HomeMy WebLinkAboutHousing Catalyst - Minutes - 01/25/2007Minutes of the Regular Meeting of the Fort Collins Housing Authority
1715 Mountain Ave, Fort Collins Colorado
Commissioners Present
Mary Davis
Stephanie Barratt
Ed Stoner
Pat Brady
Matt Robenalt
CALL TO ORDER
January 25, 2007
Commissioners Absent
Mike Sollenberger
Karen Weitkunat
Staff Present
Julie Brewen
Jim Martell
Carol Gonzalez
Alan Fluharty
John Tuchscherer
Guests
Gavin Kaszynski
Vice Chairperson Davis called the regular meeting of the Fort Collins Housing Authority to
order at 7:39 a.m. The board members welcomed new commissioner Matt Robenalt.
II. CITIZEN INPUT
Gavin Kaszynkski attended the meeting to learn about FCHA programs.
III. APPROVAL OF MINUTES
The board reviewed the minutes of the November 16, 2006 regular meeting. Commissioner
Stoner made a motion, seconded by Commissioner Barratt to approve the minutes of the
November 16, 2006 regular meeting after adding Mr. Fluharty to the Staff Present. This
motion was passed unanimously.
IV. OLD BUSINESS
Mr. Martell stated he spoke with City Attorney, Steve Roy in regard to recent concerns about
the City's affordable housing competitive process. Mr. Martell has yet to hear what, if any
action the City will take.
V. NEW BUSINESS
Village on Elizabeth Update:
Ms. Brewen presented an update on the Village on Elizabeth acquisition/rehab tax credit
project which included the details of the corporate structure of the project, including:
■ A newly formed Limited Liability Limited Partnership (LLLP) will be the Low Income
Housing Tax Credit applicant and ultimately own the project.
■ FCHA will be the sponsor of the tax credit application.
■ FCHA will be the "nominal limited partner" of the LLLP for now, to be taken out by an
investor upon syndication (sale) of the low income housing tax credits.
• A second newly formed entity, the Village on Elizabeth Limited Liability Corporation
(LLC) will be the general partner of the LLLP.
■ A third newly formed entity, the Village on Elizabeth Development LLC will be
formed and will receive the "developer fee" from the project. We will then need a
"reimbursement agreement" for money to flow back to the Housing Authority for
developer staff time and expenses on the project.
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Mr. Fluharty explained the financial proformas for this project. After discussion Commissioner
Brady made a motion, seconded by Commissioner Stoner to approve Resolution No. 07-01
through Resolution No. 07-06 related to the structure and funding application process for this
project. This motion was passed unanimously. Mr. Martell stated a conflict as he represents
Care Housing as well as Fort Collins Housing Authority and stated he will continue to
represent the Authority in any conflicting issues and Care Housing will retain separate legal
counsel.
Election of Officers:
Commissioner Brady moved that a slate of officers of the board be as follows; Commissioner
Davis, Chair and Commissioner Stoner, Vice -Chair to be seated in 2007. This motion was
duly seconded by Commissioner Robenalt. This motion was passed unanimously.
VI. LEGISLATIVE ISSUES
Mr. Tuchscherer informed the Board that if our Housing Choice Voucher program is funded at
the same level as a recent 88% proration under the Continuing Resolution we are now
operating under, that we would have to cut 50 families from the program. Ms. Brewen stated
that she would be contacting our legislators to express concern over this possibility and ask that
they keep an eye on the funding issue. Commissioner Brady would like to see the Authority
discuss possible guidelines for the cuts like these in the future. Commissioner Robenalt
suggested staff think about possible funding sources for such a situation from the local or State
level.
VII. MONTHLY ACTIVITY REPORT
The board reviewed the activity report. The Board would like a thank you note sent to
Bohemian Foundation board for their recent funding award for the Village on Plum community
building.
Chairperson Davis adjourned the regular meeting of the Fort Collins Housing Authority Board
of C(pmmissioners at 8:35 a.m. Approved this 22"d day of February 2007.
M. Davis, Chairperson
Brewen,