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BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
MAY 9, 2016 2:30 PM
4800 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. We also seek to create a sense of community strength and spirit that supports
resident efforts to realize success in their lives.
AGENDA
I. Call to order and Determination of a Quorum 2:30
II. Public Participation **
III. Meeting Opening and Approval of the Agenda and Consent Agenda
1. Minutes from April 4, 2016 Board of Commissioners meeting
2. Minutes from April 28, 2016 Special Meeting of the Board of Commissioners
IV. Board Development: Project Based Vouchers in a LIHTC Project 2:45
V. Action/Discussion Agenda 3:15
1. Board Business
a. Board Announcements
b. Outreach Committee Report
c. Matters from the Executive Director
i. Proposal to Add an IT Manager Position
ii. Conflict of Interest Policy Next Steps
iii. Open Meetings Provisions
iv. Sales Tax Exemption Clarification
v. Successful NAHRO, MTW and Bringing School Home Meetings
2. Operations and Finance 3:45
a. Finance Committee Report
b. Bringing School Home-cost to BHP
c. MTW Funding for Development Projects
i. Board Action: Approval of Resolution #7: Committing MTW Reserves
d. March 2016 Financial Summary
e. Preference for Homeless Transitional Housing Graduates
3. Development 4:00
a. Development Committee Report
4. Resident Services 4:15
a. RRC Report
b. Resident Services Update
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VIII. Update and Information Items
1. Palo Park
2. Hayden Place
3. 3480 Hayden Place Request for Proposals
4. Mount Calvary Lutheran Church
5. State Tax Exemption
6. Project Renovate
7. City, State and Federal Issues Summary
X. Closing Matters and Wrap Up
XI. Adjourn 5:00
** 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 maximum of 3 minutes.
2
Please note, the numbering of the following items corresponds to the Board meeting
agenda
III. CONSENT ITEMS
1. Minutes from the Board of Commissioners Meeting, 4-9-2016
2. Ratification of the Special Meeting of the Board, 4-28-2016
Attachments:
Minutes from 4-4-2016
Minutes from 4-28-2016
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BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
APRIL 4, 2016 2:30 PM
BHP OFFICE, 4800 N. BROADWAY, BOULDER COLORADO
Commissioner Klerman Betsey Martens Public:
Commissioner McCord
Commissioner Ruzzin
Commissioner Soraci
Commissioner Hagerty
Commissioner Harris
Commissioner Griffin
Commissioner Levy
Commissioner Shoemaker-absent)
Penny Hannegan
Rene Brodeur
Jim Koczela
Jeremy Durham
Sue Bohline
I. Call to order and Determination of a Quorum
Commissioner Klerman called the regular meeting of the Board of Commissioners to order at
2:30 pm. A quorum was declared.
II. Oath of Office
Commissioner Klerman administered the Oath of Office for Claire Levy and Nikki McCord as
new mayoral appointees to the Board of Commissioners. Both Ms. Levy and Ms. McCord have
been appointed for a five year term. The Board welcomed them both to the Board of
Commissioners.
III. Public Participation
There was no public participation.
IV. Approval of the Meeting Agenda and Consent Agenda
Consent agenda items approved:
1. Minutes from March 7, 2016
2. Resolution #5: Revised Housing Choice Administrative Plan
Commissioner Klerman called for an Executive Session at the end of the meeting per Colorado
Statues CRS-24-402 (4)(a) and (4)(f)to discuss Real Estate and Personnel Matters.
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COMMISSIONER MCCORD MADE A MOTION TO RECESS INTO EXECUTIVE
SESSION AT THE END OF THE MEETING PER COLORADO STATUTE C.R.S. 24-6-
402 (4)(a) and 4(F)TO DISCUSS REAL ESTATE AND PERSONNEL MATTERS.
COMMISSIONER GRIFFIN SECONDED THE MOTION. The motion passed
unanimously.
COMMISSIONER HARRIS MOVED TO APPROVE THE MEETING AND CONSENT
AGENDA INCLUDING RESOLUTION #5: THE REVISED HOUSING CHOICE
ADMINISTRATIVE PLAN. COMMISSIONER RUZZIN SECONDED THE MOTION.
The motion passed unanimously.
V. Board Development: Low Income Tax Credit’s 101
Jim gave an introduction to Low Income Housing Tax Credit (LIHTC) financing tool for
construction of new affordable housing units.
VI. Action and Discussion Agenda
1. Board Business
Board Announcements
The Conflict of Interest update discussion is scheduled for April 27 from 3:00-5:00pm.
The annual Board Tour of Properties is scheduled for Monday, May 9 from 12:00-2:30. The
focus of the tour will be the Project Renovate properties.
Outreach Committee Report
Commissioner Ruzzin reporting for the Outreach Committee stated that the Outreach Committee
had not met prior to the Board meeting but would be meeting on April 5 and report their activity
and progress at the May Board meeting.
Matters from the Executive Director
Betsey clarified the four work plan items that staff proposed be amended in the 2016 Work Plan.
The Board discussed the possible methods for notifying the public about upcoming
Commissioner Meetings. They confirmed the following:
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1. Adding a recording to the BHP phone line with a list of meeting dates and times
2. Posting the monthly meeting agenda on the News page of the website
3. Continuing to post the agenda in the BHP office lobby
4. Continuing to post the meeting packet on the website
5. Targeted advertisement in the Daily Camera for Public Hearings
6. Holding Public Hearings at 5:00 PM
COMMISSIONER HAGERTY MOVED TO APPROVE THE REVISED MEETING
NOTIFICATION PROCEEDURES. COMMISSIONER GRIFFIN SECONDED THE
MOTION. The motion passed unanimously.
2. Management and Finance
Finance Committee Report
Commissioner Klerman reporting for the Finance Committee stated that the Committee had met
and discussed year to date financials through February.
February 2016 Financial Summary
Jim gave an overview of the February 2016 financial statements.
GASB 67 & 68
Jim explained the new GASB accounting rules pertaining to BHP’s PERA contributions.
3. Development
Development Committee Report
Jeremy gave an update from the Development Committee meeting. The meeting focused on four
main real estate topics. The two new ad-hoc members, Phil Lawrence and Bob Yates were in
attendance and brought important perspectives.
Palo Park: Resolution #6: Bond Inducement for Issuing Private Activity Bonds
Jeremy and Lauren reported they had submitted the Palo Park Community project for site review
and hope to have the project presented at the Planning Board meeting at the end of May.
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Lauren explained the Bond Inducement Resolution and the use of up to $9 million of BHP’s $39
million bond allocation for the Palo Park Community project.
COMMISSIONER HARRIS MOVED TO APPROVE RESOLUTION #6: ALLOWING
FOR THE ISSUANCE OF PRIVATE ACTIVITY BONDS TO BE USED TO FINANCE
THE PALO PARK PROJECT. COMMISSIONER GRIFFIN SECONDED THE
MOTION. The motion passed unanimously.
Sales Tax Update
Jeremy gave an update about progress at the state legislature for the Sales Tax Exemption
Bill.
4. Resident Services
Resident Representative Committee Report
Commissioner Griffin reporting for the RRC stated that the RRC had donated $1,000 to the Oak
“I Have a Dream” class. The RRC has elected Robin Chavez as treasurer. Mary Green, BHP’s
AmeriCorps Vista will also be helping with the accounting. The RRC has been discussing
Community garden space at BHP sites with particular interest at Red Oak Park. Commissioner
Griffin indicated that a volunteer, Barbara Habor is continuing to work on creating a Little Free
Library for the Red Oak Park community.
VII. Executive Session per Colorado Statute C.R.S. 24-6-402(4)(a)(f) to discuss Real
Estate and Personnel matters.
COMMISSIONER MCCORD MOVED TO RECESS INTO EXECUTIVE SESSION PER
COLORADO STATUTE C.R.S. 24-6-402(4)(a)(f) TO DISCUSS REAL ESTATE AND
PERSONNEL MATTERS. COMMISSIONER SORACI SECONDED THE MOTION.
The motion passed unanimously.
The Board recessed at 4:40 pm into Executive Session as per Colorado Statue C.R.S. 26-6-
402(4)(a)(f) to discuss Real Estate and Personnel Matters.
The Board met in executive session for about one hour at which time the only matters discussed
were those related to real estate and personnel matters.
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COMMISSIONER HARRIS MADE A MOTION TO ADJOURN THE EXECUTIVE
SESSION OF THE BOARD OF COMMISSIONERS. COMMISSIONER GRIFFIN
SECONDED THE MOTION. The motion passed unanimously.
The Board returned to regular session at 5:35 pm
VIII. Closing Matters
Executive Director Performance Review
Based on an additional independent market analysis conducted to review ED salaries at other
housing authorities similar in terms of mission, size, complexity and talent, the Personnel
Committee recommended an adjustment to the current Executive Director’s salary range.
COMMISSIONER HARRIS MADE A MOTION TO ADJUST THE EXECUTIVE
DIRECTOR’S SALARY RANGE TO BETTER REFLECT MARKET CONDITIONS
AND ADJUST THE EXECUTIVE DIRECTOR’S SALARY PER BHP COMPENSATION
POLICY. COMMISSIONER GRIFFIN SECONDED THE MOTION. The motion passed
unanimously.
In the future, the Personnel Committee will review Betsey’s contract by December 31 and will
complete her performance review in January with the annual board evaluation completed at the
February Board meeting.
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VIII. Adjourn
COMMISSIONER HAGERTY MADE A MOTION TO ADJOURN THE REGULAR
MEETING OF THE BOARD OF COMMISSIONERS. COMMISSIONER SORACI
SECONDED THE MOTION. The motion passed unanimously.
The regular session of the Board of Commissioners adjourned at 5:40pm
Seal
DATE: 04/04/16
KAREN KLERMAN, CHAIR
Boulder Housing Partners
BETSEY MARTENS
Executive Director
Penny Hannegan
Recording Secretary
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BOULDER HOUSING PARTNERS
SPECIAL MEETING OF THE BOARD OF COMMISSIONERS
APRIL 28, 2016 8:30 AM
BHP OFFICE, 4800 N. BROADWAY, BOULDER COLORADO
Commissioner Klerman(phone) Betsey Martens Public:
Commissioner Soraci(phone)
Commissioner McCord(absent)
Commissioner Ruzzin(phone
Commissioner Harris(phone)
Commissioner Griffin(absent)
Jim Koczela
Dani Vachon
Penny Hannegan
No Public in
Attendance
Commissioner Hagerty(absent)
Commissioner Levy(phone)
Commissioner
Shoemaker(absent)
I. Call to order and Determination of a Quorum
Commissioner Klerman called the special meeting of the Board of Commissioners to order at
8:30 am. A quorum was declared.
II. Public Participation
There was no public participation.
III. Approval of the Meeting Agenda and Consent Agenda
1. Motion to adjourn into Executive Session per Colorado Statue CRS-24-402 (4)(a) to
discuss Real Estate matters.
COMMISSIONER LEVY MOVED TO RECESS INTO EXECUTIVE SESSION PER
COLORADO STATUTE C.R.S. 24-6-402(4)(a) TO DISCUSS REAL ESTATE MATTERS.
COMMISSIONER HARRIS SECONDED THE MOTION. The motion passed
unanimously.
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The Board recessed at 8:40 am into Executive Session as per Colorado Statue C.R.S. 26-6-
402(4)(a) to discuss Real Estate Matters.
The Board met in executive session for about twenty minutes at which time the only matters
discussed were those related to real estate matters.
COMMISSIONER KLERMAN MADE A MOTION TO ADJOURN THE EXECUTIVE
SESSION OF THE BOARD OF COMMISSIONERS. COMMISSIONER HARRIS
SECONDED THE MOTION. The motion passed unanimously.
The Board returned to regular session at 8:50 am
VIII. Closing Matters
COMMISSIONER HARRIS MADE A MOTION TO AUTHORIZE BETSEY TO SIGN A
LETTER OF INTENT AS DISCUSSED IN EXECUTIVE SESSION ON APRIL 28, 2016.
COMMISSIONER LEVY SECONDED THE MOTION. The motion passed unanimously.
IX. Adjourn
COMMISSIONER KLERMAN MADE A MOTION TO ADJOURN THE SPECIAL
MEETING OF THE BOARD OF COMMISSIONERS. COMMISSIONER HARRIS
SECONDED THE MOTION. The motion passed unanimously.
The special session of the Board of Commissioners adjourned at 9:00 am
Seal
DATE: 4/28/16
KAREN KLERMAN, CHAIR
Boulder Housing Partners
BETSEY MARTENS
Executive Director
Penny Hannegan
Recording Secretary
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V. ACTION/DISCUSSION AGENDA
1. ACTION/DISCUSSION AGENDA: BOARD BUSINESS
a. Board Announcements
b. Outreach Committee Report
c. Board Development
As our Board Development topic this month, Jim will be continuing last month’s
presentation about the Low Income Housing Tax Credit (LIHTC) and this month
demonstrating how, and why, we pair the tax credit with a Project Based Voucher. Project
Renovate will be the example. He’ll also review the differences between RAD vs Section
18 vouchers.
d. Matters from the Executive Director
1. Proposal to Add an IT Manager Position
Two key employees who manage BHP’s office systems have recently announced plans to
leave the organization. Our Office Manager is retiring at the end of 2016 and our Software
Application Specialist (SAS) is pursuing a new opportunity. We are taking this opportunity
to reevaluate our overall approach to IT. As we analyzed the projects that were most
difficult in 2016, all of them had a diagnosis related to the absence of integrated technology
management. We are asking the Board to consider the addition of an Information
Technology Manager which would be the addition of an FTE in the 2016 budget. Below
you will find additional background and a more detailed rationale for this addition.
Background
The office manager is currently responsible for all hardware including servers, desktop
computers, laptops, office and cell phones, tablets and networks, desktop software, remote
office setup and maintenance, printers and Wi-Fi. Much of the technical aspects of this
work, including managing the network setup, server maintenance, backup and system
security are outsourced to a contractor, Klein Design. The office manager manages the IT
contract. In addition to the work by Klein, one Administrative Assistant is dedicated to IT
support. The office manager reports to Penny.
Our enterprise software system, Yardi is managed by a software application specialist
(SAS) who supervises the Assistant SAS. This work includes system administration, user
management, evaluation of business requirements for new modules and custom
development. More recently, this position has taken on the evaluation of any new
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operational software products considered by BHP to determine upfront what interface with
Yardi might be necessary if it is even possible. The SAS position reports to Jim.
Proposal
Our proposal is to combine the IT function which is currently spread between the Admin
and Finance departments into one team that would include the SAS, the Assistant SAS, the
IT Administrative Assistant and a new FTE position of Information Technology Manager.
We can no longer continue to have this responsibility within the Office Manager position as
it has grown too demanding, and requires the technical expertise, analysis and strategic
planning outside of this position’s purview. In addition to centralizing decision-making,
and supervision of our technology, the IT Manager position will bring several strategic
benefits:
Coordinate and plan our growth of community centers and property-based offices;
Allow for better coordination of our long term IT strategy and future growth;
Assure that our staff are working without system disruption, particularly in the
remote offices;
Assure that our staff are maximizing their use of current technology and analyze
and advocate for new and emerging technologies;
Provide some cross training for other IT staff in order to reduce our exposure to the
departure of one critical person.
Allow for the development of consistent management practices for resolving issues.
Allow for integrated approach between system hardware requirements, Yardi
interfaces and business needs when reviewing new software products
Budget Impact
While a position with the necessary technical expertise would likely require a salary in the
$80-90K range there may be some potential savings in the contract with our third party
contractor if we could bring some of that expertise in-house. We currently pay Klein
Design approximately $28,000 per year. There would also be potential savings in the
salary required for the office manager position. Jim has confirmed that BHP will have
additional revenue to offset the additional cost of this position in 2016.
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2. Conflict of Interest Policy Next Steps
We were not able to generate threshold attendance at the proposed special meeting to
discuss the conflict of interest policy revisions. Instead, we will schedule a full Board
discussion at the June meeting. We’re attaching a copy of the draft proposal. Please review
it prior to the June meeting and send Betsey your questions so that we can be prepared to 1)
answer them fully, and 2) organize the discussion around your primary questions.
Attachments:
Draft Ethical Standard of Conduct Policy
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Page 1 of 9
BOULDER HOUSING PARTNERS
ETHICAL STANDARDS OF CONDUCT POLICY
I. STATEMENT OF PURPOSE AND APPLICATION
The purpose of this Ethical Standards of Conduct Policy (“Policy”) is to A) establish
ethical requirements and standards of conduct for current and former Boulder Housing
Partners (BHP) employees and Board Members; B) to encourage BHP Board Members
and employees to maintain the highest standard of conduct to justify the public trust that
they enjoy; and C) foster public trust by defining standards of honest government and
prohibiting the use of their position with BHP for private gain.
This policy shall be applied so as to avoid the appearance, or actual occurrence of,
any favoritism or special treatment toward any Board Member, employee, applicant,
resident, or vendor, having business, or dealings of any kind, with Boulder Housing
Partners.
BHP is a housing authority established and governed by the Colorado State housing
law, Colorado Revised Statutes (CRS) Title 29, Article 4, including Section CRS 29-4-
207 -- Interested commissioners or employees. Furthermore, as a housing authority
created under State law, BHP is also governed by CRS 24-18-101 -- Code of Ethics, in
general and as it relates to BHP Board Members specifically under CRS 24-18-108.5 --
Rules of Conduct for members of boards and commissions. Such statutory requirements
are made a part of this Policy.
Furthermore, BHP from time-to-time enters into contracts and agreements with the
U.S. Department of Housing and Urban Development to develop, acquire, and manage
certain housing. When such contracts are Annual Contribution Contracts, they contain
specific conflict of interest requirements (See Appendix A, entitled Section 19 - Conflict
of Interest, HUD Annual Contributions Contract, Form HUD-53012A). These
requirements also are made part of this Policy and they shall apply when the nature of the
activity, action, interests, or decision-making of a BHP Board Member or employee
involves properties and/or activities covered by such Annual Contribution Contracts.
BHP may from time-to-time also enter into other contracts and agreements that
impose other statutory or contractual standards of conduct. When such provisions apply
to a BHP Board Member or employee, they too shall be adhered to.
BHP in establishing its Ethical Standards of Conduct Policy has also considered and
attempted to reflect, where it has determined appropriate, the local standards of the City
of Boulder.
When there is a conflict between these various applicable requirements (including
those stated below) the most stringent and strict requirements shall apply.
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Page 2 of 9
II. SERVING BHP INTERESTS
The purpose of BHP is to serve the interests of BHP and the general population that it
serves and not the personal interests of Board Members, employees or the individual
interests of elected or appointed officials. All Board Members and employees have a
fiduciary responsibility to take actions and do what is in the best interest of BHP.
III. DEFINITIONS
Immediate Family Member shall mean a spouse, domestic partner, partner in a
civil union, child, and whether related directly or through adoption or marriage, a child,
parent, brother or sister.
Interest shall mean a benefit or anything of value accruing directly or indirectly to a
Board Member or employee. A Board Member or employee is deemed to have an
Interest if any of the following have an Interest:
(1) An Immediate Family Member;
(2) Any person or business entity with whom a contractual relationship exists with
the Board Member or employee;
(3) Any business entity in which the Board Member or employee is an officer or
director; or
(4) Any business entity in which the Board Member or employee has a stock, legal
ownership, or beneficial ownership of at least five percent of the total stock or
total legal and beneficial ownership, or which is controlled or owned directly or
indirectly by the Board Member or employee.
A benefit or interest shall not include any situation in which the Board Member,
employee, or family member has only a Remote Interest. A benefit does not include
things that affect the entire membership of a significant class or a significant
segment of the community in a similar manner as the affected Board Member or
employee.
Not Participating in a decision, selection, award or administration of a contract
shall mean not discussing the matter in or outside meetings, not being physically present
for any discussions and neither voting on nor being present for a vote. Furthermore, it
means not using a BHP position to influence in any way a decision in which the Board
Member or employee has a personal interest.
Remote Interest shall mean any interest which is incidental to a contract or
transaction and shall include:
(1) A position as a non-salaried director, officer or employee of a non-profit
corporation or organization;
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Page 3 of 9
(2) Less than five percent of the total stock or total legal and beneficial ownership in
a business entity;
(3) A position of employment held by a Board Member, employee or a family
member which is not a director, officer, manager or supervisor in a business
entity;
(4) A position of employment held by a Board Member, employee or a family
member which does not directly exercise decision making authority affecting a
contract or transaction; or
(5) A position in a representative capacity such as a receiver, trustee or
administrator.
IV. WAIVERS
The Policy is intended to apply in all cases. However, in rare and unique
circumstances, and only in those cases where it is expressly authorized in this Policy, a
special waiver of particular requirement can be considered and approved by the BHP
Board. In the case of this particular Policy, this waiver may occur only if (1) Board
Members with personal direct or indirect interests abstain from and are not present for
both the Board’s deliberations and decision, (2) full and complete public disclosure of a
waiver request occurs before, during, and after a vote, (3) a two-thirds (2/3) favorable
vote of all Board Members appointed is obtained and (4) the waived Policy provision is
not required by federal, state, or local law. Some waivers will require concurrence and
approval by HUD. If the Board is unsure as to which provisions are required by federal,
state or local law, they shall consult with legal counsel.
V. REQUIREMENTS
A. PROHIBITED ACTS.
1. No Board Member or employee shall solicit, receive or accept anything of value
in exchange for performing or refraining from performing any act associated with the
Board Member’s or employee's position with BHP. See also, Section VI “Gifts and
Donations,” below.
2. No Board Member or employee shall use his or her position with BHP for
financial gain. For employees, financial gain does not include regular salary and benefits.
3. No Board Member or employee shall use or disclose confidential information
obtained as a result of holding his or her position. See also, Section VII “Confidentiality
and Privileged Information,” below.
4. No Board Member or employee of BHP shall acquire any Interest in any project
or in any property included or planned to be included in any project, nor shall they have
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Page 4 of 9
any Interest in any contract or proposed contract for materials or services to be furnished
or used in connection with any project. If any Board Member or employee of BHP owns
or controls an Interest in any property included or planned to be included in any project,
they shall immediately disclose the same in writing to BHP, and such disclosure shall be
entered upon the minutes of the BHP Board. Failure to so disclose such interest shall
constitute misconduct in office.
5. No Board Member or employee shall appoint, hire, or advocate for the
appointment or hiring by BHP any person who is his or her relative. In the event that an
employee is concerned that the employee's decision to appoint, hire or advocate for the
appointment or hiring by BHP a person who is the employee's relative may cause an
appearance of violating this Policy, the employee may request that the Executive Director
make such decision on the employee's behalf. Board Members may request the remaining
un-conflicted Board Members to make such an appointment or hiring decision on their
behalf.
B. CONFLICTS OF INTEREST ARISING BEFORE, DURING, AND
AFTER POSITION AT BHP.
The duties and responsibilities of Board Members and employees are to act in the
best interest of BHP. These duties are not to conflict with personal interests of Board
Members or employees nor shall there be the appearance of any such conflicts of interest.
1. Board Members. BHP Board Members are prohibited from entering into,
proposing or acquiring a contract, subcontract, or Interest, in any BHP project or activity.
Former Board Members are prohibited for a period of twelve (12) months after their
tenure on the Board from employment, acquiring a contract, or an Interest, in any BHP
project or activity. This requirement may be waived in rare and unique cases, but only
after compliance with the provisions of Section III hereof.
2. Employees. BHP employees are prohibited from entering into, proposing or
acquiring a contract, subcontract, or other Interest, in any BHP project or activity.
Employees who have such Interests prior to being hired must divest themselves of those
Interests in order to be hired, except in the case of an employee who has a Remote
Interest, a membership, or is a non-employee Board Member of a community based not-
for-profit entity.
Former employees are prohibited for a period of twelve (12) months after termination of
their employment from having a contract or Interest, in any BHP project or activity in
which the former employee either (A) had a substantial involvement in BHP procuring or
awarding that contract, project or activity or, (B) was a senior official of BHP
administering that contract, project or activity. This latter requirement may be waived by
the Executive Director in rare and unique circumstances but only after full and public
disclosure and a determination that this interest is not obtained because of non-public
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information obtained because of the prior employment.
3. Award and Administration of Contracts. No employee or Board Member shall
participate in a decision, selection, award, administration of a contract or a BHP
determination if in fact or by appearance the Board Member or employee, has a contract
or Interest, in that BHP project or activity. In addition, to other disclosure requirements
contained elsewhere in this Policy, Board Members, employees, and the BHP Board shall
strive to openly and publicly disclose these Interests whenever there is even merely a
question of a conflict of interest and no matter whether it is permitted, restricted or
prohibited.
4. Disclosure and Recusal Procedure. It is important in addressing all Board
Member and employee conflicts of interests for all BHP Board Members and employees
to disclose to the public, as well as to BHP, their Interest, in any BHP project or activity.
(a) An employee or Board Member with an Interest prohibited by this Policy shall
give written notice of such Interest to the BHP Board and Executive Director as soon
as reasonably possible after the Interest has arisen. However, no written notice is
required if such person discloses the conflict of interest on the record of a public
meeting of the BHP Board. The interested employee or Board Member shall
thereafter:
(1) Refrain from voting upon or otherwise acting in an official capacity in such
transaction;
(2) Physically absent himself or herself from the room in which a matter related
to such transaction is being considered; and
(3) Not discuss any matter related to such transaction with any other member of
the council, board, commission, task force or similar body of which the person is
a member.
(b) Recusal by the BHP Board: The BHP Board may order recusal of one of its
members if that member has an obligation to do so under this Policy and has failed to
do so. Such an order is valid if reached after majority vote of the members of the
Board, not including the member whose recusal is sought, based on competent
evidence.
5. Program Participants. Nothing in this Policy shall prohibit a BHP program
participant, who is a Board Member or employee from fully participating in BHP
activities and decision making so long as those activities and that decision making is not
particular and unique to their unit, application, contract or BHP activity.
6. Prior Employment and Change in Employment.
(a) Prior Employment: No person shall be disqualified from service with BHP as a
Board Member or employee solely because of his or her prior employment. Board
Members and employees shall not take any action with respect to their former employers
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for a period of six months from the date of termination of the prior employment if such
action involves an exercise of discretion by the Board Member or employee and provides
direct benefit to the prior employer, including but not limited to a contract, lease,
employment or regulatory approval.
(b) Disclosure by Board Members: Board Members shall report any change in their
employment status that could give rise to a conflict of interest under this Policy.
VI. GIFTS AND DONATIONS
A. GIFTS. BHP Board Members, employees, agents, grantee’s or grantee’s officers
or employees will not solicit, nor accept, anything deemed by this Policy to have a
significant monetary value from contractors, potential contractors, or parties to
agreements. This includes gifts and gratuities.
(1) No Board Member or employee or Immediate Family Member of a Board
Member or employee shall accept anything of value including, without limitation, a gift,
a favor, a discount or a promise of future employment from anyone that is known to have
or to be likely to have a transactional, business, or regulatory relationship with BHP.
(2) Exceptions and Items not Considered Gifts: The following shall not be considered
gifts for purposes of this section, and it shall not be a violation of this chapter for a person
to accept:
(a) Campaign contributions as permitted by law;
(b) An unsolicited, occasional non-cash gift of a maximum amount of $53 or less in
value. The maximum amount will be equal to the amount established by the
state of Colorado pursuant to Colorado Constitution Article XXIX, Section 6;
(c) A gift from a relative;
(d) An award, publicly presented, in recognition of public service;
(e) Items which are similarly available to all employees of the city or to the general
public on the same terms and conditions.
B. DONATIONS. BHP may solicit and accept donations to its programs, however,
all such solicitations and donations shall be open, public, recorded and disclosed at Board
Meetings and must be for the sole benefit of BHP and not particular employees,
contractors or Board Members. Furthermore, no donations shall be solicited, offered or
made while the party donating is seeking or being considered for a contract or benefit and
no donation shall be considered or accepted if it would in any way influence the award of
a contract or a benefit or give the appearance of such possible effects.
C. PARTICIPANT GIFTS OR PAYMENTS. No employee or Board Member,
or his or her Immediate Family Member, who has any authority, control or influence in
their official capacity shall accept any gift or money from a tenant, homebuyer, program
participant or applicant if it would reasonably appear or if in fact such a gift was an
attempt to influence that employee or Board Member’s actions at the BHP.
21
DRAFT 5/4/16
Page 7 of 9
VII. CONFIDENTIALITY AND PRIVILEGED INFORMATION.
A. No Board Member shall disclose privileged or confidential information without a
public majority vote granting the permission of the BHP Board. The sanction for a
member of the Board shall be censure of the body or other discipline as provided under
the Board Bylaws, reached by a majority vote of the body, not including the member
charged with disclosing such confidential information.
B. No employee shall disclose privileged or confidential information, obtained as a
result of holding his or her position with BHP unless the employee has first received
approval by the Executive Director acting upon the advice of the BHP attorney.
C. No Board Member or employee shall use or disclose confidential information
obtained as a result of holding his or her position, to obtain financial gain, whether for
personal gain; gain for his or her relative; gain of any property or entity in which the
Board Member or employee has a substantial interest; or gain for any person or for any
entity with whom the Board Member or employee is negotiating for or has any
arrangement concerning prospective employment.
VIII. DISCLOSURE OF POLICY VIOLATIONS. All Board Members and
employees are required to promptly disclose to BHP their acts or conduct and all acts or
conduct by other BHP Board Members and employees, agents, grantees, contractors,
tenants, or program recipients that are illegal or are in violation of this Policy and other
BHP policies. Disclosure can be to the Executive Director, the BHP Board, individual
Board Members, or BHP attorneys. If the act or conduct was by the Executive Director,
the disclosure should be made to the Board Chair. There shall be no retaliation or other
punitive action taken against anyone who makes a disclosure under this section when the
activities disclosed turn out to be a true violation.
* * *
22
DRAFT 5/4/16
Page 8 of 9
APPENDIX A
Section 19 - Conflict of Interest
HUD Annual Contributions Contract, Form HUD-53012A (7/95)
Section 19 – Conflict of Interest.
A)(1) In addition to any other applicable conflict of interest requirements, neither the HA
nor any of its contractors or their subcontractors may enter into any contract,
subcontract, or arrangement in connection with a project under this ACC in which
any of the following classes of people has an interest, direct or indirect, during his
or her tenure or for one year thereafter:
i. Any present or former member or officer of the governing body of the
HA, or any member of the officer’s immediate family. There shall be
excepted from this prohibition any present or former tenant
commissioner who does not serve on the governing body of a resident
corporation, and who otherwise does not occupy a policymaking
position with the resident corporation, the HA or a business entity.
ii. Any employee of the HA who formulates policy or who influences
decisions with respect to the project(s), or any member of the
employee’s immediate family, or the employee’s partner.
iii. Any public official, member of the local governing body, or State or
local legislator, or any member of such individuals’ immediate family,
who exercises functions or responsibilities with respect to the
project(s) or the HA.
2) Any member of these classes of persons must disclose the member’s interest or
prospective interest to the HA and HUD.
3) The requirements of this subsection (A)(1) may be waived by HUD for good
cause, if permitted under State and local law. No person for whom a waiver is
requested may exercise responsibilities or functions with respect to the contract
to which the waiver pertains.
4) The provisions of this subsection (A) shall not apply to the General Depository
Agreement entered into with an institution regulated by a Federal agency, or to
utility service for which the rates are fixed or controlled by a State or local
agency.
5) Nothing in this section shall prohibit a tenant of the HA from serving on the
governing body of the HA.
B)(1)The HA may not hire an employee in connection with a project under this ACC if
23
DRAFT 5/4/16
Page 9 of 9
the prospective employee is an immediate family member of any person belonging
to one of the following classes:
i. Any present or former member or officer of the governing body of the
HA. There shall be excepted from this prohibition any former tenant
commissioner who does not serve on the governing body of a resident
corporation, and who otherwise does not occupy a policymaking
position with the HA.
ii. Any employee of the HA who formulates policy or who influences
decisions with respect to the project(s).
iii. Any public official, member of the local governing body, or State or
local legislator, who exercises functions or responsibilities with
respect to the project(s) or the HA.
2) The prohibition referred to in subsection (B)(1) shall remain in effect
throughout the class member’s tenure and for one year thereafter.
3) The class member shall disclose to the HA and HUD the member’s familial
relationship to the prospective employee.
4) The requirements of this subsection (B) may be waived by the HA Board of
Commissioners for good cause, provided that such waiver is permitted by
State and local law.
C) The requirements of subsections (A) and (B) of this section do not apply to
contracts entered into by an Indian Housing Authority, its contractors or
subcontractors, although such contracts remain subject to other applicable conflict
of interest requirements.
D) For purposes of this section, the term “immediate family member” means the
spouse, mother, father, brother, sister, or child of a covered class member (whether
related as a full blood relative, or as a “half” or “step” relative, e.g., a half-brother
or stepchild).
* * *
24
3. Open Meetings Provisions
At the last meeting we suffered some confusion about the number of Commissioners that
constitute a meeting. Thanks to Claire for clarifying the Open Meetings Law requirement
that differentiates between a “local public body” and a “state public body”. It turns out that
a local public body has the standard that three or more gathered officials (or a quorum)
constitute a meeting.
By motion of the Board we would like to modify our Governance Document as follows:
Board members agree to adhere to the provisions of the Colorado laws concerning
Open Meetings. The Colorado Legislature first passed its “Sunshine Law” in 1973
requiring disclosure of private interests by public officials; regulating lobbying ,
and requiring open meetings of all meetings of local public bodies of two three or
more members of any board, committee, commission, or other policy making or rule
making body of any state agency or authority.
4. Sales Tax Exemption Clarification
You’ll read below in the Development Report that the bill to clarify and extend sales tax
exemption for LIHTC, and other, partnerships has now passed both the House and the
Senate and awaits the Governor’s signature. What you won’t read is the key role that
Jeremy Durham played on the team that worked on bill passage. Jeremy was instrumental
in crafting the final language and helping Representative KC Becker find solutions to
challenges as they emerged. Thanks to Jeremy.
5. Successful NAHRO, MTW and Bringing School Home Meetings
As described last month, Betsey spent two weeks in April attending the NAHRO and MTW
conferences, as well as participating in the NAHRO delegation to Canada to talk about best
practice principles for affordable housing. Highlights include:
Thanks to Karen Klerman and Penny who attended the NAHRO Legislative
Conference in D.C. and led our delegation visit to Congressman Polis’ office. We
re-established our good contacts with his office and outlined our legislative
priorities for 2017.
Thanks to Karen Kreutzberg who served on the MTW conference planning
committee and was responsible for three sessions at that annual conference. Rene
also presented a workshop on Dream Big/Bringing School Home and Betsey did a
keynote also on Bringing School Home. The BHP team was rounded out by Jim and
Karin Stayton.
The four-country convening drafted the following set of principles that is now being
circulated for finalization:
o Public investment must be structured as a perpetual or permanent covenant
25
o Affordable housing should be employed as a key tool in creating healthy
communities
o Affordable housing needs to be managed within a measurement-driven
outcome framework
o Communities must consider the broad spectrum of housing needs in their
housing strategies
o Developing sustainability in the social housing structure must be factored
into funding for housing projects
o National housing strategies need to have local implementation flexibility
o Public funds invested in land require ownership by a public or mission-
focused entity.
o Governments need to invest in an institutional approach to developing talent
and knowledge in the housing sector
o The private sector needs to be responsibly engaged in affordable housing
strategies
The Bringing School Home meetings led to a growing and interested network of
fans of the concept. The meetings, particularly with the Rockefeller Foundation,
affirmed that our approach of providing an evidence basis for our request for large
grants funds is the right one. There is reason to be hopeful that a slow and steady
campaign for research funding will be successful.
26
2. ACTION/DISCUSSION AGENDA: OPERATIONS AND FINANCE
a. Finance Committee Report
b. March 2016 Financial Summary
27
Bringing School Home
At the last Board meeting, Commissioner Hagerty asked for a breakdown of how much Bringing
School Home was costing BHP. The following is a summary reminder of what Bringing School
Home is and how we are looking at the costs for 2016.
BHP adopted a Strategic plan in 2014 with five strategic goals. Goal #3 included the following:
Invest in focused service and educational programming to improve the economic futures
of children in BHP households. Develop successful partnerships to provide service
coordination to work-abled adults, seniors, and people living with disabilities in order to
improve or preserve independence and quality of life.
Strategy – 3.A:
BHP will partner with resident families and organizations to provide comprehensive
educational and support programs as a means of minimizing barriers to learning and
preparing BHP youth for success.
Bringing School Home (BSH) is the name of the educational programming we are providing
families to help close the achievement gap for children in BHP housing. It includes early
childhood education, I Have Dream programing and pre-collegiate support for students.
There are some incremental costs related to (1) Betsey’s travel which was, along with her time to
work on her fellowship, approved in advance by the Board and is largely focused on fundraising
to bring more resources to the Bringing School Home program, and (2) our contribution of
$5,000 this year to the larger Dream Big initiative that has now leveraged almost $600,000 of
support from Boulder community organizations.
The new community centers at the Boulder Community sites where we expect to have IHAD
programming were planned as additions to the project before we knew what the programming
would be, so while important to our ability to deliver this program to our residents they should
not be considered as a cost of BSH. The cost of operating the centers will be mostly IHAD.
Boulder Communities will participate in the costs of cleaning and maintenance related to the
office space we will be using at the sites.
There is no new cost associated with BSH for BHP because existing staff are now focused on
children in an education context rather than a family services coordination focus. Therefore
there is no new cost to providing the services. The staff focused on BSH are all in the 2016
budget (not new FTE) and paid for from resident services fees paid by the sites (mostly tax credit
sites) to BHP.
The following chart shows the 2016 budgeted sources and uses for the program.
128
Bringing School Home - Direct Cost Analysis
Sources:
Property: Units Annual Fee
Boulder Communities - Family Sites 134 80,400$
Broadway East 44 22,176$
Red Oak Park 59 22,656$
Totals 237 125,232$
Uses:
Program Staffing:
Early Childhood Coordinator 55,000$
Pre Collegiate Coordinator (vista) 12,000$
Oak Class - Support for IHAD 32,000$
Totals 99,000$
Net Income from program for overhead 26,232$
Other related costs:
Betsey fellowship travel approved by Board 6,000$
Cash Contribution to Dream Big 5,000$
11,000$
229
MTW funding for Development Projects
Board Action requested:
Approval of Resolution 2016-7 committing MTW reserves in the amount of up to $850,000 to
reimburse BHP for its equity investment in Orchard Grove and Hayden Place Two.
Background:
Related to the MTW contract extension reported under Matters from the Executive Director,
HUD has added a contract provision that would allow Congress to take action to recapture MTW
reserves. Given this new possibility, any MTW reserves in excess of four months of operating
costs (excluding HAP) could be at risk of recapture by HUD. In consideration of the number of
projects for which reserve funds are needed, we want to take action now to protect those funds
for BHP projects in progress.
HUD reported the balance of BHP’s HUD held funds as of January 13, 2016 as $1,124,585. In
addition, BHP currently has accumulated HAP funds as of March 31, 2016 of $729,725.
Proposed Plan:
In 2015 HUD approved the following activity in our MTW plan:
Activity 2015-1: Affordable housing acquisition and development fund. This activity
allows BHP to utilize MTW reserves to purchase land and/or improvements, or
participate in project ownership/development by providing financial support, or
contribute on direct construction or rehabilitation costs….Costs of site acquisition and
construction or rehabilitation of sites may be borne directly by BHP or in a joint venture
with another developer/partner.
We are proposing that we utilize some of the funds that we have accumulated both in HUD-held
funds and our reserves to pay for some development activities. This action will replenish BHP’s
unrestricted reserves and better position us for quick action on future opportunities. Attached is
a full analysis of the funds currently held, a set-aside for potential overspending of HAP in 2016
in the event we do not see the attrition expected in the budget and an additional set-aside of one
month of HAP funds resulting in funds available of $1,161,539.
Proposed Action steps:
1) Request that HUD provide us with HUD-held reserves of $484,635 to repay BHP for our
2015 investment in the Orchard Grove land.
2) Utilize our BHP-held reserves to repay BHP for the amount of equity we will have in
Hayden 2. This amount will be defined with the completion of the appraisal and the
related calculation of the amount of financing we are able to get and confirmation of the
City’s investment. The BHP equity invested is expected to be no more than $365,365.
330
3) Determine the 2016 public housing funding.
4) Assess priorities for using the balance of the reserves. The current top priorities are:
• Provide funding of additional contingency for Boulder Communities, LLLP for
Sales Tax or other costs, if needed.
• Provide gap funding for Palo Park, if needed.
431
532
RESOLUTION # 7
SERIES OF 2016
COMMITMENT OF MTW RESERVES FOR DEVELOPMENT ACTIVITIES
WHEREAS, Boulder Housing Partners is a Moving-to-Work (“MTW”) agency; and
WHEREAS, MTW agencies have the authority to utilize MTW funds for any approved MTW
activity; and
WHEREAS, the Board has approved the operating and capital budget and reserve contributions
for 2016, and
WHEREAS, BHP has made certain investments into land and units that are allowable under
MTW Activity 2015-1: Affordable housing acquisition and development fund, and
WHEREAS, The Board of Commissioners intends that MTW reserves be committed and used
to reimburse BHP for equity invested in the land acquisition of Orchard Grove and the
acquisition of 6 units of affordable housing at Haden Place Two.
NOW, THEREFORE, be it resolved that the Board of Commissioners consistent with HUD’s
requirement for MTW agencies adopts the following Committed MTW Reserves for affordable
housing and acquisition development fund.
Purpose Amount
Equity contribution for Orchard Grove land $484,635
Equity contribution for Hayden Place Two $365,365
$850,000
Adopted this 9th day of May, 2016
(SEAL)
_______________________________
Karen Klerman,
Chair, Board of Commissioners
Boulder Housing Partners
ATTEST:
_______________ __________
BETSEY MARTENS
Executive Secretary
33
March 2016 – Financial Summary
The following summarized financial statements show BHP and the Component Units (Tax Credit LLLPs) side by side. With the addition in 2015 of Boulder Communities, the Component Units have become a more significant part of the BHP portfolio. BHP owns only .01% interest in the Component Units and adding the two columns together is not an appropriate disclosure, however the report will provide you with a better understanding of the full scope of the real estate under BHP management. BHP is the operating company that manages all of our programs. The BHP column below includes development, property management, maintenance, resident services, finance, administration, the Housing Choice Voucher program and the BHP-owned portfolio of properties. The BHP portfolio is made up of 507 units: 47 public housing units, 116 project based contract units and 350 workforce and market rate units. The Component Units includes strictly the property operations for the nine tax credit partnerships which currently include 596 units. The partnerships are expected to have a positive net operating income and a net loss each year after deducting debt and depreciation.
Component Units
BHP (Tax Credit LLLPs)
REVENUE
Operations Revenue 1,754,351 1,425,114
Fee Revenue 405,170 0
Grants and Subsidies 2,574,101 0
Other Revenue 767,748 39,684
Total Revenue 5,501,371 1,464,798
EXPENSES
Salaries and Benefits 1,306,932 140,726
Property Costs 544,444 631,593
Operating Costs 2,833,277 181,988
Total Operating Expenses 4,684,653 954,307
Total Operating Income 816,718 510,491
Less: Non Operating Expenses
Depreciation 732,110 858,959
Mortgage and Note Interest 311,335 356,967
Total Other Unrealized Gain/Loss 0 (39,094)
TOTAL NET INCOME (LOSS) (226,727)$ (744,528)$
BHP and Component Units
Statement of Activities
Year to date - March 31, 2016
634
Component Units
BHP (Tax Credit LLLPs) ASSETS
Current Assets
Unrestricted Cash and Cash Equivalents 3,509,524 1,316,483
Reserved Cash - Replacements and Other 1,622,864 1,657,009
Accounts Receivable 453,481 15,963
Accounts Receivable-Tax Credits 93,739 0
Notes Receivable – Current 13,353 0
Prepaid Expenses 87,429 143,987
Supplies-Inventory 2,831 0
Other Current Assets 650,833 159,950
Total Current Assets 5,783,222 3,133,442
Restricted Cash 731,645 467,635
Capital Assets 44,449,195 104,593,951
Other Assets
Notes Receivable 56,612,762 0
Interest Receivable Notes 1,747,604 0
Partnership Investments 399,530 0
Net Amortized Costs 1,123,314 782,150
Total Other Assets 59,883,210 782,150
TOTAL ASSETS 110,847,272$ 108,977,177$
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities 2,096,647 1,895,331
Long-Term Liabilities
Notes Payable 3,070,006 57,105,499
Accrued Interest Payable 55,075 1,747,604
Mortgages Payable 32,517,065 21,258,547
Bonds Payable - 2,172,027
Net Pension Liability 5,330,694
Total Long-Term Liabilities 40,972,840 82,283,677
TOTAL LIABILITIES 43,069,487 84,179,009
EQUITY 67,777,785 24,798,169
TOTAL LIABILITIES AND EQUITY 110,847,272$ 108,977,177$
BHP and Component Units
Balance Sheet
March 31, 2016
735
Boulder Housing Partners Results - March, 2016
March YTD results for Boulder Housing Partners are tracking very close to budget with a positive variance in revenue related to HAP funding from HUD offset by additional HAP costs. No major variances have arisen yet this year.
Variances are further explained on the attached financial statements
Year to Date Results - March 31, 2016
Actual Revised Budget Variance
Revenue 5,501,371$ 5,054,613$ 446,758$
Expenses (5,728,097) (5,757,262) 29,165
Total Net Income (Loss) (226,727)$ (702,649)$ 475,923$
March-16
Net Rental
Income - YTD
Net Rental
Income -
Budget
Revised
Budget
Variance
Variance
%
Physical
Occ YTD
Physical
Occ
Budget
Occupancy
Variance to
Budget
Public Housing $169,328 $155,235 $14,093 9.08% 98.58% 97.00% 1.58%
PB Sec. 8
properties (1)
$311,854 $318,797 ($6,943) -2.18% 97.83% 97.00% 0.83%
Work Force $1,273,169 $1,239,646 $33,523 2.70% 98.26% 96.00% 2.26%
BHP portfolio
combined$1,754,351 $1,713,678 $40,672 2.37% 98.19% 96.32% 1.87%
Note: Physical Occupancy is measured as of 1st of the month. Units may be occupied after the 1st of the month resulting in
rental income greater than physical occupancy would suggest. Rents on occupied units may also be greater or less than
budgeted resulting in additional variances.
(1) Canyon Pointe budget erroneouly included a rental subsidy increase that will not go into effect until April 2016. Should
begin to catch up .
836
Financial Measures
The following three measures are indicators of financial stability. Goals are based on HUD standards for PHAs. All three meet or exceed our target.
Component Units (Tax Credit LLLPs) Results The following is a Summary Income Statement for our Tax Credit Entities which are component units of BHP. BHP is subject to Government Accounting Standards Board (GASB) Statement 61 which requires component units to be reported on the audit statement. These Tax Credit Entities are related to BHP but do not meet the criteria for consolidation. Component units are reported in the audit combined together but not combined with the statements of BHP. The current component units are Boulder Communities, Broadway East, Broadway West, Holiday, High Mar, Lee Hill, Red Oak Park, Vistoso and Westview. Year-to-date results are in line with budget.
Financial Measure Explanation Goal March-15
BHP Debt to Equity Ratio Measures ratio of Actual Debt and Interest to
Equity
Less than
1.50.5
BHP Quick Ratio - Unrestricted
cash/current liabilities
Measure of how many times we can pay current
liabilities with Cash on Hand or "liquidity"
Greater
than 2.02.9
Months Expendable Net Assets Ratio
(MENAR) Measures adequacy of reserves
Greater
than 4.06.2
Tax Credit Entities (Component Units) Summary Statement of Activities
Year to Date Results - March 31, 2016
Actual Budget Variance
Operations Revenue 1,425,114$ 1,381,611$ 43,503$
Other Revenue 39,684 30,953 8,732
Total Revenue 1,464,798$ 1,412,564$ 52,234$
Salaries and Benefits 140,726$ 153,057$ 12,331$
Property Costs 631,593 591,130 (40,463)
Operating Expenses 181,988 206,336 24,349
Total Operating Expenses 954,307 950,524 (3,783)
Net Operating Income 510,491 462,040 48,451$
Depreciation and Amortization 858,959 985,951 126,992 A
Mortgage and Note Interest 356,967 497,998 141,031 B
Gain Loss on Swap (39,094) 0 (39,094)$
Total Net Income (Loss) (666,341)$ (1,021,909)$ 277,381$
Note: these properties are expected to have a Net Loss resulting from depreciation and amortization.
They are cash flow positive yet provide the investor with expected tax losses.
A
B Boulder Communities interest is being capitalized rather than expensed during construction.
Budgeted Depreciation for Boulder Communities was based on an estimate of when units would be
completed.
937
The following is a summary of the Balance Sheet for the Tax Credit Entities. BHP is the general partner and owns a .01% interest in these Entities.
This chart shows our YTD occupancy statistics for the combined Tax Credits and Boulder Communities. Boulder Communities is shown separately due to the higher vacancy resulting from the construction process.
Tax Credit Entities (Component Units) Summary Balance Sheet
March-16 December-15 Net Change
Current Assets 3,601,077$ 3,534,170$ 66,907$
Capital Assets 104,593,951 97,997,069 6,596,881 C
Other Assets 782,150 801,130 (18,980)
Total Assets 108,977,177$ 102,332,369$ 6,644,808$
Current Liabilities 1,895,331$ 1,254,376$ 640,955$ DLong Term Liabilities 82,283,677 75,535,244 6,748,433 E
Total Liabilities 84,179,009 76,789,620 7,389,388
Total Equity 24,798,169 25,542,749 (744,580)$
Total Liabilities and Equity 108,977,177$ 102,332,369$ 6,644,808$
C Addition of assets at Boulder Communities resulting from property rehabilitation work.
D
E Increase in construction loan at Boulder Communities
Boulder Communities construction draw retainage
March-16
Net Rental
Income - YTD
Net Rental
Income -
Budget
Budget
Variance
Variance
%
Physical
Occ YTD
Physical
Occ
Budget
Occupancy
Variance to
Budget
Tax Credits $864,106 $847,059 $17,047 2.01% 98.75% 97.00% 1.75%
Boulder
Communities$561,008 $534,552 $26,456 5% 76.56% 78.90% -2.34%
Note: Physical Occupancy is measured as of 1st of the month. Units may be occupied after the 1st of the
month resulting in rental income greater than physical occupancy would suggest. Rents on occupied units may
also be greater or less than budgeted resulting in additional variances
Boulder Communities is shown separately in 2016 while units are under construction
1038
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s2
,57
4,1
01
2,2
20
,93
53
53
,16
61
5.9
%
Oth
er R
eve
nu
e
Te
na
nt F
ee
s a
nd
Utility R
eim
bu
rse
me
nts
22
,81
12
4,0
14
(1,2
03
)-5
.0%
Inte
rest In
co
me
37
1,4
77
36
9,2
60
2,2
17
0.6
%
La
un
dry V
en
din
g1
7,8
65
12
,26
05
,60
54
5.7
%
Ma
int C
ha
rge
s to
Pro
p3
15
,82
23
06
,58
59
,23
63
.0%
Mis
ce
llan
eo
us R
eve
nu
e3
9,7
74
2,9
00
36
,87
41
27
1.5
%B
Insura
nce p
roceeds o
f $22K
for fire
in F
ooth
ills u
nit a
nd fin
al F
EM
A p
aym
ent o
f
$9K
for w
aln
ut p
lace flo
od re
pair
To
tal O
the
r Re
ve
nu
e7
67
,74
87
15
,01
95
2,7
30
7.4
%
To
tal R
eve
nu
e5
,50
1,3
71
5,0
54
,61
34
46
,75
88
.8%
EX
PE
NS
ES
Sa
larie
s a
nd
Be
ne
fits
Sa
larie
s a
nd
Be
ne
fits1
,30
6,9
32
1,3
19
,53
51
2,6
02
1.0
%
To
tal S
ala
ries
an
d B
en
efits
1,3
06
,93
21
,31
9,5
35
12
,60
21
.0%
Pro
pe
rty C
os
ts
Ma
na
ge
me
nt F
ee
s6
0,6
72
61
,66
09
88
1.6
%
Ma
inte
na
nce
Ma
teria
ls3
8,9
16
70
,15
33
1,2
37
44
.5%
Co
ntra
ct L
ab
or &
Re
pa
irs1
17
,79
11
31
,55
31
3,7
62
10
.5%
BH
P C
on
tract L
ab
or
15
2,5
70
17
0,4
71
17
,90
11
0.5
%
4
/29
/20
16
1:4
6 P
M
1139
BH
P
Sta
tem
en
t of A
ctiv
ities
Year to
date
- Marc
h 3
1, 2
016
YT
DY
TD
Ac
tua
lB
ud
ge
tV
aria
nc
e $
% V
ar
Re
fV
aria
nc
e E
xp
lan
atio
n
RE
VE
NU
E
Op
era
tion
s R
eve
nu
e
Te
na
nt D
we
lling
Re
nta
l1
,45
4,7
24
$
1,4
16
,03
2$
3
8,6
92
$
2.7
%
No
n D
we
lling
Re
nta
l Inco
me
6,3
51
1,2
00
5,1
51
10
0.0
%
HU
D-O
pe
ratin
g S
ub
sid
y1
10
,84
41
04
,45
36
,39
26
.1%
HA
P P
roje
ct B
ase
d A
ssis
tan
ce
18
2,4
32
19
1,9
94
(9,5
62
)-5
.0%
To
tal O
pe
ratio
ns
Re
ve
nu
e1
,75
4,3
51
1,7
13
,67
84
0,6
72
2.4
%
Fe
e R
eve
nu
e
Pro
pe
rty Mg
mt &
Asse
t Mg
mt F
ee
s1
26
,49
41
24
,62
41
,87
11
.5%
Mg
mt F
ee
s - T
ax C
red
its &
S8
16
2,3
91
16
4,4
54
(2,0
63
)-1
.3%
Re
s S
vc In
co
me
11
6,2
85
11
5,9
03
38
20
.3%
To
tal F
ee
Re
ve
nu
e4
05
,17
04
04
,98
11
90
0.0
%
Gra
nts
an
d S
ub
sid
ies
HC
V-H
AP
/Ad
min
Re
ve
nu
e2
,41
5,8
39
2,0
63
,59
93
52
,24
01
7.1
%A
1H
AP
fundin
g fro
m H
UD
based o
n h
igher th
an e
xpecte
d b
udget a
uth
ority fo
r
2016. O
ffset b
y HA
P e
xpense b
elo
w
No
n F
ed
era
l Gra
nts
an
d D
on
atio
ns
05
,00
0(5
,00
0)
0.0
%
Fe
de
ral C
ap
ital G
ran
ts
00
00
.0%
Fe
de
ral S
erv
ice
Gra
nts
15
8,2
62
15
2,3
36
5,9
26
3.9
%
To
tal G
ran
ts a
nd
Su
bs
idie
s2
,57
4,1
01
2,2
20
,93
53
53
,16
61
5.9
%
Oth
er R
eve
nu
e
Te
na
nt F
ee
s a
nd
Utility R
eim
bu
rse
me
nts
22
,81
12
4,0
14
(1,2
03
)-5
.0%
Inte
rest In
co
me
37
1,4
77
36
9,2
60
2,2
17
0.6
%
La
un
dry V
en
din
g1
7,8
65
12
,26
05
,60
54
5.7
%
Ma
int C
ha
rge
s to
Pro
p3
15
,82
23
06
,58
59
,23
63
.0%
Mis
ce
llan
eo
us R
eve
nu
e3
9,7
74
2,9
00
36
,87
41
27
1.5
%B
Insura
nce p
roceeds o
f $22K
for fire
in F
ooth
ills u
nit a
nd fin
al F
EM
A p
aym
ent o
f
$9K
for w
aln
ut p
lace flo
od re
pair
To
tal O
the
r Re
ve
nu
e7
67
,74
87
15
,01
95
2,7
30
7.4
%
To
tal R
eve
nu
e5
,50
1,3
71
5,0
54
,61
34
46
,75
88
.8%
EX
PE
NS
ES
Sa
larie
s a
nd
Be
ne
fits
Sa
larie
s a
nd
Be
ne
fits1
,30
6,9
32
1,3
19
,53
51
2,6
02
1.0
%
To
tal S
ala
ries
an
d B
en
efits
1,3
06
,93
21
,31
9,5
35
12
,60
21
.0%
Pro
pe
rty C
os
ts
Ma
na
ge
me
nt F
ee
s6
0,6
72
61
,66
09
88
1.6
%
Ma
inte
na
nce
Ma
teria
ls3
8,9
16
70
,15
33
1,2
37
44
.5%
Co
ntra
ct L
ab
or &
Re
pa
irs1
17
,79
11
31
,55
31
3,7
62
10
.5%
BH
P C
on
tract L
ab
or
15
2,5
70
17
0,4
71
17
,90
11
0.5
%
4
/29
/20
16
1:4
6 P
M
1139
BH
P
Sta
tem
en
t of A
ctiv
ities
Year to
date
- Marc
h 3
1, 2
016
YT
DY
TD
Ac
tua
lB
ud
ge
tV
aria
nc
e $
% V
ar
Re
fV
aria
nc
e E
xp
lan
atio
n
Ga
rba
ge
an
d T
rash
Re
mo
va
l2
9,4
44
29
,42
0(2
4)
-0.1
%
Wa
ter a
nd
Se
we
r4
6,0
58
44
,67
6(1
,38
2)
-3.1
%
Ele
ctric
ity2
8,6
87
32
,21
63
,52
91
1.0
%
Ga
s4
0,0
26
52
,79
21
2,7
66
24
.2%
PIL
OT
4,5
36
3,1
92
(1,3
44
)-4
2.1
%
HO
A F
ee
s1
,60
91
,68
07
24
.3%
To
tal P
rop
erty
Co
sts
54
4,4
44
5
97
,81
3
53
,36
8
8.9
%
Op
era
ting
Ex
pe
ns
es
Au
dit F
ee
s1
5,0
50
15
,05
00
0.0
%
Ba
d D
eb
t Exp
en
se
- Te
na
nts
68
43
,34
52
,66
17
9.6
%
Bo
ard
Exp
en
se
1,1
61
1,4
00
23
91
7.0
%
Co
nsu
ltan
ts &
Co
ntra
ct L
ab
or
18
,46
84
5,7
75
27
,30
75
9.7
%
De
pre
cia
tion
73
2,1
10
73
1,8
58
(25
2)
0.0
%
Du
es a
nd
Fe
es
14
,52
32
8,5
71
14
,04
74
9.2
%
Exp
en
da
ble
Eq
uip
me
nt
11
,90
12
1,3
49
9,4
47
44
.3%
HC
V-H
AP
Exp
en
se
2,3
18
,90
92
,14
2,8
85
(17
6,0
24
)-8
.2%
A2
Begin
nin
g ye
ar o
ver le
ased. E
xpect a
ttrition a
s ye
ar p
rogre
sses
Insu
ran
ce
Exp
en
se
53
,59
05
2,2
39
(1,3
51
)-2
.6%
Le
ga
l Exp
en
se
8,5
39
29
,90
92
1,3
70
71
.4%
Mile
ag
e &
Ve
hic
le E
xpe
nse
9,7
58
15
,63
55
,87
83
7.6
%
Mis
ce
llan
eo
us - E
xpe
nse
14
,95
74
9,8
63
34
,90
67
0.0
%
Mo
rtga
ge
Inte
rest E
xpe
nse
31
1,3
35
30
8,8
36
(2,4
98
)-0
.8%
Ad
ve
rtisin
g/M
ark
etin
g4
,64
39
,82
05
,17
75
2.7
%
Offic
e S
up
plie
s1
1,7
27
12
,05
03
23
2.7
%
Oth
er A
dm
inis
trativ
e E
xpe
nse
s4
,17
76
,38
92
,21
13
4.6
%
Ph
on
e E
xpe
nse
15
,80
91
4,4
80
(1,3
28
)-9
.2%
Prin
ting
& P
osta
ge
Exp
en
se
12
,20
81
2,8
61
65
35
.1%
Pro
pe
rty Mg
mt &
Asse
t Mg
mt F
ee
s1
26
,49
41
24
,60
4(1
,89
0)
-1.5
%
Re
sid
en
t Se
rvic
es F
ee
s2
6,9
19
26
,91
90
0.0
%
Sta
ff Tra
inin
g1
6,5
91
39
,15
02
2,5
60
57
.6%
Se
rvic
e G
ran
t Exp
en
se
14
7,0
38
14
6,7
75
(26
3)
-0.2
%
To
tal O
pe
ratin
g C
os
ts3
,87
6,7
21
3,8
39
,91
5(3
6,8
06
)-1
.0%
To
tal E
xp
en
se
s5
,72
8,0
97
5,7
57
,26
22
9,1
65
0.5
%
TO
TA
L N
ET
INC
OM
E (L
OS
S)
(22
6,7
27
)$
(7
02
,64
9)
$
47
5,9
23
$
67
.7%
Note
: Expla
natio
ns p
rovid
ed fo
r positiv
e v
aria
nces >
$50,0
00 a
nd 5
% a
nd fo
r negativ
e v
aria
nces >
$10,0
00 a
nd 5
%
4
/29
/20
16
1:4
6 P
M
1240
BH
P
Sta
tem
en
t of A
ctiv
ities
Year to
date
- Marc
h 3
1, 2
016
YT
DY
TD
Ac
tua
lB
ud
ge
tV
aria
nc
e $
% V
ar
Re
fV
aria
nc
e E
xp
lan
atio
n
Ga
rba
ge
an
d T
rash
Re
mo
va
l2
9,4
44
29
,42
0(2
4)
-0.1
%
Wa
ter a
nd
Se
we
r4
6,0
58
44
,67
6(1
,38
2)
-3.1
%
Ele
ctric
ity2
8,6
87
32
,21
63
,52
91
1.0
%
Ga
s4
0,0
26
52
,79
21
2,7
66
24
.2%
PIL
OT
4,5
36
3,1
92
(1,3
44
)-4
2.1
%
HO
A F
ee
s1
,60
91
,68
07
24
.3%
To
tal P
rop
erty
Co
sts
54
4,4
44
5
97
,81
3
53
,36
8
8.9
%
Op
era
ting
Ex
pe
ns
es
Au
dit F
ee
s1
5,0
50
15
,05
00
0.0
%
Ba
d D
eb
t Exp
en
se
- Te
na
nts
68
43
,34
52
,66
17
9.6
%
Bo
ard
Exp
en
se
1,1
61
1,4
00
23
91
7.0
%
Co
nsu
ltan
ts &
Co
ntra
ct L
ab
or
18
,46
84
5,7
75
27
,30
75
9.7
%
De
pre
cia
tion
73
2,1
10
73
1,8
58
(25
2)
0.0
%
Du
es a
nd
Fe
es
14
,52
32
8,5
71
14
,04
74
9.2
%
Exp
en
da
ble
Eq
uip
me
nt
11
,90
12
1,3
49
9,4
47
44
.3%
HC
V-H
AP
Exp
en
se
2,3
18
,90
92
,14
2,8
85
(17
6,0
24
)-8
.2%
A2
Begin
nin
g ye
ar o
ver le
ased. E
xpect a
ttrition a
s ye
ar p
rogre
sses
Insu
ran
ce
Exp
en
se
53
,59
05
2,2
39
(1,3
51
)-2
.6%
Le
ga
l Exp
en
se
8,5
39
29
,90
92
1,3
70
71
.4%
Mile
ag
e &
Ve
hic
le E
xpe
nse
9,7
58
15
,63
55
,87
83
7.6
%
Mis
ce
llan
eo
us - E
xpe
nse
14
,95
74
9,8
63
34
,90
67
0.0
%
Mo
rtga
ge
Inte
rest E
xpe
nse
31
1,3
35
30
8,8
36
(2,4
98
)-0
.8%
Ad
ve
rtisin
g/M
ark
etin
g4
,64
39
,82
05
,17
75
2.7
%
Offic
e S
up
plie
s1
1,7
27
12
,05
03
23
2.7
%
Oth
er A
dm
inis
trativ
e E
xpe
nse
s4
,17
76
,38
92
,21
13
4.6
%
Ph
on
e E
xpe
nse
15
,80
91
4,4
80
(1,3
28
)-9
.2%
Prin
ting
& P
osta
ge
Exp
en
se
12
,20
81
2,8
61
65
35
.1%
Pro
pe
rty Mg
mt &
Asse
t Mg
mt F
ee
s1
26
,49
41
24
,60
4(1
,89
0)
-1.5
%
Re
sid
en
t Se
rvic
es F
ee
s2
6,9
19
26
,91
90
0.0
%
Sta
ff Tra
inin
g1
6,5
91
39
,15
02
2,5
60
57
.6%
Se
rvic
e G
ran
t Exp
en
se
14
7,0
38
14
6,7
75
(26
3)
-0.2
%
To
tal O
pe
ratin
g C
os
ts3
,87
6,7
21
3,8
39
,91
5(3
6,8
06
)-1
.0%
To
tal E
xp
en
se
s5
,72
8,0
97
5,7
57
,26
22
9,1
65
0.5
%
TO
TA
L N
ET
INC
OM
E (L
OS
S)
(22
6,7
27
)$
(7
02
,64
9)
$
47
5,9
23
$
67
.7%
Note
: Expla
natio
ns p
rovid
ed fo
r positiv
e v
aria
nces >
$50,0
00 a
nd 5
% a
nd fo
r negativ
e v
aria
nces >
$10,0
00 a
nd 5
%
4
/29
/20
16
1:4
6 P
M
1240
Actu
al
Actu
al
Net C
han
ge
Marc
h-1
6D
ecem
ber-1
5Y
TD
Ref
Co
mm
en
ts
AS
SE
TS
Cu
rren
t Assets
Unre
stric
ted C
ash a
nd C
ash E
quiv
ale
nts
3,5
09,5
24
$
4,7
14,9
73
$
(1,2
05,4
48)
$
C1
$1.3
M p
aym
ent fo
r Hayd
en P
l. units
not ye
t levera
ged
Reserv
ed C
ash - R
epla
cem
ents
and O
ther
1,6
22,8
64
1,5
69,9
04
52,9
60
Accounts
Receiv
able
453,4
81
470,0
13
(16,5
32)
Accounts
Receiv
able
-Tax C
redits
93,7
39
86,8
44
6,8
96
Accounts
Receiv
able
- BH
P In
terc
om
pany
00
0 N
ote
s R
eceiv
able
– C
urre
nt
13,3
53
013,3
53
Pre
paid
Exp
enses
87,4
29
107,4
39
(20,0
10)
Supplie
s-In
vento
ry2,8
31
2,3
56
475
To
tal C
urre
nt A
ssets
5,7
83,2
22
6,9
51,5
29
(1
,168,3
07)
Restric
ted
Cash
Restric
ted C
ash - O
ther
366,4
75
346,2
29
20,2
47
Restric
ted C
ash - S
ectio
n 8
29,5
25
22,3
78
7,1
47
Restric
ted C
ash - T
enant S
ecurity D
eposits
335,6
45
329,9
78
5,6
67
To
tal R
estric
ted
Cash
731,6
45
698,5
84
33,0
61
Cap
ital A
ssets
Constru
ctio
n in
Pro
gre
ss
380,8
08
321,0
87
59,7
22
Furn
iture
Fixtu
res a
nd E
quip
ment
485,2
28
482,9
51
2,2
78
Real E
sta
te A
ssets
-Land a
nd B
uild
ings
71,6
50,1
26
70,3
27,8
95
1,3
22,2
31
C2
Added H
ayd
en P
l. Units
Less: A
ccum
Depre
cia
tion R
eal E
sta
te A
ssets
(28,0
66,9
67)
(2
7,3
37,5
36)
(729,4
31)
DN
orm
al A
ctiv
ity
To
tal C
ap
ital A
ssets
44,4
49,1
95
43,7
94,3
96
654,8
00
Oth
er A
ssets
Note
s R
eceiv
able
56,6
12,7
62
56,7
14,3
94
(101,6
32)
EA
nnual c
ash flo
w p
aym
ents
made fro
m T
ax C
redit L
LLP
s re
ducin
g n
ote
s
Inte
rest R
eceiv
able
Note
s1,7
47,6
04
1,4
72,0
26
275,5
78
FN
orm
al m
onth
ly inte
rest a
ccru
ed fro
m T
ax C
redit L
LLP
s n
et o
f paym
ents
made
Partn
ers
hip
Investm
ents
399,5
30
399,5
30
0 N
et A
mortize
d C
osts
1,1
23,3
14
1,1
25,9
93
(2,6
79)
To
tal O
ther A
ssets
59,8
83,2
10
59,7
11,9
42
171,2
68
TO
TA
L A
SS
ET
S110,8
47,2
72
$
111,1
56,4
52
$
(309,1
80)
$
BH
P
Bala
nce S
heet
Marc
h 3
1, 2
016 a
nd
Decem
ber 3
1, 2
015
4/2
9/2
01
61
:46
PM
1341
Actu
al
Actu
al
Net C
han
ge
Marc
h-1
6D
ecem
ber-1
5Y
TD
Ref
Co
mm
en
ts
BH
P
Bala
nce S
heet
Marc
h 3
1, 2
016 a
nd
Decem
ber 3
1, 2
015
LIA
BIL
ITIE
S &
EQ
UIT
Y
LIA
BIL
ITIE
S
Cu
rren
t Lia
bilitie
s
Accounts
Paya
ble
118,0
53
$
188,9
37
$
(70,8
85)
$
Accru
ed P
ayro
ll173,2
07
70,7
65
102,4
43
$
GN
ine d
ays
accru
ed v
s 4
at ye
ar e
nd
Accru
ed P
ayro
ll Taxe
s a
nd B
enefits
96,5
84
75,9
25
20,6
59
$
Accru
ed C
om
pensate
d A
bsences
306,1
24
282,8
02
23,3
22
$
Oth
er A
ccru
ed E
xpenses
176,0
91
150,8
77
25,2
14
$
Curre
nt P
ortio
n o
f Long T
erm
Debt
833,9
15
833,9
15
-$
Pre
paid
Rent
57,0
36
39,5
89
17,4
47
$
Security D
eposits
335,6
37
330,4
66
5,1
71
$
To
tal C
urre
nt L
iab
ilities
2,0
96,6
47
1,9
73,2
77
123,3
70
Lo
ng
-Term
Lia
bilitie
s
Note
s P
aya
ble
3,0
70,0
06
3,0
70,0
06
-$
Accru
ed In
tere
st P
aya
ble
55,0
75
56,1
19
(1,0
44)
$
Mortg
ages P
aya
ble
32,5
17,0
65
32,7
21,8
44
(204,7
79)
$
HN
orm
al a
mortiza
tion p
aym
ents
Net P
ensio
n L
iability
5,3
30,6
94
5,3
30,6
94
-$
To
tal L
on
g-T
erm
Lia
bilitie
s40,9
72,8
40
41,1
78,6
64
(205,8
23)
TO
TA
L L
IAB
ILIT
IES
43,0
69,4
87
43,1
51,9
40
(82,4
53)
EQ
UIT
Y
Tota
l Equity
67,7
77,7
85
68,0
04,5
11
(226,7
27)
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
110,8
47,2
72
$
111,1
56,4
52
$
(309,1
80)
$
Note (1) : E
xplanations provided for balance sheet ch
anges >
$100,000
Note (2): B
HP has a Line of Credit a
vailable for borrowing of up to $6.8 Millio
n.
4/2
9/2
01
61
:46
PM
1442
Fo
r the
mo
nth
of M
arc
h 3
1,
20
16
Ye
ar to
Da
teR
ef
Cu
rren
t Mo
nth
Co
mm
en
ts
Re
co
nc
iliatio
n o
f Ne
t Inc
om
e to
Ne
t Ca
sh
Pro
vid
ed
(Us
ed
) by O
pe
ratin
g A
ctiv
ities
Ne
t Inc
om
e (D
efic
it)9
,93
8$
(2
26
,72
7)
$
Ad
jus
tme
nts
to R
ec
on
cile
Ne
t Inc
om
e to
Ne
t Ca
sh
Pro
vid
ed
(Us
ed
) by O
pe
ratin
g A
ctiv
ities
Incre
ase
(De
cre
ase
) Accu
m D
ep
recia
tion
24
4,8
06
73
2,1
10
(Incre
ase
) De
cre
ase
in A
cco
un
ts R
ece
iva
ble
(39
,09
8)
9,6
37
(Incre
ase
) De
cre
ase
in P
rep
aid
Exp
en
se
s1
6,3
12
20
,01
0
Incre
ase
(De
cre
ase
) in P
rep
aid
Re
nt a
nd
Se
cu
rity De
po
sits
6,6
43
(22
,61
8)
(Incre
ase
) De
cre
ase
in S
up
plie
s/In
ve
nto
ry1
36
(47
5)
(Incre
ase
) De
cre
ase
in R
ese
rve
d C
ash
(14
,57
5)
(52
,96
0)
(Incre
ase
) De
cre
ase
in R
estric
ted
Ca
sh
(10
,39
1)
(33
,06
1)
Incre
ase
(De
cre
ase
) in P
aya
ble
s a
nd
Accru
ed
Exp
en
se
s(5
9,6
50
)(1
00
,75
2)
Incre
ase
(De
cre
ase
) in D
efe
rred
Re
ve
nu
e0
0
To
tal A
dju
stm
en
ts1
44
,18
55
51
,89
1
Ne
t Ca
sh
Pro
vid
ed
(Us
ed
) by O
pe
ratin
g A
ctiv
ities
15
4,1
23
32
5,1
64
Ca
sh
Flo
ws
from
Inve
stin
g A
ctiv
ities
(Incre
ase
) De
cre
ase
in C
on
stru
ctio
n in
Pro
gre
ss
(29
,13
3)
(59
,72
2)
(Incre
ase
) De
cre
ase
in F
urn
iture
Fixtu
res a
nd
Eq
uip
me
nt
(2,2
78
)(2
,27
8)
(Incre
ase
) De
cre
ase
in R
ea
l Esta
te A
sse
ts(5
,39
7)
(1,3
22
,23
1)
I2$1.3
M p
aym
ent fo
r Hayd
en P
l. units
not ye
t levera
ged
(Incre
ase
) De
cre
ase
in N
ote
s a
nd
Inte
rest R
ece
iva
ble
7
2,7
35
(17
3,9
47
)
Ne
t Ca
sh
Pro
vid
ed
(Us
ed
) by In
ve
stin
g A
ctiv
ities
35
,92
8(1
,55
8,1
77
)
Ca
sh
Flo
ws
from
Fin
an
cin
g A
ctiv
ities
Incre
ase
(De
cre
ase
) in C
urre
nt P
ortio
n o
f Lo
ng
Te
rm D
eb
t0
0
Incre
ase
(De
cre
ase
) in N
ote
s P
aya
ble
00
Incre
ase
(De
cre
ase
) in M
ortg
ag
es a
nd
Bo
nd
s P
aya
ble
75
,11
82
05
,82
3
Ne
t Ca
sh
Pro
vid
ed
(Us
ed
) by F
ina
nc
ing
Ac
tivitie
s7
5,1
18
20
5,8
23
Ne
t Inc
rea
se
(De
cre
as
e) in
Ca
sh
an
d C
as
h E
qu
iva
len
ts
Ne
t Incre
ase
(De
cre
ase
) in C
ash
an
d C
ash
Eq
uiv
ale
nts
26
5,1
68
(1,0
27
,18
9)
I1$1.3
M p
aym
ent fo
r Hayd
en P
l. units
not ye
t levera
ged
Un
restric
ted
Ca
sh
an
d C
ash
Eq
uiv
ale
nts
- Be
gin
nin
g3
,30
1,9
32
4,7
14
,97
3
Un
res
tricte
d C
as
h a
nd
Ca
sh
Eq
uiv
ale
nts
- En
din
g3
,56
7,1
00
$
3,6
87
,78
3$
BH
P
Sta
tem
en
t of C
as
h F
low
s
Ye
ar to
da
te - M
arc
h 3
1, 2
01
6
4/2
9/2
01
61
:47
PM
1543
BH
P C
AS
H R
ep
ort
De
cem
be
r-15
Fe
bru
ary
-16
Ma
rch-1
6
Un
restricte
d C
ash
Ava
ilab
le fo
r Op
era
tion
sB
ala
nce
Ba
lan
ceB
ala
nce
Bo
ard
Ta
rge
tS
urp
lus (D
eficit)
BH
P O
pe
ratin
g R
ese
rve
s3
,57
9,4
04
2,1
76
,33
32
,30
5,3
11
3,0
00
,00
0(6
94
,68
9)
BH
P R
ep
lace
me
nt R
ese
rve
s1
,56
9,9
04
1,6
08
,29
01
,62
2,8
64
1,3
57
,50
02
65
,36
4
To
tal U
nre
stricted
BH
P C
ash
5,1
49
,30
83
,78
4,6
23
3,9
28
,17
54
,35
7,5
00
-42
9,3
25
Un
restricte
d C
ash
- Re
stricted
by
Pro
pe
rty/P
rog
ram
Ba
lan
ceB
ala
nce
Ba
lan
ceB
oa
rd T
arg
et
Su
rplu
s (De
ficit)
Pro
ject B
ase
d O
pe
ratin
g R
ese
rve
13
4,3
30
17
5,6
90
17
8,9
82
16
5,0
00
13
,98
2
MT
W R
ese
rve
s1
,00
1,2
39
94
9,9
09
1,0
26
,23
29
00
,00
01
26
,23
2
To
tal U
nre
stricted
Ca
sh R
estricte
d b
y P
rog
ram
1,1
35
,56
91
,12
5,5
99
1,2
05
,21
41
,06
5,0
00
14
0,2
14
Re
pla
cem
en
t Re
serv
ed
- Re
stricted
by
Ba
nk
or H
UD
Ba
lan
ceB
ala
nce
Ba
lan
ce
Ca
ny
on
Po
inte
11
4,9
67
12
5,1
98
13
0,3
06
Gle
n W
illow
72
,54
17
4,2
41
75
,09
1
Oth
er R
estricte
d F
un
ds
Ho
lida
y La
nd
scap
e
73
,01
67
3,0
22
73
,02
5
S8
/FS
S E
scrow
84
,70
58
8,7
16
87
,05
4
Se
ction
8 N
ED
NR
A(H
AP
)2
2,3
77
29
,07
52
9,5
24
To
tal R
estricte
d C
ash
Oth
er
36
7,6
06
39
0,2
51
39
5,0
00
Re
stricted
Ca
sh T
en
an
t Se
curity
De
po
sits3
29
,97
83
30
,00
23
35
,64
5
Note
: Opera
ting R
eserve
s a
bove
are
tem
pora
rily belo
w ta
rget d
ue to
funds u
sed fo
r Hayd
en P
l. units
.
These w
ill be re
paid
thro
ugh lo
an p
roceeds a
nd C
ity gra
nt fu
ndin
g.
S:/F
inance/F
inancia
ls/2
015/2
015-0
6/2
015-0
6 1
1100 C
ash
1644
April 2015 - March 2016
Property Address UnitsPUPA EGI
PUPA OpEx
PUPA NOI
PUPA Debt
Adjusted DSCR
Arapahoe Court 951,953 Arapahoe 14 5,642$ (7,132)$ (1,490)$ 276$ -
Madison 1130-1190 35th St. 33 8,428$ (9,141)$ (713)$ 87$ -
Public Housing I Sub Total: 47 7,598$ (8,543)$ (945)$ 144$ -
Canyon Pointe (3) 700 Walnut 82 10,277$ (6,246)$ 4,031$ 3,595$ 1.12
Glen Willow 301-333 Pearl St. 34 11,838$ (8,489)$ 3,349$ -$ -
Project Based Sub Total: 116 10,735$ (6,904)$ 3,831$ 2,541$ 1.51
Arapahoe East 4610 Arapahoe 11 12,169$ (7,345)$ 4,824$ 1,745$ 2.76
Dakota Ridge 4900 10th St. 13 16,616$ (5,668)$ 10,948$ 7,502$ 1.46
Sanitas Place 3640 Broadway 12 10,286$ (5,746)$ 4,540$ 3,016$ 1.51
Twin Pines 1700 22nd St. 22 11,005$ (4,581)$ 6,424$ 3,079$ 2.09
Combine Loan One Subtotal 58 12,335$ (5,590)$ 6,745$ 3,804$ 1.77
101 Canyon 101-103 Canyon 6 24,172$ (9,293)$ 14,879$ 7,621$ 1.95
Hayden Place 34th & Hayden Place 24 10,010$ (5,289)$ 4,720$ 3,278$ 1.44
Whittier 1946 Walnut St. 10 11,381$ (7,334)$ 4,047$ 2,613$ 1.55
Woodlands 2600 Block of Mapleton 35 14,030$ (7,789)$ 6,241$ 5,039$ 1.24
Combine Loan Two Subtotal 75 13,202$ (7,049)$ 6,153$ 4,359$ 1.41
Bridgewalk 602-698 Walden Circle 123 18,779$ (5,270)$ 13,509$ 6,811$ 1.98
Foothills 4500 block of 7th/8th 74 14,136$ (5,761)$ 8,376$ 5,658$ 1.48
Midtown (1) 837 20th St. 13 11,110$ (7,251)$ 3,859$ -$ -
Workforce Sub Total: 343 15,177$ (5,894)$ 9,283$ 5,260$ 1.77
Portfolio Totals: 506 13,455$ (6,372)$ 7,083$ 4,161$ 1.70
April 2015 - March 2016
Tax Credit Properties Address Units PUPA EGI
PUPA OpEx
PUPA NOI
PUPA Debt
Adjusted DSCR
Broadway East 3160 Broadway 44 11,488$ (6,436)$ 5,051$ 2,177$ 2.32
Broadway West 3120 Broadway 26 10,861$ (6,591)$ 4,270$ 2,467$ 1.73
High Mar 4990 Moorhead Ave 59 11,048$ (6,264)$ 4,784$ 3,839$ 1.25
Holiday 1500 Lee Hill 49 10,503$ (5,018)$ 5,486$ 3,149$ 1.74
Lee Hill (2) 1175 Lee Hill 31 11,375$ (10,169)$ 1,206$ -$ -
Red Oak Park 27th & Valmont 59 11,554$ (5,732)$ 5,822$ 3,888$ 1.50
Vistoso 4500 Baseline 15 10,306$ (7,109)$ 3,197$ 2,434$ 1.31
WestView 4600 Broadway 34 11,812$ (3,909)$ 7,903$ 5,567$ 1.42
Boulder Communities Various 279 3,982$ (2,994)$ 988$ -$ - Tax Credit Sub Total: 596 7,812$ (4,695)$ 3,117$ 1,671$ 1.87
Properties in Transition Address
PUPA - Per Unit Per Annum
Orchard House 1603 Orchard St. EGI - Effective Gross Income = (Total Revenue - Grant Revenue)
Valmont/Wallace 2625 Valmont Rd. Op Ex - Operating Expenses = (Total Expenses-Capital
Orchard Grove Valmont and 34th Expenses-Extraordinary Maintenance and Non-Op Ex)
Palo Park 4525 Palo Parkway NOI - Net Operating Income = (Net Income + Non OpEx)
Hayden Place 2 DSCR - Debt Service Coverage Ratio = NOI/Debt
ADJUSTED - For Capital Grants, Capital Exp. and Extrodinary Maint.
(2) Lee Hill does not have permanent debt so DSCR does not apply.
(3) Canyon Pointe rent increase effective 4/1/16 will offset the higher than expected expenses.
NOTES: (1) Glen Willow and Midtown are pledged as collateral for BHP Line of Credit
Index of terms
Boulder Housing Partners
Portfolio Analysis
1745
2016 P
erfo
rmance B
enchm
ark
s a
nd S
tandard
s
Goal/B
enchm
ark
YT
D+
/-C
om
ments
1
BH
P D
ebt (a
nd A
ccru
ed In
tere
st) to
Equity R
atio
- Measure
s ra
tio o
f A
ctu
al D
ebt a
nd In
tere
st to
Equity
< 1
.50.5
4+
2
BH
P Q
uic
k R
atio
- Unre
stric
ted c
ash/c
urre
nt lia
bilitie
s(le
ss s
ec d
eposits
) (M
easure
of h
ow
many tim
es w
e c
an p
ay c
urre
nt lia
bilitie
s w
ith C
ash o
n
Hand o
r "liquid
ity")>
2.0
2.7
9+
3
Month
s E
xpendable
Net A
ssets
Ratio
(ME
NA
R) (m
easure
s a
dequacy o
f re
serv
es)
> 4
.04.4
4+
4P
ortfo
lio D
ebt S
erv
ice C
overa
ge R
atio
(measure
s c
apacity to
cover d
ebt)
> 1
.25
1.6
9+
5B
HP
Unre
stric
ted O
pera
ting R
eserv
es
$3,0
00,0
00
$2,1
76,3
33
-
Tem
pora
rily belo
w ta
rget d
ue to
cash in
vestm
ent in
Hayd
en P
l. Will b
e
refu
nded fro
m lo
an p
roceeds a
nd C
ity gra
nt
6B
HP
Unre
stric
ted R
epla
cem
ent R
eserv
es
$1,3
57,5
00
$1,6
08,2
90
+
1O
ccupancy R
ate
HC
V - 7
56 v
ouchers
auth
orize
d>
97%
103%
+
2O
ccupancy R
ate
RA
D - 1
35 v
ouchers
auth
orize
d>
97%
79%
-E
xpecte
d v
acancy w
hile
Bould
er C
om
munity u
nits
are
under c
onstru
ctio
n
3O
ccupancy R
ate
NE
D - 1
81 v
ouchers
auth
orize
d>
97%
99%
+
4O
ccupancy R
ate
Main
stre
am
- 51 v
ouchers
auth
orize
d>
97%
94%
-48 o
f 51 v
ouchers
utilize
d in
January.
5O
ccupancy R
ate
Housin
g F
irst - 2
2 v
oucher a
uth
orize
d>
97%
112%
+
6V
oucher L
ease-u
p R
ate
>75%
63%
+
1M
ate
rials a
nd
Co
ntra
cts' Bu
dg
et V
aria
nce
+
(-) < 3
%
11%
-U
nder B
udget. V
aria
nce e
xpecte
d to
flatte
n o
ut a
s ye
ar p
rogre
sses
2A
vera
ge n
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ber o
f days
to c
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ple
te u
nit tu
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date
< 9
days
8
+
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f days
to c
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ork
ord
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year to
date
< 2
days
1.0
+
1N
et T
enant R
enta
l Incom
e - P
H100%
116%
+
2N
et T
enant R
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l Incom
e - P
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98%
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hortfa
ll rela
tes to
a d
ela
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subsid
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et T
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fford
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100%
103%
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4T
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l Net T
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enta
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HP
100%
102%
+
5N
et T
enant R
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l Incom
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ax C
redit
100%
101%
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6O
ccupancy R
ate
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197%
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7O
ccupancy R
ate
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97%
97%
+
8O
ccupancy R
ate
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rdable
97%
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+
9T
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l Occupancy R
ate
BH
P97%
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+
10
Occupancy R
ate
- Tax C
redit u
nits
97%
96%
-
11
Occupancy R
ate
- Bould
er C
om
munitie
s (u
nder d
evelo
pm
ent fo
r 2016)
80%
77%
-
A fe
w a
dditio
nal p
erm
anent m
ove o
uts
occurre
d s
ince c
losin
g. V
acancy is
w
elc
om
e to
allo
w fo
r faste
r unit re
hab.
Fin
an
ce
Ma
inte
na
nce
Pro
pe
rty M
an
ag
em
en
t
Se
ction
8
1846
2016 P
erfo
rmance B
enchm
ark
s a
nd S
tandard
s
1S
uccessfu
l Move O
uts
- Senio
rs/P
WD
s a
t Res. S
vc. S
ites
100%
86%
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ove to
unsta
ble
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Marc
h.
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uccessfu
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uts
- Fam
ilies a
t Res. S
vc. S
ites
100%
100%
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3A
vg. L
ate
Fees p
er m
onth
- Senio
rs/P
WD
s a
t Res. S
vc. S
ites
15
14
+
4A
vg. L
ate
Fees p
er m
onth
- Fam
ilies a
t Res S
vc. S
ites
15
15
+
Re
side
nt S
erv
ices
75
227
0 50
100
150
200
250
300
HH Served
Total H
H
# of Households
Unduplicated
Househ
olds S
erved# S
erved as o
f March
2016
20%
4%
50%
0%
26%
Unduplicated
Individ
uals S
erved% per P
riority A
rea as of M
arch 2016H
ousin
g
Eco
nomic
Educatio
n
Health
& W
ellness
Community L
ife
21%
11%
37%
31%
Unduplicated
Individ
uals S
erved% per P
riority A
rea as of M
arch 2016H
ousin
g
Eco
nomic
Health
& W
ellness
Community L
ife
206
307
0 50
100
150
200
250
300
350
HH Served
Total H
H
# of Households
Unduplicated
Househ
olds S
erved# S
erved as o
f March
2016 Sen
iors an
d Peo
ple w
ith Disab
ilities
Fam
ilies
1947
c. Operations Update
Preference for Homeless Transitional Housing Program Graduates
In 2011 BHP implemented an admissions preference for graduates of homeless transitional
housing programs for our public housing units. One out of every three openings were
available to applicants who had successfully completed a transitional housing program
through the Boulder Shelter for the Homeless or a similar homeless transitional program
within the city limits of Boulder. Currently 31 of 107 (29%) Walnut Place and North Port
residents are graduates of the Shelter’s Transition Program.
This transitional housing program preference was implemented within our Public Housing
admissions program. Now that Walnut Place, North Port, and Manhattan are no longer in
our Public Housing program and are not governed by the Admission and Continued
Occupancy Policy (ACOP) for the Public Housing Program we are reevaluating this
preference. Starting in July, we will lease over 45 units to new residents from our waitlists
for North Port, Walnut Place, and Manhattan. The waitlist was opened and closed in March
of 2016 and over 500 people were added to the waitlists.
We will follow our current process for leasing units in the LIHTC and Project Based
Voucher programs which is “first come first served” off of the waitlist with a preference for
those living and working in the City of Boulder. This decision means that up to 15 units
that might have been dedicated to homeless housing will not be. We have found that,
despite the preparation for community living associated with the transitional program, we
would need more staff support at a building as dense as Walnut Place to make the
continued preference work well for everyone. Understanding that this may be disappointing
to some of our partners, we will work with our community partners to evaluate this
preference and develop a plan to ensure the ongoing success for the graduates, the
community, and the property as a whole, and to continue housing homeless households at a
comparable or increased level. In the meantime, we expect many homeless applicants will
lease-up with our regular process. We will explore other options for supporting a
preference for graduates including: reinstating a preference after the lease up period from
Project Renovate is over; incorporating the Housing Choice voucher program as an option;
and adding additional case management support at the housing site for transitional housing
graduates.
48
3. ACTION/DISCUSSION AGENDA: DEVELOPMENT
a. Development Committee Report
4. ACTION/DISCUSSION AGENDA: RESIDENT SERVICES
a. Resident Representative Council Report
b. Resident Services Update
Bringing School Home
To get the word out about our Bringing School Home referral process with Emergency
Family Assistance Association (EFAA), BHP and EFAA recently hosted a meeting with
community partners. We are happy to report that fifteen households with at least one child
less than six years of age have submitted applications to EFAA for the Bringing School
Home program. Property Management is currently screening these applications, and in
mid-July five families will move into Diagonal Court to participate in educational
programming for the whole family. We continue to hear positive feedback from parents and
community partners and are excited to support families with young children on their
educational journey.
Expanded Partnership with Clinica Family Health Services
Resident Services Program Manager, Nick Phillips, has been engaged in conversations with
Clinica Family Health Services about expanding their outreach program to include
residents at Walnut Place, Northport and Lee Hill. Clinica provides primary care services to
low-income and other underserved people. While the details and timeline still need to be
defined, Clinica’s outreach efforts will include providing education, ensuring that residents
have a medical home, conducting basic assessments, and increasing residents’ regular
healthcare visits. Clinica has noticed that many seniors and formerly homeless individuals
experience long gaps in between checkups, often resulting in declined health. We look
forward to this strong partnership with Clinica that will benefit some of our most vulnerable
residents.
First National Bank Awards BHP $10,000
For the second year in a row, First National Bank has generously granted a $10,000 award
to support our efforts to help all youth living with BHP to receive support on their path
toward high school graduation and college enrollment. The money is used to help pay for a
full-time Notre Dame AmeriCorps (NDA), who is hosted by BHP through our partnership
with “I Have a Dream” Foundation. Rick DeVoss recently joined us from Iowa to serve as
49
BHP’s College and Career Counselor. His term is overlapping with current NDA volunteer,
College and Career Counselor Annie Beall, whose second year of service ends in July.
VI. UPDATE AND INFORMATIONAL ITEMS
UPDATES:
1. Palo Park
Previous Board Meeting:
At the last meeting, the Board received an update on the project, and approved an
inducement resolution for the issuance of Private Activity Bonds for the project.
Updates and Next Steps:
Predevelopment activities continue for the Palo Park project:
o BHP submitted a Site Review application to the City on April 4, 2016. The
application responded to comments from Planning Board, City Council, and City
Planning staff from their review of the concept plan. Site Review will be reviewed
by Planning Board, and is tentatively scheduled for the May 26 meeting. The
application may also be called up by City Council as well, which would likely not
occur until late July at the earliest due to Council’s summer recess. If you are
interested in reviewing our application materials, they are available on the project
website at www.palohousing.org. We plan to present a design update to the Board at
the June 2016 meeting.
o BHP has been working with both CHFA and CDOH on underwriting for Federal
4% tax credits, State of Colorado tax credits, and Community Development Block
Grant – Disaster Recovery (CDBG-DR) funds for the project. The State Housing
Board will consider approval for the CDBG-DR funds at their meeting on May 10,
and both CHFA and CDOH will make formal announcements of funding awards
following that meeting.
o We have been engaging with the neighbors regarding our Site Review submittal.
Another mailing was sent to all neighbors within the area surrounded by 28th
Street
and 47th
Street, and Jay Road and Kalmia Avenue. Additionally, the project website
was updated, and an email was sent to all interested neighbors. We also hosted a
neighborhood open house on April 27 at the JCC. BHP staff, the project architect,
traffic engineer, and City planner were in attendance to answer any questions that
neighbors had regarding our Site Review application.
o BHP released RFPs for debt and equity for the project. Proposals will be submitted
by May 13.
50
2. Hayden Place
Previous Board Meeting:
We reported that BHP staff released an RFP for permanent financing for recently acquired
3480 Hayden Place on March 22, 2016. BHP paid for the purchase of the property with
BHP reserves. The permanent financing will reimburse BHP.
3. 3480 Hayden Place Request for Proposals (RFP):
BHP received three responses to our RFP from the following banks, First Bank, First
National Bank and Wells Fargo. After discussing each offer staff decided to choose First
Bank as the lender. First Bank is currently going through their due diligence process and
has set a closing date for June 28, 2016.
4. Mount Calvary Lutheran Church
BHP has been working with Frasier Meadows and the Mt. Calvary Lutheran Church to
form a partnership to purchase the Mt. Calvary church site and build affordable housing on
an underutilized portion of the property. The three groups have successfully reached an
agreement on deal terms and executed a Letter of Intent (LOI) on April 28, 2016.
5. State Tax Exemption
HB 16-1006 passed the Senate and the House now awaits the Governor’s signature. Once
signed into law, we will request retroactive tax exemption for Project Renovate as well as
future tax exemption for the duration of the project which will provide relief to the
contingency budget for Project Renovate.
6. Project Renovate
Action Items:
None
Updates and Next Steps:
Construction
We started Phase 1 of construction at Iris Hawthorn and now have six active construction
sites. Phase 3 unit renovations are underway at Kalmia, Manhattan, Diagonal Court and
Walnut Place. Phase 2 of renovation is underway at Northport. We have a lot of exterior
and site work happening at all the sites including exterior siding and paint, roofing, grading
51
and drainage work, and concrete. We anticipate landscape work and paving to begin in
mid-May.
Community Centers
Work has progressed at all three Community Centers. We will see the Manhattan and
Diagonal Court Community Centers on our tour May 9. Manhattan and Diagonal Court are
on schedule to be complete by Palace mid-summer and Kalmia in time for the start of the
school year.
Relocation
We have successfully moved 183 residents to and from existing units while their
apartments were renovated. Overall, the residents are happy and the customer service by
our relocation consultant team has been tremendous. The BHP staff team has also been
very responsive to our residents’ needs. We estimate 190 moves yet to go so we are a little
less than 50% complete with relocation.
Schedule
This will be a standing item in the monthly Board update and demonstrates how many units
we anticipate Palace completing each month by site. The color coding demonstrates the
phase of Construction.
Budget/Reporting
Excluding land/building we’ve expended 34.40% of our budget while projected to
date was 44.70%.
We have a total of $859,370 in Owner Contingency remaining, which is about 49%
(this does not include pending use).
We have a total of $263,852 in GC Contingency remaining, which is about 20%.
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec TOTAL
Diagonal Court 8 8 8 6 30Kalmia 10 10 10 10 9 49
Manhattan 1 BR 5 6 6 17
Manhattan TH 7 6 7 6 26
Iris Hawthorn 4 5 4 13Northport 12 12 26 50
Walnut Place 24 24 24 16 8 96
Total by Month 0 0 49 5 0 48 18 25 46 16 27 8 39 0 0 279
Phase Key 1 2 3 4 5
52
Construction Photo Update— April 2016
1. Manhattan Building 660 Paint
2. Diagonal Court Community Center Framing
3. Manhattan Building 666 and 690 back paint
4. Northport Renovated Kitchen 1
5. Northport Renovated Kitchen 2
4
3 2
1
5
53
Including this draw we’ve processed a little over $100K in change orders for CO
Sales Tax that will be coming back to us.
We have an estimated $347K of pending CO Sales Tax use in the combined
contingency budgets that we should be able to remove in the near future.
7. City, State, and Federal Updates: May 2016
Senate Appropriations Committee Approves T-HUD Spending Bill
The Senate Appropriations Transportation, Housing and Urban Development bill was
approved unanimously through both subcommittee and committee on April 19. Despite the
$800 million cut to housing and community development programs, the bill will provide
the following:
Public Housing Operating Fund: $4.675 billion, a $175 million increase above FY
2016
Public Housing Capital Fund: $1.925 billion, a $25 million increase above FY 2016
specifically to address lead-based paint hazards in public housing
Section 8 Housing Assistance Payment Renewals: $18.355 million, a $674 million
increase over FY 2016
Section 8 Ongoing Administrative Fees: $1.769 billion, a $129 million increase
over FY 2016
CDBG: $3 billion, equivalent to fiscal year 2016
HOME: $950 million, equivalent to fiscal year 2016
Mobility Demonstration: $11 million competitive grant program
Real Estate Transfer Tax for Affordable Housing
The Concurrent Resolution for SCR 16-004 was introduced in the Senate on April 11 to
impose a tax upon the recording of each real property deed at the rate of 1/10 of 1% of the
value of the real property as specified in the deed for the privilege of transferring the title to
real property. At that time, it was assigned to that State, Veterans, and Military Affairs and
then postponed indefinitely on April 20. While no progress seems to be made, this could be
viewed as an important first step towards implementing a statewide trust fund for
affordable housing.
Civic Center Update
City Council met on April 5 for an update on the Civic Area Master Plan Implementation.
City staff is finalizing the Civic Area Site Plan with the design team, and expects to start
construction in the 3rd
quarter of 2016.
The Human Services Strategy is also
underway and will influence decisions
54
with the potential redevelopment or relocation of the West Boulder Senior Center. The
focus on the West end, the Library and Senior Center area, will be on enhancing current
programming, and stakeholder and public engagement will proceed in 2017. However, East
End planning will be the priority and focus for the remainder of 2016 into 2017.
Study Session on Development-Related Impact Fees and Excise Taxes
Development-Related Impact Fees and Excise Taxes was the topic for discussion at the
Boulder City Council Study Session held on April 7. The process began in the fall of 2015
and is expected to be completed by the end of 2016. The project includes four components
related to implementation of BVCP Policy 1.30 around growth paying its fair share. One of
the components is an update to the Affordable Housing Linkage Fee (Impact Fee) for
commercial development. Current Excise Taxes include Housing, Park Land, and
Transportation. The Housing Excise Tax goes towards construction, rehab, and acquisition
of affordable housing. Recent analysis, completed by KMA, indicates Boulder’s fully
phased in commercial linkage fees (to occur on June 6, 2016) range from a low of
approximately 0.7 percent of development costs for hotels to a high of 3.2 percent of
development costs for lower density office buildings. Linkage fees in other jurisdictions
vary widely by jurisdiction and range up to approximately 5 percent of development costs.
Upcoming dates are as follows:
May – technical working group reviews reports and provides feedback to staff
June 14 – Council reviews in a study session
July 19 – Final recommendations presented to Council for a public hearing and
decision
The Bustop Gentlemen’s Club Sold
Allison Management, Thistle Communities and BA Investments bought the property at
4871 N. Broadway for $2.8 million the week of April 18, 2016. The site will be leased back
to the previous owner for the next two years while development plans are solidified. A
three- story building for 45-60 affordable units is in the works for Boulder’s artist
community. Developer Bruce Dierking originally planned artist space at the Armory
redevelopment, but art or craft studio space use is prohibited in the MU-1 zoning. Building
off of Dierking’s idea, commercial and artist space at the Bustop redevelopment would
occupy 8,000 square feet on the ground level of the building.
BVCP update: "What if?” Shaping the future of the Boulder Valley
On May 11 at 3:30 in the Boulder Main Library, the next planned drop in community
engagement event will take place in order to kick start the process of shaping potential
scenarios for the future as well as continue to learn more about the update and share
thoughts.
55
