Post on 01-Jun-2020
BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
APRIL 10, 2017 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. Oath of Office for Bob Walker, Karen Klerman, Dick Harris
III. Public Participation **
IV. Meeting Opening and Approval of the Agenda and Consent Agenda
1. Minutes from 3-13-2017
V. Board Development: Resident Services 2:45
VI. Action/Discussion Agenda 3:15
1. Board Business
a. Board Announcements
b. Matters from the Executive Director
i. Q1 Work Plan
ii. Tantra Lake Acquisition
iii. 2017 Budget Revision
iv. 30% AMI Discussion
c. Outreach Committee Report
2. Management and Finance 3:45
a. Finance Committee Report
b. February 2017 Financial Summary
c. 2018 MTW Annual Plan
3. Resident Services
a. RRC Report
4. Development
a. Development Committee Report
b. Development Project Updates
1
VII. Update and Information Items:
1. Palo Park
2. Mt. Calvary Lutheran Church
3. Tantra Lake Apartments Acquisition
4. City, State and Federal Issues Summary
VIII. Closing Matters and Wrap Up 4:45
IX. 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
V. CONSENT ITEMS
1. Minutes from Board Meeting, March 13, 2017
3
1
BOULDER HOUSING PARTNERS
REGULAR MEETING OF THE BOARD OF COMMISSIONERS
MARCH 13, 2017 2:30 PM
BHP OFFICE, 4800 N. BROADWAY, BOULDER COLORADO
Commissioner Klerman Betsey Martens Public:
Commissioner McCord
Commissioner Ruzzin
Commissioner Soraci(absent)
Commissioner Hagerty
Commissioner Harris
Commissioner Griffin
Commissioner Yates(absent)
Commissioner Levy
Penny Hannegan
Rene Brodeur
Jim Koczela
Jeremy Durham
Karin Stayton
Amanda Maya
Ingrid Campos
Carrie Murphy
Scott Holton
Kevin Knapp
Jeff Swan
Bob Walker
Mark McIntyre
Eddy Krygiel
Jennifer Whitaker
Alan O’Hashi
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. Public Participation
Scott Holton and Kevin Knapp from Element Properties addressed the Board and thanked them
for their support of BHP’s partnership with the Spark development.
Residents living at 1175 Lee Hill thanked the Board for their support of housing of the homeless
and the creation of 1175 Lee Hill. They thanked Officers Ramos and Paddock, who were present
to receive the BHP Partnership Award, for their support of the BHP residents at 1175 Lee Hill.
III. Partnership Awards
The BHP Partnership Awards were given to the following recipients:
• Volunteer Partners: Lynn Young, Gail Promboin, Amy Tremper
• Business Partner: David Kennedy, Catluck LLC
• Government Partner/ Boulder Police Department-Homeless Outreach Team, Officers
Jenny Paddock and Abel Ramos
4
2
IV. Approval of the Meeting Agenda and Consent Agenda
Consent agenda items approved:
1. Minutes from February 13, 2017
2. Resolution #4: Thanking Tom Hagerty for his service on the Board of Commissioners
COMMISSIONER HARRIS MOVED TO APPROVE THE MEETING AND CONSENT
AGENDA INCLUDING RESOLUTION #4: THANKING TOM HAGERTY FOR HIS
SERVICE ON THE BOARD OF COMMISSIONERS. COMMISSIONER GRIFFIN
SECONDED THE MOTION. The motion passed unanimously.
V. Board Development: Resident Services
Karin Stayton, Director of Resident Services, gave an overview of the Resident Services goals
and strategies for having a positive impact on BHP’s resident’s lives.
VI. Action and Discussion Agenda
1. Board Business
Board Announcements
None
Boulder County Regional Housing Partnership
Betsey gave an overview of the Regional Housing Strategy.
Outreach Committee Report
Commissioner Ruzzin, reporting for the Outreach Committee, stated that the Outreach
Committee has been discussing the Boulder Valley Comprehensive Plan process and he let the
Board know that City Council will be looking at housing policies in April. The Outreach
Committee plan is to take BHP’s proposal to our partners to help refine the proposal before
bringing it to Council in a coalition approach. Betsey and Commissioner Harris will be meeting
with Plan Boulder leaders soon.
5
3
2. Management and Finance
Finance Committee Report
Commissioner Hagerty, reporting for the Finance Committee, stated that the Committee had
spent time discussing the January financials. He also reported that the annual audits for BHP and
the Tax Credit properties are underway.
January 2017 Financial Summary
Jim gave an overview of the January 2017 financial statements.
Sustainability Update
Tim Beal reviewed the Sustainability Infographic that was in the Board packet and BHP’s
current sustainability initiatives.
3. Resident Services
Resident Representative Committee Report
Commissioner Griffin, reporting for the Resident Representative Council, stated that RRC had
been talking with the residents at Canyon Pointe who are excited about the possible installation
of cameras and wi-fi at the site. She also stated that the Committee is looking for a grant writer.
Resident Demographic Report
Carrie Murphy, Program Evaluation Planner and Rene explained the Resident Demographic
Inforgraphic, “Who We Serve”.
4. Development
Development Updates:
Jeremy explained that progress has been made on the Pollard site RFP which is due to the City
on May 31. Staff will meet with Development Committee to discuss the approach for the RFP at
their next meeting.
6
4
VII. Executive Session per Colorado Statute C.R.S. 24-6-402(4)(f) Personnel matters.
COMMISSIONER GRIFFIN MADE A MOTION TO RECESS INTO EXECUTIVE
SESSION PER COLORADO STATUTE CRS-24-402 4(f) TO DISCUSS PERSONNEL
MATTERS. COMMISSIONER LEVY SECONDED THE MOTION. The motion passed
unanimously.
The Board recessed at 5:00 pm into Executive Session as per Colorado Statue C.R.S. 26-6-
402(4)(f) to discuss Personnel Matters.
COMMISSIONER RUZZIN MADE A MOTION TO ADJOURN THE EXECUTIVE
SESSION OF THE BOARD OF COMMISSIONERS. COMMISSIONER LEVY
SECONDED THE MOTION. The motion passed unanimously.
The Board met in executive session for 10 minutes at which time the only matters discussed were
those related to personnel matters.
The Board returned to regular session at 5:10 pm
VIII. Closing Matters
COMMISSIONER HAGERTY MADE A MOTION TO INCREASE BETSEY’S SALARY
PER THE 2016 APPROVED BHP PERFORMANCE BUDGET. COMMISSIONER
MCCORD SECONDED THE MOTION. The motion passed unanimously.
7
5
VII. Adjourn
COMMISSIONER HAGERTY MADE A MOTION TO ADJOURN THE REGULAR
MEETING OF THE BOARD OF COMMISSIONERS. COMMISSIONER GRIFFIN
SECONDED THE MOTION. The motion passed unanimously.
The regular session of the Board of Commissioners adjourned at 5:10pm
Seal
DATE: 03/13/17
KAREN KLERMAN, CHAIR
Boulder Housing Partners
BETSEY MARTENS
Executive Director
Penny Hannegan
Recording Secretary
8
VI. ACTION/DISCUSSION AGENDA
1. ACTION/DISCUSSION AGENDA: BOARD BUSINESS
a. Board Announcements
b. Board Development Topic
Resident Services
Our Board Development topic this month is part three of a three-part series on resident
demographics, measures, services, and outcomes. In October 2016, we shared information
about resident demographics and how we use this data. Last month we provided an
overview of what resident service coordinators do at the Family Sites. This month we’ll
highlight resident services at the sites serving seniors and people with disabilities.
Below are some of the 2016 highlights from Resident Services at the Senior Sites.
• 82% of all households served
• 78% of move-outs successful
• Conducted outreach to 60 new residents who moved into senior communities; high
number due to Project Renovate
As seen in the chart below, our focus on Health and Wellness at the Senior-PWD Sites is
reflected in the distribution of resident services coordinators’ activities.
9
Resident services coordinators support seniors and people with disabilities to preserve their
independence, improve the quality of their lives, and age in place.
In the first quarter of 2017 service coordinators, often in collaboration with community
service partners, coordinated the following onsite programming at sites serving seniors and
people with disabilities:
• Clinica onsite health services (North Point, Walnut Place, Lee Hill)
• St. Benedict’s Health and Healing Ministry -physical and mental health services
(Canyon Point, Walnut Place)
• Meals on Wheels community lunch (Walnut Place)
• Boulder Food Rescue available (Canyon Pointe, High Mar, North Port, Walnut
Place)
• Conversation Project – End of life planning and medical power of Attorney Support
• Yoga (Canyon Point, High Mar, Walnut Place, North Point)
• Foot care (Canyon Point, North Port)
• Massage (Canyon Point)
• Foot reflexology, reiki, and cranial-sacral (Canyon Point, North Port)
• Speakers Bureau (Canyon Point)
• Field trips (High Mar, Canyon Point)
• Volunteers helping residents unpack and organize (North Port)
• Active Minds Group (High Mar)
• Knitting (High Mar)
• Book Club (High Mar)
10
• (Canyon Point, Walnut Place, North Port, High Mar)
• Invigorate Walnut community action meetings (Walnut Place)
c. Matters from the Executive Director
2017 Work Plan:
The first quarter report is attached for your review. All projects are tracking well in
the first quarter.
Tantra Lake Acquisition:
Many thanks and acknowledgements are due to lots of people for BHP’s successful
acquisition of Tantra Lake. First to Jeremy, Laura and Jim for managing through
many hurdles during the eight months that we were under contract. Their team’s
commitment and creativity got us to the finish line. Our property management team
did an impressive job of being ready for the transition, as did our IT staff who were
ready for us to collect rents on April 1.
City staff in a number of departments – Housing, Planning, Public Works and the
City Attorney’s office - were exceedingly helpful. And, FirstBank was flexible and
resourceful, especially when we really needed those qualities.
Tantra Lake is now the biggest asset in the BHP portfolio and the largest acquisition
in our history. We had a very successful first week of ownership and are feeling
quite at home in the new neighborhood.
2017 Budget Revision
When the Board adopted the 2017 Budget, we disclosed that if the Tantra
acquisition was successful we would return to the Board with a budget amendment.
We are preparing that amendment for Board discussion in May.
The Finance Committee saw a preliminary draft this month, but I’ve asked staff to
take a little more time with it to be sure that we understand some related changes
that should come to you as a single package. The asset itself requires additional
FTE and these new FTE allow us to think about a change to our asset management
approach to better deploy talent. In addition to those changes, and following the
past six months of very demanding legal work, we have been analyzing an option in
which we create an in-house legal counsel position to offset very expensive and
specialized attorney support. We will take the full discussion back to the Finance
Committee in May and hopefully to the full Board on May 8.
11
30% AMI Discussion
Beginning at the September 2016 Board retreat and continuing at the February
meeting, Board members have asked for a more thorough discussion about the
challenges related to producing homes for families earning 30% AMI and strategies
regarding future production. We have been working on what we hope will be
helpful framing data for the conversation that we would like to have with the Board
in May.
We did a preview this week with the Finance Committee. There were three core
elements of the discussion:
- our current portfolio with respect to 30% AMI households: covenant vs
actual
- the current strategies available to us for applying a deep subsidy; and
- a case study of a future project comparing a 60% demographic and varying
levels of 30% units.
We’d like to have a brief discussion with the full Board about whether this approach
is what you’re interested in.
Secretary Carson Addresses NAHRO:
HUD Secretary Ben Carson spoke at the annual DC conference of the National
Association of Housing and Redevelopment Officials (NAHRO). The following is a
good summary of his address to the conference, prepared by Nathaniel Cushman
with Nixon Peabody.
“Secretary Carson identified reducing regulatory burden within existing housing
programs as a key area of focus. He encouraged the audience to consider new and
innovative approaches to service delivery. He encouraged his audience to renew
their focus on achieving outcomes through outside-the-box thinking.
Secretary Carson also encouraged the NAHRO attendees to consider new ways to
break down traditional barriers between subject matter areas and to address
community development on a more holistic basis. “How do we develop the entire
community?” he asked. “How do we ensure there are adequate schools and
education?” Beyond education, he also identified the issues of health and working
with the Department to Health and Human Services; workforce development and
working with the Department of Labor; and the criminal justice system,
particularly skills and education for inmates, and working with the Department of
Justice.”
From my perspective, Secretary Carson’s questions and comments were
encouraging, however his comments to NAHRO and those made this week in the
Washington Post, stand in stark contrast to President Trump’s proposed budget in
which housing, health care and education suffer large reductions along with the
balance of the domestic agenda.
12
d. Outreach Committee Report
Attachments:
o 2017 Work Plan
13
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
1G
OA
L O
NE
: Preservation and E
xpansionE
nsure the promise of a diverse com
munity by
preserving existing affordable housing and increasing inventory and housing choice for B
oulder residents.
Q1
Q2
Q3
Q4
Notes:
OU
TC
OM
ES:
- Preserve our existing portfolio of homes
- Add 1500 units &
500 vouchers - A
dd 250 units for special populations
Com
plete close out of Boulder C
omm
unities LIHTC
process ●
2nd Capital Installm
ent complete; next benchm
ark is final CH
FA app and 8609 for 3rd
installment July 1.
Implem
ent an asset plan for Madison
●Plan for discussion w
ith HU
D M
TW staff at A
pril 11 visit
Implem
ent an asset plan for Arapahoe C
ourt ●
Underw
ay
Implem
ent an asset plan for Glen W
illow ●
Notice given to H
UD
and CH
FA of option to convert subsidy to H
CV
July 1, 2018
Implem
ent the 2017 schedule of capital projects for BH
P and Tax Credit assets
●V
arious projects underway
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
1.1 BH
P will preserve and im
prove its existing portfolio to increase the quality, value, and m
arketability of all properties in the B
HP portfolio
14
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Create and respond to ongoing m
arket opportunities so that our pipeline is poised to deliver 150 units
●185 units acquired this year, developing financials m
odels to replicate without a B
ridgewalk to
refinance
Com
plete the entitlements and financial close for Palo Park
and begin construction ●
Construction has begun
Begin predevelopm
ent work for M
t. Calvary site and R
ed O
ak Park/Wallace
●U
nderway
Adopt a regional plan for Perm
anent Supportive Housing and
a BH
P plan for 250 units for special populations ●
Track HU
D voucher opportunities and apply for vouchers at
every opportunity that BH
P would be eligible for
●N
o opportunities in Q1
1.4 BH
P will create housing supply by creatively applying its
policy discretion associated with the M
oving to Work
1.3 BH
P will create housing supply by securing the m
aximum
possible num
ber of new housing choice vouchers.
1.2 BH
P will continue to acquire and develop housing w
ith a prim
ary focus on households with incom
es below 60%
of the A
MI to m
eet the income diversity goals of the city.
15
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Implem
ent landlord education and recruitment initiatives
including new landlord incentives, dam
age claim fund and
security deposit loan fund with goal of increasing
participation in HCV
program
●W
aiting for an increase in turnover vouchers.
Conduct m
ass recertification for PBV
work-abled households
in the HC
program (165)
●Planned for Q
2/3
Respond to opportunities as they arise.
●
Respond to opportunities as they arise.
●
2
GO
AL
TW
O: Partnerships and
Com
munity E
ngagement
Engage as a leader in housing policy discussions and
pursue a wide range of partnerships and policy
changes needed to increase housing choice and diversity in B
oulder, reduce land cost per unit, and preserve the city’s current affordable units.
Q1
Q2
Q3
Q4
Notes:
OU
TC
OM
ES:
- Successful progress towards the B
VC
P vision for the com
munity and successful im
plementation of the
strategic plan goals
1.5 BH
P will acquire m
arket rate rental units as an intentional strategy to create a long-term
preservation
1.6 BH
P will acquire as m
uch land as possible to preserve future affordability options.
16
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Promote the affordable benefit ordinance in updates to the
BV
CP and all efforts to create housing policy and plans for
the city. ●
Active involvem
ent by BH
P and likely ordinance language for the Com
munity B
enefit O
rdinance.
Continue to support the developm
ent of a regional housing plan and strategy w
ith the goal of plan adoption by local elected bodies by the end of 2017.
●D
raft plan finalized. Thirty presentations have been scheduled.
Staff and support the Affordable H
ousing Netw
ork to advocate for adoption of the regional plan and support broad affordable initiatives.
●A
ctive.
Work w
ith Palo Park comm
unity to ensure regular engagem
ent throughout the construction process . ●
Active.
2.1 BH
P will activate its L
ouder strategy in organized advocacy and leadership.
2.2 BH
P will engage the com
munity at all levels of our w
ork: in the properties w
e manage, the neighborhoods w
e are a part of and the city w
hose vision we im
plement.
17
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
3G
OA
L T
HR
EE
: Resident A
chievement
and Quality of L
ife Invest in focused service and educational program
ming to im
prove the economic futures of
children in BH
P households. Develop successful
Q1
Q2
Q3
Q4
Notes:
OU
TC
OM
ES:
- Youth are successful in school and have the skills
necessary for self-sufficiency as an adult
- Work-abled fam
ilies will increase their
independence and quality of life. - Seniors and people w
ith disabilities will preserve
their independence and quality of life to the m
aximum
extent possible.
Actively participate in the D
ream B
ig Collective Im
pact process including the O
ak/Elk, CO
SI, and early childhood pilots, and develop a sustainability plan for the program
.
●C
ontinue to lead and participate in all Dream
Big com
mittees. Secured a 5 year U
nited Way
grant totaling approximately $500K
.
3.1 BH
P will partner w
ith resident families and organizations
to provide comprehensive educational and support program
s as a m
eans of minim
izing barriers to learning and preparing
18
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Design and im
plement the B
ringing School Hom
e B
oulder program including the early childhood referral
program, partnerships w
ith Workforce B
oulder County
and other self sufficiency programs. Identify short and
long term plan to reach all B
HP children through rollout
of Dream
er classes and expansion of college and career program
ing.
●D
ream B
ig partners and BH
P are implem
enting our Bringing School H
ome program
for fam
ilies at KA
, DC
, MN
, IH, and now
BW
E. We continue to w
ork with the D
ream B
ig steering com
mittee to figure out how
to bring the program to scale for all B
HP children.
Provide leadership at the national level, in partnership w
ith the Affordable H
ousing Institute, to develop a research dem
onstration program to bring m
ore resources to the B
ringing School Hom
e model, and influence the
streams of funding for housing, education and health
care.
●G
reat progress made w
ith developing funds for the demonstration program
. First quarter saw
two large grants com
mitted and m
ore (hopefully) will be announced in M
ay. Regular m
eetings w
ith the Afforable H
ousing Institute continue to support the leadership of this program.
Rethink how
we com
municate w
ith our customers by
reorienting our website to our custom
ers’ housing needs versus our current focus on program
eligibility and regulation.
●Just beginning reconstruction of w
ebsite. More activity in Q
2 now that Tantra w
ebsite is finished.
Conduct benefits outreach in partnership w
ith Boulder
County H
ealth and Hum
an Services. ●
Service coordinators conducted outreach and Boulder C
ounty helped residents apply for benefits at W
P, NP, R
OP, C
P, HM
, DC
, KA
, MN
, BW
E.
Strengthen partnerships that support our residents m
ental and physical health. (Examples: B
oulder Shelter for the H
omeless, M
ental Health Partners, St. B
enedicts, C
linica, Senior Reach, and other com
munity
organizations)
●
St. Benedicts expanded m
ental health services at CP. C
linica resumed services at N
P, WP, LH
. D
eveloping anti-bullying training for seniors with Senior R
each. Conducted crises counseling
at MN
with Safehouse Progressive A
lliance for Non-V
iolence. Working w
ith volunteer program
to assist residents with hoarding issues. C
onversation Project is conducting end-of-life planning and helping w
ith medical pow
er of attorney questions.
3.2 BH
P will partner w
ith the comm
unity and service organizations to preserve or enhance the quality of life for w
ork-abled adults, seniors, and people with disabilities in the
19
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Continue to design and im
plement resident outcom
e tracking including m
ove out and housing stability data, education indicators, and health indicators w
ith YA
RD
I or an alternative data platform
.
●C
onverted YA
RD
I tracking to a more functional Excel database for better data gathering.
Improve dissem
ination and understanding of resident dem
ographic data across all programs.
●"W
ho we Serve" data has been created for O
perations, Housing C
hoice, both programs
combined. H
osted an imm
igration rights training provided by Colorado Im
migrant R
ights C
oalition.
4G
OA
L FO
UR
: Maxim
izing Sustainability Pursue consistent and innovative im
provement of
portfolio and practices regarding environmental
Q1
Q2
Q3
Q4
Notes:
20
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
OU
TC
OM
ES:
- Improved building perform
ance and long term
viability of our portfolio and reduce energy cost for - Increased access for B
HP residents to bus passes
and other affordable public transportation and lt
ti t
tti
lik
bik
Expand water m
onitoring technology across portfolio to allow
for detection of leaks and reduction of water usage
●
Expand e-gauge technology and monitoring process across
portfolio to reduce peak usage costs from X
cel ●
Gauges installed at B
oulder Com
munities Sites. W
ork underway to get access for m
onitoring
Implem
ent EPA - Portfolio M
anager for all BHP properties
automating interface w
ith Xcel
xO
n hold pending evaluation of new technology available w
ith Tantra Acquisition
Work w
ith City staff and local providers and partners to
improve w
aste reduction programs. Expand education and
out reach. ●
Expand CU
Foundations for Leaders Organizing for W
ater and Sustainability (FLO
WS) program
to additional BH
P 150 units.
●Q
1 rollout at Madison
Monitor and m
aintain the Eco-pass program. Seek additional
funding from the C
ity and RTD
and expand program w
here possible.
●
Define B
HP specific green building requirem
ents consistent w
ith City and CHFA
Requirements
4.1 Monitor, verify and quantify all existing energy
improvem
ents
4.2 Implem
ent an agency wide N
ear-Zero Waste program
, consistent w
ith the City and C
ounty recycling and waste
4.3 Increase resident involvement in conservation initiatives
and provide incentives for use reduction.
4.4 Develop a vehicle reduction program
by working w
ith providers of alternate transportation m
odes.
4.5 Design, build and renovate buildings to be energy efficient
with a goal of near net zero energy consum
ption
21
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
5G
oal 5: Organizational Stew
ardshipC
ontinuously improve B
HP’s organizational
suitability, structure, and strategic outreach by stew
arding a strong financial core, efficient internal
Q1
Q2
Q3
Q4
Notes:
OU
TC
OM
ES:
- BH
P will diversify its m
arket reach and revenue sources, hire and retain qualified staff.
- BH
P will be an organization that operates
creatively, decisively, intentionally, and effectively, w
ith strong and consistent values and an understanding that housing is as m
uch about people as it is about place.
See 1.2
Work w
ith the City and C
ounty staff to better understand local resiliency objectives and how
BH
P can be a strategic partner in these efforts
●In process
Explore opportunity to make 4800 B
roadway a “resilience
safe haven" by adding battery storage and designation of 4800 B
roadway as an em
ergency shelter. ●
Work at 4800 B
roadway to create B
attery and Natural G
as generator backup for electrical system
s. City grant approved. C
ontract award in Q
3
Update annual Public R
elations work plan to determ
ine content and m
ethod for comm
unication initiatives √
Work Plan com
pleted with all departm
ents
5.1 BH
P will reduce dependence on H
UD
operating subsidies by using the above m
entioned income-producing asset
5.2 BH
P will develop partnerships w
ith key stakeholders in the com
munity w
ho understand that a comm
unity’s
5.3 BH
P will attract, train and retain a talented, dedicated
and culturally competent staff.
22
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Create and im
plement a cross-functional orientation and
training program so em
ployees are equipped to perform the
necessary functions of their positions and progress is docum
ented.
●Investigating the use of the Y
ardi tool, e-learning as a training tracking tool. Possible im
plementation in Q
2-3
23
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Conduct an em
ployee training survey to determine training
focus for 2017√
Training survey completed. W
orking on implem
enting a training tracking program w
ith Yardi
Conduct a benefit audit of the current and potential cafeteria
of benefit offerings at BH
P ●
Audit survey tool researched in Q
1. Implem
entation and analysis in Q2
Optim
ize HR
systems using a paperless tracking and
managem
ent system ●
This will follow
the paperless tenant record managem
ent system im
plementation
Prepare for and implem
ent a paperless Electronic Tenant R
ecord System to stream
line processes, ensure tenant record security and increase efficiency of resident file m
anagement.
● Procurem
ent and selection of vendor completed. D
iscovery has begun but is slower than
anticipated.
Identify and facilitate work flow
process improvem
ent needed w
ith major departm
ental stakeholders (PM, Section 8,
Finance)by end of Q1 in preparation for full im
plementation
of the paperless tenant record managem
ent system.
●M
ove in process improvem
ent completed w
ith week long LEA
N process w
ith a cross functional Property M
anagement team
.
Develop new
operating benchmarks at the site and portfolio
level for improved property perform
ance, staff performance,
and customer service
●B
enchmarks are being developed w
ith the senior managem
ent of the Operations Team
.
Identify and comm
unicate the steps needed to integrate services betw
een Property Managem
ent, Maintenance, and
Resident Service team
s, begin implem
entation by end of Q1
●Som
e teams are m
eeting to discuss site specific issues. This will becom
e more form
alized with
the finalization of the operating benchmarks.
Provide technical support for the remote offices, com
munity
centers and computer labs focusing on m
aintaining a culture of security and connection for all B
HP com
munities.
●R
emote offices are up and running. C
omputer labs at fam
ily and senior sites are up and running. R
esidents are happy! Exploring the addition of wi-fi to C
anyon Pointe
Provide clear, consistent monthly financial data to B
oard, present audit for approval at June m
tg. and Budget for review
at N
ovember m
tg. and approval at Decem
ber mtg.
●U
pdates made to m
onthly reports. Tax Credit audits com
pleted. BH
P audit on schedule for Q
2
5.4 BH
P will transition its property operations from
a centralized m
anagement system
to more "on-site"
5.5 BH
P will support a B
oard of Com
missioners that
provides leadership and strong governance for the strategic
24
√Item
C
ompl
eted
MT
W
activity
●Item
U
nderw
ayx
project on hold
Boulder H
ousing Partners 2017 W
OR
K PL
AN
In 2017, w
e will take the follow
ing actions to support the goals of B
HP's Strategic Plan
Prepare for a transition in leadership and provide support to the Board of Com
missioner’s Executive D
irector recruiting efforts.
●Search com
mittee w
orking with consultant to identify prospective applicants.
25
2. ACTION/DISCUSSION AGENDA: MANAGEMENT AND FINANCE
a. Finance Committee Report
26
February 2017 Financial Summary Year-End 2016 Closing Tax Credit LLLPs - We have completed and finalized all 9 audit reports and tax returns. We have begun to distribute 2016 excess cash flow from the Partnerships to BHP. We are expecting $883,715 which will be $297,066 more than we assumed in the 2017 BHP budget for cash receipts. Almost all of this positive variance relates to Boulder Communities. We were uncertain at budget time how much, if any, of the operations cash would be necessary to complete construction. The BHP audit firm, Plante & Moran will be here the week of April 3 for final field work. We are on schedule to deliver the final report for Board approval at the June 2017 meeting. Bridgewalk refinance and Tantra Acquisition BHP closed on the cash out refinance of Bridgewalk on March 21, which provided over $10 million of funds for the equity portion of the cost to acquire Tantra Lakes. The Tantra acquisition closed on March 24. These closings will be reflected in the March financial statements. BHP Development Fund As part of the BHP 2017 Budget, the Board approved the creation of a Board-designated development fund which would be created with (1) $1,500,000 from Boulder Communities Development fees received in 2017, (2) $1,000,000 from MTW operating reserves, and (3) $500,000 from other LIHTC development fees. We delayed creation of this fund pending receipt of the Boulder Communities fees. While BHP received $1,404,203 of this fee on February 1, 2017, we used $999,822 to make a bridge loan to Palo Park at closing on February 22, 2017. This bridge loan was necessary due to a delay in funding from the State Department of Housing (“DOH”). The DOH funding is committed but has been held up pending their ability to get the documentation processed. The final documents have been approved and we now expect to receive funding in early April. When the BHP Bridge Loan funds are returned, we will be able to fund and report on the Board designated development fund with $1,500,000 as planned. MTW funding is available but cannot be drawn from HUD until we have a project to spend the funds on. February 2017 Financial Summary The following summarized financial statements show BHP and the Component Units (Tax Credit LLLPs) side by side. BHP owns only .01% interest in the Component Units and adding the two columns together is not an appropriate disclosure, however the report will provide you with a better understanding of the full scope of the real estate under BHP management. BHP is the operating company that manages all of our programs. The BHP column below includes development, property management, maintenance, resident services, finance, administration, the Housing Choice Voucher program which includes 1144 vouchers and the BHP-owned portfolio of properties. As of February 28, 2017, the BHP portfolio is made up of 513 units: 47 public housing units, 116 project based contract units and 350 workforce and market rate units. The Component Units represents the property operations for the ten tax credit partnerships which currently include 596 units. One of the ten, Palo Park Communities, LLLP closed in February
27
and is under construction. The partnerships are expected to have a positive net operating income and an overall net loss each year after deducting debt and depreciation.
Component UnitsBHP (Tax Credit LLLPs)
REVENUE
Operations Revenue
Operations Revenue 1,154,842 1,098,124 Fee Revenue 584,244 0 Grants and Subsidies 3,397,434 0 Other Revenue 496,710 18,851
Total Revenue 5,633,230 1,116,975
EXPENSES
Salaries and Benefits 916,206 117,002 Property Costs 454,652 426,750 Operating Costs 1,923,578 121,251
Total Operating Expenses 3,294,436 665,002
Total Operating Income 2,338,794 451,973
Less: Non Operating Expenses
Depreciation 462,962 800,466
Mortgage and Note Interest 202,830 565,460
Other Unrealized (Gain)/Loss 0 -
TOTAL NET INCOME (LOSS) 1,673,001$ (913,952)$
BHP and Component Units
Statement of Activities
Year to Date - February 28, 2017
28
Component Units
BHP (Tax Credit LLLPs) ASSETS
Current Assets
Unrestricted Cash and Cash Equivalents 4,839,448 1,638,811 Reserved Cash - Replacements and Other 1,556,874 - Accounts Receivable 443,035 17,524 Accounts Receivable-Tax Credits 2,769,930 0 Accounts Receivable - BHP Intercompany - 0 Notes Receivable – Current 240,539 0 Prepaid Expenses 151,676 181,139 Supplies-Inventory 5,153 0 Total Current Assets 10,006,656 1,837,473
Restricted Cash 2,217,030 4,320,894 Capital Assets 42,498,057 133,373,421 Other Assets
Notes Receivable 58,705,528 0 Development Fees Receivable 3,473,489 0 Interest Receivable Notes 2,498,219 0 Partnership Investments 399,211 0 Net Amortized Costs 2,686,839 74,127 Total Other Assets 67,763,286 74,127
TOTAL ASSETS 122,485,028$ 139,605,915$
LIABILITIES & EQUITY
LIABILITIES
Current Liabilities 2,127,769 20,405,041 Long-Term Liabilities
Notes Payable 3,064,173 63,115,316 Accrued Interest Payable 65,069 2,494,876 Mortgages Payable 32,307,892 12,495,520 Bonds Payable - 1,330,274 Net Pension Liability 7,561,499 - Deferred Inflows 462,610 -
Total Long-Term Liabilities 43,461,242 79,435,986
TOTAL LIABILITIES 45,589,010 99,841,028
EQUITY 76,896,018 39,764,888
TOTAL LIABILITIES AND EQUITY 122,485,028$ 139,605,915$
BHP and Component UnitsBalance Sheet
February 28, 2017
29
Boulder Housing Partners Results – YTD February, 2017 February YTD results for Boulder Housing Partners are very close to budget with only minor variances as explained on the attached financial statements.
Occupancy statistics are included in the table below.
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.
Year to Date Results - February 28, 2017
Actual Budget VarianceRevenue 5,633,230$ 5,291,265$ 341,965$ Expenses (3,960,229) (4,006,879) 46,650Total Net Income (Loss) 1,673,001$ 1,284,386$ 388,615$
February-17
Net Rental Income - YTD
Net Rental Income - Budget
Revised Budget Variance
Variance %Physical
Occ YTD
Physical Occ
Budget
Occupancy Variance to
Budget
Public Housing $58,701 $53,578 $5,123 9.56% 100.00% 97.00% 3.00%
PB Sec. 8 properties $222,835 $220,184 $2,651 1.20% 98.66% 97.00% 1.66%
Work Force $873,306 $851,887 $21,419 2.51% 96.78% 96.00% 0.78%
BHP portfolio combined
$1,154,842 $1,125,649 $29,193 2.59% 97.50% 96.32% 1.18%
Note: Physical Occupancy is measured as of first of the month. Units may be occupied after the first 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.
Financial Measure Explanation Goal February-17
BHP Debt to Equity Ratio Measures ratio of Actual Debt and Interest to Equity
Less than 1.5
0.5
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 2.0
4.7
Note related to Quick Ratio
Months Expendable Net Assets Ratio (MENAR)
Measures adequacy of reservesGreater than
4.08.7
Note Related to MENAR
Quick Ratio includes current developer fee receivable which includes $2.8M related to Boulder Communities that is targeted for the development fund. The ratio adjusted for this number is 3.4
MENAR includes current developer fee receivable which includes $2.8M related to Boulder Communities that is targeted for the development fund. The ratio adjusted for this number is 5.7
30
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, Palo Park, Red Oak Park, Vistoso and WestView. Palo Park, while closed is not included in these operating results while it is under construction. A separate Balance sheet is included below for reference. Year-to-date results for the nine operating partnerships are in line with budget.
The following table is a summary of the Balance Sheet for the Tax Credit Entities excluding Palo Park. BHP is the general partner and owns a .01% interest in these Entities. The significant changes are a result of the funding of a note for $12 million from BHP and the receipt of $18 million in Limited Partner equity, all of which was used to pay developer fee and the construction loan. The next installment is expected July 1, 2017 and will be used to convert the remaining construction loan to permanent status at $14 million.
Tax Credit Entities (Component Units) Summary Statement of Activities
Year to Date Results - February 28, 2017Actual Budget Variance
Operations Revenue 1,098,124$ 1,072,670$ 25,454$ Other Revenue 18,851 20,887 (2,036)Total Revenue 1,116,975$ 1,093,557$ 23,418$
Salaries and Benefits 117,002$ 110,654$ (6,348)$ Property Costs 426,750 410,369 (16,381)Operating Expenses 121,233 121,458 225Total Operating Expenses 664,984 642,481 (22,504)Net Operating Income 451,991 451,076 915$
Depreciation and Amortization 800,466 820,819 20,353Mortgage and Note Interest 564,565 538,649 (25,915)Gain Loss on Interest Rate Swap 0 0 0Total Net Income (Loss) (913,040)$ (908,392)$ (4,648)$
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.
31
This chart shows our YTD occupancy statistics for the nine operating partnerships (excluding Palo Park).
Palo Park The following is a summary of the Palo Park Balance sheet which closed in February. This property will be reported separately while under Construction.
Tax Credit Entities (Component Units) Summary Balance Sheet
February-17 December-16 Net ChangeCurrent Assets 4,072,500$ 3,963,111$ 109,389$ Capital Assets 131,171,431 131,911,162 (739,731) AOther Assets 74,127 47,512 26,615 Total Assets 135,318,058$ 135,921,786$ (603,728)$
Current Liabilities 20,084,978$ 50,398,983$ (30,314,005)$ BLong Term Liabilities 76,447,688 64,190,113 12,257,575 C Total Liabilities 96,532,667 114,589,096 (18,056,430) Total Equity 38,785,391 21,332,689 17,452,702$ D Total Liabilities and Equity 135,318,058$ 135,921,786$ (603,728)$
A Normal depreciation of capital assets.BCD Limited Partner Equity received for Boulder Communities. Funds used to pay developer fee and construction loan.
BHP funded Note Payable. Proceeds used to pay down construction loan.Tax credit equity and note proceeds used down to pay construction loan and developer fee.
February-17
Net Rental Income - YTD
Net Rental Income - Budget
Budget Variance Variance %Physical
Occ YTD
Physical Occ
Budget
Occupancy Variance to
Budget
Tax Credits $1,098,124 $1,072,670 $25,454 2.37% 99.28% 97.00% 2.28%
Note: Physical Occupancy is measured as of first of the month. Units may be occupied after the first of the
month resulting in rental income greater than physical occupancy would suggest. Rents on occupied units mayalso be greater or less than budgeted resulting in additional variances.
Tax Credit Palo Park - Summary Balance Sheet
February-17 December-16 Net ChangeCurrent Assets 2,085,868$ -$ 2,085,868$ Capital Assets 2,201,990 0 2,201,990Other Assets 0 0 0 Total Assets 4,287,858$ -$ 4,287,858$
Current Liabilities 320,063$ -$ 320,063$ Long Term Liabilities 2,988,298 0 2,988,298 Total Liabilities 3,308,361 0 3,308,361 Total Equity 0 0 -$ Total Liabilities and Equity 3,308,361$ -$ 3,308,361$
32
BH
P
Statem
ent o
f Activities
Year to
Date - F
ebru
ary 28, 2017
YT
DY
TD
Actu
alB
ud
get
Varian
ce $%
Var
Ref
Varian
ce Exp
lanatio
n
RE
VE
NU
E O
peratio
ns R
evenu
e T
enant D
welling R
ental1,13
6,668$
1,108,51
9$
28,149
$ 3%
Non D
welling
Ren
tal Income
4,6743,600
1,07430%
HUD-Ope
rating Sub
sidy13,50
013,530
(30)0%
To
tal Op
eration
s Reven
ue
1,154,842
1,125,649
29,193
3%
Fee R
evenu
e
Prope
rty Mgm
t & Asset M
gmt F
ees82,40
683,20
2(796
)-1%
Develop
ment F
ees320,01
3300
,00020
,013
7% M
gmt F
ees - Tax C
redits & S8
108,611
104,792
3,8184%
Res S
vc Income
73,214
76,862
(3,647)
-5%
To
tal Fee R
evenu
e584
,244564
,85619,38
83%
Gran
ts and
Su
bsid
ies H
CV-HAP/Adm
in Reven
ue1,687
,968
1,659,37
528
,5932%
A1
HAP revenue offset by excess H
AP expense below
.
Non F
ederal Grants and
Don
ations
1,609,659
1,385,000
224,659
16%B
Final P
alo grants from City, and W
orthy Cause exceeded budget
Federal C
apital G
rants 0
00
0% F
ederal Service G
rants99,80
7104
,303(4,496
)-4%
To
tal Gran
ts and
Su
bsid
ies3,397
,4343,148
,677248
,7578%
Oth
er Reven
ue
Tenan
t Fees and
Utility R
eimbu
rsemen
ts19,74
714,80
34,945
33% Interest Incom
e221
,648199
,38222,26
711%
Laundry V
ending
6,3989,320
(2,922)
-31% M
aint Charge
s to Prop
238,675
225,938
12,737
6% M
iscellaneous R
evenue
10,241
2,640
7,601
288%
To
tal Oth
er Reven
ue
496,710
452,082
44,627
10%
To
tal Reven
ue
5,633,230
5,291,265
341,965
6%
EX
PE
NS
ES
Salaries
and
Ben
efits S
alaries and B
enefits
916,206
984,967
68,761
7%
To
tal Salaries an
d B
enefits
916,206
984,967
68,761
7%
Pro
perty C
osts
Man
agement F
ees
44,904
42,029
(2,875)
-7% M
aintenance M
aterials35,09
435,063
(31)0%
Contract La
bor & Repa
irs11
9,098
78,472
(40,626)
-52%C
Bridgew
alk Concrete repair $11.5K
, Grounds contracts due to w
arm weather
$13.5K, G
W Flooring $5K
, Misc other
3/31
/20171
:32 PM
33
BH
P
Statem
ent o
f Activities
Year to
Date - F
ebru
ary 28, 2017
YT
DY
TD
Actu
alB
ud
get
Varian
ce $%
Var
Ref
Varian
ce Exp
lanatio
n
BHP Contract Lab
or143
,113120
,692(22,42
0)-19%
Garbag
e and T
rash Rem
oval21,61
221,19
0(422
)-2%
Water and
Sew
er32,67
132,45
5(216
)-1%
Electricity
22,155
21,504
(651)
-3% G
as31,39
731,02
9(368
)-1%
PILO
T3,536
3,198(338
)-11%
HOA Fee
s1,073
1,12654
5%
To
tal Pro
perty C
osts
454,652
386
,759
(67,893)
-18%
Op
erating
Exp
ense
s A
udit Fees
10,000
10,000
00%
Bad D
ebt Expen
se - Ten
ants3,395
0(3,395
)0%
Board E
xpense
971,000
90390%
Consu
ltants &
Contract La
bor25,19
325,360
1671%
Depreciation
462,962
460,823
(2,139)
0% D
ues and Fees
14,331
10,357
(3,974)
-38% E
xpenda
ble Equ
ipment
10,68518,77
58,09
043
%
HCV-HAP Expen
se1,57
1,281
1,531,46
0(39,82
1)-3%
A2
Offset by H
AP revenue above. E
xcess due to higher number of vouchers
leased than expected
Insurance E
xpense
42,911
41,746
(1,165)
-3% Leg
al Expense
16619,50
519,33
999%
Milea
ge & Veh
icle Expen
se10,99
214,56
43,572
25% M
iscellaneous - E
xpense
7,68022,76
715
,08766
% M
ortgage Interest E
xpense
202,830
206,712
3,8822%
Advertising/M
arketing850
8,7887,938
90% O
ffice Supp
lies4,660
8,2333,573
43% O
ther A
dministrative E
xpenses2,234
3,096861
28% P
hone E
xpense
11,271
15,309
4,03826%
Printing
& Postage
Expen
se10,76
58,910
(1,855)
-21% P
roperty M
gmt &
Asset M
gmt F
ees82,40
683,20
2796
1% R
esident S
ervices Fee
s17,94
617,94
60
0% S
taff Training
6,68421,26
214,57
869%
Service G
rant Expense
90,032
105,338
15,306
15%
To
tal Op
erating
Co
sts2,589
,3712,635
,15345,78
22%
To
tal Exp
ense
s3,960
,2294,006
,87946,65
01%
TO
TA
L N
ET
INC
OM
E (L
OS
S)
1,673,001
$ 1,284
,386$
388,615
$ -30%
Note: E
xplanations provided for positive variances >$50,000 and 5%
and for negative variances >$25,000 and 5%
3/31
/20171
:32 PM
34
Actu
alA
ctual
Net C
han
ge
Feb
ruary-17
Decem
ber-16
YT
DR
efC
om
men
ts
AS
SE
TS
Cu
rrent A
ssets
Unrestricted C
ash and C
ash Equivalents
4,839,448
$ 5,567,072
$ (727,624)
$ D
1HUD prefunded H
AP paym
ent for January in Decem
ber. No funding in January forced
the use of the prefunded reserve. See deferred Inflow
s below.
Reserved
Cash - R
eplacements and
Other
1,556,8741,63
7,279
(80,405) A
ccounts Receivab
le443
,035483
,662(40,626)
Accounts R
eceivable-T
ax Credits
2,769,9303,74
1,070
(971,139)E
BHP received $1.4M
developer fee for Boulder C
ommunities from
equity installment of
limited partner. T
his was offset by $320K
fee earned from Palo P
ark Com
munity at
closing to be received upon receipt of CDOH funds.
Notes R
eceivable – Current
240,53
9240,539
0 P
repaid Expe
nses151,6
76168,153
(16,478)
Supplies-Invento
ry5,15
35,03
5119
To
tal Cu
rrent A
ssets10,006,656
11,84
2,809
(1,83
6,153)
Restricted
Cash
Restricted C
ash - Other
1,883,850 13,43
8,699(11,554,849)
F1
$12M loan m
ade to Bou
lder Com
munities offset by $462K
City funds restricted for
Habitat developm
ent costs at Palo
Restricted C
ash - Section 8
(1,829)
1
(1,829)
Restricted C
ash - Tena
nt Security D
eposits335,008
334,994
14
To
tal Restricted
Cash
2,217,03
0
13,773,694
(11,556,6
64)
Cap
ital Asse
ts C
onstruction in Progress
595,333
925,324(329
,991)
GPalo predevelopm
ent costs reimbursed by partnership at closing
Furniture F
ixtures and Equipm
ent554
,270
554,2700
Real E
state Assets-Land
and Buildings
72,065,010
71,993,45571,55
5H
4800 Solar installation capitalized
Less: A
ccum Depreciation R
eal E
state Assets
(30,716,556)
(30,255,38
0)(461,176)
INorm
al Activity
To
tal Cap
ital Assets
42,498,057
43,217,66
9
(719,612)
Oth
er Assets
Notes R
eceivable58,705,528
43,743,126
14,962,402F
2$12M
restricted cash used to fund new Boulder C
ommunities loan and $2.9M
of new
grant funds loaned to Palo at partnership closing
Developm
ent Fees R
eceivable3,473
,489
3,47
3,489
0 Interest R
eceivable Notes
2,498,219
2,278,24
9219,970
JNorm
al Activity
Partnership Investm
ents399
,211
399,111100
Net A
mortized C
osts2,68
6,839
2,68
8,625
(1,786)
To
tal Oth
er Asse
ts67,76
3,286
52,582
,60015,180,686
TO
TA
L A
SS
ET
S12
2,485,028
$ 121,416,771
$ 1,06
8,257$
BH
PB
alance S
heet
Feb
ruary 28, 2017 an
d D
ecemb
er 31, 2016
3/31/20171:32 PM
35
BH
P
Statem
ent o
f Activities
Year to
Date - F
ebru
ary 28, 2017
YT
DY
TD
Actu
alB
ud
get
Varian
ce $%
Var
Ref
Varian
ce Exp
lanatio
n
RE
VE
NU
E O
peratio
ns R
evenu
e T
enant D
welling R
ental1,13
6,668$
1,108,51
9$
28,149
$ 3%
Non D
welling
Ren
tal Income
4,6743,600
1,07430%
HUD-Ope
rating Sub
sidy13,50
013,530
(30)0%
To
tal Op
eration
s Reven
ue
1,154,842
1,125,649
29,193
3%
Fee R
evenu
e
Prope
rty Mgm
t & Asset M
gmt F
ees82,40
683,20
2(796
)-1%
Develop
ment F
ees320,01
3300
,00020
,013
7% M
gmt F
ees - Tax C
redits & S8
108,611
104,792
3,8184%
Res S
vc Income
73,214
76,862
(3,647)
-5%
To
tal Fee R
evenu
e584
,244564
,85619,38
83%
Gran
ts and
Su
bsid
ies H
CV-HAP/Adm
in Reven
ue1,687
,968
1,659,37
528
,5932%
A1
HAP revenue offset by excess H
AP expense below
.
Non F
ederal Grants and
Don
ations
1,609,659
1,385,000
224,659
16%B
Final P
alo grants from City, and W
orthy Cause exceeded budget
Federal C
apital G
rants 0
00
0% F
ederal Service G
rants99,80
7104
,303(4,496
)-4%
To
tal Gran
ts and
Su
bsid
ies3,397
,4343,148
,677248
,7578%
Oth
er Reven
ue
Tenan
t Fees and
Utility R
eimbu
rsemen
ts19,74
714,80
34,945
33% Interest Incom
e221
,648199
,38222,26
711%
Laundry V
ending
6,3989,320
(2,922)
-31% M
aint Charge
s to Prop
238,675
225,938
12,737
6% M
iscellaneous R
evenue
10,241
2,640
7,601
288%
To
tal Oth
er Reven
ue
496,710
452,082
44,627
10%
To
tal Reven
ue
5,633,230
5,291,265
341,965
6%
EX
PE
NS
ES
Salaries
and
Ben
efits S
alaries and B
enefits
916,206
984,967
68,761
7%
To
tal Salaries an
d B
enefits
916,206
984,967
68,761
7%
Pro
perty C
osts
Man
agement F
ees
44,904
42,029
(2,875)
-7% M
aintenance M
aterials35,09
435,063
(31)0%
Contract La
bor & Repa
irs11
9,098
78,472
(40,626)
-52%C
Bridgew
alk Concrete repair $11.5K
, Grounds contracts due to w
arm weather
$13.5K, G
W Flooring $5K
, Misc other
3/31
/20171
:32 PM
36
BH
P
Statem
ent o
f Activities
Year to
Date - F
ebru
ary 28, 2017
YT
DY
TD
Actu
alB
ud
get
Varian
ce $%
Var
Ref
Varian
ce Exp
lanatio
n
BHP Contract Lab
or143
,113120
,692(22,42
0)-19%
Garbag
e and T
rash Rem
oval21,61
221,19
0(422
)-2%
Water and
Sew
er32,67
132,45
5(216
)-1%
Electricity
22,155
21,504
(651)
-3% G
as31,39
731,02
9(368
)-1%
PILO
T3,536
3,198(338
)-11%
HOA Fee
s1,073
1,12654
5%
To
tal Pro
perty C
osts
454,652
386
,759
(67,893)
-18%
Op
erating
Exp
ense
s A
udit Fees
10,000
10,000
00%
Bad D
ebt Expen
se - Ten
ants3,395
0(3,395
)0%
Board E
xpense
971,000
90390%
Consu
ltants &
Contract La
bor25,19
325,360
1671%
Depreciation
462,962
460,823
(2,139)
0% D
ues and Fees
14,331
10,357
(3,974)
-38% E
xpenda
ble Equ
ipment
10,68518,77
58,09
043
%
HCV-HAP Expen
se1,57
1,281
1,531,46
0(39,82
1)-3%
A2
Offset by H
AP revenue above. E
xcess due to higher number of vouchers
leased than expected
Insurance E
xpense
42,911
41,746
(1,165)
-3% Leg
al Expense
16619,50
519,33
999%
Milea
ge & Veh
icle Expen
se10,99
214,56
43,572
25% M
iscellaneous - E
xpense
7,68022,76
715
,08766
% M
ortgage Interest E
xpense
202,830
206,712
3,8822%
Advertising/M
arketing850
8,7887,938
90% O
ffice Supp
lies4,660
8,2333,573
43% O
ther A
dministrative E
xpenses2,234
3,096861
28% P
hone E
xpense
11,271
15,309
4,03826%
Printing
& Postage
Expen
se10,76
58,910
(1,855)
-21% P
roperty M
gmt &
Asset M
gmt F
ees82,40
683,20
2796
1% R
esident S
ervices Fee
s17,94
617,94
60
0% S
taff Training
6,68421,26
214,57
869%
Service G
rant Expense
90,032
105,338
15,306
15%
To
tal Op
erating
Co
sts2,589
,3712,635
,15345,78
22%
To
tal Exp
ense
s3,960
,2294,006
,87946,65
01%
TO
TA
L N
ET
INC
OM
E (L
OS
S)
1,673,001
$ 1,284
,386$
388,615
$ -30%
Note: E
xplanations provided for positive variances >$50,000 and 5%
and for negative variances >$25,000 and 5%
3/31
/20171
:32 PM
37
Actu
alA
ctual
Net C
han
ge
Feb
ruary-17
Decem
ber-16
YT
DR
efC
om
men
ts
AS
SE
TS
Cu
rrent A
ssets
Unrestricted C
ash and C
ash Equivalents
4,839,448
$ 5,567,072
$ (727,624)
$ D
1HUD prefunded H
AP paym
ent for January in Decem
ber. No funding in January forced
the use of the prefunded reserve. See deferred Inflow
s below.
Reserved
Cash - R
eplacements and
Other
1,556,8741,63
7,279
(80,405) A
ccounts Receivab
le443
,035483
,662(40,626)
Accounts R
eceivable-T
ax Credits
2,769,9303,74
1,070
(971,139)E
BHP received $1.4M
developer fee for Boulder C
ommunities from
equity installment of
limited partner. T
his was offset by $320K
fee earned from Palo P
ark Com
munity at
closing to be received upon receipt of CDOH funds.
Notes R
eceivable – Current
240,53
9240,539
0 P
repaid Expe
nses151,6
76168,153
(16,478)
Supplies-Invento
ry5,15
35,03
5119
To
tal Cu
rrent A
ssets10,006,656
11,84
2,809
(1,83
6,153)
Restricted
Cash
Restricted C
ash - Other
1,883,850 13,43
8,699(11,554,849)
F1
$12M loan m
ade to Bou
lder Com
munities offset by $462K
City funds restricted for
Habitat developm
ent costs at Palo
Restricted C
ash - Section 8
(1,829)
1
(1,829)
Restricted C
ash - Tena
nt Security D
eposits335,008
334,994
14
To
tal Restricted
Cash
2,217,03
0
13,773,694
(11,556,6
64)
Cap
ital Asse
ts C
onstruction in Progress
595,333
925,324(329
,991)
GPalo predevelopm
ent costs reimbursed by partnership at closing
Furniture F
ixtures and Equipm
ent554
,270
554,2700
Real E
state Assets-Land
and Buildings
72,065,010
71,993,45571,55
5H
4800 Solar installation capitalized
Less: A
ccum Depreciation R
eal E
state Assets
(30,716,556)
(30,255,38
0)(461,176)
INorm
al Activity
To
tal Cap
ital Assets
42,498,057
43,217,66
9
(719,612)
Oth
er Assets
Notes R
eceivable58,705,528
43,743,126
14,962,402F
2$12M
restricted cash used to fund new Boulder C
ommunities loan and $2.9M
of new
grant funds loaned to Palo at partnership closing
Developm
ent Fees R
eceivable3,473
,489
3,47
3,489
0 Interest R
eceivable Notes
2,498,219
2,278,24
9219,970
JNorm
al Activity
Partnership Investm
ents399
,211
399,111100
Net A
mortized C
osts2,68
6,839
2,68
8,625
(1,786)
To
tal Oth
er Asse
ts67,76
3,286
52,582
,60015,180,686
TO
TA
L A
SS
ET
S12
2,485,028
$ 121,416,771
$ 1,06
8,257$
BH
PB
alance S
heet
Feb
ruary 28, 2017 an
d D
ecemb
er 31, 2016
3/31/20171:32 PM
38
Actu
alA
ctual
Net C
han
ge
Feb
ruary-17
Decem
ber-16
YT
DR
efC
om
men
ts
BH
PB
alance S
heet
Feb
ruary 28, 2017 an
d D
ecemb
er 31, 2016
LIA
BIL
ITIE
S &
EQ
UIT
Y
LIA
BIL
ITIE
S C
urren
t Liab
ilities A
ccounts Payable
181,005$
286,360$
(105,356)
$ K
Norm
al Activity
Accrued P
ayroll146
,085104
,35941
,727$
Accrued P
ayroll Taxes an
d Benefits
33,758
6,19727,56
2$
Accrued C
ompensated A
bsences333,941
$ 316,839
$ 17,1
02$
AP Tax C
redits0
0-
$ O
ther Accrued E
xpenses
185,564$
250,001$
(64,437)
$ D
eferred Revenue
00
-$
Current P
ortion of Long Term
Debt
877,69
7877,697
-$
Current P
ort Bond
s Payable
-$
-$
-$
Prepaid R
ent34,22
332,81
31,410
$ S
ecurity Deposits
335,495
338,009
(2,514)
$
To
tal Cu
rrent L
iabilities
2,127,7692,21
2,275
-84,506
Lo
ng
-Term
Liab
ilities N
otes Payable
3,064,17
3
3,064,17
3-
$ A
ccrued Interest Payable
65,069
63,224
1,844
$ M
ortgages P
ayable32,30
7,892
32,448,589(140,697)
$ L
Norm
al Activity
Net P
ension Liability7,56
1,499
7,56
1,499
-$
Deferred Inflow
s462
,610
843,995(381
,385)
$ D
2HUD prefunded H
AP for January in D
ecember. T
his was used for H
AP expense in
January
To
tal Lo
ng
-Term
Liab
ilities43,46
1,24243,98
1,480(520,23
8)
TO
TA
L L
IAB
ILIT
IES
45,589,010
46,193,755
(604,744)
EQ
UIT
Y T
otal Equity
76,896,01
8
75,223,017
1,673,001
M
YTD Incom
e (Loss)
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
122,485,028
$ 121,416,771
$ 1,06
8,257$
Note (1) : Explanations provided for balance sheet changes >
$100,000. N
ote (2): BHP has a Line of Credit available for borrow
ing of up to $8.1 Million.
3/31/20171:32 PM
39
Fo
r the m
on
th
of F
ebru
ary 28, 2017
Year to
Date
Ref
Cu
rrent M
on
th C
om
men
ts
Reco
nciliatio
n o
f Net In
com
e to N
et Cash
Pro
vided
(Used
) by O
peratin
g A
ctivitiesN
et Inco
me (D
eficit)1,825,241
$ 1,673,001
$
Ad
justm
ents to
Reco
ncile N
et Inco
me to
Net C
ashP
rovid
ed (U
sed) b
y Op
erating
Activities
Increase (Decrease) A
ccum. D
epreciation231,760
462,962(Increase) D
ecrease in Accounts R
eceivable963,162
1,011,766(Increase) D
ecrease in Prepaid E
xpenses15,322
16,478Increase (D
ecrease) in Prepaid R
ent and Security D
eposits203
(1,104)(Increase) D
ecrease in Supplies/Inventory
(583)(119)
(Increase) Decrease in R
eserved Cash
30,40980,405
(Increase) Decrease in R
estricted Cash
11,566,64611,556,664
N1
Cash paid to B
oulder Com
munities in exchange for note receivable
Increase (Decrease) in P
ayables and Accrued E
xpenses(15,167)
(83,402)Increase (D
ecrease) in Deferred R
evenue0
0Increase (D
ecrease) in Deferred Inflow
s462,610
(381,385)O
February Increase relates to cash received for H
abitat costs at Palo
To
tal Ad
justm
ents
13,254,36312,662,264
Net C
ash P
rovid
ed (U
sed) b
y Op
erating
Activities
15,079,60414,335,265
Cash
Flo
ws fro
m In
vesting
Activities
(Increase) Decrease in C
onstruction in Progress
435,335329,991
PD
ecrease is related to predvelopment costs transferred to P
alo(Increase) D
ecrease in Furniture F
ixtures and Equipm
ent0
0(Increase) D
ecrease in Real E
state Assets
(67,013)(71,555)
(Increase) Decrease in N
otes and Interest Receivable
(15,085,968)(15,182,472)
N2
Note from
Boulder C
omm
unities and Palo P
ark
Net C
ash P
rovid
ed (U
sed) b
y Investin
g A
ctivities(14,717,646)
(14,924,036)
Cash
Flo
ws fro
m F
inan
cing
Activities
Increase (Decrease) in C
urrent Portion of Long T
erm D
ebt0
0Increase (D
ecrease) in Notes P
ayable0
0Increase (D
ecrease) in Mortgages and B
onds Payable
(73,306)(138,853)
Net C
ash P
rovid
ed (U
sed) b
y Fin
ancin
g A
ctivities(73,306)
(138,853)
Net In
crease (Decrease) in
Cash
and
Cash
Eq
uivalen
tsN
et Increase (Decrease) in C
ash and Cash E
quivalents288,651
(727,624)U
nrestricted Cash and C
ash Equivalents - B
eginning4,550,796
5,567,072
Un
restricted C
ash an
d C
ash E
qu
ivalents - E
nd
ing
4,839,448$
4,839,448$
BH
PS
tatemen
t of C
ash F
low
s Y
ear to D
ate - Feb
ruary 28, 2017
3/31/20171:32 PM
40
Actu
alA
ctual
Net C
han
ge
Feb
ruary-17
Decem
ber-16
YT
DR
efC
om
men
ts
BH
PB
alance S
heet
Feb
ruary 28, 2017 an
d D
ecemb
er 31, 2016
LIA
BIL
ITIE
S &
EQ
UIT
Y
LIA
BIL
ITIE
S C
urren
t Liab
ilities A
ccounts Payable
181,005$
286,360$
(105,356)
$ K
Norm
al Activity
Accrued P
ayroll146
,085104
,35941
,727$
Accrued P
ayroll Taxes an
d Benefits
33,758
6,19727,56
2$
Accrued C
ompensated A
bsences333,941
$ 316,839
$ 17,1
02$
AP Tax C
redits0
0-
$ O
ther Accrued E
xpenses
185,564$
250,001$
(64,437)
$ D
eferred Revenue
00
-$
Current P
ortion of Long Term
Debt
877,69
7877,697
-$
Current P
ort Bond
s Payable
-$
-$
-$
Prepaid R
ent34,22
332,81
31,410
$ S
ecurity Deposits
335,495
338,009
(2,514)
$
To
tal Cu
rrent L
iabilities
2,127,7692,21
2,275
-84,506
Lo
ng
-Term
Liab
ilities N
otes Payable
3,064,17
3
3,064,17
3-
$ A
ccrued Interest Payable
65,069
63,224
1,844
$ M
ortgages P
ayable32,30
7,892
32,448,589(140,697)
$ L
Norm
al Activity
Net P
ension Liability7,56
1,499
7,56
1,499
-$
Deferred Inflow
s462
,610
843,995(381
,385)
$ D
2HUD prefunded H
AP for January in D
ecember. T
his was used for H
AP expense in
January
To
tal Lo
ng
-Term
Liab
ilities43,46
1,24243,98
1,480(520,23
8)
TO
TA
L L
IAB
ILIT
IES
45,589,010
46,193,755
(604,744)
EQ
UIT
Y T
otal Equity
76,896,01
8
75,223,017
1,673,001
M
YTD Incom
e (Loss)
TO
TA
L L
IAB
ILIT
IES
AN
D E
QU
ITY
122,485,028
$ 121,416,771
$ 1,06
8,257$
Note (1) : Explanations provided for balance sheet changes >
$100,000. N
ote (2): BHP has a Line of Credit available for borrow
ing of up to $8.1 Million.
3/31/20171:32 PM
41
Fo
r the m
on
th
of F
ebru
ary 28, 2017
Year to
Date
Ref
Cu
rrent M
on
th C
om
men
ts
Reco
nciliatio
n o
f Net In
com
e to N
et Cash
Pro
vided
(Used
) by O
peratin
g A
ctivitiesN
et Inco
me (D
eficit)1,825,241
$ 1,673,001
$
Ad
justm
ents to
Reco
ncile N
et Inco
me to
Net C
ashP
rovid
ed (U
sed) b
y Op
erating
Activities
Increase (Decrease) A
ccum. D
epreciation231,760
462,962(Increase) D
ecrease in Accounts R
eceivable963,162
1,011,766(Increase) D
ecrease in Prepaid E
xpenses15,322
16,478Increase (D
ecrease) in Prepaid R
ent and Security D
eposits203
(1,104)(Increase) D
ecrease in Supplies/Inventory
(583)(119)
(Increase) Decrease in R
eserved Cash
30,40980,405
(Increase) Decrease in R
estricted Cash
11,566,64611,556,664
N1
Cash paid to B
oulder Com
munities in exchange for note receivable
Increase (Decrease) in P
ayables and Accrued E
xpenses(15,167)
(83,402)Increase (D
ecrease) in Deferred R
evenue0
0Increase (D
ecrease) in Deferred Inflow
s462,610
(381,385)O
February Increase relates to cash received for H
abitat costs at Palo
To
tal Ad
justm
ents
13,254,36312,662,264
Net C
ash P
rovid
ed (U
sed) b
y Op
erating
Activities
15,079,60414,335,265
Cash
Flo
ws fro
m In
vesting
Activities
(Increase) Decrease in C
onstruction in Progress
435,335329,991
PD
ecrease is related to predvelopment costs transferred to P
alo(Increase) D
ecrease in Furniture F
ixtures and Equipm
ent0
0(Increase) D
ecrease in Real E
state Assets
(67,013)(71,555)
(Increase) Decrease in N
otes and Interest Receivable
(15,085,968)(15,182,472)
N2
Note from
Boulder C
omm
unities and Palo P
ark
Net C
ash P
rovid
ed (U
sed) b
y Investin
g A
ctivities(14,717,646)
(14,924,036)
Cash
Flo
ws fro
m F
inan
cing
Activities
Increase (Decrease) in C
urrent Portion of Long T
erm D
ebt0
0Increase (D
ecrease) in Notes P
ayable0
0Increase (D
ecrease) in Mortgages and B
onds Payable
(73,306)(138,853)
Net C
ash P
rovid
ed (U
sed) b
y Fin
ancin
g A
ctivities(73,306)
(138,853)
Net In
crease (Decrease) in
Cash
and
Cash
Eq
uivalen
tsN
et Increase (Decrease) in C
ash and Cash E
quivalents288,651
(727,624)U
nrestricted Cash and C
ash Equivalents - B
eginning4,550,796
5,567,072
Un
restricted C
ash an
d C
ash E
qu
ivalents - E
nd
ing
4,839,448$
4,839,448$
BH
PS
tatemen
t of C
ash F
low
s Y
ear to D
ate - Feb
ruary 28, 2017
3/31/20171:32 PM
42
BHP CASH
Report D
ecember-16
January-17February-17
Unrestricted Cash Available for O
perationsBalance
BalanceBalance
Board TargetSurplus (D
eficit)Board Target
BHP O
perating Reserves (1)2,896,979
2,743,1673,046,463
3,000,00046,463
2 Months of operating expenses (including H
AP)BH
P Replacement Reserves
1,637,2791,587,283
1,556,8741,476,500
80,374$3,500 per W
orkforce Unit
Total Unrestricted BH
P Cash4,534,258
4,330,4514,603,337
4,476,500126,837
(1)BHP has $1 m
illion of operating cash escrowed pending acquisition of a property that is recorded as a receivable on the balance sheet and therefore not included in this balance.
Unrestricted Cash - Restricted by Property/Program
BalanceBalance
BalanceBoard Target
Surplus (Deficit)
Board TargetProject Based O
perating Reserve250,882
267,362285,790
165,000120,790
2 Months of operating exp
MTW
Reserves (2)2,419,211
1,540,1671,507,145
01,507,145
HU
D expects to hold all reserves so target reduced to zero
Total Unrestricted Cash Restricted by Program
2,670,0921,807,529
1,792,935165,000
1,627,935
(2)Note M
TW target changed to $0 in 2017 budget due to change in H
UD
Cash Managem
ent which requires excess funds to be held at H
UD
rather than PHA
Replacement Reserved - Restricted by Bank or H
UD
BalanceBalance
BalanceCanyon Pointe
176,280181,644
187,008G
len Willow
82,74183,591
84,441O
ther Restricted FundsBoulder Com
m. Escrow
(3)12,028,426
12,029,2700
Escrow funds; Tantra
1,000,0001,000,000
1,000,000H
abitat funds for Palo Park predevelopment
00
462,610H
oliday Landscape 73,052
73,05573,058
S8/FSS Escrow78,201
81,92176,734
Section 8 NED
NRA(H
AP)0
-807-1,829
Total Restricted Cash O
ther13,438,700
13,448,6741,882,022
(3)$12M w
as held in escrow until February 1 paym
ent to reduce Boulder Comm
unities construction loan balance
Restricted Cash Tenant Security Deposits
334,994335,001
335,008
S:/F
inance/Financials/2015/2015-06/2015-06 11100 C
ash
43
March 2016 - February 2017
Property Address UnitsPUPA
EGIPUPA OpEx
PUPA NOI
PUPA Debt
Adjusted DSCR (1)
Arapahoe Court 951,953 Arapahoe 14 3,846$ (8,149)$ (4,303)$ -$ - Madison 1130-1190 35th St. 33 7,260$ (7,967)$ (707)$ -$ - Public Housing I Sub Total: 47 6,243$ (8,021)$ (1,778)$ -$ -
Canyon Pointe 700 Walnut 82 10,903$ (6,311)$ 4,592$ 3,599$ 1.28 Glen Willow (2) 301-333 Pearl St. 34 11,804$ (8,696)$ 3,109$ -$ - Project Based Sub Total: 116 11,167$ (7,010)$ 4,157$ 2,544$ 1.63
Arapahoe East 4610 Arapahoe 11 11,973$ (7,960)$ 4,013$ 1,748$ 2.30 Dakota Ridge 4900 10th St. 13 16,841$ (4,322)$ 12,519$ 7,512$ 1.67 Sanitas Place 3640 Broadway 12 10,657$ (5,444)$ 5,213$ 3,020$ 1.73 Twin Pines 1700 22nd St. 22 11,092$ (4,327)$ 6,765$ 3,083$ 2.19 Combine Loan One Subtotal 58 12,458$ (5,246)$ 7,212$ 3,810$ 1.89 101 Canyon 101-103 Canyon 6 26,365$ (7,938)$ 18,426$ 7,662$ 2.40 Hayden Place 34th & Hayden Place 24 10,022$ (5,383)$ 4,639$ 3,284$ 1.41 Whittier 1946 Walnut St. 10 11,156$ (7,115)$ 4,042$ 2,627$ 1.54 Woodlands 2600 Block of Mapleton 35 13,496$ (7,579)$ 5,918$ 5,048$ 1.17 Combine Loan Two Subtotal 75 13,102$ (6,843)$ 6,259$ 4,370$ 1.43 Bridgewalk 602-698 Walden Circle 123 19,403$ (6,454)$ 12,949$ 6,899$ 1.88 Foothills 4500 block of 7th/8th 74 13,661$ (6,040)$ 7,621$ 5,029$ 1.52 Midtown (2) 837 20th St. 13 11,146$ (6,782)$ 4,365$ -$ - Workforce Sub Total: 343 15,299$ (6,258)$ 9,041$ 5,159$ 1.75
Portfolio Totals: 506 13,511$ (6,594)$ 6,917$ 4,080$ 1.70
March 2016 - February 2017
Tax Credit Properties Address Units PUPA
EGI PUPA OpEx
PUPA NOI
PUPA Debt
Adjusted DSCR
Broadway East 3160 Broadway 44 11,413$ (6,859)$ 4,554$ 2,709$ 1.68 Broadway West 3120 Broadway 26 11,041$ (6,612)$ 4,429$ 2,476$ 1.79 High Mar 4990 Moorhead Ave 59 11,239$ (6,604)$ 4,635$ 3,840$ 1.21 Holiday 1500 Lee Hill 49 10,647$ (5,177)$ 5,470$ 3,146$ 1.74 Lee Hill (3) 1175 Lee Hill 31 11,413$ (10,888)$ 525$ -$ - Red Oak Park 27th & Valmont 59 11,573$ (6,417)$ 5,156$ 3,888$ 1.33 Vistoso 4500 Baseline 15 10,539$ (7,119)$ 3,420$ 2,434$ 1.41 WestView 4600 Broadway 34 12,152$ (5,073)$ 7,078$ 5,567$ 1.27 Boulder Communities Various 279 9,421$ (6,955)$ 2,466$ -$ - Tax Credit Sub Total: 596 10,420$ (6,800)$ 3,620$ 1,711$ 2.12
Properties in Transition AddressPUPA - Per Unit Per Annum
Orchard House (2) 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/DebtADJUSTED - For Capital Grants, Capital Exp. and Extrodinary Maint.
(2) Glen Willow, Midtown and Orchard House are pledged as collateral for BHP Line of Credit (3) Lee Hill does not have permanent debt so DSCR does not apply.
NOTES: (1) DSCR is calculated before required reserve contributions. Portfolio totals include NOI from properties with no debt. All excess cash from properties is used in BHP operations.
Index of terms
Boulder Housing PartnersPortfolio Analysis
44
2016 Perform
ance Benchm
arks and Standards E
xhibit 5
Goal/B
enchmark
YT
D - F
eb+/-
Com
ments
BH
P D
ebt (and Accrued Interest) to E
quity Ratio - M
easures ratio of A
ctual Debt and Interest to E
quity<
1.50.47
+
BH
P Q
uick Ratio - U
nrestricted cash/current liabilities(less sec deposits) (M
easure of how m
any times w
e can pay current liabilities w
ith Cash on H
and or "liquidity")>
2.04.71
+
Quick R
atio includes current developer fee receivable of $3.7M
which is tem
porarily resulting in a high Q
R. T
he Ratio adjusted for this
receivable is 3.4
Months E
xpendable Net A
ssets Ratio (M
EN
AR
) (measures
adequacy of reserves)>
4.08.71
+
ME
NA
R includes current developer fee
receivable of $3.7M w
hich is temporarily resulting
in a high ME
NA
R. T
he Ratio adjusted for this
receivable is 5.7
Portfolio D
ebt Service C
overage Ratio (m
easures capacity to cover debt)
> 1.25
1.70+
BH
P U
nrestricted Operating R
eserves$3,000,000
3,046,463+
BH
P U
nrestricted Replacem
ent Reserves
$1,357,5001,556,874
+
Occupancy R
ate HC
V - 756 vouchers authorized
103%>
x >97%
102%+
Occupancy R
ate RA
D - 135 vouchers authorized
>97%
100%+
Occupancy R
ate NE
D - 181 vouchers authorized
>97%
101%+
Occupancy R
ate Mainstream
- 50 vouchers authorized>
97%102%
+
Voucher Lease-up R
ate>
75%N
/AN
/AN
o Vouchers currently issued trying to lease for
the programs above this line
Occupancy R
ate Housing F
irst - 22 voucher authorized100%
> x >
95%95%
+
Materials and Contracts' Budget Variance
+(-) <
3%
-30%+
Average num
ber of days to complete unit turns year to date
< 9 days
9+
Average num
ber of days to complete routine w
ork orders year to date
< 2 days
1.0+
Finance
Maintenance
Section 8
45
2016 Perform
ance Benchm
arks and Standards
Exhibit 5
Net T
enant Rental Incom
e - PH
100%113%
+N
et Tenant R
ental Income - P
B100%
101%+
Net T
enant Rental Incom
e - Affordable
100%103%
+T
otal Net T
enant Rental Incom
e - BH
P
100%103%
+N
et Tenant R
ental Income -T
ax Credit
100%102%
+O
ccupancy Rate - P
H 1
97%100%
+O
ccupancy Rate - P
B97%
99%+
Occupancy R
ate - Affordable
96%97%
+T
otal Occupancy R
ate BH
P97%
98%+
Occupancy R
ate - Tax C
redit units 97%
99%+
Successful M
ove Outs - S
eniors/PW
Ds at R
es. Svc. S
ites100%
100%+
Successful M
ove Outs - F
amilies at R
es. Svc. S
ites100%
100%+
Avg. Late F
ees per month - S
eniors/PW
Ds at R
es. Svc. S
ites15
9+
Avg. Late F
ees per month - F
amilies at R
es Svc. S
ites15
17-
Res S
ervices contacts residents with late fees to
avoid repeated charges
Resident Services
Property Managem
ent
46
b. 2018 MTW Annual Plan
BHP participates in HUD’s Moving to Work (MTW) Demonstration Program, which
allows BHP to request that HUD change rules and regulations for the Housing Choice
Voucher and Public Housing Programs. All changes must relate to one or more of the three
statutory goals:
1. to use our federal dollars more effectively;
2. move families with children towards self-sufficiency; and
3. increase housing choices for low-income households.
This is the time of year when we begin to plan for new activities that will be included in the
2018 MTW Annual Plan. Below is a typical outline:
Typical timeline for MTW Annual Plan Feb Mar Apr May Jun Jul Aug Sep Oct
Planning/creating outline for new activities
Data and impact analysis
Initial thoughts to BOC for introduction and feedback
MTW Resident Advisory Meetings for feedback
First reading to BOC
Finalize draft of plan
Approval by BOC for public review
Public review period
Submission to HUD for final approval
Implementation - First quarter of the following year
The MTW staff maintains a list of future ideas that come from the original application,
brainstorming sessions with staff, MTW conferences, other MTW agencies, etc. We are
preparing a list of possible activities for 2018 and will share our first draft with the Board in
May. Based on feedback from the Board about seeking Board input earlier in our planning
processes, we want to allow this extra month to solicit any ideas and input that
Commissioners might have.
To help you understand the types of activities that can be implemented, here is information
from HUD’s MTW website:
What kinds of activities have MTW Agencies implemented? MTW Agencies can only use MTW flexibility in pursuit of the three MTW statutory
objectives. Below is a list of the kinds of activities that MTW PHAs have implemented,
organized by statutory objective.
47
Cost Savings Self Sufficiency Housing Choices
• Using the MTW block grant to leverage
funds
• Streamlining HUD processes
• Redesigning HUD
forms
• Risk-based inspections
• Rent simplification
• Linking rental
assistance with supportive services
• Escrow accounts
• Earned income exclusions
• Increased case
management services
• Self-sufficiency requirements
• Developing mixed-
income and tax credit properties
• Foreclosure
prevention, mortgage assistance and homeownership programs
• Increasing the
percentage of project-based vouchers
Attached you will find Attachment C to the MTW Standard Agreement, which outlines the
sections of the 1937 U.S. Housing Act that can be changed through MTW authorization.
The following highlights some of the authorizations specific to the Housing Choice
Voucher Programs:
- Operational Policies and Procedures including:
o term and content of the Housing Assistance Payment Contract
o lease periods
o alternate recertification process
o damage claim or vacancy loss policy
o percentage of units to be project-based
o portability process
- Rent Policies and Term Limits
- Eligibility of Participants
- Waiting List Policies
- Housing Quality Standards Certification
- Homeownership Program
All of these are explained in much greater detail in Attachment C.
Attachments:
o MTW Attachment C: Statement of Authorizations
48
49
50
51
52
53
54
55
56
57
58
59
60
61
3. ACTION/DISCUSSION AGENDA: RESIDENT SERVICES
a. Resident Representative Council Report
4. ACTION/DISCUSSION AGENDA: DEVELOPMENT
a. Development Committee Report
VII. UPDATE AND INFORMATIONAL ITEMS
1. Palo Park
Updates and Next Steps:
Construction continues at Palo Park. All site cleanup and excavation is completed, and the
construction team is moving on to utility work and drilling caissons for the foundations.
The project is on-time and on-schedule.
We will continue provide the Board with updates throughout the construction process.
2. Mt. Calvary Lutheran Church
Previous Board Meeting:
At the previous Board meeting we provided an update on the project to the Board.
62
Updates and Next Steps:
BHP and the project architect, jv DeSousa with Reveal Architecture, will present our
Concept Plan for review during the April 10th Board meeting. On April 13th, BHP and
Frasier will also host a Design Advisory Group meeting to provide the members an
opportunity to review the Concept Plan and provide feedback. We anticipate submitting our
Concept Plan application to the City of Boulder by May 1st for review by City staff,
Planning Board, and potentially City Council.
Frasier is still on track to acquire the Mt. Calvary property before the end of November
2017.
3. Tantra Lake Apartments Acquisition
Previous Board Meeting:
At the previous February Board meeting, the Board received an update on timing of the
acquisition.
Updates and Next Steps:
BHP became the proud new owner of the Tantra Lake Apartments on Friday, March 24,
2017.
Tantra Lake is 185 units comprised of 1, 2 and 3 bedroom apartments. We will operate this
property as a mixed income asset meaning 40% of the units will be affordable to residents
earning less than 60% of AMI. The remaining 60% of the units will continue to lease at
market rates. This acquisition affirmed that the greenest, fastest and least disruptive path to
adding affordable units to our inventory is to purchase existing multifamily properties.
However, the acquisition was not without significant challenges and, surprisingly, some
disappointing neighborhood opposition. We will apply the lessons learned to the next
acquisition. We are thankful to the Board for their support. This was a steep and exciting
learning curve with more than a few hurdles to overcome, and we are thankful for Board
support as well as the City of Boulder.
4. City, State, and Federal Updates: April 2017
President’s Budget Reduces HUD Funds by $6.2 Billion
The new administration’s fiscal 2018 blueprint reduces funding for the Department of
Housing and Urban Development (HUD) by $6.2 billion, or 13.2%, from current levels. If
enacted, Trump’s budget would result in the most severe cut to HUD since the early 1980s.
In addition to deep reductions in the public housing and vouchers programs, the
Community Development Block Grants (CDBG), the HOME program, and the Choice
63
Neighborhoods initiative are all eliminated in President Donald Trump’s budget proposal
released March 16, 2017.
It is important to keep in mind that only the Congress can approve a budget, and there are at
least nine months of budget negotiation ahead. Negotiations will be grounded in the fact
that the Budget Control Act of 2011 includes legal “caps” on spending, for both defense
and non-defense programs. Any spending above the level specified in the caps triggers
sequestration, an across-the-board cut in all programs’ spending, for both defense and non-
defense programs. Any change to the caps would require at least eight Democrats in the
Senate to agree to the change in caps, or at least agree not to filibuster it. Then, eight
Democrats would have to vote for the actual appropriations bills that violate the caps,
including ones that underfund non-defense programs, or at least not filibuster those bills.
Boulder’s Inclusionary Housing Program Changes
During the March 21 study session, City Council reviewed City staff recommendations on
updates to the Inclusionary Housing (IH) Program. The update focuses on:
1. Adding a middle income affordable housing requirement
2. Evaluating requirements and incentives to achieve more on-site affordable units
3. Potentially requiring a review for all affordable off-site projects to ensure quality
design and materials
4. Considering development fee adjustments to off-set the cost of providing an
affordable unit
City staff recommends adding a five percent middle income IH requirement, increasing the
overall requirement to 25%. They suggest the cash-in-lieu annual adjustment increase from
7 to 10 percent with the developer premium increased from 150 to 200 percent. They also
recommend requiring all new off-site affordable projects to go through a staff-level
Affordable Housing Design Review with a lower application fee than that for Site Review.
Additional changes account for a developer fee waiver program and implementing net zero
energy requirements for affordable projects.
The next steps involve community engagement prior to a final staff recommendation.
• April 3, 5 and 13 - BVCP / CU South / Inclusionary Housing Update Community
Open House
• Apr-May - Targeted outreach (office hours, coffee talks, developer interviews,
neighborhood meetings, etc.)
• May - Planning Board consideration of an ordinance
• May 23 - City Council first reading
Boulder Valley Comp Plan Draft Released
The draft of the 2015 BVCP Update was released for public review March 24, 2017. The
Open House scheduled for April 3 from 6-8:30 PM will touch on the draft Boulder Valley
Comprehensive Plan, the City’s Inclusionary Housing Program, the CU South property, and
3303 Broadway analysis.
64
Fruehauf’s Sale and Affordable Housing Plans
Don Altman, a local Boulder real estate developer and co-founder of AGR Building Inc.,
acquired the nearly two-acre site at 1665 33rd St for $4.5 million, according to public
records, back in February. Fruehauf’s will continue to operate until their lease runs out at
the end of 2017 and then move locations. Altman plans to create up to 132 congregate-care
affordable units for people 65 and older on this site with construction reported to be at least
a few years away.
65