HomeMy WebLinkAboutHousing Catalyst - Minutes - 07/01/2003FORT COLLINS HOUSING AUTHORITY BOARD OF COMMISSIONERS
Minutes of the Rescheduled Regular Meeting of the Fort Collins Housing Authority
Teleconference Call
Commissioners Present
Patrick Brady
Chip Steiner
Thomas Honn
Sharianne Daily
Mary Davis
I. CALL TO ORDER
July 1, 2003
Commissioners Absent
Kimberly Stenberg
Mary Greeley
Mike Sollenberger
Marty Tharp
Staff Present Guest
Julie Brewen None
Carol Duhaime
Alan Fluharty
Chairperson Patrick Brady called the teleconference meeting of the Fort Collins Housing Authority to
order at 8:39 a.m.
II. CITIZEN INPUT
There was no citizen input.
III. APPROVAL OF MINUTES
The Board reviewed the minutes from the May 22, 2003 regular meeting of the Fort Collins Housing
Authority. Commissioner Steiner made a motion, seconded by Commissioner Horn to approve the
minutes of the May 22, 2003 regular meeting. This motion was passed unanimously.
IV. OLD BUSINESS
None.
V. NEW BUSINESS
Fort Collins Housing Corporation Portfolio Overview and Current Status:
A motion was made by Commissioner Steiner and seconded by Commissioner Honn to rebate 10% of the
management fee charged to the Fort Collins Housing Corporation for fiscal year 2003, Resolution 03-08.
Discussion followed regarding the market conditions that created the Corporation's financial difficulties
and the ability of the Authority to rebate this portion of the fee. Staff explained that the Authority does
have the ability to rebate the fee and still maintain a reserve adequate for HUD's requirements. There was
some discussion about the uses of such reserves. After discussion, the motion was approved
unanimously.
Rieden Farm Proposal from Developer:
The Board reviewed a partnership proposal from Paradigm CEO Steve Hegge. After discussion the
determined that at this time the project as proposed does not meet the current needs of the community.
Our concerns are with the fact that with many layers of subsidy, including our fee waivers, the project as
presented does not promise to serve families below 80% of Area Median Income. The City of Fort
Collins is currently facing great budgetary problems and in order to utilize our fee waivers, we believe a
project should meet the greatest need in the community. The need for basic housing affordable to families
earning 80% AMI is currently being met by the private sector. In addition, because of the long-term
affordability we look for in a project by utilizing some form of deed restriction or appreciation sharing
agreement, we believe the pricing targets would need to be substantially lower than those proposed in
order for the homes to be absorbed at an acceptable rate. Typically, homes with such deed restrictions
need to be at least 25% below what is available on the market in order to be attractive to buyers.
Commissioner Honn made a motion, seconded by Commissioner Steiner to decline this proposal at this
time for the above reasons. This motion was passed unanimously and Executive Director Brewen was
asked to prepare a response to Paradigm.
VI. LEGISLATIVE ISSUES
A brief mention was made of staff and Commissioner Tharp's activities with S. 947, HANF proposal.
VIL REVIEW OF MONTLY ACTIVITY REPORT
There were no questions regarding the Monthly Activity Report.
VIII. ADJOURNMENT
Chairperson Brady adjourned the regular meeting of the Fort Collins Housing Authority Board at 8:50 a.m.
The next regular meeting will be held on July 24, 2003.
Approved this 24`h day of July 2003.
Patrick Brady, Chairperson
F t Collins Housing Authority
Juli rewen, txecuti e Director / Secretary
Fort'Collins Housing Authority
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