The URL can be used to link to this page

Home My WebLink AboutAffordable Housing Board - Minutes - 03/01/2007Planning, Development & Transportation City Planning & Community Development fcgov.com/cityplanning NOTE.- These minutes were approved at the April5, 2007, meeting. CITY OF FORT COLLINS AFFORDABLE HOUSING BOARD MEETING MINUTES 281 N. College Ave. Fort Collins, Colorado March 1, 2007 Denise Rogers, Chair Ken Waido, Staff Liaison, 970-221-6753 Kurt Kastein, City Council Liaison, 970-223-0425 Board Members Present: Denise Rogers, Jon Fairchild, Dan Byers, Jason Oldham, Robert Sullivan, Kevin Brinkman, Pete Tippett, and Rachel Davis. Board Members Absent: Ashley Monahan Advance Planning Staff Present: Ken Waido, Maurice Head Council Members Present: None Board Chair Denise Rogers called the meeting to order with a quorum present at 4:10 p.m. Open Public Discussion None. Approval of the Minutes of the January 11, 2007 Dan Byers moved that the minutes of the January 11, 2007, meeting be approved. Robert Sullivan seconded the motion. The motion passed unanimously 8-0. Buildine Advocacy for Affordable Housing. Chadrick Martinez, Executive Director of CARE Housing, attended the meeting and made a presentation to the Board regarding his organization's mission, exiting projects, and future projects. Highlights of the presentation are summarized below: Mission Statement: The mission of CARE Housing is to advocate for and provide affordable housing to working families, with supportive services to strengthen and empower families, and build community. Census of CARE Residents: working families and seniors earning 25% to 60% of the Area Median Income (average AMI- 32%, annual income about $12,950 to 41,900); about 80% of families are single head of household, majority are between the ages of 19 and 35 working in the service and retail sector. Supportive Services: Leadership and empowerment opportunities, computer lab, after school tutoring, case management/counseling, educational workshops, parenting classes, budgeting classes, tax assistance, personal safety workshops, homebuyer workshops, arts and crafts programs, and rental assistance. CARE Portfolio: Five affordable housing communities with a total of 202 units Households pay 30% of their income towards rents. Average rent throughout the portfolio $495-$505. 281 North College Avenue • PO Box 580 • Fort Collins, CO 80522-0580 • 970-221-6376 Fax 970-224-6111 • TDD 970-224-6002 • cityplanning@fcgov.com March 1, 2007, Affordable Housing Board Meeting Minutes — pg. 2 Portfolio Development Costs Federal LIHTC $9,699,764 City of FC CDBG $1,483,225 City of FC HOME 1 $724,000 City of FC HOME Funds $631,000 City of FC HOME/CHDO Funds $300,000 City of FC General and HOME Funds $620,000 City of FC Fee Rebate $200,000 State of CO HOME $200,000 United Way $10,000 1 Pomar $35,000 Boettcher $50,000 Donations $64,000 CARHOF $180,000 FHLB AHP Funds $475,000 Permanent Bank Financing $4,143,759 TOTAL $18,815,748 City Funding Benefit Analysis City Total Investment as a Partner with CARE $ 3,371,225.00 City's Contribution Per Unit (202 Units) $ 16,689.00 Benefits To City/CARE/Residents Dollars Leverage With City Funds $15,444,523.00 Leverage Per City Dollar $4.58 to $1.00 AMIs Served 5 @ 25-30% 73 @ 40% 5 @ 45% 98 @ 50% 21 @ 60% Average AMI (08/06) 32% Average Portfolio Rent $495.00 Average # of Household Members Served 454 Future Developments Cottonwood 0 Product Type: 37 Unit Multi -family housing development March 1, 2007, Affordable Housing Board Meeting Minutes — pg. 3 • AMI Served: 30% - 50% • Location: Windsor, Colorado Provincetowne PHASEI • Product Type: 85 Unit Multi -family housing development • AMI Served: 25%- 60% • Units\type: 85 two and three bedroom units PHASE II • Product Type: 68 Unit Multi -family housing development • AMI Served: 25% - 60% • Units\type: 68 — Unit Type TBD Colorado State University Research Foundation (CSURF) • Product Type: 72 Unit Multi -family housing development • AMI Served: 25% - 60% • Units\type: 72 — Unit Type TBD • Unique Design Aspects — Green Build Development in partnership with CSU, CSURF, City of Fort Collins, and investment partners Long Range Strategic Plan CARE is currently seeking market opportunities in Fort Collins -Loveland Metropolitan Statistical Areas, the I-25 Corridor and the towns of Windsor, Severance, Timnath. After the presentation the Board discussed some of the "build green" goals of CARE and how the increased construction costs could be recovered via lower utility payments. Distribution of Competitive Process Affordable Housing Proposals Staff distributed copies of the five affordable housing proposals received by the City requesting funding from the spring cycle of the competitive process. Staff also passed out additional materials related to the applications, including a summary and comment sheet, the staff scoring sheets, and rankings. Staff reviewed the additional materials with the Board noting that the ranking sheets do not represent a staff recommendation. There is no minimum amount of points necessary for funding. The City is expecting about $1.1 million from HUD in its CDBG grant. Staff and the Board discussed the Board's role in the competitive process. Chair Denise Rogers reviewed the logistics of the Board's special meeting to establish their listing of priority projects. The Board to set Thursday March 22 at 4:30 p.m. as the date for the special meeting for the Board to formulate their listing of priority projects to be forwarded to the City Council and the CDBG Commission. By -Laws The AHB's By Laws were reviewed and a correction was made in Article III, Section 2 dealing with the timing of Officer Elections. The month "October" was deleted from Section 2 so that the first sentence would read as follows: "At the first regular meeting in each year, a Chairperson and Vice -Chairperson shall be elected by majority vote of the Board." March 1, 2007, Affordable Housing Board Meeting Minutes —pg. 4 A minor correction was also made to Article III, Section 6 changing "Research and Special Projects Division" to "Advance Planning Department." Rachel Davis moved that the By Laws be approved as amended. Pete Tippett seconded the motion. The motion passed unanimously 8-0. Periodic Review Process The memorandum from Karla Smith, Board's and Commissions Coordinator, of the City Clerk's Office indicating the Board will have its Periodic Review with the City Council at the Council's July 24 work session was discussed. Copies of the self -assessment questionnaire will need to be completed by July 9. Chair Densie Rogers requested Board members come prepared to answer the first few questions at the April meeting. A copy of the completed July 2001 questionnaire prepared for the Board's last review can be use for assistance. This item will continue to appear on the Board's agenda until the questionnaire is completed Liaison Reports None. Other Business None.