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HomeMy WebLinkAboutHousing Catalyst - Minutes - 05/20/2021 Housing Catalyst Board of Commissioners Meeting May 20, 2021 Attendees Commissioners: Cathy Mathis, David Bye, Jennifer Wagner, Hep Wilkins, Emily Gorgol, Ann Green Legal Counsel: Jim Martell Guests: Meaghan Overton Staff: Julie Brewen, Michele Christensen, Kristin Fritz, Tonya Frammolino, Traci McGraw, Brian Heckart, Angelika Lintner, Carly Johansson, Carri Ratazzi, Kim Iwanski Call to Order Chairperson Mathis called the meeting to order at 7:31 a.m. Approval of Minutes from April 15, 2021 Commissioner Bye made a motion to approve the minutes of the Housing Catalyst Board of Commissioners from April 15, 2021. Commissioner Gorgol seconded, and the motion was passed unanimously. Action Items Resolution 2021-05-01 Debt Management Policy Chief Financial Officer Tonya Frammolino explained this debt management policy provides parameters and criteria to guide debt issuance decisions. The policy identifies Housing Catalyst’s intent to maintain or enhance its existing credit rating. This policy is deemed prudent and necessary due to the issuance of Housing Catalyst’s first credit enhanced public bond offering. Commissioner Gorgol made a motion to approve Resolution 2021-05-01 Debt Management Policy. Commissioner Wilkins seconded, and the motion was passed unanimously. Oak 140 Additional Funding Request Commissioner Gorgol recused herself from this discussion. Chief Real Estate Officer Kristin Fritz explained that escalating commodity pricing, specifically in lumber and steel, have caused a large increase in the projected construction costs of the Oak 140 development. This increase has caused a funding gap, and staff have exhausted all other options to decrease this gap. To lock in pricing, the partnership needs to close as quickly as possible so that contracts can be executed with the general contractor. Staff is proposing a request to the City of Fort Collins for Affordable Housing Capital Fund dollars in the amount of $610,000. These are funds that are outside the normal affordable housing funds competitive process. This request would be presented to the City Council Finance Committee meeting on Monday. If approved, this would then go to the full City Council in June. Commissioner Bye made a motion to support the request for additional funding from Fort Collins City Council to supplement the funding for Oak 140. Commissioner Wilkins seconded the motion, and the motion was passed unanimously. Resolution 2021-05-02 Amendment to Housing Catalyst Agency Plan Director of Housing Assistance Programs Traci McGraw explained this amendment is a small adjustment to the HUD public housing agency plan to reflect the intent to “project-base” the vouchers Housing Catalyst will receive for the Wellington Housing Authority current residents. Commissioner Wilkins made a motion to approve Resolution 2021-05-02 Amendment to Housing Catalyst Agency Plan. Commissioner Green seconded the motion, and the motion was passed unanimously. Financials First Quarter 2021 Financial Review Director of Accounting Brian Heckart presented a review of the financial statement for first quarter 2021. He also reviewed the 2020 audit and tax filings status. Commissioner Bye made a motion to approve the financials as presented. Commissioner Green seconded, and the motion was passed unanimously. Staff Updates Development Updates • Village on Bryan: Ms. Fritz said Housing Catalyst received the competitive funding dollars for the Village on Bryan rehab. • Village on Impala: Housing Catalyst obtained the Larimer County Private Activity Bond (PAB) cap for 2021, which will be used for the Village on Impala project. The Affordable Housing Board recommended full approval of the City of Fort Collins PAB cap for 2021, also to be used for Impala. • Swallow Road: The Swallow project is underway and the rehab is going well. • Mason Place: Staff completed the requirements for the second capital contribution, and the contribution has been requested from the investor. The building will be fully occupied by the end of June. • Oak 140 – Staff will bring the financing resolutions for the public offering of the bonds to the Board in June. Strategic Plan Update Goal 5: Build Community Support for Affordable Housing Staff presented a summary of activities undertaken to achieve strategic goal number 5. Legislative Update Colorado: Ms. Christensen said staff are continuing to watch two bills addressing tenancy protections as the bills move through the legislative process. National: Ms. Brewen said the new Deputy Secretary of HUD is Adrienne Todman from NAHRO. The Emergency Housing Vouchers notice was published, and Housing Catalyst was offered 25 vouchers with the opportunity to receive an additional 25. Ms. Christensen said these vouchers are unique with referrals specifically from the Continuum of Care priority list. These vouchers have some funding for services tied to them, which also makes them unique. Fort Collins: Commissioner Gorgol said Council had a retreat and established 99 priorities, with rental licensing as the top priority and funding for housing also high on the priority list. She said three mobile home parks have gone up for sale in the past 45 days, representing 800 homes. Council is working with partners on how to have local control or resident-owned communities for those mobile home parks. Council will hear recommendations from the homeless committee in late July. Other Business Commissioner Bye asked for an update on the Section 8 Management Assessment Program (SEMAP). Director of Housing Assistance Programs Traci McGraw explained staff are still waiting for clarification from HUD on the percentage of total voucher utilization of funds for 2020. Commissioner Bye asked about the status of the Villages Ltd. Board’s transition to the Housing Catalyst Board. Ms. Brewen explained that the Villages Ltd. Board hasn’t met yet for further discussion. Commissioner Gorgol asked whether these Board meetings will remain virtual. Ms. Brewen said this meeting will be virtual through summer until a hybrid option has been figured out Adjournment Chairperson Mathis adjourned the meeting at 8:53 a.m.