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HomeMy WebLinkAboutAffordable Housing Board - Minutes - 03/02/2023AFFORDABLE HOUSING BOARD REGULAR MEETING 03/02/2023 – M I N U TES Page 1 March 2, 2023, 4:00-6:00pm Onsite at Oak 140 (corner of Remington and Oak) CALL TO ORDER At 4:01 PM the meeting was called to order by John Singleton. 1. ROLL CALL • Board Members Present: John Singleton, Jennifer Bray, Kristin Fritz, Sheila Seaver-Davis, Stefanie Berganini, Bob Pawlikowski • Board Members Absent: Ed Hermsen • Staff Members Present: • Sue Beck-Ferkiss, Staff Liaison – City of Fort Collins • Tamra Leavenworth, Minutes – City of Fort Collins • Council Liaison Present: Susan Gutowsky • Guests Present: Lisa Cunningham 2. AGENDA REVIEW – No changes. 3. CITIZEN PARTICIPATION – Lisa Cunningham has been attending Affordable Housing Board meetings since January 2022. She has a background in affordable housing and shared that she has several ideas about how to increase the supply of affordable housing in Fort Collins. John Singleton invited her to share her ideas with the board at a future meeting. 4. APPROVAL OF MINUTES Stefanie Berganini moved to approve the February minutes. Bob Pawlikowski seconded. Approved 5-0. Kristin Fritz abstained due to absence at the February meeting. 5. NEW BUSINESS A. Welcome to Oak 140 – Kristin Fritz, Housing Catalyst • Oak 140 has 79 units of affordable housing, consisting primarily of 1-bedroom and studio apartments with 16 2-bedroom units. The units are small and efficient but include elements (such as large windows) to make them feel more spacious. • The units range from 30-80% Area Median Income (AMI) with an average of 60% AMI. This is the first time Housing Catalyst has built units above 60% AMI because it is now AFFORDABLE HOUSING BOARD REGULAR MEETING 03/02/2023 – M I N U TES Page 2 permitted by the new Income Averaging Program in the Tax Credit. This allows the project to target the downtown workforce, something that was important to Housing Catalyst’s project partner, the Fort Collins Downtown Development Authority (DDA). • DISCUSSION: • What is the current occupancy rate of the building? Tenants began moving in on January 20, 2023, and 20 units are currently occupied. However, almost all units are signed up for and the building is expected to be fully occupied by the end of April which is 60 days earlier than the target occupancy for investors. • How is rent calculated? Rent is calculated based on income level and varies based on the tenant’s AMI. Under the Tax Credit Program, tenants income-qualify upon move in and will never have to vacate the unit if their income increases. Instead, rent will be recalculated based on their new income. This helps mitigate the “cliff effect” where people try to stay under a certain income in order to keep their affordable housing. • How long are leases? Lease terms are 1 year long, and tenants recertify annually. • Are a certain number of units assigned to specific AMI categories? Yes. Housing Catalyst is required to maintain an average AMI for the building per the Tax Credit. Thus, a certain number of units in the building are designated at specific AMI categories. For example, if someone moves out of a unit designated at 80% AMI, the next tenant to occupy that unit must also be at 80% AMI. • How is variable income calculated? I do not know because you must be certified to do income qualification. Income is not straight-forward and there are many things that may count as income, such as child support or veteran’s benefits, so it is a complicated process. • Can the building ever be sold at market rate? There is a 99-year restriction on the building and a benefit of Housing Catalyst is that we will always commit to the longest-term affordability since we are a housing authority, and it is our mission to provide affordable housing. • Where can tenants park? The building has podium parking, meaning parking is on the second floor. There is enough parking for approximately 60% of the units. Currently, only about 60% of tenants have a vehicle, but if this percentage increases, there are parking options outside the building. Parking spaces are unassigned, and tenants have a sticker on their vehicle that allows them to access the parking structure. • Kristin led the board on a tour of Oak 140. AFFORDABLE HOUSING BOARD REGULAR MEETING 03/02/2023 – M I N U TES Page 3 B. Guidance from the City Clerk’s Office • According to Robert’s Rules, the Board Chair is only supposed to vote in the event of a tie. Sue explained that the Board could vote to create their own voting rule. Stefanie Berganini made a motion to allow all members of the Affordable Housing Board to vote. Jennifer Bray seconded. Approved 6-0. • Sue informed the Board of other guidelines put forth by the City Clerk’s Office and the Board discussed what they would change to adhere to these new guidelines. C. Board Officer Elections Jennifer Bray motioned to retain the existing board officers for another term. Kristin Fritz seconded. Approved 6-0. 6. OPEN BOARD DISCUSSION • The Board discussed ways in which they could increase community engagement. Several ideas were shared, including but not limited to – hosting or co-hosting events such as listening sessions, panel discussions, and walking tours, writing a letter to the Coloradoan, and networking. • The Board discussed writing letters of support and decided it would be best practice to have individuals and organizations seeking these letters approach and request them from the Board. 7. BOARD MEMBER IDEAS 8. BOARD MEMBER REPORTS – None. 9. OTHER BUSINESS – None. • City Council 6-month planning calendar review • Council Comments – Who, what? • Review 2023 Work Plan • Update on Affordable Housing Projects • Future AHB Meetings Agenda 10. ADJOURNMENT Meeting adjourned at 5:56 P.M. Minutes were finalized and approved by the Affordable Housing Board on April 6, 2023.