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BOULDER HOUSING PARTNERS

REGULAR MEETING OF THE BOARD OF COMMISSIONERS

OCTOBER 12, 2015 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.

REGULAR AGENDA

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

II. Public Participation**

III. Partnership Awards 2:35

IV. Board Development-Boulder Valley Comprehensive Plan Process 2:45

V. Approval of the Agenda and Consent Agenda 3:15

1. Call for Executive Session per Colorado Statute C.R.S. 24-6-402(4)(f) to discuss

Real Estate and Personnel matters

2. Minutes from September 1, 2015


4. 2016 MTW Annual Plan

• i. Board Action: Approval of Resolution #17: Approval of 2016 MTW Annual Plan

VI. Action/Discussion Agenda 3:30

1. Management and Finance

a. Finance Committee Report

b. August 2015 Financial Summary

c. 2016 Proposed Pay Grade Changes

2. Board Business 4:00

a. Board Announcements

b. Outreach Committee Report

c. 2015 Q3 Work Plan and Benchmarks Update

d. Conflict of Interest Waiver Consideration

3. Development 4:30

a. Development Committee Report

4. Resident Services 4:45

a. RRC Report

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VII. Update and Information Items

1. Palo Park

2. Project Renovate

3. Development Project Tracking

4. City, State and Federal Issues Summary

VIII. Closing Matters and Wrap Up

IX. Adjourn

** 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.

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

meeting agenda

V. CONSENT ITEMS


2. Minutes from September 24, 2015: Special meeting to consider

approval of a BHP loan to Boulder Communities LLLP for Project

Renovate

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ANNUAL MEETING OF THE BOARD OF COMMISSIONERS

SEPTEMBER 1, 2015 2:30 PM

BHP OFFICE, 4800 N. BROADWAY, BOULDER COLORADO

Commissioner McCormick Betsey Martens Public:

Commissioner McCord

Commissioner Ruzzin

Commissioner Klerman

Penny Hannegan

Rene Brodeur

Laura Sheinbaum

Commissioner Harris Jim Koczela

Commissioner Griffin(absent) Jeremy Ehrhart

Commissioner Soraci(absent)

Commissioner Hagerty(absent)

Commissioner Shoemaker

Tim Beal

Lauren Schevets

Dani Vachon

Karen Kreutzberg

I. Call to order and Determination of a Quorum

Commissioner McCormick called the regular meeting of the Board of Commissioners to

order at 2:30 pm.

A quorum was declared.

II. Public Participation

There was no public participation

III. Approval of the Meeting and Consent Agenda

Consent agenda items approved:

1. Minutes from August 10, 2015

2. Resolution #16: Rental Assistance Demonstration (RAD) Program Administrative

Plan Requirements

3. 2016 MTW Annual Plan Draft for release to the public

COMMISSIONER HARRIS MADE A MOTION TO RECESS INTO EXECUTIVE

SESSION AT THE END OF THE MEETING AS PER COLORADO STATUTE

C.R.S. 24-6-402(4)(F) TO DISCUSS PERSONNEL MATTERS. COMMISSIONER

SHOEMAKER SECONDED THE MOTION. The motion passed unanimously.

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COMMISSIONER KLERMAN MOVED TO APPROVE THE MEETING AND

CONSENT AGENDA. COMMISSIONER RUZZIN SECONDED THE MOTION.

The motion passed unanimously.

IV. Board Governance: Board Elections

Governance

Commissioner Klerman was presented as the nominee for chairwoman of the Board of

Commissioners. Commissioners Ruzzin and Harris were presented as the slate of

candidates for the office of vice chairperson. Commissioner McCormick invited

Commissioners Ruzzin and Harris to address the Board about their qualifications and

interest in becoming vice chairperson. Commissioner McCormick opened the floor for

additional nominations.

COMMISSIONER MCCORD MADE A MOTION NOMINATING

COMMISSIONER KLERMAN AS CHAIR OF THE BOARD OF

COMMISSIONERS. COMMISSIONER RUZZIN SECONDED THE MOTION.

After discussion, Commissioner Klerman’s nomination was approved unanimously.

Following discussion about how to manage an election with two candidates for Vice

Chair, the Board decided to ask each Board member to vote for a single candidate.

The results were 4 votes for Mark Ruzzin and 2 votes for Dick Harris. Mark Ruzzin

will serve as BHP Board Vice Chair for the next term.

V. Action and Discussion Agenda

1. Board Business

Board Announcements

Commissioner McCormick confirmed that the Commissioner’s Annual Dinner will follow the

October 12 Board meeting.

Commissioner Ruzzin informed the Board that the 10Year Plan to End Homelessness Advisory

Board would be hosting a group of interested developers to discuss the process of developing

Permanent Supportive Housing. The forum will be held on September 11 at Frasier Meadows.

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2014 Annual Report

The Commissioners gave kudos to the staff for compiling the 2014 Annual Report.

COMMISSIONER KLERMAN MOVED TO APPROVE THE 2014 ANNUAL REPORT

AS PRESENTED IN THE BOARD PACKET. COMMISSIONER SHOEMAKER

SECONDED. The motion passed unanimously.

Outreach Committee Report: Recommendations on BHP’s comments on the Housing Boulder

draft plan

The Commissioners reviewed and discussed the talking points for the Outreach Committee and

BHP staff during the Housing Boulder and Boulder Valley Comprehensive Plan (BVCP)

process.

The Board also discussed the proposed questions for city council candidate forums.

Commissioner Ruzzin will finalize the questions and generate a list of candidate forums being

held throughout the election season.

Outreach Committee Report: Development Pays Its Own Way Ballot Initiative

Commissioner Ruzzin stated the Outreach Committee discussed the two ballot initiatives that

have been placed on the ballot by citizen action (Ballot Initiatives 300 and 301) and would like

to propose that BHP adopt a Board statement analyzing the two initiatives. At the August

meeting, the Board adopted a statement outlining its concerns with the Neighborhood’s Right to

Vote ballot initiative. At the September meeting, the Board turned its attention to Development

Shall Pay Its Own Way and identified these concerns:

1. The initiative does not automatically exempt affordable housing

2. The cost of seeking an exemption could be quite expensive.

3. The ballot language is ambiguous and doesn’t allow developers to understand the

potential costs.

4. There could be significant risk to the Palo project with the proposed moratorium if the

measures pass. There could be general increased risk and cost to developers making the

development process even more difficult

COMMISSIONER KLERMAN MOVED TO APPROVE THE TWO BOARD

STATEMENTS ABOUT THE BALLOT INITIATIVES: THE NEIGHBORHOODS’

RIGHT TO VOTE AND DEVELOPMENT SHALL PAY ITS OWN WAY.

COMMISSIONER RUZZIN SECONDED. The motion passed unanimously.

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2. Management and Finance

July 2015 Financial Summary

There was not a Finance Committee meeting in August.

Jim gave an overview of the July 2015 financial statements.

3. Development Report

Project Renovate: Resolutions #13, 14, 15

Laura S. Jim K. and Betsey presented the three resolutions to enable closing the financial

transaction for Project Renovate on September 30, 2015. The three resolutions gave Betsey

authorization on behalf of BHP to:

Resolution # 13) Issue Private Activity Bonds,

Resolution #14) Enter into a loan agreement and equity partnership, and

Resolution #15) enter into HAP Contracts for four properties converting from public

housing via the RAD Program and two properties converting via the Section 18 Program

COMMISSIONER KLERMAN MOVED TO APPROVE RESOLUTION #13,

14 and 15 AS AMENDED. COMMISSIONER SHOEMAKER SECONDED THE

MOTION. The motion passed unanimously.

4. Resident Services

Resident Representative Committee Report

There was not a RRC report as Commissioner Griffin was absent.

BHP Foundation

Rene gave an update about the work of the Foundation specific to Dream Big and Bringing

School Home. He reported that he and Betsey had met with Calvin Johnson, Assistant Secretary

of HUD who has a strong interest in internet access for public housing residents. Rene also

stated that the Federal Communications Commission (FCC) is also interested in rewriting the

policy language to enable BHP to partner with the Boulder Valley School District to extend their

internet signal to BHP family properties. Rene reported he would be presenting the Dream Big

collective impact model to both the Boulder Early Childhood Council and Foothills United Way

Community Impact Committee in September. He reminded the Board that the I Have a Dream

fundraising event is scheduled for Oct.2nd

at the Westminster Westin Conference Center.

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VI. Executive Session per Colorado Statute C.R.S. 24-6-402(4)(f) to discuss Personnel

matters.

The Board met in executive session for about twenty minutes, at which time the only matters

discussed were those related to personnel matters.

COMMISSIONER MCCORD MADE A MOTION TO ADJOURN THE EXECUTIVE

SESSION OF THE BOARD OF COMMISSIONERS. COMMISSIONER RUZZIN

SECONDED THE MOTION. The motion passed unanimously.

The Board returned to regular session at 5:05 pm

VII. Closing Matters

COMMISSIONER KLERMAN MADE A MOTION TO APPROVE THE AMENDED

EXECUTIVE DIRECTOR’S 2015 CONTRACT. COMMISSIONER RUZZIN


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VIII. Adjourn

COMMISSIONER MCCORD MADE A MOTION TO ADJOURN THE REGULAR

MEETING OF THE BOARD OF COMMISSIONERS. COMMISSIONER KLERMAN


The regular session of the Board of Commissioners adjourned at 5:05pm

Seal

DATE: 9/1/15

Angela McCormick, CHAIR

Boulder Housing Partners

BETSEY MARTENS

Executive Director

Penny Hannegan

Recording Secretary

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SPECIAL MEETING OF THE BOARD OF COMMISSIONERS

SEPTEMBER 24, 2015 4:00 pm

BHP OFFICE, 4800 N. BROADWAY, BOULDER COLORADO

Commissioner Klerman

Commissioner Shoemaker

Betsey Martens

Laura Sheinbaum

Public:

There was no public

Commissioner Soraci

Commissioner McCord(absent)

Commissioner Ruzzin (phone)

Commissioner Harris (phone)

Jim Koczela

Penny Hannegan

in attendance

Commissioner Hagerty

Commissioner Griffin

I. Call to order

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

4:00 pm.

II. Meeting Opening

A quorum was declared.

III. Public Participation

There was no public participation.

IV. Approval of the Meeting Agenda

COMMISSIONER KLERMAN MADE A MOTION TO APPROVE THE AGENDA.

COMMISSIONER SORACI SECONDED THE MOTION.

1. Additional Loan to Boulder Communities, LLLP

Betsey, Jim and Laura Sheinbaum, Project Renovate Project Manager, gave an overview of the

fiscal impact of the final round of pricing from Palace (additional $5.8M) and the resulting need

for BHP to contribute an additional loan to Boulder Communities LLLP, of $1,153,000 to close

the gap and allow Project Renovate to close on time.

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COMMISSIONER SORACI MADE A MOTION TO APPROVE THE LOAN BY BHP OF

$1,153,000 TO BOULDER COMMUNITIES LLLP AS DEBT TO THE PROJECT.

COMMISSIONER KLERMAN SECONDED THE MOTION. The motion passed

unanimously.

VI. Adjourn

COMMISSIONER KLERMAN MADE A MOTION TO ADJOURN THE SPECIAL

MEETING OF THE BOARD OF COMMISSIONERS. COMMISSIONER SORACI


The special session of the Board of Commissioners adjourned at 4:30 pm

Seal

DATE: 9/24/15

KAREN KLERMAN, CHAIR

Boulder Housing Partners

BETSEY MARTENS

Executive Director

Penny Hannegan

Recording Secretary

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c. 2016 MTW Annual Plan

Presenter: Betsey Martens, Karen Kreutzberg and Rene Brodeur

Executive Summary

On September 2, 2015 the Board approved the draft MTW plan for public release to

begin the required 30 day public comment period. At this October meeting we are

recommending that the Board approve the plan with one amendment.

The activities included in the Plan are:

- Flat Tiered Rent for Housing Choice Work-Abled Families

- Rent Reform for Elderly Households and People with Disabilities

- Next Step Housing

- Landing Landlords

- Bringing School Home Referral Process

The proposed amendment, described below, relates to Bringing School Home.

Staff Recommendation

Approval of the 2016 Moving to Work Annual Plan to be submitted to HUD on October

13, 2015 for final approval.

Strategic Plan Connection:

The proposed activities relate directly to two strategic goals: preserving our inventory

of housing and creating economic and educational opportunity for our customers.

Fiscal Impact:

Overall, the proposed activities have a minimal fiscal impact to the Housing Choice

Program which will be covered by annual funding and current reserves.

Background:

Our final Annual Plan (sent to you electronically) has five proposed activities for 2016,

summarized briefly below:

Activity 1: Flat tiered rent for Housing Choice work-abled families

This activity provides for two changes to the flat tiered rent which was

originally approved and implemented in 2014. The changes are necessary

due to Project Renovate and converting current public housing families to

this rent structure. The two changes include:

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- Increasing the tenant rent within the tiers by 5%

- Reducing the flat fee per ineligible family member to $125

Activity 2: Rent Reform for Elderly Households and People with

Disabilities

This activity was originally approved in 2012 (our first year in the program)

and one change is being proposed this year. In order to keep the rent

calculations for work-abled families and elderly households and people with

disabilities as similar as possible, we are adding the flat fee per ineligible

family member to this rent calculation. This will only affect three current

households that are in this category (elderly households or persons with

disabilities).

Activity 3: Next Step Housing

This activity will provide successful graduates of five transitional housing

programs within our community a place to transition to. Currently, our

partner agencies find it very difficult for their transitional housing clients to

transition out successfully, due to a lack of affordable housing in the market.

A voucher will allow them to move out of the transitional housing program,

thereby freeing up the unit for another household that needs those services,

while also allowing them the ability to afford the rent. BHP is proposing to

use between 6 and 18 vouchers per year from the regular lottery pool to

provide this Next Step Housing.

Activity 4: Landing Landlords

This activity is designed to increase landlord participation in the Housing

Choice Voucher Program. This program does not work without the

participation of private market landlords. This activity is designed to be part

of a larger landlord education program, and the beginning of future ideas

and activities. The elements of this activity include:

- A one-time incentive for new landlords

- Creation of a damage claim fund

- Security deposit revolving loan fund

- Stricter compliance for current participants to move

Activity 5: Bringing School Home Referral Process

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This activity will impact the family units at the renovated public housing

properties (Kalmia, Diagonal Court, Manhattan and Iris Hawthorn). After

renovations are complete, the units designed for families will be targeted for

households with small children in order to implement Bringing School

Home, with the larger goal of disrupting the cycle of poverty by focusing our

service program on helping children achieve success in education.

The 2016 MTW Proposed Activities were shared with the MTW Resident Advisory

Committee on August 10 and 11, 2015. The Committee shared their feedback after

much discussion on all five activities, which overall was supportive. Questions were

raised and answered in conjunction with all the activities. The main concerns were

raised around Activity 5, and are discussed in greater detail below. A public hearing

was held on September 15, 2015. There were no comments received at the public

hearing.

Activity 5: Bringing School Home (BSH) was the focus of extensive outreach. Over

the past two months we presented BSH to the following groups, individuals, and

organizations:

BHP Resident Advisory Committee (English)

BHP Resident Advisory Committee (Spanish)

Boulder Housing Partners Foundation Board of Directors

Advisory Council for the Early Childhood Council of Boulder County

Elizabeth Freedman, Director of Programs, Emergency Family Assistance

Program

Dream Big Steering Committee including:

o Lori Canova (Co-Chair) and Cathie Williamson, “I Have a Dream”

o Rene Brodeur (Co-Chair) and Karin Stayton, Boulder Housing Partners

o Ron Cabrera, Boulder Valley School District

o Fran Ryan, Impact on Education

o Kathryn Coleman, City of Boulder, Department of Human Services

o Alison Rhodes, City of Boulder, Parks and Recreation Department

o Whitney Wilcox, Boulder County

o Jane McConnell and Chris Barge, Community Foundation Serving

Boulder County

o Joe Mendyka, Foothills United Way

David Smith, CEO, Affordable Housing Institute (AHI)

BHP Staff – Lunch and Learn and MTW staff meeting

Laurel Davis and John Concannon, MTW HUD office

Dave Heisterkamp, Attorney

Allison Bell Shuman, Executive Director, Baltimore Regional Housing

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Partnership (BRHP)

Barbara Samuels, Managing Attorney, Fair Housing, ACLU of Maryland and

Board Member for BRHP

Willem van Vliet, Professor Emeritus, CU Program in Environmental Design

As a result of these many discussions, we made the following change to the proposed

plan. The plan that you saw on September 2 suggested that we would receive referrals

from a broad network of partners. Instead, we are proposing to work with a single

referring partner, Emergency Family Assistance Association (EFAA). We think this

strengthens the program in the following important ways:

1. EFAA will conduct initial screenings and provide referrals to BHP. Working

with one service partner as opposed to multiple referring agencies will

streamline and simplify the referral process.

2. EFAA is a stable partner and can easily provide enough referrals to fill our

vacant units. EFAA has been a service provider in Boulder for families since

1918 and has a strong understanding of Boulder’s families in need of basic

services, stable housing, case management, and education. They assist

approximately 750 families a year with children 0-5. Approximately 80% of

these families are from Boulder.

3. EFAA will provide direct case management for the first three months of the

family’s move-in to help support housing stabilization and connection to other

services.

4. With EFAA conducting initial screenings, there are potential administrative

savings for BHP.

The following is a summary of the input from our outreach. Overall there is strong

support from BHP residents, housing specialists, educators, community planners, and

the community at large for this activity.

1. There is wide support from service partners and community organizations

that this activity will provide a strong foundation to improve educational

outcomes for BHP youth to help ensure economic self-sufficiency as adults.

They recognize that early intervention on brain development for children

0-5 is more effective and efficient than interventions later on.

2. Other service providers in the early childhood domains of education, family

support, social, emotional, and mental health, and physical health are

interested and excited to provide targeted services at the BHP community

centers for this demographic.

3. There was support from BHP families already living in the targeted housing

sites. They encouraged us to develop the services with volunteer

opportunities for them and additional family support.

4. Baltimore Regional Housing Partnership and the Tacoma Housing

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Authority are doing similar activities.

5. Historical data shows that 72% of families moving into these communities

have had children age 0 – 5. Average turnover is 20 units per year, which

means 5 families per year did not have children in this age group. Some

people commented that this is a small number of families affected.

The public comment period also produced some concerns, questions and potential

risks of Activity 5. The following summarizes these comments and outlines our

mitigating response.

1. Is this activity consistent with fair housing laws?

Based on counsel from two attorneys, the MTW HUD staff and other PHAs

already working in this realm1, we believe we are acting in accordance with the

fair housing laws:

EFAA will conduct initial screenings and provide referrals to BHP. This

is important because HUD prefers the use of an expert to select

prospective residents when there is a service component attached to

housing. This is not dissimilar to what we’re doing at Woodlands and

1175 Lee Hill.

We will have a ranking preference for families with young children.

Families with older children will not be denied admission. This

preference is based on meeting the housing, educational, health and

developmental needs of households.

We are not excluding other families from housing options.

We are affecting only 16% of our low-income housing options for

families.

We are not discriminating against a protected class.

While HUD will be the final arbiter of this question, we seek the Board’s

approval to submit the question. We will continue to seek comment on this

concern.

2. Will the activity change the neighborhood composition so that there will be a

higher concentration of 0-5 year olds?

1 Baltimore Regional Housing Partnership and Tacoma Housing Authority are conducting similar

activities.

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It is impossible to predict the future neighborhood composition and ages of

children at the housing sites. However, based on historical data, we think this

risk is minimal or nil. Over the past six years, out of 112 families who moved

into low-income family sites, 72% have had children 0-5. The turnover rate has

been 11%. Families will be able to stay in their housing as the children grow

older. Families with children six years of age or older can move into housing as

long as they have a qualifying child. Current families will continue to live at the

site, which will provide a broad mix of children of all ages.

3. It doesn’t feel fair to further limit housing options for families with children not

aged 0-5.

We propose implementing this preference with 16% of our low-income family

housing options. Families with children of ages 6 and over will continue to

have access to our low-income family housing sites not included in this activity

as well as 719 vouchers in the housing choice program. We acknowledge that

affordable housing options for families in Boulder do not come close to meeting

the demand. However, we believe this ranking preference will be addressing

needs of the community. Our service partners tell us they see an overwhelming

need for housing for families with young children. We also know that providing

housing stability and supportive services for children at an early age will

provide a better chance to achieve the outcomes in Goal 3 of the BHP strategic

plan: Youth are successful in school and have the skills necessary for self-

sufficiency as adults.

4. Will families have to leave the housing program when their children turn 6?

No. BHP will provide housing and a continuum of educational services for the

children and their families as they progress through school.

5. Where do the parents go when the children move out?

Currently, there is a lack of appropriate housing options for families when their

family composition changes. We believe this activity will strengthen the

economic potential for families and their children, thereby increasing options

rather than further reducing them.

6. Won’t this make families want to stay in BHP housing longer than they

currently do?

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We agree this might happen and might need to happen for residents to achieve

academic success and greater potential for economic self-sufficiency.

In conclusion, this public outreach demonstrates that there is strong community

support for Activity 5 and that this activity is an essential element of our Bringing

School Home initiative. Based on feedback and discussions with the community, we

adjusted our process to make EFAA the single referring agency. We will continue to

seek input on this activity and address community concerns if they arise.

Next Steps:

Board adoption of Plan at October 12, 2015 meeting

Submit to HUD for approval by October 15, 2015

Attachments:

• 2016 MTW Annual Plan (sent electronically)

• Resolution #17 Approval of the 2016 MTW Annual Plan

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RESOLUTION #17

SERIES OF 2015

ANNUAL MOVING TO WORK PLAN CERTIFICATIONS OF COMPLIANCE U.S. Department of Housing and Urban Development

Office of Public and Indian Housing

Certifications of Compliance with Regulations: Board Resolution to Accompany the Annual Moving to Work Plan*

Acting on behalf of the Board of Commissioners of the Public Housing Agency (PHA) listed below, as its Chairman or other authorized PHA official if there is no Board of Commissioners, I approve the submission of the Annual Moving to Work Plan for the PHA fiscal year beginning 2016, hereinafter referred to as "the Plan", of which this document is a part and make the following certifications and agreements with the Department of Housing and Urban Development (HUD) in connection with the submission of the Plan and implementation thereof: 1. The PHA published a notice that a hearing would be held, that the Plan and all information relevant to the public hearing was available for public inspection for at least 30 days, that there were no less than 15 days between the public hearing and the approval of the Plan by the Board of Commissioners, and that the PHA conducted a public hearing to discuss the Plan and invited public comment. 2. The PHA took into consideration public and resident comments (including those of its Resident Advisory Board or Boards) before approval of the Plan by the Board of Commissioners or Board of Directors in order to incorporate any public comments into the Annual MTW Plan. 3. The PHA certifies that the Board of Directors has reviewed and approved the budget for the Capital Fund Program grants contained in the Capital Fund Program Annual Statement/Performance and Evaluation Report, form HUD-50075.1. 4. The PHA will carry out the Plan in conformity with Title VI of the Civil Rights Act of 1964, the Fair Housing Act, section 504 of the Rehabilitation Act of 1973, and title II of the Americans with Disabilities Act of 1990. 5. The Plan is consistent with the applicable comprehensive housing affordability strategy (or any plan incorporating such strategy) for the jurisdiction in which the PHA is located. 6. The Plan contains a certification by the appropriate State or local officials that the Plan is consistent with the applicable Consolidated Plan, which includes a certification that requires the preparation of an Analysis of Impediments to Fair Housing Choice, for the PHA's jurisdiction and a description of the manner in which the PHA Plan is consistent with the applicable Consolidated Plan. 7. The PHA will affirmatively further fair housing by examining its programs or proposed programs, identify any impediments to fair housing choice within those programs, address those impediments in a reasonable fashion in view of the resources available and work with local jurisdictions to implement any

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of the jurisdiction's initiatives to affirmatively further fair housing that require the PHA's involvement and maintain records reflecting these analyses and actions. 8. The PHA will comply with the prohibitions against discrimination on the basis of age pursuant to the Age Discrimination Act of 1975. 9. The PHA will comply with the Architectural Barriers Act of 1968 and 24 CFR Part 41, Policies and Procedures for the Enforcement of Standards and Requirements for Accessibility by the Physically Handicapped. 10. The PHA will comply with the requirements of section 3 of the Housing and Urban Development Act of 1968, Employment Opportunities for Low-or Very-Low Income Persons, and with its implementing regulation at 24 CFR Part 135. 11. The PHA will comply with requirements with regard to a drug free workplace required by 24 CFR Part 24, Subpart F. 12. The PHA will comply with requirements with regard to compliance with restrictions on lobbying required by 24 CFR Part 87, together with disclosure forms if required by this Part, and with restrictions on payments to influence Federal Transactions, in accordance with the Byrd Amendment and implementing regulations at 49 CFR Part 24. 13. The PHA will comply with acquisition and relocation requirements of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 and implementing regulations at 49 CFR Part 24 as applicable. 14. The PHA will take appropriate affirmative action to award contracts to minority and women's business enterprises under 24 CFR 5.105( a). 15. The PHA will provide HUD or the responsible entity any documentation needed to carry out its review under the National Environmental Policy Act and other related authorities in accordance with 24 CFR Part 58. Regardless of who acts as the responsible entity, the PHA will maintain documentation that verifies compliance with environmental requirements pursuant to 24 Part 58 and 24 CFR Part 50 and will make this documentation available to HUD upon its request. 16. With respect to public housing the PHA will comply with Davis-Bacon or HUD determined wage rate requirements under section 12 of the United States Housing Act of 1937 and the Contract Work Hours and Safety Standards Act. 17. The PHA will keep records in accordance with 24 CFR 85.20 and facilitate an effective audit to determine compliance with program requirements. 18. The PHA will comply with the Lead-Based Paint Poisoning Prevention Act and 24 CFR Part 35. 19. The PHA will comply with the policies, guidelines, and requirements of OMB Circular No. A-87 (Cost Principles for State, Local and Indian Tribal Governments) and 24 CFR Part 85 (Administrative

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Requirements for Grants and Cooperative Agreements to State, Local and Federally Recognized Indian Tribal Governments). 20. The PHA will undertake only activities and programs covered by the Plan in a manner consistent with its Plan and will utilize covered grant funds only for activities that are approvable under the Moving to Work Agreement and Statement of Authorizations and included in its Plan. 21. All attachments to the Plan have been and will continue to be available at all times and all locations that the Plan is available for public inspection. All required supporting documents have been made available for public inspection along with the Plan and additional requirements at the primary business office of the PHA and at all other times and locations identified by the PHA in its Plan and will continue to be made available at least at the primary business office of the PHA. Boulder Housing Partners CO016 PHA Name PHA Number/HA Code I hereby certify that all the information stated herein, as well as any information provided in the accompaniment herewith, is true and accurate. Warning: HUD will prosecute false claims and statements. Conviction may result in criminal and/or civil penalties. (18 U.S.C. 1001, 1010, 1012; 31 U.S.C. 3729, 3802) Adopted this 12th day of October, 2015. (SEAL)

_______________________________ Karen Klerman Chair, Board of Commissioners Housing Authority of the City of Boulder ATTEST: _______________ __________ BETSEY MARTENS Executive Secretary *Must be signed by either the Chairman or Secretary of the Board of the PHA's legislative body. This certification cannot be signed by an employee unless authorized by the PHA Board to do so. If this document is not signed by the Chairman or Secretary, documentation such as the by-laws or authorizing board resolution must accompany this certification.

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VI. ACTION/DISCUSSION AGENDA

1. ACTION/DISCUSSION AGENDA: BOARD BUSINESS

a. Board Announcements

b. Board Development

Staff from the City’s Boulder Valley Comp Plan update team will join us to talk about

the process and timeline for the current BVCP plan revision.

c. Outreach Committee Report

d. Partnership Awards

The BHP Partnership Awards program recognizes the efforts of individuals,

businesses, corporate partners, and non-profit and governmental agencies for their

support of BHP and its mission. The award winners in the category of Business and

non-profit partners who make a difference are:

Non-Profit Partner: ReSchool Colorado – Donnell-Kay Foundation—Amy

Anderson

BHP is pleased to award the Donnell-Kay Foundation with a 2015 Partnership Award

for their ReSchool Project. Since collaborating with ReSchool Colorado, BHP has

implemented programs that aid parents in supporting their children for further

engagement in learning activities that enhance their child’s social, emotional,

academic, and physical growth. The Foundation’s innovative approach has helped

BHP parents and their children to experience new learning opportunities, participate

in enriching family activities, and reflect on their roles as their children’s first

teachers. Amy Anderson is the Director of ReSchool Colorado.

Non-Profit Partner: Harvest of Hope Pantry – Barbara O’Neil

BHP is pleased to award Harvest of Hope Pantry with a 2015 Partnership

Award. Harvest of Hope Pantry is a food bank dedicated in their mission to serving

the single poor and poor families in Boulder Housing Partners properties, as well as

the city of Boulder. This organization has helped many of our residents over the

years. When residents visit Harvest of Hope Pantry they are welcomed in a friendly

manner and enter a space where they are able to shop for food in a grocery store-style

23

setting. This organization has made their space both accessible and welcoming to

those living within the city of Boulder.

Volunteer Partner: Intercambio – Caren Phillips

BHP is pleased to award Caren Phillips with a 2015 Partnership Award. Since January

2014, Caren has taught a weekly English class from 6pm until 8pm at the Kalmia

Community Center. In her class, residents learn and practice conversations revolving

around everyday subjects such as work, school, and errands. These discussions give

residents confidence and allows them to feel more secure while performing quotidian

activities in their community. Caren Phillips is a volunteer for Intercambio.

e. 2015 Q3 Work Plan and Benchmarks Update

Attached please find a summary report of our first and second quarter work plan, If you do

a visual scan of the work plan column titled Q3, you’ll see that much of the work plan is

underway or complete. There are no revisions or changes to suggest that are material.

Everything is tracking well.

Attachments

2015 Q3 Work Plan and Benchmark update

24

GO

AL O

NE

: Pre

se

rva

tion

an

d E

xp

an

sio

n

Ensu

re th

e p

rom

ise o

f a d

iverse

com

munity

by p

rese

rvin

g e

xistin

g a

fford

able

housin

g a

nd in

creasin

g in

vento

ry a

nd h

ousin

g ch

oice

for

Bould

er re

sidents.

Q1

Q2

Q3

Q4

Note

s:

OU

TC

OM

ES

:

PRESERVE O

UR E

XIS

TIN

G P

ORTFO

LIO

OF H

OM

ES

AD

D 2

,000 U

NIT

S

AD

D 2

50 U

NIT

S F

OR S

PECIA

L P

OPU

LATIO

NS

Imple

ment P

roje

ct Renovate

inclu

din

g: clo

sing o

f 1st L

IHTC d

eal, fin

al d

esig

n p

lans, d

eal cre

atio

n fo

r rem

ain

ing P

H p

ropertie

s,

relo

catio

n, a

nd m

ain

tain

ing p

ace

of R

AD

phasin

g p

lan.

● ●

√

On sch

edule

to clo

se S

epte

mber 1

, 2015 w

ith

constru

ction to

start e

arly

Octo

ber 2

015

PM

Sta

ff is ready fo

r Q3 re

certifica

tion o

f PH

resid

ents b

y h

iring a

nd tra

inin

g te

mps fo

r Pro

ject R

enovate

by th

e e

nd o

f Q 2

● ●

√

Com

ple

ted o

n-tim

e.

Sta

ff are

train

ed in

Yard

i and P

roje

ct Base

d V

ouch

er e

ligib

ility a

nd w

aitlist m

anagem

ent fo

r Pro

ject R

enovate

by e

nd o

f Q 3

●√

√

Tra

inin

g o

ccurre

d in

March

+ A

pril. V

ouch

er

pro

cessin

g w

as tra

nsfe

rred to

Housin

g C

hoice

in

April.

Initia

l Tax C

redit C

ertifica

tions a

re co

mple

ted fo

r resid

ents in

volv

ed in

Pro

ject R

enovate

by th

e e

nd o

f Q 3

●

●√

Com

ple

ted o

n-tim

e.

Relo

catio

n P

lannin

g in

pla

ce fo

r PH

resid

ents d

isrupte

d b

y R

AD

by e

nd o

f Q 3

● ●

√

Com

ple

ted o

n-tim

e.

Pro

vid

e o

ffsite se

rvice

coord

inatio

n to

resid

ents d

isrupte

d b

y P

roje

ct Renovate

Q2, 3

and 4

● ●

Relo

catio

n co

nsu

ltant co

ntra

ct is in p

lace

. Sta

rt to

support re

sidents n

eedin

g to

find h

om

es w

ith

vouch

ers.

Pro

vid

e co

nsu

ltatio

n o

n th

e d

esig

n o

f com

munity

cente

rs and h

ousin

g u

nits th

roughout th

e p

lannin

g p

hase

of P

roje

ct Renovate

Q1-

Q2.

● ●

√RS T

eam

has b

een p

rovid

ing d

esig

n in

put a

s

requeste

d

Dem

olish

and re

build

1680 Iris b

y e

nd o

f Q2

● ●

√

Pro

ject 9

8%

com

ple

ted; fe

w p

unch

item

s rem

ain

.

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

1.1

BH

P w

ill pre

se

rve

an

d im

pro

ve

its e

xis

ting

po

rtfolio

to in

cre

ase

the

qu

ality

, va

lue

, an

d m

ark

eta

bility

of a

ll pro

pe

rties in

the

BH

P

po

rtfolio

Page 1

25

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

Full in

terio

r and e

xte

rior re

novatio

n o

f Orch

ard

House

com

ple

ted b

y y

ear e

nd

● ●

x

Rece

ived city

fundin

g a

gre

em

ent - n

egotia

ting a

few

item

s. Postp

oned to

Q2-3

2016 to

acco

mm

odate

resid

ents' sch

ool sch

edule

. Pla

nnin

g

to b

egin

in Q

4/Q

1

Repla

ce a

nd Im

pro

ve C

anyon P

oin

te p

ark

ing lo

t and h

eat m

at in

Q2

● ●

√

Com

ple

ted o

n-tim

e.

Com

ple

te v

ario

us n

eeded re

novatio

ns a

nd re

pla

cem

ent w

ork

at A

rapahoe E

ast, F

ooth

ills, Holid

ay, A

rapahoe C

ourt, S

anita

s Pla

ce,

Brid

gew

alk

, and B

roadw

ay E

ast.

● ●

●

Pro

jects u

nderw

ay.

Com

ple

te co

mpre

hensiv

e C

apita

l Impro

vem

ent P

lan fo

r every

pro

perty

by Q

4 ●

●√

Com

ple

ted o

n-tim

e.

Update

the P

ortfo

lio P

lan a

nd se

ek B

oard

adoptio

n b

y e

nd o

f Q2

● ●

●

Com

ple

ted o

n-tim

e. P

ostp

oned B

oard

adoptio

n to

Q4 d

ue to

timin

g.

Com

ple

te tra

nsfe

rs of a

ll curre

nt p

roje

cts (Hig

h M

ar a

nd L

ee H

ill) from

develo

pm

ent to

opera

tions b

y th

e e

nd o

f the Q

2 2

015

● ●

√

Hig

h M

ar la

st paym

ent re

quest in

May. L

ee H

ill

8609s b

y w

eek o

f 5/4

and la

st paym

ent in

June.

Pla

n a

nd d

raft im

ple

menta

tion to

ols, stra

tegie

s and in

tern

al p

roce

ss changes to

maxim

ize e

fficiency

for th

e a

cquisitio

n p

rogra

m b

y Q

1

2015

● ●

Lack

of sta

ffing cre

atin

g d

ela

ys o

n th

is item

.

Check

list 80%

. Fin

Model 6

0%

com

ple

te

Com

ple

te th

e co

mm

unity

outre

ach

, entitle

ments, a

nd fin

ancin

g p

lannin

g fo

r Palo

Park

units b

elo

w 5

0%

AM

I by th

e e

nd o

f 2015

● ●

●

Com

munity

outre

ach

and p

roje

ct pla

nnin

g in

pro

gre

ss. Conce

pt p

lan a

nd a

nnexatio

n a

pps in

to

City

for re

vie

w.

Com

ple

te th

e co

mm

unity

outre

ach

, entitle

ments, a

nd fin

ancin

g p

lannin

g fo

r Palo

Park

units a

bo

ve 5

0%

AM

I by th

e e

nd o

f 2015

● ●

●

Com

munity

outre

ach

and p

roje

ct pla

nnin

g in

pro

gre

ss. Conce

pt p

lan a

nd a

nnexatio

n a

pps in

to

City

for re

vie

w.

Work

with

County

and o

ther h

ousin

g e

ntitie

s to a

dopt a

coopera

tive d

evelo

pm

ent p

lan b

y e

nd Q

3

● ●

●

Regio

nal co

opera

tion a

ctivitie

s now

focu

sed o

n

hom

ele

ssness a

nd flo

od. B

HP's p

roposa

l to e

xpand

mark

et a

rea h

as a

very

mix

ed re

actio

n. W

e a

re

work

ing in

stead o

n co

opera

tive d

evelo

pm

ent

1.4

BH

P w

ill ex

pa

nd

its m

ark

et a

rea

to in

clu

de

Bo

uld

er C

ou

nty

to a

cq

uire

or d

eve

lop

ma

rke

t-affo

rda

ble

, inco

me

-pro

du

cin

g a

sse

ts in

co

op

era

tion

with

ou

r sis

ter c

ou

nty

ho

usin

g a

uth

oritie

s.

1.2

BH

P w

ill co

ntin

ue

to a

cq

uire

an

d d

eve

lop

ho

usin

g a

nd

vo

uch

ers

with

a p

rima

ry fo

cu

s o

n h

ou

se

ho

lds w

ith in

co

me

s b

elo

w 5

0%

of

the

AM

I to m

ee

t the

inco

me

div

ers

ity g

oa

ls o

f the

city

.

1.3

BH

P w

ill als

o a

cq

uire

an

d d

eve

lop

lan

d a

nd

un

its a

bo

ve

50

% A

MI in

ord

er to

me

et th

e w

ork

forc

e h

ou

sin

g n

ee

ds o

f ou

r

co

mm

un

ity.

Page 2

26

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

Revie

w N

OFAs fo

r new

vouch

ers a

nd a

pply

if a g

ood fit fo

r BH

P√

√√

No n

ew

NO

FAs w

ere

rele

ase

d in

Q1, Q

2, o

r Q3 o

f

2015.

Issue th

e T

enant P

rote

ction V

ouch

ers re

ceiv

ed fo

r disp

ositio

n o

f Kalm

ia a

nd W

aln

ut P

lace

by Q

4 ●

● ●

As o

f 9/3

0/1

5, 3

3 v

ouch

ers h

ave b

een issu

ed, 1

8

have le

ase

d u

p

Shift w

ait list m

anagem

ent fro

m th

e S

ectio

n 8

pro

gra

m to

ow

ners a

nd se

rvice

pro

vid

ers fo

r Pro

ject B

ase

d V

ouch

ers site

by Q

1 ●

√√

Pro

cess h

as b

een cre

ate

d a

nd is b

ein

g im

ple

mente

d

A g

oal o

f acq

uirin

g o

f 75 u

nits o

r as o

pportu

nity

arise

s by y

ear e

nd

● ●

●Subm

itted se

vera

l LO

Is in Q

1. R

evie

wed 1

5

pro

pertie

s and clo

sed o

n o

ne: O

rchard

Gro

ve

Evalu

ate

opportu

nitie

s, esta

blish

prio

rity list a

nd co

nta

ct pro

perty

ow

ners o

f land b

ankin

g o

pportu

nitie

s in a

nd n

ear th

e C

ity th

roughout

the y

ear

● ●

√Purch

ase

d 5

acre

s east o

f 30th

& V

alm

ont.

Sevente

en m

eetin

gs w

ith v

ario

us le

nders a

nd

Work

with

the B

VSD

to a

cquire

the T

win

Lakes p

arce

l by e

nd o

f Q2

xx

xPro

ject o

n h

old

; BVSD

decid

ed to

keep its a

sset.

GO

AL T

WO

: Pa

rtne

rsh

ips a

nd

Co

mm

un

ity E

ng

ag

em

en

t

Engage a

s a le

ader in

housin

g p

olicy

discu

ssions a

nd p

ursu

e a

wid

e ra

nge o

f partn

ersh

ips a

nd p

olicy

changes n

eeded to

incre

ase

housin

g ch

oice

and d

iversity

in B

ould

er, re

duce

land co

st per u

nit, a

nd p

rese

rve th

e city

’s curre

nt a

fford

able

units.

OU

TCO

MES:

SU

CCESSFU

L P

RO

GRESS T

OW

ARD

S T

HE B

VCP V

ISIO

N F

OR T

HE C

OM

MU

NIT

Y A

ND

SU

CCESSFU

L IM

PLEM

EN

TATIO

N O

F T

HE

STRATEG

IC P

LAN

GO

ALS.

Activ

ely

particip

ate

in C

ity in

itiativ

es in

cludin

g th

e N

orth

Bould

er S

ubco

mm

unity

Pla

n u

pdate

, the C

om

pre

hensiv

e H

ousin

g S

trate

gy, th

e

BVCP u

pdate

, Envisio

n E

Ara

pahoe

● ●

●

Ongoin

g p

articp

atio

n w

ith H

ousin

g B

ould

er,

Pondero

sa/4

Mile

annexatio

n stu

dy g

roup.

Monito

ring th

e B

V C

om

p P

lan p

roce

ss.

1.5

BH

P w

ill cre

ate

ho

usin

g s

up

ply

by s

ecu

ring

the

ma

xim

um

po

ssib

le n

um

be

r of n

ew

ho

usin

g c

ho

ice

vo

uch

ers

.

1.6

BH

P w

ill cre

ate

ho

usin

g s

up

ply

by c

rea

tive

ly a

pp

lyin

g its

po

licy d

iscre

tion

asso

cia

ted

with

the

Mo

vin

g to

Wo

rk d

em

on

stra

tion

.

1.7

BH

P w

ill acq

uire

ma

rke

t rate

ren

tal u

nits

as a

n in

ten

tion

al s

trate

gy to

cre

ate

a lo

ng

-term

pre

se

rva

tion

me

ch

an

ism

for e

xis

ting

affo

rda

ble

un

its (u

nit b

an

kin

g).

1.8

BH

P w

ill acq

uire

as m

uch

lan

d a

s p

ossib

le to

pre

se

rve

futu

re a

fford

ab

ility o

ptio

ns.

1.9

BH

P w

ill eva

lua

te th

e fe

asib

ility o

f acq

uirin

g m

od

era

tely

pric

ed

sin

gle

fam

ily h

om

es a

s a

pre

se

rva

tion

stra

teg

y

2.1

BH

P w

ill activ

ely

pa

rticip

ate

in u

pd

ate

s to

the

BV

CP

an

d a

ll effo

rts to

cre

ate

ho

usin

g p

olic

y a

nd

pla

ns fo

r the

city

.

Page 3

27

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

Com

mit B

oard

and sta

ff reso

urce

s to a

ctively

particip

ate

in th

e C

om

pre

hensiv

e H

ousin

g S

trate

gy p

roce

ss ●

● ●

This h

as b

een a

challe

nge g

iven its stru

cture

.

Betse

y h

as b

een in

vite

d to

the C

ity M

anager's sta

ff

gro

up (v

ery

infre

quent m

eetin

gs, h

ow

ever).

Monito

r and co

mm

ent o

n p

ropose

d re

gula

tory

changes th

at m

ake th

e d

evelo

pm

ent o

f new

housin

g ch

oice

s more

difficu

lt ●

● ●

Council to

ok a

ction to

esta

blish

a lin

kage fe

e fo

r

com

mercia

l develo

pm

ent a

nd in

crease

heig

ht

allo

wance

s for p

roje

cts with

40%

or m

ore

. Both

gre

at fo

r BH

P.

Sta

ff 12 m

onth

ly m

eetin

g o

f the O

utre

ach

Com

mitte

e; o

rganize

at le

ast 6

public p

rese

nta

tions; la

unch

the H

ousin

g A

ction N

etw

ork

to

pro

vid

e a

bro

ad h

ousin

g co

alitio

n p

latfo

rm ●

● ●

Outre

ach

Com

mitte

e u

nderw

ay; B

HP m

uch

in

dem

and a

s a p

rese

nte

r on h

ousin

g p

olicy

and

strate

gy; p

rovid

ed k

ey co

mm

ents a

t 4 m

ajo

r

com

munity

events; 1

0 a

dditio

nal p

rese

nta

tions;

educa

tion ca

mpaig

n w

as ro

bust fo

r a sh

ort p

erio

d

and h

as q

uie

ted.

BH

P is a

key p

layer in

county

-wid

e d

iscussio

ns.

These

move v

ery

slow

ly. C

entra

l focu

s of w

ork

is

with

BCH

A.

Develo

p stra

tegy w

ith p

ublic re

latio

ns co

nsu

ltant to

defin

e a

nd e

xpand o

ur o

utre

ach

to th

e co

mm

unity

, resid

ents a

nd n

eig

hbors b

y th

e

end o

f Q1.

● ●

●

"Louder" m

eetin

gs h

eld

with

all d

epartm

ents to

dete

rmin

e n

eeds fo

r the y

ear. R

esu

lted in

defin

ition

of a

"launch

" date

for P

roje

ct Renovate

and cle

ar

understa

ndin

g o

f the n

eeds o

f the v

ario

us

Activ

ely

particip

ate

in C

ity in

itiativ

es in

cludin

g th

e N

orth

Bould

er S

ubco

mm

unity

Pla

n u

pdate

, the C

om

pre

hensiv

e H

ousin

g S

trate

gy, th

e

BVCP u

pdate

, Envisio

n E

Ara

pahoe

● ●

●se

e a

bove

2.2

BH

P w

ill se

ek

po

licy c

ha

ng

es w

ith th

e c

ity o

f Bo

uld

er to

en

su

re th

e c

om

mu

nity

’s c

om

mitm

en

t to its

affo

rda

ble

ho

usin

g.

2.3

BH

P w

ill cre

ate

a ro

bu

st c

om

mu

nity

ed

uca

tion

ca

mp

aig

n a

bo

ut th

e ra

pid

loss o

f affo

rda

ble

an

d d

ive

rse

ho

usin

g in

Bo

uld

er a

nd

po

ten

tial s

olu

tion

s.

2.4

BH

P w

ill activ

ely

en

ga

ge

in a

reg

ion

al d

ialo

gu

e a

bo

ut a

fford

ab

le c

ho

ice

s a

nd

a m

ore

inte

gra

ted

an

d c

oo

rdin

ate

d d

eliv

ery

of

pro

du

cts

to o

ur c

itize

ns.

2.5

BH

P w

ill en

ga

ge

the

co

mm

un

ity a

t all le

ve

ls o

f ou

r wo

rk: in

the

pro

pe

rties w

e m

an

ag

e, th

e n

eig

hb

orh

oo

ds w

e a

re a

pa

rt of a

nd

the

city

wh

ose

vis

ion

we

imp

lem

en

t.

2.6

BH

P w

ill ad

vo

ca

te fo

r pre

se

rva

tion

stra

teg

ies th

at re

tain

ma

rke

t affo

rda

ble

ho

me

ow

ne

rsh

ip o

pp

ortu

nitie

s.

Page 4

28

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

GO

AL T

HR

EE

: Re

sid

en

t Ach

ieve

me

nt a

nd

Qu

ality

of L

ife

Invest in

focu

sed se

rvice

and e

duca

tional p

rogra

mm

ing to

impro

ve th

e e

conom

ic futu

res o

f child

ren in

BH

P h

ouse

hold

s. Develo

p

succe

ssful p

artn

ersh

ips to

pro

vid

e se

rvice

coord

inatio

n to

work

-able

d a

dults, se

nio

rs, and p

eople

livin

g w

ith d

isabilitie

s in o

rder to

impro

ve o

r pre

serv

e in

dependence

and q

uality

of life

.

OU

TC

OM

ES

:

Youth

are

succe

ssful in

school a

nd h

ave th

e sk

ills nece

ssary

for se

lf-sufficie

ncy

as a

n a

dult

Work

-able

d fa

milie

s will in

crease

their in

dependence

and q

uality

of life

.

Senio

rs and p

eople

with

disa

bilitie

s will p

rese

rve th

eir in

dependence

and q

uality

of life

to th

e m

axim

um

exte

nt p

ossib

le.

Dre

am

Big

busin

ess p

lan d

evelo

ped b

y e

nd o

f Q4

● ●

●

Pre

senta

tion m

ate

rials h

ave b

een d

evelo

ped.

Susta

inability

work

gro

up is e

stablish

ed a

nd w

ill

work

on p

lan. S

usta

inability

pla

n is W

IP.

Agre

em

ents w

ill be e

xecu

ted fo

r the m

ajo

r Dre

am

Big

partn

ers b

y Q

4 ●

● ●

Work

ing o

n a

gre

em

ent w

ith IH

AD

. Work

gro

ups a

re

bein

g d

evelo

ped w

hich

will d

evelo

p w

ork

ing

agre

em

ents.

The n

ew

"Oak C

lass" w

ill begin

Q1

√√

√Cla

ss began in

March

. 40 B

HP re

sidents a

re

Dre

am

ers.

A re

sident o

utco

me d

ata

base

in Y

ARD

I is opera

tional b

y Q

4 ●

● ●

Pla

nnin

g h

as b

egun. D

ate

may n

eed to

be p

ush

ed

out.

Identify

at le

ast o

ne n

ew

health

serv

ices p

rovid

er to

deliv

er se

rvice

s on site

for se

nio

rs and p

eople

with

disa

bilitie

s by e

nd o

f Q2

√√

√

St. B

enedict's H

ealth

and H

ealin

g M

inistry

is

pro

vid

ing se

rvice

s at C

P. L

ookin

g to

have D

enta

l Aid

to p

rovid

e se

rvice

s on site

. MH

P p

rovid

ed se

rvice

s

on site

GO

AL F

OU

R: M

ax

imiz

ing

Su

sta

ina

bility

Pursu

e co

nsiste

nt a

nd in

novativ

e im

pro

vem

ent o

f portfo

lio a

nd p

ractice

s regard

ing e

nviro

nm

enta

l impacts to

the m

axim

um

exte

nt th

at

is eco

nom

ically

feasib

le w

hile

not re

ducin

g th

e n

um

ber o

f units th

at ca

n b

e p

roduce

d.

OU

TC

OM

ES

:

Impro

ved b

uild

ing p

erfo

rmance

and lo

ng te

rm v

iability

of o

ur p

ortfo

lio a

nd re

duce

energ

y co

st for o

ur cu

stom

ers.

Incre

ase

d a

ccess fo

r BH

P re

sidents to

bus p

asse

s and o

ther a

fford

able

public tra

nsp

orta

tion a

nd a

ltern

ativ

e tra

nsp

orta

tion p

rogra

ms lik

e

bik

e sh

arin

g, ca

r sharin

g.

3.1

BH

P w

ill pa

rtne

r with

resid

en

t fam

ilies a

nd

org

an

iza

tion

s to

pro

vid

e c

om

pre

he

nsiv

e e

du

ca

tion

al a

nd

su

pp

ort p

rog

ram

s a

s a

me

an

s o

f min

imiz

ing

ba

rriers

to le

arn

ing

an

d p

rep

arin

g B

HP

yo

uth

for s

ucce

ss.

3.2

BH

P w

ill pa

rtne

r with

the

co

mm

un

ity a

nd

se

rvic

e o

rga

niz

atio

ns to

pre

se

rve

or e

nh

an

ce

the

qu

ality

of life

for w

ork

-ab

led

ad

ults

,

se

nio

rs, a

nd

pe

op

le w

ith d

isa

bilitie

s in

the

follo

win

g p

riority

are

as: H

ou

sin

g S

tab

ility; E

co

no

mic

sta

bility

; Ed

uca

tion

; He

alth

an

d

We

llne

ss; a

nd

Co

mm

un

ity life

.

Page 5

29

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

Com

ple

te S

mart R

eg w

ork

and ce

rtificatio

n fo

r the e

ntire

portfo

lio b

y e

nd o

f Q1

●√

√Com

ple

ted a

nd v

erifie

d in

May o

f 2015

Tra

ck re

source

savin

gs d

ata

and co

mm

unica

te re

sults to

resid

ents in

a n

ew

slette

r on a

quarte

rly b

asis.

● ●

In p

rogre

ss in th

e a

rea o

f waste

div

ersio

n a

nd

wate

r conse

rvatio

n.

Esta

blish

base

line d

ata

for B

ould

er E

nerg

y C

halle

nge P

ilot (B

ECP)w

ith h

ard

ware

insta

llatio

n a

t test site

s by e

nd o

f Q1

● ●

●

Hard

ware

insta

lled Q

3 a

nd w

e a

re sta

rting to

analy

ze in

tern

al d

ata

.

Coord

inate

resid

ent e

nerg

y sa

vin

gs su

rvey a

nd tra

inin

g a

nd co

ntin

ue d

ata

colle

ction fo

r BECP b

y e

nd o

f Q2

● ●

Intia

l data

colle

ction sta

rted. R

esid

ent e

ngagem

ent

pro

gra

m m

ay b

e p

ush

ed b

ack

to la

te fa

ll 20015 in

to

win

ter o

f 2016.

Coord

inate

resid

ent e

ngagem

ent ca

mpaig

n a

s part o

f BECP b

egin

nin

g o

f Q3

Pro

ject D

ela

yed b

y o

ne Q

tr.

Com

ple

te re

sident e

ngagem

ent ca

mpaig

n, d

ata

analy

sis and sa

vin

gs v

erifica

tion re

port fo

r BECP p

ilot b

y e

nd o

f Q4

Pro

ject D

ela

yed b

y o

ne Q

tr. Lik

ely

com

ple

t in Q

1

2016

Renew

Eco

Passe

s at site

s curre

ntly

enro

lled in

eco

pass p

rogra

m a

nd a

dd V

istoso

resid

ents to

the p

rogra

m b

y e

nd o

f Q1

√√

√

Incre

ase

resid

ent e

nro

llment in

eG

o C

arS

hare

and B

ould

er B

-Cycle

mem

bersh

ips b

y 1

0%

by th

e e

nd o

f Q2

● ●

●

Fundin

g fo

r mem

bersh

ips re

duce

d b

y G

rant F

under

for B

cycle

and o

n h

old

for n

ow

.

4.1

Mo

nito

r, ve

rify a

nd

qu

an

tify a

ll ex

istin

g e

ne

rgy im

pro

ve

me

nts

4.2

Imp

lem

en

t an

ag

en

cy w

ide

Ne

ar-Z

ero

Wa

ste

pro

gra

m, c

on

sis

ten

t with

the

City

an

d C

ou

nty

recyclin

g a

nd

wa

ste

red

uctio

n

initia

tive

s.

4.3

Incre

ase

co

nse

rva

tion

initia

tive

s a

nd

ince

ntiv

es in

the

are

a o

f resid

en

t be

ha

vio

r.

4.4

De

ve

lop

a v

eh

icle

red

uctio

n p

rog

ram

by w

ork

ing

with

pro

vid

ers

of a

ltern

ate

tran

sp

orta

tion

mo

de

s.

4.5

De

sig

n, b

uild

an

d re

no

va

te b

uild

ing

s to

be

en

erg

y e

fficie

nt w

ith a

go

al o

f ne

ar n

et z

ero

en

erg

y c

on

su

mp

tion

Page 6

30

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

Go

al 5

: Org

an

iza

tion

al S

tew

ard

sh

ip

Contin

uously

impro

ve B

HP’s o

rganiza

tional su

stability

, structu

re, a

nd stra

tegic o

utre

ach

by ste

ward

ing a

strong fin

ancia

l core

, efficie

nt

inte

rnal o

pera

tions a

nd a

ctive co

mm

unity

outre

ach

.

OU

TC

OM

ES

:

BH

P w

ill div

ersify

its mark

et re

ach

and re

venue so

urce

s, hire

and re

tain

qualifie

d sta

ff.

BH

P w

ill be a

n o

rganiza

tion th

at o

pera

tes cre

ativ

ely

, decisiv

ely

, inte

ntio

nally

, and e

ffectiv

ely

, with

strong a

nd co

nsiste

nt v

alu

es a

nd a

n

understa

ndin

g th

at h

ousin

g is a

s much

about p

eople

as it is a

bout p

lace

.

Explo

re a

ddin

g a

dditio

nal u

nencu

mbere

d co

llate

ral (G

len W

illow

) to m

axim

ize a

vaila

ble

Lin

e o

f Cre

dit to

positio

n o

rganiza

tion to

be a

ble

to re

spond q

uick

ly to

acq

uisitio

n o

pportu

nitie

s.√

√√

The H

R o

n-b

oard

ing sy

stem

will b

e a

uto

mate

d a

nd tie

d to

the n

ew

payro

ll syste

m in

Q1

√√

√O

n b

oard

ing p

aperw

ork

is now

deliv

ere

d to

new

staff v

ia P

aylo

city.

An a

pplica

nt tra

ckin

g sy

stem

is opera

tional b

y th

e e

nd o

f Q2

●√

√Analy

sis and p

rocu

rem

ent d

one. H

ire M

ojo

is our

new

applica

nt tra

ckin

g sy

stem

.

The p

erfo

rmance

revie

w p

roce

ss is revise

d, a

dopte

d a

nd co

mm

unica

ted to

superv

isors a

nd sta

ff in Q

1

●√

√N

ew

pro

cess is in

pla

ce. Q

2 D

efin

ing P

erfo

rmance

Inititiv

e w

ith L

ead T

eam

pla

nned

The e

mplo

yee e

ngagem

ent su

rvey is re

vise

d, co

mple

ted a

nd a

naly

sis com

munica

ted to

all sta

ff in Q

2 ●

●√

Contra

cted w

ith M

odern

Thin

k to

conduct

engagem

ent su

rvey in

Q2. S

urv

ey is co

mple

te.

Resu

lts were

very

good a

nd h

elp

ful in

thin

kin

g th

ru

our re

org

aniza

tion a

nd sta

ffing in

ititives fo

r 2016

An a

ll em

plo

yee su

rvey p

rovid

es fe

edback

for a

n a

nnual tra

inin

g p

lan w

hich

is in p

lace

by e

nd o

f January

√√

√Perfo

rmance

docu

menta

tion a

nd m

ultitu

de o

f

train

ings p

reparin

g fo

r Pro

ject R

enovate

com

ple

ted.

Pro

cure

and p

urch

ase

Data

Managem

ent sy

stem

and id

entify

work

flow

pro

cess im

pro

vem

ent n

eeded w

ith m

ajo

r stakehold

ers (P

M,

Sectio

n 8

, Fin

ance

)by e

nd o

f Q3 in

pre

para

tion fo

r full im

ple

menta

tion in

2016

x

Afte

r discu

ssions w

ith D

irecto

rs, pre

para

tion w

ill not

begin

until Q

4 b

eca

use

of w

ork

load co

nce

rns w

ith

Pro

ject R

enovate

5.1

BH

P w

ill su

sta

in its

ba

lan

ce

sh

ee

t an

d p

ortfo

lio b

y lo

ok

ing

for o

pp

ortu

nitie

s in

Bo

uld

er a

nd

Bo

uld

er C

ou

nty

to a

cq

uire

or d

eve

lop

inco

me

-pro

du

cin

g a

sse

ts

5.2

BH

P w

ill red

uce

de

pe

nd

en

ce

on

HU

D o

pe

ratin

g s

ub

sid

ies b

y u

sin

g th

e a

bo

ve

me

ntio

ne

d in

co

me

-pro

du

cin

g a

sse

t stra

teg

y to

div

ers

ify fu

nd

ing

so

urc

es.

5.3

BH

P w

ill de

ve

lop

pa

rtne

rsh

ips w

ith k

ey s

tak

eh

old

ers

in th

e c

om

mu

nity

wh

o u

nd

ers

tan

d th

at a

co

mm

un

ity’s

resilie

nce

de

rive

s

from

its d

ive

rse

ho

usin

g c

ho

ice

s.

5.4

BH

P w

ill attra

ct, tra

in a

nd

reta

in a

tale

nte

d, d

ed

ica

ted

an

d c

ultu

rally

co

mp

ete

nt s

taff.

Page 7

31

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

Pro

cure

ment, p

urch

asin

g a

nd in

stalla

tion o

f new

serv

er is in

pla

ce b

y e

nd o

f Q1

√√

√

Payro

ll syste

m in

tegra

ted in

to B

HP p

roce

sses w

ith d

ata

connectio

n to

Yard

i by e

nd o

f Q1

√√

√

Page 8

32

Bo

uld

er H

ou

sin

g P

artn

ers

20

15

FIN

AL W

OR

K P

LA

N

In 2

01

5, w

e w

ill tak

e th

e fo

llow

ing

actio

ns to

su

pp

ort th

e g

oa

ls o

f BH

P's

Stra

teg

ic P

lan

Five year Office P

lan is in

place b

y end

of Q

3√

√

Imple

ment a

pla

n fo

r a se

lect n

um

ber o

f Pro

perty

Managers to

move fro

m th

e ce

ntra

l office

to o

n-site

loca

tions d

urin

g Q

1 &

Q2

● ●

√Com

ple

ted.

Develo

p a

nd b

egin

to im

ple

ment a

form

al sch

edule

d tra

inin

g p

lan fo

r PM

Team

durin

g Q

1 &

Q2

● ●

xPostp

oned to

Q1-2

016 d

ue to

Pro

ject R

enovate

+

staffin

g ch

anges.

PM

Policie

s and p

roce

dure

s manual w

ill be re

vise

d a

nd u

pdate

d a

nd co

mple

ted b

y e

nd o

f Q3

● ●

xPostp

oned to

Q1-2

016 d

ue to

Pro

ject R

enovate

+

staffin

g ch

anges. A

nticip

ate

start in

Q4-2

015.

Identify

and co

mm

unica

te to

Betse

y, th

e ste

ps n

eeded to

inte

gra

te se

rvice

s betw

een P

roperty

Managem

ent, M

ain

tenance

, and R

esid

ent

Serv

ice te

am

s, begin

imple

menta

tion b

y e

nd o

f Q1

● ●

x

In-p

roce

ss with

weekly

meetin

gs a

nd a

dju

stment

post-p

ortfo

lio re

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33

f. Conflict of Interest Waiver Consideration

With the August 30 departure of our Director of Real Estate Development, four strong

candidates quickly emerged thanks to an active housing network. As you have been

advised, Angela McCormick is one of the four. Following a first round of interviews,

the pool is now down to two. As you know, Angela’s candidacy is accompanied by

conflict of interest provisions.

BHP has managed with a conflict of interest policy since 1966. Our policy, most

recently amended last year, is attached for reference. There are four regulatory

sources for the Board’s policy regarding employment for former Commissioners:

1. The Annual Contributions Contract (ACC) with the U.S. Department of Housing

and Urban Development,

2. Housing Authority Enabling legislation, found at CRS 29-4-207,

3. State statutes governing public officers, found at CRS 24-18-108.5, and

4. The Boulder Revised Code sections on conflict found at BRC 2-7.

Our own policy says the following:

(i) BHP shall not employ a former member within six months of the end

of his or her term on the Board.

(ii) And - “If there are conflicts among the regulations themselves, the

body associated with the most restrictive rule or guideline,

regardless of jurisdiction, will prevail.”

The most restrictive of the five regulations is the ACC which requires a former

member of the Board to wait one year before being employed by the housing

authority. That language is here:

34

The discussion at Monday’s meeting is about the Board’s willingness to ask HUD for a

waiver of its conflict of interest provisions. Implicit in this decision would be our

decision that if HUD says yes, we would follow their lead and waive our own conflict of

interest policy, if it is still in consideration.

The waiver provision is here, also in Section 19:

Below is a draft copy of the HUD waiver request. At press time we haven’t been able

to get a precise answer about how long the HUD process will take. We will try to

answer that by Monday. HUD will review the request at the Denver Field Office and

then determine whether it is a local or headquarters decision.

Attachments:

Draft copy of the HUD waiver request

Conflict of Interest Policy

35

DRAFT

MAILED AND FAXED TO: 303-672-5065

Ms. Janice Rodriquez

Director of Public Housing

U.S. Dept. of Housing & Urban Development

1670 Broadway, 25th Floor

Denver, Colorado 80202

RE: Request for Waiver of Conflict of Interest Provisions

Dear Ms. Rodriquez:

Pursuant to its Annual Contributions Contract (ACC) with HUD, section 19(A)(3),

Boulder Housing Partners (BHP) is seeking a waiver of the ACC conflict of interest

provisions in order to extend an offer of employment to a former board member,

Angela McCormick. BHP believes there is good cause to waive the conflict of interest

provisions in this case and sets forth the following fact:

1. Angela McCormick has applied for the job of director of Real Estate Development.

2. Ms. McCormick was appointed to the BHP Board of Commissioners in 2006.

Having completed her first, term she was re-appointed to a second term, which

would have expired in March 2016.

3. Ms. McCormick completed a total of 9.5 years on the Board. Her longevity is

mentioned here to underscore that she did not seek the initial or repeat

appointment for any personal gain.

4. Ms. McCormick disclosed the potential conflict of interest to the Board and

resigned from the Board on September 8, 2015, simultaneous with her application

for employment with BHP.

5. In November 2014, BHP had advertised this very same position. Following a

national search, a candidate was hired in February 2015. Unfortunately, the

person hired proved to be a poor fit for the job and the position became vacant

again in August 2015. Following yet another search, Ms. McCormick has emerged

as the stronger of the two final candidates by a long stretch.

6. BHP has also adopted a local conflict of interest policy that requires a six-month

waiting period before a former Board member could be considered for

36

employment by BHP. This policy is modeled in part on provisions for the Boulder

City Code. BHP is working with the City Attorney’s office to propose a waiver of

the BHP policy if HUD approves a waiver under the ACC.

7. The organization is in a precarious position with this key position vacant and a

$24M RAD construction project just underway. The Executive Director has also

been Acting Director of Real Estate Development for almost a year. BHP believes it

will be in an untenable situation if the choice is to go back out to search for a third

time with the projects that are pending.

8. The Director of Real Estate Development position is uniquely demanding. BHP is

a sophisticated developer, known for complicated one-of-a-kind projects. To wit:

a. The RAD closing mentioned above is a unique Section 18-RAD hybrid that is

unparalleled in the country, not to mention that it’s the first RAD closing of any

kind in the region.

b. Similarly, BHP is the only MTW agency in the region, and also the first in the

region to develop Class AA market housing to underwrite public housing.

c. Further, the development climate and economics are very difficult to

navigate and the successful candidate must have deep knowledge of Boulder,

affordable housing development and rental acquisition and new construction.

As it turns out, the combination of those three attributes has proven very

difficult to find.

9. Ms. McCormick is exceptionally qualified for the position. She has a BA in

Economics and a Masters in Urban Planning from MIT. She worked for Citicorp as

a commercial real estate lending officer; with Synergen as their corporate real

estate manager; she was a Land Advisor for US-AID; the Director of Design,

Development and Preservation for the City of Boulder; the VP of Community

Development for McStain; the VP of Land Planning and Product Development with

John Laing Homes and she is currently a broker in Boulder with Re-Max. Her

credentials and professional preparation for a job like this are exceptional.

Through her previous employment, she knows Boulder and the Boulder planning

and entitlement process. She has been a lender and understands real estate

finance. She has worked for a production home-builder and has managed risk at a

scale greater than that experienced at BHP.

10. Ms. McCormick has been dedicated to BHP’s mission for almost ten years as a

volunteer.

37

11. Ms. McCormick would take a substantial cut in pay to work for BHP. As a

successful broker, her current annual average salary significantly exceeds our

hiring salary range. She is not motivated by salary or benefits. She is pursuing this

job because it would allow her to apply all of her skills developed over a 30 year

career, and because she has grown passionate about BHP and our mission during

her tenure.

12. BHP believes that the public interest would not be harmed or compromised if HUD

were to grant the requested waiver. The disclosure of interest and the waiver will

be made part of the public records of BHP.

13. Please do not hesitate to call me with questions or to request further information

about Ms. McCormick or the proposed Director of Real Estate Development

position.

Sincerely,

Betsey Martens

Executive Director, BHP

Cc: Ms. Ellen Dole, HUD Regional Counsel (by email to: [email protected])

38


NOVEMBER 20131

BOARD OF COMMISSIONERS

CONFLICT OF INTEREST POLICY

The Board of Commissioners of the Housing Authority of the City of Boulder, doing

business as Boulder Housing Partners (hereinafter referred to as “BHP” and

Commissioners hereinafter referred to as “member” or “members”) is bound by conflict

of interest provisions found in the following documents:

1. The Annual Contributions Contract with the U.S. Department of Housing and

Urban Development,

2. Housing Authority Enabling legislation, found at CRS 29-4-207

3. State statutes governing public officers, found at CRS 24-18-108.5, and

4. The Boulder Revised Code sections on conflict found at BRC 2-7.

This policy shall be applied so as to avoid the appearance, or actual occurrence of, any

favoritism or special treatment toward any member, employee, applicant, resident, or

vendor, having business, or dealings of any kind, with Boulder Housing Partners (BHP).

No Commissioner shall use or cause or allow to be used his or her position to secure any

personal privilege for himself, herself, or others, or to influence, actions, of BHP for

private or personal reasons.

Section 1 - Common Understandings

It is understood that the obligation of a member of the Board of Commissioners is to:

1. Scrutinize his or her transactions and outside business interests and

relationships for potential conflicts or appearance of conflicts and to

immediately make disclosures of any potential conflicts of interests, to

the Board Chair and Executive Director in writing.

2. Promote the public interest through the advocacy for responsible

administration of housing and community development programs.

3. Perform his or her duties with the highest degree of integrity and

professional care in order to merit the respect of the beneficiaries of

programs, elected officials and the general public.

4. Avoid using the office to gain advantage for any applicant, resident,

vendor, self or any person having business, or dealings of any kind,

with BHP.

1 This policy was first adopted in August 2003. This is its first revision.

39

5. Avoid using the office, or information secured while in office, to

engage in activity that creates competition, or a competitive

disadvantage, for BHP.

6. Avoid the appearance of a conflict of interest.

7. Maintain the highest standard of personal integrity and conduct in all

matters pertaining to the Board.

8. Exercise diligence, objectivity and honesty in professional activities.

9. Avoid any activity that is in conflict with his or her official duties and

not realize undue personal gain from the performance of official

duties.

10. Serve the public with dedication, concern, respect and responsiveness.

11. Strive for professional excellence in Board service.

12. Promote and encourage the highest level of ethics within the industry.

Section 2 - Specific Provisions:

No present member of the governing body of the BHP Board or any member of the

member’s immediate family shall acquire any interest, direct or indirect, in any project or

in any property included, or planned to be included, in any project, nor shall he or she

have any interest, direct or indirect, in any contract or proposed contract for materials or

services to be furnished or used in connection with any project.

If any member owns or controls an interest, direct or indirect, in any property included or

planned to be included in any project, he or she shall immediately disclose the same in

writing to the BHP Board Chair and Executive Director, and such disclosure shall be

entered upon the minutes of the Board. The interested member shall thereafter recuse

himself or herself from all decisions related to the potential conflict of interest, including:

a) refrain from voting upon or otherwise acting in an official capacity in such

transaction;

b) physically absent himself or herself from the room in which the matter is being

considered; and

c) not discuss the matter with any other member of the board or in any way attempt

to influence the decision of the Board. Failure to disclose such interest or to

comply with these provisions shall constitute misconduct in office and could

result in any of the remedies described in the Remedies section of this document.

(i) No Resident Commissioner shall be deemed to have a conflict of

interest simply because they live in publicly assisted housing.

(ii) Members who have a question about an interest should consult with

the Office of the City Attorney.

(iii) For purposes of this document, “immediate family member” means the

spouse, mother, father, brother, sister, or child of a member (whether

related as a full blood relative, or as a half or step relative) up to the

second degree of consanguinity.

(iv) BHP shall not employ a former member within six months of the end

of his or her term on the Board.

40

(v) The otherwise accepted practice of disclosure and recusal does not

apply in the instances where HUD ACC provisions apply and does not

constitute a waiver of HUD’s conflict of interest guidelines.

2. No member shall disclose or use confidential information acquired in the course

of his or her official duties in order to further substantially his or her personal or

private interests.

3. No member shall accept a gift from any party that contracts with, or seeks to

contract with, BHP whose value is estimated at greater than $50.

4. Except for purposes of inquiry, a member shall deal solely and directly with the

Executive Director on all matters and no member, or collectively the Board, shall

either dictate the appointment, retention or removal or direct or interfere with the

work of any employee under the Executive Director

5. BHP will use a criteria-based matrix to make, and document, every procurement

decision2 made.

Section 3 - Process for managing conflict of interest situations

1. All members will sign an annual Board Commitment letter at which time

all conflicts, real or apparent, are disclosed to the Board Chair and the

Executive Director.

2. If a conflict, real or apparent, arises in the interim, the member will submit

the details of the conflict in writing to the Board Chair and the Executive

Director.

3. A complaint alleging a violation of this policy may be initiated by any

member of the Board. The complaint is submitted to the Board Chair,

unless the complaint is about the Board Chair in which case the complaint

is submitted to the Office of the City Attorney.

4. The Board Chair, or the City Attorney, will initiate an investigation of the

complaint and will assure that written findings of fact in response to the

complaint are shared with the Board in a timely fashion. The findings may

conclude that the complaint has no merit, is frivolous or is brought for the

purpose of harassment.

5. No action will be taken on complaints filed later than twelve months after

discovery of the facts supporting an allegation.

2 BHP follows HUD and state procurement guidelines which require documentation of procurement

decisions above a $2,500 threshold.

41

Section 4 - Remedies

If a Commissioner violates any of the above common understandings or special

provisions, the Board shall act in the manner that it deems appropriate, depending on the

results of the investigation. The recommended remedies from the Board might include

no action, admonishment, censure or a request that the Mayor remove the Board member

from the Board, according to the provisions found at CRS 29-4-208.

If there are conflicts between this document and other policies of BHP, this document

will prevail.

If there are conflicts among the regulations themselves, the body associated with the most

restrictive rule or guideline, regardless of jurisdiction, will prevail.

Adopted this __12th___ day of ___November____, 2013.

Angela McCormick, Chairperson

42

2. Action/Discussion Agenda: Management and Finance

a. Finance Committee Report

b. August 2015 - Financial Summary

43

August 2015 - Financial Summary

Project Renovate Closing and 2016 Budget

We are pleased to report that Project Renovate closed as planned on September 30, 2015. Thank

you for your support of the project. We will be incorporating the impact of the transaction on

BHP operational budget for 2016. Given the amount of focus on this closing during what would

typically be our budget preparation period, we expect our draft budget presented for first reading

at the November meetings of the Finance Committee and Board to be more “draft” than we

typically present. We will continue to scrutinize numbers between the first reading and the final

presentation at the December meetings. Thanks in advance for your understanding of this

unusual workload.

2016 FTE Budget Assumption

We will be spending some time during the October Finance Committee meeting discussing the

BHP compensation and salary structure analysis with Sue Boline, our compensation consultant.

Recognizing that any final decision on FTE must be made in the context of a full operational

budget, we would like to present our current thinking and get feedback regarding proposed 2016

FTE additions. We are proposing 3 new positions for 2016. All three will be funded from

known sources.

New Positions (FTE) Funding Source

1 Maintenance Housekeeper Cleaning contract savings

2 HCV Program - Administrative Assistant Administrative Fees - New Vouchers

3 Property Management - Operations Specialists Salary reallocation

1. Housekeeper - Maintenance This position will replace the use of a third-party cleaning company from Denver that has had

inconsistent staffing and service quality over the past year. By bringing this position in-house,

we will be able to focus on quality and consistency of cleanliness at our sites. This position’s

salary costs will be directly off-set by a savings in Contract Cleaning expense.

2. Administrative Assistant – Housing Choice Voucher Program.

With the addition of 283 vouchers to the Housing Choice team over the last two years we are

proposing to add an Administrative Assistant position to manage our lottery wait list and perform

initial qualification paperwork allowing the Occupancy Specialists to focus more on people than

paperwork.. We currently have 1145 vouchers and four Occupancy Specialists. The current

workload requires a substantial amount of time to be spent by the program manager and the

MTW manager working case files and performing administrative tasks which keep them from

their management responsibilities and designing and implementing new MTW initiatives. This

position will be funded by the additional HCV Administrative fees associated with the new

vouchers received in 2015.

44

3. Operations Specialist – Property Management

Property Management Team has been in the process of perfecting its organizational structure

during 2015. They now think they have it right. The key changes are to –

1. Create three regional teams (up from two regions)

2. Eliminate a redundant and expensive manager position (Director of Property

Management (DPM)

3. Replace that position with a Compliance Officer and a proposed new Operations

Specialist.

These two positions are almost fully funded by the elimination of the DPM but they do create an

additional FTE in the budget. The proposed structure allows for more management focus at the

property level. The Compliance Officer, replacing the Director of Property Management FTE,

will provide an internal audit function and develop procedures and controls to keep us in

compliance with the numerous technical program requirements that come with our diverse

funding sources.

We currently have two Operation Specialists (OS) and are proposing to add one additional OS so

that each team has administrative support. The proposed structure would allow each team to

consist of a Regional Manager, two to three Property Managers, and an OS that is shared by the

team. The OS is an entry level position within Property Management. The primary duties of the

OS are to lease apartments, assist with recertification paperwork/renewal, and other

administrative tasks.

August 2015 Financial Statements

Project Renovate not in Revised Budget numbers

The BHP budget assumed a financial closing on the Project Renovate sale of public housing sites

to the new tax credit entity on June 30, 2015. You will see several line items that will have

actual to budget variances each month through the transaction closing on September 30, 2015.

Year to Date Results - August 31, 2015

Actual Revised Budget Variance

Revenue 15,217,851$ 14,634,548$ 583,303$

Expenses (15,324,430) (15,689,604) 365,174

Total Net Income (Loss) (106,579)$ (1,055,056)$ 948,477$

The major variances from budget are explained on the attached financial statements.

45

Occupancy statistics BHP Portfolio

August-15

Net Rental

Income - YTD

Net Rental

Income -

Budget

Revised

Budget

Variance

Variance

%

Physical

Occ YTD

Physical

Occ

Budget

Occupancy

Variance to

Budget

Public

Housing *$1,470,645 $1,099,051 $371,595 33.81% 88.60% 76.44% 12.16%

PB Sec. 8

properties$808,207 $802,016 $6,191 0.77% 97.77% 97.00% 0.77%

Work Force $3,323,170 $3,220,905 $102,264 3.18% 97.99% 96.00% 1.99%

BHP portfolio

combined$5,602,022 $5,121,972 $480,050 9.37% 94.02% 88.96% 5.06%

Aug. Actual Occupancy for Project Renovate units = 80%

Public Housing budget assumed a tax credit closing on June 30 so no revenue or expense is included

for July forward.

Note: Physical Occupancy is measured as of 1st of the month. Units may be occupied after the 1st 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.

*Public Housing vacancy is planned to increase throughout year as vacant units are held for renovation.

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.

Financial Measure Explanation Goal August-15

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

Equity

Less than

1.51.1

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 2.03.4

Months Expendable Net Assets Ratio

(MENAR) Measures adequacy of reserves

Greater

than 4.06.1

Tax Credit Entities (Component Units) Financial Summary

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 are entities that

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 Broadway East, Broadway West, Holiday, High Mar, Lee Hill, Red Oak

Park, Vistoso and Westview.

46

Tax Credit Entities (Component Units) Summary Statement of Activities

Year to Date Results - August 31, 2015

Actual Budget Variance

Operations Revenue 2,269,194$ 2,232,963$ 36,231$

Other Revenue 62,632 59,177 3,455

Total Revenue 2,331,826$ 2,292,140$ 39,687$

Salaries and Benefits 183,479$ 173,104$ (10,375)$

Property Costs 850,725 931,600 80,875

Operating Expenses 995,500 1,002,247 6,747

Depreciation and Amortization 1,588,684 1,607,305 18,621

Total Expenses 3,618,388 3,714,256 95,868

Gain Loss on Swap 26,071 0 26,071$

Total Net Income (Loss) (1,260,491)$ (1,422,116)$ 161,625$

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.

The following is a summary of the Balance sheet for the tax credit entities. BHP is the general

partner and owns a .01% interest in these entities.

Tax Credit Entities (Component Units) Summary Balance Sheet

August-15 December-14 Net Change

Current Assets 3,524,357$ 3,047,976$ 476,381$

Capital Assets 53,279,815 54,545,544 (1,265,729) A

Other Assets 835,440 829,505 5,935

Total Assets 57,639,612$ 58,423,025$ (783,414)$

Current Liabilities 916,825$ 1,458,359$ 541,534$ B

Long Term Liabilities 34,255,553 38,512,306 4,256,754 C

Total Liabilities 35,172,378 39,970,666 4,798,288

Total Equity 22,467,234 18,452,359 (4,014,874) D

Total Liabilities and Equity 57,639,612$ 58,423,025$ 783,414$

A

B

C

D High Mar equity payment of $2,459K, Lee Hill Equity Payment of $ 2,823K offset by YTD loss of ($1109K)

Normal payments on mortgages and notes to BHP plus conversion of High Mar construction loan to

perm with equity payment and payoff of LH construction loan to BHP

Additional Lee Hill Capitalized assets of $260K offset by normal depreciation of fixed assets

Payment of developer fee for Lee Hill $129K and High Mar $257K, High Mar Prestabilization advance to

BHP of $230K

This chart shows our YTD occupancy statistics for the combined tax credits.

47

August-15

Net Rental

Income - YTD

Net Rental

Income -

Budget

Budget

Variance

Variance

%

Physical

Occ YTD

Physical

Occ

Budget

Occupancy

Variance to

Budget

Tax Credits

Portfolio

Combined

$2,269,194 $2,232,963 $36,231 1.62% 98.89% 97.00% 1.89%

Note: Physical Occupancy is measured as of 1st of the month. Units may be occupied after the 1st 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

48

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ue

1,0

49,3

76

1,0

53,2

53

(3,8

77)

-0.4

%

Gra

nts

an

d S

ub

sid

ies

HC

V-H

AP

/Adm

in R

evenue

5,6

62,5

96

$

5,6

06,7

21

$

55,8

75

$

1.0

%

Non F

edera

l Gra

nts

and D

onatio

ns

35,0

00

$

-$

35,0

00

$

100.0

%F

Bould

er E

nerg

y C

halle

nge g

rant

Federa

l Capita

l Gra

nts

1,1

56,1

53

$

1,1

08,5

50

$

47,6

03

$

4.3

%

Federa

l Serv

ice G

rants

383,5

63

$

371,2

59

$

12,3

03

$

3.3

%

To

tal G

ran

ts a

nd

Su

bsid

ies

7,2

37,3

12

7,0

86,5

30

150,7

81

2.1

%

Oth

er R

even

ue

Tenant F

ees a

nd U

tility Reim

burs

em

ents

81,1

84

$

86,4

86

$

(5,3

02)

$

-6.1

%

Inte

rest In

com

e299,5

61

$

286,2

98

$

13,2

63

$

4.6

%

Laundry V

endin

g42,0

40

$

40,5

22

$

1,5

18

$

3.7

%

Main

t Charg

es to

Pro

p718,7

15

$

828,9

91

$

(110,2

76)

$

-13.3

%G

1Y

TD

Billin

g h

ours

dow

n d

ue to

vacatio

n tim

e ta

ken. S

hould

partia

lly c

atc

h u

p b

y y

ear

end.

Mis

cella

neous R

evenue

187,6

42

$

130,4

96

$

57,1

46

$

43.8

%

To

tal O

ther R

even

ue

1,3

29,1

42

1,3

72,7

93

(43,6

51)

-3.2

%

To

tal R

even

ue

15,2

17,8

51

14,6

34,5

48

583,3

03

4.0

%

EX

PE

NS

ES

Sala

ries a

nd

Ben

efits

Sala

ries a

nd B

enefits

3,3

98,7

06

$

3,5

21,0

19

$

122,3

12

$

3.5

%

To

tal S

ala

ries a

nd

Ben

efits

3,3

98,7

06

3,5

21,0

19

122,3

12

3.5

%

Pro

perty

Co

sts

Capita

l Impro

vem

ent M

gm

t Fees

-$

17,7

00

$

17,7

00

$

100.0

%D

2S

ee D

1 A

bove. D

irect o

ffset o

f revenue s

hortfa

ll

Managem

ent F

ees

129,5

39

$

127,8

36

$

(1,7

03)

$

-1.3

%

Main

tenance M

ate

rials

161,3

51

$

184,6

96

$

23,3

45

$

12.6

%

Contra

ct L

abor &

Repairs

569,3

73

$

690,7

59

$

121,3

86

$

17.6

%H

Savin

gs fro

m G

rounds a

nd G

en. C

ontra

ct L

abor s

tartin

g la

ter th

an n

orm

al $

22K

,

Janito

rial, P

ain

t and F

loorin

g fo

r unit tu

rns n

ot u

sed a

s u

nits

held

vacant a

t PH

pro

pertie

s

$50K

. Bedbugs in

cid

ents

dow

n s

avin

g $

18K

. Oth

er m

iscella

neous s

avin

gs $

31K

BH

P C

ontra

ct L

abor

553,7

88

$

592,7

79

$

38,9

92

$

6.6

%G

2M

ain

tenance c

harg

es to

Pro

pertie

s u

nder b

udget Y

TD

Extra

ord

inary E

xpense

-$

-$

-$

-

49

BH

P

Sta

tem

en

t of A

ctiv

ities

Year to

date

- Au

gu

st 3

1, 2

015

YT

DY

TD

Actu

al

Revis

ed

Bu

dg

et

Varia

nce $

% V

ar

Ref

Varia

nce E

xp

lan

atio

n

Garb

age a

nd T

rash R

em

oval

114,6

48

$

97,4

65

$

(17,1

83)

$

-17.6

%C

2 D

iffere

nce re

late

s to

Budget n

ot in

clu

din

g P

H s

ites in

clu

ded in

Pro

ject R

enovate

Wate

r and S

ew

er

218,8

59

$

191,2

37

$

(27,6

22)

$

-14.4

%C

3 D

iffere

nce re

late

s to

Budget n

ot in

clu

din

g P

H s

ites in

clu

ded in

Pro

ject R

enovate

Ele

ctric

ity130,5

92

$

134,4

89

$

3,8

97

$

2.9

%

Gas

128,5

13

$

158,6

92

$

30,1

79

$

19.0

%

PIL

OT

64,7

13

$

37,5

05

$

(27,2

08)

$

-72.5

%C

4 D

iffere

nce re

late

s to

Budget n

ot in

clu

din

g P

H s

ites in

clu

ded in

Pro

ject R

enovate

HO

A F

ees

4,0

73

$

3,8

64

$

(209)

$

-5.4

%

To

tal P

rop

erty

Co

sts

2,0

75,4

47

2,2

37,0

21

161,5

74

7.2

%

Op

era

ting

Exp

en

ses

Audit F

ees

53,5

79

$

45,2

03

$

(8,3

76)

$

-18.5

%

Bad D

ebt E

xpense - T

enants

3,3

67

$

13,7

60

$

10,3

93

$

75.5

%

Board

Expense

1,9

34

$

4,8

00

$

2,8

66

$

59.7

%

Consulta

nts

& C

ontra

ct L

abor

43,3

06

$

68,4

00

$

25,0

94

$

36.7

%

Depre

cia

tion

2,2

42,1

39

$

2,1

64,5

25

$

(77,6

14)

$

-3.6

%

Dues a

nd F

ees

45,4

12

$

45,7

04

$

292

$

0.6

%

Expendable

Equip

ment

109,7

37

$

99,4

07

$

(10,3

29)

$

-10.4

%J

Softw

are

costs

earlie

r in y

ear th

an e

xpecte

d.

Fin

ancin

g C

osts

-$

-$

-$

0.0

%

HC

V-H

AP

Expense

4,8

50,0

96

$

5,0

30,9

42

$

180,8

46

$

3.6

%C

5 D

iffere

nce re

late

s to

Budget a

ssum

min

g v

ouchers

at P

roje

ct R

enovate

sta

rted in

July

Insura

nce E

xpense

164,7

77

$

150,1

10

$

(14,6

68)

$

-9.8

%C

6 D

iffere

nce re

late

s to

Budget n

ot in

clu

din

g P

H s

ites in

clu

ded in

Pro

ject R

enovate

Lease U

p E

xpense

-$

-$

-$

0.0

%

Legal E

xpense

46,2

24

$

62,5

33

$

16,3

08

$

26.1

%

Mile

age &

Vehic

le E

xpense

40,0

06

$

48,8

40

$

8,8

34

$

18.1

%

Mis

cella

neous - E

xpense

73,1

89

$

132,1

32

$

58,9

42

$

44.6

%K

Savin

gs re

late

to fe

wer P

redevelo

pm

ent e

xpenses th

an a

mount in

clu

ded in

Revis

ed

Budget, $

17K

and M

TW

savin

gs fro

m a

mount b

udgete

d fo

r EF

AA

Safe

ty N

et p

rogra

m,

$25K

Mortg

age In

tere

st E

xpense

896,5

63

$

878,7

63

$

(17,8

00)

$

-2.0

%

Advertis

ing/M

ark

etin

g22,5

90

$

17,9

00

$

(4,6

90)

$

-26.2

%

Offic

e S

upplie

s30,2

01

$

32,1

26

$

1,9

25

$

6.0

%

Oth

er A

dm

inis

trativ

e E

xpenses

51,0

89

$

31,2

18

$

(19,8

71)

$

-63.7

%L

Inclu

des o

ne-tim

e o

rigin

atio

n fe

e fo

r LO

C o

f $8.8

K

Phone E

xpense

45,2

88

$

52,6

63

$

7,3

75

$

14.0

%

Prin

ting &

Posta

ge E

xpense

33,8

98

$

35,3

99

$

1,5

01

$

4.2

%

Pro

perty M

gm

t & A

sset M

gm

t Fees

493,9

16

$

445,3

98

$

(48,5

17)

$

-10.9

%C

7 D

iffere

nce re

late

s to

Budget n

ot in

clu

din

g P

H s

ites in

clu

ded in

Pro

ject R

enovate

Resid

ent S

erv

ices F

ees

133,2

80

$

115,2

82

$

(17,9

98)

$

-15.6

%C

8 D

iffere

nce re

late

s to

Budget n

ot in

clu

din

g P

H s

ites in

clu

ded in

Pro

ject R

enovate

Sta

ff Tra

inin

g73,5

03

$

84,8

75

$

11,3

72

$

13.4

%

Serv

ice G

rant E

xpense

385,0

95

$

371,2

60

$

(13,8

36)

$

-3.7

%

To

tal O

pera

ting

Co

sts

9,8

50,2

77

9,9

31,5

64

81,2

87

0.8

%

To

tal E

xp

en

ses

15,3

24,4

30

15,6

89,6

04

365,1

74

2.3

%

TO

TA

L N

ET

INC

OM

E (L

OS

S)

(106,5

79)

$

(1,0

55,0

56)

$

948,4

77

$

89.9

%

Note

: Exp

lanatio

ns p

rovid

ed fo

r positiv

e v

aria

nces >

$50,0

00 a

nd 5

% a

nd fo

r negativ

e v

aria

nces >

$10,0

00 a

nd 5

%

50

Actu

al

Actu

al

Net C

han

ge

Au

gu

st-1

5D

ecem

ber-1

4Y

TD

Ref

Co

mm

en

ts

AS

SE

TS

Cu

rren

t Assets

Unre

stric

ted C

ash a

nd C

ash E

quiv

ale

nts

5,2

69,6

43

$

3,8

72,5

23

$

1,3

97,1

20

$

MS

ee d

eta

ils o

n C

ash F

low

Stm

t. Inclu

des re

cip

t of D

evelo

per F

ees fro

m H

M a

nd L

H

Reserv

ed C

ash - R

epla

cem

ents

and O

ther

1,5

38,3

73

$

1,4

94,1

87

44,1

86

Accounts

Receiv

able

153,6

38

$

407,1

68

(253,5

30)

NC

olle

ctio

n o

f Pre

sta

biliza

tion fu

nds lo

aned to

Hig

h M

ar to

com

ple

te c

onstru

ctio

n $

230K

Accounts

Receiv

able

-Tax C

redits

567,6

68

$

1,3

78,3

78

(810,7

10)

OP

aym

ents

receiv

ed fo

r develo

per fe

e fro

m H

igh M

ar $

406K

and L

ee H

ill $387K

Pre

paid

Exp

enses

79,5

43

$

113,0

84

(33,5

40)

Supplie

s-In

vento

ry9,5

63

$

7,6

05

1,9

59

To

tal C

urre

nt A

ssets

7,6

18,4

28

7,2

72,9

44

345,4

84

Restric

ted

Cash

Restric

ted C

ash - O

ther

308,9

49

473,1

24

(164,1

75)

PP

lanned a

nd H

UD

appro

ved u

se o

f $196K

for C

anyo

n P

oin

te p

ark

ing lo

t repla

cem

ent

offs

et b

y norm

al c

ontrib

utio

ns

Restric

ted C

ash - S

ectio

n 8

44,3

98

186,2

54

(141,8

57)

QT

ransfe

r of fu

nds to

unre

stric

ted fo

r KA

and W

P v

oucher fu

nds n

ow

part o

f MT

W.

Restric

ted C

ash - T

enant S

ecurity D

eposits

422,8

97

419,6

47

3,2

50

To

tal R

estric

ted

Cash

776,2

43

1,0

79,0

25

(3

02,7

82)

Cap

ital A

ssets

Constru

ctio

n in

Pro

gre

ss

2,5

49,7

58

593,9

46

1,9

55,8

12

RP

roje

ct R

enovate

costs

are

bein

g c

apita

lized a

s in

curre

d $

1,8

51K

Furn

iture

Fixtu

res a

nd E

quip

ment

534,1

96

413,1

99

120,9

97

SB

udgete

d p

urc

hase o

f 2 m

ain

tenance v

ehic

les $

53K

and c

om

pute

r serv

ers

$40K

, new

washers

and d

ryers

for G

W $

15K

Real E

sta

te A

ssets

-Land a

nd B

uild

ings

84,4

06,1

70

80,8

90,2

95

3,5

15,8

75

TA

dditio

n o

f Orc

hard

Gro

ve la

nd

Less: A

ccum

Depre

cia

tion R

eal E

sta

te A

ssets

(39,4

38,8

95)

(3

7,2

03,9

01)

(2,2

34,9

94)

UN

orm

al Y

TD

Depre

cia

tion

To

tal C

ap

ital A

ssets

48,0

51,2

29

44,6

93,5

39

3,3

57,6

89

Oth

er A

ssets

Note

s R

eceiv

able

15,3

62,9

57

17,3

82,0

90

(2,0

19,1

33)

VLee H

ill Loan p

ayo

ff $1.8

M, c

ash flo

w lo

an p

aym

ents

Bro

adw

ay W

est $

52K

, Red O

ak

Park

$72K

, Westv

iew

$57K

, Holid

ay $

50K

Inte

rest R

eceiv

able

Note

s1,0

71,1

87

1,0

23,8

42

47,3

44

Partn

ers

hip

Investm

ents

399,5

20

399,6

31

(110)

Net A

mortize

d C

osts

300,0

79

307,2

24

(7,1

45)

To

tal O

ther A

ssets

17,1

33,7

43

19,1

12,7

87

(1,9

79,0

44)

TO

TA

L A

SS

ET

S73,5

79,6

42

$

72,1

58,2

95

$

1,4

21,3

48

$

BH

P

Bala

nce S

heet

Au

gu

st 3

1, 2

015 a

nd

Decem

ber 3

1, 2

014

10

/1/2

01

53

:35

PM

51

Actu

al

Actu

al

Net C

han

ge

Au

gu

st-1

5D

ecem

ber-1

4Y

TD

Ref

Co

mm

en

ts

BH

P

Bala

nce S

heet

Au

gu

st 3

1, 2

015 a

nd

Decem

ber 3

1, 2

014

LIA

BIL

ITIE

S &

EQ

UIT

Y

LIA

BIL

ITIE

S

Cu

rren

t Lia

bilitie

s

Accounts

Paya

ble

179,8

74

$

364,2

92

$

184,4

19

$

WN

orm

al a

ctiv

ity.

Accru

ed P

ayro

ll117,9

14

$

54,5

74

(63,3

40)

Accru

ed P

ayro

ll Taxe

s a

nd B

enefits

34,4

89

$

34,0

44

(445)

Accru

ed C

om

pensate

d A

bsences

283,8

12

$

262,2

22

(21,5

90)

Oth

er A

ccru

ed E

xpenses

230,2

36

$

227,9

82

(2,2

55)

Paya

ble

to T

ax C

redit P

ropertie

s-

$

2,0

00

2,0

00

Defe

rred R

evenue

-$

721,2

81

721,2

81

XC

apita

l Fund g

rant re

cognize

d a

s in

com

e w

hen e

xpended o

n P

roje

ct R

enovate

Curre

nt P

ortio

n o

f Long T

erm

Debt

879,5

22

$

879,5

22

0 P

repaid

Rent

45,6

67

$

43,0

07

(2,6

60)

Security D

eposits

416,2

20

$

420,6

34

4,4

14

To

tal C

urre

nt L

iab

ilities

2,1

87,7

32

3,0

09,5

57

821,8

25

Lo

ng

-Term

Lia

bilitie

s

Note

s P

aya

ble

3,0

75,8

39

75,8

39

(3,0

00,0

00)

YO

rchard

Gro

ve fu

nds fro

m C

ity of B

ould

er re

cord

ed a

s N

ote

Paya

ble

with

5 yr. te

rm

Accru

ed In

tere

st P

aya

ble

52,7

31

102,7

54

50,0

23

Mortg

ages P

aya

ble

33,0

23,1

10

33,5

49,0

64

525,9

53

ZN

orm

al lo

an a

mortiza

tion

Bonds P

aya

ble

1,1

21,6

93

1,1

95,9

65

74,2

72

To

tal L

on

g-T

erm

Lia

bilitie

s37,2

73,3

73

34,9

23,6

21

(2,3

49,7

51)

TO

TA

L L

IAB

ILIT

IES

39,4

61,1

05

37,9

33,1

78

(1,5

27,9

27)

EQ

UIT

Y

Tota

l Equity

34,1

18,5

37

34,2

25,1

16

(106,5

79)

TO

TA

L L

IAB

ILIT

IES

AN

D E

QU

ITY

73,5

79,6

42

$

72,1

58,2

95

$

(1,4

21,3

48)

$

Note (1) : E

xplanations provided for balance sheet ch

anges >

$100,000

Note (2): B

HP has a Line of Credit a

vailable for borrowing of up to $6.8 Millio

n.

10

/1/2

01

53

:35

PM

52

Fo

r the m

on

th

of A

ug

ust 3

1,

2015

Year to

Date

Ref

Cu

rren

t Mo

nth

Co

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53

Boulder Housing Partners - Portfolio Analysis

September 2014 - August 2015

Property Address Units PUPA EGI PUPA OpExPUPA NOI

PUPA Debt

Adjusted DSCR YTD

Arapahoe Court 951,953 Arapahoe 14 5,619$ (7,423)$ (1,804)$ 395$ - Diagonal Court 3265-3273 30th St. 30 7,829$ (6,501)$ 1,328$ 187$ - Iris Hawthorne 1650-1690 Iris Ave. 14 20,333$ (7,487)$ 12,846$ 259$ - Kalmia 3500 Nottingham 53 8,494$ (6,933)$ 1,561$ 158$ - Madison 1130-1190 35th St. 33 7,398$ (9,109)$ (1,711)$ 131$ -

Manhattan 660-690 Manhattan 43 7,032$ (6,023)$ 1,009$ 278$ -

Public Housing I Sub Total: 187 8,529$ (7,117)$ 1,412$ 211$ -

Northport 1133 Portland Place 50 5,725$ (5,450)$ 275$ 248$ -

Walnut Place 1940 Walnut Place 95 5,900$ (4,873)$ 1,027$ 357$ -

Public Housing II Sub Total: 145 5,840$ (5,072)$ 768$ 319$ -

Canyon Pointe 700 Walnut 82 10,289$ (5,583)$ 4,706$ 3,604$ 1.31

Glen Willow 301-333 Pearl St. 34 11,222$ (9,578)$ 1,644$ -$ -

Project Based Sub Total: 116 10,562$ (6,754)$ 3,809$ 2,547$ 1.50

Arapahoe East 4610 Arapahoe 11 11,928$ (7,291)$ 4,637$ 1,750$ 2.65

Dakota Ridge 4900 10th St. 13 16,390$ (5,800)$ 10,590$ 7,524$ 1.41

Sanitas Place (4) 3640 Broadway 12 10,214$ (7,458)$ 2,756$ 3,024$ 0.91

Twin Pines 1700 22nd St. 22 10,600$ (4,676)$ 5,924$ 3,088$ 1.92 Combine Loan One Subtotal 58 12,070$ (6,000)$ 6,070$ 3,815$ 1.59

101 Canyon 101-103 Canyon 6 24,945$ (8,330)$ 16,615$ 7,676$ 2.16 Hayden Place 34th & Hayden Place 24 10,056$ (5,761)$ 4,296$ 3,290$ 1.31

Whittier 1946 Walnut St. 10 11,267$ (7,060)$ 4,207$ 2,632$ 1.60

Woodlands 2600 Block of Mapleton 35 14,152$ (7,089)$ 7,063$ 5,075$ 1.39

Combine Loan Two Subtotal 75 13,320$ (6,759)$ 6,561$ 4,386$ 1.50

Bridgewalk 602-698 Walden Circle 123 18,346$ (5,335)$ 13,010$ 6,719$ 1.94

Foothills 4500 block of 7th/8th 74 13,821$ (5,571)$ 8,251$ 6,385$ 1.29

Midtown (1) 837 20th St. 13 11,033$ (8,156)$ 2,877$ -$ -

Workforce Sub Total: 343 14,932$ (5,917)$ 9,015$ 5,391$ 1.67

Portfolio Totals: 791 11,111$ (6,168)$ 4,942$ 2,820$ 1.75

September 2014 - August 2015

Tax Credit Properties Address Units PUPA EGI PUPA OpEx PUPA NOI

PUPA Debt

Adjusted DSCR

Broadway East 3160 Broadway 44 11,393$ (5,614)$ 5,779$ 3,124$ 1.85 Broadway West 3120 Broadway 26 11,316$ (6,307)$ 5,009$ 2,467$ 2.03

High Mar (2) 4990 Moorhead Ave 59 11,007$ (4,123)$ 4,823$ 3,860$ 1.35

Holiday 1500 Lee Hill 49 10,653$ (4,807)$ 5,846$ 2,998$ 1.95

Lee Hill (3) 1175 Lee Hill 31 7,487$ (6,570)$ 1,374$ -$ - Red Oak Park 27th & Valmont 59 11,432$ (5,236)$ 6,196$ 3,888$ 1.59 Vistoso 4500 Baseline 15 11,350$ (7,361)$ 3,989$ 2,434$ 1.64

WestView 4600 Broadway 34 12,012$ (3,858)$ 8,154$ 5,567$ 1.46

Tax Credit Sub Total: 317 8,109$ (3,776)$ 4,333$ 2,535$ 1.71

Properties in Transition Address

PUPA - Per Unit Per Annum

Orchard House 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)

NOI - Net Operating Income = (Net Income + Non OpEx)

DSCR - Debt Service Coverage Ratio = NOI/Debt

ADJUSTED - For Capital Grants, Capital Exp. and Extrodinary Maint.

(2) High Mar loan converted to permanent loan Feb 1, 2015. DSCR March -July shown above at 1.35

(3) Lee Hill does not have permanent debt so DSCR does not apply.

YTD DSCR = 1.22

(4) Sanitas Place had higher than normal maintenance expense in Oct and Dec 2014. With only 12 units this results in negative DSCR.

Index of terms

NOTES: (1) Glen Willow and Midtown are pledged as collateral for BHP Line of Credit

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c. 2016 Proposed Pay Grade Changes

Action requested at this meeting:

In anticipation of our 2016 budget discussions, we want to preview our proposed

compensation changes. The compensation plan will be approved as part of the budget

package in December.

Background:

It is our practice to do a thorough review of BHP’s salary structure every two to three

years to assure industry, market and internal equity and help to assure recruitment

and retention of highly motivated, values-aligned productive employees.

You might recall that in 2013, BHP retained Sue Bohline of HCC Inc., as our

compensation consultant to review our salary structure and market analysis process.

Sue has worked with the city, Boulder Community Hospital, Denver Public Schools and

several housing authorities in Colorado and knows BHP well. In 2013, salary ranges

for most positions were found to be competitive; the grade assignment of individual

jobs was modified as necessary to better align with market, but there was no overall

structure adjustment below the senior team level. The top three grades were

adjusted, on average, 8%, based on the market analysis. Ranges for the top three

grades were again adjusted in 2014, but remained well below market.

This summer, BHP again retained HCC to review our market analysis and recommend

adjustment in salary ranges, as appropriate. HCC’s analysis showed jobs with a wide

range of market values within certain salary grades, and uneven market linkage

across grades. Based on the market analysis and standard compensation practice,

HCC recommended:

o Reducing the distance between salary grades – The current structure had

“midpoint differentials” (distance between successive salary range

midpoints) of 16 – 33%. Instead, midpoint differentials in the 10 – 15%

range are common in the market and reflect the “typical” progression

between job levels in the market.

o Reducing the percentage spread from salary range minimum to maximum

(the “range spread”) – BHP’s current salary ranges are significantly wider

than is common in the market. Salary range midpoints are a proxy for the

median market value of the jobs in that grade; salary ranges that are wider

than usual yield range minimums that are not competitive hiring rates.

HCC recommended reducing the range spread from 60% to 50%.

56

o Reducing the distance between salary grades required adding 3 new grades

to fit the range of market data. The updated salary structure (see attached)

has 13 grades vs 10 grades in the current structure.

These actions are consistent with changes the City has made in its salary structure

over the last 5 years.

Market Analysis Process

o For the market analysis, BHP used salary surveys from Mountain States

Employment Council (MSEC) which covers housing authorities and

property management firms, public sector organizations, and general

industry data in the Denver/Boulder area. Thirty seven of BHP’s 43 jobs

were market-priced. The published survey data was supplemented by

compensation data from the city, county and other Housing Authorities in

the region of similar size and complexity.

Impact

o We predict the cost impact of implementing the new structure is

approximately $15,000 or .005% of our total salary budget

o Increasing the number of salary grades means jobs are grouped into grades

differently than in the prior structure. Across jobs, salary range midpoints

increased 8% overall. The increase in salary range midpoint for individual

jobs ranged from 0% to over 20%, based on what was required to close

market gaps.

o The salary range midpoints are approximately 5% above the 2015 market

median and approximately 1.4% above market average. Sue recommends

this apparent above-market benchmark for several reasons. One, this data

was gathered early in 2015, and proposed changes do not take effect until

1/1/2016. By the time we arrive at January, Sue predicts that the new pay

grades will be very close to the market average when implemented. The

largest increase in range midpoints occurs at the top of the salary structure

(Manager/Director level.) The salary ranges for these jobs have historically

been compressed by the Executive Director range. The largest increase in

midpoints is for the CFO and recognizes growth in role as well as market

data.

o The amount of annual performance raises are determined by each job’s

position on the pay grade relative to the market average. With the new

structure, several positions have moved below the market average on the

pay grade which will result in higher percent raises for some employees

than in 2015, approximately $15,000 impact as noted above.

Next Steps:

57

Sue presented the results of the salary range analysis at the Finance Committee on

October 5. She will attend the October 12 Board meeting to answer any additional

questions.

Attachments:

o 2015/2016 Pay Grade Comparison

58

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A$23,920

$33,025$33,973

$38,625$44,025

84.1%38.1%

17.0%14.0%

B$31,925

$38,300$41,500

$44,675$51,075

22.2%60.0%

20.0%16.6%

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$37,050$44,450

$48,150$51,850

$59,25016.0%

59.9%20.0%

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D$42,950

$51,540$55,838

$60,150$68,725

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$49,850$59,800

$64,800$69,775

$79,75016.1%

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F$57,850

$69,400$75,200

$80,975$92,550

16.0%60.0%

20.0%16.7%

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$69,415$83,298

$90,240$97,182

$111,06520.0%

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H$92,308

$110,769$120,000

$129,321$147,692

33.0%60.0%

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$111,538$133,846

$145,000$156,154

$178,46220.8%

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1A

$29,600$33,636

$37,000$40,364

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$33,600$38,182

$42,000$45,818

$50,40013.5%

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$43,864$48,250

$52,636$57,900

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$43,200$49,091

$54,000$58,909

$64,80011.9%

50.0%13.6%

20.0%10.0%

5D

/E$49,200

$55,909$61,500

$67,091$73,800

13.9%50.0%

13.6%20.0%

10.0%6

E$56,000

$63,636$70,000

$76,364$84,000

13.8%50.0%

13.6%20.0%

10.0%7

F$62,800

$71,364$78,500

$85,636$94,200

12.1%50.0%

13.6%20.0%

10.0%8

F$72,000

$81,818$90,000

$98,182$108,000

14.6%50.0%

13.6%20.0%

10.0%9

G$84,000

$95,455$105,000

$114,545$126,000

16.7%50.0%

13.6%20.0%

10.0%10

$96,000$109,091

$120,000$130,909

$144,00014.3%

50.0%13.6%

20.0%10.0%

11H

$108,000$122,727

$135,000$147,273

$162,00012.5%

50.0%13.6%

20.0%10.0%

12$120,000

$136,364$150,000

$163,636$180,000

11.1%50.0%

13.6%20.0%

10.0%13

J$136,000

$154,545$170,000

$185,455$204,000

13.3%50.0%

13.6%20.0%

10.0%

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3. ACTION/DISCUSSION AGENDA: DEVELOPMENT

a. Development Committee Report

4. ACTION/DISCUSSION AGENDA: RESIDENT SERVICES

a. Resident Representative Council Report

VII. UPDATE AND INFORMATIONAL ITEMS

1. Palo Park

Previous Board Meeting:

At the last meeting, the Board received an update on the project.

Updates and Next Steps:

BHP is still awaiting the transfer of land from the City; however, we are working

towards a closing by the end of November. Encroachments by neighbors to the west

have been cleaned up.

BHP submitted the applications for concept plan review and annexation to the City at

the beginning of September. Planning Board will review these applications on

Thursday, November 19. Tentative dates for the City Council review are December 1

and January 5. BHP will continue to move forward with design and pricing for the

project in the meantime in order to meet the tax credit application deadline on

February 1.

The City’s Division of Housing Technical Review Group (TRG) has recommended the

City Manager award Affordable Housing Funds to the project in the amount of

$975,000. BHP will also be pursuing 4% LIHTC, State Tax Credits, and CDBG-DR

(Disaster Recover) funds in 2016.

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2. Project Renovate

As we reported in a mid-month communication with you, the big news this month is

that we closed our financial transaction. The team has moved quickly into the

relocation process which began last Friday. As such we’ll let the record reflect the

earlier communication:

Dear Commissioners,

On behalf of Laura Sheinbaum and Jim Koczela and their amazing Project

Renovate team, I’m thrilled to share the news that our transaction closed

yesterday, as scheduled. Construction starts on Monday and residents are

packing today. Now that the hard work is done, the hard work begins. We’re

excited.

This closing represents almost 8 years of effort to translate the pilot

conversion project at Broadway East into a portfolio wide transformation

project. This is a victory for the persistent … and the clever. But most

importantly it represents a much-needed investment in our families, our

children’s potential, our partners and the asset. When completed, in

December 2016, we will have made an enormous difference for so many.

Betsey

The start and end dates of construction by site are listed below.

Walnut Place: October 2015-July 2016

Diagonal Court: October 2015 – March 2016

Iris Hawthorn: April 2016 – December 2016

Kalmia: October 2015 – September 2016

Manhattan: October 2015 – June 2016

Northport: February 2016 – September 2016

3. Development Project Tracking

Update this month:

An update of the monthly project tracking summary is provided as an attachment to

this memorandum.

Attachments:

• Development Tracking Sheet

61

5. Current City, State and Federal Issues Summary: October 2015

Housing Boulder Update

The Housing Boulder Process Committee will work with city staff in the next month to

develop a community engagement approach. The Committee is made up of three City

Council members and two Planning Board members. Larger housing issues are

connected to the 2015 Boulder Valley Comprehensive Plan Update process, which will

be in the analysis and map updating phase through early 2016. The Housing Boulder

Action Plan was approved by the Boulder City Council at the September 1 meeting.

Boulder Student Apartment Complex Sale

On September 16, The Province Boulder student apartment complex, located east of

US-36 and Colorado Ave, sold for $48.8 million to a company from Memphis,

Tennessee. The price per unit surpasses prior Boulder sales per unit by over $100,000

at nearly $581,000 per unit.

Four-bedroom units start at $954 per bed and two-bedroom units are a minimum of

$1,210 per unit. The sale comes at a time when the average monthly rent on a two-

bedroom apartment in Boulder reaches $2000.

Google Campus Construction Begins

Construction started on Boulder’s Google Campus on August 16. Phase 1&2 will

consist of the first two buildings. Completion is expected in early 2017 for the 4.3-acre

site in the southwest corner of 30th and Pearl.

62

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