-11 Apr-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 $ 380,902.91 $ 355,250.95 $ 25,651.96
Restricted Funds Available for Use on HAP and FSS escrow $ 934,)-16.31 $ 893,062.66 $ 41,183.65
Total Section 8 Cash _x_1,315,149.22 $ 1,248,313.61 $ 66,835.61
Overage (Shortage) $ 790,149.22 $ 723,313.61 $ 66,835.61
IMPACT:
Currently reserve is funded - if I IUD were to slow down their payments, 139P would have funds to cover the shortfall for one month - Tlil5 has
been bullding due to full Funding received for the i00 new vouchers whit are still in the lease-up process.
30
6o0r1erHottsin 1'artners - PorVoIioAnahlsis
2011 Months in 5 Annualized Adjusted
PLIPA PUPA PUPA PUPA Adjusted
Property Address Units EGI 011EX N01 Debt DSCR
YID
Arapahoe Court 951,953 Arapahoe 14 $ 5,193 $ (7,781) $ (2,588) $ - -
Diagonal Court 3265-3273 30th St. 30 $ 6,013 $ (5,429) $ 585 $ -
IrisHawthome 1650-1690 Iris Ave. 14 $ 6,162 $ (6,106) $ 56 $ -
Kalmia 3500 Nottingham 53 $ 6,529 $ (6,109) $ 420 $
Madison 1130-1190 35th St. 33 $ 5,687 $ (6,631) $ (944) $
Manhattan 660-690 Manhattan 43 $ 5,482 $ (6,626) $ 1,144 $ -
Public Housin I Sub Total: 187 S 5.930 $ 6,336 $ 406
Northport 1133 Portland Place 50 $ 4,779 $ (5,731) $ (952) $ -
Walnut Place 11940 Walnut Place 7 95 $ 8,618 $ (5,128 $ 3,490 $
Public Housing 11 Sub Total: 145 $ 7,294 $ (5,336) $ 1,958
Canyon Pointe 700 Walnut 82 $ 9,658 $ (5,508) $ 4,150 $ 3,915 1.06
Glen Willow 301-333 Pearl St. 34 $ 10,751 $ (7,428) $ 3,323 a - -
North Haven 2550 9th St. 8 $ 11,799 $ (7,212 $ 4,587 $ - -
Project Based Sub Total: 124 $ 10,096 $ (6,145)_ $ 3,951 $ 2,589 1.53
Arapahoe East 4610 Arapahoe 11 $ 7,086 $ (6,921) $ 165 $ 3,631 0.05 TL
Dakota Ridge 4900 10th St 13 $ 13,059 $ (4,054) $ 9,005 $ 7,643 1-18 TL
Sanitas Place 3640 Broadway 12 $ 8,212 $ (4,340) $ 3,873 $ 4,498 D.86 TL
Twin Pines 1700 22nd St. 22 $ 8,765 $ (4,689) $ 4,077 $ 3,635 1.12 TL
TL Sub Total: 58 $ 9,295 $ (4,898) $ 4,397 $ 4,711 0.93
101 Pearl 101 Pearl 6 $ 13,227 $ (4,419) $ 8,808 $ - -
'ridgewall( 602-698 Walden Circle 123 $ 11,515 $ (4,631) $ 6,884 $ 4,664 1.48
ryden Place 34th & Hayden Place 24 $ 8,038 $ (6,459) $ 1,579 $ 3,873 0.41 HP
Midtown 837 20th St. 13 $ 9,690 $ (4,678) $ 5,012 $ - -
Orchard House 1 $ 74 $ (3,790) $ (3,715) $ - -
Whittier 1946 Walnut St. 10 $ 9,489 $ (4,922) $ 4,567 $ 3,113 1.47
Woodlands 2600 Block of Mapleton 35 $ 13,800 $ (7,551) $ 6,249 $ 3,405 1.84
Workforce Sub Total: 269 $ 10,898 $ (5,240L$ 5,658 $ 4,053 1.40
Portfolio Totals: 725 $ 8,759 $ (5,697) $ 3,062 $ 1,946 1.43
VSCR Nor 1-fu fWU PH
2011
Tar Credit Properties Address Units PUPA PLIPA PUPA PUPA Adjusted
EG1 Opr-x N0I Debt DSCR
Broadway East 3160 Broadway 44 $ 12,335 $ (5,610) $ 6,725 $ 3,413 1.97
Red Oak Parif 27th & Valmont 59 $ 2,014 $ (2,801) $ (786) $ - -
Foothills 4500 block of 7tl718th 74 $ 12,553 $ (3,904) $ 8,648 $ 6,385 1.35
Holiday 1500 Lee Hill 49 $ 9,865 $ (4,393) $ 5,471 $ 3,629 1.51
Vistoso 4500 Baseline 15 $ 9,992 $ (6,181) $ 3,81.1 $ 2,768 1.37
Broadwav West 3120 Broadway 26 $ 10,548 $ (5,343) $ 5,205 $ 3,232 1.61
Tax Credit Sub Total: 241 $ 8.734 $ (3,501) $ 5,233 $ 1322 1.42
Properties in Transition Address
Bluff Street 2232 Bluff St. Index of terms
BMM/Red Oal( Park 27th & Valmont PUPA - Per Unit Per Annum
'rchard House 1603 Orchard St. EGI - Effective Gross Income - (Total Revenue - Grant Revenue)
Op Ex - Operating Expenses = (Total Expenses-Capital
Expenses-Extraordinary Maintenance and Non-Op Ex)
N0t - Net Operating Income = (Net Income + Non OpF>,)
DSCR - Debt Service Coverage Ratio = NOIIDebt
ADJUSTED - For Capital Grants, Capital Exp. and Extrodinary Maint
31
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: July 6, 2011
This month's development report includes:
Consent: None at this time
.Action/Discussion: Lee Hill: Amended Guiding Principles
Resolution #11
Updates: High Mar
Red Oak Park
Attachments: Lee Hill: Amended Guiding Principles
Resolution #11: Ratification of the Creation of 11'75
Lee Hill, LLC
Project Tracking Form and Timeline
CONSENT ITEMS
None at this time
~Z
ACTION/ DISCUSSION ITEMS
LEE HILL HOUSING
Previous Board Meeting:
At the last meeting, we provided the following information:
• A review of the Concept Plan which the Board approved for submittal for Conditional
Use Review approval;
• An update on the neighborhood outreach process and a review of the communication
materials; and
• An update on the entitlement and financing schedule, which outlined a September 2011
conditional use approval, a January 2012 technical document approval, a March 2012 low
income housing tax credit (LIHTC) application submittal, and a June 2012 building
permit approval.
Progress since Previous Board Meeting:
Summary of June Shelter Board Meeting: We attended the June 21, 2011 Shelter Board
meeting to share updates on the Lee Hill project. The Boulder Shelter for the Homeless (Shelter)
Board adopted the Guiding Principles (see below for details) and approved the Concept Plan for
submittal to the City for review. They also expressed their support for the land transfer (see
details below), but have retained legal counsel to advise them throughout the land transfer
process. The Shelter also discussed the neighborhood outreach process and offered both
constructive comments and their support.
Project Name and Address: The project address has officially changed to 1175 Lee Hill Drive.
We are strongly considering naming the project "1175 Lee Hill." This name was one of the top
two choices in our naming survey, to which the Board, Shelter Staff and over 30 BHP staff
responded. The benefit of the address-as-name is it doesn't attract attention to the building, its
use, or the target population. Additionally, keeping the address as the name will ensure residents
and emergency service providers can locate the building quickly and easily. Lastly, if the
building is used for a different purpose in the future, the name won't carry any connotation to
affordable housing or homelessness. We anticipate a formal decision by the end of July.
Land Transfer: Under City code, if two contiguous parcels are owned by the same entity and
the joint land area is greater than two acres, any project built on either parcel is subject to Site
Review approval, regardless of use or construction date. Currently, the Lee Hill parcel is owned
by the Shelter, and leased to BHP, and the land area of the two parcels is greater than two acres.
To avoid subjecting the Lee Hill project to the intense scrutiny associated with a Site Review
approval, we propose a transfer ownership from the Shelter to the new 1175 Lee Hill, LLC.
This action will avoid "common ownership" because BHP is the sole member of this LLC, and
the joint land area of our office site and the Lee Hill parcel is less than two acres.
We are currently negotiating the mechanics of the land swap from the Shelter to the LLC with
the County Attorney's Office, our attorney, the Shelter's Executive Director, and the Shelter's
attorney. We anticipate a resolution by the end of July.
Project Entity Formation: As part of the development of the Lee Hill community, we have
created the "1175 Lee Hill, LLC." BHP is the sole member and manager of this LLC. This
entity will be BHP's proxy in the ownership of the Lee Hill parcel. Our attorney, Jon Peterson,
with Winthrop & Weinstine, recommended the creation of an LLC, both to establish a shield
between BHP and the future tax credit partnership as well as to avoid the complications
associated with the City's definition of "common ownership." We recommend that the Board
ratify staff's creation of this new entity and that BHP's Executive Director shall be the managing
partner of that entity by adopting Resolution 411 which has been included with this packet.
Guiding Principles: The Shelter Board approved the Guiding Principles conditional on the
revising the first principle to read: "Help address [as opposed to end] chronic homelessness in
Boulder County through the provision of housing and supportive services." This change is
consistent with the County's 10-Year Plan to Address Homelessness. We recommend that the
Board adopt the Guiding Principles, as adopted by the Shelter's Board, with this change.
Design and Entitlement: The Lee Hill design team recently completed the project's schematic
design phase, including a preliminary cost estimate. The total construction cost (hard costs) is
approximately $5 million, or $193/sf. Additionally, building permits and City fees are 11% of
the total construction cost, or $563,000 ($18/sf). Our target construction cost is $4.5 million,
including building permits and fees. The design team is confident they can value engineer
$500,000 out of the budget by implementing the following: selecting less expensive exterior
materials, judicious utilization of the more expensive materials, refining the landscaping plan,
and most measurably, through updates to the mechanical and structural systems.
The design team will have a Conditional Use Review application prepared for an August I"
submittal. As you know, a conditional use review confirms code compliance as it relates to the
site's use, form, and intensity. Conditional Use Review has no bearing on the design or
architecture. We will continue to refine the details in the design development phase, which will
extend through September. We anticipate a 6-8 week Conditional Use Review process before
receiving final approval. Subsequently, we will submit a Technical Document Review
application for public casement (transportation, stormwater, utilities, etc.) review and approval.
Next steps:
• Submit Conditional Use Review application August I";
• Plan neighborhood outreach event; and
• Continue refining the design and budget.
UPDATE ITEMS
HIGH MAR REDEVELOPMENT
At the last meeting, we provided the following information:
• An update on the design and entitlement process, including a preference to prepare, but
not submit, a building permit package until a LIHTC allocation is secured; and
• An update on the financing process, including our decision not to submit a July 2011
LIHTC application based on guidance from Colorado Housing and Finance (CHFA)
staff.
Progress since Previous Board Meeting:
Design and Entitlement Process: Through conversations with the City's building department
staff and an investigation of the budgeting impacts, we have determined it is less risky and less
expensive to submit the building permit package for approval this year rather than to wait until a
LIHTC allocation is secured. Our design team will work to complete a full set of Construction
Documents and will submit them to Planning & Development Services at the City for review and
approval. We will delay pulling (and paying for) the actual building permit until a LIHTC
allocation is secured. The building permit is good for up to 18 months, which includes a 6 month
extension. Continuing the design drawing process now rather than halting the process will
prevent incurring "ramp up" costs and delays associated with the design team "remembering"
where the design was left off.
Financing: We anticipate submitting an application for LIHTC in July 2012 at the earliest. In
the interim, we will monitor the construction progress of Josephine Commons as this will largely
dictate our ability to secure LIHTC in 2012. Additionally, we will continue to pursue alternative
and supplemental funding sources.
Next steps:
• Submit building permit package on July 20"'; and
• Investigate financing alternatives to LIHTC.
RED OAK PARK
Previous Board Meeting:
At the last meeting, we provided the following information:
• A budget update where we indicated that we inserted two new funding sources into the
tax-credit partnership through grants and energy tax credit equity, which will contribute
to the costs of the solar energy systems;
• The funding of our 11th draw, which increased the ainount of expended funds to 79% of
the project's budget;
• The procurement of a playground and shade structure for the community center, which
will be funded through project savings;
• A construction and leasing update where we reported the completion of 49 residential
units, of which 34 were tenant occupied; and
• An update on the installations of the solar energy systems which were delayed due to the
rainy weather in May.
Progress since the Previous Board Meeting:
Budget Update: In June, our lender funded our twelfth construction requisition of $532,000. This
increased our expended project funds to 83% of the budget. We remain in a healthy financial
position on the project with ample contingency remaining for any unexpected events in the last
month of construction.
Construction and Leasing Update: By the end of June we received Temporary Certificates of
Occupancy on all 59 residential units. This occurred six weeks earlier than originally projected in
our very optimistic construction schedule. Remaining construction work includes: the completion of
the community center and exterior work on the remaining units, commissioning of the solar systems,
a small amount of landscaping and the installation of the playground equipment. The Red Oak Park
development team will be working with City officials over the next month to close out our
construction commitments and receive the final Certificate of Occupancy.
Leasing staff did a tremendous job renting units in June that allowed us to catch up to and exceed
the leasing schedule we committed to our tax credit investor. We closed the month of June with 49
of the 59 homes occupied. All the remaining units have residents waiting to move in and we expect
100% occupancy to occur in July with our first month of financial stabilization in August.
Solar Update: Xcel has begun to install the solar system electric meters on, the units, which are
needed in order to make each system fully operational. We currently have 30 of the necessary
"net" meters hi place. Staff is tracking energy consumption on site and it's been great to see
some homes with operating solar systems produce more energy than they consume.
Grand Opening: Please mark your calendars for the Red Oak Park grand opening festivities are
scheduled for the afternoon of August 10, 2011.
Next steps:
• Submit the 13th draw request to Key Bank;
• Monitor the final stages of construction including the completion of the community
center;
• Begin to pursue a Certificate of Occupancy from the City;
• Commission the remaining 27 solar systems;
• Complete initial lease-up activities; and
• Prepare for a festive grand opening event.
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
~7
Lee Hill Permanent Supportive Housing Boulder
Housing„
11W
A Xmdn,{ AulhIafq-Sere 1955
Guidina Principles Parfiners
Help address chronic homelessness in Boulder County through the provision of housing
and supportive services.
Strive to fully integrate the building and its residents into the surrounding neighborhood.
Design and construct an environmentally high performing building that is energy
efficient, healthy, comfortable, and cost effective to operate.
To that end, we intend to:
• Expand Boulder County's Housing First program and inventory to reduce the costs of
homelessness on the broader community.
• Create a community that fosters a sense of home and self-determination.
• Emphasize durability, efficiency, and utility without sacrificing quality, comfort, or beauty.
• Further the missions of Boulder Housing Partners and the Boulder Shelter for the Homeless in
all aspects of this new community.
D'aveIo men. T r a c k i n
July 2011
Research, Pre Transitions Leased-Ups
Evaluation, Development Lease-Up Completed
On Hold or
Red Oak Park Red Oak Park
(Phase 1, 2,3,4,5)
Bridgewalk
Existing Unit Acquisition
Wallace Acquisition
28th Kalmia Lee Hill Housing
NoBoYarmo
Valmont (ROP II) High Mar
Armory Redevelopment Transit Village (RTD)
Hogan Pancost
Palo Park Moving to Work -
Iris Hawthorn Public housing
Public Housing
disposition
Conversion
Tax Exempt
Partnerships
14
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Landmark Lofts
Junior Academy
Roaring Fork
Orchard Grove
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RESOLUTION
No. 11, Series of 2011
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE HOUSING
AUTHORITY OF THE CITY OF BOULDER, A COLORADO HOUSING AUTHORITY,
D/B/A BOULDER HOUSING PARTNERS, RATIFYING THE CREATION OF A
LIMITED LIABILITY CORPORATION TO OWN, FINANCE, DEVELOP AND
OPERATE A NEW HOUSING COMMUNITY AT 1175 LEE HILL ROAD; AND
AUTHORIZING THE OFFICIALS OF BHP TO DO ALL THINGS NECESSARY OR
ADVISABLE TO COMPLETE THE TRANSACTIONS AUTHORIZED IN THIS
RESOLUTION.
The undersigned, as the Chair of the Housing Authority of the City of Boulder Colorado, a
Colorado housing authority, d/b/a Boulder Housing Partners ("BHP"), hereby certifies that the
Board of Commissioners adopted the following resolutions at a duly constituted meeting held on
July 11, 2011:
WHEREAS, the Boulder Shelter for the Homeless ("BSA' currently owns certain property
located at 1175 Lee Hill Road, Boulder, Colorado, which includes one parcel, that is slated for
the new construction of thirty one dwelling units of supportive housing, a community center.
offices, exterior recreation and open space, and parking (the "Project'). The Project will be
developed and financed by BHP. Following construction, BHP will be responsible for day to
day operations, compliance, and maintenance. BSA will provide case management services for
the residents of the Project; and
WHEREAS, in order to finance and develop the Project; BHP has caused the formation of the
1175 Lee Hill LLC, a Colorado limited liability corporation ("LLC°'), of which BHP will be the
sole owner and member, that will own the site and that will become the general partner of a
fixture low income housing tax credit limited liability limited partnership; and
NOW, THEREFORE, BE IT RESOLVED that in connection with the development and
financing of the Property, BHP, in its own capacity and as the sole member of the LLC may, and
is hereby authorized to take the actions customary and necessary to develop and finance the
Project, and that the Executive Director, Betsey Martens is hereby authorized to execute and
deliver any consents; ratifications, approvals or other actions by the LLC as are necessary or
desirable to realize the Project.
Certified this I 1 th day of July, 2011.
Housing Authority of the City of Boulder, Colorado, a Colorado
housing authority, d/b/a Boulder Housing Partners
By:
Angela McCormick, Chair
Board of Commissioners
Betsey Martens
Executive Director