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HomeMy WebLinkAboutHousing Catalyst - Minutes - 07/21/2022 Housing Catalyst Board of Commissioners Minutes – July 21, 2022 I. Attendees Commissioners: Cathy Mathis-Chair, David Bye, Emily Francis, Lizette Mill, Jennifer Wagner, Hep Wilkins Staff: Michele Christensen, Justin Corey, Tonya Frammolino, Julie Francis, Tara Gaffney, Rachel Gaisford, Carly Johansson, Angelika Lintner, Traci McGraw, Carri Ratazzi, Nichole Rex Guests: Sue Beck-Ferkiss (City of Fort Collins), Attorney Jim Martell, Jake Ediger (GilmoreBell), Joseph Penta (Development Committee member) II. Call to Order Chair Cathy Mathis called the meeting to order at 7:32 am. III. Mindful Moment Chief Financial Officer Tonya Frammolino led the group in a Mindful Moment. IV. Citizen Input There was no citizen input. V. Approval of Minutes from June 16, 2022 Board Meeting Commissioner Hep Wilkins moved to approve the minutes of the June 16, 2022 meeting. Commissioner Jennifer Wagner seconded, and the motion was passed unanimously. VI. Action Items a. Line of Credit Renewals - Housing Catalyst Ms. Frammolino discussed the First Bank Line of Credit annual renewal for which she is seeking approval. Information and background are described in the Board Action Memo in this meeting's packet. The recommendation is that the Board approve the annual renewal of the Line of Credit. Commissioner David Bye moved to approve Resolution HC-RES-2022-07-01. Commissioner Wilkins seconded, and the motion was passed unanimously. b. Impala Redevelopment - Entity Formation Senior Project Manager Nichole Rex discussed the request for approval from the Board for the creation of Village on Impala LLC; creation of Village on Impala LLLP, and; a Private Activity Bond (PAB) allocation for Village on Impala, not to exceed $20 million. She noted that this is the same process that was used for Oak 140. Information and background are described in the Board Action Memos in this meeting's packet. It is requested that the Board approve the Entity Formation Resolution and the Inducement Resolution. Concern was expressed by the Board that an owner is not specified in the Resolution. It was explained that if ownership needed to change at a later date, a new resolution forming an entity would need to be approved. Commissioner Hep Wilkins moved to approve Resolution HC-RES-2022-07- 02 and Resolution HC-RES-2022-07-03. Commissioner Mill seconded, and the motion was passed unanimously. VII. Committee Updates a. Development Report 1. Heartside Hill / CARE Housing - Partnership Request Manager of Real Estate Development Carly Johannson reported that Housing Catalyst received a request for partnership from CARE Housing on their Heartside Hill project. This is a request to participate as a Special Limited Partner for the purpose of providing a property tax exemption and sales and use tax exemption for construction. Additionally, CARE is requesting project-based vouchers. A letter was sent acknowledging the request and noting that it was under review. Some discussion occurred around the benefits to CARE and any potential risks Housing Catalyst might assume. 2. Development 5-Year Project Plans Ms. Johansson provided an update on the 5-year project plan, noting that there are few changes since the last presentation. She noted that due diligence continues on Remington Row. Also, the relocation for Swallow is completed, with all residents who were temporarily relocated having moved back into their units. 3. Development Milestones Ms. Johansson reported that a temporary Certificate of Occupancy (CO) for Oak 140 is expected in January 2023, with a full CO in February 2023. It was hoped that construction at Swallow would be completed in July. However, changes to the community building meant resubmitting plans. These plans have been approved, but construction remains about a month behind. As a result, there will be some impact to the tax credit component. It was noted that there is no risk to the Housing Catalyst Developer Fee; the risk will be passed on to CARE Housing. b. Finance Report 1. Q1 2022 Financials Ms. Frammolino provided a financial summary on Quarter 1 of 2022. The presentation is located in Boardable for your reference. Ms. Frammolino noted that a new budgeting module is being rolled out in Yardi, which will mitigate potential errors, and make the process easier, more convenient, and efficient. VIII. Legislative Issues/Updates a. Colorado Legislative Update Acting Chief Executive Officer Michele Christensen noted the e-mail sent to Commissioners recently regarding a legislative engagement opportunity. There is a survey for those who wish to provide feedback. b. National Legislative Update Ms. Christensen reported that the House passed the 2022 spending bill which included a $9 billion increase to funding for Housing and Urban Development (HUD). She noted that the Senate is now working on the bill. c. Fort Collins City Council Legislative and Business Update Commissioner and Mayor Pro Tem Emily Francis reported that the City has established a Rental Housing Task Force which will be seeking community input over the next few months. IX. Legal Issues Attorney Jim Martell noted that there are no legal issues. X. Other Business Executive Coordinator Julie Francis requested that Commissioners notify her if interested in attending one of the conferences listed below. a. National NAHRO Annual Conference - September 22-24, 2022 - San Diego, CA b. Housing Colorado Annual Conference - October 12-14, 2022 – Breckenridge, CO XI. Upcoming Events a. Development Committee - August 1, 2022 b. Audit and Finance Committee - August 8, 2022 c. Housing Catalyst Board of Commissioners - August 18, 2022 XII. Good News a. RentTrack Director of Asset Management & Property Operations Justin Corey provided an update on RentTrack. Housing Catalyst applied to be part of a pilot through CHFA to offer credit reporting for renters. This program allows residents to be able to build their credit. Currently it is utilized only at Village on Shields where currently 20% of residents are participants. If successful, Housing Catalyst could consider adding additional properties. XIII. WORK SESSION: Strategic Plan Goal 5 - Build community support for affordable housing As a follow up to last month's discussion of draft Goal 4, it was noted that no changes will be made to the goal; it will be a part of the full Strategic Plan to be presented to the Board in the fall. Communications Manager Rachel Gaisford led the discussion on Goal 5. She reminded Board members of the process for review and revision of the Strategic Plan and provided a reminder of the timeline to review goals over the next months. Ms. Gaisford reviewed the proposed goal and strategies. The presentation is located in Boardable for reference. In response to a comment from a Board member, there was discussion of the word 'empower' in strategy 6. Noting that Housing Catalyst's role is to create opportunities for residents, this language will be changed from empower to create opportunities. This strategy will be revised accordingly. XIV. Adjournment - Housing Catalyst Board of Commissioners Chair Mathis adjourned the meeting at 9:08 am. XV. Call to Order - Villages Ltd. Chair Mathis called the meeting to order at 9:08 am. a. Line of Credit Renewals - Villages Ltd. Commissioner Lizette Mill moved to approve Resolution VIL-RES-2022-07-01. Commissioner Wilkins seconded, and the motion was passed unanimously. XVI. Adjournment - Villages Ltd. Chair Mathis adjourned the meeting at 9:19 am.