LHA Advisory Board Meeting – March 2023
Read along below:
Unknown Speaker 0:00
See this is the logo fairy Mr. Rodriguez Commissioner starting in chair Marcia Larson Commissioner waters commission. Say Washington did you guys hear everything is executive director? Donald casting director of Shankara swager on cameras are already public safety.
Unknown Speaker 0:38
Lisa, Governor regional manager.
Unknown Speaker 0:44
Thank You Economy is here too.
Unknown Speaker 0:46
We will see chatting and hearing now.
Unknown Speaker 0:51
So do you have any agenda relations? We need to approve the February 21 2023 minutes. Motion to approve. So moved by Councillor water orders, seconded by Commissioner Yarborough is there any discussion on the minutes?
Unknown Speaker 1:27
Need to close. We’re all overwhelmed.
Unknown Speaker 1:37
So I’m gonna kick us off worse. Just kind of grounding you with where we left off last week. So we all presented to you the options for the community services include those. And the decision was to focus on housing, get the units that we need, we can figure out the community services in a programmatic time. So we did that direction back to hen rose. I’m going to introduce Shannon parents in a moment. And we said, let’s focus on housing, get the humans. So they went back and did that. And she’ll explain. I think in other terms, the gap was pretty large, too large, the funding gap. And so what they did instead was saying, let’s design to what we can afford, and see what that ends up looking. So that’s what we’re going to show you here tonight. But first, I wanted to introduce Shannon, she’s a Shannon Cox Baker. She is with Penrose and she is our main point of contact is our development partner on this overland, which we need to name. And so I think Shana just is going to introduce herself and then kind of give us some basics on this project. And really kind of what we do on a daily weekly basis with Shannon to get this project where it is. And then you have a handout in your packets. That is from Penrose. And it’s kind of a summary of this project that we can kind of you can refer to your leisure and then we’ll have up here as well.
Unknown Speaker 3:15
So, so I’m Shannon, I’m a new ish to Penrose. I’ve been at the organization for just over a year, but I’m not new to Colorado or to Boulder on the floor County resident for 20 years and have worked in affordable housing for most of that spent quite a bit of time actually looking for housing partners. So we’re the housing authority of the City of Boulder. And, and then Penrose during the Penrose team a year ago. So regional vice president opening up further western expansion office. And so now remember, Colorado, Arizona and Utah, and super excited when our team came out through the site of love doing work in the community where I live. And so I was really thrilled that our team has chosen to develop this site in partnership with you. So we’re happy to be here. And as Molly said, we we have been, we have been really working hard towards, you know, trying to get a concept plan. That means a lot of you know, we’re very ambitious objectives on a number of levels, you know, the right mix of housing that really works with the financing that’s available that serves families that really keen and pushes the needle on some of the larger units with three and four bedrooms without sacrificing a sense of place, community and nice outdoor space, a place that people want to be that feels welcoming and friendly if you’re a grandma or you know a parent with an infant or teenager, you know, trying to create a community that serves the needs of a whole you know, broad general Rafiq is, can be a bit of a challenge, but I think the site is in a great location with a lot of cool amenities around that parks swamp ability, like really kind of being nestled there in between single family neighborhood, you know, kind of lighter retail commercial area, it’s a great site is a great site in a lot of respects. And, you know, as I mentioned, our biggest, our biggest challenge has been trying to right size, that the development to what funding is available. And this is a really challenging financing environment for us to be in my interest rates, at their, you know, p with construction costs, we haven’t seen them coming down. And you know, we’re still baking in construction costs pushes, you know, in anticipation that costs continue to go up. And so now really operating in the most friendly financial environment. So so we try and my hard job, hardest part about my job is trying to temper that enthusiasm, like, what did we really want to do here, and what pragmatically became what we do here. So I think the process for landing on a concept is maybe taking a little bit longer than we had hoped anticipated. But but I’m a big believer in if you do the work and you invest upfront, and you iterate, we iterate, we iterate until you get to a solution that you’re you feel like this is it, we’ve exhausted our options, and this feels realistic. That time was best investment, you know, regretting something, or trying to come back later and fix something if you need a shot. So that’s, that’s never the solution, or the situation that we find ourselves in. So. So I think where we sit today, with the concept plan that we have, this is near, we’re nearly there, I think we’re nearly there, there’s probably a little bit more dialogue and discussion for us to have about the site and how it’s all taking shape. And how we accommodate is really fun. community serving assets, the library, early childhood education, how we did in community room, so those pieces are still in development, we still have some work to do, and really thinking through that unit mix and the layouts of the units. So again, we haven’t even touched the exterior, the building elevations, what’s it going to look like? That’s a little bit further down the road. But I would say no, probably 5% of the way there to what we feel like is like, this is the concept, let’s you know, let’s let this one settle and work towards the details. So you don’t have the numbers in front of you, you know, where we stand right now as as a unit count of 57. In this unit mix is actually still a little bit in flux. This isn’t even reflective of our last conversation, which had 15, one bedrooms, more two bedrooms on the 27th, two bedrooms, and then 12 threes and three fours. Again, just talking with Katie this this morning. And she was like, Yeah, can we get a couple of more, you know, four bedrooms in there. And so just to kind of give you a sense, like, this isn’t settled, we’re still we’re still refining on the incomes and we’ve got a pretty broad income. Next, we’re really trying to serve the full spectrum from 30%, area median income, which would be considered extremely low income to 80%, area median income, which, again, two years ago, we will call workforce, but you know, even folks are well priced out of the market. So so we can leverage tax credits, which is our primary source of equity on this project. And still income restricted at a much higher income, which is great, because it doesn’t serve more people. So a larger banner, again, not set in stone, but that these numbers, the rents of these columns at these unit mixes, you know, would generate obviously help us to leverage more debt. So that’s that’s really the sensitivity analysis we do there on the income legs is like, you know, if we need to leverage more debt, or maybe we move to higher income, or we’ve leveraged project based vouchers for those those obviously our current income so so that’s kind of the logic behind that the unit next to the incomes just high level and I want to talk to you a chance to ask a question. We’re almost at $30 million dollars development, development costs for the project. And I your eyes might go quickly to the land price to 2 million that just so you know is a bit of a placeholder right now that’s just like our kind of broad brush drove assumed appraised value of the land. And there would be a commensurate, you know, use and a source that was match. And so that will end up being whatever that final number will be based on an appraisal, based on income restrictions on the property. So for all intents and purposes, what matters is you’ll see 2 million for acquisition, and then you’ll see another 2 million for the Ellijay, seller carry service to balance each other out. And again, on construction costs. These things are all kind of, you know, baked in together, construction costs were around, I think it’s around 325 means $230,000 of door for for construction costs. And that cushion built into it too, which is we get closer and closer to construction, you know, we hope to see that cushion, evaporate, and push that money to other things. But, you know, we have to kind of plan for the worst case scenario earlier in the process. And the rest of the cost, the soft costs, you know, the owner contingency, the financing visas are really all driven by all of the underwriting requirements for these types of transactions. We’re limited on developer fee that’s capped by the current Housing Finance Authority, and then reserves all these things are sort of based on, you know, metrics and underwriting standards that all the tax credit investors and lenders have impose on us. So this is very commensurate with what you would see in a tax credit, finance, affordable housing. And then the next one down, and we’ve been, we were having a nice conversation about operating expenses and property management. And this will be this will be a big focus of our conversation going forward. Because we want to be really thoughtful and really mindful about what does it truly cost to operate, development community that has a lot of larger households, or a lot of kids, so a lot of wear and tear, we know that. And we so we just have to be realistic and honest about preparing for that and planning for that thinking about things like replacement costs, and you know, repairs, and maintenance and snow removal, and all those things. But y’all have a nice portfolio of great examples of how your other developments are operating Windows obviously has a really extensive portfolio. And so, you know, this team here will do the work to make sure that those numbers are realistic, and well thought out, and based on our kind of shared experience. So maybe real quick, just to hit on the timeline. So these deals are like second marathon. You know, you do all this upfront training, and then you apply for your tax credits, and you get a tax credit award, and you’re still, you know, two years out from having your first resident live in the building. But
Unknown Speaker 12:56
this just to kind of give you a sense, it really is, you know, roughly a three year endeavor from the time we apply for tax credits. And the intent is to submit an application on August 1 of this year Chacoan, typically reward credits in November, and down, we will be off to the races to, you know, get a building permit closer and financing and start construction in the spring, next year. And then, we’ve got about a year and a half for construction, and then we sub will begin and we give ourselves a nice big window for leasing a building of this size with with again with larger household. So So best case, fall of 2026. And then just kind of hit on the site plan. Do you want to work through that? I don’t know. Everything.
Unknown Speaker 13:53
You’ll see the area that says phase two, and that was the more traditional multifamily complex. We talked about where we were discussing the potential for early childhood library and NGS. When the gap really started materializing in terms of what we were dealing with what they talked about the splitting this into two phases. And so based on counsel or commissioners conversation, in terms of trying everything we can do to figure out how to incorporate the other amenities into it was actually buys us time to look at other strategies to include those things like early childhood Android library, and next are some of the components because we’re not pressed to try to get in with the rest of the field. And I think that was something we all have to really wrap our hands around. Yeah.
Unknown Speaker 14:47
Yeah, that’s a great example. Even it can be it can take shape on a lot of different ways. I think that’s the intent that the librarian that you see, I think this will be an amazing site to have either or both of those Just because of all the rooftops you have in this part of town, and just the proximity to family, you know, apartments, and that would be amazing to have that, you know, like outside the door. So we’ll continue to I think have a conversation and hope that that would be a good fit here. But again, if you want to do something else, you can be more housing in the future, I can
Unknown Speaker 15:25
just highlight Shannon’s term of right sizing the project, that’s really how we got here, we said maximize units. Oh, wait, that gap is too large to fill, it’s right size it and that left, this has an opportunity for future. So either way, this is where we what is feasible to build, even if we aren’t maximizing, it’s now
Unknown Speaker 15:48
like 2.4 billion, right sizing, splitting it up. And we think we could manage through a 2 million gap where all the resources have
Unknown Speaker 16:10
been a magic springboard. You know, I just pointed out so so it really is more of like an L shaped building, which I think is nice from an architect. So I will I will try and play one tonight. But this is just creates a nice street presence, right like to just like to have front students in front doors and like, kind of would feel like a little front lawn, as you’re kind of coming around the property here with the parking lot being accessed from the Walgreens is sitting over here. So it kind of feels like sort of a fact of this site. Whereas this feels more sort of friendly and matching in terms of like residential here and residential here are facing each other. And you know, we’re still working through exactly where this play area and the standalone community room you go, that this creates a nice little connection here, this sort of street crossing uncook that goes and there’s actually it’s off the page here because I got pavilion I think
Unknown Speaker 17:13
Hearthstone in launch. Yeah.
Unknown Speaker 17:15
So, so we’re used to looking at like, can we break the building up here and maybe bring this connection back through and then have that play area community feel is that more central to the site. So I’m still still working through that. But I think the Lego pieces are here in a way that we’re often pretty good about in terms of these are all one story units, even a three and four bedroom. So no interior stairs, which I think probably really is amenable to multi generational households where you might have folks who really, everybody wants to live on the ground floor. So that’s the concept we have here and made you go to the next one. This is a bit more of a, you know, 3d rendering is a three story walk up. So this isn’t an elevator interior corridor building. Again, like all those front doors and back doors were kind of accessible from either a stairwell or grade, which again just kind of feels a little bit more suitable for the surrounding contexts and other single family homes, multifamily that sort of others well then I threw in and then I apologize I didn’t put like a description here. But this is a really great real life example of what this building from look and feel like and so del Corazon is in Denver, then you don’t want to miss colleges. The project architect also designed this community and it’s similar in a lot of ways and that it’s you know, three stories. This is a community room it’s kind of off to the off to the side here but different material to kind of differentiate it from the residential units that you’ve got, you know, access into the stereo course here from the outside which again, something we had talked about in the enclosed sphere so they are more secure or private. But you know, whether we end up doing balconies or you know, front porches again, all that stuff’s so remains to be thought through but nice kind of community presence, and this would be sort of what we would
Unknown Speaker 19:24
envision is gonna have some you
Unknown Speaker 19:27
know, so private developer
Unknown Speaker 19:31
sort of add on to that what we were trying to do was have, you know, there’s a piece when you’re building three and four bedroom, apartment units rental units, four bedrooms are pretty rare. We do have a need in Longmont for them. But really when you’re trying to market that a traditional apartment building might not be what a family does looking for a four bedroom home is gonna be looking for so having those front doors for to the street. It looks like multiple Buildings even though it’s technically not. And that’s really to make the construction more feasible, cost wise. I just feel like it’s a cool way to Whitman, for certain reasons.
Unknown Speaker 20:19
So is that?
Unknown Speaker 20:24
How do you mean a GPA? Compliance in a three story building?
Unknown Speaker 20:29
You put your ADA units on the ground floor, and you just have to make sure that’s dispersed amongst 123 and four bedroom at times.
Unknown Speaker 20:37
So there obviously there’s a limited number of people who
Unknown Speaker 20:46
on the on the first day, well, first of all, just on aesthetic, just so I understand why. There was there was a study conducted is the conclusion The conclusion is that concluded the father of the total 98,000 people and number of housing units along the 20 occupied by large family households five or more. Is that what this means? Is that of those 2800? Households? 23%?
Unknown Speaker 21:19
Yes, so this is a sneak peek of the data that’s coming from our housing needs assessment. Nothing is binding.
Unknown Speaker 21:26
So then I just want to make sure if I look at the grocery, it’s helped me understand the relationship between AMI number of units and grocery. Yeah, it’s like,
Unknown Speaker 21:46
what would I mean, we can you guys we provide this, we have all kinds of data. So we can show we have an AMI table that shows what the area median income is at each of those 3040 5060 70 percentiles, based on household size, right. So it’s a function of how many people in the house plus where your income is, and then the gross rents are tied to 30% of that household. So that’s the maximum amount of rent that could be charged to the tenant.
Unknown Speaker 22:18
So somebody making 60% of AMI, the maximum they will pay is less than something they can produce.
Unknown Speaker 22:28
So the third good cash, so 30% Ami units have the project based voucher rent on them, and they are actually in excess of
Unknown Speaker 22:37
Yes. So okay, I kept there’s there’s a subsidy. But there’s a subsidy for the for each of these. I mean, everybody
Unknown Speaker 22:46
was in the 50s. Yeah, TVs, project based vouchers, 30s 50s 60s and 80s. Because you generally wouldn’t want to want to, you know, utilize what is a really precious resource of project based voucher on a 60 or 80%. Ami unit, they tend to see housing authorities in any jurisdiction that was those, they tend to just stand about 3%, they all have a lot more latitude to
Unknown Speaker 23:22
add to that. Maybe something that’s helpful too, is that the lifetime rents are meant to be affordable in and of themselves. So when Shannon saying the 60s in the 70s are subsidize the project based vouchers make units affordable to extremely low income households. But like traditionally and all our other properties without project based vouchers, due to the light tech program, and the maximum rents, those lighting rents that are listed on there are meant to be affordable and of themselves without additional subsidy, like the 30s and 50s have.
Unknown Speaker 24:06
It’s a calculation is tied to what they are their affordability levels.
Unknown Speaker 24:14
I would say the value is that with a project based voucher rent, then you you have more net operating income, right so you can leverage more debt. So if we if we had no project based vouchers, and we charged the true 32% Ami rents, I would reduce reduce our ability to service more debt, which means we end up with a bigger gap or less units. So this kind of helps us
Unknown Speaker 24:41
assume the llj seller carry is an LSJ donation to this project. $2 million right. So we’re donating the land and you’re estimating how it will be raised right $2 million so that you’re gonna apply for tax credits in August. And you’ll hear you’ll be till when November to go by November 23.
Unknown Speaker 25:13
So whether you’re
Unknown Speaker 25:15
listening to a 9%,
Unknown Speaker 25:16
application 4% and state credits in the state, the state credit application is technically the one that’s due on August 1, but states get paired four. So
Unknown Speaker 25:27
4%, which is not competitive.
Unknown Speaker 25:31
This is because it’s a state, it’s 4% State Credit, which is competitive. And then you have the fourth model. This is the fourth.
Unknown Speaker 25:42
And it’s helped me understand conversion 2026 In October, you’re gonna be leasing up from mid winter to late spring, or spring. And conversion, October 26 helped me understand terminology conversion in real life.
Unknown Speaker 26:04
So to convert out of the construction loan and into the conversion from a construction
Unknown Speaker 26:08
loan, mortgage, yep.
Unknown Speaker 26:10
And so we have to stabilize it. Professionals.
Unknown Speaker 26:21
Thank you. So my question is that, since this is kind of a newer product that’s going to be rolled into the portfolio, do we see a big difference in say, average length of tenancy in larger units versus traditionally small use, also the difference between age restricted and normal interest rates.
Unknown Speaker 26:44
For occupancy, I think, there’s such a need that these household aren’t going to be able to find, and that’s what we see it. And then already, that the larger units don’t have a high turnover rate, because they can’t just go find something else either.
Unknown Speaker 26:59
Sure. And so when I saw the financials, you had 5% vacancy rate is that probably just being able to conservative,
Unknown Speaker 27:07
that’s just the baseline underwriting standard.
Unknown Speaker 27:16
waitlist for that four bedroom for a very long time. Yeah, I just figured it, let’s say, you know, it’s multiple children household, so there’s likely to be in there a bit longer, per se. That’s why I say about average length and tenancy or occupants.
Unknown Speaker 27:35
So this is based upon their income at that level, very near for a while they’re doing
Unknown Speaker 27:49
that with tax credits. So basically, when to qualify with tax credits, you’re always eligible, you can go, you’re allowed the first year up to 140% Ami, at your first year of recertification. Um, so it’s basically a program that makes wants you to increase your income and stabilize your household. And there’s no real penalty unless you live on your initial application.
Unknown Speaker 28:13
So we’re typically in a project based voucher. So let’s say we have a project offering to start out with 30% Ami, and then come in a research that all of a sudden we made more money, than what that does is it reduces the amount of money in the voucher coming in and increases the amount of money they’ve spent money then goes back into the voucher pool. Correct. The aggregates as people are moving up, that actually creates an actual capacity
Unknown Speaker 28:42
to really make sense. So you don’t need direction on this, this is a presentation,
Unknown Speaker 28:55
or this is following up on what we said, we wanted you to get a chance to see what the partners are getting on the jam side. And then we’re gonna keep moving forward and wanted to explain phase one, phase two, we’re going to keep any other pieces in play as long as possible. And if there aren’t any additional questions or direction on this?
Unknown Speaker 29:26
Depending on developer, yes. So that’s a bit of good news, August 1.
Unknown Speaker 29:35
And obviously on top of this, we’re trying to get a different meaning with LDC and Black River in terms of figuring out the sustainability pieces separately and having to manage the financial gap. And
Unknown Speaker 29:47
it’s really exciting funding sources that are coming online to I mean, you all are probably familiar with even the federal appropriations request. I mean, there’s elements are happening right now this week. That As you know, typically intend to go towards projects that are more shovel ready. So that might be a source of you look at for next year, especially as we’re thinking in anticipation of a future gap, or maybe it becomes a good use of funds for the seat here in the library. And there’s new 45 out solar tax credits, which is something that we’ll be talking about how we leverage that and bring more equity into the deal to help finance the actual installation of solar panels, which is usually something that I want to do and don’t often have the opportunity to put into projects like that. So. So it’s, it’s a, it’s a really exciting opportunity. And I really want to thank you all for inviting me to straighten the
Unknown Speaker 30:48
legs out quite well.
Unknown Speaker 30:51
And I know you have a full agenda and you already been here for several hours, but if you have any questions about progress
Unknown Speaker 31:00
so let’s move on to our first resolution.
Unknown Speaker 31:10
So can we have a motion to move resolution? Okay, make sure Martin moved 2023 raise it by Commissioner waters. Those opposed to that. One this 120 309 approval and acceptance of Archigram resume
Unknown Speaker 31:39
straightway three evidence by Mr. Waters simply by Commissioner Yarborough. There’s no discussion. Opposed, That passes unanimously as well. Resolution 20k 310 is approval of acceptance of opera grant funds for 1764 and 7084 Street development.
Unknown Speaker 32:07
Intro on this one will not intro you’ve heard about it since the city council did this. But on March 22, is our next LH DC board meeting. And at that meeting, we’re going to propose their approval of the purchase price for this Overland. So they have hdc purchased that land using the city affordable housing plans in 2014. For 800,000. And we have granted the city has granted the ARPA funds to LSJ for 800,000 for the intent to purchase that land with it. So next Wednesday, we’re proposing to the HDC that they approve that session. And then we’ll grant up draft up closing documents and such but just so you’re aware, we are proposing to the HDC to purchase it for the same price that they purchased it for basically just make it an asset rich. So
Unknown Speaker 32:59
thanks for that guy. That makes sense. I was kind of wondering what this was. So can I have a motion into
Unknown Speaker 33:08
2020 Great 10 Second,
Unknown Speaker 33:12
right. So has 2020 mission to tell the fairies and recognition of our failures that suppose that passes unanimously resolution fully committed to a separate policy no privileged place predevelopment class
Unknown Speaker 33:36
one statement, this is just a loan from El hdc to be able to pay those invoices as they come in and repay that.
Unknown Speaker 33:44
Are there any questions? So second by Commissioner Duggan seconded by Commissioner so that’s.
Unknown Speaker 34:11
Good So we’ll start off with the language places, updates.
Unknown Speaker 34:16
So those places as you can see here, we’re moving a whole bunch of money around getting ready to go fer with other products to that privileged place. Currently, we’re in design concept review. We’re going to be submitting for tax credits here in early April. That is the non competitive round. I just wanted to show you a couple of our
Unknown Speaker 34:47
so we have some we’ve done some floorplan some sample floor plans for the common areas and for the units aren’t really getting a restructure unnecessarily just upgrades but we probably have been having Unity meetings to present the options for the common area floor plans with the residents and getting their feedback and finding out what how they would use their spaces. And so if you’re familiar with village place here is our atrium, and we’re planning kind of a looks like it’s almost a balcony with a little coffee Bistro. And we’re going to be changing up our ADA access of the ramp. And really, this is the most significant change proposed of the property, our new seating area with fireplace and reconfiguring the whole office area. So this is where we’re at right now with making these decisions and running them by the residents. And by property management to make sure we’re planning for the future on everything. I just wanted to share some of our inspiration photos for what we want to do on the outside to try and tie the property into downtown. Because as we know, there is a lot of bricks, but it is pink from 1990. So these are just some ways we could do a brick stain and just some relatively minor updates to just try and make it look like a classic downtown building. So we really are trying to think about the community as a whole. The plan is to change the name for village place to the village village on me trying again to rebrand, make it fresh, make it feel classic and related to downtown and really help the residents take ownership of the new improvements.
Unknown Speaker 36:30
So some things you’re likely to hear from him. So we have to remove some of the trees on the atrium because of potential damage to the foundation. It’s likely that they will not like that. But that’s a structural issue. In terms of landscaping, obviously, looking at it from a septet perspective, but looking at more resilient sustainable plantings versus what they have. As we’re looking at landscaping around. We’ve got to figure out that the Zeebo because it’s an attractive nuisance needs to be maintained and may make more sense as a conversation. Yeah. So that’s a source of a lot of our profits. Especially for the tickets. So that’s gonna the DBAs.
Unknown Speaker 37:36
No white zebra on the parking lot. Will they move standing over here? Yeah.
Unknown Speaker 37:45
Sounds worse. And it’s just
Unknown Speaker 37:46
it’s a problem.
Unknown Speaker 37:48
It’s just out of sight, isn’t it? Yeah. So my question areas, what is the turnover that
Unknown Speaker 37:59
we’re going to start holding out units vacancies as people vacate from? Well, we’re deciding when that kind of 10 cut off is exactly to maximize our financial situation. Yeah, but that, but having some vacancies available during construction is going to be really advantageous for some residents that would go to a hotel very easily.
Unknown Speaker 38:21
So we know we need a balancing act, we need eight vacancies. We also know this is financially the one property is currently scrapped the most what we talked about project based on here as we were putting people in the wrong game, which was creating income drain into the property. So there has to really work to model what’s the right time to start getting the vacancy so that you don’t create more significant financial issues on the property entity.
Unknown Speaker 38:55
ation. So for our our general status in the timeline. Our architectural design is fully underway. We have a general contractor hired it’s going to be preferred who did the spoke so they have a lot of affinities in the area already. And they have family members in they just know the site really well. So we’re there they’re reformed with the residences already established. We have exited we’ve got the the original tax credit investor from the last 15 year period has exited. So we officially we’ve been primarily Oh hdc owns the property. You’re going to be seeing next Tuesday more money moving because the interest transfer is coming for LH a board consideration after the City Council meeting on the 21st so that we can demonstrate site control and restructure the the partnerships in preparation for tax credit submittal. The PA the private private activity bonds are coming to city council and then Lhh board for consideration also next Tuesday and Um, all of this is lining up before that April submittal. We have a relocation team that we are we have a some quotes out for relocation team right now to start getting them on work early start that resident engagement process with us help plan with the design, we have a new investor identified is the same one that we worked with on Aspen meadows, seniors. So there’s, we’ve got a relationship there, and we’re researching things. It’s a really challenging environment. So that’s, that’s largely, we
Unknown Speaker 40:30
don’t want to be in the
Unknown Speaker 40:31
works. So that’s, that’s how this place is going currently, and plenty of resident meetings. And those are really going pretty, quite well.
Unknown Speaker 40:47
So next place,
Unknown Speaker 40:48
any questions or comments?
Unknown Speaker 40:52
On Zytiga, sorry. Where is India, we are on track for closing of the financing, and sort of construction immediately after in May, early May. A lot of money moving around right now, we you’ll see, you’ve already pre approved entering into the special limited partnership, but we’ll have those partnership agreements coming forward for signature soon, we’re doing the final gap arrangements, one is here, another one is coming from HTC, we’re sorting all of that out, it’s just going to be a really big push from here. So make closing is always pretty crazy, but were really prepared. They are in their final review of DRC right now. So they’re pushing for building permits as soon as they can. And then we are preparing with all of our partners, including older shelter, mental health partners, for lease up hand Property Management arrangements, making sure that we have staff ready. And there’s going to be a lot of work to get this property listed. So talking about security, and all of these affinities the security cameras in the security staff, and how are we going to work with all of this. So that’s where we are.
Unknown Speaker 42:09
Sarah’s going to talk quickly about
Unknown Speaker 42:16
so we got an update on operations in all of this the one thing that you all need to know about, and we have to dig into so you all know, one drop 123 baths, on the taxes for affordable and attainable housing, I think by November, in September, or by September, we have to declare intent to be this. It is exceptionally complicated. Some cities are saying they can’t do it now. Because in order to utilize the funds, you have to show that you’re going to grow your housing stock by 3% annually. But we don’t know is that 3% annually on new builds, or is it 3% On the total housing stock. So we’ve got to start digging into that pretty quick. At the same time, we’ve got to start bottling, I think it may be in the summertime, where we have to declare the baseline for a unit, which may be good for us. Because if we can do that before we start constructing exam, so then we can start modeling and Zinnia being added. over me and added over the other affordable housing, affordable, attainable homeownership project that we’re working on. So on top of all of this, we’ve got to figure that out in about six months to understand whether we can do this or not. There’s a lot of things on this right now in communities, because it doesn’t make a lot of sense. In questions, whose names the states, there’s a meeting tomorrow at Maker, they’re going to try to get some of that drawn out for the state.
Unknown Speaker 44:10
Well, if we’re one of the most aggressive building would not I mean, nullify the vast majority of us state from qualified if we are qualified and who’s qualified,
Unknown Speaker 44:23
good boy. Yeah, I didn’t even get into the six month review process.
Unknown Speaker 44:29
The fast track for me, but you’ve seen it’s also you know, his lines are forever, right? I mean, well, it depends on how it’s calculated. That’s that’s the worst
Unknown Speaker 44:45
is understanding the playing field and adapting to it.
Unknown Speaker 44:51
Which was last season to care calibrator love was the back of the envelope calculation. Or did we just say, well, it’s better than nothing? Why not?
Unknown Speaker 45:15
I don’t think that any of these details were included reports show.
Unknown Speaker 45:20
So it’s kind of like what we get into a lot of time. There already folks talking about pushing legislative adjustments to this. So it’s a bunch of legislative adjustments and other things moving forward. I think we probably stay in one of the better chances, if we can understand how the map along those lines, was going to do it. Another meeting that they needed to get in here. The other thing I want to update you on is a project that started in your role as Housing Authority commissioners. The project shifted over to fully city project, which is the project on the affordable, attainable homeownership piece. We applied for $3 million, around $3.1 million for the state. caning modeling team did a phenomenal job of putting this together. We were told yesterday or the day before yesterday, that we were awarded $1.87 million for that project. Yes, yeah. And so good news for us is that we were awarded that money, challenging news infrastructures going up some of these coverage increase we’ve ever seen. But we did really well just wanted to kind of let you know what they said. They said after we reviewed your submitted qualifying land use strategies, they would like to not only confirm that you qualify for the funding, but applaud your progress in this area. Our project is reviewed based on a variety of factors readiness, capacity, impact on local housing needs, sustained and equitable communities core provision of community benefits, and sustainable development patterns. And so we were the largest and ask him this. And then Katie will read the largest award.
Unknown Speaker 47:15
I didn’t confirm that. I would assume so because I think our Ask was pretty heavy compared to the other. So I would assume so. i
Unknown Speaker 47:29
That’s it. That was huge. Response Carol. Yeah, so we know that this Oh, that one just because it is kind of both sides of the house. preliminary engineering is coming in. They’re working those numbers pretty hard this week. And then hopefully, we’ll have it next week. And then we’ll start digging into the next layer financials, we may have to do something similar to what we did on the homework project and break it up in seconds and silly names that financial. Really quick, but sort of the public health security of things. And then more recent has just a couple of things to cover their
Unknown Speaker 48:14
chair. So update on our metal detectors. Basically, I believe Dan are basically we’re working with in New Zealand, he’s shipping the detector out for us to test the he had to wait for a SIM card. So there’s been some it glitches I mentioned last time. So we should have that in our hand soon. Working with the votes with Ron Valdez, and he works a lot with our next leg team, our LTE stuff. He’s very familiar. So he’ll be helping us test those in the communities and see network connectivity and all that good stuff. Cameras, basically, we’re still in, you know, we’re still rolling with that trying to determine what’s best, determine how many we need, etc. Now, it’s just getting the final events and which direction whatever that piece. Coffee and conversations that have been inserted into all of those. And the last one we had was, I think a great opportunity to hear some community issues and last ones sweets, being able to address things at the level that they need is I think you can’t just ask patrol officer to come in and understand their their needs and then and then go out and fix them. Right. So we determined some issues with some of our neighboring Subaru dealerships. So we are going to work with them hopefully on not being so aggressive and driving and hitting people so yeah, yes. Do we have it? No, we do not but very close
Unknown Speaker 49:56
to having Sarah there with us is literally somebody came in To someone on Skype yet during the meeting they were walking in. So it’s like, oh, Sarah is here we can talk. Sara’s communicated with Tim. So I mean, that’s a big. That’s a big help. Also in that meeting, a long standing issue, that in the middle of the meeting while she was dealing with this, yeah, there was a, somebody that we’ve been trying to deal with and numerous warrants that happened to come in, right for me and Sarah and David Kennedy there, which was also fortuitous timing, because they were able to deal with the issue of employment on that news, the impact that you have to the people that live there and seeing how you complete that can occur, whether they’re, I think they really, that wasn’t the first time they realize, yeah, they they are trying to deal with these issues. And it was interesting as they were everybody’s going to Sarah saying thank you. And I didn’t know what happened. I just thought I was talking. And all of a sudden, I started seeing people moving and talking, but it knows and they didn’t know what happened. And until after it was over. So kudos to Sarah for public safety teams. That’s the level this relationship is really operating
Unknown Speaker 51:17
pretty as they went from officers, officers, and actually,
Unknown Speaker 51:22
literally was the middle of conversation. We’re like, no, here’s so and so we need to go. It works. It worked. Yeah, it worked out perfectly. And this is like the folks that work there. Their tests, like they’re literally starting to test their cars right when they get out of the private drive. Just reckless driving. So in a lot of the residents are I mean, we were more than more. So we’re going to deal with that. I’m actually planning to talk to 10. And I will update Erawan that PC, just having a conversation with management or
Unknown Speaker 52:04
workers to make them aware of that issue. Because what’s new issue under liability, that starts changing a little bit. So
Unknown Speaker 52:18
Sarah is also going to talk briefly about what you’re doing on the safety discussions.
Unknown Speaker 52:25
Sure. So well, no, I don’t want to steal your thunder. But you you walk to the property properties with fire and found some issues. And so that came up today in conversation with the advisory, what we can do with a mn Sr. You know what we can do a Spring Creek and I think we’ve we’ve figured out some good, good plans moving forward, it’s also going to be a cost thing as well. So that’s where we throw our ideas to Kendra. And she either says yes or no. And then we go back to the drawing board. But the plan is, is at least is walking these properties right now looking, it’ll let you talk about that. But at the end of this, we’re going to meet up and really focus on each community and what how we need to communicate. Number one, reporting issues, the load bearing issues of these units in each community will be different, right. So I’ll let you take the show on what your what you’re doing with that.
Unknown Speaker 53:28
So my goal this year was to walk 20% of the units I have increased that to 50% or more. I’ve lost almost all the Spring Creek by tomorrow. I’ve walked every unit Spring Creek I’ve walked 80% of Fall River. And it is insightful, very a lot of learning not just for me for my team for maintenance, just the different demographics, even in each each for each unit style. But see some stuff that we need to address as a team. I don’t like to work with Sarah, can you picture so we know exactly what we need to go back and address. When you say walk? Do you mean do you do? Are you entering the unit. Every unit I’m actually in charge of the kitchens. So I check every stove, every fridge every microwave and refrigerator I testing all the appliances we’re doing that teammate is doing the smoke detectors, filters, managers going into the bathroom, checking everything going on in there. And then my assistant at sprinkler in Fall River. He’s checking all the windows to make sure they’re latching properly that we have egress. And so it’s a big team effort. Yeah.
Unknown Speaker 54:38
Basically asking about security permission to Yes,
Unknown Speaker 54:42
yes and work towards verifying all we notified everybody at copying conversations that were coming in and then they all got a hand delivered notice to their door. Well, well in advance of 24 hours that we were coming but we’re it’s the good thing is with having a good team We’re going in and out of these units and getting all this done in less than five to six minutes per unit, we had a handful that we do need to go back and re inspect that they’re going to get here notices. But for the most part, you know, we’re getting in getting out so
Unknown Speaker 55:16
quickly to do this, because what we were really I think most the time sink and what we’re asking them to do, in terms of doing this in the process of having this connection, it’s actually streamlining the process. Taking work off, Lisa, Sarah taking that work makes them focus on other issues that she needs to do. So we’re really starting without getting that flywheel and seeing how this thing works and how quickly we’re able to get. So I wanted that just based on budget adjustments.
Unknown Speaker 55:48
So the issues that you’re finding are the resident, yes, that they can do or is it management,
Unknown Speaker 55:54
it’s, I’d say 90% resident. And so if it’s just a need to have some help, we’ve already connected with one wants in your services, we meet with them every other month. So we’ve let them know that we’re entering this we’re going to city HR is actually starting up a volunteer program. So Joanne and I are talking that we’re going to do some city, sorry, property dump days, get dumpsters out for two days that the residents can get the items in the hallway, volunteers will help get it from the hallway to the dumpster, so that we can help alleviate some of that fire load burden, the units
Unknown Speaker 56:28
were concerned about fire loading, and some of the two, having more fuel load in the apartments and sprinkler systems can actually support. So that’s part of what we’re looking at. And then Sarah will partner with Michelle Goldman, and then come in and help educate folks
Unknown Speaker 56:51
to take those stumps out because you know those resumes go right.
Unknown Speaker 57:02
Back come back
Unknown Speaker 57:09
there are people around. Yeah. It may be where you can bring it in and take it out that afternoon.
Unknown Speaker 57:17
Yeah, we’re doing a very limited timeframe. So we will Well notice
Unknown Speaker 57:21
it just to the residence. So we’re on the operations up there.
Unknown Speaker 57:28
So I get to cheat. Just briefly, we’re still maintaining a 93% occupancy. Now that we’re getting out into the snow and the freezing weather we’re anticipating some more movements, we’ve had actually quite a few this month, we’ve also changed how we process our weightless applicants. So we’ve printed all over to the lmha administrative assistant so that she can monitor each waitlist because what we found is when one person applies, they don’t apply to just one property they’re applying to all of them. So they remain on the waitlist or all these other properties. And we’re calling and saying hey, do you want this unit, but they’re not returning our call for three to five days. And so we’re holding this unit that you owe, we’re gonna get a call back when that person is basically staggered. So one person is now is monitoring. All nine waitlist will remove somebody if they’ve rented out one room from all so that will help us move through our greatness a lot faster. implemented with this a couple of new procedures where as soon as the manager gets a notice to vacate, they’re notifying the admin assistant so that they can start previous in that unit 30 days out. So hopefully, it’s only down 10 days and that we can get a new hospital thing. So we hope to see these occupancies numbers increasing no meth unit so that’s a plus.
Unknown Speaker 58:47
Property updates all right here. Nothing much going on. In cold we are bringing some educational pieces in over the year. I didn’t attach to that. But we just did a survey at the end of February. The residents were really asking coffee and conversations for educational pieces. So the top ones that we’re bringing is protecting yourself from scams with Boulder County district attorney fee ready Longmont with the Office of Emergency Management. Fair Housing was Susan Spaulding and has our main estate is going to do how to maintain your apartment which is going to teach the residents how to turn off the toilet water if it’s overflowing, because it’s so simple how to just do different things, check stuff, how to work their thermostats, and that’s where we see a lot of people struggling. So our maintenance guy is going to go in with 10 residents at a time and kind of show him how to do so for veterans so some to help them and how to maintain their apartment in case of an emergency as well. So
Unknown Speaker 59:48
I went to Sarah for so what you did? Any questions was
Unknown Speaker 59:56
well good Jenny nope so I guess we’re done I have a motion to adjourn
Transcribed by https://otter.ai