HomeMy WebLinkAbout06/26/2025 - HOUSING CATALYST - AGENDA - Regular MeetingJoint Meeting of the Board of Commissioners of Housing Catalyst and Villages,
Ltd- June 26, 2025 Agenda
June 26, 2025 8:00am - 9:30am MDT
In person: Housing Catalyst, 1715 W Mountain Ave, Fort Collins, CO / ZOOM:
https://us06web.zoom.us/j/85448061473?pwd=0OYKbb0r6uLHjR16YB2Q7eS75LKPZw.1
I.Call to Order (8:00-8:05)Lizette Mill
The Board is convening in two capacities:
As the governing board of Housing Catalyst and Villages, Ltd.
a.Mindful Moment
b.Citizen Input
II.Approval of Minutes from May 15, 2025 Board Meeting Lizette Mill
HC BOC meeting 5.15.2025.pdf
III.Action Items
a.Eastbrook Bond Inducement Resolution Preston Nakayama
HC - Board Action Memo - Eastbrook Bond Inducement.pdf
HC - Resolution HC-RES-2025-06-01 Eastbrook Bond Inducement.pdf
b.Myrtle SRO Resolution Michele Christensen
VIL - Board Action Memo - Myrtle SRO.pdf
VIL - Resolution VIL-RES-2025-06-01 Myrtle SRO.pdf
c.Annual Comprehensive Financial Report and Single Audit
Report
Alexis Odden
Alexis Odden of Eide Bailly will present a brief overview of the final FY2024 Annual
Comprehensive Financial Report (ACFR), including key audit findings and the required
governance communications to the Board as part of the annual audit process.
8:00am
8:05am
8:10am
8:10am
8:20am
8:30am
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AFC - Board Memo - ACTION ITEM - FY2024 ACFR Acceptance - m2025.06.pdf
Housing Catalyst 2024 ACFR - Financial Statements with 2023 - FINAL 06.18.2025 wo Auditor
Report.pdf
Housing Catalyst 2024 Final Governance Letter.pdf
Larimer County Housing Authority 2024 Final Governance Letter.pdf
EB - Independent Audit Report - Housing Catalyst FY2024.pdf
IV.Committee Updates
a.Development Committee Update Preston Nakayama
Development Milestones (June 2025).pdf
Development 5-Year Project Plans (June 2025).pdf
b.Audit & Finance Committee Update Tonya Frammolino
AFC - 2025.06 Board Report FINAL_v1.pdf
c.Other Updates
V.Discussion Items
VI.Legislative and Advocacy Work
a.Advocacy Committee General Update Anne Nelsen
b.Colorado Legislative Update Julie Brewen
c.National Legislative Update Julie Brewen
d.Fort Collins City Council Legislative and Business Update Emily Francis
e.Larimer County Commission Update John Kefalas
VII.Legal Issues Jim Martell
VIII.Other Business
a.Special Presentation – Strategic Plan Goal 6: Build
community support for affordable housing
Rachel Gaisford
IX.Good News
8:45am
8:50am
9:05am
9:05am
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X.Upcoming Events
Development Committee - August 4, 2025
Audit & Finance Committee - July 14, 2025
Advocacy Committee - July 21, 2025
Housing Catalyst Board of Commissioners - July 17, 2025
Wellington Community Housing Board of Directors - August 7, 2025
NAHRO Summer Symposium (New York) - July 17 - 18, 2025
Care Heartside Hill Grand Opening - August 7, 2025
XI.Adjournment
XII.For Your Information
9:30am
END
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Housing Catalyst Board of Commissioners Meeting
M AY 15 , 2025
Attendees:
Commissioners: Anne Nelsen - Vice Chair, Jennifer Wagner, Heather Clemenshaw, (Virtual):
Emily Francis, Joseph Penta
Staff: Julie Brewen, Rachel Gaisford, Isela Orozco, Attorney Jim Martell, (Virtual): Tonya
Frammolino, Angelika Lintner, Lisa Hernandez, Meaghan Overton
Guests: (Virtual) Vanessa Fenley
I. CALL TO O RDER
Vice Chair Anne Nelsen called the meeting to order at 8:00 a.m.
a. Mindful Moment
The group engaged in a Mindful Moment as the meeting was called to order.
b. Citizen Input
Chief Executive Officer Julie Brewen welcomed Heather Clemenshaw as the
new Board Commissioner. Ms. Brewen shared Commissioner Clemenshaw
recently completed Colorado NAHRO Commissioners Training. She brings a
strong property management background and is eager to engage with the
Fort Collins community.
Ms. Brewen also shared that Amelia Callahan was appointed as an alternate
commissioner and would like to attend the Audit and Finance Committee
meetings.
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II. APPROVAL O F MINUTES F RO M APRIL 17, 2025 BOAR D
MEETIN G
Commissioner Jennifer Wagner made a motion to approve the minutes of the
April 17, 2025, meeting. Commissioner Joseph Penta seconded, and the motion
was passed unanimously.
III. ACTIO N IT EMS
a. Motion to Ratify Loan Modification documents by Village On Stanford LLC
Chief Financial Officer Tonya Frammolino requested Board ratification of a
lender-requested correction to resolution # HC-RES-2025-03-02, explicitly naming
Stanford Village on Stanford LLC as the General Partner entity. No other changes
were made to the previously approved resolution.
Commissioner Penta moved to ratify the corrected Resolution # HC-RES-2025-03-
02. Commissioner Wagner seconded, and the motion was passed unanimously.
b. The Grove in Bloom - Pedcor Limited Partner Request
Chief Real Estate Officer Kristin Fritz presented a request seeking approval of HC-
RES-2025-05-01, a resolution authorizing Housing Catalyst, LLC to be a Special
Limited Partner (SLP) in the tax credit partnership for Pedcor’s development of
The Grove in Bloom.
Vice Chair Nelsen noted an error in the memo under Section 3, stating that the
fee amount should read: A closing facilitation fee of $2,000,000 will be paid.
Commissioner Wagner moved to approve Resolution # HC-RES-2025-05-01 as
amended. Commissioner Penta seconded, and the motion was passed
unanimously.
c. 302 Conifer / Arrowleaf Development (Szanton Co.) - SLP Request
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Chief Real Estate Officer Kristin Fritz presented a request seeking approval of HC-
RES-2025-05-02, a resolution authorizing Housing Catalyst, LLC to be a Special
Limited Partner (SLP) in Arrowleaf Development, LLC’s 302 Conifer Street middle-
income affordable housing development.
Commissioner Wagner moved to approve Resolution # HC-RES-2025-05-02.
Commissioner Emily Francis seconded, and the motion was passed unanimously.
IV . CO MMIT TEE UPDATES
a. Development Committee Update
Chief Real Estate Officer Kristin Fritz provided the 5-Year Project Plans and
Milestones; both are in the Board meeting packet for reference.
Project Updates of note included:
• Village on Impala
o The grand opening for Village on Impala is scheduled for June 3
from 1–3 PM. Commissioner Joseph Penta confirmed he will
attend on behalf of the Board.
• Village on Eastbrook - Tax Credit Application
o Housing Catalyst will resubmit the tax credit application for Village
on Eastbrook this August. A new option from the Division of
Housing allows for conditional funding awards, which strengthens
the application.
• Volunteers of America – Switchgrass Crossing
o The Switchgrass Crossing project, located next to Mason Place, has
received 9% tax credit approval and is on track for an early 2026
closing. Housing Catalyst will be involved by supporting the land
sale and serving as a special limited partner. The project does not
include bonds or vouchers; instead, it will be structured as a land
transaction and tax-exempt partnership.
b. Audit & Finance Committee Update
Chief Financial Officer Tonya Frammolino noted the 2025 Board Report is located
in the Board meeting packet for reference.
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Ms. Frammolino reported that the Audit and Finance Committee met earlier this
week to review the Q1 2025 Business Update Report, with a focus on budget
alignment and key financial variances. No concerns were identified, and the
committee will continue to assess the effectiveness of the new report format.
The committee also discussed deferring the 2025 RFP for audit and tax services
due to recent staff turnover; no risks were noted with this postponement. All
LIHTC audits have been completed and accepted by investors, with no findings,
except for Village on Impala, which is experiencing a minor delay due to initial
startup complexities. There were no action items for the Board from this
meeting.
1. Q1 2025 - Quarterly Business Update
Ms. Frammolino presented Q1 financial results, highlighting strong voucher
and property performance, positive net income exceeding budget by $244K,
and nearly $20M in cash reserves. All LIHTC audits reported no findings. Real
estate portfolio occupancy and DSCR targets remain strong, with four
properties under close monitoring. Staffing remains slightly below target due
to hiring timing. The Villages repositioning is on track, and two development
projects are active, with Remington Project currently paused. The agency
remains well positioned, with sound financial health and no systemic
concerns at this time. The presentation is located in Boardable for reference.
Ms. Frammolino also noted the leadership team conducts a more in-depth
internal financial review each month. Directors provide detailed updates to
the executive team, and financial performance is monitored at a deeper level
than what is presented in the summary report to the Board.
V . LEGISL ATIV E AN D ADVO CACY UP DATE
a. Advocacy Update
Ms. Brewen shared the Advocacy Committee will continue bi-weekly meetings to
track federal developments and support local advocacy efforts. Members
reviewed staff-prepared materials and provided feedback; revisions are
underway. The committee now has useful resources to help communicate federal
policy issues, with ongoing commissioner input guiding further improvements.
b. Colorado Legislative Update
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Ms. Brewen reported that Housing Catalyst’s local advocacy materials are in use,
with meetings planned with Representative Boebert and local housing partners.
She also noted the upcoming distribution of a Colorado legislative session
summary and ongoing coordination with Colorado NAHRO’s legislative
committee to plan summer advocacy efforts.
c. National Legislative Update
Ms. Brewen reported that at the federal level, current budget proposals indicate
potential deep cuts to voucher programs and a shift toward block grants, along
with other concerns. Housing Catalyst is collaborating with Colorado NAHRO and
national partners to ensure consistent advocacy messaging. There is also growing
uncertainty around the planned phase-out of Emergency Housing Vouchers in
2026, with no guidance yet provided by HUD.
Ms. Brewen continues to meet regularly with various groups and key state and
national housing leaders to coordinate advocacy efforts on these rapidly evolving
issues.
d. Fort Collins City Council Legislative and Business Update
Mayor Pro Tem Emily Francis provided updates, noting City Council will consider
the CCIP tax proposal at the end of May, including a recommendation to increase
the housing allocation to $25 million. Before the next Board meeting, Council is
also expected to approve the Private Activity Bond (PAB) allocation, CDBG
funding, and revisions to affordability terms recently adopted through the Land
Use Code update.
e. Larimer County Commission Update
Nothing to report
V I. LEGAL I SSUES
There are no new legal issues.
V II. EXECUT IV E SESSIO N
A motion was made by Commissioner Wagner to move the Board of Commissioners
of Housing Catalyst go into an Executive Session pursuant to C.R.S. § 24-6-402 (4) (a)
(b) and (e) to confer with Housing Catalyst’s attorney for the purposes of receiving
legal advice on specific legal issues arising out of the purchase and acquisition of Oak
Street Parking Lot; and to determining positions relative to matters that may be
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subject to negotiations, developing strategy for negotiations, and instructing
negotiators with respect to the purchase and acquisition of the Oak Street Parking
Lot. Commissioner Penta seconded, and the motion was passed unanimously.
Vice Chair Nelsen ended the executive session and reconvened the Housing Catalyst
board meeting at 9:49 a.m.
Commissioner Wagner made a motion to direct Housing Catalyst staff and legal
counsel to draft a letter to city staff regarding the cost incurred by Housing Catalyst
related to the Remington parking lot project. Commissioner Penta seconded, and the
motion was passed unanimously.
V III. OTH ER BUSINESS
a. Special Presentation – Strategic Plan Goal 6: Build community support for
affordable housing
The special presentation by Rachel Gaisford has been postponed to the June
26th Board Meeting.
IX. GO O D NEWS
Ms. Brewen shared the JumpStart Team’s recent national acknowledgment during
HUD’s FSS Office Hours call, which had over 400 participants. HUD leadership
highlighted creative success stories submitted by Housing Catalyst’s team, with
JumpStart being the only program featured. The recognition showcased the team’s
innovative approaches to supporting participants’ employment and self-sufficiency
goals and drew positive feedback from peers nationwide.
X. ADJO UR N H O USING C ATALYST BO ARD O F
CO MMISSIO NERS AND V ILLAGES , LTD.
Vice Chair Nelsen adjourned the meeting at 9:52 am.
XI. UPCO MING EV E NTS
Development Committee - June 2, 2025
Audit & Finance Committee - June 9, 2025
Advocacy Committee - May 19, 2025
Housing Catalyst Board of Commissioners - June 26, 2025
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Wellington Community Housing Board of Directors - August 7, 2025
Impala Grand Opening - June 3, 2025
NAHRO Summer Symposium (New York) - July 17 - 18, 2025
CARE Communities: Heartside Hill Grand Opening - August 7, 2025
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Resolution # HC-RES-2025-06-01
To: Housing Catalyst Board of Commissioners
From: Kristin Fritz, Chief Real Estate Officer
Meeting Date: June 26, 2025
Action Item: Bond Inducement Resolution
Board Action Requested: Approval of HC-RES-2025-06-01 to establish Housing Catalyst’s intent to issue
bonds for the Village on Eastbrook development.
Alignment to Strategic Plan: Approval of the Bond Inducement Resolution supports Goal 2: Increase
supply of affordable housing.
Background:
The Village on Eastbrook will provide 73 new affordable homes for individuals and families earning 30%
to 80% AMI. This project, with its vibrant design, diverse unit mix, amenities, and two elevators, is
designed for intergenerational living to support the health and well-being of all ages through social
interaction and community connections. Housing Catalyst will work with existing local partners such as
the Partnership for Age Friendly Communities, the Colorado State University Institute for the Built
Environment’s (IBE) Lifelong Homes Initiative, and others to create an intergenerational community at
the Village on Eastbrook.
Housing Catalyst applied for 4% Competitive Federal Low Income Housing Tax Credits for the Village on
Eastbrook to CHFA in 2024 and did not receive a tax credit award. Housing Catalyst will reapply for tax
credits again in August 2025.
Description:
The 4% Competitive Federal Low Income Housing Tax Credit application requires an inducement
resolution indicating that Housing Catalyst intends to issue bonds to finance the project. This resolution
allows Housing Catalyst to start incurring costs for the project and get them reimbursed from bond
proceeds once the bonds are issued.
The Board of Commissioners passed HC-RES-2024-06-02, which established Housing Catalyst’s intent to
issue up to $17 million in bonds for the Village on Eastbrook development. HC-RES-2025-06-01 amends
and replaces HC-RES-20 24-06-02 to establish Housing Catalyst’s intent to issue up to $20 million in
bonds to reflect the current project’s budget. CHFA requires that the bond issuance amount in the
resolution is at least 50% of project costs. Because project costs have increased and the scope has
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expanded since last year, an amended inducement resolution for a larger bond issuance amount is
required.
Fiscal Impact:
Development projects incur attorney’s fees for the creation of resolutions and other legal work, which are
paid for as part of the project’s budget. Additionally, Housing Catalyst will receive a bond issuance fee of 50
bps of the full bond amount, as well as ongoing PAB monitoring fees of 10 bps annually. If these fees change,
the revised fee schedule will be applied. The development of Village on Eastbrook will provide Housing
Catalyst an earned developer fee as well as ongoing management, accounting, and program overhead fees.
Summary:
The Bond Inducement Resolution is a required component of financing the Village on Eastbrook
development and is specifically required for the LIHTC application due on August 1, 2025.
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RESOLUTION NO. HC-RES-2025-06-01
RESOLUTION OF THE BOARD OF COMMISSIONERS OF HOUSING
CATALYST (“HOUSING CATALYST”) AMENDING RESOLUTION
NO. HC-RES-2024-06-02 ADOPTED BY HOUSING CATALYST ON
JUNE 20, 2024 TO INCREASE THE NOT TO EXCEED AMOUNT OF
BONDS EXPECTED TO BE ISSUED TO FINANCE THE
ACQUISITION AND CONSTRUCTION OF A MULTIFAMILY
RENTAL HOUSING PROJECT TO $20,000,000 FOR THE PURPOSE
OF REIMBURSING CERTAIN QUALIFIED EXPENDITURES AND
RELATED MATTERS
WHEREAS, Housing Catalyst (“Housing Catalyst”) has been created as a body
corporate and politic, exercising public and essential governmental functions; and
WHEREAS, Housing Catalyst is authorized and empowered by the constitution
and laws of the State of Colorado, including particularly Part 2 of Article 4 of Title 29 of
the Colorado Revised Statutes, as amended, the Supplemental Public Securities Act
constituting Part 2 of Article 57, Title 11, Colorado Revised Statutes, as amended, and
Article 56, Title 11, Colorado Revised Statutes, as amended (collectively, the “Act”) to
issue bonds to finance the acquisition, construction and improvement of housing projects
for persons of low and/or moderate income; and
WHEREAS, Housing Catalyst previously adopted Resolution No. HC-RES-2024-
06-02 on June 20, 2024 (the “Prior Resolution”) expressing an intent to reimburse certain
qualified expenditures incurred with respect to the acquisition and construction by Housing
Catalyst of a multifamily rental housing development expected to be known as Village on
Eastbrook, a 73-unit rental housing project to be located at 3221 Eastbrook Drive, Fort
Collins, Larimer County, Colorado (the “Project”), with proceeds of one or more issues of
bonds issued by Housing Catalyst (the “Bonds”), in an amount not to exceed $17,000,000
(the “Prior Amount”); and
WHEREAS, Housing Catalyst, in order to reflect current volume cap sufficient to
support the Project and meet the 50% test as required by Colorado Housing Finance
Authority, now desires to amend the Prior Resolution to increase the Prior Amount to an
amount not to exceed $20,000,000.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
COMMISSIONERS OF HOUSING CATALYST THAT:
1. The Prior Resolution is hereby amended such that all references to a not to
exceed amount of the Bonds shall be $20,000,000 and not $17,000,000.
2. The provisions of this Resolution are hereby declared to be separable, and
if any section, phrase or provision shall for any reason be declared to be invalid, such
declaration shall not affect the validity of the remainder of the sections, phrases or
provisions.
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2
4912-2657-7482, v. 2
3. This Resolution shall become effective immediately upon its passage and
approval.
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(Signature Page to Amendment to Inducement Resolution – Village on Eastbrook)
S-1
Adopted and approved this 26th day of June, 2025, by the Board of Commissioners of
Housing Catalyst.
By:
Chairperson
ATTEST:
Secretary
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Resolution # VIL-RES-2025-06-01
To: Villages Ltd. Board of Commissioners
From: Kristin Fritz, Chief Real Estate Officer
Meeting Date: June 26, 2025
Action Item: VIL-RES-2025-06-01
Board Action Requested: Approval of VIL-RES-2025-06-01 to approve the sale of 811 East Myrtle Street,
Fort Collins, Colorado 80524 (Myrtle SRO).
Alignment to Strategic Plan: Approval of this resolution supports Goal 2: Increase the Supply of
Affordable Housing and the Dispose of Obsolete/Unsustainable Models and Restructure Portfolio
strategy by selling small, scattered site properties and properties with intensive capital needs, and
developing and/or preserving properties that operated sustainably and strategically. The sale of Myrtle
SRO to Family Housing Network (FHN) will ensure the property continues to serve low-income and
vulnerable (homeless) populations. This sale will also support FHN’s mission of providing stable housing
and resource navigation to vulnerable p opulations, including families experiencing homelessness.
Background: Myrtle SRO was not originally included in the portfolio restructuring and sale of 33 units
approved by the Board in June 2024. However, the unique opportunity to sell this property to the Family
Housing Network (FHN) preserves affordable housing stock, serves vulnerable populations, and aligns
with Housing Catalyst’s strategic goal to reposition its scattered site portfolio.
Description: Housing Catalyst has, over time, been pursuing several methods to reduce its scattered site
portfolio. Scattered site properties are expensive to operate and maintain, and many are older
properties with extensive capital needs. Housing Catalyst has successfully leveraged proceeds from the
sale of these properties into new acquisitions and developments that can be operated more efficiently
and sustainably while simultaneously creating net new affordable housing units. Proceeds from previous
property dispositions have funded the acquisition of Remington Row and have provided critical equity to
support the development of the Village on Eastbrook.
The sale of Myrtle SRO will provide equity for Housing Catalyst pipeline projects and will also support
FHN’s mission of providing stable housing and resource navigation to vulnerable populations, including
families experiencing homelessness.
FHN has the operational expertise to successfully manage Myrtle SRO, which is a property uniquely
suited to serving FHN’s residents. FHN serves families experiencing homelessness and provides a range
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of services and case management in addition to shelter and meals. The organization has a strong track
record in managing shelter and rapid re-housing, ensuring responsible, mission-aligned use of the
property. In addition, FHN’s 24/7 services model provides stability and will enhance outcomes for the
families they serve.
The sale of Myrtle SRO to FHN will also benefit the community at large. Selling this property to a
mission-aligned nonprofit preserves affordable housing stock and strengthens the local social safety net
for homeless and precariously housed families. FHN will be able to serve more families and enhance
their operations with the acquisition of this property. Over the long term, the sale of Myrtle SRO to FHN
will ensure that the building remains a community asset under responsible ownership. In addition, FHN
can access public and philanthropic funding for maintenance, renovations, and resident services—
relieving Villages, Ltd. of long-term capital obligations. Because the proceeds from this sale will be
reinvested into future developments, the sale of Myrtle SRO will also contribute to the creation of new
affordable housing in the community.
If approved by the Board of Commissioners, this property sale will be timed according to resident
relocation needs, real estate market conditions, opportunities for relocations to other Housing Catalyst
properties that have vacancies, and voucher contract requirements.
Fiscal Impact:
The estimated net proceeds from the sale of Myrtle SRO is $2,250,000, which will be used toward
acquisition, preservation, and/or development to increase the supply of affordable housing in Fort
Collins. A total of $525,000 will be repaid to the City of Fort Collins Affordable Housing Capital Fund.
Selling scattered site properties and properties with intensive capital needs and leveraging proceeds
into properties that can operate sustainably and strategically will have a positive long-term fiscal impact.
Summary:
The Development Committee and Housing Catalyst staff recommend approval of VIL-RES-2025-06-01
Resolution to sell the Myrtle SRO.
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RESOLUTION NO. VIL-RES-2025-06-01
OF
THE BOARD OF DIRECTORS OF THE VILLAGES, LTD.
AUTHORIZING THE SALE OF MYRTLE SRO
WHEREAS the Villages, Ltd. is a nonprofit corporation organized and existing under the
laws of the State of Colorado (“the Villages”);
WHEREAS the Villages is an affiliate of and managed by Housing Catalyst, a body
corporate and politic organized and existing under the laws of the State of Colorado (“Housing
Catalyst”);
WHEREAS the mission of Housing Catalyst is to create vibrant, sustainable communities
throughout Fort Collins by acquiring, constructing, rehabilitating, owning, and operating
residential units for low and moderate income households;
WHEREAS the purpose of the Villages is to facilitate the mission of Housing Catalyst;
WHEREAS the Villages is the owner of the real property commonly known as 811 East
Myrtle Street, Fort Collins, Colorado 80524 and legally described as follows (the “Property”):
LOTS 10 AND 11
Block 196
City of Fort Collins
County of Larimer
State of Colorado
WHEREAS the total proceeds from the sale of the Property are estimated to be
$2,250,000.00 which will be used toward acquisition, preservation, and/or development to increase
the supply of affordable housing in Fort Collins. A total of $525,000 will be repaid to the City of
Fort Collins Affordable Housing Capital Fund ;
WHEREAS selling the Property would further the mission of Housing Catalyst and the
Villages while continuing the current use of the Property through ownership and management of
the Property by a local nonprofit organization;
WHEREAS, the Board of Directors of the Villages has determined that it would be in the
best interest of the Villages to sell the Property.
NOW, THEREFORE, BE IT RESOLVED that the Villages shall be and is hereby
authorized, empowered, and directed to sell the Property at such price and on such terms as the
Board of Directors may approve by subsequent resolution.
AND BE IT FURTHER RESOLVED that the President, the Vice President, and the
Secretary, or any one of them acting alone, be and are hereby authorized and directed, on behalf
of the Villages to execute and deliver all agreements, instruments, certificates, and documents
required to consummate the sale of the Property.
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AND BE IT RESOLVED FURTHER that the foregoing resolutions shall continue in full
force and effect until express written notice of their prospective rescission or modification.
AND BE IT RESOLVED FURTHER that any and all transactions by or on behalf of the
Villages in connection with the sale of the Property prior to the adoption of these Resolutions shall be
and are hereby ratified, approved, and confirmed in all respects.
RESOLVED AND PASSED at a regular meeting of the Board of Directors of the Villages,
Ltd., held this 26th day of June, 2025.
BY: ______________________________
Lizette Mill, President
ATTEST: _________________________
Julie J. Brewen, Secretary
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ACTION ITEM
To: Housing Catalyst Board of Commissioners
From: Tonya Frammolino, Chief Financial Officer, on behalf of the Audit & Finance Committee
Date: June 26, 2025
RE: Acceptance of FY2024 Annual Comprehensive Financial Report (ACFR)
ALIGNMENT TO STRATEGIC PLAN:
Goal 5: Ensure long-term financial sustainability
This action supports Strategy 2 under this goal: “Maintain sound financial planning and
transparency to ensure long-term viability.” Acceptance of the audited ACFR reflects
accountability, compliance with financial standards, and a commitment to transparen cy.
BACKGROUND:
Each year, Housing Catalyst engages an independent audit firm to complete an external audit
and prepare the Annual Comprehensive Financial Report (ACFR) in accordance with generally
accepted accounting principles (GAAP) and Governmental Accounting Standard s Board (GASB)
requirements. The audit for the fiscal year ending December 31, 2024, was conducted by Eide
Bailly, LLP.
Eide Bailly issued an unmodified (“clean”) audit opinion, indicating that the financial statements
fairly present the financial position of Housing Catalyst. There were no material weaknesses or
significant deficiencies reported.
Although Eide Bailly did not present directly to the Audit & Finance Committee, staff reviewed
the ACFR with the Committee and confirmed readiness to advance it for full Board
consideration.
A formal presentation by Eide Bailly will take place during the June 26, 2025, Board meeting,
including a summary of audit findings and required communications with those charged with
governance.
DESCRIPTION OF ACTION ITEM:
This item seeks formal acceptance by the Housing Catalyst Board of Commissioners of the
FY2024 Annual Comprehensive Financial Report (ACFR). While no resolution is required, the
Board acceptance affirms that the audited report has been received, presented by the external
auditor, and entered into the agency’s official record.
2020
ACTION ITEM
FISCAL IMPACT:
There is no direct fiscal impact associated with this action. The ACFR reflects audited financial
outcomes for the prior fiscal year and supports transparency and reporting compliance .
RECOMMENDATION:
The Audit & Finance Committee recommends that the Board of Commissioners formally accept
the FY2024 Annual Comprehensive Financial Report following Eide Bailly’s presentation at the
June 26, 2025, meeting.
ATTACHMENTS:
▪ Housing Catalyst 2024 ACFR - Financial Statements with 2023 - FINAL 06.18.2025 wo
Auditor Report.pdf
2121
Housing Catalyst
Fort Collins, Colorado
Annual Comprehensive Financial Report
and Single Audit Report
Year ended December 31, 2024
With Comparative Totals for the Year Ended December 31, 2023
2222
Housing Catalyst
Fort Collins, Colorado
Annual Comprehensive Financial Report
and Single Audit Report
Year ended December 31, 2024
With Comparative Totals for the Year Ended December 31, 2023
Issued by:
Financial Services Department of Housing Catalyst
Tonya Frammolino, Chief Financial Officer
2323
Housing Catalyst
Table of Contents
December 31, 2024
Introductory Section
Government Finance Officers Association of the United States and
Canada (GFOA) December 31, 2023 Certificate vii
Organizational Chart viii
List of Principal Officials ix
Financial Section
Management's Discussion and Analysis 5
Basic Financial Statements:
Statements of Net Position 17
Statements of Revenues, Expenses and Changes in Net Position 21
Statements of Cash Flows 23
Combining Statement of Net Position - Discretely Presented Component Units 27
Combining Statement of Revenues, Expenses and
Changes in Net Position - Discretely Presented Component Units 29
Notes to Financial Statements 30
Combining Schedule of Net Position 61
Combining Schedule of Revenues, Expenses and Changes in Net Position 63
Combining Schedule of Net Position - Blended Component Units 65
Combining Schedule of Revenues, Expenses and
Changes in Net Position - Blended Component Units 66
Statistical Section (Unaudited)
Net Position (Table 1) 68
Changes in Net Position (Table 2) 69
Operating Revenues by Source (Table 3) 71
Non-Operating Revenues by Source (Table 4) 72
Debt Service Coverage (Table 5) 73
Ratio of Debt to Capital Assets (Table 6) 75
Service Area Demographics / Statistics (Table 7) 76
Principal Employers for the City of Fort Collins (Table 8) 77
Resident Demographics / Population Statistics (Table 9) 78
Resident Demographics / Ethnicity Statistics (Table 10) 79
Number of Housing Catalyst Dwelling Units (Table 11) 80
Property Characteristics and Unit Composition (Table 12) 81
Number of Housing Catalyst Staff (Table 13) 82
Single Audit Section
Compliance and Other Matters Based on an Audit of Financial Statements
Government Auditing Standards 83
Independent Auditors' Report on Compliance for Each Major Program and on
Internal Control over Compliance Required by the Uniform Guidance 85
Schedule of Findings and Questioned Costs 88
Schedule of Expenditures of Federal Awards 90
2424
Housing Catalyst
Fort Collins, Colorado
Introductory Section:
Letter of Transmittal
Certificate of Achievement for Excellence in Financial Reporting
Organizational Chart
List of Principal Officials
2525
June 18, 202 5
Lizette Mill
Chairperson
Housing Catalyst Board of Commissioners
1715 W Mountain Ave
Fort Collins, CO 80521
Dear Chairperson, Mill, Honorable Commissioners, and Community Members:
We are pleased to present the Annual Comprehensive Financial Report (ACFR) for Housing Catalyst for
the year ended December 31, 202 4. This report is prepared in conformance with standards of financial
reporting as established by the Governmental Accounting Standards Board and the Government Finance
Officers Association. The United States Department of Housing and Urban Development (HUD ) requires
that all public housing authorities publish , within nine months after the fiscal year-end, financial
statements presented in conformity with Un ited States Generally Accepted Accounting Principles
(GAAP). Housing Catalyst's financial statements presented here have been audited by Eide Bailly, LLP. The
auditors issued an unmodified opinion on Housing Catalyst's financial statements for the years ended
December 31, 2024, and 2023. The data presented in this report is the responsibility of the management
of Housing Catalyst. To the best of our knowledge and belief, the data presented is accurate in all
material aspects; it is presented in a manner des igned to fairly state the financial position and results of
operations of Housing Catalyst; and all disclosures necessary have been included to enable the reader to
gain an understanding of Housing Catalyst's financial affairs. GAAP requires that managemen t provide a
narrative introduction, overview, and analysis to complement the basic financial statements in the form
of Management's Discussion and Analysis (MD&A). Housing Catalyst's MD&A can be found immediately
following the report of the independent aud itors. This transmittal letter is designed to complement the
MD&A and should be read in conjunction with it.
Housing Catalyst is required to undergo an annual single audit in conformity with the provisions of Title 2
U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles
and Audit Requirements for Federal Awards (Uniform Guidance). Information related to this single audit,
including the independent auditors' report on internal control over financial reporting and on
compliance and other matters based on an audit of financial statements performed in accordance with
Government Auditing Standards; the independent auditors' report on compliance with requirements
applicable to each major program and on internal control over compliance in accordance with the
Uniform Guidance; the Schedule of Federal Awards; Schedule of Findings and Questioned Costs; and the
schedule of prior year audit findings are included in the Single Audit Section of this report.
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Organizational Overview
For more than fifty years, Housing Catalyst has been building community in Northern Colorado. The
agency addresses the growing need for affordable homes through innovative, sustainable, community-
focused solutions—developing and managing residential properties, administering rental assistance, and
coordinating community programs and services. As a mission -driven real estate developer, Housing
Catalyst forges public-private partnerships to build and preserve affordable homes. The agency owns,
manages, or was instrumental in the creation of more than 1,800 local residences. In 2024, Housing
Catalyst supported more than 1,500 local families through rental assistance programs, administering
nearly $21 million in Housing Assistance Payments (HAP) to local landlords on behalf of program
participants. Housing Catalyst’s resident services enhance social and economic wellbeing by providing
resources, community-building events, and self-sufficiency programs. Each year the agency serves
thousands of community members, including seniors, individuals with disabilities, and children.
Founded in 1971 with a resolution by the Fort Collins City Council, Housing Catalyst now has a staff of
more than 90 employees, an annual operating budget of more than $40 million, and over $230 million in
owned and managed assets. The agency’s primary sources of operating funding are the U.S. Department
of Housing and Urban Development (housing voucher pass -through funding), property rental income,
real estate developer fees, and project-specific competitive public and private grants. Housing Catalyst
does not directly receive any City of Fort Collins general funds.
To achieve its mission, all Housing Catalyst operations focus on its triple bottom line:
• Maintaining the fiscal viability of the organization.
• Achieving a social goal through the provision of affordable housing and supportive services.
• Achieving environmental sustainability.
This report includes all of Housing Catalyst’s programs and its component units. Component units are
legally separate entities for which a government entity is financially accountable. Housing Catalyst is not
a component unit of the City of Fort Collins as defined by the pronouncements of the Governmental
Accounting Standards Board. The governing body for Housing Catalyst is its Board of Commissioners
comprised of seven members appointed by the Fort Collins City Council. The Board appoints a Chief
Executive Officer (CEO) to administer the affairs of Housing Catalyst. The City is not financially
accountable for the operations of Housing Catalyst, has no responsibility to fund deficits or receive
surpluses, and has not guaranteed Housing Catalyst's debt.
Economic Condition and Outlook
The 2021 City of Fort Collins Housing Strategic Plan found that disproportionate increases in housing
costs have continued to place a strain on residents. Between 2010 and 2020 rents in Fort Collins
increased 68%, the median sales price of single-family detached homes increased 124%, and the median
sales price of townhomes and condos rose 164%. During the same time period, wages increased by just
25%.
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Significant increases in home purchase prices increased the percentage of renters in Fort Collins. The city
is now almost evenly split between renters and homeowners. With demand for rental homes at an all -
time high, rents continue to rise. According to the Colorado Housing and Finance Authority Statewide
Apartment Survey, average rent in Fort Collins increased by 23% between 2020 and 2024. More than
60% of renters in Fort Collins are considered “cost burdened,” spending more than 30% of their income
on housing.
Similar trends are taking place at the county level. According to Larimer County’s 2021 Housing Needs
Assessment, between 2010 and 2018, median rent in Larimer County increased from $849 to $1,228 , a
45% increase. Renter incomes rose as well, but only by 33%—not enough to absorb the change in rents.
More than half of Larimer County renters are considered cost burdened.
As of 2019, only about 5% of Fort Collins’ overall housing stock was considered affordable. If the City of
Fort Collins hopes to reach its stated goal of ensuring that 10% of housing stock is affordable by 2040,
282 affordable homes would need to be added every year from 2020 -2040. As of the end of 2024, the
City was 1,114 units shy of meeting this target.
Funding instability continues to present challenges for long-term planning and budgeting. National
economic conditions contribute to local housing challenges, Congressional appropriations are often
uncertain when Housing Catalyst budgets are created, and staff must estimate annual subsidies based on
Congressional actions and historic data. In creasing sources of revenue other than those dependent upon
Congressional appropriations continues to be crucial to the sustainability of Housing Catalyst’s current
programs and future growth.
Since 2016, Housing Catalyst has maintained a S&P Global Rating of AA -. The rating reflects Housing
Catalyst’s strong enterprise risk profile, strong financial profile, very strong management, and clear
strategic plan to maximize affordable housing in Nort hern Colorado.
Long-Term Planning and Major Commitments and Initiatives
Housing Catalyst works to strategically increase the supply of affordable housing through new
development, preservation, acquisitions, and partnerships. The agency b uilds on its strength, history,
and reputation as a skilled developer to critically analyze and strategically pursue opportunities to build
and preserve homes that are affordable. Housing Catalyst develops and maintains strong strategic
partnerships and expertly utilizes available financing tools for maximum benefit to the Northern
Colorado community. To achieve its mission of building vibrant, sustainable communities, Housing
Catalyst approaches new construction and substantial renovation with a focus on intentional design,
environmental stewardship, and inclusive processes .
In early 2024, Housing Catalyst completed a Section 18 disposition of its remaining public housing units.
This strategic portfolio restructure enhanced operational efficiency, expanded affordability, and
introduced a broader range of housing types to better meet community needs.
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Housing Catalyst began to accumulate the assignment of significant Private Activity Bond (PAB) authority
in 2013 for the purpose of rehabilitating, developing , and refinancing affordable housing units located in
Fort Collins, Colorado. Through 2024, Housing Catalyst had secured the following assignments:
PAB Authority
City of Fort Collins $ 84,155,276
Larimer County 42,998,042
Weld County 16,165,035
State of Colorado 55,641,372
Other Counties 15,419,346
Total $214,379,071
Projects that have utilized or will utilize PAB authority are as follows:
Bonds
PAB Authority Issued
Village on Plum $ 8,750,000 2014
Village on Redwood 12,000,000 2016
Village on Horsetooth 19,190,000 2017
Village on Shields 35,000,000 2017
Lakeview on the Rise 30,950,600 2018
Meadows Townhomes 6,500,000 2020
Swallow Road Apartments 13,200,000 2021
Oak 140 14,272,787 2021
Northfield Commons 14,237,109 2022
Village on Impala 23,000,000 2023
Future Projects 37,278,575 -
Total $214,379,071
In January 2023, Housing Catalyst completed development on Oak 140. The five-story mixed-use building
is home to 79 apartments and two commercial tenant spaces. Made possible through a partnership
between Housing Catalyst and the Fort Collins Downtown Development Authority, Oak 140 is the first
Low Income Housing Tax Credit (LIHTC) project to address the community need for affordable housing
near downtown busines ses and services. The project was financed through a combination of 4% Federal
and State LIHTC’s, City of Fort Collins grant funds, capital contributions from the Downtown
Development Authority, a loan from Housing Catalyst, and Private Activity Bonds accumulated by
Housing Catalyst. To support the public bond offering, Housing Catalyst issued a general revenue pledge,
bolstered by its AA- credit rating from Standard & Poor’s..
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In summer 2023, Housing Catalyst began construction on the updated and expanded Village on Impala.
The project included renovations to the existing owned and operated Village on Impala, a 24-unit duplex
community, as well as the redevelopment of connected properties approved for Section 18 disposition .
The newly connected community provides 86 affordable homes, including 12 duplexes and 62
apartments. In total, the project nets 49 affordable homes, more than doubling the capacity of the
property. Community features include a clubhouse, playground, active green space, and connectivity
paths. The project was completed in the spring of 2025.
Financial Information
Management of Housing Catalyst is responsible for establishing and maintaining an internal control
structure designed to ensure that Housing Catalyst's assets are protected from loss, theft or misuse and
that adequate accounting data are compiled to allow for the preparation of financial statements in
conformity with GAAP. Housing Catalyst has designed its internal control structure to provide reasonable,
but not absolute, assurances that those objectives are met. The concept of reasonable assurance
recognizes that: (1) the costs of a control should not exceed the benefits likely to be derived and (2) the
valuation of costs and benefits requires estimates and judgment by management.
As a recipient of federal awards, Housing Catalyst is responsible for ensuring that adequate internal
controls are in place to provide compliance with applicable laws, regulations, contracts and grants
related to those programs. Those internal controls are subject to periodic evaluation by management,
and their independent auditors.
As part of Housing Catalyst's single audit, tests are made to determine the adequacy of the internal
controls, including that portion related to federal award programs, as well as to learn whether Housing
Catalyst has complied with applicable laws, regulations, contracts and grants. Housing Catalyst's single
audit for the year ended December 31, 2024, found no instances of material weakness in internal
controls. The results of these audit procedures are documented in the Single Audit Section of this Annual
Report.
Other Information – Awards
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to Housing Catalyst for its Annual
Comprehensive Financial Report for the year ended December 31, 202 3. This was the eleventh
consecutive year that Housing Catalyst has achieved this prestigious award. In order to be awarded a
Certificate of Achievement, a government must publish an easily readable and efficiently organized
Annual Comprehensive Financial Report. This report must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our current Annual
Comprehensive Financial Report continues to meet the Certificate of Achievement Program's
requirements, and we are submitting it to GFOA to determine its eligibility for another certificate.
3030
This recognition provides assurance to stakeholders, including funders, investors, and the public that
Housing Catalyst maintains the highest standards of financial integrity and reporting.
Acknowledgments
Timely preparation of the Annual Comprehensive Financial Report was made possible by the dedication
and hard work of the entire Finance and Accounting team. We extend our sincere appreciation to each
team member for their valuable contributions to this effort.
We also gratefully acknowledge the management and staff of Eide Bailly, LLP for their technical expertise
and professional support throughout the audit process .
Finally, we thank the members of the Board of Commissioners for their ongoing leadership and support,
without which of this report would not have been possible.
Respectfully submitted,
Julie Brewen
Chief Executive Officer
Tonya Frammolino
Chief Financial Officer
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Housing Catalyst
Organizational Chart
December 31, 2024
3333
Housing Catalyst
List of Principal Officials
December 31, 2024
Board of Commissioners: Management:
Lizette Mill Julie Brewen
Chairperson Chief Executive Director
Anne Nelsen Michele Christensen
Vice-Chairperson Chief Strategy & Operations Officer
Karen Dunbar Tonya Frammolino
Commissioner Chief Financial Officer
Emily Francis Kristin Krasnove Fritz
Commissioner Chief Real Estate Officer
Joseph Penta
Commissioner
Jennifer Wagner
Commissioner
Heather Clemenshaw
Commissioner
3434
Housing Catalyst
Fort Collins, Colorado
Financial Section:
Report of Independent Auditors
Management's Discussion and Analysis
Basic Financial Statements
Notes to Basic Financial Statements
Combining Financial Schedules
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4545
! "#$ %&%' ( ) ! *!* * +! , -. *!/ , + 0#*!* * +! , 23 #'& !/ 4. ,$#56$&&&1 ! *!* * +! , 7 8 9 , ! , !9 + 0#$%;#1 ! *!* * +! , 7 <+! ! , "" :, !9 + 0#$%;#1 +! , ,! + - 5 * '# ,!!1 > @ A +! ++! , ! ! , B! C !31 D, ! + ! ! ! !1 ! , C/! ! ! %EF +! %&%& %&%"$ + : 56F !1 +! , C ! H B ,! , /C ! ! ,/ /! 6F$ :, , * + : ! / *:, , * + 1 D, ! I* *: !1 ! / ++/ $ H C *!J ! , * R STPNU TSN NVWNOPNX PL TMQYR ZQP[ [QUPLSQOTM T\NSTYNU] U^WWLSPQRY _L^UQRY !/ 1 C, 7,! bHC7c *!! + 9 I* ! ! / , ,, ! + / , : 1 H4 + / ! ! ! #&EF H e + F 91 H:/!$ , + ! + ! *!*! ! + + !/ ,!, , HC7 *!! ! ! !3 !$ ! : ! * $ + , !! + , / * *! C !9 * ! + ,$ , ! ! !3 , * ++ $ *!J $ 1 2 :!3+! * ! ,! ++! , * ! , ,: g* **! , !! *! +! !:,1
4646
! "#$ %&%' (! ) )!( )!!*) +) * ) ,!*! - ))!* ! 0 - ) !) ! 9 :9;363<=8>>? 42 4@9 59<623AB >23<C! * . ( ! ! ! DD * D D! ( ) )!E. 0 - ! D ! !! )!E )!!( C! DD . ( )C! * $ D ! )!! !$ ) )! ! * )!D . /* * ! E D ) !!( ! ! . D ! ! ! ! )!0I D ( . 0 - ! ( ) D ) )! * )!! * *. D C! ))!*$ 0 - ! ) ! $ $ ) *D * ! ) $ !H $ ( * H C! D!. %&%%$ 0 - J ))!( )!) 0I ( K ! * N ! F( *!. /* )!( * D +I D $ 0 - * !) ! DD( ) (( )!! !. /* ! /K D 0I D !( $ J D! !! ! (! ! )) 0 - . PQRS
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SS Y GDD! - ( $ -G \&[%# .
4747
Housing Catalyst
Statement of Net Position
December 31, 2024
Discretely
Primary Presented
Government Component Units
Assets and Deferred Outflows of Resources
Current Assets
Cash and cash equivalents 16,602,682$ 1,733,745$
Restricted cash and cash equivalents 1,356,693 12,189,424
Accounts receivable
Grants 58,516 -
Tenants 77,069 182,150
Developer fees, current 240,559 -
Other 449,710 57,077
Accrued interest 326,124 -
Notes receivable - current portion 276,619 -
Prepaid expenses and other current assets 92,353 6,346
Inventory 97,432 -
Total Current Assets 19,577,757 14,168,742
Noncurrent Assets
Capital Assets
Non-depreciable 6,983,614 42,536,146
Depreciable, net 17,034,862 129,788,684
Lease assets, net 116,307 121,308
Total Capital Assets, Net 24,134,783 172,446,138
Other Assets
Developer fees receivable, long-term 7,893,531 -
Lease receivable - net of current portion 96,852 -
Notes receivable - net of current portion 75,297,461 -
Prepaid long-term lease 1,285,551 -
Other assets, net - 702,371
Investment in tax credit partnerships 146,448 -
Investment in future developments 620,924 -
Total Other Assets 85,340,767 702,371
Total Noncurrent Assets 109,475,550 173,148,509
Total Assets 129,053,307 187,317,251
Deferred Outflows of Resources - -
Total Assets and Deferred Outflows of Resources 129,053,307$ 187,317,251$
See Notes to Financial Statements
4848
Housing Catalyst
Statement of Net Position
Discretely
Primary Presented
Government Component Units
Liabilities, Deferred Inflows of Resources and Net Position
Current Liabilities
Accounts payable 242,463$ 2,935,167$
Accrued liabilities 105,142 -
Accrued compensation 821,108 -
Accrued interest payable 23,080 478,410
Unearned revenues 46,994 -
Tenant security deposits payable 138,636 354,191
Money held in escrow 373,451 -
Developer fees payable - current portion - 240,559
Leases payable - current portion 19,791 -
Notes and mortgages payable - current portion 602,595 15,099,768
Total Current Liabilities 2,373,260 19,108,095
Long-Term Liabilities
Bond premium, net of amortization 14,595 -
Leases payable, net of current portion 99,031 96,852
Notes and mortgages payable - net of current portion 12,591,383 122,219,092
Developer fees payable - net of current portion - 7,893,531
Total Long-Term Liabilities 12,705,009 130,209,475
Total Liabilities 15,078,269 149,317,570
Deferred Inflows of Resources 121,309 -
Net Position
Net investment in capital assets 19,154,411 35,030,426
Restricted - housing assistance payments 65,211 -
Unrestricted 94,634,107 2,969,255
Total Net Position 113,853,729 37,999,681
Total Liabilities, Deferred Inflows of Resources
and Net Position 129,053,307$ 187,317,251$
See Notes to Financial Statements
4949
Housing Catalyst
Statement of Net Position
December 31, 2023 (Comparative Totals Only)
Discretely
Primary Presented
Government Component Units
(Restated) (Restated)
Assets and Deferred Outflows of Resources
Current Assets
Cash and cash equivalents 18,942,078$ 1,446,437$
Restricted cash and cash equivalents 1,398,564 9,609,547
Accounts receivable
Grants 74,371 -
Tenants 83,703 298,331
Developer fees, current 1,107,637 -
Other 619,251 29,939
Accrued interest 239,806 -
Notes receivable - current portion 9,230,746 -
Prepaid expenses and other current assets 67,914 66,448
Inventory 103,203 -
Total Current Assets 31,867,273 11,450,702
Noncurrent Assets
Capital Assets
Non-depreciable 5,132,090 20,087,870
Depreciable, net 14,755,536 140,422,804
Lease assets, net 16,047 126,369
Total Capital Assets, Net 19,903,673 160,637,043
Developer fees receivable, long-term 6,360,300 -
Lease receivable - net of current portion 96,852 -
Notes receivable - net of current portion 73,807,818 -
Prepaid long-term lease 1,298,942 -
Other assets, net 2,073 742,641
Investment in tax credit partnerships 146,448 -
Investment in future developments 296,642 -
Total Other Assets 82,009,075 742,641
Total Noncurrent Assets 101,912,748 161,379,684
Total Assets 133,780,021 172,830,386
Deferred Outflows of Resources - -
Total Assets and Deferred Outflows of Resources 133,780,021$ 172,830,386$
See Notes to Financial Statements
5050
Housing Catalyst
Statement of Net Position
Discretely
Primary Presented
Government Component Units
(Restated) (Restated)
Liabilities, Deferred Inflows of Resources and Net Position
Current Liabilities
Accounts payable 218,420$ 1,087,317$
Accrued liabilities 137,189 -
Accrued compensation 728,970 -
Accrued interest payable 124,433 339,579
Unearned revenues 110,137 -
Tenant security deposits payable 143,664 393,184
Money held in escrow 325,496 -
Developer fees payable - current portion - 1,107,637
Leases payable - current portion 21,070 -
Notes and mortgages payable - current portion 11,591,083 11,900,787
Total Current Liabilities 13,400,462 14,828,504
Long-Term Liabilities
Leases payable - net of current portion 15,602 96,852
Notes and mortgages payable - net of current portion 13,187,382 118,240,418
Developer fees payable - 6,360,300
Total Long-Term Liabilities 13,202,984 124,697,570
Total Liabilities 26,603,446 139,526,074
Deferred Inflows of Resources 126,369 -
Net Position
Net investment in capital assets 14,983,745 30,398,986
Restricted - housing assistance payments 102,641 -
Unrestricted 91,963,820 2,905,326
Total Net Position 107,050,206 33,304,312
Total Liabilities, Deferred Inflows of Resources
See Notes to Financial Statements
5151
Housing Catalyst
Statement of Revenues, Expenses and Changes in Net Position
Year Ended December 31, 2024
Discretely
Primary Presented
Government Component Units
Operating Revenues
HUD PHA grants 23,711,670$ -$
Other grants 2,843,410 -
Rental income 3,814,977 10,829,530
Administration fees 5,059,257 -
Developer fees 1,781,579 -
Other 587,258 806,405
Total Operating Revenues 37,798,151 11,635,935
Operating Expenses
Housing assistance payments 21,300,413 -
Administrative salaries and benefits 7,994,089 1,115,587
Maintenance salaries and benefits 1,163,546 -
Other administrative 1,630,299 3,766,572
Ordinary maintenance 812,957 2,546,726
Depreciation and amortization 1,478,698 6,976,529
Utilities 318,278 706,555
Insurance 363,015 651,959
Payments in lieu of taxes 191 -
Other 108,435 -
Total Operating Expenses 35,169,921 15,763,928
Operating Income (Loss)2,628,230 (4,127,993)
Non-Operating Revenues (Expenses)
Interest income 2,631,146 138,423
Interest expense (438,620) (3,304,371)
Other financing costs (500) -
Gain (loss) on sale of capital assets 1,983,267 (69,196)
Total Non-Operating Revenues (Expenses), net 4,175,293 (3,235,144)
Income (Loss) Before Contributions and Distributions 6,803,523 (7,363,137)
Capital Contributions - 12,714,101
Change in Net Position 6,803,523 5,350,964
Net Position, Beginning of the Year,
As Previously Stated 106,538,715 33,304,312
Change in Accounting Principle (Note 1) (144,104) -
Change in Reporting Entity (Note 1) 655,595 (655,595)
Net Position, Beginning of the Year, As Restated 107,050,206 32,648,717
Net Position, End of the Year 113,853,729$ 37,999,681$
See Notes to Financial Statements
5252
Housing Catalyst
Statement of Revenues, Expenses and Changes in Net Position
Year Ended December 31, 2023 (Comparative Totals Only)
Discretely
Primary Presented
Government Component Units
(Restated) (Restated)
Operating Revenues
HUD PHA grants 21,965,131$ -$
Other grants 1,487,401 -
Rental income 3,613,410 10,443,902
Administration fees 5,063,471 -
Developer fees 1,264,246 -
Other 744,652 521,642
Total Operating Revenues 34,138,311 10,965,544
Operating Expenses
Housing assistance payments 19,225,513 -
Administrative salaries and benefits 8,018,857 1,209,513
Maintenance salaries and benefits 963,352 -
Other administrative 1,999,237 3,288,997
Ordinary maintenance 1,067,236 2,488,492
Depreciation and amortization 1,238,058 7,387,214
Utilities 345,316 661,656
Insurance 294,356 519,903
Payments in lieu of taxes 1,542 -
Other 170,107 -
Total Operating Expenses 33,323,574 15,555,775
Operating Income (Loss)814,737 (4,590,231)
Non-Operating Revenues (Expenses)
Interest income 2,494,785 165,838
Interest expense (651,830) (3,453,040)
Other financing costs (4,287) -
Gain (loss) on disposal of capital assets 9,585,777 (12,170)
Total Non-Operating Revenues (Expenses), net 11,424,445 (3,299,372)
Income (Loss) Before Contributions and Distributions 12,239,182 (7,889,603)
Capital Contributions - 2,501,530
Change in Net Position 12,239,182 (5,388,073)
Net Position, Beginning of the Year, 94,811,024 38,692,385
Net Position, End of the Year 107,050,206$ 33,304,312$
See Notes to Financial Statements
5353
Housing Catalyst
Statement of Cash Flows
Year Ended December 31, 2024
Primary
Government
Operating Activities
HUD PHA grants 23,727,525$
Other grants 2,843,410
Receipts from tenants 3,753,440
Administration fees 5,059,257
Other income 751,739
Developer fee income 1,115,426
Housing assistance payments (21,252,458)
Payments to employees (9,065,497)
Payments to suppliers (3,246,956)
Net Cash from Operating Activities 3,685,886
Capital and Related Financing Activities
Principal payments on long-term debt (11,584,487)
Principal payments on leases payable (27,572)
Proceeds from sale of capital assets 2,075,268
Interest paid on leases payable and long-term debt (540,980)
Acquisition of capital assets (5,435,192)
Net Cash used for Capital and Related Financing Activities (15,512,963)
Investing Activities
Receipts on notes receivable 11,281,773
Note receivable advance to related party (2,203,402)
Interest income 930,941
Investments in future developments (563,502)
Net Cash from Investing Activities 9,445,810
Net Change in Cash and Cash Equivalents and Restricted Cash (2,381,267)
Cash and Cash Equivalents and Restricted Cash,
Beginning of the Year, As Restated 20,340,642
Cash and Cash Equivalents and Restricted Cash, End of Year 17,959,375$
See Notes to Financial Statements
5454
Housing Catalyst
Statement of Cash Flows
Primary
Government
Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and Cash Equivalents 16,602,682$
Restricted Cash and Cash Equivalents 1,356,693
Total Cash and Cash Equivalents and Restricted Cash 17,959,375$
Reconciliation of Change in Net Position to Net Cash
From Operating Activities
Operating Income 2,628,230$
Adjustments to reconcile operating income
to net cash from operating activities
Depreciation and amortization 1,478,698
Other financing costs paid (500)
Increase in deferred inflows of resources (5,060)
Changes in assets and liabilities
(Increase) decrease in assets:
Receivables (474,123)
Inventory 5,771
Prepaid expenses (11,048)
Increase (decrease) in liabilities:
Accounts payable 24,043
Tenant security deposits payable (5,028)
Money held in escrow 47,955
Accrued compensation 92,138
Accrued liabilities (32,047)
Unearned revenue (63,143)
Net Cash from Operating Activities 3,685,886$
Schedule of Noncash Investing Activities:
Increase in notes receivable from accrued interest 1,613,887$
Increase in leases payable for the acquisition of right to use leased assets 125,324$
See Notes to Financial Statements
5555
Housing Catalyst
Statement of Cash Flows
Year Ended December 31, 2023 (Comparative Totals Only)
Primary
Government
(Restated)
Operating Activities
HUD PHA grants 22,128,920$
Other grants 1,543,527
Receipts from tenants 3,513,016
Administration fees 5,063,471
Other income 521,597
Developer fee income 2,716,252
Housing assistance payments (19,181,680)
Payments to employees (8,890,331)
Payments to suppliers (3,773,630)
Net Cash from Operating Activities 3,641,142
Capital and Related Financing Activities
Proceeds from long-term debt 7,273
Principal payments on long-term debt (379,279)
Principal payments on leases payable (13,914)
Proceeds from sale of capital assets 11,223,086
Interest paid on leases payable and long-term debt (484,531)
Acquisition of capital assets (6,548,290)
Net Cash from Capital and Related Financing Activities 3,804,345
Investing Activities
Receipts on notes receivable 102,215
Note receivable advance to related party (10,566,000)
Interest income 991,060
Investments in future developments 352,556
Net Cash used for Investing Activities (9,120,169)
Net Change in Cash and Cash Equivalents and Restricted Cash (1,674,682)
Cash and Cash Equivalents and Restricted Cash, Beginning of Year 22,015,324
Cash and Cash Equivalents and Restricted Cash, End of Year 20,340,642$
See Notes to Financial Statements
5656
Housing Catalyst
Statement of Cash Flows
Primary
Government
(Restated)
Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and Cash Equivalents 18,942,078$
Restricted Cash and Cash Equivalents 1,398,564
Total Cash and Cash Equivalents and Restricted Cash 20,340,642$
Reconciliation of Change in Net Position to Net Cash
From Operating Activities
Operating Income 814,737$
Adjustments to reconcile operating income
to net cash from operating activities
Depreciation and amortization 1,238,058
Other financing costs paid (4,287)
Decrease in investment in tax credit partnerships 655
Decrease in deferred inflows of resources (41,643)
Changes in assets and liabilities
(Increase) decrease in assets:
Receivables 1,428,694
Inventory (27,120)
Prepaid expenses 109,785
Increase (decrease) in liabilities:
Accounts payable 73,291
Tenant security deposits payable (5,261)
Money held in escrow 43,833
Accrued compensation (52,226)
Accrued liabilities 96,599
Unearned revenue (33,973)
Net Cash from Operating Activities 3,641,142$
Schedule of Noncash Investing Activities:
Increase in notes receivable from accrued interest 1,414,418$
See Notes to Financial Statements
5757
Housing Catalyst
Combining Statement of Net Position - Discretely Presented Component Units
December 31, 2024
Mason Redtail Village on Village on Village on Village on Village on
Place Oak 140 Ponds PSH Horsetooth Impala Plum Redwood Shields Total
Assets
Current Assets
Cash 141,715$ 577,986$ 11,145$ 287,649$ 683$ 559,866$ 121,388$ 33,313$ 1,733,745$
Restricted cash 962,821 533,454 786,230 456,663 5,967,454 786,566 555,736 2,140,500 12,189,424
Accounts receivable
Tenants 16,277 14,447 16,275 31,756 2,479 20,261 7,184 73,471 182,150
Other 37,250 5,385 - - - - 14,400 42 57,077
Prepaid expenses 5,259 262 612 - - - 100 113 6,346
Total Current Assets 1,163,322 1,131,534 814,262 776,068 5,970,616 1,366,693 698,808 2,247,439 14,168,742
Capital Assets
Non-depreciable 3,013,850 153,708 862,000 1,113,963 32,758,414 543,454 230,000 3,860,757 42,536,146
Depreciable, net 12,012,835 23,935,337 6,628,053 18,479,782 4,001,987 8,870,895 13,011,133 42,848,662 129,788,684
Leased capital assets, net - - - - - 121,308 - - 121,308
Total Capital Assets, Net 15,026,685 24,089,045 7,490,053 19,593,745 36,760,401 9,535,657 13,241,133 46,709,419 172,446,138
Other Assets 120,431 246,145 21,019 64,781 - 22,418 36,248 191,329 702,371
Total Noncurrent Assets 15,147,116 24,335,190 7,511,072 19,658,526 36,760,401 9,558,075 13,277,381 46,900,748 173,148,509
Total Assets 16,310,438$ 25,466,724$ 8,325,334$ 20,434,594$ 42,731,017$ 10,924,768$ 13,976,189$ 49,148,187$ 187,317,251$
Liabilities and Net Position
Current Liabilities
Accounts payable 194,632$ 26,030$ 55,609$ 48,808$ 2,325,532$ 40,082$ 152,141$ 92,333$ 2,935,167$
Accrued interest
payable 3,573 221,743 5,809 40,785 39,100 79,977 19,443 67,980 478,410
Tenant security
deposits payable 12,200 37,150 12,000 51,691 9,197 54,524 42,586 134,843 354,191
Developer fee payable
- current portion - - - 28,587 - 166,215 10,268 35,489 240,559
See Notes to Financial Statements
5858
Housing Catalyst
Combining Statement of Net Position - Discretely Presented Component Units
December 31, 2024
Mason Redtail Village on Village on Village on Village on Village on
mortgages payable
- current portion 31,256 165,000 57,995 174,041 14,200,000 153,376 54,432 263,668 15,099,768
Total Current Liabilities 241,661 449,923 131,413 343,912 16,573,829 494,174 278,870 594,313 19,108,095
Long-Term Liabilities
Leases payable - long-term - - - - - 96,852 - - 96,852
Notes and mortgages
payable - net of
current portion 6,937,452 13,536,104 4,684,995 13,473,131 22,672,482 10,248,139 10,452,202 40,214,587 122,219,092
Developer fee
payable - net of
current portion 620,743 470,872 - 376,734 2,243,220 118,428 199,393 3,864,141 7,893,531
Total Long-Term Liabilities 7,558,195 14,006,976 4,684,995 13,849,865 24,915,702 10,463,419 10,651,595 44,078,728 130,209,475
Total Liabilities 7,799,856 14,456,899 4,816,408 14,193,777 41,489,531 10,957,593 10,930,465 44,673,041 149,317,570
Net Position (Deficit)
Net investment in
capital assets 8,057,977 10,387,941 2,747,063 5,946,573 (112,081) (962,710) 2,734,499 6,231,164 35,030,426
Unrestricted 452,605 621,884 761,863 294,244 1,353,567 929,885 311,225 (1,756,018) 2,969,255
Total Net Position (Deficit)8,510,582 11,009,825 3,508,926 6,240,817 1,241,486 (32,825) 3,045,724 4,475,146 37,999,681
Total Liabilities and
Net Position (Deficit) 16,310,438$ 25,466,724$ 8,325,334$ 20,434,594$ 42,731,017$ 10,924,768$ 13,976,189$ 49,148,187$ 187,317,251$
See Notes to Financial Statements
5959
Housing Catalyst
Combining Statement of Revenues, Expenses and Changes in Net Position - Discretely Presented Component Units
Year Ended December 31, 2024
Mason Redtail Village on Village on Village on Village on Village on
Place Oak 140 Ponds PSH Horsetooth Impala Plum Redwood Shields Total
Operating Revenues
Rental income 977,121$ 1,065,587$ 935,026$ 1,359,781$ 236,740$ 1,554,080$ 895,654$ 3,805,541$ 10,829,530$
Other 14,150 33,863 404,241 40,571 3,862 50,165 19,628 239,925 806,405
Total Operating Revenues 991,271 1,099,450 1,339,267 1,400,352 240,602 1,604,245 915,282 4,045,466 11,635,935
Operating Expenses
Administrative salaries
and benefits 125,412 118,877 135,306 100,864 76,563 131,753 80,416 346,396 1,115,587
Other administrative 384,565 291,177 789,225 358,710 113,694 376,864 259,150 1,193,187 3,766,572
Regular and extraordinary
maintenance 318,790 190,231 184,164 318,242 55,583 290,561 274,335 914,820 2,546,726
Depreciation and
amortization 640,259 1,204,017 451,958 934,802 140,684 607,356 731,049 2,266,404 6,976,529
Utilities 83,934 81,436 88,651 85,077 31,822 90,434 72,821 172,380 706,555
Insurance 40,963 73,776 45,537 84,383 20,381 96,125 69,318 221,476 651,959
Total Operating Expenses 1,593,923 1,959,514 1,694,841 1,882,078 438,727 1,593,093 1,487,089 5,114,663 15,763,928
Operating Income (Loss)(602,652) (860,064) (355,574) (481,726) (198,125) 11,152 (571,807) (1,069,197) (4,127,993)
Non-Operating Revenues (Expenses)
Interest income 16,507 30,336 1,528 9,432 264 22,736 7,197 50,423 138,423
Interest expense (206,796) (292,540) (150,047) (378,395) (146,287) (380,691) (370,767) (1,378,848) (3,304,371)
Loss on disposal of
capital assets (25,399) (10,270) (12,037) (12,908) - - (1,384) (7,198) (69,196)
Total Non-Operating
Revenues (Expenses)(215,688) (272,474) (160,556) (381,871) (146,023) (357,955) (364,954) (1,335,623) (3,235,144)
Loss Before Contributions
and Distributions (818,340) (1,132,538) (516,130) (863,597) (344,148) (346,803) (936,761) (2,404,820) (7,363,137)
Capital Contributions - 12,714,101 - - - - - - 12,714,101
Change in Net
Position (Deficit) (818,340) 11,581,563 (516,130) (863,597) (344,148) (346,803) (936,761) (2,404,820) 5,350,964
Net Position (Deficit),
Beginning of the Year 9,328,922 (571,738) 4,025,056 7,104,414 1,585,634 313,978 3,982,485 6,879,966 32,648,717
Net Position (Deficit),
See Notes to Financial Statements
6060
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Note 1 - Nature of Operations and Significant Accounting Policies
General
Housing Catalyst is governed by a seven-member Board of Commissioners.
Reporting Entity
• The organization is legally separated (can sue and be sued in their own name)
• Housing Catalyst holds the corporate powers of the organization
• Housing Catalyst appoints a voting majority of the organization’s board
• Housing Catalyst is able to impose its will on the organization
• The organization has the potential to impose a financial benefit/burden on Housing Catalyst
• There is fiscal dependency by the organization on Housing Catalyst
Blended Component Units
created in May 1971 and uses available federal, state, and local resources to serve the residents of Fort
Collins,Colorado by upgrading and maintaining the existing housing stock,encouraging the construction of
new housing affordable to low and moderate income households, and providing low and moderate income
families and senior households with decent, safe, and affordable rental housing opportunities. Housing
vouchers, 50 Family Unification Program (FUP)vouchers, 16 Foster Youth to Independence (FYI)vouchers,
24 Emergency Housing (EHV) vouchers and 273 Five Year Mainstream vouchers.
for including organizations as component units within the reporting entity, as set forth in Section 2100 of the
Governmental Accounting Standards Board’s (GASB)Codification of Government Accounting and Financial
County Housing Authority (LCHA).The purpose of LCHA is to provide safe and sanitary accommodations to
the low and moderate-income residents of the County of Larimer.Over the past several years, Housing
Catalyst has maintained a contractual relationship with LCHA for the administration of its housing activities.
However,in January 1997, the Larimer County Board of Supervisors assigned all interests in LCHA to Housing
Catalyst,as LCHA was deemed immaterial with respect to the overall functions of the County. Thus, despite
being a legally separate entity and receiving funds directly from the Department of Housing and Urban
Development,LCHA has been accounted for as a blended component unit of Housing Catalyst as the
members of Housing Catalyst's Board also acts as the governing body of LCHA and LCHA's operations are
fully the responsibility of the management of Housing Catalyst.Accordingly, the balances and transactions of
this component unit are reported within the proprietary funds of Housing Catalyst.
6161
Housing Catalyst
Notes to Financial Statements
December 31, 2024
on Elizabeth,LLC,Village on Stanford,LLC,Redtail Ponds Permanent Supportive Housing,LLC,Redtail
Ponds Permanent Supportive Housing Development,LLC,Village on Plum,LLC,Village on Plum
Development,LLC,Village on Redwood,LLC,Village on Redwood Development,LLC,Village on Horsetooth,
LLC,Village on Horsetooth Development,LLC,Village on Shields,LLC,Village on Shields Development,LLC,
Mason Place,LLC,Mason Place Development,LLC,Oak 140,LLC,Village on Impala,LLC,Housing Catalyst
Swallow Road,LLC,Housing Catalyst Development Services,LLC and Housing Catalyst,LLC,which are
general partner in Village on Stanford,LLLP,Redtail Ponds Permanent Supportive Housing,LLC is the
general partner in Redtail Ponds Permanent Supportive Housing,LLLP,Village on Plum,LLC is the general
partner in Village on Plum,LLLP,Village on Redwood,LLC is the general partner in Village on Redwood,
LLLP,Village on Horsetooth,LLC is the general partner of Village on Horsetooth,LLLP,Village on Shields,
LLC is the general partner of Village on Shields,LLLP,Mason Place,LLC is the general partner of Mason
Place,LLLP,Oak 140,LLC is the general partner of Oak 140,LLLP and Village on Impala,LLC is the general
were also appointed to the board of directors of Villages,Ltd (Villages).The change in board structure resulted
in Villages being subject to oversight and control by Housing Catalyst.Villages,formerly known as Fort Collins
Housing Corporation,is a not-for-profit organization organized in 1980 to provide housing for the elderly and
low-income families of Fort Collins,Colorado.Substantially all of Villages revenue is currently derived from
rental operations and grants.In total,Villages owns and manages 172 residential units and a leasing and
management office.As a legally separate entity,Villages,Ltd.has been reported as a blended component unit
was transferred to Villages.The change in ownership resulted in VOE being subject to oversight and control
by Housing Catalyst.VOE was formed January 22,2007,as a limited liability limited partnership for the
purpose of owning and operating a 48-unit multifamily housing project in Fort Collins,Colorado for residents
with low or moderate income.Substantially all of VOE's revenue is currently derived from rental operations.As
a legally separate entity,VOE has been reported as a blended component unit starting with the year ended
transferred to Villages.The change in ownership resulted in VOS being subject to oversight and control by
Housing Catalyst.VOS was formed January 15,2009,as a limited liability limited partnership for the purpose
of owning and operating a 82-unit multifamily housing project in Fort Collins,Colorado for residents with low or
moderate income.Substantially all of VOS's revenue is currently derived from rental operations.As a legally
separate entity,VOS has been reported as a blended component unit starting with the year ended December
6262
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Discretely Presented Component Units
Catalyst’s eight discretely presented component units. These units are reported in separate columns to
Permanent Supportive Housing, LLC,Village on Plum Development, LLC was formed to be the developer in
Village on Plum,LLLP,Village on Redwood Development, LLC was formed to be the developer in Village on
Redwood, LLLP,Village on Horsetooth Development, LLC was formed to be the developer in Village on
Horsetooth, LLLP,Village on Shields Development, LLC was formed to be the developer in Village on Shields,
LLLP and Mason Place Development, LLC was formed to be the developer for Mason Place, LLLP. Housing
Catalyst Swallow Road, LLC was formed to be the special limited partner for Swallow Road Apartments, LLLP,
an 84 unit low income housing tax credit project. Housing Catalyst Development Services, LLC was formed to
provide development services to various housing projects. Housing Catalyst,LLC was formed to be an entity
that will be used, as needed,to participate as the partner in future development projects for Housing Catalyst
when desired to facilitate project financing. Housing Catalyst,LLC is the administrative general partner in
Provincetowne Green LLLP, an 85 unit low income housing tax credit project.
by Housing Catalyst. Village on Plum,LLC has an ownership percentage of 0.01%.As the general partner,
partnership, Redtail Ponds Permanent Supportive Housing, LLC,is wholly owned by Housing Catalyst.Redtail
Ponds Permanent Supportive Housing, LLC has an ownership percentage of 0.01%.As the general partner,
owned by Housing Catalyst. Village on Redwood, LLC has an ownership percentage of 0.01%.As the general
wholly owned by Housing Catalyst. Village on Horsetooth, LLC has an ownership percentage of 0.01%.As the
owned by Housing Catalyst. Village on Shields, LLC has an ownership percentage of 0.01%.As the general
owned by Housing Catalyst.Mason Place, LLC has an ownership percentage of 0.01%.As the general
6363
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Basis of Accounting
Cash and Cash Equivalents
Accounts and Notes Receivable
Management considers receivables to be fully collectible.If amounts become uncollectible,they are charged
to operations in the period in which that determination is made.Accounting principles generally accepted in
the United States of America require that the allowance method be used to recognize bad debts;however,the
effect of using the direct write-off method is not materially different from the results that would have been
accounted for on the flow of economic resources measurement focus and use the accrual basis of accounting.
Revenue is recognized when earned and expenses are recorded at the time liabilities are incurred.All assets,
deferred outflows,liabilities and deferred inflows associated with the operations of Housing Catalyst are
Federal Government backed by the full faith and credit of the United States,obligations of government
agencies,securities of government sponsored agencies,demand and savings deposits,time deposits,
investments with a maturity of three months or less when purchased to be cash equivalents.Certificates of
deposit are also considered to be cash equivalents due to their highly liquid nature and insignificant risk of
change in value due to changes in interest rates.Housing Catalyst uses certificates of deposit as part of the
Catalyst.Oak 140,LLC has an ownership percentage of 0.009%.As the general partner,Housing Catalyst
owned by Housing Catalyst.Village on Impala,LLC has an ownership percentage of 0.01%.As the general
basic financial statements.Complete financial statements of the individual component units can be obtained
separate accounting entity.The operations of each program are accounted for with a separate set of self-
balancing accounts that comprise its assets and deferred outflows,liabilities and deferred inflows,net position,
6464
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Inventory
Inventories are valued at cost using the first-in/first-out method.
Capital Assets
Buildings and Improvements 15 - 30 Years
Furniture and Equipment 3 - 15 Years
Investment in Tax Credit Partnerships and Future Developments
Operating Revenues and Expenses
Housing Catalyst considers all revenues and expenses (including HUD intergovernmental revenues and
expenses)as operating items with the exception of interest expense,interest revenue,other financing costs
misrepresentation in the application process for rent calculations and now owe additional rent for prior periods
indicate that the carrying value of the asset may not be recoverable.Recoverability is measured by a
comparison of the carrying amount of the asset to the future net undiscounted cash flow expected to be
generated and any estimated proceeds from the eventual disposition.If the long-lived assets are considered to
be impaired,the impairment to be recognized is measured at the amount by which the carrying amount of the
asset exceeds the fair value as determined from an appraisal,discounted cash flows analysis,or other
Housing Catalyst uses a capitalization threshold of $5,000.Donated capital assets are valued at their
acquisition value on the date donated.The costs of normal maintenance and repairs that do not add to the
cost,plus (minus)Housing Catalyst’s equity in net earnings (losses)since acquisition,less any distributions
6565
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Developer Fee Revenue Recognition
Restricted and Unrestricted Resources
Compensated Absences
Unearned Revenues
Components of Net Position
Components of net position include the following:
•Unrestricted Net Position –Consists of assets and deferred outflows less related liabilities and deferred
inflows reported in the basic statement of net position that are not subject to restraints on their use.
of affordable housing.Developer fees are generally recognized under the percentage-of-completion method
unspent EHV service fee grant funds and $3,058 of unspent Kaiser Foundation financial health initiative grant
Restricted Net Position –Consists of assets and deferred outflows less related liabilities and deferred
inflows reported in the basic statement of net position that are subject to restraints on their use by HUD.
accumulate and carry over a total of 220 hours of vacation time and 48 hours of sick time.Upon separation or
termination from the Housing Catalyst,an employee will not be paid time in excess of 220 hours for vacation
and no payment is made for accumulated sick time.As of December 31,2024,the balance of compensated
Net Investment in Capital Assets –Consists of capital assets,net of accumulated depreciation and
reduced by outstanding balances of debt issued to finance the acquisition,improvement,or construction of
6666
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Budgetary
Accounting Estimates
Comparative Totals
Change in Reporting Entity
Change in Accounting Principle
Change in Change in
Previously Accounting Reporting
Reported Principle Entity Revised
Primary Government 106,538,715$ (144,104)$ 655,595$ 107,050,206$
Discretely Presented
transferred to Villages.The change in ownership resulted in VOS being subject to oversight and control by
Housing Catalyst.As a legally separate entity,VOS has been reported as a blended component unit starting
with the year ended December 31,2024,and all prior periods presented have been adjusted to include VOS
in total.Such information does not include sufficient detail to constitute a presentation in conformity with
generally accepted accounting principles.Accordingly,such information should be read in conjunction with the
Authority's financial statements for the year ended December 31,2023,from which the summarized
budget to actual statements are presented in this report,as housing authorities are not legally required to
management to make estimates and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and reported amounts of revenues and expenses during the reporting
Compensated Absences .The
provisions of this standard modernize the types of leave that are considered a compensated absence and
6767
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Note 2 - Deposits and Investments
Primary Government
Deposits
Custodial Credit Risk
For the primary government, cash and cash equivalents consist of the following at December 31, 2024:
Cash and cash equivalents - unrestricted 16,602,682$
Cash and cash equivalents - restricted 1,356,693
Total cash and cash equivalents 17,959,375
Less: cash on hand (950)
Total deposits 17,958,425$
balance was $18,220,718.Of the bank balances,$1,079,390 was covered by Federal Depository Insurance.
Of the remaining balances for 2024,$17,141,328 was collateralized with securities held by a pledging financial
institution’s agent in the government’s name.
returned to it.As of December 31,2024,Housing Catalyst's deposits were not exposed to custodial credit risk,
as all deposits were insured by the Federal Deposit Insurance Corporation (FDIC)and collateralized in
eligible public depositories.Eligibility is determined by state regulations.Amounts on deposit in excess of
federal insurance levels must be collateralized by eligible collateral as determined by the PDPA.The institution
is allowed to create a single collateral pool for all public funds held.The pool is to be maintained by another
institution or held in trust for all the uninsured public deposits as a group.The market value of the collateral
must be at or equal to 102%of the uninsured deposits.The general depository agreement required by annual
6868
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Investments
• Obligations of the United States and certain U.S. government agency securities
• Insured Money Market Deposit Accounts
• Municipal Depository Fund
• Super NOW Accounts
• Certificates of Deposit
• Repurchase Agreements
• Sweep Accounts
• Separate Trading of Registered Interest and Principal of Securities (STRIPS)
• Mutual Funds that meet HUD criteria
Discretely Presented Component Units
Cash and cash equivalents - unrestricted 1,733,745$
Cash and cash equivalents - restricted 12,189,424
Total cash and cash equivalents 13,923,169
Less: cash on hand (386)
Total deposits 13,922,783$
Note 3 - Restricted Cash
Primary Government
Housing Catalyst’s deposit and investment policy specifies that all investments are to be adequately
collateralized if deposits and investments exceed federal insurance limits.The policy does not formally
Voucher program,held in escrow in order to comply with HUD requirements for the family self-sufficiency
financial institutions and are guaranteed by the FDIC up to $250,000 per depositor,per bank,for each account
ownership category.As of December 31,2024,the discretely presented component units has approximately
6969
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Discretely Presented Component Units
Note 4 - Lease Receivable (Primary Government)
Note 5 - Notes Receivable (Primary Government)
Notes receivable as of December 31, 2023 consist of the following:
2,961,059$
5,503,504
6,555,775
5,271,192
23,258,699
3,816,616
of operating deficits,repairs or improvements to the buildings which extend their useful lives,annual insurance
annum,yearly payments to the extent of available cash flow with the entire balance due
April 2056 and collateralized by a deed of trust and an agreement of restrictive
annum,yearly payments to the extent of available cash flow with the entire balance due
August 2057 and collateralized by a deed of trust and an agreement of restrictive
a maturity date of October 3013.The lease was prepaid for the first 15 years of the lease.During the year
ended December 31,2024,Villages recognized revenue of $5,060.Income over the next five years is
yearly payments to the extent of available cash flow with the entire balance due October
2044 and collateralized by a deed of trust and an agreement of restrictive covenants on
5.00%per annum,yearly payments to the extent of available cash flow with maturity
dates ranging from December 2050 to December 2060 and collateralized by a deed of
trust and an agreement of restrictive covenants on the property.
2.00%to 2.60%per annum,yearly payments to the extent of available cash flow with
the entire balance due April 2059 and collateralized by a deed of trust and an
interest rates ranging from 2.50%to 4.00%per annum,yearly payments to the extent of
available cash flow with the entire balance due January 2045 and collateralized by a
7070
Housing Catalyst
Notes to Financial Statements
December 31, 2024
14,115,721
717,164
227,756
13,125,885
Other notes receivable 20,709
Total notes receivable 75,574,080
Less current portion (276,619)
Notes receivable - net of current portion 75,297,461$
yearly principal and interest payments of $121,869,with a maturity dates of July 2026
and collateralized by a deed of trust and an agreement of restrictive covenants on the
annum,yearly payments to be made in accordance with the loan agreements and to the
extent of available cash flow with maturity dates ranging from July 2039 to January
2054 and collateralized by a deed of trust and an agreement of restrictive covenants on
1.00%to 3.98%per annum,yearly payments to the extent of available cash flow with
the entire balance due July 2063 and collateralized by a deed of trust and an agreement
per annum,yearly payments to the extent of available cash flow,a maturity date of
December 2032 and collateralized by a deed of trust and an agreement of restrictive
7171
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Note 6 - Capital Assets
Balance Balance
01/01/24 Additions Deletions 12/31/24
Land 4,823,107$ 2,196,271$ (59,801)$ 6,959,577$
Construction in progress 308,983 14,855 (299,801) 24,037
5,132,090 2,211,126 (359,602) 6,983,614
Depreciable/Amortizable
Buildings and improvements 30,669,814 3,491,202 (523,021) 33,637,995
Furniture and equipment 2,447,620 271,143 (872,821) 1,845,942
Lease assets 174,647 125,324 (174,647) 125,324
Total depreciable capital assets 33,292,081 3,887,669 (1,570,489) 35,609,261
Less: Accumulated Depreciation
Buildings and improvements (16,527,153) (1,297,477) 500,297 (17,324,333)
Furniture and equipment (1,834,746) (154,082) 864,086 (1,124,742)
Less: Accumulated Amortization
Lease assets (158,599) (25,065) 174,647 (9,017)
Total accumulated depreciation
and amortization (18,520,498) (1,476,624) 1,539,030 (18,458,092)
Net Depreciable Capital Assets 14,771,583 2,411,045 (31,459) 17,151,169
Total Capital Assets 19,903,673$ 4,622,171$ (391,061)$ 24,134,783$
7272
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Balance Balance
01/01/24 Additions Deletions 12/31/24
Land 11,875,408$ -$ -$ 11,875,408$
Construction in progress 7,214,025 23,446,713 - 30,660,738
19,089,433 23,446,713 - 42,536,146
Depreciable/Amortizable
Buildings and improvements 155,869,140 89,253 (71,078) 155,887,315
Land improvements 9,364,324 106,592 (24,111) 9,446,805
Furniture and equipment 8,385,585 400,801 (309,596) 8,476,790
Total depreciable capital assets 173,619,049 596,646 (404,785) 173,810,910
Less: Accumulated Depreciation
Buildings and improvements (29,378,562) (5,626,726) 4,313 (35,000,975)
Land improvements (3,847,286) (629,927) 9,118 (4,468,095)
Furniture and equipment (4,227,870) (647,443) 322,157 (4,553,156)
Total accumulated depreciation (37,453,718) (6,904,096) 335,588 (44,022,226)
Net Depreciable Capital Assets 136,165,331 (6,307,450) (69,197) 129,788,684
Lease Assets 126,368 - (5,060) 121,308
Total Capital Assets 155,381,132$ 17,139,263$ (74,257)$ 172,446,138$
Note 7 - Long-Term Debt
During the year ended December 31, 2024, the following changes occurred in long-term debt:
Primary Government
Balance Balance Due Within
January 1 Increases Decreases December 31 One Year
Notes Payable 24,778,464$ 4,609$ (11,589,095)$ 13,193,978$ 602,595$
7373
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Primary Government
180,119$
413,622
227,428
279,973
8,105,000
865,413
1,683,358
219,534
Mason Place -Note payable due to ANB Bank with a stated interest rate of 5.75%per
annum,due in monthly principal and interest installments of $8,086 with a maturity date
of February 2028 and secured by a deed of trust and all deposit accounts held by ANB
Bank.This note was refinanced in February 2023 with the terms listed.The note
Blended Component Unit -Village on Elizabeth -Mortgage notes due to Colorado
Housing and Finance Authority with stated interest rates ranging from 3.0%to 7.2%per
annum,due in monthly principal installments of $6,742 with maturity dates of June 2026
Blended Component Unit -Village on Stanford -Mortgage notes due to First Bank
with stated interest rate of 7.85%per annum,due in monthly principal installments of
$12,889 with a maturity date of December 2028 and secured by substantially all assets
Blended Component Unit -Village on Stanford -CDBG mortgage note payable with
a stated and effective interest rate of 0.00%per annum,due in annual installments from
cash flow or proceeds of capital transactions with a maturity date of December 2038
Mountain Office Remodel -Note payable due to First Bank with a stated interest rate
of 3.00%per annum,due in monthly principal and interest installments of $5,534 with a
maturity date of October 2027 and secured by a deed of trust and all deposit accounts
Development Office Tenant Improvements -Note payable due to ANB Bank with a
stated interest rate of 5.50%per annum,due in monthly principal and interest
installments of $12,822 with a maturity date of October 2027 and secured by a deed of
Oak 140 -Revenue bonds payable due to UMB with stated interest rates ranging from
0.875%to 2.25%per annum,yearly payments to be made in accordance with the loan
agreements and to the extent of available cash flow with maturity dates ranging from
July 2039 to January 2054 and collateralized by a deed of trust and an agreement of
Oak 140 Commercial -DDA -Notes payable due to First Bank with a stated interest
rate of 4.00%per annum,due in annual principal and interest installments of $120,679
7474
Housing Catalyst
Notes to Financial Statements
December 31, 2024
230,466
989,065
Total notes payable - Primary Government 13,193,978$
Revenue Bonds:
Future debt service requirements are as follows for the Oak 140 revenue bonds:
Principal Interest Total
2025 165,000$ 171,188$ 336,188$
2026 165,000 169,642 334,642
2027 165,000 167,890 332,890
2028 170,000 165,794 335,794
2029 170,000 163,351 333,351
2030-2034 890,000 767,242 1,657,242
2035-2039 6,380,000 602,161 6,982,161
Total 8,105,000$ 2,207,268$ 10,312,268$
Blended Component Unit -Village on Stanford -CDBG mortgage note payable with
a stated and effective interest rate of 0.00%per annum,due in annual installments from
cash flow or proceeds of capital transactions with a maturity date of December 2038
Blended Component Unit -Village on Stanford -Tax Credit Assistance Program
(TCAP)loan payable from the Colorado Housing and Finance Authority with a stated
and effective interest rate of 0.00%per annum,with the principal balance due on the
maturity date of February 2029 and secured by a second mortgage on substantially all
($165,000),July 1,2027 ($165,000),July 1,2028 ($170,000),July 1,2029 ($170,000),July 1,2030
($170,000),July 1,2031 ($175,000)and July 1,2039 ($6,925,000)and carry interest rates of 1.25%,
0.875%,1.00%,1.125%,1.375%,1.50%,1.75%,1.875%and 2.25%,respectively.The taxable term bonds
exempt revenue bonds and $5,010,000 in Series 2021B federally taxable revenue bonds.The bonds are
secured by deeds of trust on the Oak 140,LLLP property,a discretely presented component unit.The
bonds were issued to finance the construction of a 79-unit affordable housing project.Housing Catalyst
entered into a promissory note with Oak 140,of which the payments from the property are expected to be
the primary source of repayment.Revenues of Housing Catalyst would be used only if those payments are
not sufficient to cover the required payments.No Housing Catalyst revenues have been used for any
7575
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Principal Interest Total
2025 436,680$ 235,952$ 672,632$
2026 1,274,437 186,332 1,460,769
2027 311,362 137,166 448,528
2028 1,627,434 126,633 1,754,067
2029 - - -
2030-2034 - - -
2035-2039 1,439,065 - 1,439,065
2040-2044 - - -
Total 5,088,978$ 686,083$ 5,775,061$
Discretely Presented Component Units
Mason Place
2,112,389$
Unamortized debt issuance costs, based on an effective interest rate of 4.89%(160,297)
1,952,092
3,816,616
1,200,000
Total notes payable - Mason Place 6,968,708$
effective interest rate of 4.89%per annum secured by real property with a maturity date
of September 2037.The note converted to permanent financing in January 2022 with a
principal balance of $2,200,000 and due in monthly principal and interest installments of
due in annual with the principal balance due on the maturity date of September 2059
ranging from 1.00%to 5.00%per annum,due in annual installments from cash flow or
proceeds of capital transactions with maturity dates ranging from December 2050 to
December 2060 and secured by a mortgage on substantially all assets and an
7676
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Oak 140
8,105,000$
Unamortized debt issuance costs, based on an effective interest rate of 2.39%(414,617)
7,690,383
6,010,721
Total notes payable - Oak 140 13,701,104$
Redtail Ponds PSH
1,858,762$
(76,831)
1,781,931
1,834,615
1,126,444
Total notes payable - Redtail Ponds PSH 4,742,990$
an effective interest rate of 3.92%,due in monthly principal and interest installments of
$10,559 with a maturity date of April 2046 and secured by a mortgage on substantially
ranging from 2.50%to 4.00%per annum,due in annual installments from cash flow or
proceeds of capital transactions with a maturity date of January 2045 and secured by a
deed of trust and an Agreement of Restrictive Covenants Affecting Real Property.
Family Bond proceeds,secured by real property with average interest rates ranging
from 0.875%to 2.25%per annum and maturity dates ranging from July 2025 through
July 2039 with loan payments being equal to the sum of the annual principal and semi-
ranging from 1.50%to 2.08%per annum,due in annual installments from cash flow or
proceeds of capital transactions with a maturity date of January 2054 and secured by a
4.00%per annum,due in annual installments from cash flow or proceeds of capital
transactions with a maturity date of January 2045 and secured by a mortgage on
7777
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Village on Horsetooth
6,526,936$
(150,956)
6,375,980
2,000,000
5,271,192
Total notes payable - Village on Horsetooth 13,647,172$
Village on Impala
23,000,000$
7,010,685
6,115,199
of 1.00%per annum,due in annual installments from cash flow or proceeds of capital
transactions with a maturity date of July 2063 and secured by a mortgage on
rate of 0.00%per annum,due in annual installments of principal and interest from
available cash flows of $52,632 beginning in June 2020 with a maturity date of August
of 2.68%per annum,due in annual installments from cash flow or proceeds of capital
transactions with a maturity date of August 2057 and secured by a mortgage on
with a maximum principal balance of $23,000,000,secured by real property.Interest is
being accrued during construction and paid from advances on the loan.The loan is
expected to convert to permanent financing with a principal balance of $8,800,000 with
a stated interest rate of 5.10%per annum due in monthly installments of $44,975,
3.98%per annum,due in annual installments from cash flow or proceeds of capital
transactions with maturity dates of July 2063 and secured by a mortgage on
due in monthly installments of principal and interest of $31,933 starting January 2020
with a maturity date of December 2037 and secured by a mortgage on substantially all
7878
Housing Catalyst
Notes to Financial Statements
December 31, 2024
746,598
Total notes payable - Village on Impala 36,872,482$
Village on Plum
5,046,021$
(148,010)
4,898,011
5,503,504
Total notes payable - Village on Plum 10,401,515$
Village on Redwood
2,218,799$
(155,497)
2,063,302
1,906,269
3,969,571
rate of 0.00%per annum,due in annual installments from cash flow or proceeds of
capital transactions with a maturity date of July 2063 and secured by a mortgage on
rate of 0.00%per annum,due in annual installments of principal and interest from
available cash flows of $48,879 beginning in June 2018 with a maturity date of March
interest rate of 4.17%,due in monthly principal and interest installments of $28,792 with
a maturity date of August 2034 and secured by a mortgage on substantially all assets
3.50%per annum,due in annual installments from cash flow or proceeds of capital
transactions with maturity dates of October 2044 and secured by a mortgage on
per annum and an effective interest rate of 4.9%,due in monthly installments of
principal and interest of $12,414 with a maturity date of February 2036 and secured by
real property, operating reserve account and assignment of rents of the Partnership.
7979
Housing Catalyst
Notes to Financial Statements
December 31, 2024
6,555,774
(18,711)
6,537,063
Total notes payable - Village on Redwood 10,506,634$
Village on Shields
17,030,536$
(407,678)
16,622,858
596,698
22,681,275
577,424
Total notes payable - Village on Shields 40,478,255$
rate of 1.00%per annum,due in annual installments of principal and interest from
available cash flows of $16,701 beginning in May 2019 with a maturity date of May 2059
of 4.00%per annum,due in annual installments from cash flow or proceeds of capital
transactions with a maturity date of April 2056 and secured by a mortgage on
rate of 4.79%per annum and an effective interest rate of 3.19%,due in monthly
installments of principal and interest of $89,474 with a maturity date of October 2036
and secured by real property,operating reserve account and assignment of rents of the
ranging from 2.00%of 2.60%per annum,due in annual installments from cash flow or
proceeds of capital transactions with a maturity date of April 2059 and secured by a
2.00%per annum,due in annual installments from cash flow or proceeds of capital
transactions with maturity dates of April 2059 and secured by a mortgage on
8080
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Mason Place
Principal Interest Total
2025 31,256$ 195,575$ 226,831$
2026 32,663 194,168 226,831
2027 34,133 192,698 226,831
2028 35,418 191,413 226,831
2029 37,263 189,568 226,831
2030-2034 212,780 921,375 1,134,155
2035-2039 1,728,876 716,154 2,445,030
2040-2044 - 515,200 515,200
2045-2049 - 515,200 515,200
2050-2054 2,093,799 432,052 2,525,851
2055-2059 1,200,000 411,265 1,611,265
2060-2064 1,722,817 82,253 1,805,070
Unamortized Debt Issuance Costs (160,297) - (160,297)
Total 6,968,708$ 4,556,921$ 11,525,629$
Oak 140
Principal Interest Total
2025 165,000$ 263,842$ 428,842$
2026 165,000 262,296 427,296
2027 165,000 260,544 425,544
2028 170,000 258,448 428,448
2029 170,000 256,005 426,005
2030-2034 890,000 1,230,512 2,120,512
2035-2039 6,380,000 1,065,431 7,445,431
2040-2044 - 463,270 463,270
2045-2049 - 463,270 463,270
2050-2054 6,010,721 370,616 6,381,337
2055-2059 - - -
Unamortized Debt Issuance Costs (414,617) - (414,617)
Total 13,701,104$ 4,894,234$ 18,595,338$
8181
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Redtail Ponds PSH
Principal Interest Total
2025 57,995$ 144,282$ 202,277$
2026 60,208 142,069 202,277
2027 62,505 139,772 202,277
2028 64,889 137,388 202,277
2029 67,365 134,912 202,277
2030-2034 377,393 633,990 1,011,383
2035-2039 455,089 556,293 1,011,382
2040-2044 548,782 462,600 1,011,382
2045-2049 3,125,595 10,704 3,136,299
Unamortized Debt Issuance Costs (76,831) - (76,831)
Total 4,742,990$ 2,362,010$ 7,105,000$
Village on Horsetooth
Principal Interest Total
2025 174,041$ 347,100$ 521,141$
2026 232,665 341,108 573,773
2027 238,577 335,196 573,773
2028 244,150 329,623 573,773
2029 250,990 322,783 573,773
2030-2034 1,356,693 1,512,173 2,868,866
2035-2039 4,766,676 1,249,508 6,016,184
2040-2044 263,160 689,740 952,900
2045-2049 263,160 689,740 952,900
2050-2054 263,160 689,740 952,900
2055-2059 5,744,856 367,861 6,112,717
Unamortized Debt Issuance Costs (150,956) - (150,956)
Total 13,647,172$ 6,874,572$ 20,521,744$
8282
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Village on Impala
Principal Interest Total
2025 14,200,000$ 291,199$ 14,491,199$
2026 - 291,199 291,199
2027 - 291,199 291,199
2028 - 291,199 291,199
2029 - 291,199 291,199
2030-2034 - 1,455,995 1,455,995
2035-2039 - 1,455,995 1,455,995
2040-2044 8,800,000 1,455,995 10,255,995
2045-2049 - 1,455,995 1,455,995
2050-2054 - 1,455,995 1,455,995
2055-2059 - 1,455,995 1,455,995
2060-2064 13,872,482 873,597
Total 36,872,482$ 11,065,562$ 33,191,965$
Village on Plum
Principal Interest Total
2025 153,376$ 334,172$ 487,548$
2026 159,946 327,602 487,548
2027 166,213 321,335 487,548
2028 172,727 314,821 487,548
2029 179,495 308,053 487,548
2030-2034 4,214,264 1,387,349 5,601,613
2035-2039 - 710,190 710,190
2040-2044 5,503,504 686,517 6,190,021
Unamortized Debt Issuance Costs (148,010) - (148,010)
Total 10,401,515$ 4,390,039$ 14,791,554$
8383
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Village on Redwood
Principal Interest Total
2025 54,432$ 347,348$ 401,780$
2026 105,704 344,954 450,658
2027 108,201 342,457 450,658
2028 110,560 340,098 450,658
2029 113,520 337,138 450,658
2030-2034 612,560 1,640,734 2,253,294
2035-2039 1,798,128 1,340,087 3,138,215
2040-2044 244,395 1,264,045 1,508,440
2045-2049 244,395 1,264,045 1,508,440
2050-2054 244,395 1,264,045 1,508,440
2055-2059 7,044,552 337,079 7,381,631
Unamortized Debt Issuance Costs (174,208) - (174,208)
Total 10,506,634$ 8,822,030$ 19,328,664$
Village on Shields
Principal Interest Total
2025 263,668$ 1,333,735$ 1,597,403$
2026 287,313 1,320,885 1,608,198
2027 300,963 1,307,234 1,608,197
2028 315,278 1,292,920 1,608,198
2029 330,288 1,277,910 1,608,198
2030-2034 1,903,157 6,137,527 8,040,684
2035-2039 13,789,661 3,785,573 17,575,234
2040-2044 62,587 2,609,636 2,672,223
2045-2049 65,780 2,606,443 2,672,223
2050-2054 69,135 2,603,088 2,672,223
2055-2059 23,498,103 2,254,398 25,752,501
Unamortized Debt Issuance Costs (407,678) - (407,678)
Total 40,478,255$ 26,529,349$ 67,007,604$
8484
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Note 8 - Leases Payable
Primary Government
During the year ended December 31, 2024, the following changes occurred in leases payable:
Balance Balance Due Within
January 1 Increases Decreases December 31 One Year
Leases 21,070$ 125,324$ (27,572)$ 118,822$ 19,791$
The lease payment requirements to maturity as of December 31, 2024 are as follows:
Principal Interest Total
2025 19,791$ 14,735$ 34,526$
2026 22,611 11,915 34,526
2027 25,835 8,691 34,526
2028 29,516 5,009 34,525
2029 21,069 1,040 22,109
Total 118,822$ 41,390$ 160,212$
Discretely Presented Component Units
Village on Plum is leasing land under a long-term non-cancelable operating lease.The lease has annual
payments of $5,060,a maturity date of October 3013 and was prepaid for the first 15 years.Total lease costs
incurred for the year ended December 31,2024 was $5,060 and there were no cash payments made during
the year.As of December 31,2024,the prepaid balance was $24,457 and that balance is included with the
leased capital asset.Lease payments for the remaining 984 years will start in the year ending December 31,
$1,325,724 and subsequently exchanged the land for a long-term prepaid lease in a commercial office
building.The office building was completed in early 2023 and the lease term is for 99 years.Total lease
expense incurred for the year ended December 31,2023 was $13,391.As of December 31,2023,the prepaid
8585
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Note 9 - Restricted Net Position
Note 10 - Annual Contributions Contract
Note 11 - Related Party Transactions
Management Fees and Reimbursement of Expenses
Housing Catalyst is a general partner in Mason Place,LLLP (Mason Place),a 60 unit low income housing tax
credit project,and provides management services to the project.Under the management agreement,Housing
Catalyst is to be paid management fees totaling 6%of net rental income and accounting fees totaling 4%of
net rental income on the project.During the year ended December 31,2024,Housing Catalyst earned $97,712
for these fees.Additionally,under the partnership agreement,Housing Catalyst is to be paid an annual
Partnership Management Fee of $15,000.The fee increases by 3%on an annual basis,is payable from
available cash and accrues to the extent that the fee was not paid during the year.During the year ended
December 31,2024,Housing Catalyst earned $16,391 for this fee.As of December 31,2024,the total
accrued balance for this fee is $32,305 and it is included in accounts receivable.During the year ended
December 31,2024,Housing Catalyst was also reimbursed for tenant services salaries and benefits of
$143,751.
requirements.The maximum contract was $19,010,714 for the year ended December 31,2024.Additional
funding for the year ended December 31,2024 was provided by HUD-Held Section 8 HAP reserves which are
available as needed.The balances of HUD-Held Section 8 HAP reserves at December 31,2024 totaled
project,and provides management services to the project.Under the management agreement,Housing
Catalyst is to be paid management fees totaling 7%of gross rental income and accounting fees totaling 6%of
net rental income on the project.During the year ended December 31,2024,Housing Catalyst earned
tax credit project,and provides management services to the project.Under the management agreement,
Housing Catalyst is to be paid management fees totaling 8%of net rental income and accounting fees totaling
3%of net rental income on the project.During the year ended December 31,2024,Housing Catalyst earned
$102,853 for these fees.Housing Catalyst also received a grant from HUD to provide supportive services to
Redtail.During the year ended December 31,2024,Housing Catalyst provided supportive services of
8686
Housing Catalyst
Notes to Financial Statements
December 31, 2024
credit project,and provides management services to the project.Under the management agreement,Housing
Catalyst is to be paid management fees totaling 8%of net rental income and accounting fees totaling 3%of
net rental income on the project.During the year ended December 31,2024,Housing Catalyst earned
housing tax credit project,and provides management services to the project.Under the management
agreement,Housing Catalyst is to be paid management fees totaling 8%of net rental income and accounting
fees totaling 9%of net rental income on the project.During the year ended December 31,2024,Housing
Catalyst earned $152,978 for these fees.Additionally,under the partnership agreement,Housing Catalyst is to
be paid an annual Partnership Management Fee of $15,000.The fee increases by 3%on an annual basis,is
payable from available cash and accrues to the extent that the fee was not paid during the year.During the
year ended December 31,2024,Housing Catalyst earned $18,448 for this fee.As of December 31,2024,the
total accrued balance for this fee is $127,136 and it is included in accounts receivable.
tax credit project,and provides management services to the project.Under the management agreement,
Housing Catalyst is to be paid management fees totaling 8%of gross rental income and accounting fees
totaling 5.5%of gross rental income on the project.During the year ended December 31,2024,Housing
Catalyst earned $32,471 for these fees.As of December 31,2024,Housing Catalyst was owed $5,021 for
these fees and that balance is included in accounts receivable.Additionally,under the partnership agreement,
Housing Catalyst is to be paid an annual Partnership Management Fee of $20,000.The fee increases by 3%
on an annual basis,is payable from available cash and accrues to the extent that the fee was not paid during
the year.During the year ended December 31,2024,Housing Catalyst earned $20,600 for this fee.As of
December 31,2024,the total accrued balance for this fee is $40,600 and the balance is included in accounts
receivable.
tax credit project,and provides management services to the project.Under the management agreement,
Housing Catalyst is to be paid management fees totaling 8%of rental income and accounting fees totaling 3%
housing tax credit project,and provides management services to the project.Under the management
agreement,Housing Catalyst is to be paid management fees totaling 8%of net rental income and accounting
fees totaling 9%of net rental income on the project.During the year ended December 31,2024,Housing
8787
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Developer Fees
Notes Receivable
During the year ended December 31,2024,Housing Catalyst earned developer fees of $1,781,579 from
Impala.
As of December 31,2024,Housing Catalyst was owed $3,816,616 on four notes receivable from Mason Place
with a stated interest rates ranging from 1.00%per annum to 5.00%per annum (see Note 5).Interest income
with a stated interest rates ranging from 0.875%per annum to 2.25%per annum (see Note 5).In addition,
Housing Catalyst was owed accrued interest of $215,940 from Oak 140.Interest income from Oak 140 for the
$3,899,630 and $470,872 in developer fees from Mason Place,Horsetooth,Impala,Plum,Redwood,Shields
and Oak 140,respectively,related to the construction and development of the projects.Of these amounts,the
Authority expects to receive $28,587 from Horsetooth,$166,215 from Plum,$10,268 from Redwood and
$35,489 from Shields during 2025.The remaining balances of $620,743,$376,734,$2,243,220,$118,428,
$199,393,$3,899,630 and $470,872,respectively,will be paid to Housing Catalyst from future available cash
flows of the projects.In addition,Housing Catalyst was owed accrued interest of $22,571,$68,645 and
maintenance costs incidental to the operations of Mason Place,Oak 140,Redtail Ponds,Horsetooth,Impala,
Plum,Redwood and Shields.During the year ended December 31,2024,Housing Catalyst received
approximately $227,355 from Mason Place,$266,900 from Oak 140,$376,600 from Redtail,$314,500 from
Horsetooth,$154,800 from Impala,$431,800 from Plum,$267,200 from Redwood and $1,285,000 from
Shields for these expenses.As of December 31,2024,Housing Catalyst was owed $4,645 from Mason Place,
$80 from Oak 140,$1,401 from Redtail,$13,313 from Horsetooth,$25,658 from Impala,$4,666 from Plum,
$5,137 from Redwood and $13,556 from Shields for these fees and expenses and those balances are
included in accounts receivable.
from Redtail with stated interest rates ranging from 2.50%per annum to 4.00%per annum (see Note 5).
with stated interest rates of 2.68%per annum (see Note 5).Interest income from Horsetooth for the year
8888
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Investment in Tax Credit Partnerships
Note 12 - Management Services
Note 13 - Risk Management
As of December 31,2024,Villages was owed $5,503,504 on two notes receivable from Plum with stated
interest rates of 3.50%per annum (see Note 5).Interest income from Plum for the year ended December 31,
from Impala with stated interest rates ranging from 1.00%to 3.98%per annum (see Note 5).Interest income
Plum,Redwood,Shields and Stanford with ownership interests generally 0.01%or less.As the general
partner,Housing Catalyst has the day to day management responsibilities of each partnership.Housing
LLLP,Redtail Ponds PSH,LLLP,Village on Elizabeth,LLLP,Village on Horsetooth,LLLP,Village on Impala,
LLLP,Village on Plum,LLLP,Village on Redwood,LLLP,Village on Shields,LLLP and Village on Stanford,
LLLP.In addition,Housing Catalyst provides management services for The Villages,Ltd.(Villages),the
Wellington Housing Authority (WHA)and Wellington Community Housing (WCH).The Villages,WHA and
WCH pay for all direct charges and then reimburse Housing Catalyst through a management fee agreement
for the salaries, employee benefits, and other overhead items.
assets;errors and omissions;injuries to employees and natural disasters.Housing Catalyst carries
commercial insurance for the risks of loss,including worker's compensation and employee accident insurance.
Settled claims resulting from these risks have not exceeded commercial insurance coverage in any of the past
with stated interest rates of 4.00%per annum (see Note 5).Interest income from Redwood for the year ended
Shields with stated interest rates ranging from 2.00%to 2.60%per annum (see Note 5).Interest income from
8989
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Note 14 - Pension Plan
Note 15 - Line of Credit
Note 16 - Conduit Debt
In April of 2022,Housing Catalyst issued private activity bonds in the amount of $14,237,109 to MHMP 16
Northfield,LLLP,for the construction of Northfield Commons in Fort Collins,Colorado.The debt has a final
maturity date of April 23,2039 and is secured by real estate.Housing Catalyst will not guarantee the debt or
have any liability for the debt.Accordingly,the debt will not be reported as a liability in Housing Catalyst's
financial statements.MHMP 16 Northfield paid Housing Catalyst an issuance fee for issuing the bonds.As of
Impala,LLLP,for the construction of Village on Impala in Fort Collins,Colorado.The debt has a final maturity
date of January 20,2042 and is secured by real estate.Housing Catalyst will not guarantee the debt or have
any liability for the debt.Accordingly,the debt will not be reported as a liability in Housing Catalyst's financial
statements.Village on Impala,LLLP paid Housing Catalyst an issuance fee for issuing the bonds.As of
$1,000,000,respectively,with FirstBank of Northern Colorado.The lines expire on September 23,2026 and
July 19,2026,respectively,and interest on the line of credit is variable based on the Wall Street Journal Prime
Rate with a minimum rates of 6.50%per annum.The funds from the lines are designated for the temporary
financing of Housing Development projects.As of December 31,2024,there was no outstanding balance due
compensation retirement plan,a type of defined contribution plan.The plan and the contributions rate are
authorized by Housing Catalyst's Board of Commissioners.In a defined contribution plan,benefits depend
solely on amounts contributed to the plan plus investment earnings.Under the plan,eligible employees are
required to contribute 4.5%of earnings for 2019 and 6.2%for 2020 and beyond and the employer contributes
10%of each employee's earnings,including overtime and bonuses.Contributions are made to and maintained
by the plan administrator,Mission Square,which maintains an individual account for each participant.
Employees are vested in their account by years of service,33%(year 1),66%(year 2),99%(year 3)and
100%(year 4)and are eligible for plan benefits at retirement,which is defined as reaching age 62 and no
longer being employed with Housing Catalyst.For the years ended December 31,2024,2023 and 2022,the
total employer cost of the plan totaled $722,127, $693,501 and $621,260, respectively.
9090
Housing Catalyst
Notes to Financial Statements
December 31, 2024
Note 17 - CDBG and HOME Grants
Note 17 - Commitments and Contingencies
Note 18 - Subsequent Events
Villages received CDBG and HOME grant funds from the City of Fort Collins (City)for the payment of
development costs for the Plum Place rehabilitation and the Village on Impala projects.The grants were
funded directly to Villages and the grant is restricted for a period of time.Villages is to repay the City upon the
sale of property that was acquired,constructed or improved with the grant funds through the restricted period.
During the year ended December 31,2024,Villages had total CDBG grant income of $714,402 and HOME
contracts and grants.Entitlement to these resources is generally contingent upon compliance with the terms
and conditions of the contract or grant agreements and applicable federal regulations,including the
expenditure of the resources for eligible purposes.Substantially all federal grants and contracts are subject to
a financial and compliance audit under federal regulations.Disallowed costs as a result of compliance audits
become a liability of Housing Catalyst.Management believes that the potential for a material liability due to
* * * * * * * * * *
9191
Housing Catalyst
Combining Schedule of Net Position
December 31, 2024
Housing Emergency Blended
Public Choice Mainstream Housing Component Real Estate
Housing Vouchers Vouchers Vouchers Units Development
Assets and Deferred Outflows
Cash and cash equivalents 1,945$ 813,791$ 206,531$ 28,580$ 8,235,563$ 3,749,353$
Restricted cash and
cash equivalents - 333,440 41,601 27,290 928,214 -
Accounts receivable
Grants - - 7,658 - - -
Tenants 392 - - - 76,677 -
Developer fees, current - - - - - 240,559
Other - 23,603 - - 113,146 207,554
Accrued interest - - - - 13,528 104,897
Notes receivable - current - - - - - -
Prepaid expenses - - - - - 18,140
Inventory - - - - - -
Due from other funds - - - - - 160,649
Total current assets 2,337 1,170,834 255,790 55,870 9,367,128 4,481,152
Non-depreciable capital assets - - - - 4,087,843 2,856,271
Depreciable capital assets, net 4,158 - - - 16,897,837 608,656
Leased capital assets, net - - - - - -
Developer fees receivable, long-term - - - - - 7,893,531
Lease receivable, net - - - - 96,852 -
Notes receivable, net - - - - 15,034,971 57,432,651
Prepaid long-term lease - - - - - 1,285,551
Investment in tax credit partnerships - - - - - 146,448
Investment in future developments - - - - - 620,924
Total Assets 6,495 1,170,834 255,790 55,870 45,484,631 75,325,184
Deferred Outflows of Resources - - - - - -
Total Assets and Deferred Outflows 6,495$ 1,170,834$ 255,790$ 55,870$ 45,484,631$ 75,325,184$
Liabilities, Deferred Inflows and Net Position
Liabilities
Accounts payable -$ -$ 106$ 892$ 181,678$ 24,440$
Accrued liabilities 26,564 157,401 26,550 2,377 33,489 4,500
Accrued compensation - - - - - 76,790
Accrued interest payable - - - - 16,155 16,113
Unearned revenues - - - 27,290 16,646 -
Due to other funds - - - - 39,855 -
Tenant security deposits - - - - 138,636 -
Money held in escrow - 328,308 41,601 - 733 -
Leases payable - current - - - - - -
Notes and mortgages
payable - current - - - - 47,261 217,092
Total current liabilities 26,564 485,709 68,257 30,559 474,453 338,935
Bond premium, net - - - - - -
Leases payable, net - - - - - -
Notes and mortgages
payable, net - - - - 9,067,124 576,253
Total Liabilities 26,564 485,709 68,257 30,559 9,541,577 915,188
Deferred Inflows of Resources - - - - 121,309 -
Net Position
Net investment in capital assets 4,158 - - - 11,871,295 2,671,582
Restricted - housing
assistance payments - 5,132 - 1,770 12,938 -
Unrestricted (24,227) 679,993 187,533 23,541 23,937,512 71,738,414
Total Net Position (20,069) 685,125 187,533 25,311 35,821,745 74,409,996
Total Liabilities, Deferred Inflows
and Net Position 6,495$ 1,170,834$ 255,790$ 55,870$ 45,484,631$ 75,325,184$
See accompanying Report of Independent Auditors
9292
Housing Catalyst
Combining Schedule of Net Position
December 31, 2024
Elimination of
Single Room Intercompany
Management HUD Grants Occupancy COCC Subtotal Activity Total
3,521,548$ -$ 45,371$ -$ 16,602,682$ -$ 16,602,682$
26,148 - - - 1,356,693 - 1,356,693
- 50,858 - - 58,516 - 58,516
- - - - 77,069 - 77,069
- - - - 240,559 - 240,559
284,284 - - - 628,587 (178,877) 449,710
221,178 - - - 339,603 (13,479) 326,124
276,619 - - - 276,619 - 276,619
74,213 - - - 92,353 - 92,353
97,432 - - - 97,432 - 97,432
92,629 - - - 253,278 (253,278) -
4,594,051 50,858 45,371 - 20,023,391 (445,634) 19,577,757
39,500 - - - 6,983,614 - 6,983,614
146,024 - - - 17,656,675 (621,813) 17,034,862
116,307 - - - 116,307 - 116,307
- - - - 7,893,531 - 7,893,531
- - - - 96,852 - 96,852
8,056,137 - - - 80,523,759 (5,226,298) 75,297,461
- - - - 1,285,551 - 1,285,551
- - - - 146,448 - 146,448
- - - - 620,924 - 620,924
12,952,019 50,858 45,371 - 135,347,052 (6,293,745) 129,053,307
- - - - - - -
12,952,019$ 50,858$ 45,371$ -$ 135,347,052$ (6,293,745)$ 129,053,307$
54,317$ -$ -$ -$ 261,433$ (18,970)$ 242,463$
14,168 - - - 265,049 (159,907) 105,142
744,318 - - - 821,108 - 821,108
4,291 - - - 36,559 (13,479) 23,080
3,058 - - - 46,994 - 46,994
162,565 50,858 - - 253,278 (253,278) -
- - - - 138,636 - 138,636
2,809 - - - 373,451 - 373,451
19,791 - - - 19,791 - 19,791
338,242 - - - 602,595 - 602,595
1,343,559 50,858 - - 2,818,894 (445,634) 2,373,260
14,595 - - - 14,595 - 14,595
99,031 - - - 99,031 - 99,031
8,174,304 - - - 17,817,681 (5,226,298) 12,591,383
9,631,489 50,858 - - 20,750,201 (5,671,932) 15,078,269
- - - - 121,309 - 121,309
2,891 - - - 14,549,926 4,604,485 19,154,411
- - 45,371 - 65,211 - 65,211
3,317,639 - - - 99,860,405 (5,226,298) 94,634,107
3,320,530 - 45,371 - 114,475,542 (621,813) 113,853,729
12,952,019$ 50,858$ 45,371$ -$ 135,347,052$ (6,293,745)$ 129,053,307$
See accompanying Report of Independent Auditors
9393
Housing Catalyst
Combining Schedule of Revenues, Expenses and Changes in Net Position
Year Ended December 31, 2024
Housing Emergency Blended
Public Choice Mainstream Housing Component Real Estate
Housing Vouchers Vouchers Vouchers Units Development
Operating Revenues
HUD PHA grants -$ 18,667,508$ 2,700,031$ 385,405$ 1,332,906$ -$
Other grants - - - - 1,403,402 1,360,000
Rental income 3,080 - - - 3,811,897 -
Administration fees - - - - - -
Developer fees - - - - - 2,103,392
Other 1,420 21,110 - - 122,603 66,072
Total Operating Revenues 4,500 18,688,618 2,700,031 385,405 6,670,808 3,529,464
Operating Expenses
Housing assistance
payments - 17,283,681 2,461,247 358,205 1,197,280 -
Administrative salaries
and benefits - - - - 476,069 748,884
Maintenance salaries
and benefits - - - - - -
Other administrative 1,025 1,483,616 227,034 35,851 1,380,055 918,138
Regular and extraordinary
maintenance 3,628 - - - 1,028,961 26,879
2,760 - - - 1,340,603 50,586
Utilities 1,851 - - - 290,448 5,460
Insurance - - - - 215,857 10,283
Payments in lieu of taxes 191 - - - - -
Other 809 5,000 - - 102,626 -
Total Operating Expenses 10,264 18,772,297 2,688,281 394,056 6,031,899 1,760,230
Operating Income (Loss)(5,764) (83,679) 11,750 (8,651) 638,909 1,769,234
Non-Operating Revenues
(Expenses)
Interest income 1,236 25,574 5,315 1,746 778,278 1,767,113
Interest expense - - - - (390,045) (71,316)
Other financing costs - - - - - (500)
Gain (loss) on disposal
of capital assets - 1,005 - - 1,973,667 -
Total Non-Operating
Revenues (Expenses)1,236 26,579 5,315 1,746 2,361,900 1,695,297
Income (Loss) Before
Operating Transfers - 5,000 - - - -
Change in Net Position (4,528) (52,100) 17,065 (6,905) 3,000,809 3,464,531
Equity transfers (1,094,164) - - - 3,169,494 (3,075,330)
1,078,623 737,225 170,468 32,216 28,995,847 74,034,384
As Previously Stated
Change in Accounting
Principle (Note 1) - - - - - (13,589)
Change in Reporting
Entity (Note 1) - - - - 655,595 -
Net Position-Beginning of Year,
As Restated 1,078,623 737,225 170,468 32,216 29,651,442 74,020,795
See accompanying Report of Independent Auditors
9494
Housing Catalyst
Combining Schedule of Revenues, Expenses and Changes in Net Position
Year Ended December 31, 2024
Elimination of
Single Room Intercompany
Management HUD Grants Occupancy COCC Subtotal Activity Total
-$ 625,820$ -$ -$ 23,711,670$ -$ 23,711,670$
80,008 - - - 2,843,410 - 2,843,410
- - - - 3,814,977 - 3,814,977
7,040,992 - - 5,122,836 12,163,828 (7,104,571) 5,059,257
- - - - 2,103,392 (321,813) 1,781,579
376,053 - - - 587,258 - 587,258
7,497,053 625,820 - 5,122,836 45,224,535 (7,426,384) 37,798,151
- - - - 21,300,413 - 21,300,413
2,783,829 541,352 - 3,920,024 8,470,158 (476,069) 7,994,089
1,163,546 - - - 1,163,546 - 1,163,546
2,690,453 84,468 - 1,026,589 7,847,229 (6,216,930) 1,630,299
109,045 - - 56,016 1,224,529 (411,572) 812,957
83,626 - - 1,123 1,478,698 - 1,478,698
6,737 - - 13,782 318,278 - 318,278
31,573 - - 105,302 363,015 - 363,015
- - - - 191 - 191
- - - - 108,435 - 108,435
6,868,809 625,820 - 5,122,836 42,274,492 (7,104,571) 35,169,921
628,244 - - - 2,950,043 (321,813) 2,628,230
275,434 - 121 - 2,854,817 (223,671) 2,631,146
(200,930) - - - (662,291) 223,671 (438,620)
- - - - (500) - (500)
8,595 - - - 1,983,267 - 1,983,267
83,099 - 121 - 4,175,293 - 4,175,293
(5,000) - - - - - -
706,343 - 121 - 7,125,336 (321,813) 6,803,523
1,000,000 - - - - - -
1,744,702 - 45,250 - 106,838,715 (300,000) 106,538,715
(130,515) - - - (144,104) - (144,104)
- - - - 655,595 - 655,595
1,614,187 - 45,250 - 107,350,206 (300,000) 107,050,206
See accompanying Report of Independent Auditors
9595
Housing Catalyst
Combining Schedule of Net Position - Blended Component Units
December 31, 2024
Larimer County Elimination of
Housing Village on Village on Intercompany
Authority Villages, Ltd Elizabeth, LLLP Stanford, LLLP Activity Total
Assets
Current Assets
Cash and cash equivalents 20,343$ 8,168,904$ 18,772$ 27,544$ -$ 8,235,563$
Restricted cash and cash equivalents 10,295 78,363 308,840 530,716 - 928,214
Accounts receivable
Grants - - - - - -
Tenants - 41,159 5,252 30,266 - 76,677
Other - 3,784 - 113,146 (3,784) 113,146
Accrued interest - 13,528 - - - 13,528
Total Current Assets 30,638 8,305,738 332,864 701,672 (3,784) 9,367,128
Capital Assets
Non-depreciable - 2,434,551 640,000 1,013,292 - 4,087,843
Depreciable, net - 11,038,489 1,872,364 3,986,984 - 16,897,837
Total Capital Assets, Net - 13,473,040 2,512,364 5,000,276 - 20,985,680
Lease receivable, net - 96,852 - - - 96,852
Notes receivable, net - 15,820,953 - - (785,982) 15,034,971
Total Noncurrent Assets - 29,390,845 2,512,364 5,000,276 (785,982) 36,117,503
Deferred Outflow of Resources - - - - - -
Total Assets and Deferred Outflows 30,638$ 37,696,583$ 2,845,228$ 5,701,948$ (789,766)$ 45,484,631$
Liabilities and Net Position
Current Liabilities
Accounts payable 81$ 53,174$ 9,566$ 118,857$ -$ 181,678$
Accrued liabilities 9,908 18,873 7,068 1,424 (3,784) 33,489
Accrued interest payable - - 4,688 11,467 - 16,155
Unearned revenues - 8,332 4,280 4,034 - 16,646
Due to other funds - - 39,855 - - 39,855
Tenant security deposits payable - 78,363 21,952 38,321 - 138,636
Money held in escrow 733 - - - - 733
Notes and mortgages payable -
current portion - - 25,368 21,893 - 47,261
Total Current Liabilities 10,722 158,742 112,777 195,996 (3,784) 474,453
Notes and mortgages payable - net - - 4,628,327 5,224,779 (785,982) 9,067,124
Total Liabilities 10,722 158,742 4,741,104 5,420,775 (789,766) 9,541,577
Deferred Inflow of Resources - 121,309 - - - 121,309
Net Position
Net investment in capital assets - 13,473,040 (2,141,331) (246,396) 785,982 11,871,295
Restricted - housing assistance payments 12,938 - - - - 12,938
Unrestricted 6,978 23,943,492 245,455 527,569 (785,982) 23,937,512
Total Net Position 19,916 37,416,532 (1,895,876) 281,173 - 35,821,745
Total Liabilities, Deferred Inflow and Net Position 30,638$ 37,696,583$ 2,845,228$ 5,701,948$ (789,766)$ 45,484,631$
See accompanying Report of Independent Auditors
9696
Housing Catalyst
Combining Schedule of Revenues, Expenses and Changes in Net Position - Blended Component Units
Year Ended December 31, 2024
Larimer County Elimination of
Housing Village on Village on Intercompany
Authority Villages, Ltd Elizabeth, LLLP Stanford, LLLP Activity Total
Operating Revenues
HUD PHA grants 1,332,906$ -$ -$ -$ -$ 1,332,906$
Other grants - 1,403,402 - - - 1,403,402
Rental income - 2,375,363 566,683 869,851 - 3,811,897
Other 346 63,310 11,205 47,742 - 122,603
Total Operating Revenues 1,333,252 3,842,075 577,888 917,593 - 6,670,808
Operating Expenses
Housing assistance payments 1,197,280 - - - - 1,197,280
Administrative salaries and benefits - 293,804 65,273 116,992 - 476,069
Other administrative 125,509 777,049 204,799 272,698 - 1,380,055
Regular and extraordinary maintenance - 686,877 120,211 221,873 - 1,028,961
Depreciation and amortization - 796,402 182,645 361,556 - 1,340,603
Utilities - 194,183 40,361 55,904 - 290,448
Insurance - 130,519 34,576 50,762 - 215,857
Other - 74,058 4,590 23,978 - 102,626
Total Operating Expenses 1,322,789 2,952,892 652,455 1,103,763 - 6,031,899
Operating Income (Loss)10,463 889,183 (74,567) (186,170) - 638,909
Non-Operating Revenues (Expenses)
Interest income - 778,264 2,393 24,714 (27,093) 778,278
Interest expense - - (204,172) (212,966) 27,093 (390,045)
Gain on disposal of capital assets - 1,973,667 - - - 1,973,667
Total Non-Operating Revenues (Expenses)- 2,751,931 (201,779) (188,252) - 2,361,900
Change in Net Position 10,463 3,641,114 (276,346) (374,422) - 3,000,809
Equity Transfers - 3,169,494 - - - 3,169,494
Net Position, Beginning of the Year,
As Previously Stated 9,453 30,605,924 (1,619,530) - - 28,995,847
Change in Accounting Principle (Note 1) - - - - - -
Change in Reporting Entity (Note 1) - - - 655,595 - 655,595
Net Position, Beginning of the Year,
As Restated 9,453 30,605,924 (1,619,530) 655,595 - 29,651,442
Net Position, End of the Year 19,916$ 37,416,532$ (1,895,876)$ 281,173$ -$ 35,821,745$
See accompanying Report of Independent Auditors
9797
Housing Catalyst
Fort Collins, Colorado
Statistical Section:
Financial Trends
Revenue Capacity
Debt Capacity
Demographic and Economic Information
Operation Information
9898
Housing Catalyst
Statistical Section
Year Ended December 31, 2023
Contents Tables
Financial Trends
1 - 2
Revenue Capacity 3 - 4
Debt Capacity 5 - 6
Demographic and Economic Information 7 - 10
Operating Information 11 - 13
These schedules contain data to help the reader understand how the
information in Housing Catalyst's financial report relates to the services
This part of Housing Catalyst's CAFR presents detailed information as a context for understanding
what the information in the financial statements,note disclosures and required supplementary
These schedules contain trend information to help the reader understand
how Housing Catalyst's financial performance and well-being have
affordability of Housing Catalyst's current levels of outstanding debt and
economic indicators to help the reader understand the environment within
9999
Housing Catalyst
Table 1 - Net Position - Last Ten Fiscal Years
(Unaudited)
Net investment Restricted Unrestricted
Fiscal Year in capital assets Net Position Net Position Total
2015 10,001,307$ 166,313$ 22,604,080$ 32,771,700$
2016 9,136,494 153,278 25,007,624 34,297,396
2017 10,649,746 94,058 42,131,262 52,875,066
2018 8,269,550 114,697 60,996,224 69,380,471
2019 7,087,317 285,791 67,463,649 74,836,757
2020 7,997,353 823,844 69,621,300 78,442,497
2021 6,607,772 139,150 81,278,984 88,025,906
2022 5,871,459 160,640 88,778,925 94,811,024
2023 14,983,746 102,641 91,963,819 107,050,206
2024 19,154,411 65,211 94,634,107 113,853,729
Source: Previous years' audits and current year financial statements
Note:Villages,Village on Elizabeth and Village on Stanford (Blended Component Units)added to prior years for
See accompanying Report of Independent Auditors
100100
Housing Catalyst
Table 2 - Changes in Net Position - Last Ten Fiscal Years
(Unaudited)
2015 2016 2017 2018
Operating Revenue:
Intergovernmental revenues 11,595,136$ 13,165,946$ 14,490,955$ 12,611,505$
Net tenant revenue 6,510,590 6,581,050 5,744,539 4,202,111
Other revenues 4,047,726 2,077,927 4,100,989 12,358,274
22,153,452 21,824,923 24,336,483 29,171,890
Operating Expenses:
Administrative 4,746,102 4,966,229 4,880,011 4,904,917
Utilities 581,684 591,564 585,827 419,641
Ordinary maintenance and operating 2,413,961 2,645,093 2,438,186 1,924,939
General expenses 648,732 684,100 716,259 585,884
Depreciation and amortization 1,994,147 2,071,622 1,820,953 1,286,120
Housing assistance payments 8,722,655 9,175,020 9,337,277 10,367,104
19,107,281 20,133,628 19,778,513 19,488,605
Operating Income (Loss)3,046,171 1,691,295 4,557,970 9,683,285
Nonoperating Revenue (Expenses):
Investment revenue 434,497 638,677 726,146 1,228,103
Interest expense (1,238,161) (1,236,647) (1,035,887) (633,128)
Other revenue (4,582) 476,252 13,720,482 6,096,457
Other financing costs - (52,771) (48,771) (19,032)
(808,246) (174,489) 13,361,970 6,672,400
Income (Loss) before Capital Contribution 2,237,925 1,516,806 17,919,940 16,355,685
Capital grants 118,951 8,890 657,730 149,720
Change in net position 2,356,876 1,525,696 18,577,670 16,505,405
Net Position, Beginning of the Year 30,414,824 32,771,700 34,297,396 52,875,066
Net Position, End of the Year 32,771,700$ 34,297,396$ 52,875,066$ 69,380,471$
Source: Previous years' audits and current year financial statements
See accompanying Report of Independent Auditors
101101
Housing Catalyst
Table 2 - Changes in Net Position - Last Ten Fiscal Years
(Unaudited)
2019 2020 2021 2022 2023 2024
14,546,760$ 16,504,807$ 20,685,292$ 20,855,062$ 23,452,532$ 26,555,080$
3,988,857 3,998,690 3,744,497 3,581,889 3,613,410 3,814,977
4,621,325 4,570,085 4,956,118 6,756,494 7,072,369 7,428,094
23,156,942 25,073,582 29,385,907 31,193,445 34,138,311 37,798,151
5,241,194 6,230,664 6,726,651 8,247,637 10,018,094 9,624,388
346,771 352,049 338,310 359,185 345,316 318,278
2,050,864 1,877,835 1,997,570 2,206,035 2,030,588 1,976,503
614,339 664,524 660,788 341,089 466,005 471,641
1,237,380 1,184,893 1,103,758 1,079,417 1,238,058 1,478,698
11,223,214 12,279,216 14,024,566 16,795,731 19,225,513 21,300,413
20,713,762 22,589,181 24,851,643 29,029,094 33,323,574 35,169,921
2,443,180 2,484,401 4,534,264 2,164,351 814,737 2,628,230
1,468,974 1,458,257 1,579,758 1,900,514 2,424,087 2,631,146
(587,505) (505,343) (607,880) (760,517) (581,132) (438,620)
1,981,406 - 3,900,231 3,264,220 9,585,777 1,983,267
(7,500) (1,000) (851) (1,766) (4,287) (500)
2,855,375 951,914 4,871,258 4,402,451 11,424,445 4,175,293
5,298,555 3,436,315 9,405,522 6,566,802 12,239,182 6,803,523
157,731 169,425 177,887 218,316 - -
5,456,286 3,605,740 9,583,409 6,785,118 12,239,182 6,803,523
69,380,471 74,836,757 78,442,497 88,025,906 94,811,024 107,050,206
See accompanying Report of Independent Auditors
102102
Housing Catalyst
Table 3 - Operating Revenues by Source - Last Ten Fiscal Years
(Unaudited)
Fiscal
Year Amount % of Total Amount % of Total Amount % of Total Total
2015 6,510,590$ 29.39%11,595,136$ 52.34%4,047,726$ 18.27%22,153,452$
2016 6,581,050 30.15%13,165,946 60.33%2,077,927 9.52%21,824,923
2017 5,744,539 23.60%14,490,955 59.55%4,100,989 16.85%24,336,483
2018 4,202,111 14.40%12,611,505 43.23%12,358,274 42.36%29,171,890
2019 3,988,857 17.23%14,546,760 62.82%4,621,325 19.96%23,156,942
2020 3,998,690 15.95%16,504,807 65.83%4,570,085 18.23%25,073,582
2021 3,744,497 12.74%20,685,292 70.39%4,956,118 16.87%29,385,907
2022 3,581,889 11.48%20,855,062 66.86%6,756,494 21.66%31,193,445
2023 3,613,410 10.58%23,452,532 68.70%7,072,369 20.72%34,138,311
2024 3,814,977 10.09%26,555,080 70.26%7,428,094 19.65%37,798,151
Source: Previous years' audits and current year financial statements
See accompanying Report of Independent Auditors
103103
Housing Catalyst
Table 4 - Non-Operating Revenues by Source - Last Ten Fiscal Years
(Unaudited)
Fiscal
Year Amount % of Total Amount % of Total Amount % of Total Total
2015 -$ 0.00%434,497$ 101.07%(4,582)$ -1.07%429,915$
2016 - 0.00%638,677 57.28%476,252 42.72%1,114,929
2017 - 0.00%726,146 5.03%13,720,482 94.97%14,446,628
2018 - 0.00%1,228,103 16.77%6,096,457 83.23%7,324,560
2019 - 0.00%1,468,974 42.57%1,981,406 57.43%3,450,380
2020 - 0.00%1,458,257 100.00%- 0.00%1,458,257
2021 - 0.00%1,579,758 28.83%3,900,231 71.17%5,479,989
2022 - 0.00%1,900,514 36.80%3,264,220 63.20%5,164,734
2023 - 0.00%2,424,087 20.18%9,585,777 79.82%12,009,864
2024 - 0.00%2,631,146 57.02%1,983,267 42.98%4,614,413
Source: Previous years' audits and current year financial statements
See accompanying Report of Independent Auditors
104104
Housing Catalyst
Table 5 - Debt Service Coverage - Last Ten Fiscal Years
(Unaudited)
2015 2016 2017 2018
Revenue 22,706,900$ 22,472,490$ 25,720,359$ 30,549,713$
Expenses (excluding depreciation)(18,351,295) (19,351,424) (19,042,218) (18,854,645)
Debt Service Requirements:
Principal 484,461$ 991,009$ 2,251,854$ 452,274$
Interest 1,034,381 1,126,097 1,230,982 548,561
Debt Service Coverage Ratio 2.87 1.47 1.92 11.69
Source: Previous years' audits and current year financial statements
See accompanying Report of Independent Auditors
105105
Housing Catalyst
Table 5 - Debt Service Coverage - Last Ten Fiscal Years
(Unaudited)
2019 2020 2021 2022 2023 2024
24,783,647$ 26,701,264$ 31,143,552$ 33,312,275$ 36,562,398$ 40,429,297$
(20,071,387) (21,910,631) (24,356,616) (28,711,960) (32,670,935) (34,130,343)
506,660$ 450,561$ 148,729$ 243,274$ 394,577$ 11,571,069$
534,980 394,629 364,810 692,922 714,801 301,598
4.52 5.67 13.22 4.91 3.51 0.53
See accompanying Report of Independent Auditors
106106
Housing Catalyst
Table 6 -Ratio of Debt to Capital Assets - Last Ten Fiscal Years
(Unaudited)
Ratio of
Fiscal Current Portion of Total Debt to
Year Long-Term Debt Long-Term Debt Total Debt Capital Assets Capital Assets
2015 2,836,111$ 32,686,248$ 35,522,359$ 44,923,159$ 79.07%
2016 2,253,476 31,464,904 33,718,380 42,796,227 78.79%
2017 440,901 11,411,184 11,852,085 22,465,778 52.76%
2018 507,044 14,512,702 15,019,746 23,276,957 64.53%
2019 495,582 11,313,995 11,809,577 18,892,939 62.51%
2020 197,175 10,254,308 10,451,483 18,439,656 56.68%
2021 287,109 29,815,277 30,102,386 16,985,614 177.22%
2022 426,012 26,755,373 27,181,385 16,652,199 163.23%
2023 11,612,153 13,202,983 24,815,136 19,903,673 124.68%
2024 622,386 12,605,978 13,228,364 24,134,783 54.81%
Source: Previous years' audits and current year financial statements
Note: Total debt amount includes short-term portion of debt and leases due within one year
See accompanying Report of Independent Auditors
107107
Housing Catalyst
Table 7 - Service Area Demographics / Statistics - Last Ten Fiscal Years
(Unaudited)
City of Fort Collins Residents Fort Collins & Larimer County
Fiscal Year Population of Housing Catalyst Unemployment Rate
2015 160,935 3,286 3.3%
2016 162,919 3,164 2.8%
2017 167,500 2,717 2.2%
2018 171,100 2,847 2.8%
2019 172,653 2,828 2.3%
2020 174,871 2,755 6.1%
2021 172,321 3,188 3.5%
2022 174,445 3,404 2.9%
2023 172,547 2,952 3.3%
2024 172,547 *3,121 4.2%
* Population data not updated for 2024 at the time of issuance
Source: City of Fort Collins, Bureau of Labor Statistics and Housing Catalyst tenant records.
See accompanying Report of Independent Auditors
108108
Housing Catalyst
Table 8 - Principal Employers for the City of Fort Collins
(Unaudited)
Percentage of Total
Employees Rank City Employment
Colorado State University 8,840 1 7.6%
UC Health: Poudre Valley Hospital 7,020 2 6.0%
Poudre R-1 School District 4,740 3 4.1%
City of Fort Collins 2,400 4 2.1%
Larimer County 2,310 5 2.0%
Woodward 1,420 6 1.2%
Broadcom (Avago) 1,130 7 1.0%
Department of Agriculture 1,090 8 0.9%
Orthopaedic & Spine Center of the Rockies 1,030 9 0.9%
Summitstone Health Partners 950 10 0.8%
Percentage of Total
Employees Rank City Employment
Colorado State University 7,317 1 8.1%
Poudre R-1 School District 4,025 2 4.5%
UC Health: Poudre Valley Hospital 3,078 3 3.4%
City of Fort Collins 1,889 4 2.1%
Larimer County 1,566 5 1.7%
Hewlett Packard 1,312 6 1.5%
Center Partners 1,299 7 1.5%
Woodward 1,291 8 1.4%
Employment Solutions Personnel Serv.1,242 9 1.4%
Broadcom (Avago)852 10 0.9%
Source: City of Fort Collins Annual Comprehensive Financial Report, FY 12/31/2023
(1) Current year data is unavailable at the time of the preparation of the Annual Comprehensive
Financial Report.
See accompanying Report of Independent Auditors
109109
Housing Catalyst
Table 9 - Resident Demographics / Population Statistics - Last Ten Fiscal Years
(Unaudited)
Number of Number of Number of Total
minors adults elderly number of
Fiscal Year (ages 0-18)(ages 19-61)(ages 62+)residents
2015 265 543 68 876
2016 261 449 64 774
2017 81 89 17 187
2018 80 87 20 187
2019 73 89 20 182
2020 66 92 17 175
2021 56 84 19 159
2022 53 77 18 148
2023 5 11 10 26
2024 - - 1 1
Number of Number of Number of Total
minors adults elderly number of
Fiscal Year (ages 0-18)(ages 19-61)(ages 62+)residents
2015 975 1,145 290 2,410
2016 917 1,154 319 2,390
2017 987 1,222 321 2,530
2018 996 1,251 413 2,660
2019 951 1,255 440 2,646
2020 859 1,244 477 2,580
2021 1,033 1,488 508 3,029
2022 1,100 1,580 576 3,256
2023 908 1,432 586 2,926
2024 1,005 1,519 596 3,120
Source: Housing Catalyst tenant records.
See accompanying Report of Independent Auditors
110110
Housing Catalyst
Table 10 - Resident Demographics / Ethnicity Statistics - Last Ten Fiscal Years
(Unaudited)
African Native
Fiscal Year Caucasian Latino American American Other Total
2015 565 232 43 20 16 876
2016 511 217 25 13 8 774
2017 96 75 6 6 4 187
2018 90 81 8 8 - 187
2019 85 81 9 7 - 182
2020 79 81 8 7 - 175
2021 68 78 7 6 - 159
2022 58 71 4 5 10 148
2023 10 16 - - - 26
2024 1 - - - - 1
African Native
Fiscal Year Caucasian Latino American American Other Total
2015 1,712 530 96 48 24 2,410
2016 1,720 502 96 48 24 2,390
2017 1,770 557 101 51 51 2,530
2018 1,534 856 186 75 9 2,660
2019 1,556 819 155 58 58 2,646
2020 1,453 834 160 74 59 2,580
2021 1,594 1,003 242 104 86 3,029
2022 1,795 959 275 122 105 3,256
2023 1,576 951 201 95 103 2,926
2024 1,616 991 279 114 120 3,120
Source: Housing Catalyst tenant records.
See accompanying Report of Independent Auditors
111111
Housing Catalyst
Table 11 - Number of Housing Catalyst Dwelling Units - Last Ten Fiscal Years
(Unaudited)
Housing Emergency Five Year Villages,
Public Choice VASH Housing Mainstream VOE
Fiscal Year Housing Vouchers Vouchers Vouchers Vouchers RAD SRO TBRA VOCC & VOS Total
2015 154 901 112 112 63 - 27 10 285 360 2,024
2016 154 916 121 121 64 - - 5 285 360 2,026
2017 70 870 115 115 60 69 - - - 360 1,659
2018 70 983 122 122 63 19 - - - 360 1,739
2019 70 969 119 119 99 - - - - 360 1,736
2020 70 956 133 133 141 - - - - 359 1,792
2021 70 1,108 143 13 196 - - - - 315 1,845
2022 48 1,144 142 23 208 - - - - 315 1,880
2023 15 1,140 155 22 237 - - - - 302 1,871
2024 - 1,122 167 18 239 - - - - 310 1,856
Source: Housing Catalyst tenant records.
See accompanying Report of Independent Auditors
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Housing Catalyst
Table 12 - Property Characteristics and Unit Composition - Last Ten Fiscal Years
(Unaudited)
Number
Address of Units Year Built
Villages:
Village on Bryan 100 S Bryan Avenue 27 1988
Village on Castlerock 1204 Castlerock Drive 4 1961
Village on Cherry 1321 Cherry Street 4 1980
Village on Cowen 615 Cowan Street 19 1971
First - SRO 300 1st Street 13 1981
Village on Leisure 2700 Leisure Drive 26 1971
Village on Maple 1216 Maple Street 4 1994
Village on Matuka 1200 Matuka Court 20 1991
Myrtle - SRO 811 E Myrtle Street 16 1950
Village on Stanford 2831 Stanford Road 6 1969
Duplexes 813 Cherry Street 10 1960
Single Family Home - 327 Howes 327 N Howes Street 1 1934
Single Family Home - 331 Howes 331 N Howes Street 1 1900
Single Family Home - 1711 Remington 1711 Remington Street 1 1957
Single Family Home - 1713 Remington 1713 Remington Street 1 1957
Single Family Home - Stuart 124 E Stuart Street 1 1939
Remington Row 705-715 Remington Street 11 2014
Plum Place 2155 W. Plum Street 15 1980
180
Village on Elizabeth: 2209 W Elizabeth Street 48 1970
Village on Stanford: 2631 Stanford Road 82 2009
See accompanying Report of Independent Auditors
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Housing Catalyst
Table 13 - Number of Housing Catalyst Staff - Last Ten Fiscal Years
(Unaudited)
Fiscal Year Administration Finance Housing Maintenance Total
2015 8 6 7 24 16 61
2016 8 6 7 27 15 63
2017 8 6 6 27 16 63
2018 8 4 6 28 14 60
2019 9 4 7 36 16 72
2020 6 7 10 45 17 85
2021 10 8 8 48 16 90
2022 8 6 9 52 16 91
2023 8 7 9 53 14 91
2024 9 7 10 52 14 92
See accompanying Report of Independent Auditors
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Housing Catalyst
Fort Collins, Colorado
Single Audit Section:
Independent Auditors' Reports
Schedule of Findings and Questioned Costs
Schedule of Prior Year Audit Findings
Schedule of Expenditures of Federal Awards
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Housing Catalyst
Schedule of Expenditures of Federal Awards
Year Ended December 31, 2024
Federal Financial Pass-Through
Assistance Entity
Federal Agency / Pass-Through Listing / Federal Identifying Federal
Grantor Program Title CFDA Number Number Expenditures
United States Department of Housing and Urban Development:
Housing Choice Voucher Cluster
Section 8 Housing Choice Vouchers **14.871 -18,325,210$
Mainstream Vouchers **14.879 -2,688,281
Emergency Housing Vouchers **14.871 -394,056
Total Housing Choice Voucher Cluster 21,407,547
Public and Indian Housing 14.850 --
Family Self-Sufficiency Program 14.896 -254,870
Continuum of Care Program 14.267 -370,950
Total Direct Awards 22,033,367
Passed through the City of Fort Collins:
HOME Investment Partnership Program -
Development Funds 14.239 689,000
Community Development Block Grants /
Entitlement Grants 14.218 714,402
Total Pass-Through Awards 1,403,402
Blended Component Unit (Larimer County Housing Authority)
United States Department of Housing and Urban Development:
Housing Choice Voucher Cluster ***
Section 8 Housing Choice Vouchers 14.871 -522,194
Mainstream Vouchers 14.879 -800,595
Total Housing Choice Voucher Cluster 1,322,789
Total Federal Expenditures 24,759,558$
** - Denotes a Major Program
*** - Denotes operations tested as part of the Larimer County Housing Authority Single Audit
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Housing Catalyst
Notes to Schedule of Expenditures of Federal Awards
Year Ended December 31, 2024
Note 1 - Basis of Presentation
Note 2 - Significant Accounting Policies
Note 3 - Indirect Cost Rate
Housing Catalyst has not elected to use the 10-percent de minimis indirect cost rate.
grant activity of Housing Catalyst under programs of the federal government for the year ended
December 31,2024.The information in the Schedule is presented in accordance with the
requirements of Title 2 U.S.Code of Federal Regulations (CFR)Part 200,Uniform Administrative
Requirements,Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance).
Because the Schedule presents only a selected portion of the operations of Housing Catalyst,it is not
intended to and does not present the financial position,changes in net position or cash flows of
expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein
117117
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June 18, 2025
To the Board of Commissioners
Housing Catalyst
Fargo, North Dakota
We have audited the financial statements of Housing Catalyst (the Authority) as of and for the year ended
December 31, 2024 and have issued our report thereon dated June 18, 2025. Professional standards require that
we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit under Generally Accepted Auditing
Standards and Government Auditing Standards and our Compliance Audit under the Uniform Guidance
As communicated in our letter dated May 12, 2025, our responsibility, as described by professional standards, is
to form and express an opinion about whether the financial statements that have been prepared by
management with your oversight are presented fairly, in all material respects, in accordance with accounting
principles generally accepted in the United States of America and to express an opinion on whether the
Authority complied with the types of compliance requirements described in the OMB Compliance Supplement
that could have a direct and material effect on each of the Authority major federal program. Our audit of the
financial statements and major program compliance does not relieve you or management of its respective
responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the financial statements are free of material
misstatement. An audit of financial statements includes consideration of internal control over financial reporting
as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly,
as part of our audit, we considered the internal control of the Authority solely for the purpose of determining
our audit procedures and not to provide any assurance concerning such internal control.
Our responsibility, as prescribed by professional standards as it relates to the audit of the Authority major
federal program compliance, is to express an opinion on the compliance for each of the Authority major federal
program based on our audit of the types of compliance requirements referred to above. An audit of major
program compliance includes consideration of internal control over compliance with the types of compliance
requirements referred to above as a basis for designing audit procedures that are appropriate in the
circumstances and to test and report on internal control over compliance in accordance with the Uniform
Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over
compliance. Accordingly, as a part of our major program compliance audit, we considered internal control over
compliance for these purposes and not to provide any assurance on the effectiveness of the Authority’s internal
control over compliance.
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We are also responsible for communicating significant matters related to the audit that are, in our professional
judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not
required to design procedures for the purpose of identifying other matters to communicate to you.
We have provided our comments regarding internal controls during our audit in our Independent Auditor’s
Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of
Financial Statements Performed in Accordance with Government Auditing Standards dated June 18, 2025. We
have also provided our comments regarding compliance with the types of compliance requirements referred to
above and internal controls over compliance during our audit in our Independent Auditor’s Report on
Compliance with Each Major Federal Program and Report on Internal Control Over Compliance Required by the
Uniform Guidance dated June 18, 2025.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and other firms utilized in the engagement,
if applicable, have complied with all relevant ethical requirements regarding independence.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the
significant accounting policies used by the Authority is included in Note 1 to the financial statements. As
described in Note 1, the Authority has changed accounting policies related to accounting for compensated
absences to adopt the provisions of GASB Statement No. 101, Compensated Absences. Accordingly, the
accounting change has been retrospectively applied to the financial statements beginning December 31, 2024.
No matters have come to our attention that would require us, under professional standards, to inform you
about (1) the methods used to account for significant unusual transactions and (2) the effect of significant
accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or
consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management and are based
on management’s current judgments. Those judgments are normally based on knowledge and experience about
past and current events and assumptions about future events. Certain accounting estimates are particularly
sensitive because of their significance to the financial statements and because of the possibility that future
events affecting them may differ markedly from management’s current judgments. No such significant
accounting estimate were identified.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive because of
their significance to financial statement users. There are no such sensitive disclosures included in the financial
statements.
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Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely
misstatements identified during the audit, other than those that we believe are trivial, and communicate them
to the appropriate level of management. Further, professional standards require us to also communicate the
effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account
balances or disclosures, and the financial statements as a whole. Uncorrected misstatements or matters
underlying those uncorrected misstatements could potentially cause future-period financial statements to be
materially misstated, even though the uncorrected misstatements are immaterial to the financial statements
currently under audit. There were no uncorrected or corrected misstatements identified as a result of our audit
procedures.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter,
whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter,
which could be significant to Housing Catalyst’s financial statements or the auditor’s report. No such
disagreements arose during the course of the audit.
Circumstances that Affect the Form and Content of the Auditor’s Report
For purposes of this letter, professional standards require that we communicate any circumstances that affect
the form and content of our auditor’s report. We made the following modification to our auditor’s report:
As described in Note 1 to the financial statements, due to the adoption of GASB Statement 101, Compensated
Absences, the Authority restated opening balances as of January 1, 2024. The purpose of this paragraph is to
draw attention to the disclosures for the adoption of the standards update. We have included an emphasis of
matter in our report regarding this restatement. In addition, an emphasis of matter paragraph has been included
for a change in reporting entity to include Village on Stanford, LLLP as a blended component unit. We did not
modify our opinions related to this matter.
Representations Requested from Management
We have requested certain written representations from management which are included in the management
representation letter dated June 18, 2025.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters. Management informed us that, and to our knowledge, there were no consultations with other
accountants regarding auditing and accounting matters.
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4
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with the Authority, we generally discuss a variety of
matters, including the application of accounting principles and auditing standards, significant events or
transactions that occurred during the year, operating conditions affecting the entity, and operating plans and
strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a
condition to our retention as the Housing Catalyst’s auditors.
The financial statements of the Housing Catalyst include the financial statements of the below list of blended
component units and discretely presented component units of the Housing Catalyst, which for the purposes of
our audit, we do not consider to be significant components of the financial statements of the Housing Catalyst.
Consistent with the audit of the financial statements the Housing Catalyst, as a whole, our audit included
obtaining an understanding of the below list of blended component units and discretely presented component
units and their environment, including internal control, sufficient to assess the risks of material misstatement of
the financial statements of the blended component units and discretely presented component units and
completion of further audit procedures.
Blended component units:
Larimer County Housing Authority,
Village on Elizabeth, LLC,
Village on Stanford, LLC,
Redtail Ponds Permanent Supportive Housing, LLC,
Redtail Ponds Permanent Supportive Housing Development, LLC,
Village on Plum, LLC,
Village on Plum Development, LLC,
Village on Redwood, LLC,
Village on Redwood Development, LLC,
Village on Horsetooth, LLC,
Village on Horsetooth Development, LLC,
Village on Shields, LLC
Village on Shields Development, LLC,
Village on Impala, LLC
Village on Stanford, LLLP
Mason Place, LLC
Mason Place Development, LLC
Housing Catalyst, LLC
Discretely presented component units:
Redtail Ponds Permanent Supportive Housing, LLLP
Village on Plum, LLLP
Village on Redwood, LLLP
Village on Horsetooth, LLLP
Village on Impala, LLLP
Mason Place, LLLP
Oak 140, LLLP
121121
5
The financial statements of Housing Catalyst include the financial statements of the following blended and
discretely presented component units of Housing Catalyst, which we consider to significant components of the
financial statements. Consistent with the audit of the financial statements as a whole, our audit included
obtaining an understanding of the blended and discretely presented component unit and their environment,
including internal control, sufficient to assess the risks of material misstatement of the financial statements of
the blended and discretely presented component units and to design the nature, timing, and extent of further
audit procedures.
Villages, Ltd. – blended component unit
Village on Shields, LLLP – discretely presented component unit
Other Information Included in Annual Reports
Pursuant to professional standards, our responsibility as auditors for other information, whether financial or
nonfinancial, included in the Authority’s annual report, does not extend beyond the financial information
identified in the audit report, and we are not required to perform any procedures to corroborate such other
information. However, in accordance with such standards, we have read the other information and considered
whether such information, or the manner of its presentation, was materially inconsistent with its presentation in
the financial statements.
Our responsibility also includes communicating to you any information which we believe is a material
misstatement of fact. Nothing came to our attention that caused us to believe that such information, or its
manner of presentation, is materially inconsistent with the information, or manner of its presentation,
appearing in the financial statements.
This report is intended solely for the information and use of the Board of Commissioners, and management of
the Authority and is not intended to be, and should not be, used by anyone other than these specified parties.
Fargo, North Dakota
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June 11, 2025
To the Board of Commissioners
Larimer County Housing Authority
Fort Collins, Colorado
We have audited the financial statements of Larimer County Housing Authority as of and for the year ended
December 31, 2024, and have issued our report thereon dated June 11, 2025. Professional standards require
that we advise you of the following matters relating to our audit.
Our Responsibility in Relation to the Financial Statement Audit under Generally Accepted Auditing
Standards and Government Auditing Standards and our Compliance Audit under the Uniform Guidance
As communicated in our letter dated November 11, 2024, our responsibility, as described by professional
standards, is to form and express an opinion about whether the financial statements that have been prepared
by management with your oversight are presented fairly, in all material respects, in accordance with
accounting principles generally accepted in the United States of America and to express an opinion on
whether the Larimer County Housing Authority complied with the types of compliance requirements
described in the OMB Compliance Supplement that could have a direct and material effect on each of the
Larimer County Housing Authority major federal programs. Our audit of the financial statements and major
program compliance does not relieve you or management of its respective responsibilities.
Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain
reasonable, rather than absolute, assurance about whether the financial statements are free of material
misstatement. An audit of financial statements includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting.
Accordingly, as part of our audit, we considered the internal control of Larimer County Housing Authority
solely for the purpose of determining our audit procedures and not to provide any assurance concerning such
internal control.
Our responsibility, as prescribed by professional standards as it relates to the audit of Larimer County Housing
Authority major federal program compliance, is to express an opinion on the compliance for each of Larimer
County Housing Authority major federal programs based on our audit of the types of compliance
requirements referred to above. An audit of major program compliance includes consideration of internal
control over compliance with the types of compliance requirements referred to above as a basis for designing
audit procedures that are appropriate in the circumstances and to test and report on internal control over
compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on
the effectiveness of internal control over compliance. Accordingly, as a part of our major program compliance
audit, we considered internal control over compliance for these purposes and not to provide any assurance
on the effectiveness of the Larimer County Housing Authority’s internal control over compliance.
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We are also responsible for communicating significant matters related to the audit that are, in our professional
judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not
required to design procedures for the purpose of identifying other matters to communicate to you.
We have provided our comments regarding internal controls during our audit in our Independent Auditor’s
Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of
Financial Statements Performed in Accordance with Government Auditing Standards dated June 11, 2025. We
have also provided our comments regarding compliance with the types of compliance requirements referred to
above and internal controls over compliance during our audit in our Independent Auditor’s Report on
Compliance with Each Major Federal Program and Report on Internal Control Over Compliance Required by the
Uniform Guidance dated June 11, 2025.
Planned Scope and Timing of the Audit
We conducted our audit consistent with the planned scope and timing we previously communicated to you.
Compliance with All Ethics Requirements Regarding Independence
The engagement team, others in our firm, as appropriate, our firm, and other firms utilized in the engagement,
if applicable, have complied with all relevant ethical requirements regarding independence.
Qualitative Aspects of the Entity’s Significant Accounting Practices
Significant Accounting Policies
Management has the responsibility to select and use appropriate accounting policies. A summary of the
significant accounting policies adopted by Larimer County Housing Authority is included in Note 1 to the
financial statements. There have been no initial selection of accounting policies and no changes in significant
accounting policies or their application during 2024. No matters have come to our attention that would require
us, under professional standards, to inform you about (1) the methods used to account for significant unusual
transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which
there is a lack of authoritative guidance or consensus.
Significant Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management and are based
on management’s current judgments. Those judgments are normally based on knowledge and experience about
past and current events and assumptions about future events. Certain accounting estimates are particularly
sensitive because of their significance to the financial statements and because of the possibility that future
events affecting them may differ markedly from management’s current judgments. No such significant
accounting estimate were identified.
Financial Statement Disclosures
Certain financial statement disclosures involve significant judgment and are particularly sensitive because of
their significance to financial statement users. There are no such sensitive disclosures included in the financial
statements.
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Significant Difficulties Encountered during the Audit
We encountered no significant difficulties in dealing with management relating to the performance of the audit.
Uncorrected and Corrected Misstatements
For purposes of this communication, professional standards require us to accumulate all known and likely
misstatements identified during the audit, other than those that we believe are trivial, and communicate them
to the appropriate level of management. Further, professional standards require us to also communicate the
effect of uncorrected misstatements related to prior periods on the relevant classes of transactions, account
balances or disclosures, and the financial statements as a whole. There were no uncorrected or corrected
misstatements identified as a result of our audit procedures.
Disagreements with Management
For purposes of this letter, professional standards define a disagreement with management as a matter,
whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter,
which could be significant to the financial statements or the auditor’s report. No such disagreements arose
during the course of the audit.
Representations Requested from Management
We have requested certain written representations from management which are included in the management
representation letter dated June 11, 2025.
Management’s Consultations with Other Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters. Management informed us that, and to our knowledge, there were no consultations with other
accountants regarding auditing and accounting matters.
Other Significant Matters, Findings, or Issues
In the normal course of our professional association with Larimer County Housing Authority, we generally
discuss a variety of matters, including the application of accounting principles and auditing standards, operating
conditions affecting the entity, and operating plans and strategies that may affect the risks of material
misstatement. None of the matters discussed resulted in a condition to our retention as Larimer County Housing
Authority’s auditors.
This report is intended solely for the information and use of the Board of Commissioners and management of
Larimer County Housing Authority and is not intended to be, and should not be, used by anyone other than
these specified parties.
Fargo, North Dakota
125125
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1
Independent Auditor’s Report
To the Board of Commissioners
Housing Catalyst
Fort Collins, Colorado
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the business-type activities and the aggregate discretely
presented component units of the Housing Catalyst (the Authority) as of and for the year ended
December 31, 2024, and the related notes to the financial statements, which collectively comprise the
Authority’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the business-type activities and the aggregate discretely presented
component units of the Authority, as of December 31, 2024, and the respective changes in financial
position, and where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards (Government Auditing Standards), issued by the Comptroller General of the United States.
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are required to be independent of the
Authority and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinions. The financial statements of the discretely
presented component units were not audited in accordance with Government Auditing Standards.
Adoption of New Accounting Standard
As discussed in Note 1 to the financial statements, the Authority has adopted the provisions of
Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences, for the
year ended December 31, 2024. Accordingly, a restatement has been made to the business-type
activities net position as of January 1, 2024, to restate beginning net position. Our opinions are not
modified with respect to this matter.
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2
Change in Reporting Entity
As discussed in Note 1 to the financial statements, Village on Stanford, LLLP was transferred to the
Authority. The change in ownership resulted in Village on Stanford, LLLP being subject to oversight and
control by the Authority. Accordingly, a restatement has been made to the basic financial statements as
of December 31, 2023. Our opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America; and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Authority‘s ability to
continue as a going concern for twelve months beyond the financial statement date, including any
currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute
assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and
Government Auditing Standards will always detect a material misstatement when it exists. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user based on
the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures in
the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Authority‘s internal control. Accordingly, no such opinion is
expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
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Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Authority’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, as listed in the table of co ntents, be presented to supplement the basic financial
statements. Such information is the responsibility of management and, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board, who considers it to
be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management’s responses to our
inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic
financial statements. We do not express an opinion or provide any assurance on the information
because the limited procedures do not provide us with sufficient evidence to express an opinion or
provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Authority’s basic financial statements. The accompanying combining
statements as listed in the table of contents are presented for purposes of additional analysis and are
not a required part of the basic financial statements. The accompanying Schedule of Expenditures of
Federal Awards is presented for purposes of additional analysis as required by the audit requirements of
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and is also not a required
part of the financial statements. Such information is the responsibility of management and was derived
from and relates directly to the underlying accounting and other records used to prepare the basic
financial statements. The information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the accompanying combining statements and Schedule of Expenditures of Federal Awards are fairly
stated, in all material respects, in relation to the basic financial statements as a whole.
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Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory section and statistical section but does not include the basic
financial statements and our auditor's report thereon. Our opinions on the basic financial statements do
not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and
the basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Report on Summarized Comparative Information
We have previously audited the Authority’s 2023 basic financial statements, and we expressed
unmodified opinions on the respective financial statements of the business-type activities and the
aggregate discretely presented component units of the Authority in our report dated June 28, 2024. In
our opinion, the summarized comparative information presented herein as of and for the year ended
December 31, 2023, is consistent, in all material respects, with the audited financial statements from
which it has been derived.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 18, 2025
on our consideration of the Authority’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements, and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the Authority’s internal control over financial reporting or on compliance. That report is
an integral part of an audit performed in accordance with Government Auditing Standards in considering
the Authority’s internal control over financial reporting and compliance.
Fargo, North Dakota
June 18, 2025
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Development Milestones
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Development 5-Year Project Plans
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Audit & Finance Committee
B O A R D R E P O R T | J U N E 2 0 2 5
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CO MMIT T EE: Audit & Finance Committee
CO MMIT T EE C HAIR: Jennifer Wagner
CO MMIT T EE MEMB ERS : Ann Green, Lizette Mill, Karen Dunbar, Eric Lea
S T AFF S PON SOR : Tonya Frammolino, CFO
Main Objectives for the Committee:
The purpose of the Committee is to assist the Board in fulfilling its oversight responsibilities with respect to
Housing Catalyst’s financial transactions, engagement of financial professionals, and the investment of its assets.
This is a summary report on the Committee's work this past month, with any necessary recommendations to the
full board. Attached to this report are the approved committee meeting minutes from the previous meeting
along with any reports approved to be shared with the Board.
Summary of recent activities:
Review of LIHTC Losses Compared to Targets - Discussion postponed to a future meeting to allow staff
to present a more comprehensive analysis, including updated waterfall projections and implications for
deferred developer fee recovery.
Annual Comprehensive Financial Report (ACFR) | MD&A and Transmittal Letter section review -
Committee reviewed the draft MD&A and Transmittal Letter for clarity, tone, and alignment with
financial results ahead of audit finalization.
Risk Oversight Items Overview: Investment, Liquidity, IR risk, Capital – Staff provided a high-level
overview connecting the committee’s charter responsibilities to current financial risk areas and
monitoring practices.
Summary of recent accomplishments:
• Q1 2025 - Quarterly Business Update – Delivered a high-level summary of first-quarter financial results
and operational performance, with emphasis on budget alignment and key variances.
• Audit Firm RFP – Staff informed the committee of the decision to defer the 2025 RFP for audit and tax
services due to key staff turnover. No risks or concerns were identified in connection with this delay.
Upcoming events, discussions, and activities:
• Eide Bailly Presentation of Final FY2024 Results; Including ACFR, Audit Findings and related components
• LOC Annual Renewal - Housing Catalyst & Villages Ltd.
• Financial Services Mid-Year Workplan Review
Reports and documents available for review in Boardable in the documents folder for
this meeting:
EXHIBIT A: May AFC Approved Meeting Minutes
EXHIBIT B: FY2024 ACFR – Final Draft
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Action items:
The Audit & Finance Committee hereby recommends that the Housing Catalyst Board of Commissioners take the
following actions:
• Action Item: Approval of FY2024 ACFR – The Audit & Finance Committee recommends that the Board
approve the Fiscal Year 2024 Annual Comprehensive Financial Report (ACFR), including the Management
Discussion & Analysis and Introduction Letter, as presented.
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