Board of Commissioners Meeting - Home Forward … · Commissioners January Meeting The Board of Commissioners of Home Forward will meet on Tuesday, January 17, 2017 at the Multnomah

Board of Commissioners Meeting

Location:

Multnomah County Building 501 SE Hawthorne Blvd. Portland, OR 97214

Date & Time:

January 17, 2017 6:15 PM

Home Forward turned 75 on December 11, 2016.

PUBLIC NOTICE:

Home Forward BOARD OF COMMISSIONERS

will meet on Tuesday, January 17, 2017

At 6:15 pm At the Multnomah County Building

501 SE Hawthorne Blvd. In the Board of Commissioners Room

Home Forward Board of Commissioners January 2017

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MEMORANDUM

To: Community Partners

From: Michael Buonocore, Executive

Director

Date: January 17, 2017

Subject: Home Forward Board of

Commissioners January Meeting

The Board of Commissioners of Home Forward will meet on Tuesday, January 17, 2017 at

the Multnomah County Building, 501 SE Hawthorne Blvd., in the Board of Commissioners

Room, at 6:15 P.M. The commission meeting is open to the public.

The meeting site is accessible, and persons with disabilities may call 503.802.8423 or

503.802.8554 (TTY) for accommodations (e.g. assisted listening devices, sign language,

and/or oral interpreter) by 12:00 pm (noon), Friday, January 13, 2017.


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AGENDA


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BOARD OF COMMISSIONERS MEETING

MULTNOMAH COUNTY BUILDING COMMISSIONERS BOARD ROOM

501 SE HAWTHORNE BLVD. PORTLAND, OREGON

January 17, 2017 6:15 PM

INTRODUCTION AND WELCOME PUBLIC COMMENT General comments not pertaining to specific resolutions. Any public comment regarding a specific resolution will be heard when the resolution is considered. BOARD OF COMMISSIONERS COMMENTS

Topic Presenter

MOTION Appointment to Board of Commissioners Executive Committee

Jim Smith, Chair

MEETING MINUTES

Topic

Minutes of December 20, 2016 Board of Commissioners Meeting/Conference Call Minutes of Special Board Action on January 4, 2017

CONSENT CALENDAR

Following Reports and Resolutions:

17-01 Topic Presenter/POC Phone #

02 Authorize Name Change to Square Manor Bond Activities

Jonathan Trutt Theresa Auld

503.802.8507503.802.8319


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REPORTS / RESOLUTIONS

Following Reports and Resolutions:

17-01 Topic Presenter/POC Phone #

Home Forward 75th Anniversary Michael Buonocore 503.802.8423

03 Authorize Bond Inducement for Framework Project

Jonathan Trutt Ben Loftis

503.802.8507503.802.8510

04 Authorize Bond Inducement for NE Grand Project


503.802.8507503.802.8510

05 Authorize Bond Inducement for Parcel 3 Project


503.802.8507503.802.8510

06 Authorize Bond Inducement for Rental Assistance Demonstration (RAD) and Section 18 Financing


503.802.8507503.802.8510

Recognize Commissioners Tiffiny Hager and Brian Lessler

Chair Smith 503.802.8423

EXECUTIVE SESSION The Board of Commissioners of Home Forward may meet in Executive Session pursuant to ORS 192.660(2), following their regularly scheduled Board of Commissioners meeting. Only representatives of the news media and designated staff are allowed to attend. News media and all other attendees are specifically directed not to disclose information that is the subject of the session. No final decision will be made in the session. THE NEXT MEETING OF THE BOARD OF COMMISSIONERS The February Work Session will be on Wednesday, February 8, 2017 at 5:30 PM. The meeting will take place at Home Forward, 135 SW Ash Street in the Columbia Room. The next Board of Commissioners meeting will be Tuesday, February 21, 2017 at 6:15 PM. This meeting will take place at the Multnomah County Building, 501 SE Hawthorne Blvd, in the Commissioners Board Room. ADJOURN


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MINUTES


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BOARD OF COMMISSIONERS MEETING HOME FORWARD

135 SW Ash Street—Portland, Oregon Via Conference Call December 20, 2016

COMMISSIONERS PRESENT Chair Jim Smith. Vice Chair Miki Herman, Treasurer Damien Hall, Chair Emeritus David Widmark. Commissioners Jennifer Anderson, Brian Lessler and Charlene Mashia STAFF PRESENT Peter Beyer, Michael Buonocore, Bianca Chinn, Tim Collier, Ian Davie, Michael DePaepe, Dena Ford-Avery, Kitty Miller, Melissa Richardson, Molly Rogers, Celia Strauss Chair Smith convened the meeting at 6:15 PM. PUBLIC COMMENT Patrick Nolan, a resident at Hollywood East, spoke to his concerns of disenfranchisement between Home Forward staff and residents at Hollywood East. Executive Director Buonocore said we would review the information provided by Mr. Nolan and provide a response to the board. MEETING MINUTES Minutes of the November 15, 2016 Board of Commissioners Meeting Chair Jim Smith requested a motion authorizing approval of the minutes to the November 15, 2016 Board of Commissioners Meeting. Chair Emeritus David Widmark moved to adopt the minutes and Vice Chair Miki Herman seconded the motion. The vote was as follows: Chair Jim Smith—Aye Vice Chair Miki Herman—Aye

Treasurer Damien Hall—Aye


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Chair Emeritus David Widmark—Aye Commissioner Jennifer Anderson—Aye Commissioner Brian Lessler—Aye Commissioner Charlene Mashia—Not present for the vote

RESOLUTION 16-12-01 Authorize a Contract with SHI International Corp. for Microsoft Enterprise License Agreement RESOLUTION 16-12-02 Authorize Execution of Agreement for Banking Services with Bank of America RESOLUTION 16-12-03 Authorize a Change to Home Forward’s Fiscal Year Celia Strauss read the title of the resolutions on the Consent Calendar. Chair Smith noted that these resolutions had been reviewed and discussed with the Executive Committee. There being no questions, Chair Smith requested a motion to approve. Vice Chair Miki Herman moved to adopt the Consent Calendar and Commissioner Brian Lessler seconded the motion. The vote was as follows: Chair Jim Smith—Aye Vice Chair Miki Herman—Aye

Treasurer Damien Hall—Aye Chair Emeritus David Widmark—Aye Commissioner Jennifer Anderson—Aye Commissioner Brian Lessler—Aye Commissioner Charlene Mashia—Not present for the vote

RESOLUTION 16-12-04 Authorize the Moving to Work Fiscal Year 18 Plan Bianca Chinn presented Resolution 16-12-04 saying we were fulfilling our annual HUD requirement to submit our Plan. Chinn said that we had presented the Plan to community stakeholders, the Resident Advisory Committee (RAC) and held a public hearing at the November 15, 2016 Board of Commissioners meeting. During these meetings there were


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no substantial changes to the plan. Chair Smith thanked Chinn for the magnitude of work that goes into completing the Plan. Vice Chair Herman also expressed her thanks to Chinn, and both Herman and Smith expressed appreciation for the memo provided by Tim Collier. There being no further discussion, Chair Emeritus David Widmark moved to approve Resolution 16-12-04 and it was seconded by Commissioner Brian Lessler. The vote was as follows: Chair Jim Smith—Aye Vice Chair Miki Herman—Aye

Treasurer Damien Hall—Aye Chair Emeritus David Widmark—Aye Commissioner Jennifer Anderson—Aye Commissioner Brian Lessler—Aye Commissioner Charlene Mashia—Not present for the vote

Commissioner Charlene Mashia joined the call following the vote. Chair Jim Smith thanked the board for the time they dedicated in 2016, and he looks forward to working together in the new year. ADJOURN There being no further business, Chair Smith adjourned the meeting at 6:35 PM.

EXECUTIVE SESSION

The Board of Commissioners of Home Forward did not meet in Executive Session

pursuant to ORS 192.660(2).

Attached to the Official Minutes of Home Forward are all Resolutions adopted at this

meeting, together with copies of memoranda and material submitted to the Commissioners

and considered by them when adopting the foregoing resolutions.


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Celia M. Strauss

Recorder, on behalf of

Michael Buonocore, Secretary

ADOPTED: JANUARY 17, 2017

Attest: Home Forward:

_______________________________ _______________________________

Michael Buonocore, Secretary James M. Smith, Chair


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BOARD OF COMMISSIONERS MEETING HOME FORWARD

135 SW Ash Street—Portland, Oregon Board Work Session

January 4, 2017 COMMISSIONERS PRESENT Chair Jim Smith. Vice Chair Miki Herman, Treasurer Damien Hall, Commissioners Jennifer Anderson, Brian Lessler, Charlene Mashia and Wendy Serrano STAFF PRESENT Peter Beyer, Michael Buonocore, Bianca Chinn, Tim Collier, Ian Davie, Michael DePaepe, Dena Ford-Avery, Kitty Miller, Melissa Richardson, Molly Rogers, Celia Strauss, Jonathan Trutt Chair Smith convened the meeting at 5:30 PM. He said the board would now close the Work Session and convene in Executive Session pursuant to ORS 192.660(2)(e) to discuss a real estate transaction for Home Forward. Only designated staff would stay and he noted that no vote would be taken in this Executive Session. Following the Executive Session, Chair Jim Smith reconvened the January 4, 2017 Board Work Session at 5:39 PM. Chair Smith said this would be the last work session for esteemed Commissioner Brian Lessler. Chair Smith expressed his appreciation to Commissioner Lessler and said we will miss his considerable contributions to the Board. RESOLUTION 17-01-01 Authorize the Executive Director or designee to execute any and all documents necessary to sell the lot located at 3909 SE 70th Avenue, Portland OR 97206


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There being no questions, Chair Smith requested a motion to approve. Commissioner Wendy Serrano moved to adopt Resolution 17-01-01 and Commissioner Brian Lessler seconded the motion. The vote was as follows: Chair Jim Smith—Aye Vice Chair Miki Herman—Aye

Treasurer Damien Hall—Aye Commissioner Jennifer Anderson—Aye Commissioner Brian Lessler—Aye Commissioner Charlene Mashia—Aye Commissioner Wendy Serrano – Aye

Following the formal vote, the Board of Commissioners continued to meet in their Board Work Session. ADJOURN There being no further business, Chair Smith adjourned the meeting at 6:35 PM.

EXECUTIVE SESSION

The Board of Commissioners of Home Forward did meet in Executive Session pursuant to

ORS 192.660(2).

Attached to the Official Minutes of Home Forward are all Resolutions adopted at this

meeting, together with copies of memoranda and material submitted to the Commissioners

and considered by them when adopting the foregoing resolutions.

Celia M. Strauss

Recorder, on behalf of

Michael Buonocore, Secretary


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ADOPTED: JANUARY 17, 2017

Attest: Home Forward:

_______________________________ _______________________________

Michael Buonocore, Secretary James M. Smith, Chair


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CONSENT CALENDAR


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MEMORANDUM

To: Board of Commissioners

From: Theresa Auld, Finance Manager 503.802.8319


Subject: Authorize Amendment to Resolution 16-10-02 to Re-designate the Revenue Bond for Gladstone Square and Multnomah Manor

Resolution 17-01-02

Resolution 16-10-02 authorized the issuance and sale of a revenue bond of Home Forward to finance the costs of acquisition and rehabilitation of Gladstone Square and Multnomah Manor. The Board of Commissioners is specifically requested to approve a resolution amending Resolution 16-10-02 to re-designate the title of the Bond to reflect a 2017 closing date as follows: Home Forward Revenue Bond, 2017 (Gladstone Square and Multnomah Manor Projects). ISSUE Square Manor Limited Partnership, an Oregon limited partnership of which Home Forward is the sole general partner (the “Borrower”) previously requested that Home Forward issue a revenue bond (the “Bond”) for the purpose of making a loan (the “Loan”) to the Borrower to provide part of the funds with which to pay the costs of acquiring and rehabilitating the multifamily apartment communities known as Gladstone Square and Multnomah Manor (the “Project”). Banner Bank is expected to offer to purchase the Bond. The Board of Commissioners previously approved Resolution 16-10-02 authorizing the issuance of the Bond. The closing of the financing has been delayed to 2017, and this resolution revises the title of the Bond to reflect a closing date in 2017.


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RESOLUTION 17-01-02

RESOLUTION 17-01-02 AUTHORIZES AMENDING RESOLUTION 16-10-02 TO REVISE THE TITLE OF THE BOND AUTHORIZED THEREBY TO REFLECT A 2017 CLOSING DATE WHEREAS, by its Resolution 16-10-02 (the “Original Resolution”), the Board of Commissioners of Home Forward (the “Board”) provided for and authorized the issuance of the Home Forward Revenue Bond, 2016 (Gladstone Square and Multnomah Manor Projects) in the principal amount not to exceed $11,000,000 to finance a loan to Square Manor Limited Partnership, an Oregon limited partnership of which Home Forward is the sole general partner, for the purpose of providing a portion of the funds to finance the acquisition and rehabilitation of two multifamily apartment communities known as Gladstone Square and Multnomah Manor to provide housing for low-income persons in the City of Portland, Oregon (the “Project”); and WHEREAS, the closing of the financing for the Project has been delayed, and it is now anticipated that the closing will occur in 2017; NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of Home Forward as follows:

. Amended Definition. The definition of the following term in the Original Resolution is amended in its entirety to read as follows:

“Bond” means the Home Forward Revenue Bond, 2017 (Gladstone Square and Multnomah Manor Projects), issued pursuant to, under the authority of and for the purposes provided in this resolution.


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. Original Resolution Definitions. All other capitalized terms used but not otherwise defined in this resolution shall have the meanings assigned to them in the Original Resolution.

. Amendment of Section 4 of Original Resolution. The first sentence of

Section 4 of the Original Resolution is amended and restated in its entirety to provide as follows: “The Bond shall be called the Revenue Bond, 2017 (Gladstone Square and Multnomah Manor Projects), of Home Forward; shall be in a principal amount not to exceed $11,000,000; shall be dated its date of delivery; and shall initially be numbered R-1.”

. Amendment of Section 9 of Original Resolution. Section 9 of the Original

Resolution is amended and restated in its entirety to provide as follows: Section 9. Form and Execution of Bond. The Bond

shall be in a form consistent with the provisions of this resolution and state law, shall bear the manual or facsimile signatures of the Chair of the Board and the Executive Director and shall be impressed with the seal of Home Forward or shall bear a facsimile thereof.

Only a Bond bearing a Certificate of Authentication in the following form, manually signed by the Bond Registrar, shall be valid or obligatory for any purpose or entitled to the benefits of this resolution: CERTIFICATE OF AUTHENTICATION

This Bond is the fully registered Home Forward Revenue Bond, 2017 (Gladstone Square and Multnomah Manor Projects), described in the Bond Resolution. [Specimen] Executive Director Home Forward, Bond Registrar The authorized signing of a Certificate of Authentication shall be conclusive evidence that the Bond so authenticated has been duly executed, authenticated and delivered and is entitled to the benefits of this resolution.


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If any officer whose facsimile signature appears on the Bond ceases to be an officer of Home Forward authorized to sign bonds before the Bond bearing his or her facsimile signature is authenticated or delivered by the Bond Registrar or issued by Home Forward, the Bond nevertheless may be authenticated, issued and delivered and, when authenticated, issued and delivered, shall be binding on Home Forward as though that person had continued to be an officer of Home Forward authorized to sign bonds. The Bond also may be signed on behalf of Home Forward by any person who, on the actual date of signing of the Bond, is an officer of Home Forward authorized to sign bonds, although he or she did not hold the required office on the date of issuance of the Bond. Neither the Commissioners of Home Forward nor any person signing the Bond shall be liable personally by reason of the issuance and sale of the Bond.

. Original Resolution Otherwise in Full Force and Effect. Except as amended by this resolution, all other provisions of Resolution 16-10-02 shall remain in full force and effect.

. Ratification and Confirmation. Any actions of Home Forward or its officers prior to the date hereof and consistent with the terms of this resolution are ratified and confirmed.

. Effective Date. This resolution shall be in full force and effect from and after its adoption and approval.

ADOPTED: JANUARY 17, 2017 Attest: Home Forward: ___________________________ _________________________________ Michael Buonocore, Secretary James M. Smith, Chair


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RESOLUTIONS


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MEMORANDUM


From: Jonathan Trutt, Director, Development and Community Revitalization

503.802.8507 Ben Loftis, Development Finance

Coordinator 503.802.8510


Subject: Authorize Bond Inducement for Framework Project

Resolution 17-01-03

The Board of Commissioners is requested to approve an Inducement Resolution for the development financing of Framework, an approximately 60-unit new construction development to be located on the southeast corner of NW Glisan Street and NW 10th Avenue in the Old Town Chinatown neighborhood in the City of Portland, Oregon. This Inducement Resolution declares Home Forward’s intention to issue and sell revenue bonds in a principal amount not to exceed $17 million and to reimburse the borrower from proceeds of the bonds for expenditures made by the borrower before the issue date of the bonds, and authorizes the execution of an indemnification agreement and compensation agreement. Prior to bond issuance and financial closing, the Board of Commissioners will be asked to authorize a bond authorization resolution. This action supports Strategic Plan Goal 2: To increase the number of housing units for our community through preservation, development and acquisition. ISSUE This bond inducement resolution establishes that development costs for Framework are eligible for funding from the tax-exempt bond proceeds and may generate low income


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housing tax credits. Home Forward has teamed with project^ (Developer), Beneficial State Bancorp (site owner and primary commercial tenant), Lever Architects and Walsh Construction to develop affordable housing and commercial office space in a Cross-Laminated Timber (CLT) high-rise building (the “Project”). The building design includes six commercial floors including a retail branch and back offices for Albina Community Bank, the primary commercial tenant, and for-lease office space in a commercial condominium unit (the “Commercial Condo”). The design also includes five residential floors containing approximately 60 studio, one-bedroom, and two-bedroom units with common areas for the Low Income Housing Tax Credit (LIHTC) condominium unit (the “LIHTC Condo”). The Commercial Condo will be owned and operated by project^. There are ongoing conversations with Beneficial State Bancorp to divide the Commercial Condo into two 3-story condos to allow Beneficial State Bancorp to purchase their commercial space (the “Bank Condo”). The LIHTC Condo will be owned by a to-be-created Limited Partnership with Home Forward as sole General Partner. The Framework development team will apply for 4% Low Income Housing Tax Credits (“LIHTC”), which require the issuance of revenue bonds for construction financing in an amount that is at least 50% of the total residential project costs. This Inducement Resolution assumes a development budget for the LIHTC Condo in an amount not to exceed $26.2 million. The Tax Equity and Fiscal Responsibility Act (“TEFRA”) requires that Home Forward hold a public hearing for the bond inducement which will be completed before the Bond Authorization Resolution is presented for Board of Commissioner approval.


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RESOLUTION 17-01-03 RESOLUTION 17-01-03 DECLARING AN INTENT TO ISSUE REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $17,000,000 FOR THE FRAMEWORK PROJECT WHEREAS, Home Forward is a public body corporate and politic of the State of Oregon and is empowered by ORS 456.005 to 456.235 (the “Act”) to issue revenue bonds for the purpose of financing housing projects; and WHEREAS, Home Forward intends to form one or more Oregon limited partnerships or limited liability companies of which Home Forward will be the sole general partner or managing member (the “Borrower”) to finance the acquisition and development of the low income residential condominium unit the Framework project to be located on the southeast corner of NW Glisan Street and NW 10th Avenue in the Old Town Chinatown neighborhood in the City of Portland, Oregon, and to contain approximately 60 residential units, all to provide housing for low-income persons (collectively, the “Project”), the estimated cost of which is not expected to exceed $26,216,000; and WHEREAS, Home Forward anticipates that the Borrower will request that Home Forward issue and sell its revenue bonds (the “Bonds”), in an aggregate amount not to exceed $17,000,000 pursuant to the Act to assist the Borrower in financing part of the costs of the Project; and WHEREAS, Home Forward desires to provide such assistance, if certain conditions are met; and WHEREAS, the use of the proceeds of the sale of the Bonds by the Borrower will permit the Borrower to finance the Project utilizing, among other sources, Low Income Housing Tax Credits, thereby providing decent, safe, and sanitary housing for persons and families of lower income (as defined by Low Income Housing Tax Credit statutes and regulations) for a period of not less than 15 years and otherwise promoting the general health and welfare of


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the inhabitants within the jurisdictional limits of Home Forward; and WHEREAS, Home Forward deems it necessary and advisable that it take such action as may be required under the Act to authorize and issue the Bonds in one or more series to finance part of the cost of the Project in a total amount not to exceed $17,000,000; and WHEREAS, this resolution seeks to satisfy the requirements of U.S. Treasury Regulations Section 1.103-8(a)(5) which requires that where expenditures for a tax-exempt facility are made before the issue date of bonds issued to provide financing for that facility, a bond issuer declare an official intent under U.S. Treasury Regulations Section 1.150-2 to reimburse any such expenditures from the proceeds of those bonds. NOW, THEREFORE, BE IT RESOLVED: 1. To assist in the financing of the Project, with the public benefits resulting therefrom, Home Forward declares its intention, subject to the conditions and terms set forth herein, to issue and sell its revenue bonds or other obligations (the “Bonds”) in a principal amount not to exceed $17,000,000, and to reimburse itself or the Borrower from proceeds of the Bonds for expenditures for the Project made by Home Forward or the Borrower before the issue date of the Bonds. 2. The proceeds of the Bonds will be used to assist in financing the Project, and may also be used to pay all or part of the costs incident to the authorization, sale, issuance and delivery of the Bonds. 3. The Bonds will be payable solely from sources specified by resolution of the Board of Commissions of Home Forward. The Bonds may be issued in one or more series, shall bear such rate or rates of interest payable at such times, shall mature at such time or times in such amount or amounts, shall have such security, and shall contain such other terms, conditions and covenants as shall later be provided by resolution of the Board of Commissioners of Home Forward. 4. The Bonds shall be issued subject to the conditions that (a) Home Forward, the Borrower and the purchaser of the Bonds shall have first agreed to mutually acceptable terms for the Bonds, sale, and delivery thereof, and mutually acceptable terms and conditions of the loan or other agreement for the Project, and (b) all governmental approvals, certifications, and findings required by laws applicable to the Bonds first shall have been obtained. The Executive Director of Home Forward or his or her designee is authorized to


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seek an allocation of volume cap for the Bonds from the Private Activity Bond Committee of the Debt Management Division of the Oregon State Treasury. 5. For purposes of applicable U.S. Treasury Regulations, the Borrower is authorized to commence financing of the Project and advance such funds as may be necessary therefor, subject to reimbursement for all expenditures to the extent provided herein out of proceeds, if any, of the issue of Bonds authorized herein. 6. The adoption of this resolution does not constitute a guarantee that the Bonds will be issued or that the Project will be financed as described herein. The Board of Commissioners of Home Forward shall have the absolute right to rescind this resolution at any time if it determines in its sole judgment that the risks associated with the issuance of the Bonds are unacceptable. 7. It is intended that this resolution shall constitute a declaration of official intent to reimburse expenditures for the Project made before the issue date of the Bonds from proceeds of the Bonds, for the purposes of U.S. Treasury Regulations Sections 1.103-8(a)(5) and 1.150-2. 8. Any actions of Home Forward or its officers prior to the date hereof and consistent with the terms of this resolution are ratified and confirmed. 9. Any action required by this resolution to be taken by the Executive Director of Home Forward may in the absence of such person be taken by the duly authorized acting Executive Director of Home Forward. ADOPTED: JANUARY 17, 2017 Attest: Home Forward: Michael Buonocore, Secretary James M. Smith, Chair


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CERTIFICATE

I, the undersigned, the duly chosen, qualified and acting Executive Director of Home Forward and keeper of the records of Home Forward, CERTIFY: 1. That the attached Resolution No. 17-01-03 (the “Resolution”) is a true and correct copy of the resolution of the Board of Commissioners of Home Forward, as adopted at a meeting of Home Forward held on January 17, 2017, and duly recorded in the minute books of Home Forward. 2. That such meeting was duly convened and held in all respects in accordance with law, and, to the extent required by law, due and proper notice of such meeting was given; that a quorum was present throughout the meeting and a majority of the members of the Board of Commissioners of Home Forward present at the meeting voted in the proper manner for the adoption of the Resolution; that all other requirements and proceedings incident to the proper adoption of the Resolution have been duly fulfilled, carried out and otherwise observed, and that I am authorized to execute this Certificate. IN WITNESS WHEREOF, I have hereunto set my hand this 17th day of January, 2017.

HOME FORWARD Executive Director and Secretary


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MEMORANDUM






Subject: Authorize Bond Inducement for NE Grand Project

Resolution 17-01-04

The Board of Commissioners is requested to approve an Inducement Resolution for the development of NE Grand, an approximately 240-unit new construction development to be located on the northeast corner of NE Grand Avenue and NE Holladay Street in the Lloyd District neighborhood of the City of Portland, Oregon. This Inducement Resolution declares Home Forward’s intention to issue and sell revenue bonds in a principal amount not to exceed $39 million and to reimburse the borrower from proceeds of the bonds for expenditures made by the borrower before the issue date of the bonds, and authorizes the execution of an indemnification agreement and compensation agreement. Prior to bond issuance and financial closing, the Board of Commissioners will be asked to authorize a bond authorization resolution. This action supports Strategic Plan Goal 2: To increase the number of housing units for our community through preservation, development and acquisition. ISSUE This bond inducement resolution establishes that development costs for NE Grand are eligible for funding from the tax-exempt bond proceeds and may generate low income


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housing tax credits. NE Grand is a 13-story, mixed-use, mixed income project that will include approximately 240 units of housing, of which approximately 132 will be affordable to households earning less than 60% of the area median income. Home Forward was awarded this development project by the Portland Housing Bureau in February 2016. The NE Grand development team will apply for 4% Low Income Housing Tax Credits (“LIHTC”), which require the issuance of revenue bonds for construction financing in an amount that is at least 50% of the total project costs associated with the Project’s affordable units. This inducement resolution assumes a development budget in an amount not to exceed $62.7 million. The Tax Equity and Fiscal Responsibility Act (“TEFRA”) requires that Home Forward hold a public hearing for the bond inducement which will be completed before the Bond Authorization Resolution is presented for Board of Commissioner approval.


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RESOLUTION 17-01-04 RESOLUTION 17-01-04 DECLARING AN INTENT TO ISSUE REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $39,000,000 FOR THE NE GRAND PROJECT WHEREAS, Home Forward is a public body corporate and politic of the State of Oregon and is empowered by ORS 456.005 to 456.235 (the “Act”) to issue revenue bonds for the purpose of financing housing projects; and WHEREAS, Home Forward intends to form one or more Oregon limited partnerships or limited liability companies of which Home Forward will be the sole general partner or managing member (the “Borrower”) to finance the acquisition and development of an approximately 240-unit apartment complex known as NE Grand located on the northeast corner of NE Grand Avenue and NE Holladay Street in the Lloyd District neighborhood of the City of Portland, Oregon, all to provide housing for low-income persons (collectively, the “Project”), the estimated cost of which is not expected to exceed $62,681,000; and WHEREAS, Home Forward anticipates that the Borrower will request that Home Forward issue and sell its revenue bonds (the “Bonds”), in an aggregate amount not to exceed $39,000,000 pursuant to the Act to assist the Borrower in financing part of the costs of the Project; and WHEREAS, Home Forward desires to provide such assistance, if certain conditions are met; and WHEREAS, the use of the proceeds of the sale of the Bonds by the Borrower will permit the Borrower to finance the Project utilizing, among other sources, Low Income Housing Tax Credits, thereby providing decent, safe, and sanitary housing for persons and families of lower income (as defined by Low Income Housing Tax Credit statutes and regulations) for a period of not less than 15 years and otherwise promoting the general health and welfare of the inhabitants within the jurisdictional limits of Home Forward; and WHEREAS, Home Forward deems it necessary and advisable that it take such action as


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may be required under the Act to authorize and issue the Bonds in one or more series to finance part of the cost of the Project in a total amount not to exceed $39,000,000; and WHEREAS, this resolution seeks to satisfy the requirements of U.S. Treasury Regulations Section 1.103-8(a)(5) which requires that where expenditures for a tax-exempt facility are made before the issue date of bonds issued to provide financing for that facility, a bond issuer declare an official intent under U.S. Treasury Regulations Section 1.150-2 to reimburse any such expenditures from the proceeds of those bonds. NOW, THEREFORE, BE IT RESOLVED: 1. To assist in the financing of the Project, with the public benefits resulting therefrom, Home Forward declares its intention, subject to the conditions and terms set forth herein, to issue and sell its revenue bonds or other obligations (the “Bonds”) in a principal amount not to exceed $39,000,000, and to reimburse itself or the Borrower from proceeds of the Bonds for expenditures for the Project made by Home Forward or the Borrower before the issue date of the Bonds. 2. The proceeds of the Bonds will be used to assist in financing the Project, and may also be used to pay all or part of the costs incident to the authorization, sale, issuance and delivery of the Bonds. 3. The Bonds will be payable solely from sources specified by resolution of the Board of Commissions of Home Forward. The Bonds may be issued in one or more series, shall bear such rate or rates of interest payable at such times, shall mature at such time or times in such amount or amounts, shall have such security, and shall contain such other terms, conditions and covenants as shall later be provided by resolution of the Board of Commissioners of Home Forward. 4. The Bonds shall be issued subject to the conditions that (a) Home Forward, the Borrower and the purchaser of the Bonds shall have first agreed to mutually acceptable terms for the Bonds, sale, and delivery thereof, and mutually acceptable terms and conditions of the loan or other agreement for the Project, and (b) all governmental approvals, certifications, and findings required by laws applicable to the Bonds first shall have been obtained. The Executive Director of Home Forward or his or her designee is authorized to seek an allocation of volume cap for the Bonds from the Private Activity Bond Committee of the Debt Management Division of the Oregon State Treasury.


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5. For purposes of applicable U.S. Treasury Regulations, the Borrower is authorized to commence financing of the Project and advance such funds as may be necessary therefor, subject to reimbursement for all expenditures to the extent provided herein out of proceeds, if any, of the issue of Bonds authorized herein. 6. The adoption of this resolution does not constitute a guarantee that the Bonds will be issued or that the Project will be financed as described herein. The Board of Commissioners of Home Forward shall have the absolute right to rescind this resolution at any time if it determines in its sole judgment that the risks associated with the issuance of the Bonds are unacceptable. 7. It is intended that this resolution shall constitute a declaration of official intent to reimburse expenditures for the Project made before the issue date of the Bonds from proceeds of the Bonds, for the purposes of U.S. Treasury Regulations Sections 1.103-8(a)(5) and 1.150-2. 8. Any actions of Home Forward or its officers prior to the date hereof and consistent with the terms of this resolution are ratified and confirmed. 9. Any action required by this resolution to be taken by the Executive Director of Home Forward may in the absence of such person be taken by the duly authorized acting Executive Director of Home Forward. ADOPTED: JANUARY 17, 2017 Attest: Home Forward: Michael Buonocore, Secretary James M. Smith, Chair


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CERTIFICATE




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MEMORANDUM






Subject: Authorize Bond Inducement for Parcel 3 Project

Resolution 17-01-05

The Board of Commissioners is requested to approve an Inducement Resolution for the development of Parcel 3, an approximately 375-unit new construction development to be located on the southwest corner of SW River Parkway and SW Moody Avenue in the Downtown Neighborhood of the City of Portland, Oregon. This Inducement Resolution declares Home Forward’s intention to issue and sell conduit revenue bonds in an amount not to exceed $86 million, and authorizes the execution of an indemnification agreement and compensation agreement. Prior to bond issuance and financial closing, the Board of Commissioners will be asked to authorize a Bond Authorization Resolution. This action supports Strategic Plan Goal 2: To increase the number of housing units for our community through preservation, development and acquisition. ISSUE This bond inducement resolution establishes that development costs for Parcel 3 are eligible for funding from the tax-exempt bond proceeds and may generate low income housing tax credits.


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On July 27, 2015 BRIDGE was selected by Portland Development Commission (PDC), in partnership with Portland Housing Bureau (PHB), to redevelop an 87,637 square foot property known as RiverPlace Parcel 3. In addition to offering the land at a below market rate purchase price, PDC/PHB offered $19 million in Tax Increment Financing (TIF) funds and 80 project-based Section 8/VASH vouchers. BRIDGE assembled a development team that includes Ankrom Moisan as the architect, Hoffman Construction as the contractor and Williams/Dame & Associates (WDA) as the development consultant. The two-building project consists of three key components: 172 market rate units, 203 affordable units, 4,855 square feet of office space and 2,905 square feet of retail. The project team is exploring scenarios that would result in additional affordable units. Parcel 3 is applying for 4% Low Income Housing Tax Credits (“LIHTC”), which require the issuance of revenue bonds for construction financing in an amount that is at least 50% of the total project costs. This inducement resolution assumes a development budget in an amount not to exceed $140,337,000. The Tax Equity and Fiscal Responsibility Act (“TEFRA”) requires that Home Forward hold a public hearing for the bond inducement which will be completed before the Bond Authorization Resolution is presented for Board of Commissioner approval. In order to aid in the development of Parcel 3, BRIDGE Housing has requested that Home Forward serve as issuer of tax-exempt Private Activity Bonds (“PABs”) and transfer the proceeds to a to-be-formed tax credit entity (the “Borrower”). If issued, the PABs will be limited obligations of Home Forward, payable only from payments received from the Borrower and BRIDGE Housing, and secured by a lien on the Parcel 3 property. BRIDGE Housing and/or the Borrower would be responsible for paying all costs incurred by Home Forward in connection with the issuance of the PABs including, but not limited to, bond counsel fees, TEFRA notice fees, and PAB Volume Cap Application fees. Home Forward would earn a fee for its role as the bond issuer. The internal workload would be managed by existing staff, and there is no significant anticipated impact on agency expenses for this transaction.


33

3

RESOLUTION 17-01-05

RESOLUTION 17-01-05 DECLARING AN INTENT TO ISSUE CONDUIT REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $86,000,000 FOR THE ACQUISITION AND DEVELOPMENT OF THE PARCEL 3 PROJECT AND AUTHORIZING THE EXECUTION OF AN INDEMNIFICATION AND COMPENSATION AGREEMENT BY AND BETWEEN HOME FORWARD AND BRIDGE HOUSING CORPORATION WHEREAS, Home Forward is a public body corporate and politic of the State of Oregon and is empowered by ORS 456.005 to 456.235 (the “Act”) to issue revenue bonds for the purpose of financing housing projects; and WHEREAS, Bridge Housing Corporation d/b/a Bridge Housing (the “Sponsor”) intends to form a separate legal entity (the “Borrower”) as an Oregon limited partnership of which the Sponsor will be the sole general partner, an Oregon limited liability company of which the Sponsor will be the managing member, or other similar arrangement; and WHEREAS, the Sponsor has requested that Home Forward issue and sell its revenue bonds (the “Bonds”) in an amount not to exceed $86,000,000 pursuant to the Act, to assist the Borrower in financing the acquisition and development of a new approximately 375-unit development to be known as Parcel 3, to be located on the southwest corner of SW River Parkway and SW Moody Avenue in the Downtown Neighborhood of the City of Portland, Oregon, to provide housing for low-income persons (the “Project”), the estimated cost of which is not expected to exceed $140,337,000; and WHEREAS, Home Forward desires to provide such assistance, if certain conditions are met; and WHEREAS, the use of the proceeds of the sale of the Bonds by the Borrower will permit the Borrower to acquire and develop the Project, thereby providing decent, safe, and sanitary housing for persons and families of lower income (as defined by Low Income Housing Tax Credit statutes and regulations) for a period of not less than 15 years and otherwise


34

4

promoting the general health and welfare of the inhabitants within the jurisdictional limits of Home Forward; and WHEREAS, Home Forward deems it necessary and advisable that it take such action as may be required under the Act to authorize and issue the Bonds in one or more series to finance part of the cost of the Project in a total amount not to exceed $86,000,000; and WHEREAS, this resolution seeks to satisfy the requirements of U.S. Treasury Regulations Section 1.103-8(a)(5) which requires that where expenditures for a tax-exempt facility are made before the issue date of bonds issued to provide financing for that facility, a bond issuer declare an official intent under U.S. Treasury Regulations Section 1.150-2 to reimburse any such expenditures from the proceeds of those bonds. NOW, THEREFORE, BE IT RESOLVED: 1. To assist in the financing of the Project, with the public benefits resulting therefrom, Home Forward declares its intention, subject to the conditions and terms set forth herein, to issue and sell its revenue bonds or other obligations (the “Bonds”) in a principal amount not to exceed $86,000,000, and to reimburse the Borrower from proceeds of the Bonds for expenditures for the Project made by the Borrower before the issue date of the Bonds. 2. The proceeds of the Bonds will be used to assist in financing the Project, and may also be used to pay all or part of the costs incident to the authorization, sale, issuance and delivery of the Bonds. 3. The Bonds will be payable solely from the revenues derived as a result of the Project or other funds of the Borrower and the Sponsor pledged thereto including, without limitation, amounts received under the terms of any financing document or by reason of any additional security furnished by or on behalf of the Borrower in connection with the financing of the Project. The Bonds shall bear such rate or rates of interest payable at such times, shall mature at such time or times in such amount or amounts, shall have such security, and shall contain such other terms, conditions and covenants as shall later be provided by resolution of the Board of Commissioners of Home Forward. 4. The Bonds shall be issued subject to the conditions that (a) Home Forward, the Borrower and the purchaser of the Bonds shall have first agreed to mutually acceptable terms for the Bonds, sale, and delivery thereof, and mutually acceptable terms and


35

5

conditions of the loan or other agreement for the Project, and (b) all governmental approvals, certifications, and findings required by laws applicable to the Bonds first shall have been obtained. The Executive Director of Home Forward or his or her designee is authorized to cooperate with the Sponsor to seek an allocation of volume cap for the Bonds from the Private Activity Bond Committee of the Debt Management Division of the Oregon State Treasury. 5. For purposes of applicable U.S. Treasury Regulations, the Borrower is authorized to commence financing of the Project and advance such funds as may be necessary therefor, subject to reimbursement for all expenditures to the extent provided herein out of proceeds, if any, of the issue of Bonds authorized herein. 6. The adoption of this resolution does not constitute a guarantee that the Bonds will be issued or that the Project will be financed as described herein. The Board of Commissioners of Home Forward shall have the absolute right to rescind this resolution at any time if it determines in its sole judgment that the risks associated with the issuance of the Bonds are unacceptable. 7. It is intended that this resolution shall constitute a declaration of official intent to reimburse expenditures for the Project made before the issue date of the Bonds from proceeds of the Bonds, for the purposes of U.S. Treasury Regulations Sections 1.103-8(a)(5) and 1.150-2. 8. The Executive Director of Home Forward is granted the discretionary authority to negotiate and enter into an Indemnification and Compensation Agreement with Sponsor setting forth the respective agreements and undertakings of Home Forward and the Sponsor with respect to the proposed issuance of the Bonds, if the Executive Director deems it necessary and advisable for the best interest of Home Forward to enter into such an agreement. 9. Any actions of Home Forward or its officers prior to the date hereof and consistent with the terms of this resolution are ratified and confirmed. 10. Any action required by this resolution to be taken by the Executive Director of Home Forward may in the absence of such person be taken by the duly authorized acting Executive Director of Home Forward.


36

6

ADOPTED: JANUARY 17, 2017 Attest: Home Forward: Michael Buonocore, Secretary James M. Smith, Chair


37

CERTIFICATE




38

MEMORANDUM






Subject: Authorize Bond Inducement for the Rental Assistance Demonstration (RAD) and Section 18 Financing

Resolution 17-01-06

The Board of Commissioners is requested to approve an Inducement Resolution that declares its intention to issue and sell its revenue bonds in a principal amount not to exceed $60,169,099 and to reimburse the borrower from proceeds of the bonds for expenditures made by the borrower before the issue date of the bonds, in connection with the rehabilitation of approximately 25 apartment complexes located in the cities of Portland and Gresham, Oregon and containing approximately 1,306 units in the aggregate, which may be included in a Rental Assistance Demonstration (“RAD”) or Section 18 public housing conversion, all to provide housing for low-income persons (collectively, the “Project”). The communities will retain their names and signage and will be held in to-be-created limited partnerships. Prior to bond issuance and financial closing, the Board of Commissioners will receive and will be asked to authorize a bond authorization resolution. This action supports Strategic Plan Goal 2: To increase the number of housing units for our community through preservation, development and acquisition. ISSUE This bond inducement resolution establishes that development costs for the Project will be


39

2

eligible for funding from the tax-exempt bond proceeds and may generate low income housing tax credits. The Project will preserve and recapitalize Home Forward’s traditional public housing portfolio by converting the operating subsidy to Section 8 rental assistance via the Rental Assistance Demonstration (“RAD”) program or Section 18 and leveraging new debt and Low Income Housing Tax Credit (“LIHTC”) equity. Overall the initiative will preserve over 2,100 units of housing, with 1,322 units being preserved and renovated with Private Activity Bonds and 4% LIHTC equity. The initiative will be divided among several financial closings between 2017 and 2020. Between 2017 and 2019, 1,036 units will be preserved and closed, with the final 286 units expected to close in 2020. The first Group of properties will close in January 2018 and the last group that is part of this allocation request will close in September 2019. The Project development team will apply for 4% Low Income Housing Tax Credits, which require the issuance of revenue bonds for construction financing in an amount that is at least 50% of the total project costs. This inducement resolution assumes a development budget in an amount not to exceed $192.4 million. The Tax Equity and Fiscal Responsibility Act (“TEFRA”) requires that Home Forward hold a public hearing for the bond inducement which will be completed before the Bond Authorization Resolution is presented for Board of Commissioner approval.


40

3

RESOLUTION 17-01-06

RESOLUTION 17-01-06 DECLARING AN INTENT TO ISSUE REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $60,169,099 FOR THE RENTAL ASSISTANCE DEMONSTRATION AND SECTION 18 PROJECT WHEREAS, Home Forward is a public body corporate and politic of the State of Oregon and is empowered by ORS 456.005 to 456.235 (the “Act”) to issue revenue bonds for the purpose of financing housing projects; and WHEREAS, Home Forward intends to form one or more Oregon limited partnerships or limited liability companies of which Home Forward will be the sole general partner or managing member (the “Borrower”) finance the acquisition and rehabilitation some or all of approximately 25 apartment complexes located in the cities of Portland and Gresham, Oregon and containing approximately 1,306 units in the aggregate, which may be included in a Rental Assistance Demonstration (“RAD”) or Section 18 public housing conversion, all to provide housing for low-income persons (collectively, the “Project”), the estimated cost of which is not expected to exceed $192,373,200; and WHEREAS, Home Forward anticipates that the Borrower will request that Home Forward issue and sell its revenue bonds (the “Bonds”), in an aggregate amount not to exceed $60,169,099 pursuant to the Act to assist the Borrower in financing part of the costs of the Project; and WHEREAS, Home Forward desires to provide such assistance, if certain conditions are met; and WHEREAS, the use of the proceeds of the sale of the Bonds by the Borrower will permit the Borrower to finance the Project UTILIZING, AMONG OTHER SOURCES, Low Income Housing Tax Credits, thereby providing decent, safe, and sanitary housing for persons and families of lower income (as defined by Low Income Housing Tax Credit statutes and regulations) for a period of not less than 15 years and otherwise promoting the general health


41

4

and welfare of the inhabitants within the jurisdictional limits of Home Forward; and WHEREAS, Home Forward deems it necessary and advisable that it take such action as may be required under the Act to authorize and issue the Bonds in one or more series to finance part of the cost of the Project in a total amount not to exceed $60,169,099; and WHEREAS, this resolution seeks to satisfy the requirements of U.S. Treasury Regulations Section 1.103-8(a)(5) which requires that where expenditures for a tax-exempt facility are made before the issue date of bonds issued to provide financing for that facility, a bond issuer declare an official intent under U.S. Treasury Regulations Section 1.150-2 to reimburse any such expenditures from the proceeds of those bonds. NOW, THEREFORE, BE IT RESOLVED: 1. To assist in the financing of the Project, with the public benefits resulting therefrom, Home Forward declares its intention, subject to the conditions and terms set forth herein, to issue and sell its revenue bonds or other obligations (the “Bonds”) in a principal amount not to exceed $60,169,099, and to reimburse itself or the Borrower from proceeds of the Bonds for expenditures for the Project made by Home Forward or the Borrower before the issue date of the Bonds. 2. The proceeds of the Bonds will be used to assist in financing the Project, and may also be used to pay all or part of the costs incident to the authorization, sale, issuance and delivery of the Bonds. 3. The Bonds will be payable solely from sources specified by resolution of the Board of Commissions of Home Forward. The Bonds may be issued in one or more series, shall bear such rate or rates of interest payable at such times, shall mature at such time or times in such amount or amounts, shall have such security, and shall contain such other terms, conditions and covenants as shall later be provided by resolution of the Board of Commissioners of Home Forward. 4. The Bonds shall be issued subject to the conditions that (a) Home Forward, the Borrower and the purchaser of the Bonds shall have first agreed to mutually acceptable terms for the Bonds, sale, and delivery thereof, and mutually acceptable terms and conditions of the loan or other agreement for the Project, and (b) all governmental approvals, certifications, and findings required by laws applicable to the Bonds first shall have been obtained. The Executive Director of Home Forward or his or her designee is authorized to


42

5

seek an allocation of volume cap for the Bonds from the Private Activity Bond Committee of the Debt Management Division of the Oregon State Treasury. 5. For purposes of applicable U.S. Treasury Regulations, the Borrower is authorized to commence financing of the Project and advance such funds as may be necessary therefor, subject to reimbursement for all expenditures to the extent provided herein out of proceeds, if any, of the issue of Bonds authorized herein. 6. The adoption of this resolution does not constitute a guarantee that the Bonds will be issued or that the Project will be financed as described herein. The Board of Commissioners of Home Forward shall have the absolute right to rescind this resolution at any time if it determines in its sole judgment that the risks associated with the issuance of the Bonds are unacceptable. 7. It is intended that this resolution shall constitute a declaration of official intent to reimburse expenditures for the Project made before the issue date of the Bonds from proceeds of the Bonds, for the purposes of U.S. Treasury Regulations Sections 1.103-8(a)(5) and 1.150-2. 8. Any actions of Home Forward or its officers prior to the date hereof and consistent with the terms of this resolution are ratified and confirmed. 9. Any action required by this resolution to be taken by the Executive Director of Home Forward may in the absence of such person be taken by the duly authorized acting Executive Director of Home Forward. ADOPTED: JANUARY 17, 2017 Attest: Home Forward: Michael Buonocore, Secretary James M. Smith, Chair


43

CERTIFICATE




44

STAFF REPORTS


45

Contract # Amend # Contractor Contract Amount Description Dept. Execution Date Expiration Date

C1781 0 Bridge City Contracting $ 75,000.00 On-call painting services at HF-managed

properties, IRFB 11/16-318 Prop Mgmt 12/20/2016 11/28/2017

C1782 0 G&R Painting $ 75,000.00 On-call painting services at HF-managed properties, IRFB 11/16-318 Prop Mgmt 12/20/2016 11/28/2017

C1783 0 Pacific Paint Northwest $ 75,000.00 On-call painting services at HF-managed


C1784 0 Orcas Development $ 75,000.00 On-call painting services at HF-managed


C1785 0 The Strategic Group $ 75,000.00 On-call painting services at HF-managed


C1786 0 Apollo Drain & Rooter $ 50,000.00 On-call plumbing services at HF-managed


C1787 0Anytime Plumbing & Drain Cleaning

Services $ 50,000.00 On-call plumbing services at HF-managed


C1788 0 Allstars Plumbing $ 50,000.00 On-call plumbing services at HF-managed properties, IRFB 11/16-324 Prop Mgmt 12/20/2016 11/28/2017

C1794 0 Squires Electric, Inc. $ 50,000.00 On-call electrical services, IRFB 12/16-325 Prop Mgmt 12/20/2016 12/13/2017

Subtotal $ 575,000.00 9


C1763 0 D n D Yard Service $ 3,600.00 Landscaping Services at Gallagher Plaza Prop Mgmt 9/27/2016 9/30/2017

C1790 0 Sprague Pest Solutions $ 50,000.00 On-call bed bug treatment, IRFB 11/16-322 Prop Mgmt 12/20/2016 11/28/2017

C1791 0 Northwest Pest Control $ 50,000.00 On-call bed bug treatment, IRFB 11/16-322 Prop Mgmt 12/20/2016 11/28/2017

Subtotal 103,600.00$ 3


C1774 0 Gill Group, Inc. $ 50,000.00

Physical needs assessments and obsolescence justification of Section 18 properties - Dahlke, Holgate,

Schrunk, Williams, Medallion Apts, Ruth Haefner, Peaceful Villa, Tamarack Apts, and Dekum Ct, Direct

Appointment

DCR 11/1/2016 3/1/2017

Procurement & Contracts DepartmentMONTHLY CONTRACT REPORT

Contracts Approved 11/1/16 - 12/31/16

CONSTRUCTION & MAINTENANCE SERVICES

GOODS & SERVICES

PERSONAL SERVICES


46

C1775 0 Hahn & Associates, Inc. $ 11,000.00 Phase 2 Environmental Site Assessment,

Grand Avenue, Direct Appointment DCR 11/1/2016 3/1/2017

C1777 0Geotechnical

Resources, Inc. (GRI)

$ 15,500.00 Geotechnical Services at NE Grand, Direct Appointment DCR 11/15/2016 12/31/2019

C1778 0 EMG Corp $ 8,550.00 Update costs on physical needs assessments on

Dahlke, Holgate, Schrunk, Williams Plz, Medallion Apt, Ruth Haefner, Peaceful Villa, Tamarack Apts, and

Dekum Ct, Direct Appointment

DCR 11/15/2016 3/1/2017

C1779 0 Charter Construction, Inc. $ 3,875.00

Assist Morrison Hershfield Corporation with intrusive investigation and perform

exploratory opening at Fairview Woods Apartments

DCR 12/21/2016 4/1/2017

C1793 0Structure

Development Advisors, LLC

$ 99,000.00

Consulting Services to Advise Home Forward on 3 Development projects;

Framework, RAD conversion & Grand Avenue

DCR 12/23/2016 1/2/2018

Subtotal $ 187,925.00 6


C1706 1 Czopek Design Studio Inc. $ 800.00 Exterior Paint and Kitchen Finish Selections

for Harold Lee Village DCR 11/1/2016 7/31/2017

C1433 3 Lifeworks NW $ 48,356.28 Beech Street, Resident & Community

Service Coordinator. Annual renewal of contract position, Sole Source

Community Services 11/8/2016 7/31/2017

C1767 1 Pioneer Waterproofing $ 4,214.00 Medallion Apts Concrete Restoration DCR 11/8/2016 12/23/2016

T1509 2 Columbia West Engineering $ - On Call Special Inspection Services, IRFB

10/7-267, Extend 12/31/2017 DCR 12/1/2016 12/31/2017

T1505 2 Carlson Testing, Inc. $ - On Call Special Inspection Services, IRFB

10/7-267, Extend 12/31/2017 DCR 12/2/2016 12/31/2017

C1009 5Cascadia Behavioral Healthcare

$ 208,200.00 Case Management Services at Bud Clark Commons, RFP 05/11-130

Community Services 12/5/2016 6/30/2017

C1777 1Geotechnical

Resources, Inc. (GRI)

$ 5,000.00 Additional geotechnical services DCR 12/20/2016 12/31/2019

Subtotal $ 266,570.28 7


C1693 0 Portland Housing Bureau $ -

Partnership agreement with Portland Housing Bureau to monitor Davis Bacon

compliance on St. Francis Park LP project. Project funding includes PBS8V & HOME

DBS 12/29/2016 12/31/2017

H1454 6O'Neill/Walsh Community

Builders $ 125,678.00

SFPLP Contract for the St.Francis New Construction Development Project. Change

order No.6HFDE 11/1/2016 4/26/2017

H1454 7O'Neill/Walsh Community

Builders $ 71,653.00

SFPLP Contract for the St.Francis New Construction Development Project. Change

order No.7HFDE 11/22/2016 4/26/2017

Other Agreements (3rd Party contracts, MOU's, IGA's)

AMENDMENTS TO EXISTING CONTRACTS


47

H1680 1 Multivista $ 6,975.00 St. Francis Park photographic documentation adding webcam DCR 11/30/2016 6/30/2017

Subtotal $ 204,306.00 4

Total $ 1,337,401.28 29


48

HOUSEHOLDS SERVED REPORT


49

Public Housing Units Occupied *2,071 14%

Affordable Housing Units Occupied -HUD Multi-Family Project Based

Subsidized ^281 2%

Affordable Housing Units Occupied -Unassisted

1,837 12%

Special Needs Units (Master Leased) **269 2%

Special Needs Shelter Beds (Master Leased)

236 2%

Households Receiving Rent Assistance and Occupying Affordable Housing Units

1,598 11%

Households Occupying Affordable Unit/Receiving Shelter Plus Care

89 1%

Households Receiving Rent Assistance Only 7,494 51%

Households Receiving Short Term Rent Assistance Only

781 5%

Total Households Served: Rent Assistance and Occupied Housing Units December 2016

^ Consists of Grace Peck Terrace, Multnomah Manor, Plaza Townhomes, Rosenbaum Plaza, Unthank Plaza

Total Households Served 14,656

** Special Needs are physical units as occupancy levels that are not reported to Home Forward by service providers master leasing these properties.

* Includes Local Blended Subsidy

^^ Total Short Term Rent Assistance less the Households Occupying Affordable Units/Receiving Shelter Plus Care


51

Rent Assistance Vouchers - Home Forward Funded 9,092 7,647 1,445 Tenant Based Vouchers 01 - Tenant Based Vouchers5,685 5,685 Project Based Vouchers 02 - Project Based Vouchers1,314 1,314 Hi Rise Project Based Vouchers 648 648 Single Room Occupancy (SRO)/MODS 03 - SRO/MODs 499 499 Family Unification Program 90 90 Veterans Affairs Supportive Housing (VASH) 04 - VASH Vouchers 468 468 Rent Assistance - PORT IN From Other Jurisdiction 06 - Portability 388 388

Short Term Rent Assistance Programs 870 103 767 Shelter + Care 05 - Shelter Plus Care 453 453 Locally Funded Short Term Rent Assistance 314 314 Earl Boyles 3 3 MIF Funded Short Term Rent Assistance 43 43 Alder School 26 26 New Doors 4 4 Employment Opportunity Program 18 18 Work Systems Inc. - Agency Based Rent Assistance 11 9 9

Total Rent Assistance 9,962 7,750 2,212

Public Housing Units Occupied 2,071 2,071 - Traditional Public Housing units Occupied ### 1,300 1,300 Public Housing units Occupied - Local Blended Subsidy 13 172 172 Public Housing units Occupied - in Owned Affordable 14 - Public Housing in Affordable Owned64 64 Public Housing units Occupied - in Tax Credit Affordable 15 - Public Housing in Tax Credit Affordable535 535

Affordable Housing Units Occupied (excluding PH subsidized) 3,805 3,805 Affordable Housing Units - Tenant Based Vouchers 16 520 520 Affordable Housing Units - Shelter + Care 17 89 89 Affordable Housing Units - Project Based Vouchers 18 269 269 Affordable Housing Units - Hi Rise Project Based Vouchers 648 648

^ Affordable Housing Units - HUD Multi-Family Project Based 19 281 281 Affordable Housing Units - VASH Vouchers 20 126 126 Affordable Housing Units - Family Unification Program 21 6 6 Affordable Housing Units - Section 8 Port In 22 29 29 Affordable Housing Units - Unassisted 23 1,837 1,837

Special Needs 505 505 Special Needs Units (Master Leased) ** 269 269 Special Needs Shelter Beds (Master Leased) 236 236

Total Households Occupying Housing Units 6,381 2,071 4,310

Total Housing Supports Provided to Household 16,343 9,821 6,522 Household Occupying Affordable Unit/Receiving Home Forward Rent Assistance (1,598) (1,598) Households Occupying Affordable Unit/Receiving Shelter Plus Care (89) (89) Total Households Served 14,656 9,821 4,835

Notes: ̂

Consists of Grace Peck Terrace, Multnomah Manor, Plaza Townhomes, Rosenbaum Plaza, Unthank Plaza** Special Needs are physical units as occupancy levels that are not reported to Home Forward by service providers master leasing these properties.

Households ServedHouseholds Served Through Housing Supports December 2016

Rent Assistance

Subsidized Housing Units

Moving to Work Programs

All Programs Non-MTW Programs


50

DASHBOARD REPORT


52

Home Forward - Dashboard Report For December of 2016

Property Performance Measures

1 40 40 0 1 0 15 15 10 0 0 40Occupancy

Number of Physical Rentable Vacant OccupancyProperties Units Units Units Percentage Studio/SRO 1 Bdrm 2 Bdrm 3 Bdrm 4 Bdrm 5+ Bdrm Total

Public Housing 34 1,355 1,345 21 98.4% 77 667 342 259 10 0 1,355Public Housing Mixed Financed Owned * 2 65 65 1 100.0% 0 15 40 10 0 0 65Public Housing Mixed Finance Tax Credit * 10 681 681 7 99.0% 385 93 89 62 45 7 681

Total Public Housing 46 2,101 2,091 30 98.6% 462 775 471 331 55 7 2,101Affordable Owned with PBA subsidy 4 281 281 2 99.3% 72 191 12 6 0 0 281Affordable Owned without PBA subsidy 19 2070 2,070 18 99.1% 786 525 565 164 30 0 2,070

Total Affordable Owned Housing 23 2,351 2,351 20 99.1% 858 716 577 170 30 0 2,351Tax Credit Partnerships 17 2,225 2,225 14 99.4% 812 596 386 280 134 17 2,225

Total Affordable Housing 40 4,576 4,576 34 99.3% 1,670 1,312 963 450 164 17 4,576Eliminate Duplicated PH Properties/Units -12 -746 -746 -9 -385 -108 -129 -72 -45 -7 -746

Combined Total PH and AH 74 5,931 5,921 55 99.1% 1,747 1,979 1,305 709 174 17 5,931Special Needs (Master Leased) 32 269 269Special Needs (Shelter Beds) 2 236 236

Total with Special Needs 108 6,436 6426* property/unit counts also included in Affordable Housing Count

Financial 09/30/16Three months ending 6/30/2016

Public Housing $146.58 $282.40 $428.97 $326.58 $46.69 $55.71 32 1,328 2 27Affordable Owned $639.51 $180.40 $819.90 $405.01 $8.37 $406.52 22 2,289 1 62 15 2 6Tax Credit Partnerships $478.58 $65.48 $544.06 $338.44 $9.52 $196.11 17 2,225 0 0 13 0 5

Public Housing Demographics

# of % of Average Average Unit Adults no Family with Elderly DisabledPublic Housing Residents

0 to 10% MFI 503 24.5% 2.2 1.8 12.3% 12.2% 0.6% 6.8% 8.0% 10.3% 1.0% 0.4% 0.3% 4.4%11 to 20% 833 40.7% 1.9 1.5 30.0% 10.7% 10.0% 20.4% 11.6% 20.9% 1.8% 1.5% 0.5% 4.4%21 to 30% 374 18.3% 2.3 1.8 10.8% 7.4% 5.2% 5.9% 3.9% 10.4% 0.8% 0.9% 0.4% 1.9%51 to 80% 73 3.6% 2.9 2.2 1.4% 2.1% 0.2% 0.4% 1.5% 1.0% 0.0% 0.2% 0.0% 0.9%Over 80% 15 0.7% 3.6 2.5 0.3% 0.4% 0.1% 0.1% 0.4% 0.1% 0.0% 0.0% 0.0% 0.2%All 2,049 100.0% 2.1 1.7 60.9% 39.1% 19.2% 36.7% 29.2% 47.9% 4.0% 3.5% 1.5% 13.9%

Waiting List0 to 10% MFI 5,514 40.6% 1.9 1.5 1.9% 14.6% 13.2% 19.0% 1.9% 1.0% 0.6% 3.7% 1.4%11 to 20% 3,833 28.2% 2.1 1.6 3.0% 13.3% 9.0% 13.4% 1.3% 1.1% 0.4% 2.3% 0.7%21 to 30% 2,202 16.2% 2.3 1.7 2.3% 5.5% 5.0% 7.5% 0.7% 0.7% 0.3% 1.7% 0.4%31 to 50% 1,541 11.4% 2.6 1.9 1.3% 2.7% 3.4% 5.0% 0.4% 0.6% 0.2% 1.4% 0.3%51 to 80% 351 2.6% 2.6 1.9 0.2% 0.5% 0.8% 1.1% 0.1% 0.2% 0.1% 0.3% 0.1%Over 80% 135 1.0% 2.4 1.7 0.1% 0.3% 0.4% 0.3% 0.1% 0.1% 0.0% 0.1% 0.0%All 13,576 100.0% 2.1 1.7 8.8% 36.9% 31.7% 46.3% 4.4% 3.6% 1.5% 9.5% 3.0%

* Race and enthnicity are not required fields on the Waitlist Application in YardiOther Activity

#'s,days,hrsPublic Housing

Names pulled from Wait List 292Denials 21New rentals 15Vacates 15Evictions 3# of work orders received 1,570# of work orders completed 1,362Average days to respond 18.8# of work orders emergency 0Average response hrs (emergency) 15

SubsidyRevenue

Per Unit Per Month

# of Properties DCR Not

Applicable

# of Properties not meeting

DCR

Asian

Race % (head of household)

TotalRevenue

PropertyRevenue

Unit Mix

NOI# of Properties/units Positive Net Operating Income (NOI)

Black African American

WhiteNative

AmericanHispanic/ Latino

Hawaiian/ Pacific Islnd

Fiscal YTD ending 9/30/2016# of Properties meeting Debt

Coverage Ratio (DCR)

# of Properties/units Negative Net Operating Income (NOI)

HAP Management Fees (HMF)

% Family Type (head of household)Households

Operating Expensew/o HMF

1Home Forward Board of Commissioners January 2017

53


Rent Assistance Performance Measures

Utilization and Activity

Average HUD Subsidy Remaining Waiting List Voucher Average HUD SubsidyVouchers Vouchers Utilization Voucher Over(Under) Waiting List Names New Vouchers Vouchers Inspections Utilization Voucher Over(Under) New Vouchers Vouchers

Tenant Based Vouchers 7,042 6,573 93% $604 -$115,856 531 123 54 57 459 93% $624 -$154,602 300 245Project Based Vouchers 2,001 1,962 98% $629 $82,676 24 18 106 98% $639 $336,945 144 117SRO/Mod Vouchers 512 499 97% $451 13 12 113 97% $449 -$4,408 56 53

All Vouchers 9,555 9,034 95% $601 -$33,180 91 87 678 94% $618 $177,935 500 415

Demographics

Tenant Based Voucher Participants# of

Households

% of Househol

ds Average Family Size Average Unit SizeAdults no Children

Family with Children Elderly

Disabled Not Elderly

Black White Native Asian Hawaiian/ Hispanic

0 to 10% MFI 1,152 17.9% 2.1 1.9 9.2% 8.7% 0.7% 4.3% 7.5% 7.9% 0.7% 0.4% 0.1% 1.3%11 to 20% 2,571 40.0% 2.0 1.9 27.8% 12.1% 12.1% 16.9% 13.0% 20.5% 1.1% 3.0% 0.2% 2.2%21 to 30% 1,542 24.0% 2.3 2.0 14.6% 9.4% 7.8% 8.5% 7.2% 13.6% 0.5% 1.4% 0.1% 1.2%31 to 50% 1,021 15.9% 2.9 2.3 6.3% 9.5% 3.1% 3.9% 6.5% 7.3% 0.3% 0.6% 0.1% 1.0%51 to 80% 137 2.1% 3.4 2.8 0.7% 1.5% 0.2% 0.2% 1.1% 0.9% 0.1% 0.0% 0.0% 0.1%Over 80% 5 0.1% 4.2 3.4 0.0% 0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%All 6,428 100.0% 2.2 2.0 58.6% 41.4% 23.9% 33.8% 35.4% 50.2% 2.6% 5.4% 0.5% 5.8%

Project Based Voucher Participants# of

Households

% of Househol

ds Average Family Size Average Unit SizeAdults no Children

Family with Children Elderly

Disabled Not Elderly

Black White Native Asian Hawaiian/ Hispanic

0 to 10% MFI 540 27.4% 1.5 1.3 21.0% 6.4% 1.5% 9.8% 4.9% 17.8% 1.1% 0.3% 0.5% 2.8%11 to 20% 779 39.5% 1.7 1.4 32.9% 6.6% 13.2% 18.6% 8.0% 26.1% 1.1% 1.1% 0.1% 3.1%21 to 30% 450 22.8% 1.7 1.4 18.8% 4.0% 10.1% 8.3% 3.2% 16.7% 0.6% 0.7% 0.3% 1.4%31 to 50% 185 9.4% 2.5 1.8 5.3% 4.1% 3.0% 2.2% 1.6% 6.1% 0.3% 0.2% 0.1% 1.1%51 to 80% 15 0.8% 2.9 2.1 0.4% 0.4% 0.1% 0.1% 0.2% 0.4% 0.0% 0.0% 0.0% 0.1%Over 80% 1 0.1% 3.0 2.0 0.0% 0.1% 0.0% 0.0% 0.0% 0.1% 0.0% 0.0% 0.0% 0.0%All 1,970 100.0% 1.7 1.4 78.4% 21.6% 27.8% 39.0% 18.0% 67.1% 3.1% 2.2% 1.0% 8.5%

Waiting List Not Reported0 to 10% MFI 245 46.1% 1.8 0.9% 7.5% 19.2% 20.3% 1.3% 2.0% 0.3% 2.2% 0.8%11 to 20% 140 26.4% 2.5 1.9% 8.1% 8.8% 12.2% 1.2% 0.8% 0.2% 2.4% 0.8%21 to 30% 70 13.2% 2.6 2.4% 2.8% 3.5% 7.1% 0.2% 0.6% 0.0% 1.3% 0.6%31 to 50% 55 10.4% 2.7 0.9% 1.5% 3.5% 4.7% 0.3% 0.5% 0.6% 0.8% 0.0%51 to 80% 13 2.4% 3.0 0.2% 0.2% 1.2% 0.9% 0.0% 0.0% 0.0% 0.3% 0.0%Over 80% 8 1.5% 2.4 0.2% 0.4% 0.2% 0.9% 0.0% 0.2% 0.0% 0.2% 0.0%All 531 100.0% 2.2 6.6% 20.5% 36.3% 46.2% 3.0% 4.0% 1.1% 7.2% 2.1%

Short Term Rent Assistance

Shelter Plus Care 453 $344,787 761Short Term Rent Assistance 417 $294,243 706

Resident Services

Resident ProgramsHouseholds

Served/Participants

Congregate Housing Services Public Housing 113 $71,285 $631* as of previous month

Increased Housing Stability

Increased Self-Reliance

Increased Sense of Community

# Interventions regarding lease violations

# of appointments assisting residents to connect and

# of events# event attendees

Resident Services Coordination Public Housing 75 830 278 3720

Three months ending 6/30/2016GOALS Program Public Housing 182 $272,798 4 0 $5,500 13 $0 $933

Section 8 258 $519,074 1 0 $642 2 $4,304 $1,894

Terminations or Exits

Escrow $ Forfeited

Households Race % (head of household)

Current Month Activity

Avg Annual Earned Income Increase Over

Last Year

% Family Type (head of household)

Current Month Status

Housing Program Served

Average Funds per Participant

Monthly Funding Amount

Average Cost per Household

# of Households Participating

$ Amount of

Assistanc

Calendar Year To Date

Race % (head of household)

# of Participa

nts

Escrow $ Held

# of Graduates

NewEnrollees

Escrow $ Disbursed

Households % Family Type (head of household)


54


Agency Financial Summary

Six months ending 9/30/16

7702623 42758404.82 39159856.85

Subsidy Revenue ######## $43,521,063 $44,111,161 ($590,098)

Grant Revenue $875,284 $6,562,783 $6,361,411 $201,372

Property Related Income ######## $8,240,188 $9,192,423 ($952,235)

Development Fee Revenue $0 $6,289,241 $2,692,828 $3,596,414Other Revenue $407,100 $2,924,237 $3,720,333 ($796,096)

Total Revenue ######## $67,537,513 $66,078,155 $1,459,358

Housing Assistance Payments ######## $36,302,642 $40,023,812 ($3,721,170)

Operating Expense ######## $20,839,530 $21,802,033 ($962,503)Depreciation $716,404 $4,283,119 $4,412,503 ($129,384)

Total Expense ######## $61,425,291 $66,238,349 ($4,813,057)

Operating Income $811,642 $6,112,221 -$160,194 $6,272,415

Other Income(Expense) ######## $539,790 $4,948,905 ($4,409,115)Capital Contributions $98,367 $610,760 $1,218,497 ($607,737)

Increase(Decrease) Net Assets ######## $434,580,591 $392,026,592 $42,553,999

Total Assets ######## $211,706,378 $201,773,534 $9,932,844

Liquidity Reserves ######## $22,487,305 $18,903,659 $3,583,646

Development/Community Revitalization

New Development / Revitalization Construction Construction Current Total Cost PerUnits Start End Phase Cost Unit

St. Francis Park 106 Mar-16 May-17 Construction $23,250,483 $219,344

Capital ImprovementHighrise Rehab - Group 1 343 Apr-15 Oct-16 Construction $57,643,336 $168,056

Gallagher 85Northwest Tower 258

Highrise Rehab - Group 2 396 Apr-15 Sep-16 Construction $66,078,085 $166,864Sellwood 110

Hollywood East 286Eliot Square Brick Repair N/A Dec-15 Sep-16 Construction $153,000 N/AMaple Mallory Brick Repair N/A Dec-15 Sep-16 Construction $287,000 N/AHarold Lee Comprehensive Rehab N/A May-16 Dec-16 Pre-Construction $1,800,000 N/AFloresta Roof Replacement N/A Jun-16 Sep-16 Construction $250,000 N/AHolgate Plumbing Repairs N/A Aug-16 Oct-16 Construction $280,000 N/AFairview Oaks Comprehensive Rehab N/A Aug-15 Mar-17 Construction $5,100,000 N/AHamilton West Window Replacement N/A Jul-16 Oct-16 Construction $502,075 N/A

Prior YTDIncrease

(Decrease)Month Fiscal Year to Date


55

Documents

Board of Commissioners Meeting - Home Forward … · Commissioners January Meeting The Board of Commissioners of Home Forward will meet on Tuesday, January 17, 2017 at the Multnomah