BOULDER HOUSING PARTNERS

REGULAR MEETING OF THE BOARD OF COMMISSIONERS

APRIL 10, 2017 2:30 PM

4800 BROADWAY, BOULDER COLORADO

Our primary mission is to provide quality affordable housing that is developed and managed with respect for

the dignity of all involved. We also seek to create a sense of community strength and spirit that supports

resident efforts to realize success in their lives.

AGENDA

I. Call to order and Determination of a Quorum 2:30

II. Oath of Office for Bob Walker, Karen Klerman, Dick Harris

III. Public Participation **

IV. Meeting Opening and Approval of the Agenda and Consent Agenda

1. Minutes from 3-13-2017

V. Board Development: Resident Services 2:45

VI. Action/Discussion Agenda 3:15

1. Board Business

a. Board Announcements

b. Matters from the Executive Director

i. Q1 Work Plan

ii. Tantra Lake Acquisition

iii. 2017 Budget Revision

iv. 30% AMI Discussion

c. Outreach Committee Report

2. Management and Finance 3:45

a. Finance Committee Report

b. February 2017 Financial Summary

c. 2018 MTW Annual Plan

3. Resident Services

a. RRC Report

4. Development

a. Development Committee Report

b. Development Project Updates

1

VII. Update and Information Items:

1. Palo Park

2. Mt. Calvary Lutheran Church

3. Tantra Lake Apartments Acquisition

4. City, State and Federal Issues Summary

VIII. Closing Matters and Wrap Up 4:45

IX. Adjourn 5:00

** Any member of the public is invited to address the Board on any topic that is on, or not on, the agenda during

Public Participation. Anyone wishing to speak will have the floor for a maximum of 3 minutes.

2

Please note, the numbering of the following items corresponds to the Board meeting

agenda

V. CONSENT ITEMS

1. Minutes from Board Meeting, March 13, 2017

3

1

BOULDER HOUSING PARTNERS

REGULAR MEETING OF THE BOARD OF COMMISSIONERS

MARCH 13, 2017 2:30 PM

BHP OFFICE, 4800 N. BROADWAY, BOULDER COLORADO

Commissioner Klerman Betsey Martens Public:

Commissioner McCord

Commissioner Ruzzin

Commissioner Soraci(absent)

Commissioner Hagerty

Commissioner Harris

Commissioner Griffin

Commissioner Yates(absent)

Commissioner Levy

Penny Hannegan

Rene Brodeur

Jim Koczela

Jeremy Durham

Karin Stayton

Amanda Maya

Ingrid Campos

Carrie Murphy

Scott Holton

Kevin Knapp

Jeff Swan

Bob Walker

Mark McIntyre

Eddy Krygiel

Jennifer Whitaker

Alan O’Hashi

I. Call to order and Determination of a Quorum

Commissioner Klerman called the regular meeting of the Board of Commissioners to order at

2:30 pm. A quorum was declared.

II. Public Participation

Scott Holton and Kevin Knapp from Element Properties addressed the Board and thanked them

for their support of BHP’s partnership with the Spark development.

Residents living at 1175 Lee Hill thanked the Board for their support of housing of the homeless

and the creation of 1175 Lee Hill. They thanked Officers Ramos and Paddock, who were present

to receive the BHP Partnership Award, for their support of the BHP residents at 1175 Lee Hill.

III. Partnership Awards

The BHP Partnership Awards were given to the following recipients:

• Volunteer Partners: Lynn Young, Gail Promboin, Amy Tremper

• Business Partner: David Kennedy, Catluck LLC

• Government Partner/ Boulder Police Department-Homeless Outreach Team, Officers

Jenny Paddock and Abel Ramos

4

2

IV. Approval of the Meeting Agenda and Consent Agenda

Consent agenda items approved:

1. Minutes from February 13, 2017

2. Resolution #4: Thanking Tom Hagerty for his service on the Board of Commissioners

COMMISSIONER HARRIS MOVED TO APPROVE THE MEETING AND CONSENT

AGENDA INCLUDING RESOLUTION #4: THANKING TOM HAGERTY FOR HIS

SERVICE ON THE BOARD OF COMMISSIONERS. COMMISSIONER GRIFFIN

SECONDED THE MOTION. The motion passed unanimously.

V. Board Development: Resident Services

Karin Stayton, Director of Resident Services, gave an overview of the Resident Services goals

and strategies for having a positive impact on BHP’s resident’s lives.

VI. Action and Discussion Agenda

1. Board Business

Board Announcements

None

Boulder County Regional Housing Partnership

Betsey gave an overview of the Regional Housing Strategy.

Outreach Committee Report

Commissioner Ruzzin, reporting for the Outreach Committee, stated that the Outreach

Committee has been discussing the Boulder Valley Comprehensive Plan process and he let the

Board know that City Council will be looking at housing policies in April. The Outreach

Committee plan is to take BHP’s proposal to our partners to help refine the proposal before

bringing it to Council in a coalition approach. Betsey and Commissioner Harris will be meeting

with Plan Boulder leaders soon.

5

3

2. Management and Finance

Finance Committee Report

Commissioner Hagerty, reporting for the Finance Committee, stated that the Committee had

spent time discussing the January financials. He also reported that the annual audits for BHP and

the Tax Credit properties are underway.

January 2017 Financial Summary

Jim gave an overview of the January 2017 financial statements.

Sustainability Update

Tim Beal reviewed the Sustainability Infographic that was in the Board packet and BHP’s

current sustainability initiatives.

3. Resident Services

Resident Representative Committee Report

Commissioner Griffin, reporting for the Resident Representative Council, stated that RRC had

been talking with the residents at Canyon Pointe who are excited about the possible installation

of cameras and wi-fi at the site. She also stated that the Committee is looking for a grant writer.

Resident Demographic Report

Carrie Murphy, Program Evaluation Planner and Rene explained the Resident Demographic

Inforgraphic, “Who We Serve”.

4. Development

Development Updates:

Jeremy explained that progress has been made on the Pollard site RFP which is due to the City

on May 31. Staff will meet with Development Committee to discuss the approach for the RFP at

their next meeting.

6

4

VII. Executive Session per Colorado Statute C.R.S. 24-6-402(4)(f) Personnel matters.

COMMISSIONER GRIFFIN MADE A MOTION TO RECESS INTO EXECUTIVE

SESSION PER COLORADO STATUTE CRS-24-402 4(f) TO DISCUSS PERSONNEL

MATTERS. COMMISSIONER LEVY SECONDED THE MOTION. The motion passed

unanimously.

The Board recessed at 5:00 pm into Executive Session as per Colorado Statue C.R.S. 26-6-

402(4)(f) to discuss Personnel Matters.

COMMISSIONER RUZZIN MADE A MOTION TO ADJOURN THE EXECUTIVE

SESSION OF THE BOARD OF COMMISSIONERS. COMMISSIONER LEVY

SECONDED THE MOTION. The motion passed unanimously.

The Board met in executive session for 10 minutes at which time the only matters discussed were

those related to personnel matters.

The Board returned to regular session at 5:10 pm

VIII. Closing Matters

COMMISSIONER HAGERTY MADE A MOTION TO INCREASE BETSEY’S SALARY

PER THE 2016 APPROVED BHP PERFORMANCE BUDGET. COMMISSIONER

MCCORD SECONDED THE MOTION. The motion passed unanimously.

7

5

VII. Adjourn

COMMISSIONER HAGERTY MADE A MOTION TO ADJOURN THE REGULAR

MEETING OF THE BOARD OF COMMISSIONERS. COMMISSIONER GRIFFIN

SECONDED THE MOTION. The motion passed unanimously.

The regular session of the Board of Commissioners adjourned at 5:10pm

Seal

DATE: 03/13/17

KAREN KLERMAN, CHAIR

Boulder Housing Partners

BETSEY MARTENS

Executive Director

Penny Hannegan

Recording Secretary

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VI. ACTION/DISCUSSION AGENDA

1. ACTION/DISCUSSION AGENDA: BOARD BUSINESS

a. Board Announcements

b. Board Development Topic

Resident Services

Our Board Development topic this month is part three of a three-part series on resident

demographics, measures, services, and outcomes. In October 2016, we shared information

about resident demographics and how we use this data. Last month we provided an

overview of what resident service coordinators do at the Family Sites. This month we’ll

highlight resident services at the sites serving seniors and people with disabilities.

Below are some of the 2016 highlights from Resident Services at the Senior Sites.

• 82% of all households served

• 78% of move-outs successful

• Conducted outreach to 60 new residents who moved into senior communities; high

number due to Project Renovate

As seen in the chart below, our focus on Health and Wellness at the Senior-PWD Sites is

reflected in the distribution of resident services coordinators’ activities.

9

Resident services coordinators support seniors and people with disabilities to preserve their

independence, improve the quality of their lives, and age in place.

In the first quarter of 2017 service coordinators, often in collaboration with community

service partners, coordinated the following onsite programming at sites serving seniors and

people with disabilities:

• Clinica onsite health services (North Point, Walnut Place, Lee Hill)

• St. Benedict’s Health and Healing Ministry -physical and mental health services

(Canyon Point, Walnut Place)

• Meals on Wheels community lunch (Walnut Place)

• Boulder Food Rescue available (Canyon Pointe, High Mar, North Port, Walnut

Place)

• Conversation Project – End of life planning and medical power of Attorney Support

• Yoga (Canyon Point, High Mar, Walnut Place, North Point)

• Foot care (Canyon Point, North Port)

• Massage (Canyon Point)

• Foot reflexology, reiki, and cranial-sacral (Canyon Point, North Port)

• Speakers Bureau (Canyon Point)

• Field trips (High Mar, Canyon Point)

• Volunteers helping residents unpack and organize (North Port)

• Active Minds Group (High Mar)

• Knitting (High Mar)

• Book Club (High Mar)

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• (Canyon Point, Walnut Place, North Port, High Mar)

• Invigorate Walnut community action meetings (Walnut Place)

c. Matters from the Executive Director

2017 Work Plan:

The first quarter report is attached for your review. All projects are tracking well in

the first quarter.

Tantra Lake Acquisition:

Many thanks and acknowledgements are due to lots of people for BHP’s successful

acquisition of Tantra Lake. First to Jeremy, Laura and Jim for managing through

many hurdles during the eight months that we were under contract. Their team’s

commitment and creativity got us to the finish line. Our property management team

did an impressive job of being ready for the transition, as did our IT staff who were

ready for us to collect rents on April 1.

City staff in a number of departments – Housing, Planning, Public Works and the

City Attorney’s office - were exceedingly helpful. And, FirstBank was flexible and

resourceful, especially when we really needed those qualities.

Tantra Lake is now the biggest asset in the BHP portfolio and the largest acquisition

in our history. We had a very successful first week of ownership and are feeling

quite at home in the new neighborhood.

2017 Budget Revision

When the Board adopted the 2017 Budget, we disclosed that if the Tantra

acquisition was successful we would return to the Board with a budget amendment.

We are preparing that amendment for Board discussion in May.

The Finance Committee saw a preliminary draft this month, but I’ve asked staff to

take a little more time with it to be sure that we understand some related changes

that should come to you as a single package. The asset itself requires additional

FTE and these new FTE allow us to think about a change to our asset management

approach to better deploy talent. In addition to those changes, and following the

past six months of very demanding legal work, we have been analyzing an option in

which we create an in-house legal counsel position to offset very expensive and

specialized attorney support. We will take the full discussion back to the Finance

Committee in May and hopefully to the full Board on May 8.

11

30% AMI Discussion

Beginning at the September 2016 Board retreat and continuing at the February

meeting, Board members have asked for a more thorough discussion about the

challenges related to producing homes for families earning 30% AMI and strategies

regarding future production. We have been working on what we hope will be

helpful framing data for the conversation that we would like to have with the Board

in May.

We did a preview this week with the Finance Committee. There were three core

elements of the discussion:

- our current portfolio with respect to 30% AMI households: covenant vs

actual

- the current strategies available to us for applying a deep subsidy; and

- a case study of a future project comparing a 60% demographic and varying

levels of 30% units.

We’d like to have a brief discussion with the full Board about whether this approach

is what you’re interested in.

Secretary Carson Addresses NAHRO:

HUD Secretary Ben Carson spoke at the annual DC conference of the National

Association of Housing and Redevelopment Officials (NAHRO). The following is a

good summary of his address to the conference, prepared by Nathaniel Cushman

with Nixon Peabody.

“Secretary Carson identified reducing regulatory burden within existing housing

programs as a key area of focus. He encouraged the audience to consider new and

innovative approaches to service delivery. He encouraged his audience to renew

their focus on achieving outcomes through outside-the-box thinking.

Secretary Carson also encouraged the NAHRO attendees to consider new ways to

break down traditional barriers between subject matter areas and to address

community development on a more holistic basis. “How do we develop the entire

community?” he asked. “How do we ensure there are adequate schools and

education?” Beyond education, he also identified the issues of health and working

with the Department to Health and Human Services; workforce development and

working with the Department of Labor; and the criminal justice system,

particularly skills and education for inmates, and working with the Department of

Justice.”

From my perspective, Secretary Carson’s questions and comments were

encouraging, however his comments to NAHRO and those made this week in the

Washington Post, stand in stark contrast to President Trump’s proposed budget in

which housing, health care and education suffer large reductions along with the

balance of the domestic agenda.

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d. Outreach Committee Report

Attachments:

o 2017 Work Plan

13

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

1G

OA

L O

NE

: Preservation and E

xpansionE

nsure the promise of a diverse com

munity by

preserving existing affordable housing and increasing inventory and housing choice for B

oulder residents.

Q1

Q2

Q3

Q4

Notes:

OU

TC

OM

ES:

- Preserve our existing portfolio of homes

- Add 1500 units &

500 vouchers - A

dd 250 units for special populations

Com

plete close out of Boulder C

omm

unities LIHTC

process ●

2nd Capital Installm

ent complete; next benchm

ark is final CH

FA app and 8609 for 3rd

installment July 1.

Implem

ent an asset plan for Madison

●Plan for discussion w

ith HU

D M

TW staff at A

pril 11 visit

Implem

ent an asset plan for Arapahoe C

ourt ●

Underw

ay

Implem

ent an asset plan for Glen W

illow ●

Notice given to H

UD

and CH

FA of option to convert subsidy to H

CV

July 1, 2018

Implem

ent the 2017 schedule of capital projects for BH

P and Tax Credit assets

●V

arious projects underway

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

1.1 BH

P will preserve and im

prove its existing portfolio to increase the quality, value, and m

arketability of all properties in the B

HP portfolio

14

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Create and respond to ongoing m

arket opportunities so that our pipeline is poised to deliver 150 units

●185 units acquired this year, developing financials m

odels to replicate without a B

ridgewalk to

refinance

Com

plete the entitlements and financial close for Palo Park

and begin construction ●

Construction has begun

Begin predevelopm

ent work for M

t. Calvary site and R

ed O

ak Park/Wallace

●U

nderway

Adopt a regional plan for Perm

anent Supportive Housing and

a BH

P plan for 250 units for special populations ●

Track HU

D voucher opportunities and apply for vouchers at

every opportunity that BH

P would be eligible for

●N

o opportunities in Q1

1.4 BH

P will create housing supply by creatively applying its

policy discretion associated with the M

oving to Work

1.3 BH

P will create housing supply by securing the m

aximum

possible num

ber of new housing choice vouchers.

1.2 BH

P will continue to acquire and develop housing w

ith a prim

ary focus on households with incom

es below 60%

of the A

MI to m

eet the income diversity goals of the city.

15

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Implem

ent landlord education and recruitment initiatives

including new landlord incentives, dam

age claim fund and

security deposit loan fund with goal of increasing

participation in HCV

program

●W

aiting for an increase in turnover vouchers.

Conduct m

ass recertification for PBV

work-abled households

in the HC

program (165)

●Planned for Q

2/3

Respond to opportunities as they arise.

●

Respond to opportunities as they arise.

●

2

GO

AL

TW

O: Partnerships and

Com

munity E

ngagement

Engage as a leader in housing policy discussions and

pursue a wide range of partnerships and policy

changes needed to increase housing choice and diversity in B

oulder, reduce land cost per unit, and preserve the city’s current affordable units.

Q1

Q2

Q3

Q4

Notes:

OU

TC

OM

ES:

- Successful progress towards the B

VC

P vision for the com

munity and successful im

plementation of the

strategic plan goals

1.5 BH

P will acquire m

arket rate rental units as an intentional strategy to create a long-term

preservation

1.6 BH

P will acquire as m

uch land as possible to preserve future affordability options.

16

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Promote the affordable benefit ordinance in updates to the

BV

CP and all efforts to create housing policy and plans for

the city. ●

Active involvem

ent by BH

P and likely ordinance language for the Com

munity B

enefit O

rdinance.

Continue to support the developm

ent of a regional housing plan and strategy w

ith the goal of plan adoption by local elected bodies by the end of 2017.

●D

raft plan finalized. Thirty presentations have been scheduled.

Staff and support the Affordable H

ousing Netw

ork to advocate for adoption of the regional plan and support broad affordable initiatives.

●A

ctive.

Work w

ith Palo Park comm

unity to ensure regular engagem

ent throughout the construction process . ●

Active.

2.1 BH

P will activate its L

ouder strategy in organized advocacy and leadership.

2.2 BH

P will engage the com

munity at all levels of our w

ork: in the properties w

e manage, the neighborhoods w

e are a part of and the city w

hose vision we im

plement.

17

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

3G

OA

L T

HR

EE

: Resident A

chievement

and Quality of L

ife Invest in focused service and educational program

ming to im

prove the economic futures of

children in BH

P households. Develop successful

Q1

Q2

Q3

Q4

Notes:

OU

TC

OM

ES:

- Youth are successful in school and have the skills

necessary for self-sufficiency as an adult

- Work-abled fam

ilies will increase their

independence and quality of life. - Seniors and people w

ith disabilities will preserve

their independence and quality of life to the m

aximum

extent possible.

Actively participate in the D

ream B

ig Collective Im

pact process including the O

ak/Elk, CO

SI, and early childhood pilots, and develop a sustainability plan for the program

.

●C

ontinue to lead and participate in all Dream

Big com

mittees. Secured a 5 year U

nited Way

grant totaling approximately $500K

.

3.1 BH

P will partner w

ith resident families and organizations

to provide comprehensive educational and support program

s as a m

eans of minim

izing barriers to learning and preparing

18

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Design and im

plement the B

ringing School Hom

e B

oulder program including the early childhood referral

program, partnerships w

ith Workforce B

oulder County

and other self sufficiency programs. Identify short and

long term plan to reach all B

HP children through rollout

of Dream

er classes and expansion of college and career program

ing.

●D

ream B

ig partners and BH

P are implem

enting our Bringing School H

ome program

for fam

ilies at KA

, DC

, MN

, IH, and now

BW

E. We continue to w

ork with the D

ream B

ig steering com

mittee to figure out how

to bring the program to scale for all B

HP children.

Provide leadership at the national level, in partnership w

ith the Affordable H

ousing Institute, to develop a research dem

onstration program to bring m

ore resources to the B

ringing School Hom

e model, and influence the

streams of funding for housing, education and health

care.

●G

reat progress made w

ith developing funds for the demonstration program

. First quarter saw

two large grants com

mitted and m

ore (hopefully) will be announced in M

ay. Regular m

eetings w

ith the Afforable H

ousing Institute continue to support the leadership of this program.

Rethink how

we com

municate w

ith our customers by

reorienting our website to our custom

ers’ housing needs versus our current focus on program

eligibility and regulation.

●Just beginning reconstruction of w

ebsite. More activity in Q

2 now that Tantra w

ebsite is finished.

Conduct benefits outreach in partnership w

ith Boulder

County H

ealth and Hum

an Services. ●

Service coordinators conducted outreach and Boulder C

ounty helped residents apply for benefits at W

P, NP, R

OP, C

P, HM

, DC

, KA

, MN

, BW

E.

Strengthen partnerships that support our residents m

ental and physical health. (Examples: B

oulder Shelter for the H

omeless, M

ental Health Partners, St. B

enedicts, C

linica, Senior Reach, and other com

munity

organizations)

●

St. Benedicts expanded m

ental health services at CP. C

linica resumed services at N

P, WP, LH

. D

eveloping anti-bullying training for seniors with Senior R

each. Conducted crises counseling

at MN

with Safehouse Progressive A

lliance for Non-V

iolence. Working w

ith volunteer program

to assist residents with hoarding issues. C

onversation Project is conducting end-of-life planning and helping w

ith medical pow

er of attorney questions.

3.2 BH

P will partner w

ith the comm

unity and service organizations to preserve or enhance the quality of life for w

ork-abled adults, seniors, and people with disabilities in the

19

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Continue to design and im

plement resident outcom

e tracking including m

ove out and housing stability data, education indicators, and health indicators w

ith YA

RD

I or an alternative data platform

.

●C

onverted YA

RD

I tracking to a more functional Excel database for better data gathering.

Improve dissem

ination and understanding of resident dem

ographic data across all programs.

●"W

ho we Serve" data has been created for O

perations, Housing C

hoice, both programs

combined. H

osted an imm

igration rights training provided by Colorado Im

migrant R

ights C

oalition.

4G

OA

L FO

UR

: Maxim

izing Sustainability Pursue consistent and innovative im

provement of

portfolio and practices regarding environmental

Q1

Q2

Q3

Q4

Notes:

20

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

OU

TC

OM

ES:

- Improved building perform

ance and long term

viability of our portfolio and reduce energy cost for - Increased access for B

HP residents to bus passes

and other affordable public transportation and lt

ti t

tti

lik

bik

Expand water m

onitoring technology across portfolio to allow

for detection of leaks and reduction of water usage

●

Expand e-gauge technology and monitoring process across

portfolio to reduce peak usage costs from X

cel ●

Gauges installed at B

oulder Com

munities Sites. W

ork underway to get access for m

onitoring

Implem

ent EPA - Portfolio M

anager for all BHP properties

automating interface w

ith Xcel

xO

n hold pending evaluation of new technology available w

ith Tantra Acquisition

Work w

ith City staff and local providers and partners to

improve w

aste reduction programs. Expand education and

out reach. ●

Expand CU

Foundations for Leaders Organizing for W

ater and Sustainability (FLO

WS) program

to additional BH

P 150 units.

●Q

1 rollout at Madison

Monitor and m

aintain the Eco-pass program. Seek additional

funding from the C

ity and RTD

and expand program w

here possible.

●

Define B

HP specific green building requirem

ents consistent w

ith City and CHFA

Requirements

4.1 Monitor, verify and quantify all existing energy

improvem

ents

4.2 Implem

ent an agency wide N

ear-Zero Waste program

, consistent w

ith the City and C

ounty recycling and waste

4.3 Increase resident involvement in conservation initiatives

and provide incentives for use reduction.

4.4 Develop a vehicle reduction program

by working w

ith providers of alternate transportation m

odes.

4.5 Design, build and renovate buildings to be energy efficient

with a goal of near net zero energy consum

ption

21

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

5G

oal 5: Organizational Stew

ardshipC

ontinuously improve B

HP’s organizational

suitability, structure, and strategic outreach by stew

arding a strong financial core, efficient internal

Q1

Q2

Q3

Q4

Notes:

OU

TC

OM

ES:

- BH

P will diversify its m

arket reach and revenue sources, hire and retain qualified staff.

- BH

P will be an organization that operates

creatively, decisively, intentionally, and effectively, w

ith strong and consistent values and an understanding that housing is as m

uch about people as it is about place.

See 1.2

Work w

ith the City and C

ounty staff to better understand local resiliency objectives and how

BH

P can be a strategic partner in these efforts

●In process

Explore opportunity to make 4800 B

roadway a “resilience

safe haven" by adding battery storage and designation of 4800 B

roadway as an em

ergency shelter. ●

Work at 4800 B

roadway to create B

attery and Natural G

as generator backup for electrical system

s. City grant approved. C

ontract award in Q

3

Update annual Public R

elations work plan to determ

ine content and m

ethod for comm

unication initiatives √

Work Plan com

pleted with all departm

ents

5.1 BH

P will reduce dependence on H

UD

operating subsidies by using the above m

entioned income-producing asset

5.2 BH

P will develop partnerships w

ith key stakeholders in the com

munity w

ho understand that a comm

unity’s

5.3 BH

P will attract, train and retain a talented, dedicated

and culturally competent staff.

22

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Create and im

plement a cross-functional orientation and

training program so em

ployees are equipped to perform the

necessary functions of their positions and progress is docum

ented.

●Investigating the use of the Y

ardi tool, e-learning as a training tracking tool. Possible im

plementation in Q

2-3

23

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Conduct an em

ployee training survey to determine training

focus for 2017√

Training survey completed. W

orking on implem

enting a training tracking program w

ith Yardi

Conduct a benefit audit of the current and potential cafeteria

of benefit offerings at BH

P ●

Audit survey tool researched in Q

1. Implem

entation and analysis in Q2

Optim

ize HR

systems using a paperless tracking and

managem

ent system ●

This will follow

the paperless tenant record managem

ent system im

plementation

Prepare for and implem

ent a paperless Electronic Tenant R

ecord System to stream

line processes, ensure tenant record security and increase efficiency of resident file m

anagement.

● Procurem

ent and selection of vendor completed. D

iscovery has begun but is slower than

anticipated.

Identify and facilitate work flow

process improvem

ent needed w

ith major departm

ental stakeholders (PM, Section 8,

Finance)by end of Q1 in preparation for full im

plementation

of the paperless tenant record managem

ent system.

●M

ove in process improvem

ent completed w

ith week long LEA

N process w

ith a cross functional Property M

anagement team

.

Develop new

operating benchmarks at the site and portfolio

level for improved property perform

ance, staff performance,

and customer service

●B

enchmarks are being developed w

ith the senior managem

ent of the Operations Team

.

Identify and comm

unicate the steps needed to integrate services betw

een Property Managem

ent, Maintenance, and

Resident Service team

s, begin implem

entation by end of Q1

●Som

e teams are m

eeting to discuss site specific issues. This will becom

e more form

alized with

the finalization of the operating benchmarks.

Provide technical support for the remote offices, com

munity

centers and computer labs focusing on m

aintaining a culture of security and connection for all B

HP com

munities.

●R

emote offices are up and running. C

omputer labs at fam

ily and senior sites are up and running. R

esidents are happy! Exploring the addition of wi-fi to C

anyon Pointe

Provide clear, consistent monthly financial data to B

oard, present audit for approval at June m

tg. and Budget for review

at N

ovember m

tg. and approval at Decem

ber mtg.

●U

pdates made to m

onthly reports. Tax Credit audits com

pleted. BH

P audit on schedule for Q

2

5.4 BH

P will transition its property operations from

a centralized m

anagement system

to more "on-site"

5.5 BH

P will support a B

oard of Com

missioners that

provides leadership and strong governance for the strategic

24

√Item

C

ompl

eted

MT

W

activity

●Item

U

nderw

ayx

project on hold

Boulder H

ousing Partners 2017 W

OR

K PL

AN

In 2017, w

e will take the follow

ing actions to support the goals of B

HP's Strategic Plan

Prepare for a transition in leadership and provide support to the Board of Com

missioner’s Executive D

irector recruiting efforts.

●Search com

mittee w

orking with consultant to identify prospective applicants.

25

2. ACTION/DISCUSSION AGENDA: MANAGEMENT AND FINANCE

a. Finance Committee Report

26

February 2017 Financial Summary Year-End 2016 Closing Tax Credit LLLPs - We have completed and finalized all 9 audit reports and tax returns. We have begun to distribute 2016 excess cash flow from the Partnerships to BHP. We are expecting $883,715 which will be $297,066 more than we assumed in the 2017 BHP budget for cash receipts. Almost all of this positive variance relates to Boulder Communities. We were uncertain at budget time how much, if any, of the operations cash would be necessary to complete construction. The BHP audit firm, Plante & Moran will be here the week of April 3 for final field work. We are on schedule to deliver the final report for Board approval at the June 2017 meeting. Bridgewalk refinance and Tantra Acquisition BHP closed on the cash out refinance of Bridgewalk on March 21, which provided over $10 million of funds for the equity portion of the cost to acquire Tantra Lakes. The Tantra acquisition closed on March 24. These closings will be reflected in the March financial statements. BHP Development Fund As part of the BHP 2017 Budget, the Board approved the creation of a Board-designated development fund which would be created with (1) $1,500,000 from Boulder Communities Development fees received in 2017, (2) $1,000,000 from MTW operating reserves, and (3) $500,000 from other LIHTC development fees. We delayed creation of this fund pending receipt of the Boulder Communities fees. While BHP received $1,404,203 of this fee on February 1, 2017, we used $999,822 to make a bridge loan to Palo Park at closing on February 22, 2017. This bridge loan was necessary due to a delay in funding from the State Department of Housing (“DOH”). The DOH funding is committed but has been held up pending their ability to get the documentation processed. The final documents have been approved and we now expect to receive funding in early April. When the BHP Bridge Loan funds are returned, we will be able to fund and report on the Board designated development fund with $1,500,000 as planned. MTW funding is available but cannot be drawn from HUD until we have a project to spend the funds on. February 2017 Financial Summary The following summarized financial statements show BHP and the Component Units (Tax Credit LLLPs) side by side. BHP owns only .01% interest in the Component Units and adding the two columns together is not an appropriate disclosure, however the report will provide you with a better understanding of the full scope of the real estate under BHP management. BHP is the operating company that manages all of our programs. The BHP column below includes development, property management, maintenance, resident services, finance, administration, the Housing Choice Voucher program which includes 1144 vouchers and the BHP-owned portfolio of properties. As of February 28, 2017, the BHP portfolio is made up of 513 units: 47 public housing units, 116 project based contract units and 350 workforce and market rate units. The Component Units represents the property operations for the ten tax credit partnerships which currently include 596 units. One of the ten, Palo Park Communities, LLLP closed in February

27

and is under construction. The partnerships are expected to have a positive net operating income and an overall net loss each year after deducting debt and depreciation.

Component UnitsBHP (Tax Credit LLLPs)

REVENUE

Operations Revenue

       Operations Revenue 1,154,842 1,098,124       Fee Revenue 584,244 0       Grants and Subsidies 3,397,434 0       Other Revenue 496,710 18,851

Total Revenue 5,633,230 1,116,975

EXPENSES

       Salaries and Benefits 916,206 117,002       Property Costs 454,652 426,750       Operating Costs 1,923,578 121,251

Total Operating Expenses 3,294,436 665,002

Total Operating Income 2,338,794 451,973

Less: Non Operating Expenses

       Depreciation 462,962                     800,466                    

       Mortgage and Note Interest 202,830                     565,460                    

       Other Unrealized (Gain)/Loss 0 -                           

TOTAL NET INCOME (LOSS) 1,673,001$ (913,952)$

BHP and Component Units

Statement of Activities

Year to Date - February 28, 2017

28

Component Units

BHP (Tax Credit LLLPs) ASSETS

Current Assets

       Unrestricted Cash and Cash Equivalents 4,839,448                  1,638,811                        Reserved Cash - Replacements and Other 1,556,874                  -                                  Accounts Receivable 443,035                     17,524                            Accounts Receivable-Tax Credits 2,769,930                  0       Accounts Receivable - BHP Intercompany -                            0       Notes Receivable – Current 240,539                     0       Prepaid Expenses 151,676                     181,139                           Supplies-Inventory 5,153                        0 Total Current Assets 10,006,656 1,837,473

Restricted Cash 2,217,030                  4,320,894                  Capital Assets 42,498,057                133,373,421              Other Assets

       Notes Receivable 58,705,528                0       Development Fees Receivable 3,473,489                  0       Interest Receivable Notes 2,498,219                  0       Partnership Investments 399,211                     0       Net Amortized Costs 2,686,839                  74,127                      Total Other Assets 67,763,286 74,127

TOTAL ASSETS 122,485,028$ 139,605,915$

LIABILITIES & EQUITY

LIABILITIES

Current Liabilities 2,127,769                  20,405,041                Long-Term Liabilities

       Notes Payable 3,064,173                  63,115,316                      Accrued Interest Payable 65,069                      2,494,876                        Mortgages Payable 32,307,892                12,495,520                      Bonds Payable -                            1,330,274                        Net Pension Liability 7,561,499                  -                                  Deferred Inflows 462,610                     -                           

Total Long-Term Liabilities 43,461,242 79,435,986

TOTAL LIABILITIES 45,589,010 99,841,028

EQUITY 76,896,018                39,764,888               

TOTAL LIABILITIES AND EQUITY 122,485,028$ 139,605,915$

BHP and Component UnitsBalance Sheet

February 28, 2017

29

Boulder Housing Partners Results – YTD February, 2017 February YTD results for Boulder Housing Partners are very close to budget with only minor variances as explained on the attached financial statements.

Occupancy statistics are included in the table below.

Financial Measures The following three measures are indicators of financial stability. Goals are based on HUD standards for PHAs. All three meet or exceed our target.

Year to Date Results - February 28, 2017

Actual Budget VarianceRevenue 5,633,230$          5,291,265$          341,965$            Expenses (3,960,229) (4,006,879) 46,650Total Net Income (Loss) 1,673,001$          1,284,386$          388,615$            

February-17

Net Rental Income - YTD

Net Rental Income - Budget

Revised Budget Variance

Variance %Physical

Occ YTD

Physical Occ

Budget

Occupancy Variance to

Budget

Public Housing $58,701 $53,578 $5,123 9.56% 100.00% 97.00% 3.00%

PB Sec. 8 properties $222,835 $220,184 $2,651 1.20% 98.66% 97.00% 1.66%

Work Force $873,306 $851,887 $21,419 2.51% 96.78% 96.00% 0.78%

BHP portfolio combined

$1,154,842 $1,125,649 $29,193 2.59% 97.50% 96.32% 1.18%

Note: Physical Occupancy is measured as of first of the month. Units may be occupied after the first of the month resulting in rental income greater than physical occupancy would suggest. Rents on occupied units may also be greater or less than budgeted resulting in additional variances.

Financial Measure Explanation Goal February-17

BHP Debt to Equity Ratio Measures ratio of Actual Debt and Interest to Equity

Less than 1.5

0.5

BHP Quick Ratio - Unrestricted cash/current liabilities

Measure of how many times we can pay current liabilities with Cash on Hand or "liquidity"

Greater than 2.0

4.7

Note related to Quick Ratio

Months Expendable Net Assets Ratio (MENAR)

Measures adequacy of reservesGreater than

4.08.7

Note Related to MENAR

Quick Ratio includes current developer fee receivable which includes $2.8M related to Boulder Communities that is targeted for the development fund. The ratio adjusted for this number is 3.4

MENAR includes current developer fee receivable which includes $2.8M related to Boulder Communities that is targeted for the development fund. The ratio adjusted for this number is 5.7

30

Component Units (Tax Credit LLLPs) Results The following is a Summary Income Statement for our Tax Credit Entities which are component units of BHP. BHP is subject to Government Accounting Standards Board (GASB) Statement 61 which requires component units to be reported on the audit statement. These Tax Credit Entities are related to BHP but do not meet the criteria for consolidation. Component units are reported in the audit combined together but not combined with the statements of BHP. The current component units are Boulder Communities, Broadway East, Broadway West, Holiday, High Mar, Lee Hill, Palo Park, Red Oak Park, Vistoso and WestView. Palo Park, while closed is not included in these operating results while it is under construction. A separate Balance sheet is included below for reference. Year-to-date results for the nine operating partnerships are in line with budget.

The following table is a summary of the Balance Sheet for the Tax Credit Entities excluding Palo Park. BHP is the general partner and owns a .01% interest in these Entities. The significant changes are a result of the funding of a note for $12 million from BHP and the receipt of $18 million in Limited Partner equity, all of which was used to pay developer fee and the construction loan. The next installment is expected July 1, 2017 and will be used to convert the remaining construction loan to permanent status at $14 million.

Tax Credit Entities (Component Units) Summary Statement of Activities

Year to Date Results - February 28, 2017Actual Budget Variance

Operations Revenue 1,098,124$          1,072,670$          25,454$              Other Revenue 18,851 20,887 (2,036)Total Revenue 1,116,975$          1,093,557$          23,418$              

Salaries and Benefits 117,002$             110,654$             (6,348)$               Property Costs 426,750 410,369 (16,381)Operating Expenses 121,233 121,458 225Total Operating Expenses 664,984 642,481 (22,504)Net Operating Income 451,991 451,076 915$

Depreciation and Amortization 800,466 820,819 20,353Mortgage and Note Interest 564,565 538,649 (25,915)Gain Loss on Interest Rate Swap 0 0 0Total Net Income (Loss) (913,040)$            (908,392)$            (4,648)$               

Note: these properties are expected to have a Net Loss resulting from depreciation and amortization. They are cash flow positive yet provide the investor with expected tax losses.

31

This chart shows our YTD occupancy statistics for the nine operating partnerships (excluding Palo Park).

Palo Park The following is a summary of the Palo Park Balance sheet which closed in February. This property will be reported separately while under Construction.

Tax Credit Entities (Component Units) Summary Balance Sheet

February-17 December-16 Net ChangeCurrent Assets 4,072,500$          3,963,111$          109,389$              Capital Assets 131,171,431 131,911,162 (739,731) AOther Assets 74,127 47,512 26,615 Total Assets 135,318,058$       135,921,786$       (603,728)$             

Current Liabilities 20,084,978$        50,398,983$        (30,314,005)$         BLong Term Liabilities 76,447,688 64,190,113 12,257,575 C Total Liabilities 96,532,667 114,589,096 (18,056,430) Total Equity 38,785,391 21,332,689 17,452,702$          D Total Liabilities and Equity 135,318,058$       135,921,786$       (603,728)$             

A Normal depreciation of capital assets.BCD Limited Partner Equity received for Boulder Communities.  Funds used to pay developer fee and construction loan.

BHP funded Note Payable.  Proceeds used to pay down construction loan.Tax credit equity and note proceeds used down to pay construction loan and developer fee.

February-17

Net Rental Income - YTD

Net Rental Income - Budget

Budget Variance Variance %Physical

Occ YTD

Physical Occ

Budget

Occupancy Variance to

Budget

Tax Credits $1,098,124 $1,072,670 $25,454 2.37% 99.28% 97.00% 2.28%

Note: Physical Occupancy is measured as of first of the month. Units may be occupied after the first of the

month resulting in rental income greater than physical occupancy would suggest. Rents on occupied units mayalso be greater or less than budgeted resulting in additional variances.

Tax Credit Palo Park - Summary Balance Sheet

February-17 December-16 Net ChangeCurrent Assets 2,085,868$          -$                        2,085,868$           Capital Assets 2,201,990 0 2,201,990Other Assets 0 0 0 Total Assets 4,287,858$          -$                        4,287,858$           

Current Liabilities 320,063$             -$                        320,063$              Long Term Liabilities 2,988,298 0 2,988,298 Total Liabilities 3,308,361 0 3,308,361 Total Equity 0 0 -$                          Total Liabilities and Equity 3,308,361$          -$                        3,308,361$           

32

BH

P

Statem

ent o

f Activities

Year to

Date - F

ebru

ary 28, 2017

YT

DY

TD

Actu

alB

ud

get

Varian

ce $%

Var

Ref

Varian

ce Exp

lanatio

n

RE

VE

NU

E O

peratio

ns R

evenu

e        T

enant D

welling R

ental1,13

6,668$       

1,108,51

9$          

28,149

$           3%

        Non D

welling

 Ren

tal Income

4,6743,600

1,07430%

        HUD-Ope

rating Sub

sidy13,50

013,530

(30)0%

To

tal Op

eration

s Reven

ue

1,154,842

1,125,649

29,193

3%

Fee R

evenu

e

       Prope

rty Mgm

t & Asset M

gmt F

ees82,40

683,20

2(796

)-1%

       Develop

ment F

ees320,01

3300

,00020

,013

7%       M

gmt F

ees - Tax C

redits & S8

108,611

104,792

3,8184%

       Res S

vc  Income

73,214

76,862

(3,647)

-5%

To

tal Fee R

evenu

e584

,244564

,85619,38

83%

Gran

ts and

Su

bsid

ies       H

CV-HAP/Adm

in Reven

ue1,687

,968

1,659,37

528

,5932%

A1

HAP revenue offset by excess H

AP expense below

. 

       Non F

ederal Grants and

 Don

ations  

1,609,659

1,385,000

224,659

16%B

Final P

alo grants from City, and W

orthy Cause exceeded budget

       Federal C

apital G

rants 0

00

0%       F

ederal Service G

rants99,80

7104

,303(4,496

)-4%

To

tal Gran

ts and

Su

bsid

ies3,397

,4343,148

,677248

,7578%

Oth

er Reven

ue

       Tenan

t Fees and

 Utility R

eimbu

rsemen

ts19,74

714,80

34,945

33%       Interest Incom

e221

,648199

,38222,26

711%

       Laundry V

ending

6,3989,320

(2,922)

-31%       M

aint Charge

s to Prop

238,675

225,938

12,737

6%       M

iscellaneous R

evenue

10,241

2,640

7,601

288%

To

tal Oth

er Reven

ue

496,710

452,082

44,627

10%

To

tal Reven

ue

5,633,230

5,291,265

341,965

6%

EX

PE

NS

ES

Salaries

and

Ben

efits       S

alaries and B

enefits

916,206

984,967

68,761

7%

To

tal Salaries an

d B

enefits

916,206

984,967

68,761

7%

Pro

perty C

osts

       Man

agement F

ees

44,904

42,029

(2,875)

-7%       M

aintenance M

aterials35,09

435,063

(31)0%

       Contract La

bor & Repa

irs11

9,098

78,472

(40,626)

-52%C

Bridgew

alk Concrete repair $11.5K

, Grounds contracts due to w

arm weather 

$13.5K, G

W Flooring $5K

, Misc other

3/31

/20171

:32 PM

33

BH

P

Statem

ent o

f Activities

Year to

Date - F

ebru

ary 28, 2017

YT

DY

TD

Actu

alB

ud

get

Varian

ce $%

Var

Ref

Varian

ce Exp

lanatio

n

       BHP Contract Lab

or143

,113120

,692(22,42

0)-19%

       Garbag

e and T

rash Rem

oval21,61

221,19

0(422

)-2%

       Water and

 Sew

er32,67

132,45

5(216

)-1%

       Electricity

22,155

21,504

(651)

-3%       G

as31,39

731,02

9(368

)-1%

       PILO

T3,536

3,198(338

)-11%

       HOA Fee

s1,073

1,12654

5%

To

tal Pro

perty C

osts

454,652

386

,759

(67,893)

-18%

Op

erating

Exp

ense

s       A

udit Fees

10,000

10,000

00%

       Bad D

ebt Expen

se - Ten

ants3,395

0(3,395

)0%

       Board E

xpense

971,000

90390%

       Consu

ltants &

 Contract La

bor25,19

325,360

1671%

       Depreciation

462,962

460,823

(2,139)

0%       D

ues and Fees

14,331

10,357

(3,974)

-38%       E

xpenda

ble Equ

ipment

10,68518,77

58,09

043

%

       HCV-HAP Expen

se1,57

1,281

1,531,46

0(39,82

1)-3%

A2

 Offset by H

AP revenue above.  E

xcess due to higher number of vouchers 

leased than expected 

       Insurance E

xpense

42,911

41,746

(1,165)

-3%       Leg

al Expense

16619,50

519,33

999%

       Milea

ge & Veh

icle Expen

se10,99

214,56

43,572

25%       M

iscellaneous - E

xpense

7,68022,76

715

,08766

%       M

ortgage Interest E

xpense

202,830

206,712

3,8822%

       Advertising/M

arketing850

8,7887,938

90%       O

ffice Supp

lies4,660

8,2333,573

43%       O

ther A

dministrative E

xpenses2,234

3,096861

28%       P

hone E

xpense

11,271

15,309

4,03826%

       Printing

 & Postage

 Expen

se10,76

58,910

(1,855)

-21%       P

roperty M

gmt &

 Asset M

gmt F

ees82,40

683,20

2796

1%       R

esident S

ervices Fee

s17,94

617,94

60

0%       S

taff Training

6,68421,26

214,57

869%

       Service G

rant Expense

90,032

105,338

15,306

15%

To

tal Op

erating

Co

sts2,589

,3712,635

,15345,78

22%

To

tal Exp

ense

s3,960

,2294,006

,87946,65

01%

TO

TA

L N

ET

INC

OM

E (L

OS

S)

1,673,001

$ 1,284

,386$

388,615

$ -30%

Note: E

xplanations provided for positive variances >$50,000 and 5%

 and for negative variances >$25,000 and 5%

3/31

/20171

:32 PM

34

Actu

alA

ctual

Net C

han

ge

Feb

ruary-17

Decem

ber-16

YT

DR

efC

om

men

ts

AS

SE

TS

Cu

rrent A

ssets

       Unrestricted C

ash and C

ash Equivalents

4,839,448

$                5,567,072

$       (727,624)

$         D

1HUD prefunded H

AP paym

ent for January in Decem

ber.  No funding in January forced 

the use of the prefunded reserve.  See deferred Inflow

s below.

       Reserved

 Cash - R

eplacements and

 Other

1,556,8741,63

7,279

(80,405)       A

ccounts Receivab

le443

,035483

,662(40,626)

       Accounts R

eceivable-T

ax Credits

2,769,9303,74

1,070

(971,139)E

BHP received $1.4M

 developer fee for Boulder C

ommunities from

 equity installment of 

limited partner.  T

his was offset by $320K

 fee earned from Palo P

ark Com

munity at 

closing to be received upon receipt of CDOH funds.

       Notes R

eceivable – Current

240,53

9240,539

0       P

repaid Expe

nses151,6

76168,153

(16,478)

       Supplies-Invento

ry5,15

35,03

5119

To

tal Cu

rrent A

ssets10,006,656

11,84

2,809

(1,83

6,153)

Restricted

Cash

         Restricted C

ash - Other 

                  1,883,850 13,43

8,699(11,554,849)

F1

$12M loan m

ade to Bou

lder Com

munities offset by $462K

 City funds restricted for 

Habitat developm

ent costs at Palo

        Restricted C

ash - Section 8

(1,829)

                       1

(1,829)

        Restricted C

ash - Tena

nt Security D

eposits335,008

                     334,994

14

To

tal Restricted

Cash

2,217,03

0

13,773,694

(11,556,6

64)

Cap

ital Asse

ts       C

onstruction in Progress

595,333                     

925,324(329

,991)

GPalo predevelopm

ent costs reimbursed by partnership at closing

       Furniture F

ixtures and Equipm

ent554

,270                     

554,2700

       Real E

state Assets-Land

 and Buildings

72,065,010                

71,993,45571,55

5H

4800 Solar installation capitalized

       Less: A

ccum Depreciation R

eal E

state Assets

(30,716,556)              

(30,255,38

0)(461,176)

INorm

al Activity

To

tal Cap

ital Assets

42,498,057

43,217,66

9

(719,612)

Oth

er Assets

       Notes R

eceivable58,705,528

                43,743,126

14,962,402F

2$12M

 restricted cash used to fund new Boulder C

ommunities loan and $2.9M

 of new 

grant funds loaned to Palo at partnership closing

       Developm

ent Fees R

eceivable3,473

,489

                  3,47

3,489

0       Interest R

eceivable Notes

2,498,219                  

2,278,24

9219,970

JNorm

al Activity

       Partnership Investm

ents399

,211                     

399,111100

       Net A

mortized C

osts2,68

6,839

                  2,68

8,625

(1,786)

To

tal Oth

er Asse

ts67,76

3,286

52,582

,60015,180,686

TO

TA

L A

SS

ET

S12

2,485,028

$ 121,416,771

$ 1,06

8,257$

BH

PB

alance S

heet

Feb

ruary 28, 2017 an

d D

ecemb

er 31, 2016

3/31/20171:32 PM

35

BH

P

Statem

ent o

f Activities

Year to

Date - F

ebru

ary 28, 2017

YT

DY

TD

Actu

alB

ud

get

Varian

ce $%

Var

Ref

Varian

ce Exp

lanatio

n

RE

VE

NU

E O

peratio

ns R

evenu

e        T

enant D

welling R

ental1,13

6,668$       

1,108,51

9$          

28,149

$           3%

        Non D

welling

 Ren

tal Income

4,6743,600

1,07430%

        HUD-Ope

rating Sub

sidy13,50

013,530

(30)0%

To

tal Op

eration

s Reven

ue

1,154,842

1,125,649

29,193

3%

Fee R

evenu

e

       Prope

rty Mgm

t & Asset M

gmt F

ees82,40

683,20

2(796

)-1%

       Develop

ment F

ees320,01

3300

,00020

,013

7%       M

gmt F

ees - Tax C

redits & S8

108,611

104,792

3,8184%

       Res S

vc  Income

73,214

76,862

(3,647)

-5%

To

tal Fee R

evenu

e584

,244564

,85619,38

83%

Gran

ts and

Su

bsid

ies       H

CV-HAP/Adm

in Reven

ue1,687

,968

1,659,37

528

,5932%

A1

HAP revenue offset by excess H

AP expense below

. 

       Non F

ederal Grants and

 Don

ations  

1,609,659

1,385,000

224,659

16%B

Final P

alo grants from City, and W

orthy Cause exceeded budget

       Federal C

apital G

rants 0

00

0%       F

ederal Service G

rants99,80

7104

,303(4,496

)-4%

To

tal Gran

ts and

Su

bsid

ies3,397

,4343,148

,677248

,7578%

Oth

er Reven

ue

       Tenan

t Fees and

 Utility R

eimbu

rsemen

ts19,74

714,80

34,945

33%       Interest Incom

e221

,648199

,38222,26

711%

       Laundry V

ending

6,3989,320

(2,922)

-31%       M

aint Charge

s to Prop

238,675

225,938

12,737

6%       M

iscellaneous R

evenue

10,241

2,640

7,601

288%

To

tal Oth

er Reven

ue

496,710

452,082

44,627

10%

To

tal Reven

ue

5,633,230

5,291,265

341,965

6%

EX

PE

NS

ES

Salaries

and

Ben

efits       S

alaries and B

enefits

916,206

984,967

68,761

7%

To

tal Salaries an

d B

enefits

916,206

984,967

68,761

7%

Pro

perty C

osts

       Man

agement F

ees

44,904

42,029

(2,875)

-7%       M

aintenance M

aterials35,09

435,063

(31)0%

       Contract La

bor & Repa

irs11

9,098

78,472

(40,626)

-52%C

Bridgew

alk Concrete repair $11.5K

, Grounds contracts due to w

arm weather 

$13.5K, G

W Flooring $5K

, Misc other

3/31

/20171

:32 PM

36

BH

P

Statem

ent o

f Activities

Year to

Date - F

ebru

ary 28, 2017

YT

DY

TD

Actu

alB

ud

get

Varian

ce $%

Var

Ref

Varian

ce Exp

lanatio

n

       BHP Contract Lab

or143

,113120

,692(22,42

0)-19%

       Garbag

e and T

rash Rem

oval21,61

221,19

0(422

)-2%

       Water and

 Sew

er32,67

132,45

5(216

)-1%

       Electricity

22,155

21,504

(651)

-3%       G

as31,39

731,02

9(368

)-1%

       PILO

T3,536

3,198(338

)-11%

       HOA Fee

s1,073

1,12654

5%

To

tal Pro

perty C

osts

454,652

386

,759

(67,893)

-18%

Op

erating

Exp

ense

s       A

udit Fees

10,000

10,000

00%

       Bad D

ebt Expen

se - Ten

ants3,395

0(3,395

)0%

       Board E

xpense

971,000

90390%

       Consu

ltants &

 Contract La

bor25,19

325,360

1671%

       Depreciation

462,962

460,823

(2,139)

0%       D

ues and Fees

14,331

10,357

(3,974)

-38%       E

xpenda

ble Equ

ipment

10,68518,77

58,09

043

%

       HCV-HAP Expen

se1,57

1,281

1,531,46

0(39,82

1)-3%

A2

 Offset by H

AP revenue above.  E

xcess due to higher number of vouchers 

leased than expected 

       Insurance E

xpense

42,911

41,746

(1,165)

-3%       Leg

al Expense

16619,50

519,33

999%

       Milea

ge & Veh

icle Expen

se10,99

214,56

43,572

25%       M

iscellaneous - E

xpense

7,68022,76

715

,08766

%       M

ortgage Interest E

xpense

202,830

206,712

3,8822%

       Advertising/M

arketing850

8,7887,938

90%       O

ffice Supp

lies4,660

8,2333,573

43%       O

ther A

dministrative E

xpenses2,234

3,096861

28%       P

hone E

xpense

11,271

15,309

4,03826%

       Printing

 & Postage

 Expen

se10,76

58,910

(1,855)

-21%       P

roperty M

gmt &

 Asset M

gmt F

ees82,40

683,20

2796

1%       R

esident S

ervices Fee

s17,94

617,94

60

0%       S

taff Training

6,68421,26

214,57

869%

       Service G

rant Expense

90,032

105,338

15,306

15%

To

tal Op

erating

Co

sts2,589

,3712,635

,15345,78

22%

To

tal Exp

ense

s3,960

,2294,006

,87946,65

01%

TO

TA

L N

ET

INC

OM

E (L

OS

S)

1,673,001

$ 1,284

,386$

388,615

$ -30%

Note: E

xplanations provided for positive variances >$50,000 and 5%

 and for negative variances >$25,000 and 5%

3/31

/20171

:32 PM

37

Actu

alA

ctual

Net C

han

ge

Feb

ruary-17

Decem

ber-16

YT

DR

efC

om

men

ts

AS

SE

TS

Cu

rrent A

ssets

       Unrestricted C

ash and C

ash Equivalents

4,839,448

$                5,567,072

$       (727,624)

$         D

1HUD prefunded H

AP paym

ent for January in Decem

ber.  No funding in January forced 

the use of the prefunded reserve.  See deferred Inflow

s below.

       Reserved

 Cash - R

eplacements and

 Other

1,556,8741,63

7,279

(80,405)       A

ccounts Receivab

le443

,035483

,662(40,626)

       Accounts R

eceivable-T

ax Credits

2,769,9303,74

1,070

(971,139)E

BHP received $1.4M

 developer fee for Boulder C

ommunities from

 equity installment of 

limited partner.  T

his was offset by $320K

 fee earned from Palo P

ark Com

munity at 

closing to be received upon receipt of CDOH funds.

       Notes R

eceivable – Current

240,53

9240,539

0       P

repaid Expe

nses151,6

76168,153

(16,478)

       Supplies-Invento

ry5,15

35,03

5119

To

tal Cu

rrent A

ssets10,006,656

11,84

2,809

(1,83

6,153)

Restricted

Cash

         Restricted C

ash - Other 

                  1,883,850 13,43

8,699(11,554,849)

F1

$12M loan m

ade to Bou

lder Com

munities offset by $462K

 City funds restricted for 

Habitat developm

ent costs at Palo

        Restricted C

ash - Section 8

(1,829)

                       1

(1,829)

        Restricted C

ash - Tena

nt Security D

eposits335,008

                     334,994

14

To

tal Restricted

Cash

2,217,03

0

13,773,694

(11,556,6

64)

Cap

ital Asse

ts       C

onstruction in Progress

595,333                     

925,324(329

,991)

GPalo predevelopm

ent costs reimbursed by partnership at closing

       Furniture F

ixtures and Equipm

ent554

,270                     

554,2700

       Real E

state Assets-Land

 and Buildings

72,065,010                

71,993,45571,55

5H

4800 Solar installation capitalized

       Less: A

ccum Depreciation R

eal E

state Assets

(30,716,556)              

(30,255,38

0)(461,176)

INorm

al Activity

To

tal Cap

ital Assets

42,498,057

43,217,66

9

(719,612)

Oth

er Assets

       Notes R

eceivable58,705,528

                43,743,126

14,962,402F

2$12M

 restricted cash used to fund new Boulder C

ommunities loan and $2.9M

 of new 

grant funds loaned to Palo at partnership closing

       Developm

ent Fees R

eceivable3,473

,489

                  3,47

3,489

0       Interest R

eceivable Notes

2,498,219                  

2,278,24

9219,970

JNorm

al Activity

       Partnership Investm

ents399

,211                     

399,111100

       Net A

mortized C

osts2,68

6,839

                  2,68

8,625

(1,786)

To

tal Oth

er Asse

ts67,76

3,286

52,582

,60015,180,686

TO

TA

L A

SS

ET

S12

2,485,028

$ 121,416,771

$ 1,06

8,257$

BH

PB

alance S

heet

Feb

ruary 28, 2017 an

d D

ecemb

er 31, 2016

3/31/20171:32 PM

38

Actu

alA

ctual

Net C

han

ge

Feb

ruary-17

Decem

ber-16

YT

DR

efC

om

men

ts

BH

PB

alance S

heet

Feb

ruary 28, 2017 an

d D

ecemb

er 31, 2016

LIA

BIL

ITIE

S &

EQ

UIT

Y

LIA

BIL

ITIE

S C

urren

t Liab

ilities       A

ccounts Payable

181,005$                   

286,360$          

(105,356)

$         K

Norm

al Activity

       Accrued P

ayroll146

,085104

,35941

,727$            

       Accrued P

ayroll Taxes an

d Benefits

33,758

6,19727,56

2$            

       Accrued C

ompensated A

bsences333,941

$                   316,839

$          17,1

02$            

       AP Tax C

redits0

0-

$                         O

ther Accrued E

xpenses

185,564$                   

250,001$          

(64,437)

$                  D

eferred Revenue

00

-$                  

       Current P

ortion of Long Term

 Debt

877,69

7877,697

-$                  

       Current P

ort Bond

s Payable

-$                          

-$                  

-$                  

       Prepaid R

ent34,22

332,81

31,410

$                     S

ecurity Deposits

335,495

338,009

(2,514)

$             

To

tal Cu

rrent L

iabilities

2,127,7692,21

2,275

-84,506

Lo

ng

-Term

Liab

ilities       N

otes Payable

3,064,17

3                  

3,064,17

3-

$                         A

ccrued Interest Payable

65,069                       

63,224

1,844

$                     M

ortgages P

ayable32,30

7,892                

32,448,589(140,697)

$         L

Norm

al Activity

       Net P

ension Liability7,56

1,499

                  7,56

1,499

-$                  

       Deferred Inflow

s462

,610                     

843,995(381

,385)

$         D

2HUD prefunded H

AP for January in D

ecember.  T

his was used for H

AP expense in 

January

To

tal Lo

ng

-Term

Liab

ilities43,46

1,24243,98

1,480(520,23

8)

TO

TA

L L

IAB

ILIT

IES

45,589,010

46,193,755

(604,744)

EQ

UIT

Y       T

otal Equity

76,896,01

8                

75,223,017       

1,673,001

         M

YTD Incom

e (Loss) 

TO

TA

L L

IAB

ILIT

IES

AN

D E

QU

ITY

122,485,028

$ 121,416,771

$ 1,06

8,257$

Note (1) : Explanations provided for balance sheet changes >

$100,000. N

ote (2): BHP has a Line of Credit available for borrow

ing of up to $8.1 Million.

3/31/20171:32 PM

39

Fo

r the m

on

th

of F

ebru

ary 28, 2017

Year to

Date

Ref

Cu

rrent M

on

th C

om

men

ts

Reco

nciliatio

n o

f Net In

com

e to N

et Cash

Pro

vided

(Used

) by O

peratin

g A

ctivitiesN

et Inco

me (D

eficit)1,825,241

$ 1,673,001

$

Ad

justm

ents to

Reco

ncile N

et Inco

me to

Net C

ashP

rovid

ed (U

sed) b

y Op

erating

Activities

Increase (Decrease) A

ccum. D

epreciation231,760

462,962(Increase) D

ecrease in Accounts R

eceivable963,162

1,011,766(Increase) D

ecrease in Prepaid E

xpenses15,322

16,478Increase (D

ecrease) in Prepaid R

ent and Security D

eposits203

(1,104)(Increase) D

ecrease in Supplies/Inventory

(583)(119)

(Increase) Decrease in R

eserved Cash

30,40980,405

(Increase) Decrease in R

estricted Cash

11,566,64611,556,664

N1

Cash paid to B

oulder Com

munities in exchange for note receivable

Increase (Decrease) in P

ayables and Accrued E

xpenses(15,167)

(83,402)Increase (D

ecrease) in Deferred R

evenue0

0Increase (D

ecrease) in Deferred Inflow

s462,610

(381,385)O

February Increase relates to cash received for H

abitat costs at Palo

To

tal Ad

justm

ents

13,254,36312,662,264

Net C

ash P

rovid

ed (U

sed) b

y Op

erating

Activities

15,079,60414,335,265

Cash

Flo

ws fro

m In

vesting

Activities

(Increase) Decrease in C

onstruction in Progress

435,335329,991

PD

ecrease is related to predvelopment costs transferred to P

alo(Increase) D

ecrease in Furniture F

ixtures and Equipm

ent0

0(Increase) D

ecrease in Real E

state Assets

(67,013)(71,555)

(Increase) Decrease in N

otes and Interest Receivable

(15,085,968)(15,182,472)

N2

Note from

Boulder C

omm

unities and Palo P

ark

Net C

ash P

rovid

ed (U

sed) b

y Investin

g A

ctivities(14,717,646)

(14,924,036)

Cash

Flo

ws fro

m F

inan

cing

Activities

Increase (Decrease) in C

urrent Portion of Long T

erm D

ebt0

0Increase (D

ecrease) in Notes P

ayable0

0Increase (D

ecrease) in Mortgages and B

onds Payable

(73,306)(138,853)

Net C

ash P

rovid

ed (U

sed) b

y Fin

ancin

g A

ctivities(73,306)

(138,853)

Net In

crease (Decrease) in

Cash

and

Cash

Eq

uivalen

tsN

et Increase (Decrease) in C

ash and Cash E

quivalents288,651

(727,624)U

nrestricted Cash and C

ash Equivalents - B

eginning4,550,796

5,567,072

Un

restricted C

ash an

d C

ash E

qu

ivalents - E

nd

ing

4,839,448$

4,839,448$

BH

PS

tatemen

t of C

ash F

low

s Y

ear to D

ate - Feb

ruary 28, 2017

3/31/20171:32 PM

40

Actu

alA

ctual

Net C

han

ge

Feb

ruary-17

Decem

ber-16

YT

DR

efC

om

men

ts

BH

PB

alance S

heet

Feb

ruary 28, 2017 an

d D

ecemb

er 31, 2016

LIA

BIL

ITIE

S &

EQ

UIT

Y

LIA

BIL

ITIE

S C

urren

t Liab

ilities       A

ccounts Payable

181,005$                   

286,360$          

(105,356)

$         K

Norm

al Activity

       Accrued P

ayroll146

,085104

,35941

,727$            

       Accrued P

ayroll Taxes an

d Benefits

33,758

6,19727,56

2$            

       Accrued C

ompensated A

bsences333,941

$                   316,839

$          17,1

02$            

       AP Tax C

redits0

0-

$                         O

ther Accrued E

xpenses

185,564$                   

250,001$          

(64,437)

$                  D

eferred Revenue

00

-$                  

       Current P

ortion of Long Term

 Debt

877,69

7877,697

-$                  

       Current P

ort Bond

s Payable

-$                          

-$                  

-$                  

       Prepaid R

ent34,22

332,81

31,410

$                     S

ecurity Deposits

335,495

338,009

(2,514)

$             

To

tal Cu

rrent L

iabilities

2,127,7692,21

2,275

-84,506

Lo

ng

-Term

Liab

ilities       N

otes Payable

3,064,17

3                  

3,064,17

3-

$                         A

ccrued Interest Payable

65,069                       

63,224

1,844

$                     M

ortgages P

ayable32,30

7,892                

32,448,589(140,697)

$         L

Norm

al Activity

       Net P

ension Liability7,56

1,499

                  7,56

1,499

-$                  

       Deferred Inflow

s462

,610                     

843,995(381

,385)

$         D

2HUD prefunded H

AP for January in D

ecember.  T

his was used for H

AP expense in 

January

To

tal Lo

ng

-Term

Liab

ilities43,46

1,24243,98

1,480(520,23

8)

TO

TA

L L

IAB

ILIT

IES

45,589,010

46,193,755

(604,744)

EQ

UIT

Y       T

otal Equity

76,896,01

8                

75,223,017       

1,673,001

         M

YTD Incom

e (Loss) 

TO

TA

L L

IAB

ILIT

IES

AN

D E

QU

ITY

122,485,028

$ 121,416,771

$ 1,06

8,257$

Note (1) : Explanations provided for balance sheet changes >

$100,000. N

ote (2): BHP has a Line of Credit available for borrow

ing of up to $8.1 Million.

3/31/20171:32 PM

41

Fo

r the m

on

th

of F

ebru

ary 28, 2017

Year to

Date

Ref

Cu

rrent M

on

th C

om

men

ts

Reco

nciliatio

n o

f Net In

com

e to N

et Cash

Pro

vided

(Used

) by O

peratin

g A

ctivitiesN

et Inco

me (D

eficit)1,825,241

$ 1,673,001

$

Ad

justm

ents to

Reco

ncile N

et Inco

me to

Net C

ashP

rovid

ed (U

sed) b

y Op

erating

Activities

Increase (Decrease) A

ccum. D

epreciation231,760

462,962(Increase) D

ecrease in Accounts R

eceivable963,162

1,011,766(Increase) D

ecrease in Prepaid E

xpenses15,322

16,478Increase (D

ecrease) in Prepaid R

ent and Security D

eposits203

(1,104)(Increase) D

ecrease in Supplies/Inventory

(583)(119)

(Increase) Decrease in R

eserved Cash

30,40980,405

(Increase) Decrease in R

estricted Cash

11,566,64611,556,664

N1

Cash paid to B

oulder Com

munities in exchange for note receivable

Increase (Decrease) in P

ayables and Accrued E

xpenses(15,167)

(83,402)Increase (D

ecrease) in Deferred R

evenue0

0Increase (D

ecrease) in Deferred Inflow

s462,610

(381,385)O

February Increase relates to cash received for H

abitat costs at Palo

To

tal Ad

justm

ents

13,254,36312,662,264

Net C

ash P

rovid

ed (U

sed) b

y Op

erating

Activities

15,079,60414,335,265

Cash

Flo

ws fro

m In

vesting

Activities

(Increase) Decrease in C

onstruction in Progress

435,335329,991

PD

ecrease is related to predvelopment costs transferred to P

alo(Increase) D

ecrease in Furniture F

ixtures and Equipm

ent0

0(Increase) D

ecrease in Real E

state Assets

(67,013)(71,555)

(Increase) Decrease in N

otes and Interest Receivable

(15,085,968)(15,182,472)

N2

Note from

Boulder C

omm

unities and Palo P

ark

Net C

ash P

rovid

ed (U

sed) b

y Investin

g A

ctivities(14,717,646)

(14,924,036)

Cash

Flo

ws fro

m F

inan

cing

Activities

Increase (Decrease) in C

urrent Portion of Long T

erm D

ebt0

0Increase (D

ecrease) in Notes P

ayable0

0Increase (D

ecrease) in Mortgages and B

onds Payable

(73,306)(138,853)

Net C

ash P

rovid

ed (U

sed) b

y Fin

ancin

g A

ctivities(73,306)

(138,853)

Net In

crease (Decrease) in

Cash

and

Cash

Eq

uivalen

tsN

et Increase (Decrease) in C

ash and Cash E

quivalents288,651

(727,624)U

nrestricted Cash and C

ash Equivalents - B

eginning4,550,796

5,567,072

Un

restricted C

ash an

d C

ash E

qu

ivalents - E

nd

ing

4,839,448$

4,839,448$

BH

PS

tatemen

t of C

ash F

low

s Y

ear to D

ate - Feb

ruary 28, 2017

3/31/20171:32 PM

42

BHP CASH

Report D

ecember-16

January-17February-17

Unrestricted Cash Available for O

perationsBalance

BalanceBalance

Board TargetSurplus (D

eficit)Board Target

BHP O

perating Reserves (1)2,896,979

2,743,1673,046,463

3,000,00046,463

2 Months of operating expenses (including H

AP)BH

P Replacement Reserves

1,637,2791,587,283

1,556,8741,476,500

80,374$3,500 per W

orkforce Unit

Total Unrestricted BH

P Cash4,534,258

4,330,4514,603,337

4,476,500126,837

(1)BHP has $1 m

illion of operating cash escrowed pending acquisition of a property that is recorded as a receivable on the balance sheet and therefore not included in this balance.

Unrestricted Cash - Restricted by Property/Program

BalanceBalance

BalanceBoard Target

Surplus (Deficit)

Board TargetProject Based O

perating Reserve250,882

267,362285,790

165,000120,790

2 Months of operating exp

MTW

Reserves (2)2,419,211

1,540,1671,507,145

01,507,145

HU

D expects to hold all reserves so target reduced to zero

Total Unrestricted Cash Restricted by Program

2,670,0921,807,529

1,792,935165,000

1,627,935

(2)Note M

TW target changed to $0 in 2017 budget due to change in H

UD

Cash Managem

ent which requires excess funds to be held at H

UD

rather than PHA

Replacement Reserved - Restricted by Bank or H

UD

BalanceBalance

BalanceCanyon Pointe

176,280181,644

187,008G

len Willow

82,74183,591

84,441O

ther Restricted FundsBoulder Com

m. Escrow

(3)12,028,426

12,029,2700

Escrow funds; Tantra

1,000,0001,000,000

1,000,000H

abitat funds for Palo Park predevelopment

00

462,610H

oliday Landscape 73,052

73,05573,058

S8/FSS Escrow78,201

81,92176,734

Section 8 NED

NRA(H

AP)0

-807-1,829

Total Restricted Cash O

ther13,438,700

13,448,6741,882,022

(3)$12M w

as held in escrow until February 1 paym

ent to reduce Boulder Comm

unities construction loan balance

Restricted Cash Tenant Security Deposits

334,994335,001

335,008

S:/F

inance/Financials/2015/2015-06/2015-06 11100 C

ash

43

March 2016 - February 2017

Property Address UnitsPUPA

EGIPUPA OpEx

PUPA NOI

PUPA Debt

Adjusted DSCR (1)

Arapahoe Court 951,953 Arapahoe 14 3,846$ (8,149)$ (4,303)$ -$ - Madison 1130-1190 35th St. 33 7,260$ (7,967)$ (707)$ -$ - Public Housing I Sub Total: 47 6,243$ (8,021)$ (1,778)$ -$ -

Canyon Pointe 700 Walnut 82 10,903$ (6,311)$ 4,592$ 3,599$ 1.28 Glen Willow (2) 301-333 Pearl St. 34 11,804$ (8,696)$ 3,109$ -$ - Project Based Sub Total: 116 11,167$ (7,010)$ 4,157$ 2,544$ 1.63

Arapahoe East 4610 Arapahoe 11 11,973$ (7,960)$ 4,013$ 1,748$ 2.30 Dakota Ridge 4900 10th St. 13 16,841$ (4,322)$ 12,519$ 7,512$ 1.67 Sanitas Place 3640 Broadway 12 10,657$ (5,444)$ 5,213$ 3,020$ 1.73 Twin Pines 1700 22nd St. 22 11,092$ (4,327)$ 6,765$ 3,083$ 2.19 Combine Loan One Subtotal 58 12,458$ (5,246)$ 7,212$ 3,810$ 1.89 101 Canyon 101-103 Canyon 6 26,365$ (7,938)$ 18,426$ 7,662$ 2.40 Hayden Place 34th & Hayden Place 24 10,022$ (5,383)$ 4,639$ 3,284$ 1.41 Whittier 1946 Walnut St. 10 11,156$ (7,115)$ 4,042$ 2,627$ 1.54 Woodlands 2600 Block of Mapleton 35 13,496$ (7,579)$ 5,918$ 5,048$ 1.17 Combine Loan Two Subtotal 75 13,102$ (6,843)$ 6,259$ 4,370$ 1.43 Bridgewalk 602-698 Walden Circle 123 19,403$ (6,454)$ 12,949$ 6,899$ 1.88 Foothills 4500 block of 7th/8th 74 13,661$ (6,040)$ 7,621$ 5,029$ 1.52 Midtown (2) 837 20th St. 13 11,146$ (6,782)$ 4,365$ -$ - Workforce Sub Total: 343 15,299$ (6,258)$ 9,041$ 5,159$ 1.75

Portfolio Totals: 506 13,511$ (6,594)$ 6,917$ 4,080$ 1.70

March 2016 - February 2017

Tax Credit Properties Address Units PUPA

EGI PUPA OpEx

PUPA NOI

PUPA Debt

Adjusted DSCR

Broadway East 3160 Broadway 44 11,413$ (6,859)$ 4,554$ 2,709$ 1.68 Broadway West 3120 Broadway 26 11,041$ (6,612)$ 4,429$ 2,476$ 1.79 High Mar 4990 Moorhead Ave 59 11,239$ (6,604)$ 4,635$ 3,840$ 1.21 Holiday 1500 Lee Hill 49 10,647$ (5,177)$ 5,470$ 3,146$ 1.74 Lee Hill (3) 1175 Lee Hill 31 11,413$ (10,888)$ 525$ -$ - Red Oak Park 27th & Valmont 59 11,573$ (6,417)$ 5,156$ 3,888$ 1.33 Vistoso 4500 Baseline 15 10,539$ (7,119)$ 3,420$ 2,434$ 1.41 WestView 4600 Broadway 34 12,152$ (5,073)$ 7,078$ 5,567$ 1.27 Boulder Communities Various 279 9,421$ (6,955)$ 2,466$ -$ - Tax Credit Sub Total: 596 10,420$ (6,800)$ 3,620$ 1,711$ 2.12

Properties in Transition AddressPUPA - Per Unit Per Annum

Orchard House (2) 1603 Orchard St. EGI - Effective Gross Income = (Total Revenue - Grant Revenue)

Valmont/Wallace 2625 Valmont Rd. Op Ex - Operating Expenses = (Total Expenses-Capital

Orchard Grove Valmont and 34th Expenses-Extraordinary Maintenance and Non-Op Ex)

Palo Park 4525 Palo Parkway NOI - Net Operating Income = (Net Income + Non OpEx)

Hayden Place 2 DSCR - Debt Service Coverage Ratio = NOI/DebtADJUSTED - For Capital Grants, Capital Exp. and Extrodinary Maint.

(2) Glen Willow, Midtown and Orchard House are pledged as collateral for BHP Line of Credit (3) Lee Hill does not have permanent debt so DSCR does not apply.

NOTES: (1) DSCR is calculated before required reserve contributions. Portfolio totals include NOI from properties with no debt. All excess cash from properties is used in BHP operations.

Index of terms

Boulder Housing PartnersPortfolio Analysis

44

2016 Perform

ance Benchm

arks and Standards E

xhibit 5

Goal/B

enchmark

YT

D - F

eb+/-

Com

ments

BH

P D

ebt (and Accrued Interest) to E

quity Ratio - M

easures ratio of A

ctual Debt and Interest to E

quity<

1.50.47

+

BH

P Q

uick Ratio - U

nrestricted cash/current liabilities(less sec deposits) (M

easure of how m

any times w

e can pay current liabilities w

ith Cash on H

and or "liquidity")>

2.04.71

+

Quick R

atio includes current developer fee receivable of $3.7M

which is tem

porarily resulting in a high Q

R. T

he Ratio adjusted for this

receivable is 3.4

Months E

xpendable Net A

ssets Ratio (M

EN

AR

) (measures

adequacy of reserves)>

4.08.71

+

ME

NA

R includes current developer fee

receivable of $3.7M w

hich is temporarily resulting

in a high ME

NA

R. T

he Ratio adjusted for this

receivable is 5.7

Portfolio D

ebt Service C

overage Ratio (m

easures capacity to cover debt)

> 1.25

1.70+

BH

P U

nrestricted Operating R

eserves$3,000,000

3,046,463+

BH

P U

nrestricted Replacem

ent Reserves

$1,357,5001,556,874

+

Occupancy R

ate HC

V - 756 vouchers authorized

103%>

x >97%

102%+

Occupancy R

ate RA

D - 135 vouchers authorized

>97%

100%+

Occupancy R

ate NE

D - 181 vouchers authorized

>97%

101%+

Occupancy R

ate Mainstream

- 50 vouchers authorized>

97%102%

+

Voucher Lease-up R

ate>

75%N

/AN

/AN

o Vouchers currently issued trying to lease for

the programs above this line

Occupancy R

ate Housing F

irst - 22 voucher authorized100%

> x >

95%95%

+

Materials and Contracts' Budget Variance

+(-) <

3%

-30%+

Average num

ber of days to complete unit turns year to date

< 9 days

9+

Average num

ber of days to complete routine w

ork orders year to date

< 2 days

1.0+

Finance

Maintenance

Section 8

45

2016 Perform

ance Benchm

arks and Standards

Exhibit 5

Net T

enant Rental Incom

e - PH

100%113%

+N

et Tenant R

ental Income - P

B100%

101%+

Net T

enant Rental Incom

e - Affordable

100%103%

+T

otal Net T

enant Rental Incom

e - BH

P

100%103%

+N

et Tenant R

ental Income -T

ax Credit

100%102%

+O

ccupancy Rate - P

H 1

97%100%

+O

ccupancy Rate - P

B97%

99%+

Occupancy R

ate - Affordable

96%97%

+T

otal Occupancy R

ate BH

P97%

98%+

Occupancy R

ate - Tax C

redit units 97%

99%+

Successful M

ove Outs - S

eniors/PW

Ds at R

es. Svc. S

ites100%

100%+

Successful M

ove Outs - F

amilies at R

es. Svc. S

ites100%

100%+

Avg. Late F

ees per month - S

eniors/PW

Ds at R

es. Svc. S

ites15

9+

Avg. Late F

ees per month - F

amilies at R

es Svc. S

ites15

17-

Res S

ervices contacts residents with late fees to

avoid repeated charges

Resident Services

Property Managem

ent

46

b. 2018 MTW Annual Plan

BHP participates in HUD’s Moving to Work (MTW) Demonstration Program, which

allows BHP to request that HUD change rules and regulations for the Housing Choice

Voucher and Public Housing Programs. All changes must relate to one or more of the three

statutory goals:

1. to use our federal dollars more effectively;

2. move families with children towards self-sufficiency; and

3. increase housing choices for low-income households.

This is the time of year when we begin to plan for new activities that will be included in the

2018 MTW Annual Plan. Below is a typical outline:

Typical timeline for MTW Annual Plan Feb Mar Apr May Jun Jul Aug Sep Oct

Planning/creating outline for new activities

Data and impact analysis

Initial thoughts to BOC for introduction and feedback

MTW Resident Advisory Meetings for feedback

First reading to BOC

Finalize draft of plan

Approval by BOC for public review

Public review period

Submission to HUD for final approval

Implementation - First quarter of the following year

The MTW staff maintains a list of future ideas that come from the original application,

brainstorming sessions with staff, MTW conferences, other MTW agencies, etc. We are

preparing a list of possible activities for 2018 and will share our first draft with the Board in

May. Based on feedback from the Board about seeking Board input earlier in our planning

processes, we want to allow this extra month to solicit any ideas and input that

Commissioners might have.

To help you understand the types of activities that can be implemented, here is information

from HUD’s MTW website:

What kinds of activities have MTW Agencies implemented? MTW Agencies can only use MTW flexibility in pursuit of the three MTW statutory

objectives. Below is a list of the kinds of activities that MTW PHAs have implemented,

organized by statutory objective.

47

Cost Savings Self Sufficiency Housing Choices

• Using the MTW block grant to leverage

funds

• Streamlining HUD processes

• Redesigning HUD

forms

• Risk-based inspections

• Rent simplification

• Linking rental

assistance with supportive services

• Escrow accounts

• Earned income exclusions

• Increased case

management services

• Self-sufficiency requirements

• Developing mixed-

income and tax credit properties

• Foreclosure

prevention, mortgage assistance and homeownership programs

• Increasing the

percentage of project-based vouchers

Attached you will find Attachment C to the MTW Standard Agreement, which outlines the

sections of the 1937 U.S. Housing Act that can be changed through MTW authorization.

The following highlights some of the authorizations specific to the Housing Choice

Voucher Programs:

- Operational Policies and Procedures including:

o term and content of the Housing Assistance Payment Contract

o lease periods

o alternate recertification process

o damage claim or vacancy loss policy

o percentage of units to be project-based

o portability process

- Rent Policies and Term Limits

- Eligibility of Participants

- Waiting List Policies

- Housing Quality Standards Certification

- Homeownership Program

All of these are explained in much greater detail in Attachment C.

Attachments:

o MTW Attachment C: Statement of Authorizations

48

49

50

51

52

53

54

55

56

57

58

59

60

61

3. ACTION/DISCUSSION AGENDA: RESIDENT SERVICES

a. Resident Representative Council Report

4. ACTION/DISCUSSION AGENDA: DEVELOPMENT

a. Development Committee Report

VII. UPDATE AND INFORMATIONAL ITEMS

1. Palo Park

Updates and Next Steps:

Construction continues at Palo Park. All site cleanup and excavation is completed, and the

construction team is moving on to utility work and drilling caissons for the foundations.

The project is on-time and on-schedule.

We will continue provide the Board with updates throughout the construction process.

2. Mt. Calvary Lutheran Church

Previous Board Meeting:

At the previous Board meeting we provided an update on the project to the Board.

62

Updates and Next Steps:

BHP and the project architect, jv DeSousa with Reveal Architecture, will present our

Concept Plan for review during the April 10th Board meeting. On April 13th, BHP and

Frasier will also host a Design Advisory Group meeting to provide the members an

opportunity to review the Concept Plan and provide feedback. We anticipate submitting our

Concept Plan application to the City of Boulder by May 1st for review by City staff,

Planning Board, and potentially City Council.

Frasier is still on track to acquire the Mt. Calvary property before the end of November

2017.

3. Tantra Lake Apartments Acquisition

Previous Board Meeting:

At the previous February Board meeting, the Board received an update on timing of the

acquisition.

Updates and Next Steps:

BHP became the proud new owner of the Tantra Lake Apartments on Friday, March 24,

2017.

Tantra Lake is 185 units comprised of 1, 2 and 3 bedroom apartments. We will operate this

property as a mixed income asset meaning 40% of the units will be affordable to residents

earning less than 60% of AMI. The remaining 60% of the units will continue to lease at

market rates. This acquisition affirmed that the greenest, fastest and least disruptive path to

adding affordable units to our inventory is to purchase existing multifamily properties.

However, the acquisition was not without significant challenges and, surprisingly, some

disappointing neighborhood opposition. We will apply the lessons learned to the next

acquisition. We are thankful to the Board for their support. This was a steep and exciting

learning curve with more than a few hurdles to overcome, and we are thankful for Board

support as well as the City of Boulder.

4. City, State, and Federal Updates: April 2017

President’s Budget Reduces HUD Funds by $6.2 Billion

The new administration’s fiscal 2018 blueprint reduces funding for the Department of

Housing and Urban Development (HUD) by $6.2 billion, or 13.2%, from current levels. If

enacted, Trump’s budget would result in the most severe cut to HUD since the early 1980s.

In addition to deep reductions in the public housing and vouchers programs, the

Community Development Block Grants (CDBG), the HOME program, and the Choice

63

Neighborhoods initiative are all eliminated in President Donald Trump’s budget proposal

released March 16, 2017.

It is important to keep in mind that only the Congress can approve a budget, and there are at

least nine months of budget negotiation ahead. Negotiations will be grounded in the fact

that the Budget Control Act of 2011 includes legal “caps” on spending, for both defense

and non-defense programs. Any spending above the level specified in the caps triggers

sequestration, an across-the-board cut in all programs’ spending, for both defense and non-

defense programs. Any change to the caps would require at least eight Democrats in the

Senate to agree to the change in caps, or at least agree not to filibuster it. Then, eight

Democrats would have to vote for the actual appropriations bills that violate the caps,

including ones that underfund non-defense programs, or at least not filibuster those bills.

Boulder’s Inclusionary Housing Program Changes

During the March 21 study session, City Council reviewed City staff recommendations on

updates to the Inclusionary Housing (IH) Program. The update focuses on:

1. Adding a middle income affordable housing requirement

2. Evaluating requirements and incentives to achieve more on-site affordable units

3. Potentially requiring a review for all affordable off-site projects to ensure quality

design and materials

4. Considering development fee adjustments to off-set the cost of providing an

affordable unit

City staff recommends adding a five percent middle income IH requirement, increasing the

overall requirement to 25%. They suggest the cash-in-lieu annual adjustment increase from

7 to 10 percent with the developer premium increased from 150 to 200 percent. They also

recommend requiring all new off-site affordable projects to go through a staff-level

Affordable Housing Design Review with a lower application fee than that for Site Review.

Additional changes account for a developer fee waiver program and implementing net zero

energy requirements for affordable projects.

The next steps involve community engagement prior to a final staff recommendation.

• April 3, 5 and 13 - BVCP / CU South / Inclusionary Housing Update Community

Open House

• Apr-May - Targeted outreach (office hours, coffee talks, developer interviews,

neighborhood meetings, etc.)

• May - Planning Board consideration of an ordinance

• May 23 - City Council first reading

Boulder Valley Comp Plan Draft Released

The draft of the 2015 BVCP Update was released for public review March 24, 2017. The

Open House scheduled for April 3 from 6-8:30 PM will touch on the draft Boulder Valley

Comprehensive Plan, the City’s Inclusionary Housing Program, the CU South property, and

3303 Broadway analysis.

64

Fruehauf’s Sale and Affordable Housing Plans

Don Altman, a local Boulder real estate developer and co-founder of AGR Building Inc.,

acquired the nearly two-acre site at 1665 33rd St for $4.5 million, according to public

records, back in February. Fruehauf’s will continue to operate until their lease runs out at

the end of 2017 and then move locations. Altman plans to create up to 132 congregate-care

affordable units for people 65 and older on this site with construction reported to be at least

a few years away.

65