HomeMy WebLinkAbout2011 - Housing Catalyst - Annual ReportFCHA Year in Review 2011 Page 1
YEAR IN REVIEW 2011
AGENCY OVERVIEW
Since 1971, Fort Collins Housing Authority has offered sustainable, long-term solutions, and
now we serve over 1,700 families per year. Employing innovative programs and resident support
systems, FCHA offers critical tools and resources that families need to maintain safe, affordable
housing and economic opportunity. We are a progressive housing provider and developer, offer-
ing permanent solutions that move people out of homelessness, stabilize families, and partner
with community agencies to help improve lives.
Our Mission
Just as a house is built upon a solid foundation, the Fort Collins Housing Authority is built upon
its mission: To provide and promote affordable housing, economic opportunity and a safe living
environment free from discrimination.
Our Business Objective
To achieve this mission, all FCHA functions are operated with attention paid to a triple bottom
line:
Maintaining the fiscal viability of the organization.
Achieving a social goal through the provision of affordable housing and supportive ser-
vices.
Achieving environmental sustainability.
Our Core Values
Through our day-to-day operations as well as when striving to attain our long-term goals,
FCHA’s core values are prevalent in our work in the manner in which we serve our community.
Team FCHA
Teamwork
Fun
Compassion
Honesty
Accountability
FCHA Year in Review 2011 Page 2
Situational Summary
Based upon 2010 U.S. Census estimates, the City of Fort Collins has a population of 143,986.
Fort Collins is now the fourth largest city in Colorado. The city witnessed strong population
growth throughout the 1990s. However, in early 2000 to present, Fort Collins has registered a
significant slowdown in population growth. Although the population is expected to continue to
grow during this decade, growth is expected to be at a slower rate than in previous years.
The rental market continues to tighten and rents have been increasing throughout 2011. The mar-
ket has recently shown a significant decrease in vacancy, with the current vacancy rate at ap-
proximately 3%.
FORT COLLINS PUBLIC HOUSING
The Fort Collins Housing Authority federally subsidized Public Housing program consists of 154
units owned by the Authority. Operating subsidy allows the program to serve families earning
virtually no income, but regulations authorize serving families earning up to 80% of area median
income. Attachment A provides 2011 demographics.
For 2011, Fort Collins Public Housing had an
average vacancy rate of 2%, which is simply a
function of turnover. The annual turnover rate
was 23%, meaning 36 of the 154 units had a
family move out during the year. This number
is up from a 16% turnover rate the previous
year. Numerous factors contribute to such
changes, including availability of Housing
Choice Vouchers, availability of affordable
housing in the market and stability of the fami-
lies served.
The federal regulations for waiting list selection are quite stringent and create a challenge. There
are currently 1,887 applicants on the Fort Collins Public Housing waiting list, many of these be-
ing for one-bedroom units. At this time, the anticipated length of wait is over two years, longer
for one-bedroom units since there are very few of them in the portfolio.
WELLINGTON PUBLIC HOUSING
The Fort Collins Housing Authority manages the Wellington Housing Authority through an in-
tergovernmental agreement. The Board of Commissioners meets on a bimonthly basis to review
activities, set policy and prepare and authorize budgets and capital improvement plans. The Wel-
lington Housing Authority consists of 42 Public Housing units. As of December 2011, there were
880 applicants on the Wellington Public Housing waiting list.
FCHA Year in Review 2011 Page 3
HOUSING CHOICE VO
The Fort Collins Housing Authority administers
approximately 1,064 Housing Choice Vouchers
(HCV), also known as Section 8, for Fort Collins
and Larimer County. The Larimer County allo-
cation of 100 of these vouchers is administered
through an intergovernmental agreement, 65 of
which are targeted specifically to people with
disabilities. Attachment A provides 2011 pro-
gram demographics.
The Fort Collins Housing Authority administered $7,805,737 in Housing Assistance Payments
(HAP) to local landlords on behalf of participating families in 2011. This amount includes six
months of the newly awarded Family Unification Program (FUP) voucher funding which is spe-
cifically for youth aging out of foster care or families whose need for housing is a determining
factor in retaining their children. FCHA values local landlords a great deal and continues to focus
on ways to continue their satisfaction with the program. Housing assistance payments on behalf
of the program recipients are distributed to landlords in a timely manner. A brochure for land-
lords and program information is readily available. FCHA is an active member of the Fort
Collins Apartment Owners Association through which staff interacts with local landlords on a
regular basis.
The U.S. Department of Housing and Urban Development (HUD) grades this program through
its Section 8 Management Assessment Program (SEMAP). FCHA anticipates an “A” rating again
for 2011 and has utilized 97% of its authorized budget authority. Utilization of 100% of author-
ized vouchers is difficult to achieve due to increases or decreases during the year in subsidy
amounts or lease-up rates, and lease up time for new vouchers awarded. Congress often does not
appropriate enough funding to cover all authorized vouchers, and budget amounts are prorated.
As of December 2011, there were 109 applicants for the HCV program, but this is in no way in-
dicative of community need because this waiting list has been closed since November 1, 2004
except for those eligible for a Mainstream or FUP voucher. The anticipated wait is now four
years or more from the date of application. A separate waiting list is administered for people in-
terested in the project-based voucher program. Twenty percent of the vouchers are project-based
or assigned to specific rental units. There are currently 1,533 applicants on that list with an aver-
age wait of approximately 12 months, depending on bedroom size.
All units leased under the Housing Choice Voucher program must pass a Housing Quality Stan-
dards (HQS) inspection each year in order to receive subsidy. FCHA has one full-time inspector
on staff. This inspector is well trained in the inspection protocol, and FCHA utilizes a hand-held
computer which syncs to our housing management software to do these inspections. Staff works
toward using the most current technology whenever feasible.
UCHER PROGRAM
FCHA Year in Review 2011 Page 4
SINGLE ROOM OCCUPANCY—SUPPORTIVE HOUSING FOR THE HOMELESS
On behalf of Villages, Ltd., the Fort Collins Housing Authority operates the only Single Room
Occupancy (SRO) program in Larimer County. The program, Homecoming, includes two dorm-
style housing sites with 37 single rooms of permanent supportive housing. The residences are
called Myrtle House and First Street. They receive direct HUD rental subsidies. A third SRO site
that the agency had been operating for many years, Linden House, was closed in October of this
year after the economic feasibility of its continued operation became problematic.
SRO residents must verify their homelessness upon admission. Case management is provided by
two full-time, live-in resident managers and a part-time supervisor. Collaborative relationships
with a myriad of county social service agencies are another program feature. Additional pro-
gramming within each residence that fosters a greater sense of domestic cohesiveness and
stronger connections with the broader Fort Collins community is also offered.
Two major factors made 2011 a year of transition and change for the SRO program. First, there
was the arrival of 100 Mainstream Housing Choice vouchers for disabled that were awarded to
the agency and available in November 2010. With staff assistance many SRO residents got on
the waitlists and eventually received one of these vouchers. The SRO team helped residents in
their search for independent living units in the community. Welcome baskets were assembled
and provided to exiting residents. The baskets included kitchen, bathroom and cleaning supplies.
A $3,000 grant from the El Pomar Foundation helped pay for the baskets, security deposits, and
other moving costs. Because of concerns that some residents would have a more difficult transi-
tion to independent living, SRO staff initiated an outreach program that included regular home
visits after residents moved out.
Second, the closing of the Linden House SRO was another major program transition this year.
The 15 Linden residents were given permanent Housing Choice (Section 8) vouchers and pro-
vided similar assistance as outlined above.
A wonderful series of community
partnerships was formed in 2011 on
the programming side. For example,
the local United Way’s Teen Alter-
native Spring Break program fo-
cused on homeless issues. The SROs teamed up to create a Mexican Fiesta at a city recreation
center. Residents talked about their homeless experiences and cooked the potluck dinner; the
youth served the food and ran the various games and dancing. Also, an agency that promotes
FCHA Year in Review 2011 Page 5
volunteer community gardens and distributes portions of the
produce to the local food bank created a very large garden at
the Myrtle SRO. Staff sought and was awarded a technical
assistance grant to expand the project next season.
Residents participated and began planting additional garden
plots on the property out of their enthusiasm for the project.
Another partnership involved the Health Department, which
provided free flu shots for anyone in the program. Other
partnerships included regular staff involvement at the local homeless day services center and the
annual homeless service fair.
COMMUNITY DUAL DISORDERS TEAM VOUCHERS
The Community Dual Disorders Team (CDDT) combines intensive case management and thera-
peutic support for those dealing with a combination of severe mental illness and severe substance
abuse disorders. The program is fashioned after a national best practices model that has been ef-
fective in reducing hospitalizations, alcohol and substance use, arrests and incarcerations. Since
its implementation four years ago, FCHA has committed a 13-hour-per-week housing specialist
and housing subsidies that the agency received from the City of Fort Collins HOME block grant
program.
The CDDT is a multidisciplinary, multiagency team from the Larimer Center for Mental Health,
the Health District of Northern Larimer County, and the Fort Collins Housing Authority. Besides
intensive case management, the team provides medication management, benefits acquisition as-
sistance, supportive employment, family support, housing, substance abuse counseling and men-
tal health help matched to individual needs and based on participants’ readiness for change. The
therapeutic interventions used have been scientifically tested and shown to be highly effective.
CDDT initially provided treatment and housing services to 12 of Fort Collins’ highest consumers
of emergency care services (ER, detoxification, in-patient psychiatric, jail, EMT/ambulance, po-
lice, fire). The cost of administering the program was made up for in the money saved by the re-
duction of emergency services in the first year. In November 2010 the City of Fort Collins
awarded FCHA funds for a two-year extension of housing subsidy funds that it had been award-
ed in 2008. The request for another two-year extension of the subsidies has been planned for ear-
ly 2012.
The program currently has 19 participants. Five of them are currently in housing subsidized by
the FCHA award. Additionally, two are in permanent Housing Choice vouchers, and several are
in various treatment programs or temporarily incarcerated. One participant passed away this year
while living on the streets. Another‘s whereabouts have remained unknown for some time. Sev-
eral of the original participants have become sober and stabilized on their medications, which is
an assuring sign of the program’s long-term effectiveness.
In response to the keen lessons learned from trying to address the needs of CDDT participants
over the past several years, FCHA has begun to form community partnerships and specific plans
to develop more permanent supportive housing. This bodes well for responding to the needs of
the chronic, disabled homeless. A continuum of housing options is beginning to be formed from
the agency’s efforts.
FCHA Year in Review 2011 Page 6
RESIDENT SERVICES
The Resident Services department consists of three specific programs: Public Housing Family
Self-Sufficiency program, Housing Choice Voucher Family Self-Sufficiency program, and the
Homeownership program. The Homeless services coordinator and resident managers at the SRO
properties are included in the Resident services team in order to provide group supervision and
share resources.
Highlights are as follows:
The team worked with 157 total families during the
year.
Fifty-six families increased their earned income to-
taling $332,563
Fifty-three families made escrow savings contribu-
tions
Dollar value of FSS escrow accounts disbursed to
households totaled $90,772
Six families purchased homes through the Home-
ownership program
Two families completed a Bachelors degree
t held again at City Park Pool. This year
milies were very appreciative to have an event for their
’s, we were able to sponsor 54 families through the help of
er Lutheran Church.
r agencies continues to be a primary resource for FSS partici-
w relationships were established with Larimer
County Child Protection as now FSS coordinators sit on the Child Protection Team which meets
weekly to staff cases and recommend resources. This has proved to be very beneficial for both
agencies.
Limited services are being offered at the Northern Hotel to assist residents on an individual basis
as well as organizing some community building events such as a Thanksgiving dinner, 90th
birthday party, and holiday decorating.
Two students from the Social Work department at Colorado State University completed their re-
quired internships with FCHA in the spring. Their work enhances our ability to fully assess
needs at different properties and they are able to provide some short term interventions to benefit
residents.
Other highlights included a Celebrate your Success even
saw an increase in attendance and fa
whole family. During the holiday
community members and Redeem
Service coordination with partne
pants with 46 partner agencies contacted. Ne
FCHA Year in Review 2011 Page 7
VILLAGES, LTD. AFFORDABLE HOUSING PROGRAM
Villages, Ltd, formerly the Fort
Collins Housing Corporation,
owns 299 units of affordable hous-
ing scattered throughout Fort
Collins. The Fort Collins Housing
Authority is the management agent
for the Villages affordable housing
portfolio. The portfolio consists of
many types of housing, from sin-
gle-family detached homes to the
95-unit Village on Plum apartment
complex. In addition, Villages
manages 130 units financed under
the Low Income Tax Credit pro-
gram; the Village on Elizabeth and V
habbed by the Fort Collins Housing
2011 was the first year of operations at the n
The new location has been well received by resid
significantly increased Villages
portfolio in 2011 was 4.8%. In 2011, a
total of 124 units turned over for an an-
nual turnover rate of 42%, 5% higher than
the previous year. The average household
income for the affordable housing pro-
gram was $16,250 in 2011.
A new marketing plan, which was up-
dated with the help of A-Train Marketing
Communications, was implemented in
2011. The updated marketing plan in-
cludes professional brochures, signage,
City bus panel advertising, new website
w website was launched in 2011; further en-
age is becoming recognized and we are seeing
illage on Stanford. Both properties were extensively re-
Authority.
ew leasing center located at 920 S. Taft Hill Road.
ents for its convenience. The location has also
exposure to the community.
The average vacancy rate for the Villages
design and many other types of outreach. The ne
hancements are under development. Our new im
results from these efforts.
FCHA Year in Review 2011 Page 8
NORTHERN HOTEL
The Fort Collins Housing Authority is the contracted man-
agement agent for the Northern Hotel Limited Partnership.
As management agent, the Authority provides all leasing
functions, which include eligibility and compliance work for
all grant and funding sources. FCHA has provided 47 Hous-
ing Choice Vouchers to the Northern Hotel in 2001 due to
severe vacancy problems. Since that time, the demand for
apartments there has remained high; the property serves per-
sons aged 55 and older whose incomes are well below 30%
of area median income.
The 47 apartments are reserved for persons aged 55+. The
average annual tenant income is $11,248; the average tenant
rent is $259. Currently there are 284 applicants for this pro-
gram with an approximate waiting time of one to two years.
PROPERTY MAINTENANCE
e part of operations,
ganiza-
ents and projects in 2011
of the maintenance department include the follow-
ing:
Expanded the use of the Yardi software
work-order system and time standards to
account for time at each project.
Expanded the use of the Yardi inventory
system to track materials and vendors.
Participated in a recycling program for ap-
pliances. Also recycled was metal, comin-
gled materials, CFL lighting and yard waste at the
Use of Energy Star rated equipment and gr
cabinets, counter tops, carpeting and paint in vacancy turns.
Use of recycled consumer latex paint in al
Participation with the City of Fort Collins ele
Participated with the City of Fort Collins
our residential community gardens.
The following numbers summarize work orders completed by maintenance staff in 2011:
97 emergency service calls completed or abated within 24 hours.
4,701 routine resident-generated service calls with an average completion time of 10 days
or less.
292 vacancy turnarounds with an average time of 13 days.
5,604 total service calls, including vacant unit work orders.
Property maintenance is a larg
a part which is a source of pride for the or
tion. Major accomplishm
maintenance facility.
een building components, including low-VOC
l units which diverts paint from landfills.
ctronic recycling day.
and CSU in the development and expansion of
FCHA Year in Review 2011 Page 9
DEVELOPMENT AND REHABILITATION
Assessments and Analysis
Public Housing was established to provide safe and decent rental housing for eligible low-
income (80% and below area median income) residents at rents they can afford. FCHA currently
owns and operates 154 public housing units. FCHA makes every effort to provide a comfortable
living environment for our residents. Along these lines, the agency has developed analytical
processes to aid the Authority in accessing both short and long term capital needs within the
portfolio over a twenty year period. With the data the Authority can better coordinate limited re-
sources towards identified capital improvements. By combining modernization with preventative
maintenance, we are able to provide residents with well maintained units.
Villages, Ltd. - Villages, a non-profit instrumentality of FCHA provides over 500 units of multi-
family housing. The portfolio provides a variety of housing along the housing continuum from
single room occupancy units to spacious 2, 3, 4, and 5 bedroom units located in various areas of
the City of Fort Collins. Similar to the Public Housing Portfolio, FCHA is conducting and updat-
ing a comprehensive capital needs assessments for the Village's portfolio that encompasses every
unit, building and site within the portfolio. The information is gathered in a project specific re-
port and will be utilized to help determine the best path for current and future rehabilitation, as
well as leveraging and refinancing opportunities.
Development and Rehabilitation
Leisure Drive Apartments - The renovation of 26 units on Leisure Drive has been completed.
As part of the a diverse financing package of City CGBG funds, Federal Home Loan Bank AHP
funds and FCHA equity, the Authority was able to
renovate both the exterior and interior of these 1971
constructed buildings. Construction began in 2010 and
the exterior and interior included new roofs, improved
landscapes, interior and exterior lighting, refurbished
kitchens, heating systems, paint, flooring, wiring and
plumbing. A unique, positive and unexpected outcome
of this rehabilitation is that a number of the non-
affordable landlords in the neighborhood have also
begun improving their properties to match the quality
of FCHA’s improvements.
w Income Tax Credit program, the Fort
leverage its own resources to build 85 units with an addi-
rtnership was instrumental in the development of Province-
able Residences Enterprise (CARE) Province-
ent was completed in November 2011 providing an addi-
rdable housing to the Fort Collins low-income families.
Planning work for Cornerstone Legacy Senior development moved steadily forward in 2011.
Working closely with Cornerstone-Fort Collins Partners, LP. and City Planning staff, conceptual
design and site concepts are being finalized. The development is set to begin construction in
Partners – By working with partners through the Lo
Collins Housing Authority has helped
tional 72 units planned. FCHA’s pa
towne. In partnership with Community Afford
towne Green Communities developm
tional 85 units of critically needed affo
FCHA Year in Review 2011 Page 10
2012 on a site that overlooks the scenic Poudre River in Historic Downtown Fort Collins. Cor-
nerstone Legacy will provide 72 senior housing units with a long list of amenities and easy ac-
cess to shopping, recreation and public transportation.
Permanent Supportive Housing – FCHA in coordination with Homeward2020 has been spear-
heading a community wide effort to provide Fort Collins first Permanent Supportive Housing
development. The Supportive Housing will combine housing with services that help chronically
homeless individuals who face the most complex challenges to live with stability, autonomy and
dignity. FCHA is working with a variety of stakeholders on site selection, conceptual design,
support services and operational funding. Depending on funding, the Permanent Supportive
Housing development is slated to begin construction in the Fall of 2012.
Development Pipeline
Multifamily Housing – The Fort Collins Housing Authority is continuing to pursue new devel-
opment opportunities that increase the number of affordable housing units in both the portfolio
and community. In November 2011, FCHA acquired a 9.6 acre parcel for a future development
of 74 multifamily units. Other land and redevelopment efforts were analyzed and pursued to in-
crease the development pipeline for the organization.
Public Housing Modernization
The Fort Collins Housing Authority continues to address capital improvements throughout the
Public Housing portfolio with the use of HUD capital funds. The funding is directed towards
modernization and maintenance of the portfolio to ensure that the highest quality housing is be-
ing provided for the households served.
Wellington Housing Authority Family Property
Community Area Re-design and Improvements
FCHA Year in Review 2011 Page 11
COMMUNITY COORDINATION AND ADVOCACY
In 2011, FCHA partnered or formally coordinated with numerous community entities through
leadership, advocacy, coordination and support. The following list is not inclusive and is in no
particular order. There are so many other informal partnerships that it is impossible to list all of
the great work being accomplished!
Homeward 2020
Community Dual Disorders Team
Sister Mary Alice Murphy Center for Hope
FortZED
Northern Colorado Rental Association
Larimer County Affordable Housing Coalition
Larimer County Health and Human Services
CARE Housing, Inc.
Project Self Sufficiency
Crossroads Safehouse
Neighbor to Neighbor
Social Services Family Response Team
Northern Front Range Continuum of Care
Interfaith Council
Community Mental Health and Substance Abuse
Partnership
Larimer County Community Corrections
Colorado NAHRO Yardi Users Group
Eastgate Homeowners Association
Stanford Homeowners Association
Thunderbird Neighborhood Association
City Manager’s Strategic Issues Team
Housing NOW Conference
National Association of Housing and Redevelopment
Officials: State, Regional and National
Colorado Coalition for the Homeless
Larimer Home Improvement Program (LaHIP)
Larimer County Drug Task Force
City of Fort Collins Utilities
Larimer County Alternative Sentencing Unit
Longs Peak Weatherization
United Way
FCHA Year in Review 2011 Page 12
INFORMATION TECHNOLOGY
The Fort Collins Housing Authority strives to keep all information technology systems up-to-
date to provide the best possible service to our customers. Since individual participant eligibility
and statistical data must be transmitted electronically to the U.S. Department of Housing and Ur-
ban Development, it is vitally important that our systems are well maintained. In addition, from a
business and fiduciary perspective it is also essential that our systems allow us to track our fi-
nances in ways that are meaningful and allow us to manage our assets properly.
The primary software tool utilized by the organization is an integrated property management and
accounting product (Yardi) which allows for full integration of operational activities across all
departments. In 2011, we focused on increasing the utilization of the robust tools available in
this software. This included items such as full implementation of inventory tracking capabilities
within the Maintenance Department, initial set-up of the fixed asset module and improvement in
the automated financial statement production areas.
Replacement of personal computers based on an obsolescence schedule was begun during 2011.
Approximately 20 percent of the computers are being replaced as part of the remodeling cost for
the Mountain Avenue offices. Going forward we anticipate the replacement of a similar number
of machines on an annual basis.
Future Information Technology goals:
o Continue to refine the FCHA Web site and develop ways for the community to access
program information electronically.
o Replacement of all network printing copiers and scanning machines as equipment leases
expire in 2012.
O Focus on electronic data storage wherever possible with the long-term goal of becoming
as “paperless” as possible.
O Build on the formation of a Yardi users group with four other Colorado Housing Authori-
ties.
FCHA Year in Review 2011 Page 13
FINANCE AND ACCOUNTING
Finance and Accounting Department Reorganization
The Finance Department organizational changes started in the prior year were completed in
2011. This included:
Hiring of new staff members for the Lead Accountant and Accounts Payable Clerk posi-
tions.
Change of work assignments to fully implement the duties as outlined in all job descrip-
tions.
Significant Funding and Loan Transactions
During the year many items were addressed that resulted in increased income and new financing
for important initiatives. Some of the more significant items were:
Collection of over $82,000 in past due funds from the CDDT program which represented
amounts owed from as far back as 2009.
Receipt of over $204,000 from the tax-credit investor on the recently completed Village
on Stanford project. The FCHA Development Department was instrumental in obtaining
these funds which were earned because the project was completed earlier than originally
projected in 2009-10. This resulted in increased earnings to the investor for which the
FCHA received this compensation. These funds were used to repay the FCHA for devel-
oper fees which were deferred at the start of the project.
A $700,000 line-of-credit (LOC) was put in place to finance the construction costs of the
remodel project for the FCHA main administrative offices. Once construction is com-
pleted the FCHA plans to re-finance this LOC with long-term installment debt.
A three-year $255,000 loan was put in place in late 2011 to purchase a piece of land for
future development. This loan requires only interest payment during its term. The
FCHA anticipates this debt will be repaid as part of the final development of the property.
Budget
2012 Operating budgets for all entities managed were completed and approved by the appropri-
ate oversight committees/boards in early December 2011. The budget structure, approach and
tools that were developed in the prior year were used in this process.
Audit
A new audit firm (Eide Bailly, LLP) was utilized during the year for the completion of the fiscal
year 2010 audits for all entities. This firm will once again be used for the 2011 audits. All enti-
ties received unqualified audit opinions for the 2010 period.
FCHA Year in Review 2011 Page 14
Other Items of Note
In addition to normal operations the following issues were addressed by the FCHA Finance and
Accounting Department during 2011.
The refinancing of the Neighbor-to-Neighbor (N2N) loan that was carried by the FCHA
since 2002 was completed in September 2011. The FCHA acted as the conduit issuer for
this transaction and has no obligation for guarantee or repayment of the debt going for-
ward. Therefore, the amounts of this financing will no longer be carried on the books of
the FCHA. The transaction was for a total of $2,737,000. Of this $1,560,000 was issued
as tax-exempt debt with the remaining $1,177,000 issued as taxable debt.
The Department of Housing and Urban Development (HUD) conducted an on-site audit
of the FCHA voucher rental assistance reporting process in 2011 as part of their routine
oversight. The FCHA received positive comments in the final report regarding internal
processes and structure. This was also a good opportunity for our new Lead Accountant
to become familiar with HUD requirements and to put improved reporting processes in
place.
An analysis of the Information Technology needs and costs for the organization was
completed during the year. The decision was made to stay with the services provided
through the City of Fort Collins. This was based on the continued high quality of ser-
vices and a price reduction which was granted to make the overall costs competitive with
private sector providers.
FCHA Entities
The FCHA carries out its mission by managing six separate entities, including:
1. Fort Collins Housing Authority
2. Larimer County Housing Authority (presented as a component unit within FCHA)
3. Villages, Ltd. (formerly know as Fort Collins Housing Corporation)
4. Wellington Housing Authority
5. Village on Elizabeth (a tax credit funded project)
6. Village on Stanford (a tax credit funded project)
Accounting for these entities, along with contracted functions for the owners of the Northern Ho-
tel, are handled by the Finance department. As part of the new standardized financial reporting
implemented in 2010 the statements of financial position (Balance Sheet) and results of opera-
tions (Income Statement) are reported in a grouped format as shown below.
The FCHA ended 2011 with slightly over $46 million in assets under management. All entities
managed had positive cash flow for the year. The two tax credit funded projects produced a loss
for accounting purposes, as required, after application of non-cash expenses for depreciation and
accrued interest.
FCHA Villages WHA VOE VOS Total
Actual Actual Actual Actual Actual Actual
ASSETS
CURRENT ASSETS:
CASH
Total Unrestricted Cash 4,171,643 1,977,276 255,305 24,648 266,180 6,695,051
Total Restricted Cash 209,404 513,018 15,784 153,946 235,589 1,127,741
TOTAL CASH 4,381,047 2,490,294 271,089 178,594 501,769 7,822,792
TOTAL ACCOUNTS AND NOTES RECEIVABLE 1,747 389,203 9,019 116,366 (12,704) 503,631
TOTAL OTHER CURRENT ASSETS 73,803 4,769 442 14,197 2,768 95,979
TOTAL CURRENT ASSETS 4,456,597 2,884,265 280,550 309,157 491,833 8,422,403
NONCURRENT ASSETS:
TOTAL FIXED ASSETS (NET) 6,524,331 12,483,425 807,482 4,894,689 9,056,995 33,766,922
Total Other Assets 3,770,113 675,000 - - - 4,445,113
TOTAL NONCURRENT ASSETS 10,294,444 13,158,425 807,482 4,894,689 9,056,995 38,212,035
TOTAL ASSETS 14,751,041 16,042,690 1,088,033 5,203,846 9,548,828 46,634,438
LIABILITIES & EQUITY
LIABILITIES:
TOTAL CURRENT LIABILITIES 351,670 572,130 30,289 311,701 246,951 1,512,741
TOTAL NONCURRENT LIABILITIES 587,052 6,764,026 7,039 3,365,347 5,147,910 15,871,374
TOTAL LIABILITIES 938,722 7,336,156 37,328 3,677,048 5,394,861 17,384,115
EQUITY
TOTAL CONTRIBUTED CAPITAL 100 - - 2,578,893 4,919,996 7,498,989
TOTAL RESERVED FUND BALANCE 1,270,500 4,290,884 - - - 5,561,384
RETAINED EARNINGS:
Invested in Capital Assets-Net of Debt 6,258,078 - 836,523 - - 7,094,601
Current Year Income 286,349 (123,586) 3,120 (269,392) (377,649) (481,158)
Unrestricted Net assets 4,555,686 4,539,236 - - - 9,094,922
Net Restricted Assets - HUD 1,441,606 - 211,062 - - 1,652,667
Prior Income (Loss) - - - (782,702) (388,380) (1,171,082)
TOTAL RETAINED EARNINGS: 12,541,718 4,415,650 1,050,705 (1,052,095) (766,029) 16,189,950
TOTAL EQUITY 13,812,318 8,706,534 1,050,705 1,526,798 4,153,967 29,250,323
TOTAL LIABILITIES AND EQUITY 14,751,041 16,042,690 1,088,033 5,203,846 9,548,828 46,634,438
All Property beginning in 2011 (.allpr11)
Combining Balance Sheet (Summary)
Period = Dec 2011
Book = Accrual
FCHA Year in Review 2011 Page 15
FCHA Villages WHA VOE VOS Total
Actual Actual Actual Actual Actual Actual
Revenue & Expenses
INCOME
TENANT INCOME
TOTAL RENTAL INCOME 212,263 2,614,467 75,429 351,068 545,367 3,798,594
TOTAL OTHER TENANT INCOME 36,089 83,882 8,943 8,004 27,300 164,217
NET TENANT INCOME 248,352 2,698,350 84,372 359,071 572,667 3,962,811
TOTAL GRANT INCOME 9,744,359 143,434 209,313 - - 10,097,106
TOTAL OTHER INCOME 2,880,829 44,565 554 116 990 2,927,054
TOTAL INCOME 12,873,539 2,886,349 294,239 359,187 573,657 16,986,971
EXPENSES
ADMINISTRATIVE
Total Administrative Salaries 1,744,704 258,301 35,347 19,958 35,805 2,094,115
Total FSS Salaries 202,963 - - - - 202,963
Total Legal Expense 53,754 26,310 574 1,033 3,437 85,108
Total Other Admin Expenses 992,508 521,951 34,030 83,242 150,613 1,782,345
Total Miscellaneous Admin Expenses 484,518 13,497 1,859 20,651 9,409 529,933
TOTAL ADMINISTRATIVE EXPENSES 3,478,447 820,059 71,810 124,884 199,264 4,694,464
TOTAL TENANT SERVICES EXPENSES 49,567 5,502 - - - 55,068
TOTAL UTILITY EXPENSES 138,304 260,059 46,782 27,434 36,416 508,995
MAINTENANCE AND OPERATIONS
TOTAL GENERAL MAINT EXPENSE 529,769 - 720 - 188 530,677
Total Materials 43,639 101,045 8,406 5,599 10,188 168,879
Total Contract Costs 359,180 534,973 78,944 66,967 105,550 1,145,614
Total Facility 9,300 - - - - 9,300
Total Vehicle Costs 27,959 - - - - 27,959
TOTAL MAINTENANCE EXPENSES 969,847 636,019 88,070 72,566 115,927 1,882,429
TOTAL GENERAL EXPENSES 122,301 69,728 12,806 11,797 39,720 256,352
TOTAL HOUSING ASSISTANCE PAYMENTS 7,539,378 - 58 - - 7,539,436
TOTAL FINANCING EXPENSES 85,947 397,095 - 164,784 211,909 859,735
TOTAL CAPITAL FUNDS 100 105,540 - - - 105,640
TOTAL NON-OPERATING ITEMS 203,300 715,933 71,593 227,114 348,069 1,566,009
TOTAL EXPENSES 12,587,190 3,009,936 291,119 628,579 951,306 17,468,129
NET INCOME 286,349 (123,586) 3,120 (269,392) (377,649) (481,158)
CASH FLOW INFORMATION:
Add back: Depreciation: 203,300 715,933 71,593 227,114 348,069 1,566,009
Add: Note Receivable Payments: 174,074 - - - - 174,074
Add: Unpaid Accrued Interest Payable: - - - 94,588 66,466 161,054
Less: Debt Principal Payments: (182,329) (362,284) - (11,049) (9,221) (564,883)
Less: Unpaid Accrued Interest Receivable: (136,957) - - - - (136,957)
NET CASH FLOW 344,437 230,063 74,713 41,261 27,665 718,139
All Property beginning in 2011 (.allpr11)
Combining Income Statement (Summary)
Period = Jan 2011-Dec 2011
Book = Accrual
FCHA Year in Review 2011 Page 16
FCHA Year in Review 2011 Page 17
The two major affordable housing programs operated by the FCHA are the HUD funded Public
Housing and Voucher programs. These programs are included in the financials for the FCHA in
the reports shown above. Below are internal analysis reports on the financial operations for these
two programs in 2011.
December 2011 12
Public Housing & ROSS 154 Units
TOTAL ASSETS 6,784,374 TOTAL EQUITY 6,636,794
TOTAL LIABILITIES 147,580 Reserve for Replacements -
Restricted - HUD 560,437
Unrestricted Cash Available for Operations 589,769 Ave. Monthly Operating Expenses (Y-T-D) 77,283
Current Assets 681,962 Cash Operating Coverage (months) 7.6
Current Liabilities 106,699 Months Expendable Fund Balance (est.) 7.4
Current Ratio 6.39 Payable to Vendors & Contractors 29,890
Short-term Debt n/a Total Debt Payments (Y-T-D) -
Long-term Debt - Ave. Monthly Debt Payments (Y-T-D) n/a
Debt Coverage Ratio (Y-T-D) n/a
M-T-D Y-T-D Y-T-D Y-T-D Y-T-D
Actual Actual Budget Variance % Variance
Rental Income 13,635 212,263 218,150 (5,887) -3%
Other Tenant Income 7,832 35,717 29,980 5,738 19%
Total Grant Income 60,604 842,711 965,511 (122,800) -13%
Total Other Income 8,850 12,401 10,000 2,401 24%
TOTAL INCOME 90,921 1,103,092 1,223,641 (120,548) -10%
Administrative Expenses 54,208 447,182 435,510 11,672 -3%
Tenant Services Expenses - 28 - 28 #DIV/0!
Utility Expenses 15,673 122,284 117,250 5,034 -4%
Maintenance Expenses 31,694 300,420 341,813 (41,393) 12%
General Expenses 7,582 40,079 45,063 (4,984) 11%
Housing Assistance Payments 1,064 17,398 28,000 (10,602) 38%
Financing Expenses - - - - n/a
Capital Funds Expenses (177,183) - 256,005 (256,005) 100%
Non-Operating Expenses 21,239 188,738 - 188,738 #DIV/0!
TOTAL EXPENSES (45,725) 1,116,129 1,223,641 (107,512) 9%
NET INCOME (LOSS) 136,645 (13,037) (0) (13,036) 2715842%
Total OPERATING INCOME 66,347 856,335 922,635 (66,300) -7%
Total OPERATING EXPENSES 110,220 927,391 967,636 (40,245) -4%
Net OPERATING INCOME (43,872) (71,055) (45,000) (26,055) 58%
Per Unit Per Month (Y-T-D Averages): Per Unit Per Annum (Annualized):
Rents 115 Rents 1,378
Operating Expenses 502 Operating Expenses 6,022
Net from Operations (38) Net from Operations (461)
TOTAL INCOME 597 TOTAL INCOME 7,163
TOTAL EXPENSE 604 TOTAL EXPENSE 7,248
NET INCOME (7) NET INCOME (85)
Financial Position
Liquidity
Debt
Operating Activities
Unit Analysis
Actual vs.Budget
((45,30,000) 000)
(15,000) -
15,30,000 000
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
FCHA Year in Review 2011 Page 18
December 2011 12
FCHA Vouchers: 0Units
TOTAL ASSETS 1,641,547 TOTAL EQUITY 1,477,337
TOTAL LIABILITIES 164,210 Reserve for Replacements -
Restricted - HUD 821,782
Unrestricted Cash Available for Operations 1,440,187 Ave. Monthly Operating Expenses (Y-T-D) 634,565
Current Assets 1,627,688 Cash Operating Coverage (months) 2.3
Current Liabilities 33,685 Months Expendable Fund Balance (est.) na
Current Ratio 48.32 Payable to Vendors & Contractors (853)
Short-term Debt n/a Total Debt Payments (Y-T-D) -
Long-term Debt - Ave. Monthly Debt Payments (Y-T-D) n/a
Debt Coverage Ratio (Y-T-D) n/a
M-T-D Y-T-D Y-T-D Y-T-D Y-T-D
Actual Actual Budget Variance % Variance
Rental Income - - - - n/a
Other Tenant Income - 256 - 256 #DIV/0!
Total Grant Income 644,139 8,112,239 8,045,646 66,593 1%
Total Other Income 3,187 10,341 12,000 (1,659) -14%
TOTAL INCOME 647,326 8,122,835 8,057,646 65,190 1%
Administrative Expenses 68,144 804,332 857,457 (53,125) 6%
Tenant Services Expenses - 2,663 - 2,663 #DIV/0!
Utility Expenses - - - - n/a
Maintenance Expenses - 893 - 893 #DIV/0!
General Expenses - (73) - (73) #DIV/0!
Housing Assistance Payments 592,305 6,806,959 7,200,188 (393,229) 5%
Financing Expenses - - - - n/a
Capital Funds Expenses - - - - n/a
Non-Operating Expenses 2,772 2,772 - 2,772 #DIV/0!
TOTAL EXPENSES 663,220 7,617,546 8,057,645 (440,099) 5%
NET INCOME (LOSS) (15,895) 505,289 0 505,289 105268511%
Total OPERATING INCOME 647,326 8,122,835 8,057,646 65,190 1%
Total OPERATING EXPENSES 660,449 7,614,774 8,057,645 (442,871) -5%
Net OPERATING INCOME (13,123) 508,061 u 0 508,061 105845955%
Per Unit Per Month (Y-T-D Averages): Per Unit Per Annum (Annualized):
Rents n/a Rents n/a
Operating Expenses n/a Operating Expenses n/a
Net from Operations n/a Net from Operations n/a
TOTAL INCOME n/a TOTAL INCOME n/a
TOTAL EXPENSE n/a TOTAL EXPENSE n/a
NET INCOME n/a NET INCOME n/a
Financial Position
Liquidity
Debt
Operating Activities
Unit Analysis
Actual vs.Budget
(((225,200,175,150,125,100,(75,000) 000) 000) 000)
100,(50,25,25,50,75,000) 000 000 -
125,150,175,200,225,250,275,000 000 000 000
300,325,350,375,400,425,450,000 000 000 000
475,500,525,550,575,600,625,000 000 000 000
650,675,700,725,750,775,800,000 000 000 000
825,850,875,900,925,950,975,000 000 000 000
1,1,1,1,000,025,050,075,100,125,150,000 000 000 000
1,1,1,175,200,225,250,275,000 000 000
Jan-10
Feb-10
Mar-10
Apr-10
FCHA Year in Review 2011 Page 19
DEMOGRAPHICS
Extremely Low Income –
< 30% of median or <$22,450 for family of 4
90
Very Low Income –
50% of median or $37,450 for family of 4
9
Distribution by Average
Annual Income (%)
Low Income –
80% of median or $59,900 for family of 4
1
Average Fort Collins Public Housing 10,297
Annual Income ($) Colorado Overall Average 11,449
With any wages 39
With any welfare 19
With any SSI/SS/Pension 44
Distribution by
Source of Income (%)
With any other income 13
$0 1
$1–25 0
$26–50 13
$51–100 6
$101–200 36
$201–350 26
$351–500 12
Distribution by
Total Tenant Payment (%)
$501+ 6
Elderly, no children, non-disabled 2
Elderly, with children, non-disabled 0
Non-elderly, no children, non-disabled 5
Non-elderly, with children, non-disabled 50
Elderly, no children, disabled 6
Elderly, with children, disabled 1
Non-elderly, no children, disabled 28
Non-elderly, with children, disabled 8
Distribution by
Family Type (%)
All female headed household with children 54
FCHA Year in Review 2011 Page 20
HOUSING CHOICE VOUCHER PROGRAM 2011 DEMOGRAPHICS
Average Fort Collins HCV 11,398
Annual Income ($) Colorado Overall Average 11,350
With any wages 30
With any welfare 11
With any SSI/SS/Pension 53
Distribution by
Source of Income (%)
With any other income 26
$0 1
$1–25 1
$26–50 14
$51–100 6
$101–200 25
$201–350 29
$351–500 13
Distribution by
Total Tenant Payment (%)
$501+ 11
Elderly, no children, non-disabled 5
Elderly, with children, non-disabled 1
Non-elderly, no children, non-disabled 8
Non-elderly, with children, non-disabled 37
Elderly, no children, disabled 9
Elderly, with children, disabled 1
Non-elderly, no children, disabled 31
Non-elderly, with children, disabled 8
Distribution by
Family Type (%)
All female headed household with children 40
Elderly, no children, non-disabled 301
Elderly, with children, non-disabled 476
Non-elderly, no children, non-disabled 198
Non-elderly, with children, non-disabled 281
Elderly, no children, disabled 274
Elderly, with children, disabled 417
Non-elderly, no children, disabled 231
Non-elderly, with children, disabled 309
Average Tenant Payment
by Family Type ($)
All female headed household with children 279
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Net Income (Actual) Net Income (Budget) Net OPERATING Income
Actual vs.Budget
(15,000)
10,000
35,000
60,000
85,000
110,000
135,000
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Net Income (Actual) Net Income (Budget) Net OPERATING Income
Cash Flow Overview (ROLLING 12 Months)
(250,000)
250,000
750,000
1,250,000
1,750,000
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Cash In Cash Out Unrestricted Cash Balance
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Net Income (Actual) Net Income (Budget) Net Operating Income
Cash Flow Overview (ROLLING 12 Months)
-
200,000
400,000
600,000
800,000
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Cash In Cash Out Unrestricted Cash Balance