February 2015 Capitol Hill Housing Board Meeting Keys and Addenda

Reminder: Dinner begins at 5:45. The meeting starts promptly at 6 PM. Please note that we have extended the meeting to 7:40 PM to accommodate the CEO annual review. We are postponing the Annual Meeting of the Board until the March 9th Board Meeting to provide more time for notification to the community. Disclosures and recusals: Board members will review items on the agenda and make any necessary disclosures. Foundation Update: Chris will update on the change in Michael’s position. Michael will update on Top of the Town and the Community Forum. We have confirmed with Denise Scott of LISC that she will speak at TOT and be on panel at the Forum. Executive Committee: Chris will introduce Greg Elkerton, Director of Real Estate and Impact Investments. Greg has over 15 years of affordable housing development experience in Seattle and Washington State. The board will be asked to elect Bob Fikso into the position vacated by Pamela Banks. Chris will give a very brief update on the strategic planning process for 2015. Finance: The finance committee presents its regular report and dashboard through December 2014. The board will be asked to adopt the new board designated reserves policy. Asset Management and Acquisitions: Brad will update on the work on Hazel Plaza. This work has transformed this project and is an example of our commitment to ongoing stewardship of our properties. We are looking into combining two or our properties, Mary Ruth Manor and Ponderosa into one tax credit syndication. As far as I know this would be the first time we’ve done this. It would provide funds for significant capital improvements for MRM and we would draw a development fee. We have submitted an LOI to SHA for three of their properties as previously discussed. Brad will update the board on our contingent offer. Chris will brief on the sale of our interests in Fire Station 7 and our further conversation with CADA. Presentation and Discussion: Billie Abers will present an overview on our eviction process. CHH staff is very sensitive and cognitive of the life-difficulties that many or our residents face and the thoughtful balance that must be struck in considering the right of all our residents to live in a safe, respectful environment. We also face real operational considerations when rent is not being paid. It is necessary in rare instances evict residents and we are committed to doing so professionally and compassionately.

Upcoming Meetings and Events Monday, Feb 9

CHH Board Meeting Tuesday, Feb 17 Housing and Homelessness Advocacy Day in Olympia Thursday, Feb 19 Hazel Plaza Rehab Event Wednesday, Mar 4 Liberty Bank Presentation Centerstone Monday, Mar 9 ANNUAL MEETING

CHH Board Meeting

Chris will lead us in a conversation about development outside the City limits--something we’ve only done once before. We think that requests for our development expertise outside the city will become more common and that intentional pursuit of development opportunities would be an appropriate extension of our business model. Real Estate Development Discussion: Greg and Katie will rundown our development pipeline and discuss the potential close of acquisition at 24th and Union. We will update the board on the Sound Transit interviews. These discussions may be taken in executive session. CEO Review: Finally the board will enter into executive session to discuss the annual review of the CEO. Board Packet Attachments 1. Meeting Keys & Agenda 2. Consent Agenda and Attachments

a. Contracts and Expenditures b. Draft Board Minutes c. Tenant Communications Tracking Log d. Property Management Report and Minutes e. Property Management dashboard f. Memo from the CHH Foundation g. Sustainability and Planning Report h. Real Estate Development Report and minutes i. Executive Committee Minutes

3. Greg Elkerton Resume 4. Bob Fikso Resume 5. December 2014 Finance Report and Statements and Asset Management Report 6. Board Designated Reserves Draft Policy

CAPITOL HILL HOUSING BOARD February 9, 2015

6:00 PM – 7:40 PM Regular Meeting 12th Ave Arts Pike-Pine Room

1620 12th Avenue, Seattle

AGENDA

6:00 Call to Order (Quaintance)

1. Approve consent agenda Attachment 2 2. Disclosures and recusals

6:05 Public Comment (Not to exceed 5 minutes per individual or 15 for combined speakers) 6:10 Community Programs and External Relations (Seiwerath)

1. Michael’s new role (CP) Verbal 2. Top of the Town and Community Forum Verbal

6:15 Executive Committee (Persons/Quaintance)

1. Introducing Greg Elkerton Attachment 3 2. Bob Fikso Election Attachment 4 3. Strategic Planning 2015 Verbal

6:20 Finance Report (O’Donnell, Fleming)

1. Financial summary, cash management report: December 2014 Attachment 5 2. Board Designated Reserves Attachment 6

6:30 Asset Management and Acquisitions (Persons, Lange)

1. Hazel Plaza (MRM & Ponderosa) PowerPoint 2. SHA Powerpoint 3. Brewster Update Verbal 4. Fire Station 7 Verbal 5. CADA Properties Verbal

6:50 Presentation and Discussion

1. CHH Evictions Process PowerPoint 2. Regional Development Discussion

7:20 Real Estate Development Discussion (Persons, Porter)

1. 24th and Union Potential Close on Acquisition Verbal 2. CH TOD Interviews PowerPoint

7:20 CEO Review

1. The annual review of the CEO will be held in executive session 7:40 Adjourn (Quaintance)

 

 

 

 

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CAPITOL HILL HOUSING REGULAR MEETING February 9, 2015

6:00 – 7:40 PM Regular Meeting 12th Ave Arts Pike Pine Meeting Room

1620 12th Avenue, Seattle

CONSENT ITEMS

MINUTES AND REPORTS 1. January 2014 Board Meeting Minutes (attached for adoption) 2. Committee Reports and Minutes (attached for acceptance) 3. Tenant Communications Tracking (attached for review)

DONATIONS, TRANSACTIONS OVER $10,000 OR 1-YEAR, AGREEMENTS WITH PUBLIC ENTITIES

Date Bldg/entity Contract with: Amount: Purpose

GP ACTIVITIES (information only)

Date Contract with: Amount Purpose

December 18, 2014

United Mechanical Systems $9720 1 year service contract for HVAC Maintenance at 12AA

July 28, 2014 Hainsworth $0 Lease for W/D at 12AA Residential Building

September 23, 2014

Froula $420 Fire Alarm Service & Monitoring

September 1, 2014

Smith Fire Systems Management, LLC

$8650 5 year contract for fire sprinkler, fire pump, and hydrant test and inspect at 12AA

 

 

 

 

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January 2015 Board Minutes Page 1 of 2

Regular Board Meeting

Pike Pine Meeting Room

1620 12th Avenue, Seattle, WA

January 12, 2015

Members Present: Alice Quaintance, Heyward Watson, Rachel Ben-Shmuel, Cathy Hillenbrand, Robert

Schwartz, Jaebadiah Gardner, Liz Dunn, Farin Houk, Dana Behar, Matt Roewe, Liz Dunn

Staff Present: Chris Persons, Jill fleming, Michael Seiwerath, Kristin Storm, Elliot Swanson, Amy Allsopp,

Laurie Parker, Joshua Okrent, Anne Hurt (taking minutes)

Absent: Michael Malone, Pamela Banks, Paul Breckenridge, Paige Chapel, Drew Porter

Guest Present: Randy Robinson (Foundation Board President), Bob Fikso (Real Estate Development

Committee member)

Prior to order being called, Michael Seiwerath spoke regarding the Foundation’s plans for major donor

events and the Foundation budget for 2015.

Agenda & Minutes: The January 12th regular meeting of the Capitol Hill Housing Board of Directors was

called to order by Chair Alice Quaintance at 6:08 pm.

A motion to approve the Consent Agenda and the draft minutes was made, seconded and passed

unanimously.

A motion to amend the Executive Committee minutes to include Board member Farin Houk’s name was

made, seconded and passed unanimously.

A motion to approve the Executive Committee minutes as amended was made, seconded and passed

unanimously.

Disclosures and recusals: No disclosures were made.

Public comment: A tenant spoke regarding communications issues with staff and stated he would

present his concerns at the next board meeting in writing.

Alice presented Bob Fikso, and all Board members and staff present introduced themselves.

January 2015 Board Minutes Page 2 of 2

Foundation and Communications Update: Michael had already updated the Board on plans and

highlighted the Foundation budget. Randy Robinson and the Foundation staff presented CHH with two

giant checks in the amounts of $367,000 for general support for 2014 and $479,000 for Capital support

for 2014.

Executive Committee: Chris presented new drafts of the organizational chart and department functions.

He also spoke of the high caliber of local applicants for the Real Estate Development Director position.

Bob Fikso was presented as a candidate to take the position on the Board being vacated by Pamela

Banks. All five Board members whose terms expire in April, 2015, have agreed to remain on the Board.

Chris reviewed the Strategic Plan, the last retreat outcome, and projected how the big ideas could be

incorporated into a Decision Matrix to assess their viability for the 2015 plan. The Strategic Steering

Committee will include Chris, Rob, Jill, Paige and an additional board person and staff person. A timeline

for the plan commencing in February and culminating with the Board retreat in June was presented.

Finance and Asset Management Committee Report: Jill presented the Finance and Asset Management

committee’s regular report. Clarification was requested regarding the cash surplus and was provided.

The Finance committee is working on determining what would be opportunity funds and what would be

designated as reserve funds.

A motion to accept the Finance and Asset Management Committee report was made, seconded, and

passed unanimously.

Resident Services Program: Elliot explained the scope of the Resident Services Program, its history,

primary tenant needs and the goals of the program.

Asset Management and Acquisitions: Chris gave a brief update on the status of several ongoing

properties: Fire Station 7, CADA, the completion of the acquisition of Squire Park Plaza and the sale of

the Tiltsonian and use of the proceeds.

Real Estate Development Update: Chris presented a status report on the 24th and Union property and

tentative project ideas. A development pipeline was shown for 2015 – 2018.

The meeting was adjourned at 7:33 pm

Attested,

____________________________________

Robert P. Schwartz, Secretary January 12, 2015

Tenant Communications Tracking

February 9, 2015

Building Issue Status Resolution

Miller Park

Tenant letter regarding stipulated agreement to vacate unit by 10/31

Open, tenant has taken additional legal action, we have issued alternative service, court estimated to be set 1/27/15

Tenant Vacated unit 2/4/15

 

 

 

 

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Property Management Committee Members: Rob Schwartz (Chair), Farin Houk, Heyward Watson, Mitchell Belcher, and Kristin Ryan Staff: Billie Abers

February 2015 The Property Management Committee met February 3, 2015 at 12:00 pm at 12th Avenue Arts. Rob Schwartz and Kristin Ryan met with Billie Abers, Director of Property Management, and Katrina McMillan, Senior Portfolio Manager. The committee reviewed the report and discussed current property management activities. Capital Projects—current Hazel Plaza and the Haines – Major renovation work is underway at both Hazel Plaza and at the Haines – including interior and exterior work.

Brewster—CHH continues to work with City Light Management to discuss options and mitigation regarding the Denny Substation and its impact on the Brewster residents, operations and finances. We expect that an acceptable agreement will result. We continue to work with the City of Seattle’s Weatherization Department to replace the boiler at Elizabeth James House. Due to the complexity of the system and the agencies involved we expect the project to start in 2015. Four roofs are being replaced. Work at the Fleming is complete and Lincoln Court is underway. Park Hill and the Fredonia remain to be completed in 2015. Capital project planning for 2015 is underway. Resident Services Resident services met individually with over 40 tenants, began hosting employment workshops in collaboration with Seattle University students and announced a rental assistance project which will begin providing assistance in February. As of February 4, 2015 four applications for rental assistance have been received. Third Party Management The remaining CADA buildings, Union/James and Harvey, are third party managed. Building Operations

From the Finance report: Year to date December 31, Blended Operating Statement

Vacancy loss for the portfolio on a 12 month rolling basis is 3.8%. Vacancy loss for 2013 was 2.7% across the portfolio. For the 11 months ending November 30, 2014, vacancy loss was 3.8%. Vacancy loss was 3.4% for 2012 and 3.9% for 2011. For budget purposes we assume vacancy rates ranging from 3 – 5 % depending on the building. At the end of January 2015, we had 15 vacant units (excluding third party buildings managed for CADA).

Capitol Hill Housing

Operating Statement

For the period ending: 12/31/2014

Benchmarks

98% Excellent

95% Good

90% Poor

98% Excellent

95% Good

90% Poor

<30 days Excellent

45 days Good

60+ days Poor

1.15 excellent

1.05 good

<1.0 concern

1.15 excellent

1.05 good

<1.0 concern

1.15 excellent

1.05 good

<1.0 concern

Frequency YTD YTD YTD YTD YTD YTD Monthly YTD M M YTD 2014 A A A

Type HUD Buildings Units Actual Inc Budget Var % Actual Exp Budget Var %

Op exp/unit -

YTD (Before

Res)

2014 Vac

Loss 2013 Vac

Cash Flow after

reserves

Occupancy

Rate

Occupancy Rate

12 mth trend

Repl Res

Y or N

Op Res

Y or N

Average Unit

Turnaround Time

DCR 2013

Actual

DCR 2012

Actual

DCR

2010 ActualComments

Blended HUD 18th Ave 9 117,063 112,426 4% 59,793 60,667 1% 6,644 0.0% 0.3% 776 100% 100% Y - 1.14 1.02 1.03

Blended 410 Apts 6 53,065 50,977 4% 30,156 37,398 19% 5,026 0.0% 2.8% 13,238 100% 100% Y - 2.49 3.03 1.23

Blended HUD 412 Apts 12 166,068 172,429 -4% 139,454 127,901 -9% 11,621 8.8% 0.3% 9,194 78% 90% Y 96 2.30 2.38 0.89

Blended Berneva 12 101,522 99,931 2% 94,495 83,703 -13% 7,875 2.7% 0.0% (3,331) 92% 97% Y Y 59 2.18 1.22 0.69

Blended Boylston Howell 30 280,691 277,085 1% 216,045 205,464 -5% 7,202 1.0% 2.5% (4,591) 97% 98% Y Y 43 1.09 1.08 1.26

Blended Bremer 49 393,790 385,045 2% 237,925 261,900 9% 4,856 1.6% 3.9% 48,730 100% 98% Y Y 50 1.25 1.46 0.92

Blended Brewster 35 276,888 269,707 3% 197,993 205,884 4% 5,657 3.4% 3.0% 25,704 89% 97% Y Y 57 3.20 1.64 1.37

Blended Broadway 5 52,734 56,096 -6% 58,068 35,702 -63% 11,614 9.1% 2.6% (15,986) 95% 86% Y 51 1.76 2.78 1.58 vacancy, 2-bedroom market unit vacant

Blended Burke Gilman Gardens 15 169,024 167,444 1% 133,778 136,895 2% 8,919 3.2% 3.9% 3,345 87% 97% Y Y 50 0.88 1.89 1.42

Blended Byron Wetmore 12 120,813 124,456 -3% 93,159 111,725 17% 7,763 4.4% 8.2% 8,452 100% 96% Y 126 1.35 2.97 4.12

Blended Casa di Cinque 5 59,514 57,783 3% 33,725 45,085 25% 6,745 0.0% 0.0% 19,745 100% 100% Y - ***

Blended Centennial 30 292,444 292,225 0% 146,880 170,481 14% 4,896 3.1% 2.9% 20,906 100% 97% Y Y 57 1.12 1.13 0.99

Blended Devonshire 62 533,308 524,989 2% 359,465 373,546 4% 5,798 2.9% 5.3% 56,389 97% 97% Y Y 65 4.56 7.14

Blended HUD Elizabeth James 60 572,504 572,814 0% 415,170 403,424 -3% 6,919 6.1% 0.7% (12,311) 95% 94% Y 72 1.51 1.67 1.41 vacancy

Discrete Fleming 36 281,391 289,709 -3% 207,890 184,177 -13% 5,775 7.7% 4.7% (26,513) 91% 91% Y Y 94 1.06 1.01 0.67 Vacancy, repair and maintenance

Blended Fredonia 12 228,323 221,828 3% 136,180 128,146 -6% 11,348 0.8% 0.9% 17,341 100% 99% Y Y 42 1.54 1.60 1.28

Blended Gale Place 24 301,543 269,088 12% 228,189 224,990 -1% 9,508 2.4% 2.3% 29,349 100% 98% Y 63 1.97 1.51 1.46

Blended Gilman Court 25 287,066 273,609 5% 211,554 212,595 0% 8,462 0.9% 2.1% 14,035 97% 99% Y Y 44 1.75 1.55 1.22

Blended HUD Haines (old) 30 405,915 282,338 44% 169,076 195,679 14% 5,636 2.1% 0.6% 18,207 % % Y - **** part yr

Blended HUD Hazel Plaza 16 172,822 166,789 4% 120,110 111,052 -8% 7,507 7.7% 3.2% 34,497 94% 94% Y - ** 1.04

Blended HUD Holden Vista 16 163,392 159,623 2% 122,293 137,020 11% 7,643 5.7% 5.7% 18,145 Y - 0.51 1.20 3.57 3rd party management

Blended John Carney 27 198,787 200,260 -1% 148,885 148,400 0% 5,514 4.9% 3.1% 5,364 90% 96% Y Y 81 1.35 2.07 1.48

Blended Larned 33 224,029 219,469 2% 220,521 209,355 -5% 6,682 3.7% 2.9% (13,214) 92% 96% Y Y 104 **

Blended Lincoln Court 29 258,914 261,166 -1% 180,590 148,311 -22% 6,227 3.4% 1.2% (34,500) 90% 96% Y Y 48 1.09 1.09 0.89 Repair and maintenance, bed bugs

Blended HUD Mary Ruth Manor 20 230,807 236,613 -2% 161,739 168,374 4% 8,087 4.9% 0.8% 9,240 90% 95% Y 105 2.11 1.37 0.96

Blended Maxwell 4 41,623 40,576 3% 23,882 29,519 19% 5,971 0.0% 2.4% 11,657 100% 100% Y - 2.51 2.41 1.23

Blended Melrose 30 233,099 217,652 7% 153,475 179,362 14% 5,116 4.8% 3.6% 32,925 87% 96% Y Y 57 1.73 1.58 1.20

Blended Miller Park 12 122,193 129,527 -6% 92,273 96,294 4% 7,689 8.5% 3.8% (4,240) 100% 93% Y Y 109 1.16 1.39 1.19

Blended Park Hill 30 351,016 341,497 3% 217,665 250,405 13% 7,255 2.1% 1.3% 68,157 100% 99% Y 68 1.76 1.44 1.55

Blended HUD Ponderosa 23 190,276 194,671 -2% 176,966 179,732 2% 7,694 5.7% 3.9% (9,072) 100% 94% Y 165 ***

Blended Seneca 32 311,986 309,565 1% 195,552 235,248 17% 6,111 2.6% 2.2% 62,473 100% 97% Y Y 44 2.82 2.84 1.42

Blended Tiltsonian 5 42,594 48,168 -12% 31,939 39,684 20% 6,388 15.2% 5.0% 2,255 % % Y - 1.13 2.00 2.16

Blended Villa 62 661,524 661,654 0% 391,350 395,114 1% 6,312 3.4% 2.8% 32,580 90% 96% Y Y 57 1.24 1.22 1.27

7,896,727 7,687,209 5,406,234 5,533,232 438,946

Discrete 12AA 88 220,832 0 70,779 0 804 3.6% 150,052 100% 23%

Discrete Broadway Crossing 44 399,423 401,021 0% 330,907 327,172 -1% 7,521 4.8% 4.2% (9,167) 99% 94% Y Y 159 1.37 1.64 1.27

Discrete HUD El Nor 55 551,022 538,264 2% 386,806 400,335 3% 7,033 2.6% 0.4% 31,238 97% 97% Y 93 1.69 1.30 1.63

Discrete Fremont Solstice 18 195,379 207,365 -6% 148,783 144,430 -3% 8,266 7.4% 1.6% (11,417) 89% 93% Y Y 64 1.32 1.34 1.13 Vacancy

Discrete HUD Haines (new) 30 74,303 0 55,065 0 1,836 0.0% 18,913 100% 98% 83

Discrete Harrison 19 324,719 320,687 1% 198,658 185,427 -7% 10,456 2.9% 0.0% (4,253) 95% 98% Y Y 53 1.10 1.03 0.75

Discrete HUD Helen V 38 400,148 397,023 1% 240,701 228,691 -5% 6,334 1.9% 0.8% (4,915) 100% 98% Y Y 57 1.41 1.39 0.75

Discrete Holiday 30 306,012 325,786 -6% 167,504 191,058 12% 5,583 6.2% 5.7% 6,670 92% 93% Y 80 1.00 0.94 Rehab yr

Discrete Jefferson 40 486,691 459,611 6% 277,306 261,830 -6% 6,933 1.0% 3.8% 20,274 100% 99% Y 52 1.02 part yr

Discrete Oleta 34 289,828 298,414 -3% 191,489 181,452 -6% 5,632 8.2% 4.1% (11,761) 100% 91% Y Y 74 1.02 1.03 0.89

Discrete Pantages 49 475,950 480,283 -1% 351,752 326,150 -8% 7,179 3.8% 3.6% 9,760 100% 93% Y Y 76 1.47 1.76 2.09

Discrete HUD Silvian 32 355,552 348,970 2% 278,105 230,413 -21% 8,691 3.6% 2.6% (56,053) 97% 96% Y 108 1.45 1.68 1.81 Excess cash

Discrete Squire Park Plaza 60 20,549 0 30,880 0 515 2.5% (10,412) 91% 84% 45

Discrete Unity Village 30 268,808 267,876 0% 205,647 208,953 2% 6,855 2.2% 4.1% 50,429 Y - ** N/A N/A 3rd party management

1375 4,369,214 4,045,300 2,934,382 2,685,911 179,358

M:\Admin\Board\Packets\2015 Packets\02 15\Property Management Dashboard February 2015.xlsx

 

 

 

 

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MEMORANDUM

To: Capitol Hill Housing Board of Directors

From: Michael Seiwerath, Executive Director, Capitol Hill Housing Foundation

CC: Christopher Persons

Re: February 2015 Fundraising and Communications Update

GRANTS AND DONATIONS

Recent grant submissions include a request to the Windermere Foundation for support of our Resident Services program. A recent $90,000 request to the City of Seattle’s Neighborhood Park and Street Fund would provide planning and building support for the Pollinator Pathway. In addition, we submitted a request to the Rose Fellowship program which would arrange for an architectural fellow to spend three years working with Capitol Hill Housing’s Real Estate and Sustainability departments.

EVENTS

Sustaining Circle Donor Celebration

January 22, 2015

More than 50 donors, board and staff attended the donor celebration in 12th Avenue Arts’ Pike-Pine room. The majority of guests stayed for the first-ever performance on the building’s mainstage - Our Town. While the event was not as well attended by major donors as was hoped, the event aligned well with the organization mission, supported a resident theater company, proved to be fairly simple to produce, and was well received. If you have any feedback, please talk to Michael Seiwerath.

Hazel Plaza renovation

A celebration for the conclusion of the Hazel Plaza renovation will take place on Thursday, February 19 from 3:00 – 5:00pm with brief remarks at 3:30. Light refreshments will be served. Self-guided tours of the site improvements and updated apartments will be. Hazel Plaza is located at 2021 East John St. No RSVP is necessary.

Denise Scott

Top of the Town and Community Forum

On May 20-21 2015, we will be combining two successful CHH events into a single event taking place over 2 days. The annual Top of the Town fundraising dinner and the Community Forum will be organized to serve a single theme. Our keynote speaker will be Denise Scott, the Executive Vice President of Programs at LISC, who is a national leader in neighborhood revitalization. She will address the Top of the Town audience at the Sorrento Hotel and will also serve as a panelist or focal point for the Community Forum, which will be held the following day at the Langston Hughes Performing Arts Institute and is free of charge.

Bearing in mind the growing importance and complexity of Capitol Hill Housing’s work in the Central District, the 2-day event will address themes relevant to the neighborhood.

Denise Scott is Executive Vice President in charge of programs for the Local Initiatives Support Corporation (LISC), the nation's largest nonprofit focused on revitalizing distressed communities. With three decades of experience in community development, Ms. Scott leads LISC’s neighborhood investment efforts in 30 cities and rural areas in 39 states. She previously managed LISC’s flagship program in New York City, focusing on affordable housing, commercial corridors, education, health and jobs in some of the city’s toughest neighborhoods. Prior to joining LISC, Ms. Scott spearheaded a range of public and nonprofit initiatives with the U.S. Department of Housing and Urban Development, the Upper Manhattan Empowerment Zone Development Corporation, the New York City Urban Coalition, the New York City Mayor's Office of Housing Coordination and the New York City Department of Housing Preservation and Development. She holds a Master’s degree in Urban Planning from Columbia University and has lectured at its Graduate School of Architecture, Planning, and Preservation. Ms. Scott is based in LISC’s national headquarters in New York City.

CHH FOUNDATION BOARD

Last week, we said farewell to two founding members of the CHH Foundation board. Melora Hiller and Tom Ambrey both joined the CHHF Board by January 2010, and oversaw the creation and growth of the Foundation.

Melora was the founding board chair, and a member of the 12th Avenue Arts steering committee. She advised on the creation of CHH’s resident services program, and during her time as board chair, the foundation raised more than $2.5 Million in general support and $4.6 Million in capital support. Melora is moving to New York City for a few years.

Tom chaired the Individual Giving Committee since its creation in July 2010. He frequently volunteered to follow up with board members and donors about pledges and gifts. While chairing the Individual Giving Committee, individual donations increased from $43,000 to $173,000 annually. Tom Ambrey is retiring as CEO of RAFN Construction.

At the April 2015 CHH Foundation board meeting, a new slate of board members will be introduced.

CAPITAL CAMPAIGN

12th Avenue Arts Capital Campaign Overall GOAL : $4.6 M

Goal Pledged

TOTAL $4,600,000 $4, 712,205

COMMUNICATIONS

CHH earned several media mentions over the past month, including multiple reviews of the performances in the theaters at 12th Avenue Arts. Here are some highlights.

Chris Persons interview with Eric Liu for “Seattle Voices” on Seattle Channel

Joel Sisolak’s latest EcoDistrict column on the CHS blog

Daily Journal of Commerce notices of Jill Fleming’s promotion and Greg Elkerton’s hire

CHS blog update on light rail station development

Reviews of Our Town in The Stranger and Seattle Times

Reviews of Sprawl in The Stranger and Seattle Times

Capitol Hill Housing Foundation 2015 Budget

As of February 2, 2015

Unrestricted Budget

Income Source 2015 Goal 2015 Actual % to Goal

Government $ 20,000 $ - NA

Foundation $ 219,917 $ 184,786 84.0%

Corporate $ 89,250 $ 10,000 11.2%

Individual $ 118,000 $ 16,820 14.3%

Events & Sponsorships $ 143,500 $ 32,500 22.6%

TOTAL $ 590,667 $ 244,106 41.3%

Restricted Budget

Income Source 2015 Goal 2015 Actual % to Goal

Government $ - $ -

Foundation $ 100,000 $ 100,000 100.0%

Corporate $ - $ - 0.0%

Individual $ 25,000 $ - 0.0%

Events & Sponsorships $ - $ - 0.0%

TOTAL $ 125,000 $ 100,000 80.0%

Combined Budgets

(Restricted & Unrestricted)

Income Source 2015 Goal 2015 Actual % to Goal

Government $ 20,000 $ - 0.0%

Foundation $ 319,917 $ 284,786 89.0%

Corporate $ 89,250 $ 10,000 11.2%

Individual $ 143,000 $ - 0.0%

Events & Sponsorships $ 143,500 $ 32,500 22.6%

TOTAL $ 715,667 $ 327,286 45.7%

SUSTAINABILITY and COMMUNITY PLANNING

MONTHLY REPORT TO

CAPITOL HILL HOUSING PDA BOARD

February 4, 2015

Staff: Joel Sisolak, Sustainability Director, Alex Brennan, Senior Planner, Arielle Lawson, Outreach

Coordinator

EcoDistrict Steering Committee: Neelima Shah (co-chair)*, Mike Mariano (co-chair)*, Matthew Combe*,

Julie West*, Cathy Hillenbrand*, Alicia Uhlig, Charles Bowers, Clayton Smith, Erik Rundell, Erika Melroy,

Heather Burpee, Janet Shull, Julie West, Karen Price, Lauren Rochholz, Leon Garnett, Liz Dunn, Michelle

Caulfield, Michelle Hippler, Ric Cochrane, Whitney Fraser.

*Executive Committee member

ECODISTRICT DEVELOPMENT

EcoDistrict Index The Capitol Hill EcoDistrict Index was released on the Capitol Hill Housing EcoDistrict website. The Index will be updated to track performance and include additional performance metrics, including metrics in the Culture Performance Area.

Resolution 31562 The EcoDistrict was formally recognized by the Seattle City Council with unanimous (9-0) passage of Resolution 31562 with Mayor Murray concurring. We are following up with individual Councilmembers to thank them for their support and offer briefings on the EcoDistrict to members less familiar.

Grants We have pending requests for EcoDistrict funding with the WA Department of Ecology, National Fish and Wildlife Foundation, and Surdna Foundation. We also plan to submit a request for Neighborhood Parks and Street Fund. Our final report to Bullitt Foundation is due early March.

Sponsorship We continue to reach out to businesses to request sponsorship. We currently offer an option of “Solar Sponsorship” where local businesses can buy into the community solar program for $1050 and receive recognition as a $1,000 EcoDistrict/CHH sponsor.

Staffing The EcoDistrict was awarded a $270,000 three-year (2015-7) grant from the Satterberg Foundation. The award included staffing for business development, i.e. securing contracts for services that advance the EcoDistrict mission and generate revenue for its sustainable operation.

ECODISTRICT LEADERSHIP

Capitol Hill EcoDistrict Steering Committee Cathy Hillenbrand has joined the Steering Committee as well as the Executive Committee of the Steering Committee. She will serve as the official liaison between the EcoDistrict effort and the CHH Board.

Working groups of the Steering Committee began meeting in January. The 3 working groups are: Waste and

Behavior, Equity and Engagement, Land Use and Development.

Waste and Behavior Working Group The Waste and Behavior WG is focused on developing a resident engagement program, which will operate as a partnership between Capitol Hill Housing and Recology Cleanscapes. This pilot project is contingent on funding.

Equity and Engagement Working Group This WG has established its objectives for 2015: recruit a Capitol Hill Housing resident onto the EcoDistrict Steering Committee, and develop a process by which all EcoDistrict initiatives are evaluated for their benefit to low income or otherwise vulnerable populations on the Hill.

Land Use and Development Working Group This WG is tasked with identifying the next most likely path of redevelopment (aka the next Pike-Pine) and working proactively in that corridor(s) to promote EcoDistrict goals for new development. We also are in early discussion with City of Seattle (DPD) re: collaboration with the City on development of a new 2016 Urban Design Framework for Capitol Hill.

ECODISTRICT PROJECTS

Community Solar The project is built, including 2 last change orders: installation of a security cage around the inverters and a tie-in to benefit the Holiday laundry room. We have sold about 620 units and have 301 remaining to sell by the vernal equinox (March 20).

Get On the Map This project was wrapped up in January with a final invoice submitted to Cascadia Consulting. We will continue to provide services to local businesses and non-profits as requested, but are no longer under contract.

District Shared Parking We have finalized our data collection and other research. We expect to have a final report completed by the end of February.

Capitol Hill 2030 We have initiated a recruitment push for the first quarter of 2015. Our target is to bring 1M sf of buildings into Seattle 2030 District membership.

Capitol Hill Saves! This collaboration with Preservation Green Lab has suffered many delays primarily due to inefficiencies in how energy utilities (don’t) share data with third party service providers. We are compiling a final report documenting our findings, which we expect to publish in March 2015.

Pollinator Pathway We are soliciting additional participation among homeowners along the Columbia Street Pathway and working with UW Landscape Architecture students on predesign for the 11th Avenue Pathway. We also continue to seek funding for both legs of the Pollinator Pathway.

Resident Engagement Program The Waste and Behavior Working Group is developing a pilot project to offer in 10 CHH properties.

Dumpster Removal We have partnered with the Capitol Hill Chamber to explore waste management alternatives to the current placement of waste and recycling dumpsters on sidewalks within the EcoDistrict. We will document to problem and work with SPU, Recology Cleanscapes and local retailers on developing a recommendation.

Pedestrian Streets We have received City funding to hold a community conversation about pedestrian streets in Pike Pine and to make a decision about whether to pilot some form of pedestrian street in 2015. We will have a first scoping meeting with City staff in early February and start outreach and engagement shortly thereafter.

COMMUNICATIONS & ENGAGEMENT

Publication and Notable Presentations Joel is writing a monthly column for the CHS Seattle blog. The first two columns were about community solar (December) and the EcoDistrict Index (January). We are working on a summary “2014 annual report” to be finished by end of February.

Non-ECODISTRICT COMMUNITY WORK

S 12th Avenue Planning/E African Business Area We have received funding from Impact Capital to look holistically at a number of issues on the south end of the 12th Avenue Urban Village including King County Children and Family Justice Center redevelopment, private development and requests for contract rezones, the location of a new park, reopening of the street grid, transit service changes, retention of the East African business community, affordable housing opportunities, and community capacity building. We have begun meeting with different stakeholders groups to discuss this work.

GREENING CHH

This is a new area of work under the newly created position of CHH Sustainability Director. Joel will be expanding his role as EcoDistrict Director to lead efforts to expedite green building opportunities for new construction and renovation projects, and to bring cohesion and improvement to environmental efforts underway in the operation of our main office and properties. The early phase of this work with focus on assessing and baselining past and current efforts and making policy recommendations that promote improvements to our operations and asset management over time.

 

 

 

 

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REAL ESTATE DEVELOPMENT BOARD REPORT

Development Committee Members: Paul Breckenridge, Alice Quaintance, Liz Dunn, Matt Roewe, Dana

Behar, Rachel Ben-Shmuel Bob Fikso; Staff: Greg Elkerton, Katie Porter

The Property Development Committee met on Tuesday, February 3rd at 5:30pm. PDC members in

attendance were Paul, Alice, and Bob; CHH staff members Greg Elkerton and Katie Porter were in

attendance.

February 2014

CURRENT PROJECTS

1. 12th Avenue Arts (88 units/arts/commercial/office):

Last Month: The final retail lease was signed with Rachel’s Ginger Beer. All office tenants and theater

tenant are fully moved-in. We are in process of construction loan conversion and to perm loan, as well

as finalizing our cost certification in connection with final equity pay-ins.

Current report (Prior Month):

Residential

Construction completion: 100% (100%)

Contingency expended: 91% (91%)

Commercial

Construction completion: 100% (100%)

Contingency expended: 100% (100%)

U:Don Noodle expects to open in late-February. We are in process of construction loan conversion as

well as finalizing our cost certification in connection with final equity pay-ins. This will continue to be

the status for the next few months.

2. Haines

Last month: There is continued progress on the exterior of the building. The south façade had some

water intrusion problems that are being addressed. The interior work is progressing stack by stack by

trade. We are working with the tenants to let them know when and how they will be impacted.

Current Report (prior report):

Construction completion: 61% (43%)

Contingency expended: 53% (25%)

New heater

Interior unit kitchen

Tenant Meeting

The exterior work is continuing. The hardi is up on the east and west facades and will be painted in the

next few weeks. The south wall repair work is progressing and will be complete mid-month. The

kitchens are complete in some units and the heating system will be online in the next month. The roof

replacement will be scheduled mid-month. We recently had a meeting with the tenants to provide

them with an update on the status of construction.

POTENTIAL PROJECTS

3. Sound Transit - Transit Oriented Development (TOD):

CHH was selected to interview for the B-North site. Our partnership with Jonathon Rose was selected

to interview for the Master Developer.

4. Central District:

There is a tentative date in late February to celebrate the recommendations of the Liberty Bank

Advisory Board. Closing is still planned for the end of 1st quarter in 2015.

Executive Committee Minutes January 26, 2015 Attendance: Alice Quaintance, Robert Schwartz, Cathy Hillenbrand Staff: Chris Persons, Anne Hurt (taking minutes)

1. Lead Items a. Regional Development – CP referenced Strategic plan and stated that the leadership

team is in agreement that it makes sense from business and development models to look at housing outside the city. Bellingham to Olympia corridor seems like a natural area to explore. Discussion regarding depth of our housing footprint and keeping our identity, as well as how far to expand our base ensued.

b. Strategic planning in 2015 – committee will start planning first part of February. Members are: Alice, Paige, Rob, Chris, Jill, Joel, Laurie, and Josh.

c. City Council passed resolution 31562 formally recognizing the Capitol Hill EcoDistrict as Seattle’s first official EcoDistrict.

2. Board Development and Board Matters a. Review board development list

i. Bob Fikso’s brief bio was handed out. Executive Committee will nominate him at the Board meeting.

ii. Two other candidates in response to annual request were brought up. CP reviewed the protocol regarding introducing new members into the path for developing board members, starting with committees.

b. February Board Agenda – Chris presented the overview for the agenda: i. Top of the Town/ Community Forum

ii. Electing Bob Fikso iii. Discussion Items

1. Eviction process – Billie will present a summary and process. 2. Regional Development 3. Strategic Planning

iv. Finance 1. Board Designated Reserves 2. Ethics Forms (February)

v. Asset Management 1. Hazel Plaza 2. MRM & Ponderosa (introduction)

vi. Real Estate 1. 24th and Union (resolution?) 2. CHTOD Interviews

3. HR and Personnel

a. Staffing updates – Greg Elkerton has been hired as new Director of Real Estate and Impact Development and will start work with CHH on February 1st. CP reviewed the experience he brings to the position. He has about 15 years of affordable housing experience.

b. CP handed out the current organizational chart and highlighted the changes that followed from eliminating the COO/CFO model and elevating Jill Fleming to Deputy Director.

4. Finance, Asset Management, Acquisitions and Administration

a. FS7 – nothing new to report. b. Board Designated Reserves – nothing new because new policy will come out of the

Finance Committee next week. c. Three SHA Properties for possible acquisition were reviewed. Chris will be submitting an

LOI now that we have determined a value based on revenue.

5. Property Development Update (Executive Session if necessary) a. CHTOD Interviews – we were invited in for interviews which are next week.

6. CEO Review (executive session) @ 5:53pm and ended 6:07 PM.

Appendix of SOQ—Site A © Copyright 2014 Jonathan Rose Companies & Capitol Hill Housing

Capitol Hill Housing1620 12th Ave, Suite 205

Seattle, WA 98122(206) 329-7303

www.capitolhillhousing.org

Greg ElkertonCAPITOL HILL HOUSINGDirector of Real Estate and Impact Investments (Jan 2015 – Current)Oversees department responsible for affordable housing development and impact investments. Responsible for pipeline development and managing Joint Venture partnership with market-rate partners for development of a Transit-Oriented Development project.

REAL ESTATE DEVELOPMENT CONSULTANTProject Management/Financing/Construction Management(Aug 2012 – Jan 2015)Independent Consultant to non-profit organizations on all aspects of real estate development, including project management, deal structuring, acquisition, finance, and construction administration.

COMMON GROUNDHousing Development Manager and Special Projects Manager (Oct 2003 – Jul 2012)Consultant, Project Manager, and Owners Representative to non-profit organizations in Washington State on all aspects of low-income housing and facilities development, construction, and finance. Managed a team of affordable housing developers engaged with many simultaneous projects.

SOUTHEAST EFFECTIVE DEVELOPMENT (SEED)Housing Development Manager (Apr 1999 – Oct 2003)Responsible for new housing and commercial projects, including identifying, acquiring, financing, managing construction, and project management for a Seattle-based non-profit organization.

DOWNTOWN SEATTLE ASSOCIATIONBusiness Improvement Areas Coordinator (Jan 1999 - Apr 1999)Coordinated downtown business district improvement initiatives.

NEIGHBORHOOD BUSINESS COUNCILProject Manager (Jun 1990 – Mar 1998) Initiated and managed projects and policy initiatives affecting 40 neighborhood and industry business organizations in Seattle, and engaged with elected officials and business leaders on issues affecting the local business climate. Managed an annual busi-ness-environment trade show and conference.

ECONOMIC DEVELOPMENT COUNCILProject Assistant (Jun 1989 – Jun1999)

EDUCATIONClark University, MABachelor of Arts in Economics , 1987

University of Stirling, ScotlandEconomic Development Studies, 1986

PROFESSIONAL CERTIFICATIONSHousing Development Finance Professional Certification, 2003

CIVIC CONTRIBUTIONSBoard Member, Housing Development Consortium of Seattle-King County, 2008-2009Board Member, Mount Baker Housing Association, 1999-2008

 

 

 

 

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CAPITOL HILL HOUSING FEBRUARY 2015

FINANCE AND ASSET MANAGEMENT COMMITTEE REPORT AND MINUTES

The Finance and Asset Management Committee met Tuesday, February 3, 2015. Committee members Paige Chapel, Frank Alvarado and Dinah Thoreson (by telephone) met with Deputy Director/CFO Jill Fleming and Director of Asset Management and Acquisitions Brad Lange. Sharron O’Donnell, Drew Porter and Jaebadiah Gardner were absent. The committee reviewed the monthly report and the 2014 budget to actuals and the CHH rolling operating cash projection. The committee reviewed a revised proposed policy for use of the Board Designated Operating reserve. The committee discussed pending changes in Finance and Asset Management staffing. Comments and Analysis re: December 31, 2014 CHH Blended Balance Sheet Unrestricted Cash increased substantially over November due to CHH Foundation support, grant income and cash flow from properties. We also drew $100,000 on our Banner Line of Credit due to uncertainty around timing of various cash receipts and cash commitments. Board Designated Operating Reserve increased by $368,000 reflecting the net effect of the investment in Squire Park Plaza and the sale of the Tiltsonian. Land, Buildings, Improvements & Equipment increased overall during 2014 by $1.4 million. The largest increase, $3 million, was due to the inclusion of the Fleming Apartments Limited Partnership assets as a result of its Year 15 transition from discrete to blended component unit after the exit of the investor limited partner. An additional increase is related to the Construction in Progress at Hazel Plaza which was $1.5 million at December 31. Smaller increases include the tenant improvements for our new office. These increases were offset by two major decreases, the transfer of the Haines Apartments to Affordable Apartments Associates LLC, $3.5 million, and the sale of the Tiltsonian, $381,000. The new LLC is not blended with CHH in the financial statements as it has a low income housing tax credit investor. These two transactions resulted in an adjusted gain on sale of $1,004,000 which is reported as Other Income on the operating statement. Investments in LPs/LLCs increased by $350,000, reflecting the investment in Squire Park Plaza. Notes Payable decreased overall by $1.3 million. The major decrease of $3.4 million was a result of the Haines transaction. The decrease was offset in part by the Hazel Plaza debt associated with the renovation and the inclusion of the debt related to the Fleming. The decrease in Net Position for 2014 is due primarily to the net effect of the Fleming Apartments Limited Partnership transition to a blended component unit following the Year 15 exit of the limited partner. The Fleming and its assets, liabilities and operating results are now included in these reports. Fleming’s liabilities exceed its assets by $700,000. Comments and Analysis re: Year to date December 31, 2014 Blended Operating Statement Development Fees/EcoDistrict Revenue ended the year under budget due to a delay in receipt of developer fee for the commercial portion of Twelfth Avenue Arts, budgeted at $300,000, while EcoDistrict Revenue was $27,300 greater than budgeted. The Twelfth Avenue Arts fee, in the reduced amount of $200,000 was received in January, 2015. Grants & Donations includes nearly $850,000 from the Capitol Hill Housing Foundation including $473,000 for the 12th Avenue Arts capital campaign. The capital campaign grant was used to make a payment on the capital campaign bridge loan (see below). Capital campaign revenues and outflows were not included in the 2014 operating budget and will cause variances as funds flow through CHH to Twelfth Avenue Arts. We also received $75,000 from NeighborWorks in support of our work with the CADA properties. Vacancy loss for the portfolio for 2014 is 3.8%. Vacancy loss for 2013 was 2.7% across the portfolio. Vacancy loss was 3.4% for 2012 and 3.9% for 2011. For budget purposes we assume vacancy rates ranging from 3 – 5 % depending on the building.

Debt Service includes the $473,000 payment on the 12th Avenue Arts bridge loan, made from CHHF grant proceeds and an additional payment of $100,000. It also includes interest paid to the City when the Haines transfer occurred of $54,903 and the payoff of the Tiltsonian loan at closing. Without these payments debt service is under budget due to several refinancings completed later in the year than expected. Repair and Maintenance are over budget by 7% or $87,000. A $25,000 grant for Gale Place playground equipment offsets a portion of the variance.

Capitol Hill Housing Improvement ProgramBalance Sheets

Unaudited UnauditedDecember 31, 2014 November 30, 2014 December 31, 2013 December 31, 2012

Assets

Unrestricted Cash 1,310,618 814,600 1,360,596 1,226,012

Accounts Receivable 81,090 116,114 59,063 50,806

Prepaids & Other Current Assets 213,680 163,968 206,923 110,523

Contributions/Grants Receivable 33,006 0 32,250 46,125

Due from Affiliates 2,652,851 2,627,121 3,185,542 2,801,124

Board Designated Operating Reserve 1,186,145 817,323 816,483 615,391

Restricted Cash 4,102,963 4,075,431 3,761,648 3,715,726

Notes Receivable from Affiliates 16,387,903 16,396,156 16,403,826 16,480,020

Land 12,692,326 12,692,326 13,576,257 13,576,257

Buildings, Improvements & Equipment 59,028,135 58,876,389 56,713,903 53,760,686

Accumulated Depreciation (29,782,189) (29,629,929) (26,859,942) (23,470,745)

Lease Receivable 967,848 951,476 951,476 983,031

Investment in LPs/LLCs 666,764 316,764 316,764 316,934

Other Assets 207,766 211,781 172,221 192,119

Total Assets 69,748,906 68,429,520 70,697,010 70,404,009

Liabilities

Notes Payable 45,522,677 45,527,398 46,822,225 48,357,295

Accrued Interest Payable 3,817,652 3,817,652 3,730,045 3,530,973

Accounts Payable & Accrued Liabilities 2,953,421 2,995,103 2,343,487 2,844,920

Tenant Security Deposit Liability 434,531 415,574 391,750 329,270

Total Liabilities 52,728,281 52,755,727 53,287,507 55,062,458

Net Position 16,920,625 15,673,793 17,409,503 15,341,551

Total Liabilities and Net Position 69,648,906 68,429,520 70,697,010 70,404,009

Date: 2/2/2015, 4:55 PM Page: 1M:\Finance & Accounting\Board reports\2014\12 2014 Balance Sheet.xls

Capitol Hill Housing Improvement Program2014 actual v. budget

130 - 2014 Blended Component Units(In Whole Numbers)

TotalEliminate 12AA, Haines

& Tilt transactions Adjusted Totals 2014 Budget Variance

Revenue

Tenant Revenue

Tenant Rent 7,478,670 7,478,670 7,413,144 65,526 Commercial Rent & NNN 511,589 511,589 494,202 17,387 Parking, Laundry & Other 196,737 196,737 182,877 13,860 Vacancy & Concessions (371,948) (371,948) (296,029) (75,919) Total Tenant Revenue 7,815,048 7,815,048 7,794,194 20,854 Other Operating Revenue

Property Management Fees 1,084,362 1,084,362 1,055,708 28,654 Partnership Management Fees 193,370 193,370 189,741 3,629 Development Fees/EcoDistrict Revenue 858,413 858,413 1,106,662 (248,249) Acctg, Leasing & Compliance Fees 655,215 655,215 663,861 (8,646) Other Fees 66,892 66,892 25,774 41,118 Other Operating Revenue 30,622 30,622 45,000 (14,378) Total Other Operating Revenue 2,888,874 2,888,874 3,086,746 (197,872) Other Revenue

Grants & Donations 1,015,522 (473,000) 542,522 360,000 182,522 Interest Income 163,704 163,704 168,669 (4,965) Other Income 1,022,856 (1,003,729) 19,127 77 19,050 Total Other Revenue 2,202,082 725,353 528,746 196,607 Total Revenue 12,906,004 11,429,275 11,409,686 19,589Expenses

Operating Expenses

Accounting, Audit & Legal 414,339 414,339 407,379 (6,960) Administrative Expenses 268,770 268,770 286,068 17,298 Bad Debt 56,807 56,807 39,057 (17,750) Board Expense 2,868 2,868 6,800 3,932 CHH Occupancy Expense 169,931 169,931 171,419 1,488 Compliance, Taxes & License 84,033 84,033 106,647 22,614 Consulting 35,491 35,491 35,800 309 Debt Service 2,182,774 (722,313) 1,460,461 1,567,660 107,199 Insurance 249,914 249,914 254,784 4,870 Leasing/Compliance Expense 230,418 230,418 232,622 2,204 Miscellaneous Financial Expense 9,623 9,623 2,850 (6,773) Other Operating Expense 2,876 2,876 1,700 (1,176) Payroll, Taxes and Benefits 3,949,730 3,949,730 3,979,065 29,335 Partnership Mgmt Fee Expense 111,504 111,504 118,631 7,127 Property Mgmt Fee Expense 806,580 806,580 810,650 4,070 Repair and Maintenance 1,353,544 1,353,544 1,266,165 (87,379) Technology 96,532 96,532 106,719 10,187 Training, Dues, Subscriptions 69,508 69,508 86,300 16,792 Utilities 1,000,591 1,000,591 998,544 (2,047) Total Expenses 11,095,833 10,373,520 10,478,860 105,340

Operating Surplus (Deficit) B4 Reserves 1,810,171 1,055,755 930,826 124,929 Reserve Contributions

Replacement Reserve (420,247) (420,247) (419,532) (715) Operating Reserve (33,154) (33,154) (25,740) (7,414) Other Reserve (3,600) (3,600) (3,600) 0 Total Reserve Contributions (457,001) (457,001) (448,872) (8,129)

Operating Surplus (Deficit) 1,353,170 598,754 481,954 116,800

Date: 2/2/2015, 4:52 PM Page: 1

Bank CHH Blended Component Unit Type Balance Chase Larned Reserves 47,168 Chase 412 Reserves 83,480 Chase Holden Vista Security Deposit 3,235

Total Chase 133,883 KeyBank Capitol Hill Housing Security Deposit 257,671 KeyBank Capitol Hill Housing - SoundFamilies Restricted Savings 61,859 KeyBank Hazel Plaza Reserves 59,535 KeyBank Hazel Plaza Security Deposit 2,485 KeyBank Larned Security Deposit 13,609 KeyBank Byron Wetmore Reserves 42,102 KeyBank Byron Wetmore Security Deposit 8,101 Key Bank 412 Security Deposit 3,268 KeyBank Holden Vista Reserves 63,106 KeyBank Mary Ruth Manor Reserves 171,406 KeyBank Mary Ruth Manor Security Deposit 5,565 KeyBank EJSH Security Deposit 10,948 KeyBank Fleming Apts LP Security Deposit 18,295 KeyBank Gilman Court LP Reserves 76,568 KeyBank Gilman Court LP Security Deposit 20,638 KeyBank Villa Apts LP Reserves 124,280 KeyBank Villa Apts LP Security Deposit 38,869 KeyBank 18th Ave Apartments Security Deposit 1,925 KeyBank Ponderosa Reserves 343,055 KeyBank Ponderosa Security Deposit 3,442

Total KeyBank 1,326,727

Banner Berneva Reserves 13,032 Banner Berneva Security Deposit - Banner Seneca Reserves 247,509 Banner Seneca Security Deposit 19,496

Total Banner 280,037

LGIP Capitol Hill Housing Reserves 2,102,779 Total LGIP 2,102,779

Oppenheimer EJSH Escrow 19,759 Oppenheimer EJSH Reserves 79,993 Oppenheimer Mary Ruth Manor Escrow 14,485

Total Oppenheimer 114,237 US Bank 18th Ave Apartments Reserves 89,235

Total USBank 89,235

BofA Fleming Apts LP Reserves 56,065 BofA Seneca Reserves -

Total BofA 56,065 Total Restricted - CHH Blended Components 4,102,963

LGIP Capitol Hill Housing Board Designated Op Reserve 1,186,145 Total Designated 1,186,145

Union Bank Capitol Hill Housing EQII 178,875 Total Union Bank 178,875

Chase Holden Vista (Quantum) Operating Checking 19,537 Total Chase 19,537

SterlingBank Holden Vista (Quantum) Savings 15,997 Total SterlingBank 15,997

KeyBank Capitol Hill Housing M/M Savings 3,011 KeyBank Capitol Hill Housing Operating Checking 483,395 KeyBank Capitol Hill Dev. Assoc Operating Checking 7,046 KeyBank Capitol Hill Real Estate Mgmt Services Operating Checking 18,162 KeyBank Hazel Plaza Operating Checking 36,702 KeyBank Larned Operating Checking 21,693 KeyBank Byron Wetmore Operating Checking 5,759 KeyBank 412 Operating Checking 2,402 KeyBank Mary Ruth Manor Operating Checking 25,106 KeyBank EJSH Operating Checking 14,847 KeyBank Fleming Apts LP Operating Checking 10,967 KeyBank Gilman Court LP Operating Checking 12,672 KeyBank Seneca Operating Checking - KeyBank Villa Apts LP Operating Checking 81,134 KeyBank 18th Ave Apartments Operating Checking 11,367 KeyBank Ponderosa Operating Checking 4,837 KeyBank Haines Operating Checking 3,686 KeyBank 12th Ave Arts Development Operating Checking 29,289 KeyBank 12th Ave Arts Master Tenant LLC Operating Checking 112,896

Total KeyBank 884,969

Cash Various Petty Cash - CHHIP 4,445 Total Petty Cash 4,445

Banner Berneva Operating Checking 2,473 Banner Seneca Operating Checking 154,386 Banner Hazel Plaza Construction 49,936

Total Banner 206,794

Total Unrestricted - CHH Blended Components 1,310,618 Total All Cash - CHH Blended Components 6,599,726

CHHCASH IN BANK

FOR THE MONTH ENDING: December 2014

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CHHCASH IN BANK

FOR THE MONTH ENDING: December 2014

Bank Discrete Component Unit Type BalanceChase Harrison Reserves 130,863 Chase Oleta Reserves 132,735 Chase Woodland Park Ave LLC Reserves 130,677 Chase AAA Security Deposit 5,450 Chase AAA Reserves 30,000

Total Chase 429,724

KeyBank Broadway & Pine Reserves 245,063 KeyBank Broadway & Pine Security Deposit 23,197 KeyBank El Nor LP Reserves 680,686 KeyBank El Nor LP Capital Reserves 119,427 KeyBank El Nor LP Security Deposit 7,488 KeyBank Harrison Security Deposit 17,589 KeyBank Helen V Apts LLC Reserves 357,744 KeyBank Helen V Apts LLC Security Deposit 7,159 KeyBank Holiday Apts Security Deposit 19,375 KeyBank Jefferson & 12th Reserves 259,535 KeyBank Jefferson & 12th Security Deposit 41,683 KeyBank Oleta Security Deposit 23,307 KeyBank Pantages Apts LLC Security Deposit 30,952 KeyBank Silvian Security Deposit 5,246 KeyBank SOPI / Unity Village Reserves 159,546 KeyBank SOPI / Unity Village (Quantum) Security Deposit 13,831 KeyBank Woodland Park Ave LLC Security Deposit 11,569 KeyBank 12th Avenue Arts Housing Security Deposit 81,814 KeyBank 12th Avenue Arts Associates LLC 12AA HEDC CDE Controlled Account - KeyBank 12th Avenue Arts Associates LLC 12AA Key CDE Controlled Account - KeyBank 12th Avenue Arts Associates LLC 12AA HEDC Fee Reserve Account 295,321 KeyBank 12th Avenue Arts Associates LLC 12AA Key Fee Reserve Account 535,708

Total KeyBank 2,936,239 Bank of NY Mellon Trust Co 12th Avenue Arts Associates LLC 12AA 108 Loan Guaranteed Loan Funds Account 23,503 Bank of NY Mellon Trust Co 12th Avenue Arts Associates LLC Escrow 8,608

Total Bank of NY Mellon Trust Co 32,110 UnionBank Holiday Reserves 163,551

Total UnionBank 163,551 US Bank Pantages Apts LLC Reserves 648,176 US Bank Silvian Reserves 433,811

Total USBank 1,081,987 Total Restricted - Discrete Components 4,643,612

Chase AAA Operating Checking 27,564 Total Chase 27,564

KeyBank El Nor LP Operating Checking 146,511 KeyBank Harrison Operating Checking 18,734 KeyBank Oleta Operating Checking 1,427 KeyBank Helen V Apts LLC Operating Checking 11,603 KeyBank Pantages Apts LLC Operating Checking 66,944 KeyBank Silvian Operating Checking 107,839 KeyBank Broadway & Pine Operating Checking 16,036 KeyBank Woodland Park Ave LLC Operating Checking 21,399 KeyBank Holiday Apts Operating Checking 6,139 KeyBank SOPI / Unity Village (Quantum) Operating Checking 84,119 KeyBank Jefferson & 12th Construction 241 KeyBank Jefferson & 12th Operating Checking 75,432 KeyBank Twelfth Avenue Arts Res Operating Checking 181,765 KeyBank Twelfth Avenue Arts Housing LLP 12AA Housing-Construction Checking 116,161 KeyBank 12th Avenue Arts Associates LLC 12AA Commercial-Construction Ckg 221,801

Total KeyBank 1,076,152 Total Unrestricted - Discrete Components 1,103,716

Total All Cash - Discrete Components 5,747,328 Total All Cash - CHH Blended Components 6,599,726

Total All Cash 12,347,054

TOTALS BY BANKKey Bank 6,224,087$

Chase 610,709$ Banner 486,831$

US Bank 1,171,222$ Union Bank 342,426$

Bank of America 56,065$ LGIP 3,288,925$

Other and Petty 166,789$ TOTAL CASH 12,347,054$

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Capitol Hill Housing Improvement Program

Board Designated Reserves Policy

Purpose: The purpose of the Board Designated Reserves policy for Capitol Hill Housing is to ensure the stability of the mission, programs, employment, and ongoing operations of the organization and to provide a source of internal funds for organizational priorities such as operating, program opportunity, and capacity building. The Board Designated Reserves are separate and apart from Building Replacement Reserves and Building Operating Reserves that are required by funders, investors and/or lenders. The Board Designated Reserves are invested and held separately and are not commingled with Building Reserves. The Board Designated Reserves policy will be implemented in concert with the other governance and financial polices of Capitol Hill Housing and is intended to support the goals and strategies contained in these related policies and in strategic and operational plans. Definitions and Goals: Within the Board Designated Reserves, there are two categories of reserves: Operating Reserve The Operating Reserve is intended to be the source of last resort for emergent situations such as significant one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses beyond what can be funded by the Operating Line(s) of Credit. Operating Reserves are not intended to replace a permanent loss of funds or eliminate an ongoing budget gap. It is the intention of Capitol Hill Housing for Operating Reserves to be used and replenished within a reasonably short period of time. The Operating Reserve Fund is defined as the designated fund set aside by action of the Board of Directors. The minimum amount to be designated as Operating Reserve will be established in an amount sufficient to maintain ongoing operations and programs measured for a set period of time, measured in months. The Operating Reserve serves a dynamic role and will be reviewed and adjusted in response to both internal and external changes. The target minimum Operating Reserve Fund is equal to three months of average operating costs. The calculation of average monthly operating costs of the CHH entity includes all recurring, predictable expenses such as salaries and benefits, occupancy, office, program and ongoing professional services. Site operating expenses are not included in the calculation. Internal allocations, depreciation, in-kind, and other non-cash expenses are not included in the calculation. The calculation of average monthly expenses also excludes pass-through programs and one-time or unusual capital purchases.

The amount of the Operating Reserve fund target minimum will be calculated each year after approval of the annual budget, reported to the Finance and Asset Management Committee and Board, and included in the regular financial reports. Opportunity Reserve The Opportunity Reserve is intended to provide funds to meet special targets of opportunity or need that further the mission of the organization. This includes bridge financing of real estate development projects where viability has been confirmed by the Property Development Committee. It also includes funds for investment in real estate where our contribution can be leveraged for acquisition or other forms of control. This does not include early feasibility or speculative predevelopment costs. The Opportunity Reserve is also intended as a source of internal funds for organizational capacity building such as investment in organizational infrastructure that will build long-term capacity. It is intended that funds drawn from the Opportunity Reserve will be repaid. The target amount of the Opportunity Reserve will be determined by the Finance and Asset Management Committee and ratified by the Board. Accounting for Board Designated Reserves: The Board Designated Reserve Funds will be recorded in the financial records as Board Designated Reserve. The Fund will be funded and available in cash or cash equivalent funds. Reserves will be maintained in a segregated bank account or investment account such as the Local Government Investment Pool, in accordance with Finance Policies. Uses of the Board Designated Reserves will be tracked internally. Funding of Board Designated Reserves: The Operating Reserve fund will be funded with budgeted surplus unrestricted operating funds. The Board of Directors may from time to time direct that a specific source of revenue be set aside for Operating Reserves. Examples could include proceeds from sale of real estate, one-time gifts or bequests, special grants, or special appeals. The Opportunity Reserve fund may be funded with specific sources of revenue such as proceeds from sale of real estate or other one-time or special revenue sources, or occasional special designations made by the Finance and Asset Management Committee and ratified by the Board. Use of Reserves: Use of the Operating Reserves requires three steps: 1. Identification of appropriate use of reserve funds. The Executive Director and staff will identify the need for access reserve funds and confirm that the use is consistent with the purpose of the reserves as described in this Policy. This step requires analysis of the reason for the shortfall, the availability of any other sources of funds before using reserves, and evaluation of the time period that the funds will be needed and replenished.

2. Authority to use Board Designated Reserves. The Board must approve via resolution any uses of the Board Designated Reserves. 3. Reporting and monitoring. The CFO is responsible for assuring that the Board Designated Reserves funds are maintained and used only as described in this Policy. Upon approval for the use of Board Designated Reserves funds, the CFO will maintain records of the use of funds and plan for replenishment, if required. The CFO will provide regular reports to the Finance and Asset Management Committee of progress to restore the fund to the target minimum amount, if required. Relationship to Other Policies: Capitol Hill Housing shall maintain the following board-approved policies, which may contain provisions that affect the creation, sufficiency, and management of the Board Designated Reserves fund. Finance Policies Budget Policy Contingency or Disaster Preparedness Plan Investment Policy Review of Policy: This Policy will be reviewed every other year, at minimum, by the Finance and Asset Management Committee, or sooner if warranted by internal or external events or changes. Changes to the Policy will be recommended by the Finance and Asset Management Committee to the Board.

 

 

 

 

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