denver housing authority 2016 annual budget · fiscal year beginning january 1, 2016 . board of...

DENVER HOUSING AUTHORITY

2016 ANNUAL BUDGET

777 Grant Street Denver, CO 80203

www.denverhousing.org

THIS PAGE IS LEFT BLANK

INTENTIONALLY.

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HOUSING AUTHORITY OF THE CITY AND COUNTY OF DENVER

COMPREHENSIVE OPERATING BUDGET FISCAL YEAR BEGINNING JANUARY 1, 2016

Board of Commissioners

Mr. Richard James Chavez Chairperson Mr. Craig Archibald Vice Chairperson Ms. Jamie Torres Treasurer Ms. Grace Buckley Commissioner Mr. Trinidad Rodriguez Commissioner Ms. Marian Lawrence Commissioner Mr. Jeffrey Martinez Commissioner Mr. Kevin Mullin Commissioner Ms. Marsha Brown Commissioner

Executive Administrative Staff

Mr. Ismael Guerrero Executive Director Mr. Joshua Crawley Agency Counsel Ms. Nichole Ford Chief Financial Officer Mr. James DiPaolo Deputy Chief Financial Officer Mr. Robert Prettyman Chief Operating Officer - Housing Management Ms. Angela Fletcher Deputy Director – Housing Management Mr. Ryan Tobin Director of Development Ms. Loretta Owens Director of Section 8 Programs Ms. Renee Nicolosi Director of Resident & Community Services Ms. Lynne Picard Director of Workforce Development &

Community Initiatives

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TRANSMITTAL LETTER 9 The transmittal letter highlights the accomplishments of the past year, new initiatives and financial planning for the coming year.

DHA’S VISION AND GOALS 21 This section discusses the vision for DHA. Also included are the short and long-term goals for DHA, and the outcome and status of each goal.

Vision/Mission Statement/Values ............................ 23 Guiding Principles/Strategies ..................................... 24 Strategic Plan – Short and Long Term Goals ......... 25

FINANCIAL MANAGEMENT POLICIES 35 The policies that define the financial responsibilities of the Authority are explained in this section.

DHA ORGANIZATION CHARTS 43 This section presents the organizational structure of DHA by division.

DHA Structure .................................................................... 45Executive Division ............................................................ 46 Finance Division ................................................................ 47 Housing Management Division ................................... 48 Section 8 Department ..................................................... 49 Staffing Summary/Graphs ............................................ 50

BUDGET SUMMARY 53 Presented in this section is the 2016 Budget in summary, changes in fund equity balances, revenue projections and projected payroll.

2016 Comparative Budget Summary ........................... 55 Combining 2015/2016 Budgets by Fund ................... 56 2016 Revenue Summary .................................................... 60 2016 Expenditure Summary ............................................ 62 DHA 2016 Business Units .................................................. 64

BUDGET SUMMARY, continued 2016 Projected Payroll Benefits ...................................... 66 Fund Balance and Fund Equity Changes ...................... 68

TRENDS & PROJECTIONS 69 2016 Budget trends and projections are presented.

Revenue Projections ............................................................. 71 5 Year Revenue Projection ................................................. 73 Historical Revenue Summary ........................................... 74 DHA Rental Revenue Historical Graph ......................... 75 Rental Unit Comparison Graph ....................................... 75 Rental Income and HUD Subsidy Comparison Graph ........................................................................................... 76 Section 8 HAP/Unit Historical Chart ............................. 76 Historical Capital Grant Funding Information .......... 77 Federal Financial Assistance Historical Chart ........... 78 Capital Grant Funding by Year ......................................... 80 Public Housing Operating Fund Historical Proration Levels ..................................................................... 81 Section 8 Administrative Fees Historical Proration Levels ..................................................................... 82 Comprehensive Budget Overview .................................. 84

DIVISION BUDGETS 87 The Division budgets provide financial data, goals and accomplishments for each division within DHA.

Division/Department Structure ............................... 89 Executive Division .......................................................... 90 Finance Division .............................................................. 92 Housing Management Division ................................. 94 Section 8 Department ................................................... 96 Resident & Community Services Dept. (RCS). ..... 97 Workforce Development & Community Initiatives Programs (WDCI) ...................................... 99

TABLE OF CONTENTS

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FUND BUDGETS 101 The Fund Budgets provide definition of DHA’s fund structure and present three years of financial data.

Summary of Revenues and Expenditures ............ 103 DHA Fund Structure ....................................................... 104 Fund Budget Statement ................................................ 105 General Administrative Fund .................................... 111 Public Housing Program Fund ................................... 112 Section 8 Program .......................................................... 113 Denver Housing Programs (DHP) ............................ 114 Resident Services Programs) ..................................... 115 Internal Services Funds ................................................. 117 Component Units ............................................................. 120

CAPITAL BUDGETS 147 The Capital Budget section provides an overview of the revenue and expense components of DHA’s Capital Improvements program.

Capital Budget Statement, Sources and Uses ........ 149 Public Housing Rehabilitation Detail ....................... 150 2016 Capital Budget Detail ........................................... 152 2014-2015 Capital Budget Detail Status Update . 155 Impact of Capital Improvement Program on the Operating Budget .............................................................. 158

PROJECT BASED BUDGETS 161 The project based budgets give financial detail for individual project by housing program.

Public Housing Program Budget Detail ................... 163 Multifamily Housing Budget Detail ........................... 166 Partnerships Budget Detail ........................................... 167

GENERAL INFORMATION 171 This section provides long-term debt, demographic and statistical information.

General Information Statement ................................... 173 Long-Term Debt ................................................................. 174 Budget Process .................................................................... 187 DHA’s Performance Indicators .................................... 191 DHA Property Characteristics and Unit Composition ......................................................................... 196 Non-Residential Property Information .................... 198 DHA Community Centers ............................................... 198 DHA Special Limited Partnership Units ................... 199 Number of Dwelling Units .............................................. 200

Denver Income Limits FY2015...................................... 201 Statistical Information

Employee Demographics ....................................... 202 DHA Controlled Properties/Resident Demographics ............................................................. 204 Section 8 Program Client Demographics ........ 206

Awards and Recognitions ................................................ 208

GLOSSARY/ACRONYMS 209 Definitions and acronyms used throughout the book are defined in this section.

Glossary of Terms .............................................................. 211 Acronyms ............................................................................... 219

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The Government Finance Officers Association of the United States and Canada (GFOA) presented an Award for Distinguished Budget Presentation to the Housing Authority of the City and County of Denver for its annual budget for the fiscal year beginning January 1, 2015.

In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan and as a communication device.

The award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award.

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§̈¦ 25§̈¦ 70

Stapleton

Montbello

DIA

Hampden

HilltopBaker

Gateway / Green Valley Ranch

Fort Logan

Marston

Lowry Field

Hale

Globeville

Windsor

Mar Lee

HampdenSouth

Northeast Park Hill

Regis

BerkeleyElyria

Swansea

Ruby Hill

FivePoints

Belcaro

Speer

Westwood

Harvey Park

Sunnyside

Virginia Village

Highland

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Athmar ParkOverland

University

Bear Valley

Valverde

Cole

MontclairVilla Park

North Park Hill

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University Hills South Park Hill

Wellshire

Clayton

Barnum

Skyland

East ColfaxCBD

WashPark

Auraria

PlattPark

City ParkWest Colfax

Kennedy

West Highland

UniversityPark

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CherryCreek

CapitolHill

Chaffee Park

SunValley

Rosedale

SouthmoorPark

College View/South Platte

BarnumWest

CountryClub

Indian Creek

WashParkWest

CityParkWest

JeffersonPark

CheesmanPark

UnionStationCivic

Center NorthCapitol

Hill

Zuni St.

York St.

Iliff Ave.

1st Ave.

6th Ave.

Lima St.

Holly St.

Ulster St.

Yale Ave.

48th Ave.10th A

ve.

20th Ave.

26th Ave.

38th Ave.

44th Ave.

64th Ave.

Huron St.

Pecos St.

Dahlia St.

Steele St.

Peoria St.

52nd Ave.32nd Ave.

Tower Rd.

Kipling St.

Union Ave.

Havana St.

Jewell Ave.

Quebec St.

Franklin St.

Florida Ave.

Quincy Ave.

Lowell Blvd.

Clarkson St.

Yosemite St.

BROADWAY

Tennyson St.

Federal Blvd.

Himalaya Rd.

Alameda Ave.

Monaco Pkwy

CO

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Belleview Ave.

Chambers Rd.

Mansfield Ave.

Sheridan Blvd.

Ham

pden Ave.

Colorado Blvd.

Montview

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Dartm

outh Ave.

University Blvd.

Mississippi Ave.

1st Ave.

Dartm

outh Ave.

Florida Ave.

Quincy Ave.

Jewell Ave.

Pecos St.

Franklin St.

Clarkson St.

Quebec St.

Zuni St.

Holly St.

Exposition Ave.

CO

LFAX AVE

.

Mississippi Ave.

Alameda Ave.

Ham

pden Ave.

Havana St.

Federal Blvd.

Belleview Ave.

Colorado Blvd.

Steele St.

10th Ave.

BROADWAY

Dayton St.

Monaco Pkwy

Huron St.

Tennyson St.

Iliff Ave.

6th Ave.

Union Ave.

Yale Ave.

Dahlia St.

Lowell Blvd.

Picadilly Rd.

Mansfield Ave.

Glasier Lateral

Harvard Gulch

South Pla tte River

Unnamed Creek

C her ry Creek

Bear Creek

Unnamed Creek

Sand ers on Gulch

C lea r Cr eek

First Creek

Lak ewood Gulch

Westerly Creek

West Fork Second Creek

Goldsmith Gulch

Sand Creek

Intermittent Stream

Dry Gulch

Westerly Creek

First Creek

Pinehurst Tributary

Coon Creek

Harvard Gulch

Unnamed Creek

Map D

ate: January 2013M

ap Date: January 2013

DenverG

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Disclaimer: The City and County of Denver shall not be liable for damages of any kind arising out of the use of this information. The information is provided "as is" without warranty of any kind, express or implied, including, but not limited to the fitness for a particular use.

Statistical N

eighborhood B

oundaries

Roads

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County B

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City and C

ounty of Denver

City and C

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Statistical Neighborhoods

Statistical Neighborhoods

Projection StateplaneUnits U.S. Survey Feet

Colorado Central Zone 502Horizontal Datum NAD83/92 HARN

Vertical Datum NAVD88

01

20.5

Miles

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O U R M I S S I O N

T he mission of the De nver Housi ng Authority is to serve the re sidents of De nver by de veloping,

owning and operating safe, dece nt and affordable housing in a manner that

promotes thriving communitie s.

Richard Chavez Chair

Jeffrey Martinez Vice Chair

Jamie Torres Treasurer

Craig Archibald

Marsha Brown Kevin Mullin Grace Buckley

Marian Lawrence Trinidad Rodriguez

D H A B O A R D O F C O M M I S S I O N E R S The DHA Board of Commissioners consists of nine members appointed by the

Mayor of Denver and approved by the City Council. Each member serves a five-year term. The Board is responsible for establishing DHA policy, long-term goals, objectives and direction.

The Board of Commissioners is also responsible for hiring the Executive Director.

Board meetings are held the second Thursday of each month at 4:00 p.m. Location and/or changes are posted three days prior to the meeting at the

front entrance of the DHA main administrative offices located at 777 Grant Street; or can be obtained by calling the DHA Executive Offices at (720) 932-3106;

or by visiting our Web site at www.denverhousing.org.

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http://www.denverhousing.org/

TTRRAANNSSMMIITTTTAALL LLEETTTTEERR

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INTENTIONALLY.

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HOUSING AUTHORITY OF THE CITY AND COUNTY OF DENVER

TRANSMITTAL LETTER

December 10, 2015

To the Board of Commissioners:

Transmitted in this document is DHA’s adopted fiscal year 2016 annual operating budget. This budget sets forth the operating budget for DHA by major program, department and by development. The budget encompasses all DHA programs and funds. As in prior years, the FY2016 budget includes all real estate development efforts of DHA even though multi-year individual development budgets are approved by the DHA Board prior to the financial closing of each real estate development effort. This budget is intended to ensure that DHA remains financially sound while delivering services according to its mission statement. There has been a continued decline in federal funding for low income housing programs and public housing disinvestments continue at the federal level. DHA is continuously striving to diversify its sources of revenue in addition to achieving efficiencies in its operations. FY2016 has budgeted revenues of $146,739,334 and budgeted expenses of $146,739,334 resulting in a balanced budget. DHA’s FY2016 budget was prepared fully compliant with HUD’s Asset Management Principles. Under Asset Management, the costs of the General Administrative Fund (Central Office Cost Center (COCC)) are paid from fees for services provided to the programs that it supports. HUD’s Assets Management rules require that each housing authority develop and maintain a system of budgeting and accounting for each project in a manner that allows for analysis of actual revenues and expenses associated with each Asset Management Project (AMP) grouping. There is a section in this budget document with project-based budgets for each AMP that DHA manages. DHA's accounting system maintains records that conform to Generally Accepted Accounting Principles (GAAP) as applicable to governments. An Independent Public Accounting firm will perform an annual audit and will issue an opinion on the Comprehensive Annual Financial Report (CAFR). DHA's CAFR conforms to guidelines established by the Government Accounting Standards Board (GASB) for financial reporting and has been receiving Government Finance Officers Association's (GFOA) Certificate of Achievement award for the past twenty consecutive years.

D H A O V E R V I E W

DHA was established in 1938 as a quasi-municipal corporation authorized by State law to operate in the City and County of Denver. The 1937 National Housing Act created housing authorities to clear slums and blight, to provide safe and sanitary housing for persons of low income and to stimulate business activity. Today, DHA’s vision has been honed to reflect the goal that every individual or family shall have quality and affordable housing, in communities offering empowerment, economic opportunity, and a vibrant living environment. DHA maintains close ties with the City and County of Denver, although it is not a component unit of the City as defined by the pronouncements of the Government Accounting Standards Board. The City is not financially accountable for the operations of DHA, has no responsibility to fund deficits or receive surpluses, and does not guarantee DHA’s debt. The City provides DHA with grants from the City’s HOME (HOME Investment Partnership Program) and CDBG (Community Development Block Grant) allocations for DHA’s project specific development efforts. DHA is the largest Public Housing Authority in the Rocky Mountain Region and the largest landlord of subsidized rental housing in the city of Denver. DHA’s goals are accomplished through a variety of housing programs and activities. These activities include two major programs developed by HUD, the Public Housing Program and the Section 8 tenant based/project based Housing Programs. The governing body of the Authority is its Board of Commissioners (“Board”) comprised of nine members appointed by the Mayor of the City. DHA Board members serve staggered five (5) year terms. The Board appoints an Executive Director to administer

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HOUSING AUTHORITY OF THE CITY AND COUNTY OF DENVER TRANSMITTAL LETTER (CONTINUED)

the affairs of DHA. The Board is the policy-making body of DHA. The primary source of funding for DHA is the U.S. Department of Housing and Urban Development (“HUD”). In addition to federal programs, DHA has created various instrumentalities to explore and develop innovative techniques for providing alternative housing possibilities for the low to moderate-income residents of Denver. These programs have allowed DHA the flexibility to develop several private/public partnerships providing a variety of housing opportunities for Denver residents. In addition, DHA strives continuously to support our residents towards economic self-sufficiency. DHA offers various programs for the children, youth, adults and seniors of our housing programs which are designed to improve their lives.

E C O N O M I C C O N D I T I O N A N D O U T L O O K

The U.S. economy is stable and growing stronger albeit at a slow pace. The Federal Reserve raised the Fed funds rate to 0.5% in December 2015. This was the first change since 2008. Unemployment rates are still falling and, as of November, stand at 5.0% nationally, 3.6% in Colorado and 3.2% in Denver. The Census Bureau recently estimated that over 100,000 moved to Colorado in just 12 months. That is the largest increase in 15 years. Vacancy rates in Denver are at 5% and as a result of the decreasing supply, rents have increased dramatically at 12%. Colorado is expected to be one of the top growth states nationally in 2016.

H U D B U D G E T F O R 2 0 1 6

As with most other housing authorities, majority of DHA’s operating and capital funding comes from federal dollars provided by HUD in the form of Operating Subsidies, Capital Fund grants and Section 8 housing assistance payments. DHA is also the beneficiary of significant Low Income Housing Tax Credit Equity dollars provided by investors for the provision of affordable rental housing construction and rehabilitation. In December 2015, Congress passed a 12-bill omnibus spending package for 2016. While the funding for HUD programs remains well below 100% of eligibility, it appears that it will be close to the estimates used in preparing this budget. The budget presented here factors in 15% total funding cuts to the public housing program and 20% cut to Housing Choice Voucher program’s Administrative fees. As final funding pro-rations for FY2016 become available appropriate revisions will be proposed for DHA.

I M P A C T O F H U D F U N D I N G C U T S

Housing authorities have been underfunded for most of the past decade in both the major housing programs, i.e. Public Housing and Section 8 Housing Choice Vouchers. To cope with funding cuts, housing authorities have resorted to pay cuts, concessions, layoffs and reduction in services to tenants. Elimination of services affects the public housing residents who are mainly children, elderly and disabled. DHA had to restructure its workforce various times over the last few years to maintain a balanced budget.

For 2016, DHA is budgeting an operating subsidy cut of 15% in the Public Housing program. Section 8 Housing Choice Vouchers are projected to be funded at 100%. Section 8 administrative fees for 2016 are projected to be underfunded by 20%. DHA’s strategy to manage decreased federal funding has been to limit hiring, strategically reduce non-routine maintenance, and employ creative, mixed-finance capital developments to maintain and expand its affordable housing portfolio. Going forward, DHA will continue to identify methods of becoming more self-sufficient. DHA continues to enter into public/private partnerships in the creation of mixed income communities, which will promote the economic vitality of the DHA communities.

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P R I O R I T I E S F O R T H E N E W Y E A R

The Board of Commissioners has reaffirmed DHA's mission to serve the residents of Denver by developing, owning, and operating safe, decent and affordable housing in a manner that promotes thriving communities, while staying within DHA's anticipated revenue sources. Another priority is to continue along the path of becoming more entrepreneurial in our efforts to increase non-HUD revenues through partnerships with other entities. Every effort was made during this budget process to operate more efficiently and effectively in the coming year. This included requiring balanced budget submittals from each property, use of a fee-for-service budget for the Central Office, and a continuous cost analysis of centralized services and operations. Ensuring long-term fiscal stability, preserving key assets and improving quality of life for DHA residents continue to be the key goal of DHA’s budget process. DHA and AFSCME Local 535 entered into a new three-year contract effective January 1, 2015. Sixty percent of DHA’s FY2016 regular full-time employees fall under the Union classification. During 2015, the DHA Board and management began updating the three-year strategic plan for 2016-2018. The plan is a continuation of the previous three-year plan and has been retooled to leverage accomplishments attained and to refocus the direction of our efforts for this next cycle. The result was a plan that focuses on five initiatives that are described in the next section of this budget.

Sun Valley Revitalization In 2013, DHA was awarded a Choice Neighborhoods Initiative (CNI) planning grant for our Sun Valley property. Sun Valley is a 333 unit property that was built in the 1950s. This 33 acre site is one of the oldest housing sites in DHA’s portfolio. The CNI grant provided funding to create a master plan for a mixed-income, higher density rental and homeownership community with active mixed-use commercial space. This plan was be in line with the Decatur-Federal Station Area Plan which guides future growth and change near the light rail station which is minutes from the property. DHA plans to submit applications for both a CNI Action grant and a CNI Implementation grant to further the redevelopment of this neighborhood.

South Lincoln Revitalization In 2010, DHA completed the master planning for the revitalization of South Lincoln Park Homes which was built in the early 1950s. The first phase of the revitalization effort of the neighborhood was completed in January 2012 with the construction of a 100 unit senior/disabled public housing building in an adjacent parcel of land using leveraged ARRA funding. DHA applied for a HOPE VI grant for the remainder of the phases at South Lincoln in 2010 and was awarded $22 million in 2011. Since 2012, three (3) addition phases have been constructed adding 257 units of mixed income housing, 79 of which being public housing. In 2014, construction started for Phase VI and will add 94 units of mixed income, 36 units being public housing will be finished in the first quarter of 2016. Phase V was the construction and sale of 6 affordable single family Habitat for Humanity residences. Phases II, III, IV, and VI are mixed income housing which consists of 30% of each type, public housing, Low Income Housing Tax Credits (LIHTC) and market rate. The market rate units have also been very successful and have experienced near 100% occupancy levels. Phase VII and VIII began in the last quarter of 2015. Phase VII will consist of 45 tax credit units (14 will be public housing and 31 will be Project Based Section 8) and Phase VIII will be 21 tax credit townhomes (11 will be Project Based Section 8). Overall the benefits fromcombining HOPE VI, public housing, tax credits and market rate rents have resulted in revitalizing a community and creating a positive and healthy neighborhood that had been over 65 years old. DHC III The Denver Housing Corporation portfolio is undergoing its last phase of redevelopment. The comprehensive rehabilitation of 99 dispersed units will occur with unit turnover over the course of two years. The focus will be on the modernization of kitchens, bathrooms, plumbing and HVAC systems.

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HOPE VI Communities The Curtis Park, Park Avenue, and Mariposa sites will complete the revitalization plans through the sale of remaining vacant land for development of market rate and affordable home ownership units.

B U D G E T S U M M A R Y

The adopted budget for 2016 is $146,739,334. As in prior years, majority of DHA’s operating revenues is coming from federal financial assistance to provide low-income housing. The federal government funds $96.1 million of the total 2016. Rental income of $21.8 million is expected to be collected. Interest income of $0.5 million and other revenues of $9.9 million constitute the remainder of the 2016 revenues. Also included in 2016 budget is $18.4 million in Capital Financing for development activity. The adopted 2016 budgeted expenditures include $56.1 million in Housing Assistance Payments (HAP) to Section 8 HCV landlords. Capital Investment of $31.6 million is budgeted for the year. Utility expenses are budgeted at $7.7 million. Debt service budget of $7.3 million is comprised of principal and interest payments on DHA obligations comprising of bonds and loans. Administration expense of $22.9 million and general expense of $2.4 million are comprised mainly of salary, benefits and general costs. Maintenance expense of $15.9 million includes salaries of the maintenance staff, the costs of materials and contracted services. Operating and replacement reserves are budgeted at $2.8 million. All administrative expenses including property management salaries are budgeted in the administration line item. General expense category is mostly DHA’s insurance premium costs.

Increase2014 2015 2016 (Decrease)

Revenues Budget Budget Budget From Prior YearRental income $17,185,098 $21,331,545 $21,787,272 2.1%Interest income 186,552 205,333 463,992 126.0%Management & Other Fees 6,588,094 4,756,432 3,525,930 (25.9%)Federal financial assistance 98,606,252 100,823,238 96,076,551 (4.7%)Other income 2,560,161 2,528,052 3,076,947 21.7%Use of replacement & operating reserves 263,685 225,000 3,369,099 1397.4%Capital financing/Tax Credit Equity 34,200,000 17,667,700 18,439,543 4.4% Total $159,589,842 $147,537,300 $146,739,334 (0.5%)

ExpensesAdministration $19,810,941 $21,393,549 $22,963,123 7.3%Rent to owners 53,203,380 56,646,938 56,090,991 (1.0%)Utilities 7,419,995 7,696,629 7,750,075 0.7%Maintenance 11,699,525 13,028,173 15,910,070 22.1%Debt service/Interest expense 5,407,364 7,005,247 7,322,082 4.5%General 2,221,353 2,380,206 2,361,925 (0.8%)Operating/Replacement Reserves 6,202,304 4,160,296 2,761,445 (33.6%)Capital Investments 53,624,980 35,226,262 31,579,623 (10.4%) Total $159,589,842 $147,537,300 $146,739,334 (0.5%)

Net of interfund transfers and interfund revenues and expenses

2016 BUDGET SUMMARYCOMPARATIVE SUMMARY OF TOTAL 2016 REVENUES AND EXPENSES

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Rental revenues are budgeted higher in 2016 to reflect rehabilitated units coming on-line from public housing, DHC programs, and non-HUD programs. Rental revenues represent all tenant rents paid in the public housing units, Denver Housing Corporation units, and all DHA non-HUD units in addition to the rents generated from DHA’s commercial leases. Interest revenues are budgeted higher due to slight increase in interest rates. Federal financial assistance from HUD of $96.1 million includes $58.7 million in Housing Assistance Payments for the Section 8 and tenant based program clients, $17.5 million in public housing operating subsidies and the remainder in various capital grants and other resident program grants. Other income and contributions of $3 million consist mainly of service charges and late payment charges to tenants, lease revenues from rooftop antennas, DHA Partnerships’ management fees and ground lease revenues. All Capital financings are shown as revenue sources due to DHA being the Developer in various mixed finance real estate developments. These sources include, but not limited to, Low Income Housing Tax Credit (LIHTC) equity, Construction and Permanent financing from banks and various HUD Capital grants. On the expense side, lease payments to Section 8 landlords account for 38% of total expenditures. Administrative expenses include administrative salaries and costs of administrative supplies and services in all programs. Utility expenses paid by DHA for the public housing units and for the DHA facilities are budgeted at $7.7 million for FY2016. Maintenance expenditures account for the maintenance staff’s salaries, maintenance material costs and other maintenance related vendor contracts. Maintenance expenses increased 22.1% for 2016. Debt service of $7.3 million is budgeted to cover scheduled payments of principal and interest on various DHA obligations. General expense of $2.4 million is comprised of insurance costs and payment in lieu of taxes payments. Development and capital investment budget of $31.6 million account for the additions and betterments to DHA’s real estate assets. The 2016 budget for real estate development activities is 10.4% lower than 2015 reflecting a decrease of development activities for 2016.

WHERE THE MONEY COMES FROM – ALL REVENUE

68.34%

14.46%

0.14%

1.71%

11.98%

0.15% 3.22%

2015

2015 Total Revenues By Category $147,537,300

65.47%

14.85%

0.32%

2.09%

12.57%

2.30%

2.40%

2016 Federal FinancialAssistance

Tenant RentalIncome

Interest Income

Other Income &Contribution

Capital Financing

Use of operatingreserves

Property Mgmt &Other Fees

2016 Total Revenues By Category $146,739,334

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WHERE THE MONEY GOES – ALL EXPENDITURES

2 0 1 6 B U D G E T H I G H L I G H T S / A S S U M P T I O N S

The highlights of the 2016 budget and the assumptions used in developing DHA’s 2016 Operating Budget are as follows:

• The FY 2016 DHA Comprehensive budget is for $146,739,334, a decrease of $797,966 (0.5%) from FY2015.

• The major Capital projects for 2016 are: South Lincoln Hope VI redevelopment, DHC Phase III- PacificPlace and Dispersed Units - rehabilitation, St. Anthony/West Colfax Project, Energy Outreach Colorado,Lowry Family Housing- VOA IV, Lincoln Park unit conversion, 2506-34 W. Colfax, and Rehabilitation of16 Family Homestead Services units. The award of a $22 million Hope VI Grant is facilitating theredevelopment of South Lincoln.

• Administrative fee revenue is budgeted at 80% for Section 8.

• Housing Assistance Payments (HAP) are budgeted at 100%.

• 87% lease-up is budgeted for the DHA Section 8 program in 2016.

• DHA will administer 6,872 Section 8 vouchers in FY2016. This is an increase of 23 vouchers from 2015.

• DHA is budgeted to manage 4,353 rental units in 2016 between the public housing and other DHA HUDand non-HUD programs. This increase of 65 units from 2015 is due to the units at Mariposa ApartmentsPhase VI coming on-line.

38.39%

14.50% 5.22% 8.83%

1.61%

4.75%

23.88% 2.82%

2015

2015 Total Expenditures by Category $147,537,300

38.23%

15.64% 5.29%

10.84%

1.61%

4.99%

21.52% 1.88%

2016 Rents to Owners

Administration

Utilities

Maintenance

General

Debt Service

CapitalInvestments

Replacement/OperatingReserves

2016 Total Expenditures by Category $146,739,334

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• Operating subsidy for the public housing program is budgeted at 85% funding in FY2016.

• 97% occupancy is projected for DHA’s established rental developments.

• Use of $3,369,099 of reserves are budgeted for:

Program Purpose Amount

Public Housing Extraordinary maintenance $1,900,000

Section 8 Administrative costs $388,011

DHP Unit conversion $338,021

Resident Services Administrative costs $152,767

Component Units Rehabilitation $590,300

Total $3,369,099

• DHA’s central office building is budgeted to have $335,652 deficit due to loss of tenants, this deficit iscovered by an operating transfers from COCC.

• DHA investments are budgeted to earn an average of 0.31% in 2016.

• The 2016 budget projects 257 regular full-time employees. This is a decrease of three employees from2015. The Executive and Real Estate departments each added temporary employees. Four employeeswere transferred from Executive to Finance and Administration.

• Annual salary increase of 2% is budgeted for eligible regular full-time staff in 2016.

• Merit increase in salary of 3% is budgeted for eligible regular full-time staff in 2016.

• Per DHA’s Union contract and Personnel Policy for 2016, DHA is budgeted to absorb 60%, 70% or 80%of health insurance premiums based on the types of plan chosen by employees. DHA’s health insurancepremiums increased by 6.91% from 2015 to 2016.

A G E N C Y P L A N

The Quality Housing and Work Responsibility Act of 1998 (QHWRA) created the requirement of the submission to HUD of an Agency Plan by all public housing authorities. The Agency Plan is a comprehensive guide to PHA policies, programs, operations and strategies for meeting local housing needs. Agency Plan includes a 5-year plan submitted every five years and an annual plan, which the PHA submits every year. The Agency Plan is required to be submitted 75 days prior to the beginning of the fiscal year. The DHA Board approved the 2016 Agency Plan in October 2015. The Agency Plan was also submitted to HUD in October 2015 has been approved by HUD.

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P H A S S C O R E

HUD’s Public Housing Assessment System (PHAS), provides a comprehensive and strategic measurement of a PHA’s essential operations. PHAS assesses the physical condition of the housing authorities’ public housing units, management operations of public housing, the Housing Authority’s financial condition and residents’ satisfaction with living conditions. For the fiscal year ended December 31, 2014, DHA submitted all required reporting to HUD and received a final score of 93.

S E M A P S C O R E

HUD’s Section 8 Management Assessment Program (SEMAP) grades an agency’s management capabilities under the Section 8 Program. SEMAP has 14 key indicators, which are designed to improve HUD’s oversight of the Section 8 tenant based rental assistance programs. For the fiscal year ended December 31, 2014, DHA scored 100 percent, which continues to place DHA as a high performer in the Section 8 program. FY2015 data will be submitted to HUD in February 2016 and a score will be determined by HUD.

A W A R D S & R E C O G N I T I O N

The Government Finance Officers Association of the United States and Canada (GFOA) presented an Award for Distinguished Budget Presentation to the Housing Authority of the City and County of Denver for its annual budget for the fiscal year beginning January 1, 2015. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan and as a communications device. The award is valid for a period of one year only. We believe our current budget continues to conform to program requirements and we will submit it to GFOA to determine its eligibility for another award. DHA’s Finance/Administration Division was presented with a Certificate of Achievement in Financial Reporting for Excellence for 2014. The Finance/Administration Division also received from Housing Authority Insurance Group – Low Loss Achievement and Outstanding Risk Control Program awards. DHA’s Resident Community Services received recognition from the National Association of Housing and Redevelopment Officials (NAHRO) with the following 2015 awards – the National Award of Excellence for the Program Innovation-Mariposa Neighborhood Eco (NECO) Pass Program, and Awards of Merit for the Advanced Active Living Staircase, Health Living Cardiac Risk Screening, Mariposa NECO Pass Program and the Holiday Helpers. DHA also received the following awards and recognitions:

• Sustainable Denver Award Implementer for 2020 Sustainability Goals• Mariposa Mixed-Use Development Phase IV Leadership and Environmental Design (LEED) for

Neighborhood Development – U.S. Green Building Council in LEED Green Building PlatinumDesignation

• U.S. Department of Housing and Urban Development - SEMAP High Performer• Housing Management Department – U.S. Department of Housing and Urban Development PHAS

High Performing Housing Authority

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A C K N O W L E D G M E N T S

A great deal of effort has gone into the development of this budget and has involved many individuals throughout DHA. Our sincere appreciation goes to each and every employee who contributed to the preparation of this document and to the division managers who spent many hours developing balanced budget submittals. We would like to especially acknowledge James DiPaolo, Deputy Chief Financial Officer and Nancy Guereca-Munoz, Budget Officer, for their efforts in preparing the budget and this document. Without the leadership and support of the Board of Commissioners, preparation of this budget would not have been possible. We greatly appreciate the guidance and advice given to staff for this budget preparation by the DHA Board’s Finance and Operations Committee.

Respectfully submitted,

Ismael Guerrero Executive Director

Nichole Ford Chief Financial Officer

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Ismael Guerrero, Executive Director

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VVIISSIIOONN//GGOOAALLSS// IINNIITTIIAATTIIVVEESS

21


INTENTIONALLY.

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VISION

DHA’s vision is that every individual or family shall have quality and affordable housing, in communities offering empowerment, economic opportunity, and a

vibrant living environment.

MISSION STATEMENT

DHA's mission is to serve the residents of Denver by developing, owning, and operating safe, decent and affordable housing in a manner that promotes thriving

communities.

VALUES

• Respect

We treat tenants, employees, Board of Commissioners, and the public with a high level of respect.

• Honesty

We promote and encourage the highest level of ethics within the city and community.

• Teamwork

We promote a cooperative working relationship among tenants, employees, Commissioners, and external partners because; we are all members of a team striving to improve housing and economic opportunities in our community.

• Integrity

We conduct our internal and external affairs with impartiality and equity. We strive to “do the right thing”, even when it is difficult.

• Diversity

We embrace the personal and cultural variations that enrich our community.

• Excellence

By utilizing the creativity and innovation of staff, board and tenants, we shall continue to lead the nation in providing high quality housing and tenant services.

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GUIDING PRINCIPLES AND STRATEGIES

I. Promote Collaborative Partnerships and Teamwork

DHA will be a leader in forming strategic partnerships that lead to the maximum leveraging of financial, human and organizational resources. DHA staff will be recognized for being open, engaged and dependable and for their focus on advancing the mission of the agency at every opportunity.

II. Manage Our Assets Responsibly

DHA will utilize industry best practices to maintain and modernize our real estateportfolio. Our residential properties will be healthy and thriving communities. Ourcommercial properties will be managed and leveraged to provide maximum benefit toDHA and to our mission.

III. Expand Housing Opportunities for All

DHA will be recognized as one of the City of Denver’s top developers by designing and developing award-winning residential communities that create a continuum of housing opportunities for those most in need. Our developments will lead to neighborhood revitalization through strategic alliances with community stakeholders and strategic leveraging of mixed-use market opportunities.

IV. Fiscally Responsible Operations

DHA will be recognized for its sound fiscal management; the diversity of its revenuegenerating initiatives; and its innovative financing strategies. DHA will align itsfinancial resources to best support its strategic goals and the overall mission of theagency.

V. Empower Our Residents

DHA residents will be empowered to participate in the governance and oversight of theorganization and will be supported in their individual and collective efforts to improvetheir condition and the quality of their neighborhood.

VI. Maximize Opportunities for Disadvantaged Residents, Businesses andCommunities

DHA will promote resident employment and micro-business formation. DHA will berecognized for its innovative programs that achieve high levels of MBE/WBEparticipation and create economic impact in the communities we serve.

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Denver Housing Authority Strategic Plan

Recognizing the dynamic shifts underway in the realm of public, affordable housing and the opportunities and challenges that the current housing market presents, the Denver Housing Authority undertook a strategic planning process in 2012 to align its mission and vision with the anticipated demands of FYs 2013-2015. The plan is currently being updated for FYs 2016-2018. The basic framework of the plan is being retained for the new 3 year cycle. Some items from the previous cycle are in progress and are incorporated into the new cycle.

DHA’s leadership sought a plan that embodied three key principles:

1. A bold plan embracing the changing environment and seeking new ways to achieve the mission of the organization;

2. A grounded plan with a high likelihood of implementation; and 3. An inclusive plan developed from multiple perspectives across departments – from

leadership to line staff – that built broad ownership of the plan’s goals and strategies.

The Strategic Plan is composed of five areas:

• Housing Initiatives • Vibrant Communities Initiatives • Resident Empowerment and Economic Opportunity • Business Improvements • Employee Initiatives

The details of the plan are listed on the following pages.

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Housing Initiatives At the core of DHA’s mission is the provision of housing for those most in need within the City of Denver. With declining public housing funding and related federal funds combined with the goal of developing economically integrated communities, the means DHA must undertake to meet its mission have shifted.

This area of the strategic Plan describes both the traditional and emerging methods DHA will use for development housing, maintaining units and planning for the shifting population demographics that we expect to experience.

Preservation

Outcome Maintain units on a 20 Year Life-Cycle while maximizing building energy and operation efficiency.

Strategies 1. Finalize Recapitalization Plan for Denver Housing Corporation (DHC) Phase III2. Update Portfolio Recapitalization Plan and schedule for DHA3. Finalize a methamphetamine contamination clean up strategy

Partners Energy Outreach of Colorado, LEAP, State of Colorado, Governor's Energy Office, City and County of Denver, Xcel Energy

Outcome One-for-One Replacement of subsidized units during any redevelopment.

Strategies 1. Complete an updated RAD Analysis and Recommendation Study2. Create Sun Valley Eco District (SVED) Housing Plan3. Create Platte Valley Homes Revitalization Plan

Production

Outcome Increase the number of affordable housing units serving families between 30% and 50% of AMI.

Strategies 1. Maintain Three Year Development Pipeline2. Acquisitions of existing affordable housing units3. Develop Real Estate Investment and Development strategy for land sale proceeds and DHA

reservesPartners City of Denver, Department of Transportation, Urban Land Conservancy, City of Lakewood, RTD,

City of County of Denver, Area Banks/Mortgage Companies, Colorado Coalition of the Homeless, Veterans Administration, Del Norte, and Opt-Out owners

Outcome Increase opportunities for affordable home ownership through programs, partnerships, and disposition.

Strategies 1. Affordable For Sale housing through partnerships2. Continue advocacy leadership to achieve Construction Defects Legislative reform

Partners Northeast Denver Housing Center, City of Denver, Del Norte, NEWSED, Colorado Housing Assistance Corporation, Colorado Housing and Finance Authority, Colorado Coalition for the Homeless, Tax credit recipients

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Special Needs Housing

Outcome Expand supportive housing options for families and households with special needs.

Strategies 1. Special needs housing initiativesa. St. Anthony’s Senior Health Centerb. Lowry Family Housing with integrated supportive programsc. Integration of housing programs within Denver’s Road Home 2.0d. Achieve full utilization of VASH voucherse. Full deployment and utilization of Project Based Vouchers through Toolkit and SIB

DevelopmentsPartners Veterans Administration, Housing and Urban Development, Colorado Coalition for the Homeless,

Mental Health Corporation of Denver, Colorado Health Network, Department of Human Services, Atlantis Community Inc., Mercy Housing, HealthSET, Total Longterm Care, Denver Health and Hospitals, Department of Human Services, Catholic Charities, DU Bridge, Denver Public Schools, Mental Health Corporation of Denver, Denver Coalition for Integration, Metro Crisis, Volunteers of America, Seniors Inc.

Outcome Enhance partnerships to increase comprehensive services on site to increase resident retention.

Strategies 1. Evaluate and scale the use of the Healthy Living Initiative toolkitPartners HealthSET, Total Longterm Care, Denver Health and Hospitals, Department of Human Services,

Catholic Charities, DU Bridge, Denver Public Schools, Mental Health Corporation of Denver, Denver Coalition for Integration, Metro Crisis, Volunteers of America, Seniors Inc.

Outcome Ensure that DHA supportive services and housing/unit types meet the needs of the evolving population.

Strategies 1. Complete resident surveys annually to evaluate resident needs and determine aging in placeand economic self-sufficiency supportive service needs.

2. Complete an annual resident need and demographic report to identify resident needs andtrends.

3. Advocate to and share information with related agencies.Partners HealthSET, Enterprise Foundation, Total Longterm Care, Denver Health and Hospitals, Leading

Age, Catholic Charities, DU Bridge, Denver Public Schools

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Vibrant Communities Initiatives For over two decades, the Denver Housing Authority has been a leader in moving away from obsolete housing models that isolate families in areas of concentrated poverty. This goal has been achieved through the implementation of progressive community revitalization including: developing mixed-use, mixed income communities designed to provide a link to life’s essentials (i.e., employment, childcare, transportation, schools, etc.); creating a sense of place and belonging for its residents; designing environmentally responsible housing sites; and offering residents opportunities for connecting to diverse social networks that increase the likelihood of their upward mobility.

In this section DHA clarifies its role in creating vibrant living communities in Denver while identifying the strategic partnerships required to undertake this broader ecological approach.

Safe and Healthy Living

Outcome DHA Developments will be safe places to live. Strategies 1. Full implementation of Byrne Grant initiatives in Sun Valley and District 1

2. Next Door utilization goal for Sun Valley and expansion to another neighborhood 3. South Lincoln/Mariposa District safety initiative 4. Explore Department of Justice funding and collaboration for reentry and other populations 5. Technology integration with DPD into our communities (HALO, Shots Fired) 6. Assessment of programs/partners to achieve reduction in Meth problems 7. Affirmatively Furthering Fair Housing – integration and impact assessment 8. Safe lighting strategies around properties 9. Continue to evolve our policy and funding opportunities around Marijuana

Partners Denver Police Department (DPD), Housing and Urban Development

Outcome DHA will be designed to encourage healthy living choices through purposeful design and programming.

Strategies 1. Expansion and formalization of Mariposa Urban Farms and Food Markets 2. Expand partnership with Revision in Westwood and Sun Valley and beyond 3. Mariposa HLI Annual Report on all indicators, continue to identify and improve metrics and

data collection 4. Expand use of HLI into Sun Valley plan and larger West Side initiatives 5. Expansion of community gardens to all sites and tracking of food production, particularly

senior/disabled 6. Formalization of Programming at Curtis Park Urban Farming Collaborative 7. Explore and launch fitness programs targeted for different demographics, targeting chronic

conditions (e.g. obesity, diabetes) 8. Expansion of Health Navigators initiatives 9. Consider improved active living design elements at existing properties 10. Increase medical/mental health services on site

Partners LiveWell, Denver Parks and Rec, BCycle, DUG, CO health foundation, VOA, Health Set, DPS

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Sustainable Development

Outcome Strive to make all DHA developments Green, Sustainable, and provide access to essential services.

Strategies 1. Annual review of EPC Monitoring and Verification Report2. Expansion of Resident Conservation pilot initiatives3. Behavior modification through training, O&M, monitoring and evaluation4. Sun Valley Green Infrastructure and Eco District Plan achieves Zero-Emission District (ZED)

designation5. DHA offices achieve sustainability standards6. Green Committee pilots shared car/electric vehicles7. Smart Housing Design and Branding8. Consider alternative utility administration to improve conservation/financial outcomes9. West Denver Renaissance Collaborative10. Secure a SVED CNI Implementation Grant

Partners City and County of Denver, Denver Public Schools, Mile High Connects

Outcome New communities will offer multi-modal and affordable transit connections.

Strategies 1. Evaluation and expansion of car share initiatives at DHA communities2. Evaluation of electric cars for DHA staff to share3. Advocate for affordable public transit options for seniors and extremely low income4. Expand utilization of B-Cycle and track utilization by site5. Evaluate utilization and expansion of Neighborhood ECO Pass with RTD6. Expanded partnership with RTD for more affordable transportation options7. Consider and advocate for expanded bike lanes and bike boulevards at Sun Valley8. Adoption of the Eco District Protocol becomes model for all DHA communities

Partners RTD

Economic/Empowering Spaces

Outcome DHA will be a catalyst for and strategically invest in commercial space that creates access to services and programs offering economic empowerment opportunities and personal sustainability.

Strategies 1. DHA corporate offices and community resource center developed2. Full lease up of Mariposa District commercial spaces3. MOU’s with Sun Valley Master Plan service and commercial partners for CNI implementation;

including Bridge Project and Boys and Girls Clubs4. Expand use of New Market Tax Credits financing5. Develop a 2 year plan for community services6. Develop co-located health clinic at St. Anthony’s Senior Housing

Outcome DHA will ensure the development of areas which foster human intersection and social support.

Strategies 1. ConnectHome achieves high adoption rates and access to education, jobs, and health careapplications and services

2. Expansion of on-site medical services space (Senior mobile dental, mental health services,Health set and Dominican Home Health) to family sites

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Resident Empowerment and

Economic Opportunity DHA’s purpose is not solely to provide housing, but to provide housing as a means for resident to be empowered and become self-sufficient. As a developer, owner and manager of local real estate assets, the Denver Housing Authority has a unique opportunity to: strategically coordinate critical services and programs that provide stability at critical moments; help residents prepare for their next steps; and assist residents in taking charge of their own lives. This section begins to clarify the roles of DHA and its key partners in the provision of critical services and programs.

Youth and Families

Outcome Break the cycle of generational poverty through individual academic achievement and family engagement.

Strategies 1. Expand academy offerings through acquisition of Arts Street2. Expand academy offerings tied to changes in WIOA funding priorities3. ConnectHome implementation and tracking of school performance

Partners Denver Public Schools (DPS), Denver’s School Compact, Northeast Denver’s Children’s Corridor, and DPS STAR / SWAP services for disabled youth.

Moving to Work

Outcome Transitioning households out of subsidized housing through education and employment.

Strategies 1. Expand Academies to Work programs with work-able adult residents2. Implementation of Higher Income household Policy and transition supports3. Increase formation and utilization of Section 3 Businesses4. Increase Employment placements through Section 3 program5. Increase outcomes of Economic Self Sufficiency Team6. Analysis and recommendation for next Social Enterprise through YEA

Partners Self-Sufficiency Research Summit, Neighborworks Housing Network, Youth Employment and Workforce Partners

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Seniors and Disabled

Outcome Supporting seniors and disabled individuals to live independently and manage their fixed incomes.

Strategies 1. Expand on site health services 2. Expand and sustain Health Navigator and develop metrics to determine and report on

benefits/outcomes 3. Explore policy toward determining when and individual can no longer live independently

Partners Transportation Options, Benefits Enrollment, Transition to Assisted Living, End of Life Planning, Access to Mental Health Services, and Commission on Aging

Cross Sector Resident Initiatives

Outcome Improve the reach and impact of all Resident Services across DHA programs and communities

Strategies 1. Expand outreach and service delivery to HCV clients 2. Develop a Resident Services Plan for Mixed-Income communities 3. Improve and evaluate service delivery through Ross Management 4. Track Healthy Live Initiative ToolKit expansion and evaluation 5. Integrate ConnectHome broadband initiative across resident service delivery

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Business Improvements The goals outlined in the section establish the plan for ensuring that DHA continues to increase its efficiency and effectiveness through process improvements and sound, forward-thinking program administration and financial management.

Financial Sustainability Outcome Create a sustainable and diversified funding model that is adaptive to

external challenges and opportunities. Strategies 1. Determine our implementation strategy for MTW and RAD

2. Expand and evaluate sustainability of grant funding through our non-profit affiliates3. Evaluate the effectiveness and sustainability of our affiliates4. Determine strategy for sustained strong funding of the Central Office5. Develop sustainable financial model for maintaining and updating our Opportunity Centers6. Determine long term earned revenue and funding strategy for ConnectHome initiative7. Develop strategy and game plan for investment of DHA reserves and land assets8. Develop long term strategy for predictable sources of financing real estate development9. Expand HMD management services to mixed-income communities10. Explore acquisition of existing management company11. Increase income from affiliates and IGA’s

Green Outcome Identify and implement sustainable practices throughout the agency to

minimize impacts on the environment. Strategies 1. Green committee to expand recycling to more off-site properties

2. Explore opportunities with Waste Management to expand and make recycling moreconvenient and inexpensive

3. Achieve and promote our Better building Challenge accomplishments4. Expand our EPC IGA clients5. Develop plan and metrics to move DHA toward a paperless environment

Process Efficiencies Outcome Improve DHA processes through automation, technology upgrades, and

continuous process improvement. Strategies 1. Implement and expand LEAN program throughout agency

2. Conversion of Financial software to new system3. Implement HCV streamlining regulations4. Identify next generation technology solutions and operations integration with design of new

offices5. Establish communications/technology committee6. Explore mobile technology solutions

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Employee Initiatives At the heart of all of DHA’s accomplishments are its employees – DHA’s work force who are motivated by the organization’s critical mission in our community. This section of the plan describes the means through which staff will continue to strengthen their customer service approach with DHA clients and the ways in which the agency will recognize strong performance, validate staff input, improve the organization and continue to build team-based success.

Customer Service Outcome To offer courteous, helpful and friendly service to all in a prompt and

timely manner. Customers are not just those that we serve, but those that we work with and that each employee should be treated just as we would treat a customer.

Strategies 1. Expand our recruiting of new employees to ensure we get healthy pool of applications2. Design and implement additional internal training for upward mobility and

supervisor/leadership training3. Increase regular training and development of existing staff and utilization of training center4. Strengthen our partnership with CHFA REACH5. Increase utilization of available training opportunities including HTVN6. Expand training on dealing with difficult populations and conflict resolution.7. Evaluate and improve ongoing maintenance training initiatives8. Cross training opportunities/initiative

Communications Outcome Establish long-term foundation for DHA’s internal and external

communications fueling its business, partnerships, customer service, growth and sustainability

Strategies 1. Increase use of smart phone applications a nd social media to push information tostaff/residents

2. Explore and expand utilization of smart phone by staff3. Redesign Board Report and mode of distribution4. Improve communications and outreach to HCV landlords5. Ross Management Communication Sharing6. Complete DHA re-branding initiative in line with new corporate offices7. Prepare a Political Transitions Communications Plan

Outcome Research and Evaluation Agenda for DHA Strategies 1. Evaluate if residents are aging in place

2. Economic Self Sufficiency Data3. Evaluate utilization & efficacy of social media by residents and staff

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Recognition Outcome Attract and retain best qualified employees and recognize their

contributions to DHA Strategies 1. Roll out and sustain an agency wide employee recognition program

2. Explore alternative work schedules/flex hours to accommodate changing needs3. Sustain DHA moves program4. Enhance recruitment of talented candidates for open positions5. Expand participation of homeownership/financial literacy services by staff6. Redesign onboarding of new staff7. Develop a 3-5 year forecast of retirement of critical staff positions and a succession plan for

each

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FFIINNAANNCCIIAALL MMAANNAAGGEEMMEENNTT PPOOLLIICCIIEESS

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INTENTIONALLY.

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FINANCIAL MANAGEMENT POLICIES

he Denver Housing Authority maintains a Financial Policy Handbook that defines the fiscal responsibilities of DHA and guide staff by providing a framework to conduct their DHA activities. The complete Handbook has been reviewed and approved by DHA’s Board of

Commissioners and is updated as needed. A number of pertinent policies and practices are outlined in this section.

Reporting Entity DHA is a quasi-municipal corporation. DHA’s nine member Board of Commissioners is

appointed by the Mayor of Denver. DHA is a legally separate entity with many sources of income. DHA is not considered a component unit of the City and County of Denver.

Fiscal Year The fiscal year for Denver Housing Authority and its instrumentalities shall begin on January 1

of each calendar year and will end on December 31 of the same calendar year.

Balanced Budget Policy The operating budget will be balanced with current revenues. Current revenues shall be

budgeted to be sufficient to support current expenditures. The Board of Commissioners, DHA’s governing body, adopts the annual budget by Resolution. DHA’s Budget document is published and available to the public on DHA’s website at www.denverhousing.org.

Budget Adoption Budgets are adopted on a basis consistent with generally accepted accounting principles. DHA

is not legally required to adopt budgets. However, DHA has contractual requirements to adopt budgets for each HUD program. DHA’s governing body, the Board of Commissioners, by resolution, adopts the annual budget. Budgets are adopted for all DHA funds and for all of DHA’s component units. All annual budgets lapse at year-end. Multiyear budgets for capital projects are adopted for the length of the project and are annualized for annual operating budget adoption. The DHA Budget will be submitted to the Government Finance Officers’ Association for Outstanding Budget Presentation Award every year.

Budget Reporting and Monitoring Policy Financial systems have to be maintained to monitor DHA’s revenues and expenditures. Monthly

reporting of the status of budget versus actual has to be provided to the DHA Board as well as to DHA managers. Fund level is the formal level of budgetary control for DHA. To ensure proper monitoring of the budget, an encumbrance function is set up for purchase orders. The Finance Division signs off on all Accounts Payable Vouchers for availability of funds after an on-line check of the account.

T

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Budget Revision Policy When needed, budget revisions are submitted to HUD for the Public Housing program and

Section 8 program. Budget amendments are handled with four different levels of approvals based on the type of revision, modification, adjustment, or change. In all cases, a budget revision request is submitted for approval to the appropriate authorization level as shown below. Upon approval, the request is submitted to the Finance Office and posted to the financial records of DHA.

Board of Commissioners (by resolution) – Appropriation of the use operating reserves Executive Director – Adjustments that affect more than one program/division within DHA Division Chiefs – Adjustments within their division (that affect more than one department) Directors – Budget changes within their department. Managers – Budget changes within their own department.

Grant Budgets For Capital fund grants, the Housing Management Division in collaboration with the DHA public

housing resident groups and the DHA’s related division chiefs prepare the required budgets. These budgets are then approved by HUD and appropriate funding is loaded by HUD into HUD’s Line of Credit Control System (LOCCS) for DHA. Funds are then accessed from the LOCCS system by the Budget Office in the Finance Division. Revisions to the budgeted line-items, which exceed a certain threshold, are sent to HUD for approval. These grants are normally multi-year grants. All resident related grants are prepared and controlled by the DHA’s Resident Community Services department.

Operating Reserve Policy The DHA will maintain adequate operating reserves in each of its programs. The DHA shall

strive to maintain Low Rent Operating reserves at the level of required to receive maximum PHAS scoring. Only the DHA Board can approve the use of operating reserves for any ongoing operating expenditure.

Financial Reporting Policy The DHA’s accounting and financial reporting systems will be maintained in conformance with

Generally Accepted Accounting Principles (GAAP) as applicable to governments. An annual audit will be performed by an independent accounting firm, which will issue an opinion on DHA’s Comprehensive Annual Financial Report (CAFR). The independent auditors will present their audit to the DHA Board’s Audit Committee. DHA’s Audit Committee is the same as its Finance and Operations Committee. The CAFR will be submitted to the Government Finance Officers Association (GFOA) for the Certificate of Achievement for Excellence in Financial Reporting Award.

Personnel Policy Among other things, DHA’s Personnel policy has provisions on staff’s vacation accruals, sick

leave accruals, annual pay increases, and defined contribution plan contributions. These policies were taken into account in the preparation of this budget.

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Audit Policy DHA is audited annually by an independent national accounting firm. DHA’s audited financial

statements are published and available to the public on DHA’s website at www.denverhousing.org. DHA’s Comprehensive Annual Financial Reports (CAFR) has been awarded GFOA’s Certificate of Achievement in Excellence consistently since 1988. DHA’s independent auditors have consistently given an unqualified audit opinion since 1992.

Investment Policy Federal Statutes authorize investment of excess federal funds in instruments issued or

guaranteed by the federal government. DHA has adopted this policy for all invested funds. The types of investments, which are authorized to be made with DHA funds, are controlled by State statues and contracts with HUD.

DHA invests funds in a manner, which will provide the highest investment return with the maximum security. All investments must have maturities less than three years and the weighted average of the total portfolio must be no greater than 1.5 years. Permissible investments include obligations of the U.S. Government, obligation of the U.S. Government agencies and instrumentalities, Certificate of Deposits issued by Commercial banks and savings and loan institutions, repurchase agreements, investment pools approved by the State of Colorado, and money market mutual funds comprised solely of United States Government securities. DHA’s defined contribution plan funds are administered by a Retirement Plan Administrator.

The State of Colorado’s Public Deposit Protection Act (PDPA) precludes DHA from requiring banks to hold securities in DHA’s name. DHA deposits are subject to and in accordance with the PDPA. Under this act, all uninsured deposits are fully collateralized. The eligible collateral pledged is held in custody by any Federal Reserve Bank, or branch thereof, or held in escrow by some other bank in a manner prescribed by rule and regulation, or is segregated from other trust department securities. All collateral so held must be clearly identified as being securities maintained or pledged for the aggregate amount of public deposits accepted and held on deposit by the eligible public depository. The depository has the right at any time to make substitutions of eligible collateral maintained or pledged and must at all times be entitled to collect and retain all income derived from those investments without restriction.

Debt Issuance Policy DHA is authorized by State Statute to issue tax-exempt revenue and special obligation bonds to

fund any of its corporate purposes. Obligations of DHA are not obligations of the City or of the State. Therefore, a bondholder’s recovery is limited to the funds of the DHA. All DHA bond issues have to be authorized by Board resolution and Colorado Revised Statute limits the maturity term of these bonds to sixty years. The bonds can be sold at private or public sale. It is DHA’s policy not to issue long-term debt to support current operations.

Write-off Policy Tenant Accounts Receivable owed to DHA by residents who have moved out of DHA units for

more than sixty days are written off periodically during the year. Writing-off uncollectable tenant accounts receivable from DHA’s accounting records does not affect the tenant’s liability to DHA or DHA’s efforts to collect the liability.

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Materials Salvage DHA has a salvage policy, which authorizes and controls the disposition of materials and

property, which prevents unauthorized disposition of DHA property and DHA materials and abides by all applicable laws and regulations.

Inventories Inventories are expensed when used rather than when purchased.

Capitalization Policy Capital assets are carried at historical cost. Maintenance and repairs are charged to current

period operating expense and improvements are capitalized. Upon retirement or other disposition of property and equipment, the cost and related accumulated depreciation are removed from the respective accounts and any gains or losses are recognized. All DHA equipment purchases over $1,000 are capitalized.

Capital Projects Capital projects are defined as improvements or construction of capital assets. It includes only

major repairs, renovations or replacements that extend the useful operational life of the asset by at least five years or expands capacity of an existing facility.

Depreciation Policy

Depreciation of capital assets is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

Machinery and Equipment 5 years New Construction of Buildings and Improvement 40 years Rehabilitation/Acquisition of Buildings 20 years

Compensated Absences Policy Regular, full time employees receive compensation for vacations, holidays, illness and certain

other qualifying absences. The number of days compensated in the various categories of absence is based generally on the length of service. Compensated absences, which have been earned but unpaid per the DHA Personnel Policy, are budgeted as terminal leave under the general expenses category.

Accounts Payable Policy DHA’s Accounts Payable check run is scheduled weekly. Payments to Vendors are processed by

the Finance Division. DHA’s Accounts Payable Voucher policy and DHA’s Procurement policy provide detailed guidelines to staff for the processing of payments to Vendors.

Payroll Policy DHA’s payroll is processed on a bi-weekly basis at DHA. The DHA Personnel Policy guidelines

are applied for the processing of DHA payroll.

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Tabor Amendment Article X, Section 20 of the Colorado Constitution (the TABOR Amendment) was added to the

Colorado Constitution in 1992. It is a tax-limitation, spending-limitation, revenue-limitation, and debt-limitation amendment. By its terms, the TABOR Amendment applies to all “districts” defined to mean the “State or any local government, excluding enterprises.” An enterprise is an (i) government-owned business, (ii) authorized to issue it’s own revenue bonds, and (iii) receiving under 10% of annual revenues in grants from all Colorado state and local governments combined. DHA meets this definition of an enterprise and, therefore, is exempt from the requirements of the TABOR Amendment.

Policy Compliance All DHA’s policies are required to be complied by Staff as applicable.

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CHESTNUT GROUNDBREAKING

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OORRGGAANNIIZZAATTIIOONN CCHHAARRTTSS

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INTENTIONALLY.

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Notease


Executive Director

Agency Counsel

Legal Department

Personnel Department

Chief Finanical

Officer

Accounting Department

Information Systems

Department

Risk Management

& Budget

Procurement Department

Director of

Section 8

Section 8 Department

Chief Operating Officer Housing

Management

Property Management

Occupancy Department

Specialty Trade Shops

Capital Projects

Department

General Services

Department

RCS Department

WDCI Department

Director of Real Estate

Development

Real Estate Development Department

HOUSING AUTHORITY OF THE CITY AND COUNTY OF DENVER, COLORADO 2016 ORGANIZATION CHART

DHA STRUCTURE

Note: Commissioners are appointed by the Mayor of the City and County of Denver.

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Executive Director

Agency Counsel

Staff Attorney

Paralegal

Legal Secretary

Manager Personnel Services

Personnel Assistant (2)

Personnel Secretary

Director Real Estate

Development

Development Administrative

Assistant

Senior Development Manager (2)

Development Program Manager

Special Program Development

Consultant

WDRC Project Leader

Rose Fellow

Director Resident & Community

Services

Program Manager

Human Services Program

Specialist (6)

Grant Personnel

(23)

Director WDCI

Human Services Program

Specialist (3)

Grant Personnel

(17)

Intergovernmental & Community Affairs

Officer

Housing Manager - Denver Road Home

Assistant to Executive Director

Administrative Assistant

Digital Inclusion Director


EXECUTIVE DIVISION

*Dash box denotes temporary staff

46

Chief Financial Officer

Accounting Manager

Senior Accountant

Accounting Clerk III

Senior Accountant

Asset Manager- LIHTC

Partnerships

Accountant (2)

Accountant

Accounting Clerk III

Accounting Clerk II

Budget Officer

Payroll Technician

Management Information Systems

Manager

Senior Application &

Database Administrator

Programmer /Analyst

Information Systems Analyst

Training Specialist

Network Administrator

Network Support

Specialist

User Support

Specialist

Document Imaging

Specialist

Procurement Manager

Procurement Officer

Assistant Procurement

Officer

Procurement Clerk

Deputy Chief Financial Officer

Risk Control & Compliance

Specialist

Budget Officer

Finance Secretary


FINANCE DIVISION

47

Chief Operating Officer Housing Management

Property Managers (14)

Assistant Managers (7)

Leasing Agent

Housing Program

Specialists I & II (15)

Maintenance Supervisors (9)

Certified Maintenance

Technicians (11)

Maintenance Technicians I, II & III (53)

Plasterer

Carpenter

Resident Caretakers (29)

Porters (7)

Compliance & Training Manager

Occupancy Compliance

Specialist

Occupancy Specialist

LIHTC Field Officer

Clerk Receptionist (2)

Occupancy Supervisor

Housing Program

Specialist II (4)

Portfolio Asset

Manager & Relocation

Coordinator

Property Managers

(2)

Manager of Maintenance Operations &

Training

Roving Certified

Maintenance Technicians

(2)

Specialty Shop Staff

(12)

Field Manager -

PBS8 Portfolio

Lead Painter

Painters (11)

Field Managers

(2)

General Services

Dept. Staff (4)

Deputy Director

Roving Manager

Associate Analyst (2) Portfolio

Energy Manager

Portfolio Energy Analyst

Fire/Safety Engineer Specialist


HOUSING MANAGEMENT DIVISION


48

Director of Section 8 Programs

Technical and Compliance

Specialist

Program Manager HCV/S8

Certification Specialist III

Certification Specialist II (4)

Certification Specialist I

Administrative Clerk





Administrative Clerk





Inspection Supervisor

Inspector (4)

Inspection Administrative

Clerk

Contract Employee

Administrative Assistant


SECTION 8 DEPARTMENT


49

STAFFING SUMMARY

A comparison of DHA’s staffing levels between years is provided below.

2013 - 2016 DHA STAFFING SUMMARY

DIVISION/DEPARTMENT 2013 2014 2015 2016

R

T R

T R

T R

T

EXECUTIVE 21 2 21 1 22 2 18 5

FINANCE/

ADMINISTRATION 23 2 25 0 26 0 30 0

HOUSING

MANAGEMENT 168 34 167 33 169 34 167 37

RESIDENT SERVICES 13 33 13 41 13 30 12 40

SECTION 8 35 1 32 1 30 1 30 1

TOTAL 260 72 258 76 260 67 257 83

R - Regular employee(s)

T - Temporary employee(s)

EQUIVALENTS (FTEs) 247 60.5 249 55 260 58 257 68.5 Housing Management’s resident caretakers are factored in as ½ time FTEs.

Notes:

For FY 2016, there is a decrease of three regular employees from 2015. The Procurement department was moved from the Executive Division to the Finance Division during 2015.

50

Executive 7%

Finance/ Administration

9%

Housing Management

60%

Resident Services Program

15%

Section 8 9%

2016 Staffing by Division Percent of Total

240 234 240 237 242 247 249 260 258 260 257

58 68

83 80 65 67 67 72 76 67

83

0

50

100

150

200

250

300

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Historical Staffing Summary

Regular Employees

Temporary Employees

51

GOLDSMITH VILLAGES

52

BBUUDDGGEETT SSUUMMMMAARRYY

53


INTENTIONALLY.

54

Increase2014 2015 2016 (Decrease)

Revenues Budget Budget Budget From Prior YearRental income $17,185,098 $21,331,545 $21,787,272 2.1%Interest income 186,552 205,333 463,992 126.0%Management & Other Fees 6,588,094 4,756,432 3,525,930 (25.9%)Federal financial assistance 98,606,252 100,823,238 96,076,551 (4.7%)Other income 2,560,161 2,528,052 3,076,947 21.7%Use of replacement & operating reserves 263,685 225,000 3,369,099 1397.4%Capital financing/Tax Credit Equity 34,200,000 17,667,700 18,439,543 4.4% Total $159,589,842 $147,537,300 $146,739,334 (0.5%)

ExpensesAdministration $19,810,941 $21,393,549 $22,963,123 7.3%Rent to owners 53,203,380 56,646,938 56,090,991 (1.0%)Utilities 7,419,995 7,696,629 7,750,075 0.7%Maintenance 11,699,525 13,028,173 15,910,070 22.1%Debt service/Interest expense 5,407,364 7,005,247 7,322,082 4.5%General 2,221,353 2,380,206 2,361,925 (0.8%)Operating/Replacement Reserves 6,202,304 4,160,296 2,761,445 (33.6%)Capital Investments 53,624,980 35,226,262 31,579,623 (10.4%) Total $159,589,842 $147,537,300 $146,739,334 (0.5%)

Net of interfund transfers and interfund revenues and expenses

Reasons for major variances in the 2016 Budget:

Revenues:

Expenses:

2016 BUDGET SUMMARYCOMPARATIVE SUMMARY OF TOTAL 2016 REVENUES AND EXPENSES

Rental revenues are budgeted higher in 2016 due to units coming on-line from development. Interest income is budgeted higher due to an higher return rate expected on investments. Management and other fees show a decrease due to development work being completed. Federal Financial Assistance reflects a decrease due to lower federal funding anticipated to be received in 2016. Operating reserves of $3,369,099 are budgeted to be used for Public Housing, Section 8, DHP, Resident Services and Component units. Capital financing is projected to be 4.4% higher due to the timing of development financing.

Administration expenses are budgeted higher in 2016 due to increases in salary and benefits and additional units coming on-line as construction is completed and properties go into operation. The increase in Maintenance expenses corresponds to the use of operating reserves. Debt services/Interest expense for 2016 has increased due to an increase in amount of debt. Operating/Replacement Reserves has a decrease of 33.6% due to programs having limited revenues over expenses projected for 2016. Capital investments have decreased by 10.4% due to decreased construction planned for 2016.

55

2015 2016 2015 2016 2015 2016REVENUESOperating

Rental Income -$ 8,019,295$ 8,386,570$ -$ -$ Service Charges - - - - Sale Proceeds - - - - Property Management Fees 4,228,442 4,225,287 - - - Bookkeeping Fees 794,928 913,327 - - - Asset Management Fees 463,800 486,360 - - - Administrative Fees 1,350,000 1,288,000 - - - Fees for Services 137,391 189,094 - - - Developer Fees - - - - Intergovernmental Operating Subsidy (HUD) - 17,926,841 17,554,076 - - Contributions (HAP) - - 61,290,542 62,482,588 Contributions (Capital Fund) - - - Contributions (Other Grants) - - -

Other 454,644 543,417 238,263 591,868 59,486 71,271 Interest (Investments) 28,138 47,455 29,582 64,329 1,609 4,566 Interest (Other) - - - Capital Financing - - - Operating Transfer In 60,000 61,720 728,321 208,761 -

Use of Operating Reserves - - 1,900,000 225,000 388,011

Subtotal Operating 7,517,343 7,754,660 26,942,302 28,705,604 61,576,637 62,946,436

TOTAL REVENUES 7,517,343$ 7,754,660$ 26,942,302$ 28,705,604$ 61,576,637$ 62,946,436$

EXPENSESOperating:

Administrative 6,873,444$ 7,227,327$ 3,124,325$ 3,282,241$ 2,885,283$ 2,824,281$ Central Office Fees - 2,771,974 2,771,452 1,188,612 1,287,357 Tenant Services - 45,204 890,974 1,095,257 88,639 Utilities - 4,833,412 4,803,459 - Maintenance 13,544 15,576 6,874,163 7,630,633 - Protective Services - 5,276 8,225 - General 87,360 90,412 1,019,914 958,228 50,800 55,273 Non-Routine - 558,670 1,757,190 - Debt Service - 2,255,227 2,333,669 - Interest Expense - - - HAP/Rent to owners - 3,557,097 3,576,768 57,363,303 58,738,525 Replacement/Operating Reserves - 1,310 315,949 101,539 -

108,350 4,800 7,000 178,182 - 41,000 - - -

Operating Transfers Out 434,645 370,031 728,321 208,761 - Subtotal Operating 7,517,343 7,754,660 26,942,302 28,705,604 61,576,637 62,946,436 TOTAL EXPENSES 7,517,343$ 7,754,660$ 26,942,302$ 28,705,604$ 61,576,637$ 62,946,436$

-$ -$ -$ -$ -$ -$ (continued)

NET INCREASE/(DECREASE)IN FUND BALANCE

COMBINING 2015/2016 BUDGETS

General Public Section

Development CostsCapital Outlays

Administrative Housing 8

56

2015 2016 2015 2016 2015 2016REVENUES

Operating Rental Income 328,355$ 349,815$ -$ -$ 309,397$ 196,925$ Service Charges - - - $2,739,638 2,861,254Sale Proceeds - - - - 88,000 Property Management Fees - - - - - Bookkeeping Fees - - - - - Asset Management Fees - - - - - Administrative Fees - - - - - Fees for Services - - - - - Developer Fees 3,406,432 2,237,930 - - - -

IntergovernmentalOperating Subsidy (HUD) - 1,056,336 1,055,113 - - Contributions (HAP) 508,388 484,747 - - - - Contributions (Capital Fund) - - - - - Contributions (Other Grants) - 1,018,512 1,725,880 - -

Other 518,144 704,472 731,868 664,108 - - Interest (Investments) 58,130 67,926 5,148 3,626 $607Interest (Other) - - - - Capital Financing - - - - Operating Transfer In 141,084 534,619 4,000 64,452 $293,000 $335,652Use of Operating Reserves - 338,021 - 152,767 -


TOTAL REVENUES 4,960,533$ 4,717,530$ 2,815,864$ 3,665,946$ 3,342,642$ 3,481,831$

EXPENSESOperating:

Administrative 2,010,949$ 2,086,623$ 593,603$ 750,873$ $341,142 $342,976Central Office Fees 365,109 283,665 - - $18,564 - Tenant Services 855 855 2,094,094 2,636,166 - - Utilities 70,212 65,863 8,200 9,654 $138,034 134,000 Maintenance 279,755 280,058 98,808 140,958 $2,469,630 2,452,172 Protective Services 10,000 10,000 - - - - General 67,417 68,221 14,159 14,243 $312,772 455,683 Non-Routine 40,000 35,000 - - $50,000 90,000 Debt Service 285,700 358,200 - - - - Interest Expense - - - - - HAP/Rent to owners - - - - - Replacement/Operating Reserves 1,793,797 218,064 - - - -

2,300 766,952 7,000 49,600 $12,500 7,000 - - - - -

Operating Transfers Out 34,439 544,029 - 64,452 - - Subtotal Operating 4,960,533 4,717,530 2,815,864 3,665,946 3,342,642 3,481,831 TOTAL EXPENSES 4,960,533$ 4,717,530$ 2,815,864$ 3,665,946$ 3,342,642$ 3,481,831$

-$ -$ -$ -$ -$ -$ (continued)



Development Costs Capital Outlays

Program Programs Office/Warehouse

Denver Various Internal ServicesSpeciality Shops/Housing Resident Services

57

2015 2016 2015 2016 2015 2016REVENUESOperating

Rental Income 12,674,498$ 12,853,962$ 21,331,545$ 21,787,272$ -$ Service Charges - 2,739,638 2,861,254 (2,739,638) (2,861,254) Sale Proceeds - - - 88,000 - (88,000) Property Management Fees - - 4,228,442 4,225,287 (4,228,442) (4,225,287) Bookkeeping Fees - - 794,928 913,327 (794,928) (913,327) Asset Management Fees - - 463,800 486,360 (463,800) (486,360) Administrative Fees - - 1,350,000 1,288,000 - - Fees for Services - - 137,391 189,094 (137,391) (189,094) Developer Fees - - 3,406,432 2,237,930 - -

IntergovernmentalOperating Subsidy (HUD) - - 18,983,177 18,609,189 - - Contributions (HAP) 5,100,557 6,995,925 66,899,487 69,963,260 (4,273,462) (6,224,302) Contributions (Capital Fund) 169,224 169,224 169,224 169,224 - - Contributions (Other Grants) - - 1,018,512 1,725,880 - -

Other 525,647 501,811 2,528,052 3,076,947 - - Interest (Investments) 22,119 261,090 145,333 448,992 - Interest (Other) 60,000 15,000 60,000 15,000 - Capital Financing - - - - Operating Transfer In 123,379 47,719 1,349,784 1,252,923 (1,349,784) (1,252,923) Use of Operating Reserves - 590,300 225,000 3,369,099 - -

Subtotal Operating 18,675,424 21,435,031 125,830,745 132,707,038 (13,987,445) (16,240,547)

TOTAL REVENUES 18,675,424$ 21,435,031$ 125,830,745$ 132,707,038$ (13,987,445)$ (16,240,547)$

EXPENSESOperating:

Administrative 2,900,659$ 3,089,447$ 18,729,405$ 19,603,768$ (437,708)$ (494,570)$ Central Office Fees 1,142,911 1,282,500 5,487,170 5,624,974 (5,487,170) (5,624,974) Tenant Services 27,290 76,443 3,101,852 3,853,925 - Utilities 2,646,771 2,737,099 7,696,629 7,750,075 - Maintenance 4,251,684 4,842,045 13,987,584 15,361,442 (2,220,230) (2,210,022) Protective Services 45,775 79,420 61,051 97,645 - General 1,037,375 1,151,621 2,589,797 2,793,681 (209,591) (431,756) Non-Routine 551,098 778,815 1,199,768 2,661,005 - Debt Service 3,864,932 4,030,500 6,405,859 6,722,369 - Interest Expense - - - - HAP/Rent to owners - 60,920,400 62,315,293 (4,273,462) (6,224,302) Replacement/Operating Reserves 2,050,550 2,440,532 4,160,296 2,761,445 -

4,000 860,959 141,150 1,908,493 (9,500) (2,000) - - - -

Operating Transfers Out 152,379 65,650 1,349,784 1,252,923 (1,349,784) (1,252,923) Subtotal Operating 18,675,424 21,435,031 125,830,745 132,707,038 (13,987,445) (16,240,547) TOTAL EXPENSES 18,675,424$ 21,435,031$ 125,830,745$ 132,707,038$ (13,987,445)$ (16,240,547)$

-$ -$ -$ -$ -$ -$ (continued)



Units Eliminations Eliminations


TotalComponent

Before Interfund Interfund

58

2015 2016TOTAL TOTAL

BUDGET BUDGET2015 2016 2015 2016

REVENUESOperating

Rental Income 21,331,545$ 21,787,272$ -$ 21,331,545$ 21,787,272$ Service Charges - - - - - Sale Proceeds - - - - - - Property Management Fees - - - - - - Bookkeeping Fees - - - - - - Asset Management Fees - - - - - - Administrative Fees 1,350,000 1,288,000 - - 1,350,000 1,288,000 Fees for Services - - - - - - Developer Fees 3,406,432 2,237,930 - - 3,406,432 2,237,930

IntergovernmentalOperating Subsidy (HUD) 18,983,177 18,609,189 - - 18,983,177 18,609,189 Contributions (HAP) 62,626,025 63,738,958 - - 62,626,025 63,738,958 Contributions (Capital Fund) 169,224 169,224 4,245,750 2,905,295 4,414,974 3,074,519 Contributions (Other Grants) 1,018,512 1,725,880 13,780,550 8,928,005 14,799,062 10,653,885

Other 2,528,052 3,076,947 - - 2,528,052 3,076,947 Interest (Investments) 145,333 448,992 - 145,333 448,992 Interest (Other) 60,000 15,000 - 60,000 15,000 Capital Financing - - 17,667,700 18,439,543 17,667,700 18,439,543 Operating Transfer In - - - - - Use of Operating Reserves 225,000 3,369,099 - 225,000 3,369,099


TOTAL REVENUES 111,843,300$ 116,466,491$ 35,694,000$ 30,272,843$ 147,537,300$ 146,739,334$

EXPENSESOperating:

Administrative 18,291,697$ 19,109,198$ -$ 18,291,697$ 19,109,198$ Central Office Fees - - - - - Tenant Services 3,101,852 3,853,925 - 3,101,852 3,853,925 Utilities 7,696,629 7,750,075 - 7,696,629 7,750,075 Maintenance 11,767,354 13,151,420 - 11,767,354 13,151,420 Protective Services 61,051 97,645 - 61,051 97,645 General 2,380,206 2,361,925 - 2,380,206 2,361,925 Non-Routine 1,199,768 2,661,005 - 1,199,768 2,661,005 Debt Service 6,405,859 6,722,369 - 6,405,859 6,722,369 Interest Expense - - - - - HAP/Rent to owners 56,646,938 56,090,991 - 56,646,938 56,090,991 Replacement/Operating Reserves 4,160,296 2,761,445 - 4,160,296 2,761,445

131,650 1,906,493 1,484,000 2,120,000 1,615,650 4,026,493 - - 34,210,000 28,152,843 34,210,000 28,152,843

Operating Transfers Out - - - - - Subtotal Operating 111,843,300 116,466,491 35,694,000 30,272,843 147,537,300 146,739,334 TOTAL EXPENSES 111,843,300$ 116,466,491$ 35,694,000$ 30,272,843$ 147,537,300$ 146,739,334$

-$ -$ -$ -$ -$ -$ (concluded)



BUDGET Budget


CapitalTOTAL

OPERATING

59

PROGRAM/FUND

GENERAL ADMINSTRATIVE

PUBLIC HOUSING SECTION 8 DHP

RESIDENT SERVICES

Tenant Rental Income -$ 8,386,570$ -$ 349,815$ -$

Property Management and Other Fees

7,102,068$ -$ -$ -$ -$

Interest Income 47,455$ 64,329$ 4,566$ 67,926$ 3,626$

Other Income 543,417$ 591,868$ 71,271$ 704,472$ 664,108$

Capital Financing -$ -$ -$ -$ -$

Developer Fees -$ -$ -$ 2,237,930$ -$

Federal Financial Assistance -$ 17,554,076$ 62,482,588$ 484,747$ 2,780,993$

Operating Transfers 61,720$ 208,761$ -$ 534,619$ 64,452$

Service Charge -$ -$ -$ -$ -$

Use of Operating Reserves -$ 1,900,000$ 388,011$ 338,021$ 152,767$

TOTAL $7,754,660 $28,705,604 $62,946,436 $4,717,530 $3,665,946

2016 REVENUE SUMMARY

Note: This schedule shows the summary of all the revenue sources of DHA by program. The General Administration fund has a budget of $7.7 million. All except $590,872 of the funds to sustain the general administrative functions of DHA come in as various fees from the programs the General Administrative fund staff supports. The only two Internal Services funds that have external sources of income are Office fund and Fleet Management fund. The Office fund required the use of $335,652 from the General Fund to cover the cost of maintaining the building.

Capital Financing Revenue category is specific for DHA's development efforts. This category includes development funding sources such as low income housing tax credit equity, HOME grant funds, and construction and permanent financing from lending institutions.

60

INTERNAL SERVICES

COMPONENT UNITS

CAPITAL GRANT

DEVELOPMENT BUDGETS

ELIMINATE INTERFUND

ITEMS TOTALS

196,925$ 12,853,962$ -$ -$ -$ 21,787,272$

-$ -$ -$ -$ (5,814,068)$ 1,288,000$

-$ 276,090$ -$ -$ -$ 463,992$

88,000$ 501,811$ -$ -$ (88,000)$ 3,076,947$

-$ -$ -$ 18,439,543$ -$ 18,439,543$

-$ -$ -$ -$ -$ 2,237,930$

-$ 7,165,149$ 2,905,295$ 8,928,005$ (6,224,302)$ 96,076,551$

335,652$ 47,719$ -$ -$ (1,252,923)$ -$

2,861,254$ -$ -$ -$ (2,861,254)$ -$

-$ 590,300$ -$ -$ -$ 3,369,099$

$3,481,831 $21,435,031 $2,905,295 $27,367,548 ($16,240,547) $146,739,334

2016 REVENUE SUMMARY

TENANT RENTAL INCOME

15% PROPERTY

MANAGEMENT/ AND OTHER FEES

0.9%

INTEREST INCOME 0.3%

OTHER INCOME 2%

CAPITAL FINANCING

13%

DEVELOPER FEES 2%

FEDERAL FINANCIAL

ASSISTANCE 65%

USE OF RESERVES 2%

DHA 2016 SOURCE OF FUNDS

61

PROGRAM/FUND

GENERAL ADMINSTRATIVE

PUBLIC HOUSING SECTION 8 DHP

RESIDENT SERVICES

Admin Expense 7,272,531$ 4,377,498$ 2,824,281$ 2,087,478$ 3,387,039$

Central Office Fees -$ 2,771,452$ 1,287,357$ 283,665$ -$

Rent To Owners -$ 3,576,768$ 58,738,525$ -$ -$

Utilities Expense -$ 4,803,459$ -$ 65,863$ 9,654$

Maintenance Expense 15,576$ 9,396,048$ -$ 325,058$ 140,958$

Debt Service/Interest Expense

-$ 2,333,669$ -$ 358,200$ -$

General Expense 90,412$ 958,228$ 55,273$ 68,221$ 14,243$

Operating Transfers 370,031$ 208,761$ -$ 544,029$ 64,452$

Operating/Replacement Reserves

1,310$ 101,539$ -$ 218,064$ -$

Development & Capital Outlays 4,800$ 178,182$ 41,000$ 766,952$ 49,600$

TOTAL $7,754,660 28,705,604$ $62,946,436 $4,717,530 $3,665,946

Note: This schedule illustrates the budgeted categories of expenditures for 2016 by program. Elimination entries are required to show the elimination of interfund expenditures necessitated by the use of General Administrative fund and the Internal Service funds (i.e. Office, Fleet Management, General Services, Capital Improvements and Support Maintenance shops).

Rent to owners expense reflects the housing assistance payments DHA provides to landlords for housing low-income tenants in the Section 8 and mixed income housing programs.

Development costs reflect various development efforts where DHA is the Master Developer. Multi-year development budgets are approved by the DHA Board for individual projects. This annual operating budget document reflects only the estimated annual expenditures for these development efforts.

2016 EXPENDITURE SUMMARY

62

INTERNAL SERVICES

COMPONENT UNITS

CAPITAL GRANT

DEVELOPMENT COSTS

ELIMINATE INTERFUND

ITEMS TOTALS

342,976$ 3,165,890$ -$ -$ (494,570)$ 22,963,123$

-$ 1,282,500$ -$ -$ (5,624,974)$ -$

-$ -$ -$ (6,224,302)$ 56,090,991$

134,000$ 2,737,099$ -$ -$ -$ 7,750,075$

2,542,172$ 5,700,280$ -$ -$ (2,210,022)$ 15,910,070$

-$ 4,030,500$ 599,713$ -$ -$ 7,322,082$

455,683$ 1,151,621$ -$ -$ (431,756)$ 2,361,925$

-$ 65,650$ -$ -$ (1,252,923)$ -$

-$ 2,440,532$ -$ -$ -$ 2,761,445$

7,000$ 860,959$ 1,520,287$ 28,152,843$ (2,000)$ 31,579,623$

$3,481,831 $21,435,031 $2,120,000 $28,152,843 ($16,240,547) $146,739,334

2016 EXPENDITURE SUMMARY

ADMIN EXPENSE 16%

HAP/RENT TO OWNERS

38% UTILITIES EXPENSE 5%

MAINTENANCE EXPENSE

11%

DEBT SERVICE/INTEREST

EXPENSE 5%

GENERAL EXPENSE 2%

DEVELOPMENT & CAPITAL OUTLAY

21%

OPERATING REPLACEMENT

RESERVES 2%

DHA 2016 USE OF FUNDS

63

5%29%

43%

2%

21%

DHA Business UnitsTotal 2016 Operating Budget = $146,739,334

General Administrative Fund - $7,754,660

Housing/Property Management - $42,099,449

Section 8 Administration - $62,946,436

Resident Services Programs - $3,665,946

Real Estate Development Activity - $30,272,843

2013 2014 2015 2016General Administrative Fund 7,462,640$ 8,461,386$ 7,517,343$ 7,754,660$ Housing/Property Mgmt 33,739,841 36,011,924 39,933,456 42,099,449 Section 8 Program 63,932,640 58,391,665 61,576,637 62,946,436 Real Estate Development/Cap. Projects 54,995,168 53,640,210 35,694,000 30,272,843 Resident Services Programs 1,350,760 3,084,657 2,815,864 3,665,946

Total 161,481,049$ 159,589,842$ 147,537,300$ 146,739,334$

Comparative Budget Overview - DHA Business Units FY 2013 - 2016

$-

$10

$20

$30

$40

$50

$60

$70

2013 2014 2015 2016

Mill

ions

General Administrative Fund

Housing/Property Management

Section 8 Program

Real Estate Development/Cap.Projects

Resident Services Programs

64

2000 2005 2010 2015 2016Central Office Budget 4,933,174$ 5,613,599$ 5,982,184$ 7,517,343$ 7,754,660$ Total DHA Budget 74,337,959$ 98,738,954$ 140,542,484$ 147,537,300$ 146,739,334$ Central Office Budget %(% of the Total Budget) 6.6% 5.7% 4.3% 5.1% 5.3%Total Regular F/T Employees 232 236 242 260 257

CENTRAL OFFICE BUDGETvs.

TOTAL DHA BUDGET

$4

$5

$6

$7

$8

$9

2000 2005 2010 2015 2016

Mill

ions

Central Office Budget

CentralOffice Budget

$50

$70

$90

$110

$130

$150

$170

2000 2005 2010 2015 2016

Mill

ions

Total DHA Budget

Total DHABudget

65

Temporary/ Regular Contract

Employees EmployeesFICA 6.20% 6.20%Medicare 1.45% 1.45%Unemployment 0.20% 0.20%

1.23% 1.23%Defined Contribution Plan 10.00% --------Vacation and Sick Leave (Accrual portion only) 0.50% *Health Insurance (as a percentage of total regular salary) 15.13% *Life Insurance (Maximum Coverage $50,000) 0.18% --------Long Term Disability Insurance 0.70% --------Short Term Disability Insurance 0.18% --------

Subtotals 35.77% 9.08%*Contract employees now receive DHA health insurance benefits and 10 days paid time off.

Sick Leave - (per Personnel Policy, from 9 days per year to 12 days per year, based on hire date)Paid Holidays - 11 per yearSocial Security taxable wage base for 2016 is $118,500.

AMOUNTS AMOUNTS AMOUNTS AMOUNTSBUDGETED BUDGETED BUDGETED BUDGETED

2013 2014 2015 2016Regular Employee Salaries $14,713,602 $14,961,846 $15,076,150 $15,337,682Temporary/Contract Employees $1,483,412 $1,158,439 $1,485,683 $1,804,914

$16,197,014 $16,120,285 $16,561,833 $17,142,596

Workers Compensation Insurance $225,798 $232,052 $222,793 $211,546Unemployment Insurance $48,425 $33,746 $32,413 $52,153Terminal Leave Payments $74,719 $110,773 $111,017 $76,377FICA Tax $982,586 $977,604 $990,837 $1,065,374Medicare Tax $234,337 $234,680 $234,990 $252,079Defined Contribution Plan $1,472,397 $1,483,717 $1,480,213 $1,527,488Life Insurance $42,182 $42,431 $42,240 $26,919Health Insurance $1,955,439 $2,131,488 $2,182,456 $2,321,038Uniforms $31,762 $33,214 $39,808 $47,798Tuition Reimbursement $5,000 $5,000 $5,000 $5,000Long Term Disability Insurance $128,589 $129,716 $129,168 $106,732Short Term Disability Insurance $22,004 $21,954 $21,879 $27,874 TOTAL BENEFITS EXPENSE $5,223,238 $5,436,375 $5,492,814 $5,720,378

TOTAL SALARIES AND BENEFITS $21,420,252 $21,556,660 $22,054,648 $22,862,974

PROJECTED PAYROLL/BENEFITS FOR THE 2016 BUDGET

Workers Compensation (base rate-not including experience modification)

Annual Leave - Vacation (per Personnel Policy from 12 days per year to 24 days per year, based on hire date andyears of employment)

TOTAL SALARIES

*Note: Merit-based pay increase up to 3.00% is factored in to the 2016 budget for eligible regularemployees who are not topped out in their positions. In addition, a cost of living increase of 2% is also budgeted for 2016 for all eligible regular positions. DHA's contribution to the employees' Defined Contribution Plan is budgeted at 10% of salary for 2016. Per Union contract, DHA is budgeted to cover up to 60%, 70% or 80% of the increase in health insurance premiums depending upon the type of plan selected by each employee. Contract employees get a reduced benefit package.

Salaries and benefits of private property management company employees are excluded from this table (2016 Salaries - $907,458, Benefits - $248,493).

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DHA Benefits Breakdown for FY2016

DHA Employee Benefits

Health Insurance premiums, Defined Contribution Plan contributions, and FICA Tax constitute the three highest benefits provided by DHA. Health insurance premium budget for 2016 is $2,321,038. DHA’s three-year contract effective January 1, 2016 with the Employees Union stipulates that DHA will cover health insurance premium increases at 60%, 70% or 80% based on the type of plan elected by the employee. DHA contributes 10% of an employee’s actual salary into a defined contribution plan. DHA offers employees a 457 Deferred Compensation Plan to which there is only employee contributions. FICA tax is projected based on federal employment tax regulations.

Workers Compensation Insurance

3.70%

Unemployment Insurance 0.91%

Terminal Leave Payments 1.33%

FICA Tax 18.62%

Medicare Tax 4.41%

Defined Contribution Plan 26.70% Life Insurance

0.47%

Health Insurance 40.57%

Uniforms 0.84%

Tuition Reimbursement 0.09%

Long Term Disability Insurance

1.87%

Short Term Disability Insurance

0.49%

Workers Compensation Insurance

Unemployment Insurance

Terminal Leave Payments

FICA Tax

Medicare Tax

Defined Contribution Plan

Life Insurance

Health Insurance

Uniforms

Tuition Reimbursement

Long Term Disability Insurance

Short Term Disability Insurance

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Percent Beginning FY2016 FY2016 Estimated Change

FUND Fund Balance Budgeted Budgeted Fund Balance in Fund1/1/2016* Revenues Expenses 12/31/2016 Balance

General Administrative $10,934,835 $7,754,660 $7,753,350 $10,936,145 0.01%

Public Housing Program 222,711,723 28,705,604 28,604,065 222,813,262 -0.05%Section 8 Program 3,074,314 62,946,436 62,946,436 3,074,314 0.00%Denver Housing Program 57,696,279 4,717,530 4,499,466 57,914,343 0.38%Resident Services 3,522,699 3,665,946 3,665,946 3,522,699 0.00%

Internal Services 1,868,582 3,481,831 3,481,831 1,868,582 0.00%

DHA Component Units 19,873,037 21,435,031 18,994,499 22,313,569 10.94%

Capital Budgets - 30,272,843 30,272,843 - -

TOTAL ALL FUNDS $319,681,469 $162,979,881 $160,218,436 $322,442,914

*Estimated at the 12/31/14 balance since FY2015 is not final as of this writing.**These budgeted revenues and expenditures are prior to any interfund elimination of transactions.

Fund BalanceFund balance is defined here as the ‘net position’ of each fund. Net positions represent the difference between a fund’s assets and liabilities. These ‘net positions’ or fund balances are not all cash or investments. Net positions for DHA’s programs consist mainly of fixed assets of the program. An adequate fund balance is necessary so that resources are available to meet emergency and unexpected events. An adequate fund balance is also required to maintain DHA’s financial position and bond ratings.

The chart above depicts the estimated fund balances at January 1, 2016, the budgeted revenues and expenditures for FY2016 and the estimated fund balances at December 31, 2016.

DHA Board’s policy of Balanced Budget for DHA is one reason the fund balance is not expected to change for most major programs of DHA. Equity changes for Funds will occur as capital expenditures are made with operating revenues, which will then be reflected at year-end as changes to fund balance. For DHA programs where the 2016 budgets project a deposit or use of replacement or operating reserves, fund balance at 2016 year-end is changed to reflect it.

BUDGET SUMMARYFUND BALANCE AND FUND EQUITY CHANGES

** **

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TTRREENNDDSS && PPRROOJJEECCTTIIOONNSS

69


INTENTIONALLY.

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R E V E N U E P R O J E C T I O N S

DHA revenues are grouped into seven main categories. These are Rental Income, Interest Income, Management and Other Fees, Federal Financial Assistance, Developer Fees, Other Income, and Capital Financing. For each category of revenue, historic information and the 2016 projections are provided. The revenue history is provided in summary in this section of the document.

Rental Income Rental Income consists of Dwelling Rent Income and Non-Dwelling Rent Income. The total rental income budgeted for 2016 is $21,787,272.

Dwelling Rent is projected by using the actual rental revenues earned through June 30, 2015, annualized for the 2016 fiscal year, plus the pro forma revenues for recently completed construction and rehabilitation. 2016 Budget for dwelling rent is $21,221,517. It is assumed that tenant income is not going to increase significantly due to the current job market.

Non-Dwelling Rent is based on the leases that are projected to be in place in FY 2016 and the 2016 budget for this line-item is $565,755.

Property Management and Other Fees These are fees earned by DHA for providing the administrative functions for the HOPE VI and Capital Grants awarded to DHA by HUD. HUD allows 10% of Capital grants for administrative functions. DHA Central Office Cost Center (General Fund) is budgeted to receive $5,814,068 in property management, bookkeeping, asset management and other fees from the various programs DHA manages. These fees are calculated based on published HUD fee rates for the Public Housing and Section 8 Programs. Fees for Partnership properties are based on terms of LIHTC Partnership agreements. However, these fees are eliminated as interfund revenues in the consolidated revenue presentation.

Interest Income Interest Income includes interest earned on DHA cash and investments and interest earned on the Debt Amortization Fund Investments which are held in trust accounts as security for the payment of various obligations.

Interest Income on investments is estimated at 0.31% annual rate of return for FY2016. The interest income budget for 2016 is $463,992.

Other Income Other Income consists of sales and service charges to the residents (including damage charges, late payment charges, etc.) and other miscellaneous revenue (i.e., Leasing fees, various processing fees, vending machine income, fee for use of sites as polling places, satellite dish income, roof-top antennas, etc.) These other income categories are projected to be at $3,076,947 for 2016. The 2016 Other Income budget was derived by annualizing the actual revenues received as of June 30, 2015. Sales and Service charges to the residents are based on a fee schedule that DHA has established with the Resident Council Board (RCB).

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R E V E N U E P R O J E C T I O N S

Capital Financing As Master Developer for various redevelopment efforts, DHA is in charge of assembling their financing structure. These financing mechanisms include LIHTC equity, construction, permanent loans, HUD Grants and HOME funds. Each of the major real estate development efforts projected for 2016 has multi-year construction and development budgets approved by the DHA Board and the related Partners. The 2016 budgeted amount of $18,439,543 was arrived at by estimating the percent of completion for each effort and using the already approved development budget for each effort.

Developer Fees DHA is budgeting $2,237,930 in developer fees and construction management fees for 2016. DHA’s Real Estate Department handles all of our real estate development needs. In addition, DHA has a Construction Projects Department, which handles most of DHA’s construction management services. DHA, as Master Developer, negotiates the developer fees for each construction project with the related parties. The projected 2016 fees are based on existing Master Developer agreements.

Federal Financial Assistance Federal Financial Assistance consists of funding from the United States Department of Housing and Urban Development (HUD) in three main categories - Operating Subsidies, Annual Contributions and Housing Assistance Payments.

Operating Subsidies: Public Housing Program - Operating Subsidies are calculated based on a HUD formula required to be used by all housing authorities. The formula takes into account Rental Income, which is subtracted from an Allowable Expense Level determined by HUD to arrive at the Operating Subsidies. For FY2016, the operating subsidy revenues in Low Rent are projected at 85% of eligibility. DHA projected 2016 operating subsidies by following the latest HUD guidelines.

Annual Contributions: Section 8 Program - By contract with HUD, Annual Contributions are paid to DHA based on the estimates needed to make payments to the owners of Section 8 property that DHA has leased under the Section 8 program. Leasing is projected at 87% for 2016.

Public Housing Program - By contract with HUD, Annual Contributions are paid to DHA for Capital Funds. HUD uses a formula of public housing unit characteristics to determine the annual funding of the Capital Grants. DHA estimated 2016 budget based on the available balances of grants awarded as of December 31, 2015.

Housing Assistance Payments: DHA has Housing Assistance Payment (HAP) contracts with HUD on DHC and Lincoln 57 units. The 2016 HAP amounts are projected based on these existing contracts and projecting a 99% occupancy rate. The HAP contract provisions determine the increases in rent.

72

Budgeted Projected Projected Projected ProjectedRevenue Sources FY2016 FY2017 FY2018 FY2019 FY2020

Rental Income (+2%/yr) $21,787,272 $22,223,017 $22,667,478 $23,120,827 $23,583,244Intergovernmental

Operating Subsidy (+2%/yr) 18,609,189 18,981,373 19,361,000 19,748,220 20,143,185Contributions (HAP) (+3%/yr) 63,738,958 65,651,127 67,620,661 69,649,280 71,738,759Contributions (Capital Fund) (-3%/yr) 3,074,519 2,982,283 2,892,815 2,806,030 2,721,850Contributions (Other Grants)* 10,653,885 15,000,000 15,000,000 15,000,000 15,000,000

Property Mgmt/Developer fee (2%/yr) 3,525,930 5,500,000 5,610,000 5,722,200 5,836,644Capital Financing and Equity* 18,439,543 72,094,228 76,854,019 37,273,962 39,195,834Other revenues (1%/yr) 6,910,038 6,979,138 7,048,930 7,119,419 7,190,613

Total Revenue Sources $146,739,334 $209,411,167 $217,054,902 $180,439,939 $185,410,128

Expenses FY2016 FY2017 FY2018 FY2019 FY2020

Administrative (1%/yr) $19,109,198 $19,300,290 $19,493,293 $19,688,226 $19,885,108Tenant Service (2%/yr) 3,853,925 3,931,004 4,009,624 4,089,816 4,171,612Utilities (2%/yr) 7,750,075 7,905,077 8,063,178 8,224,442 8,388,930Maintenance, General, and other (1%/yr) 18,271,995 18,454,715 18,639,262 18,825,655 19,013,911Housing Assistance Payments (3%/yr) 56,090,991 57,773,721 59,506,932 61,292,140 63,130,905Debt Service and Interest Expense* 6,722,369 8,000,000 9,000,000 10,000,000 10,000,000Operating/Replacement Reserves* 2,761,445 5,046,361 4,072,613 3,819,661 3,819,661Development and Capital Outlays* 32,179,336 89,000,000 94,270,000 54,500,000 57,000,000

Total Expenses $146,739,334 $209,411,167 $217,054,902 $180,439,939 $185,410,128

Net Change $0 $0 $0 $0 $0

Long Range Financial Planning5 YEAR REVENUE AND EXPENSE PROJECTIONS

The following chart outlines the projected revenues and expenditures for FY 2016 through FY 2020.

Projection assumptions are based on recent trends, industry forecasts and DHA's proposed development schedule. Items designated by an asterisk (*) are primarily affected by the proposed development schedule and fluctuate based on the level of activity. DHA is committed to updating our properties and adding affordable housing units whenever feasible. Our in-house Real Estate Development Department handles all of our developer needs and has the potential to earn developer fees when DHA is the Master Developer. DHA will be applying for a Choice Neighborhoods Initiative Implementation grant in 2016 which would lead to a major 5 year redevelopment beginning in 2017.

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OTHER INC. FEDERAL USE OF MGMTRENTAL INTEREST AND FINANCIAL CAPITAL REPL/OPRTG & OTHERINCOME INCOME** CONTRIB. ASSISTANCE FINANCING RESERVES FEES TOTAL

2004 $10,883,232 $830,040 $1,264,721 $72,448,268 N/A $0 N/A $85,426,261

2005 $10,903,563 $1,577,473 $1,933,587 $70,011,587 N/A $355,337 N/A $84,426,210

2006 $10,433,358 $1,484,926 $3,309,797 $82,015,099 N/A $0 N/A $97,243,180

2007 $11,069,707 $1,764,934 $1,924,555 $86,690,396 N/A $0 $1,940,978 $103,390,570

2008 $11,778,650 $2,517,406 $2,606,632 $69,895,578 N/A $0 $2,682,495 $89,480,761

2009 $12,910,836 $747,513 $2,707,340 $75,380,558 N/A $0 $1,701,894 $93,448,141

2010 $9,716,663 $1,519,323 $2,765,199 $81,736,794 N/A $0 $4,559,215 $100,297,194

2011 $9,368,384 $2,560,798 $4,065,115 $86,843,711 N/A $0 $6,629,310 $109,467,318

2012 $9,165,664 $1,189,578 $4,770,730 $83,855,671 N/A $0 $5,875,609 $104,857,252

2013 $8,935,658 $656,128 $4,718,618 $79,506,566 N/A $450,000 $9,551,648 $103,818,618

2014 $8,861,833 $1,435,392 $4,734,667 $83,468,787 N/A $263,685 $7,104,568 $105,868,932

2015 Budget $21,331,545 $459,682 $2,273,703 $100,823,238 $21,074,132 $225,000 $1,350,000 $147,537,300

2016 Budget $21,787,272 $463,992 $3,076,947 $96,076,551 $20,677,473 $3,369,099 $1,288,000 $146,739,334

*For 2004 - 2014, data is actual. Source document is the DHA Comprehensive Annual Financial Report (CAFR).**Included the interest revenue on the wraparound notes from DHC Partnerships to DHC which were retired in 2005 and 2006.This schedule only tracks actual numbers for DHA's operating costs. Therefore, Capital Financing is shown as N/A.Notes:

2004 - 2016

DHA's presentation of revenues in the CAFR distinguishes between operating and nonoperating revenues. Operating revenues result from exchange transactions associated with providing housing and related services, federal operating subsidies, and housing assistance payments that are directly related to DHA's mission. Non-operating revenue includes capital and non-capital federal grants and interest revenue. DHA's comprehensive budget encompasses all available operating and non-operating revenues for the subject year. Budgeted use of replacement reserves is included in the other income and contributions category.

2007 is the first year Capital Financing and Property Management/Developer fees are shown as revenue sources. This is due to the fact that DHA is now the Master Developer on various real estate development activities. Capital Financing is comprised mainly of LIHTC equity, construction loans and permanent loans. Prior to 2007, use of replacement and operating reserve was included in "Other Income".

HISTORICAL REVENUE SUMMARY

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

$160,000,000Total Revenues

74

*Includes rental revenues from the 1,266 public housing units in various DHA Partnerships.

*Includes rental revenues from the 1,266 public housing units in various DHA Partnerships.

DHA RENTAL REVENUE HISTORICAL DATA

DHA RENTAL UNIT COMPARISON

Public Housing Denver HousingCorp.

Denver HousingProgram DHA Partnerships

1995 $5,544,612 $1,041,686 $245,750 $02000 $8,898,640 $1,229,078 $394,300 $02005 $9,250,543 $1,222,572 $506,290 $324,8232015 $8,019,295 $263,025 $328,355 $12,411,4732016 $8,386,570 $280,769 $349,815 $12,573,1931995 vs 2016 51% (73%) 42% 100%2015 vs 2016 5% 7% 7% 1%

$0

$2

$4

$6

$8

$10

$12

$14

Reve

rnue

in M

illio

ns

*

Public HousingUnits Section 8 Units DHC - PBA (S8) DHP Units

DHAPartnerships

Units1995 3,602 3,362 568 83 02000 3,790 4,214 568 83 02005 3,903 6,572 568 126 412015 3,912 6,849 99 57 1,2032016 3,937 6,872 99 57 1,2641995 vs 2016 9% 104% (83%) (31%) 100%2015 vs 2016 1% 0% 0% 0% 5%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

Num

ber o

f Uni

ts

*

75

SECTION 8 HAP/UNIT HISTORICAL DATA

This graph depicts the increase of HAP payments from HUD for the Section 8 Program from FY 2000 to FY 2016. The graph shows that during this period, the Section 8 Voucher count increased from 4,394 in FY 2000 to 6,872 in FY 2016. Per unit monthly HAP assistance varies based on tenant income, fair market rent, and number of bedrooms in a unit.

RENTAL INCOME AND HUD SUBSIDY - BY PUBLIC HOUSING AMPPer Unit Per Month (2016 Budget)

Note: This schedule shows how much average monthly rents are received from tenants for each public housing development and how much average federal operating subsidies are received per unit per month for the same housing development. Amount of Public Housing operating subsidy is funded by HUD by taking the project expense level (PEL) for each AMP and adding the utility expense level (UEL) for each AMP, which is then reduced by the rental income collected by the AMP. PEL is determined by HUD based on the type, age and other factors of each AMP.

$264

$196

$218

$225

$251

$239

$256

$302

$313

$315

$297

$402

$390

$381

$400

$309

$354

$285

$415

$430

$446

$405

0

150

300

450

600

750

900

Subsidy

Dwelling Rent

76

CAPITAL FUND FUND FUND FUND FUND FUND FUND FUND FUND FUNDGRANT 936 937 938 939 940 941 942 800 803 806 TOTALFUNDS (2006) (2007) (2008) (2009) (2010) (2011) (2012) (2013) (2014) (2015)

Physical Improvements $1,904,224 $2,351,776 $3,596,621 $2,971,898 $2,879,701 $2,776,620 $2,452,224 $2,113,408 $1,968,075 $2,075,985 $27,979,325

Management Improvements $520,000 $320,000 $320,000 $580,000 $430,000 $496,500 $496,500 $270,000 $270,000 $140,000 $5,068,000

Non-dwelling Structures and $1,250,000 $852,051 $0 $40,000 $0 $0 $0 $137,500 $35,000 $105,000 $2,419,551 Equipment

Administration $510,000 $559,000 $590,013 $633,735 $590,000 $517,093 $467,261 $450,000 $459,069 $472,042 $5,863,514

Other- Relocation, $278,000 $278,000 $103,000 $455,000 $464,061 $153,000 $579,371 $434,975 $707,475 $665,145 $4,590,027 A/E fees, and Repl. Reserves

Contingency $301,331 $300,000 $133,010 $504,000 $479,694 $75,000 $75,000 $100,000 $151,690 $260,000 $2,716,344

Operations $510,000 $0 $0 $0 $0 $0 $0 $398,650 $400,000 $402,543 $2,326,494

Site Acquisition $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Debt Service - CFFP Securitization $0 $930,299 $1,157,488 $1,152,725 $1,152,725 $1,152,725 $602,256 $603,606 $599,388 $599,714 $7,950,926

TOTAL $5,273,555 $5,591,126 $5,900,132 $6,337,358 $5,996,181 $5,170,938 $4,672,612 $4,508,139 $4,590,697 $4,720,429 $58,914,181

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 TOTAL

RHF $429,528 $248,016 $261,339 $494,296 $760,799 $562,395 $147,698 $142,739 $173,869 $610,295 $4,095,498

ARRA Formula Grant $0 $0 $0 $7,799,206 $0 $0 $0 $0 $0 $0 $7,799,206

ARRA CompetitiveGrant $0 $0 $0 $27,413,481 $0 $0 $0 $0 $0 $0 $27,413,481

Replacement Housing Factor (RHF) funding is provided by HUD to housing authorities based on a formula to replace demolished public housing units. FY2001 was the first year DHA received RHF funding from HUD. The 2006 funding was authorized under two grants.

HISTORICAL CAPITAL GRANT FUNDING

Capital Fund Program (CFP) grants are provided by HUD to housing authorities based on a formula based on funding appropriated by Congress to HUD. CFP can only be used for public housing units and facilities.

77

PROGRAM 2004 2005 2006 2008 2009

Capital Grant Funding (HUD) 6,153,014$ 6,022,284$ 5,273,555$ 5,900,132$ 6,337,358$

Replacement Housing Factor 264,524 301,925 417,202 261,339 494,296 (HUD funding for Public Housing replacement)

ARRA Grant - - - - 35,212,687

Operating Subsidy (HUD) 10,668,665 9,547,812 12,588,705 14,994,287 16,452,277

Section 8 HAP Assistance* 52,380,138 52,422,844 53,641,149 57,128,294 53,562,248 (HUD)

HOPE VI (HUD) 20,000,000 - - - -

ROSS Grant - Resident Service Delivery Models (HUD), FSS, ROSS, NN, TANF, Multi-family Coord., Shelter + Care, Youth Opportunity, WIA., Tony Grampsas,etc. 991,930 1,023,846 1,116,258 2,078,664 2,248,393

TOTAL $90,458,271 $69,318,711 $73,036,869 $80,362,716 $114,307,259

RENTAL INCOME $10,883,232 $10,903,563 $10,433,358 $11,778,650 $12,910,836

*Includes Section 8 administration fees provided to DHA by HUD for all Section 8 programs.**The FY2015 income amount is not final as of this writing.

FEDERAL FISCAL YEAR AWARD

DENVER HOUSING AUTHORITYFEDERAL FINANCIAL ASSISTANCE HISTORICAL DATA

78

2010 2011 2012 2013 2014 2015**

5,996,181$ 5,170,938$ 4,672,612$ 4,508,139$ 4,590,697$ 4,720,429$

760,799 562,395 147,698 142,739 173,869 610,295

- - - - - -

15,491,485 16,090,381 16,785,653 16,357,545 18,440,276 17,774,994

54,933,478 59,694,675 59,329,573 57,703,723 60,227,665 61,290,542

- 22,000,000 - - - -

2,097,062 1,401,373 1,520,246 849,138 1,078,548 1,018,512

$79,279,005 $104,919,762 $82,455,782 $79,561,284 $84,511,055 $85,414,772

$9,716,663 $9,368,384 $9,165,664 $8,935,658 $17,185,098 $17,185,098

FEDERAL FISCAL YEAR AWARD

79

CAPITAL GRANT FUNDING BY YEAR 2006-2015

Capital Fund Appropriation History 2006 - 2015

Federal Fiscal Year Appropriation (in Billions) % Change

2006 $2.46 -4.88%

2007 $2.44 -0.82%

2008 $2.44 0.00%

2009 $2.45 0.41%

2010 $2.50 2.00%

2011 $2.04 -22.55%

2012 $1.88 -8.51%

2013 $1.78 -5.62%

2014 $1.87 4.81%

2015 $1.97 5.08%

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Year Proration Level Year Proration Level Year Proration Level1987 100% 1997 99.00% 2007 83.40%1988 99.32% 1998 100.00% 2008 89%1989 100% 1999 92.50% 2009 88.42%1990 95% 2000 98.50% 2010 103%1991 100% 2001 99.50% 2011 100%1992 100% 2002 100.00% 2012 89.33%1993 100% 2003 94.70% 2013 82.09%1994 95% 2004 98.10% 2014 88.08%1995 96% 2005 88.80% 2015 85.36%1996 89% 2006 86.02% 2016 85%

***2016 proration not final as of this writing.

Note: HUD has not funded operating subsidy for public housing authorities at 100 percent for majority of the last few years. The above chart and graph show the historical funding levels of public housing operating subsidies.

PUBLIC HOUSING

**This is the actual proration based on the funding DHA received in 2015. The official HUD proration is stated as 88.79% but that is calculated prior to an adjustment for Formula Income Flat Rents.

*The 2010 operating subsidy was a 103% proration due to additional fundingprovided by Congress. Congress was concerned about decreasing tenant incomes and rising utility costs during the economic recession.

80%

85%

90%

95%

100%

105%

Pror

atio

n %

Federal Fiscal Year

Operating Fund Historical Proration Levels

*

*** **

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Year Proration Level Year Proration Level2005 99.45% 2011 84.50%2006 100.63% 2012 89.33%2007 97.19% 2013 68.50%2008 90.34% 2014 79.00%2009 90.82% 2015 81.00%2010 85.08% 2016 80.00%

*2016 proration not final as of this writing.

SECTION 8

Note: HUD has not funded administrative fees for Section 8 Program at 100 percent for majority of the last few years. The above chart and graph show the historical funding levels of Section 8 administrative fees.

60.00%

65.00%

70.00%

75.00%

80.00%

85.00%

90.00%

95.00%

100.00%

105.00%

Pror

atio

n %

Federal Fiscal Year

Administrative Fees Historical Proration Levels

*

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DenverGeneral Public Housing Component Internal Combining

Assets Administrative Housing Program Units Section 8 Grants services entries TotalCurrent assets:

Cash and cash equivalents $ 8,909,040 1,000,256 1,165 10,376,690 500 — 200 — 20,287,851 Investments 2,953,369 16,794,538 15,173,467 1,103,284 1,125,335 141,734 — — 37,291,727 Receivables:

Tenants — 149,533 17,498 6,317 — — — — 173,348 Interest 44,634 — — — — — — — 44,634 Intergovernmental — 579,049 6,883 — 25,822 39,671 — — 651,425 Other 25,933 303,699 158,907 24,544 — 10,531 220 — 523,834

Current portion of notes receivable — — 2,960,250 6,105,750 — 456,834 — (456,834) 9,066,000 Due from other funds 23,323 — 1,986,401 — — — 1,846,732 (3,856,456) — Due from DCU 33,884 153,925 120,755 12,997 — — — — 321,561 Inventories 7,674 — — 1,412 — — 72,803 — 81,889 Assets held for sale — — — — — — — — — Prepaid items 206,234 58,368 1,641 7,189 1,786 — 17,635 — 292,853 Restricted:

Cash — 1,578,171 4,806,312 1,953,491 — — — — 8,337,974 Investments — 5,203,200 14,981 46,339 694,609 — — — 5,959,129

Total current assets 12,204,091 25,820,739 25,248,260 19,638,013 1,848,052 648,770 1,937,590 (4,313,290) 83,032,225 Noncurrent assets:

Noncurrent portion of notes receivable — 129,384,164 20,677,462 615,645 — 3,160,831 — (1,460,559) 152,377,543 Due from DCU — 8,698 5,906,584 41,241 — — — — 5,956,523 Other 259,187 — 107,598 783,926 — — — — 1,150,711 Capital assets:

Land — 21,620,657 22,395,995 1,707,246 — 600,000 — — 46,323,898 Buildings — 214,269,107 6,548,777 7,607,715 — — — — 228,425,599 Accum depr – buildings — (148,030,920) (3,268,441) (2,110,416) — — — — (153,409,777) Improvements — 29,155,065 1,872,304 50,074 — — — — 31,077,443 Accum depr – improvements (18,779,317) (392,791) (8,430) — — — — (19,180,538) Machinery and equipment 823,638 2,160,771 138,823 222,049 263,059 — 1,644,793 — 5,253,133 Accum depr – machinery and equip (650,982) (2,057,374) (65,085) (70,150) (220,501) — (1,514,691) — (4,578,783) Construction in progress — 5,424,967 25,378 148,088 — 150,000 — — 5,748,433

Total capital assets 172,656 103,762,956 27,254,960 7,546,176 42,558 750,000 130,102 — 139,659,408 Total noncurrent assets 172,656 235,627,568 80,786,675 7,982,169 42,558 4,130,000 130,102 (1,003,725) 327,868,003 Total assets $ 12,376,747 261,448,307 106,034,935 27,620,182 1,890,610 4,778,770 2,067,692 (5,317,015) 410,900,228

DenverGeneral Public Housing Component Internal Combining

Liabilities and Net Position Administrative Housing Program Units Section 8 Grants services entries TotalCurrent liabilities:

Accounts payable $ 528,469 1,306,195 216,809 158,579 25,863 10,343 20,718 — 2,266,976 Curr portion of comp absences payable 295,611 291,560 40,149 9,311 62,442 — 65,045 — 764,118 Accrued liabilities 922,106 796,584 75,029 18,216 84,219 27,220 75,481 — 1,998,855 Unearned revenue 4,922 354,766 856,405 155,132 — 127,590 — — 1,498,815 Intergovernmental payables — — — — 63,976 — — — 63,976 Accrued interest payable — 70,558 1,286 — — — — — 71,844 Current portion of long-term debt — 1,336,254 121,815 456,834 — — — (456,834) 1,458,069 Due to other funds 1,846,732 — — 1,994,388 — 15,336 — (3,856,456) — Due to DCU 11,846 182,325 — — — — — 194,171

3,597,840 4,167,763 1,493,818 2,792,460 236,500 180,489 161,244 (4,313,290) 8,316,824 Current liabilities payable from rest assets:

Accrued interest payable — — — — — — — — — Current portion of long-term debt — 320,000 2,466,250 — — — — — 2,786,250 Family Self Sufficiency escrow — 319,372 — — 269,903 — — — 589,275 Tenant security deposits — 284,658 14,981 46,339 — — — — 345,978 Escrow held for others — — — — — — — — —

Current liabilities payable fromrestricted assets — 924,030 2,481,231 46,339 269,903 — — — 3,721,503

Total current liabilities 3,597,840 5,091,793 3,975,049 2,838,799 506,403 180,489 161,244 (4,313,290) 12,038,327 Noncurrent liabilities:

Compensated absences payable 40,311 39,758 5,475 1,270 8,515 — 8,870 — 104,199 Due to DHA — — — — — — — — — Accrued liabilities 651,576 — — 10,150 — — — — 661,726 Unearned Revenue — 729,218 — 2,682,313 — — — — 3,411,531 Notes and bonds payable — 33,269,037 28,652,398 2,713,725 — — — (1,003,725) 63,631,435

Total noncurrent liabilities 691,887 34,038,013 28,657,873 5,407,458 8,515 — 8,870 (1,003,725) 67,808,891 Total liabilities 4,289,727 39,129,806 32,632,922 8,246,257 514,918 180,489 170,114 (5,317,015) 79,847,218

Net position:Inv in cap assets, net of related debt 172,656 68,837,665 (3,985,503) 4,375,617 42,558 750,000 130,102 1,460,559 71,783,654 Restricted —

HAP - Section 8 — — — — 424,706 — — — 424,706 Operating Reserve Fund — — — 375,340 — — — — 375,340 ACC Reserve — 1,007,927 569,643 1,411,970 — — — — 2,989,540 Replacement Reserve — 570,236 2,154,911 6,014 — — — — 2,731,161 Debt Service Reserve — 8 1,038,749 160,167 — — — — 1,198,924 Other — 4,599,170 1,043,009 — — — — — 5,642,179

Unrestricted 7,914,364 147,303,495 72,581,204 13,044,817 908,428 3,848,281 1,767,476 (1,460,559) 245,907,506 Total net position 8,087,020 222,318,501 73,402,013 19,373,925 1,375,692 4,598,281 1,897,578 — 331,053,010 Total liabilities and net position $ 12,376,747 261,448,307 106,034,935 27,620,182 1,890,610 4,778,770 2,067,692 (5,317,015) 410,900,228

Source: Comprehensive Annual Financial Report.

HOUSING AUTHORITY OF THE CITY AND COUNTY OF DENVERCombining Financial Schedules - Primary Government

December 31, 2014

83

Year Operating HAPCapital/

DevelopmentTotal

Budget

TotalHousing

UnitsRegularStaffing

2006 $35,993,369 $51,682,040 $12,276,490 $99,951,899 10,416 2402007 $36,008,601 $50,650,677 $42,170,877 $128,830,155 10,463 2342008 $38,049,498 $49,894,031 $73,679,081 $161,622,610 10,585 2402009 $42,739,952 $50,028,789 $49,511,320 $142,280,061 10,749 2372010 $43,547,701 $51,410,163 $45,584,620 $140,542,484 10,943 2422011 $44,537,447 $53,430,147 $52,957,811 $150,925,405 11,129 2472012 $46,279,192 $57,784,658 $52,875,524 $156,939,374 11,632 2492013 $47,151,378 $59,104,969 $55,224,702 $161,481,049 11,574 2602014 $52,261,482 $53,203,380 $54,124,980 $159,589,842 11,968 2582015 $55,064,712 $56,646,938 $35,825,650 $147,537,300 12,112 2602016 $58,469,007 $56,090,991 $32,179,336 $146,739,334 12,229 257

It is important to note that DHA's comprehensive budget increased from $99.9 million in 2006 to $146.7 million in 2016. The operating budget increased 183%, the HAP budget increased 9% and Capital/Development budget increased 162% during this period. Due to operational efficiencies and technological enhancements, staffing variance is minimal during this period. DHA increased its housing opportunities from 10,416 units in 2006 to 12,229 units in 2016.

DHA COMPREHENSIVE BUDGET OVERVIEW2006-2016

Notes on Comprehensive Budget OverviewWe are showing here DHA's Total Budget from FY2006 to FY2016 for historical perspective. Each year's total budget is broken out between Operating, HAP and Capital/Development budgets. Housing Assistance Payments (HAP) are paid by DHA to Section 8 landlords who lease their units to DHA's Section 8 clients. These payments have increased significantly over the years because of higher fair market rents and the higher number of Section 8 vouchers that DHA issues. For each year, the total housing units that the budget relates to is also shown along with the number of regular personnel. The number of temporary staff fluctuates based on the amount of grants DHA is administering any particular year. The total housing units include all of DHA's hard units and Section 8 program vouchers.

84

DHA COMPREHENSIVE BUDGET OVERVIEW

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

BUD

GET

YEAR

Operating

HAP

Capital/Development

8,000

8,500

9,000

9,500

10,000

10,500

11,000

11,500

12,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

$160,000,000

$180,000,000

TOTA

L H

OU

SIN

G U

NIT

S

TOTA

L O

PERA

TIN

G BU

DGE

T

YEAR

TotalOperatingBudget

TotalHousingUnits

85

RESIDENT ACTIVITIES

86

DDIIVVIISSIIOONN BBUUDDGGEETTSS

87


INTENTIONALLY.

88

D I V I S I O N A N D D E P A R T M E N T S T R U C T U R E

DHA Departmental Structure is used to reflect the areas of responsibility by Division and Department. Division and Departmental budgets are already incorporated in the Program Budgets and/or General Fund budgets in the previous pages.

For 2016, DHA is structured with three Divisions and three Departments which report to the Executive Director. These are the Executive, Finance and Administration, and Housing Management Divisions and the Section 8, Resident & Community Services (RCS), and Workforce Development & Community Initiatives (WDCI) Departments. Each Division has various Departments reporting to the head of the respective Division.

For each Division or Department that reports directly to the Executive Director, the Division structure, Departmental Comparative Budgets and Staffing for 2016 are provided. In addition, DHA’s goals and strategies respective to each Division are presented in the Strategic Plan found in the Vision/Goals/Initiative section.

Executive Director

Executive Division

Executive Dept.

Legal Dept.

Personnel Dept.

Real Estate Development

Dept.

Housing Management

Division

Housing Management Admin. Dept

Occupancy Dept.

General Services

Dept.

Capital Improvements

Dept.

Support Maintenance

Shops

Finance and Administration

Division

Finance Administration

Dept.

Accounting Dept.

MIS Dept.

Procurement Dept.

Section 8 Department

RCS Department

WDCI Department

89

EXECUTIVE DIVISION

MISSION STATEMENT

Executive team will lead by example, demonstrating a strong commitment to team work, collaboration and ownership of DHA goals and objectives. Develop, establish and maintain effective strategic partnerships, resource development, intergovernmental and community relations, which amplify the mission of DHA. Assist and support DHA departments to successfully implement their goals.

EXECUTIVE DIVISION2014

Budget2015

Budget2016

Budget% of

ChangeBoard of Commissioners (801) 71,359$ 85,889$ 98,825$ 15.1%Executive Office (802) 1,009,403 1,132,485 1,125,105 (0.7%)Legal Department (808) 561,541 610,224 606,991 (0.5%)Personnel Services Department (807) 311,792 330,667 416,502 26.0%Real Estate Department (824) 1,220,131 1,340,726 1,940,035 44.7%Total Executive Division 3,174,226$ 3,499,991$ 4,187,458$ 19.6%

*Real Estate Department budget is not a part of General Fund structure. Instead, it is part of DHP (DenverHousing Program.) **The Procurement Department was moved to the Finance and Administration Division in 2015.

R T R T R TExecutive Office (802) 5 0 5 0 5 1Legal Department (808) 4 0 4 0 4 0Personnel Services Department (807) 3 0 3 0 4 0Real Estate Venture (824) 4 1 5 2 5 4Total Executive Division Positions 16 1 17 2 18 5R - Regular full time positionsT - Temporary positions

Position Count201620152014

EXECUTIVE DIVISION DEPARTMENTS


Executive Department

Legal Department

Personnel Department

Real Estate* Department

90

EXECUTIVE DIVISION

EXECUTIVE DIVISION PERFORMANCE MEASURES

Measurement/Goal 2014 Actual 2015 Estimated 2016 Goal Executive High Performer PHAS score 93 93 94 Real Estate Number of units rehabilitated/constructed 174 212 94 Legal Days to Process Days to Process Days to Process Court Filings 5 Days 5 Days 5 Business Days Standard Request for Tenant Notice 13 Days 11 Days 15 Business Days

Expedited Request for Tenant Notice 1 Day 1 Day 5 Business Days

Request for Accommodation 9 Days 8 Days 15 Business Days

Personnel Days to Process Days to Process Days to Process Employment Applications 1 Day 2 Days 5 Business Days New Employee Orientation 1 Day 1 Day 3 Business Days Request for Personnel Action

6 Days

7 Days 10 Business Days

Employee Performance Reviews

8 Days

8 Days 30 Business Days

91

FINANCE & ADMINISTRATION DIVISION

MISSION STATEMENT

The Finance and Administration Division is to provide the financial services and technology infrastructure needed to support DHA in achieving its mission.

FINANCE & ADMINISTRATION/ACCOUNTING

The Accounting Department is responsible for providing all accounting services for DHA, such as payroll, accounts payable, cash management, accounts receivable, and timely and accurate internal/external financial reporting, while ensuring that proper financial controls are in place to protect DHA’s assets. The Finance Department is responsible for budget, budget-to-actual reporting, risk management, and Davis-Bacon compliance.

MANAGEMENT IMPROVEMENT SYSTEMS (MIS)

The Management Information Systems Department is committed to providing a state-of-the-art information technology and telecommunications infrastructure that is responsive, reliable, and cost efficient. Our mission is to provide quality customer service and technical support for internal and external customers in order to increase the overall effectiveness and productivity for all DHA divisions.

PROCUREMENT DEPARTMENT

The Procurement department is responsible for acquisition of supplies, services and construction for DHA. This is achieved through the issuance of Invitations for Quotes, Requests for Proposal, and purchase orders and contracts. The overall objective is to ensure that goods and services are obtained expeditiously and economically and that all applicable state, federal, and grant requirements are met.

FINANCE/ADMINISTRATION DIVISION2014

Budget2015

Budget2016

Budget% of

ChangeFinance Department 767,815$ 889,337$ 939,442$ 5.6%Accounting Department 968,525 1,000,307 1,011,759 1.1%Management Information Systems Dept. 1,032,745 988,376 1,156,327 17.0%Procurement Department (813) 505,467 516,971 357,707 (30.8%)Total Finance/Administration Division 3,274,552$ 3,394,991$ 3,465,235$ 2.1%

FINANCE & ADMINISTRATION

DIVISION

Finance & Administration

Department

Accounting Department

Procurement Department

Management Information Systems

Department

92

FINANCE & ADMINISTRATION DIVISION

R T R T R TFinance Department (814) 5 0 6 0 6 0Accounting Department (804) 11 0 11 0 11 0Management Information Systems Dept. (805) 9 0 9 0 9 0Procurement Department (813) 5 0 5 0 4 0Total Finance/Administration Positions 30 0 31 0 30 0R - Regular full time positionsT - Temporary positions

2014Position Count

2015 2016

FINANCE & ADMINISTRATION DIVISION PERFORMANCE MEASURES

Measurement/Goal 2013 Actual 2014 Estimated 2015 Goal Accounting Complete Independent Audit with Unqualified Opinions

Yes Yes Yes

Achieve the GFOA Annual Report award Yes Yes Yes Finance Achieve the GFOA Budget Report award Yes Yes Yes Procurement Number of participants in training and outreach 238 363 300 Minority Business Enterprise participation 5.33% 8.33% 20% Woman Business Enterprise participation 16.49% 16.91% 6% Small Business Enterprise participation 7.08% 16.22% 15%

93


HOUSING MANAGEMENT DIVISION MISSION STATEMENT

The mission of the Housing Management Division is to improve the quality of life for the Residents and to provide safe and sanitary housing.

2014Budget

2015Budget

2016Budget

% of Change

HOUSING MANAGEMENT DIVISION (Administration only)Housing Management (818) 1,390,090$ 1,318,932$ 1,443,543$ 9.4%General Services Department (806) 203,360 209,510 227,118 8.4%Total Housing Management Division 1,593,450$ 1,528,442$ 1,670,661$ 9.3% **Occupancy Department budget of $616,080 is now allocated to each user program per HUD Asset Management guidelines.

*All field staff functions under Housing Management supervision are budgeted and reported as programbudgets.

R T R T R THousing Management 8 0 8 0 8 0Field Staff 146 32 147 34 145 34Capital Projects Department 3 1 3 0 2 0General Services Department 4 0 4 0 4 0Occupancy Department 6 0 7 0 9 0Total Housing Management Division 167 33 169 34 168 34R - Regular full time positionsT - Temporary positions

2014 2015 2016Position Count

HOUSING MANAGEMENT

DIVISION*

Housing Administration

Occupancy Department**

General Services

Department

Capital Projects Department

Field Operations

94


HOUSING MANAGEMENT DIVISION PERFORMANCE MEASURES

Measurement/Goal 2014 Actual 2015 Estimated 2016 Goal Occupancy rate 99.2% 99% 99.1% Turn-around time 18 days 19 days 15 days

REAC scores Average = 88 0 properties < 80

Average = 92 2 properties < 80

Average = 90 0 properties < 80

Energy & Water Consumption Reduction 3.1% 4.0% 2.0%

95


SECTION 8 DEPARTMENT PROGRAM MISSION STATEMENT

The Section 8 Department mission is to provide rental subsidies up to the HUD approved baseline vouchers, as funding will allow, so eligible families can afford decent, safe and sanitary housing.

2014Budget

2015Budget

2016Budget

% of Change

SECTION 8 DEPARTMENTSection 8 Department 58,391,665$ 61,576,637$ 62,946,436$ 2.2%Total Section 8 Department 58,391,665$ 61,576,637$ 62,946,436$ 2.2%# of Vouchers Administered 6,772 6,849 6,872

R T R T R TTotal Section 8 Department 32 1 30 1 30 1

R - Regular full time positionsT - Temporary positions

2015 20162014Position Count

SECTION 8 DEPARTMENT PERFORMANCE MEASURES

Measurement/Goal 2014 Actual 2015 Estimated 2016 Goal SEMAP – High Performer Yes Yes Yes # of vouchers leased 74,958 73,923 72,550 Percent Leased 95.0% 91.5% 91%


96

RESIDENT & COMMUNITY SERVICES DEPARTMENT

MISSION STATEMENT The Resident & Community Services Department mission is to promote positive resident relations and provide programming in the areas of aging in place, economic self-sufficiency, youth services, and community engagement. *The budget for the Resident & Community Services is included in the various program budgets elsewhere in this document. The Resident & Community Services Department is funded by grants and subsidies from various sources.

2014Budget

2015Budget

2016Budget

% of Change

RCS 2,052,088$ 1,764,558$ 2,172,804$ 23.1%Total RCS Programs 2,052,088$ 1,764,558$ 2,172,804$ 23.1%

R T R T R T

Total RCS Department 8 25 9 17 8 23R - Regular full time positionsT - Temporary positions

Position Count2014 2015 2016

Grant Funds 1,149,331$ Other Funding 187,641Public Housing Operating Funds 835,832 Total Funds for RCS Activities $2,172,804

2016 BudgetRCS - Sources

Resident & Community Services (RCS)

97

RESIDENT & COMMUNITY SERVICES DEPARTMENT

PERFORMANCE MEASURES Asset Building, Senior/Disable Services, Community and Youth

Some for Moving to Work – FSS and Homeownership

Measurement/Goal 2014 Actual 2015 Estimated 2016 Goal

Senior/Disabled Services Number of

Participants Number of


Participants Case management 1040 1180 900 Health services 570 460 450 Activities of daily living/ Aging in Place

889 820 700

Nutrition/Meal Services 944 950 700 Referral to Services 583 300 300 Youth Programming Number of Visits Number of Visits Number of Visits Afterschool Program Partnership

78,977 78,000 75,000

Number of Participants

Number of Visits Number of Visits

Early Learning 498 3,300 3000

Economic Self Sufficiency Number of



Participants Job attained 58 50 40 Increase in earned income 61 50 50 Improve credit score 50 35 40 Decrease debt 61 25 35 Home purchase 5 2 3 Resident Services Number of councils 19 20 20 Resident council training 53 50 25 RCB meetings 6 6 6

98

WORKFORCE DEVELOPMENT AND COMMUNITY INITIATIVES DEPARTMENT

MISSION STATEMENT

The mission of the Workforce Development and Community Initiatives Department is to help support a stable environment in communities offering employment through educational and economic opportunities in order to support residents to grow and become positive members of a vibrant living community.

*The budget for WDCI is included in the various program budgets elsewhere in this document.WDCI Programs are funded by grants and subsidies from various sources.

2014Budget

2015Budget

2016Budget

% of Change

WDCI 1,032,569$ 1,051,306$ 1,493,142$ 42.0%Total WDCI Programs 1,032,569$ 1,051,306$ 1,493,142$ 42.0%

R T R T R TTotal WDCI Department 5 16 4 13 4 17R - Regular full time positionsT - Temporary positions

Position Count2014 2015 2016

Grant Funds 454,830$ Other Funding 540,169Public Housing Operating Funds 258,066Capital Grant Funds for Hope VI 148,050Hope VI Grant Funds 92,027 Total Funds for WDCI Activities 1,493,142$

2016 BudgetWDCI - Sources

Workforce Development and Community Initiatives Department (WDCI)

99

WORKFORCE DEVELOMENT AND COMMUNITY INITIATIVES DEPARTMENT

PERFORMANCE MEASURES

Measurement/Goal 2014 Actual 2015 Estimated 2016 Goal




Certificate/vocational completion 217 192 120 Job readiness activities 327 306 175 Job attained 169 216 80 Job retention (3-5 months) 117 68 75 Job retention (6-8 months) 117 81 60 Job retention (9-11 months) 103 81 50 Job retention (12+ months) 171 54 50 Increase in Earned Income 169 216 50

100

FFUUNNDD BBUUDDGGEETTSS

101


INTENTIONALLY.

102

2016 Budget DenverGeneral Public Housing Component Internal Combining Capital

Administrative Housing Program Units Section 8 Grants Services entries budgets TotalOperating revenues:

Rental revenues $ — 8,386,570 348,690 12,853,962 — — — — — 21,589,222 Intergovernmental — 17,554,076 508,388 7,165,149 62,482,588 2,780,993 — (5,830,815) — 84,660,379 Property Management fee revenue 5,624,974 — 2,237,930 — — — — (5,624,974) — 2,237,930 Other revenues 2,020,511 2,491,868 1,019,977 1,092,111 459,282 816,875 3,146,179 (3,138,348) 23,189,543 31,097,998

Total operating revenues 7,645,485 28,432,514 4,114,985 21,111,222 62,941,870 3,597,868 3,146,179 (14,594,137) 23,189,543 139,585,529 Operating expenses:

Administrative 7,227,327 6,053,693 2,370,288 4,371,947 4,111,638 750,873 342,976 (6,119,544) — 19,109,198 Tenant services 45,204 1,095,257 855 76,443 — 2,636,166 — — — 3,853,925 Utilities — 4,803,459 65,863 2,737,099 — 9,654 134,000 — — 7,750,075 Maintenance, General and Other 112,098 14,210,765 1,378,295 10,153,392 96,273 204,801 3,004,855 (8,474,593) 30,272,843 50,958,729 Housing assistance payments — — — — 58,738,525 — — — — 58,738,525

Total operating expenses 7,384,629 26,163,174 3,815,301 17,338,881 62,946,436 3,601,494 3,481,831 (14,594,137) 30,272,843 140,410,452 Operating income (loss) 260,856 2,269,340 299,684 3,772,341 (4,566) (3,626) (335,652) — (7,083,300) (824,923)

Nonoperating revenues (expenses), net 47,455 (2,269,340) (290,274) (3,754,410) 4,566 3,626 — — — (6,258,377) Transfers in (out) (308,311) — (9,410) (17,931) — — 335,652 — — — Capital grants — — — — — — — — 7,083,300 7,083,300

Changes in net position — — — — — — — — — —

2015 Budget DenverGeneral Public Housing Component Internal Combining Capital


Rental revenues $ — 8,019,295 328,355 12,674,498 — — — — — 21,022,148 Intergovernmental — 17,926,841 508,388 5,269,781 61,290,542 2,074,848 — (4,273,462) — 82,796,938 Property Management fee revenue 5,487,170 — 3,406,432 — — — — (5,487,170) — 3,406,432 Other revenues 1,942,035 238,263 518,144 525,647 284,486 731,868 3,049,035 (2,877,029) 17,667,700 22,080,149

Total operating revenues 7,429,205 26,184,399 4,761,319 18,469,926 61,575,028 2,806,716 3,049,035 (12,637,661) 17,667,700 129,305,667 Operating expenses:

Administrative 6,873,444 5,896,299 2,626,058 4,043,570 4,073,895 593,603 359,706 (5,924,878) — 18,541,697 Tenant services — 890,974 855 27,290 88,639 2,094,094 — — — 3,101,852 Utilities — 4,833,412 70,212 2,646,771 — 8,200 138,034 — — 7,696,629 Maintenance, General and Other 209,254 12,338,069 1,943,269 7,940,482 50,800 119,967 2,844,902 (6,712,783) 35,694,000 54,427,960 Housing assistance payments — — — — 57,363,303 — — — — 57,363,303

Total operating expenses 7,082,698 23,958,754 4,640,394 14,658,113 61,576,637 2,815,864 3,342,642 (12,637,661) 35,694,000 141,131,441 Operating income (loss) 346,507 2,225,645 120,925 3,811,813 (1,609) (9,148) (293,607) — (18,026,300) (11,825,774)

Nonoperating revenues (expenses), net 28,138 (2,225,645) (227,570) (3,782,813) 1,609 5,148 607 — — (6,200,526) Transfers in (out) (374,645) — 106,645 (29,000) — 4,000 293,000 — — — Capital grants — — — — — — — — 18,026,300 18,026,300

Changes in net position — — — — — — — — — —

2014 Actual DenverGeneral Public Housing Component Internal Combining Capital


Rental revenues $ — 8,309,226 124,739 427,868 — — — — — 8,861,833 Intergovernmental — 20,843,796 493,381 825,397 60,227,665 1,078,548 — — — 83,468,787 Property Management fee revenue 6,866,328 — 4,806,431 12,997 — — — (4,581,188) — 7,104,568 Other revenues 1,241,925 1,239,687 3,289,007 752,837 47,656 436,744 2,701,672 (2,192,893) — 7,516,635

Total operating revenues 8,108,253 30,392,709 8,713,558 2,019,099 60,275,321 1,515,292 2,701,672 (6,774,081) — 106,951,823 Operating expenses:

Administrative 6,243,645 7,066,915 2,168,768 407,280 3,809,519 70,076 — (4,900,858) — 14,865,345 Tenant services 483,322 1,008,612 126,172 199,396 87,450 760,841 — (26,823) — 2,638,970 Utilities — 4,922,021 65,050 107,302 — — — — — 5,094,373 Maintenance, General and Other 370,083 13,038,011 531,965 755,956 51,276 156,026 2,601,416 (1,846,400) — 15,658,333 Depreciation 69,467 8,989,959 366,143 450,598 13,138 — 82,317 — — 9,971,622 Housing assistance payments — — — — 58,072,049 — — — — 58,072,049

Total operating expenses 7,166,517 35,025,518 3,258,098 1,920,532 62,033,432 986,943 2,683,733 (6,774,081) — 106,300,692 Operating income (loss) 941,736 (4,632,809) 5,455,460 98,567 (1,758,111) 528,349 17,939 — — 651,131

Nonoperating revenues (expenses), net 43,509 (753,950) (164,933) 5,398,270 59,489 1,324 11,057 — — 4,594,766 Transfers in (out) (3,833,060) 576,263 9,049,636 (5,995,949) — 203,110 — — — — Capital grants — 4,417,274 1,365,571 — — 342,799 — — — 6,125,644

Changes in net position (2,847,815) (393,222) 15,705,734 (499,112) (1,698,622) 1,075,582 28,996 — — 11,371,541 Net position, January 1 10,934,835 222,711,723 57,696,279 19,873,037 3,074,314 3,522,699 1,868,582 — — 319,681,469 Net position, End of Period $ 8,087,020 222,318,501 73,402,013 19,373,925 1,375,692 4,598,281 1,897,578 — — 331,053,010

Notes: Capital financing is reported separately for budget purposes but the actual expenditures are reported in the correct category in compliance with GAAP.Proposed budgets are balanced budgets that anticipate no change in the net position.

HOUSING AUTHORITY OF THE CITY AND COUNTY OF DENVERSummary of Revenues and Expenditures

103

DHA FUND STRUCTURE

GENERAL ADMINISTRATIVE

FUND

FEE FOR SERVICES/ INTERNAL SERVICES

FUNDS

DHA’S HOUSING

PROGRAM FUNDS

DHA COMPONENT

UNITS

DHA’S ADMINISTRATIVE FUNCTIONS

(Executive, Finance, Procurement, Personnel,

Legal, MIS, Property Management Oversight, General Services Depts.)

SUPPORT MAINTENANCE/

SPECIALTY SHOPS

GENERAL SERVICES

FLEET MANAGEMENT SHOP

OFFICE

PUBLIC HOUSING PROGRAM

DHP – DHA’S NON-HUD HOUSING PROGRAMS

SECTION 8 PROGRAM

VARIOUS DHA GRANT PROGRAMS

DHA CONTROLLED PARTNERSHIPS,

DENVER HOUSING CORPORATION,

AND OTHER DHA INSTRUMENTALITIES

104

F U N D B U D G E T S

he financial structure of the Denver Housing Authority (DHA) is organized like other governmental entities with the use of funds, each of which is considered a separate accounting entity. Funds are set up with a self-balancing set of accounts to ensure that

moneys are spent only for that fund. All of DHA’s operations and component units are budgeted and accounted for as Enterprise Funds.

DHA uses the following funds to manage its operations: General Administrative Fund (also known as the Central Office Cost Center or COCC), Public Housing Fund, Section 8 Program Fund, Denver Housing Program Fund, various Grant Funds, Internal Services Shops, and a host of funds in its Component units’ presentation. All fund budgets use the accrual method. Under this method, revenues are recorded when earned and expenses are recorded when incurred.

DHA’s Comprehensive Annual Financial Report (CAFR) presents the DHA’s financial activities on a Generally Accepted Accounting Principles (GAAP) method.

DHA follows the cost principles set forth by Office of Management and Budget (OMB) 2 CFR 200, Uniform Administrative requirements, Cost Principles, and Audit Requirements for Federal Awards. This federal regulation provides federal award recipients with a uniform approach to determining costs of federally funded programs.

Monthly reporting to the DHA Board and managers are provided on all funds on a Budget basis for comparison purposes.

Basis of budgeting The basis of budgeting for DHA is the same as the basis of accounting for all DHA funds with the following exceptions:

• Capital outlays are recorded as assets on a GAAP basis, but are considered as expendituresfor budgetary purposes.

• Depreciation is recorded on a GAAP basis and is not recognized for budgetary purposes.

• Contributions to Replacement Reserves are considered as an asset reclassification on aGAAP basis, but recognized as expenditures for budgetary purposes.

• Allowance for obsolete inventory and tenant receivables are recorded on a GAAP basis, butare not recognized for budgetary purposes.

T

105


GENERAL ADMINISTRATIVE FUND

DHA’s General Administrative Fund is used to account for all the administrative operations of the DHA, which are not specifically chargeable to the program funds. This fund is also referred to as the Central Office Cost Center (COCC). The administrative functions accounted for in this fund include the following: Board of Commissioners, Accounting, Management Information Systems, Legal, Procurement, Personnel, Executive, General Services, Housing Operations Management, and Finance Administration.

Funding to support this structure is from various fees it charges the Low Rent Housing Program, Section 8 Program, Denver Housing Program (DHP), the Denver Housing Corporation (DHC), the Capital Fund Program, Hope VI Grants, Partnerships and various other grants. The General Administrative Expenditure Summary is presented by Division.

PUBLIC HOUSING PROGRAM

The Public Housing Program provides subsidized housing to low and moderate-income tenants. DHA functions as a developer, owner and manager of approximately 3,900 public housing units. In addition to rents received from tenants (which is 30% of their adjusted income), DHA receives operating subsidy from HUD to offset the cost of operating and maintaining these units. HUD uses a performance funding system to determine the amount of operating subsidy for each housing authority. Housing authorities are required to submit to HUD an annual operating budget for the Public Housing Program. After HUD approval, the appropriation is disbursed to the housing authorities on a monthly basis.

SECTION 8 PROGRAMS

Section 8 Housing Choice Vouchers and Moderate Rehabilitation Program are the components of DHA's Section 8 housing program. This program creates a partnership between the public and the private sector with the object of providing housing assistance to low and moderate income families. A family selected to participate in the Section 8 program is issued a voucher and is then free to locate a dwelling unit suitable to the family's needs and desires in the private market. DHA pays the owner a portion of the rent (a housing assistance payment - HAP) on behalf of the family. The moderate rehabilitation program assists low-income families to afford decent, safe and sanitary housing from property owners who have rehabilitated substandard housing and lease the units with rental subsidies to low income families. The Department of Housing and Urban Development provides funds to DHA to administer these programs. In 2016, DHA expects to administer 6,872 Section 8 units. DHA's Section 8 Department administers this program.

106


DENVER HOUSING PROGRAM (DHP)

The Denver Housing Programs Fund is used to account for operations of the Housing Authority's Housing Programs, which are neither financed nor restricted by HUD. These include DHA’s real estate development fee activities, low-income rental units, vacant land, and a homeownership program. This fund also carries mortgages that DHA has provided for various home-ownership programs. DHA’s developer fee activities are budgeted for and accounted in the Denver Housing Program Fund.

INTERNAL SERVICES

Internal Service funds (ISF) are used to account for the financing of goods and services provided by specialized shops to other departments or programs on a fee-for-service basis.

DHA has the following Internal Services shops:

General Services - Revenues in the General Services Shop cost center are derived from user charges to all areas for mailing, office supplies and other miscellaneous services. The General Services Department is responsible for the operation of this shop.

Support Maintenance/Specialty Maintenance Shops - Revenues are derived from user charges to all areas for services provided from the Pest Control Team, the Small Engine Repair Shop, Lock Shop, Paint Shop, Equipment Operator, and a few specialty maintenance shops. The Housing Management Division is responsible for the operation of Support Maintenance shops.

Warehouse Operations - Revenues are derived from all areas through user charges for warehousing functions performed by the warehouse staff person. The Housing Management Division is responsible for the operation of this fund.

Fleet Management - Revenues are derived from charges to all areas using DHA vehicles and also, proceeds from the disposition of old vehicles. This fund was created in 1990 to establish a vehicle replacement program and funding to carry out replacements of older vehicles. This funding will assure that DHA will maintain a modern fleet of vehicles to carry out its goals and objectives. This fund also provides for maintenance of the vehicles.

Office - This fund was created in 1999 to handle the operation and maintenance of Office facilities. The DHA office building at 777 Grant Street houses DHA’s administrative staff and the Section 8 program staff. The excess space in this building is rented out at market rate. The rents derived from these leases support most of the operating costs of DHA’s central office building. The General Services Department is responsible for the operation of the Office.

107


RESIDENT SERVICES PROGRAMS

Resident Services Programs describes the self-sufficiency activities of DHA and are funded through a variety of sources. Both competitive and non-competitive grants are obtained from HUD, State, the City and County of Denver and private corporations. Additional revenue is generated through fee-for-service programs and private donations. Resident Community Services and Workforce Development and Community Initiatives are the departments responsible for this function.

COMPONENT UNITS

DHA has created a number of instrumentalities, which serve in several different legal capacities depending on the housing program, and the budgets reflect this complexity. Some of these instrumentalities and affiliates serve as General Partner in partnerships, which have received Low Income Housing Tax Credits (LIHTC). These entities are treated as component units for budgeting as well as financial statement presentation in DHA’s Comprehensive Annual Financial Report (CAFR). These entities and partnerships have separate budgets that are approved by DHA’s Board of Commissioners. The LIHTC Partnerships’ budgets are also approved by their respective limited partners. DHA requires management fees from each partnership for providing management services.

FUND SUMMARY

Fund Number Fund Name 001 General Administrative Fund 002 Support Maintenance Fund 003 Capital Improvement Fund 004 General Services Fund 005 Fleet Management Fund 006 Administrative Office Fund 100 Public Housing Program Fund 300 Series Funds Section 8 Program Funds 400 Series Funds Various Grant Funds 500 Series Funds Component Unit Funds 600 Series Funds Denver Housing Program and Resident Service Funds 800/900 Series Funds Capital Grants/Hope VI/RHF Grant funds from HUD

108


NOTES

Total General Administrative Fund for 2016 is 3% higher than 2015. All division budgets are comparable to 2015.

DHA was funded at 85.36% of eligibility in the Public Housing Program in 2015. Subsidy for 2016 is projected to be funded at 85% of DHA’s subsidy eligibility. The estimated number of Public Housing units to be receiving operating subsidy for 2016 is 3,937. The Public Housing Program budget for 2016 is 6.5% higher than 2015.

The Section 8 budget for 2016 was developed with a projected administrative fee proration of 80%. The use of $388,011 of Section 8 Operating Reserve is budgeted to cover administrative costs. Housing Assistance Payments (HAP) are budgeted at 100%.

All DHP funds are combined together and presented as one budget. The cost to maintain the DHP properties is offset by revenues generated by DHP assets. DHP’s 2016 budget is lower by 4.9% from 2015 the majority of the decrease is due to completion of developments in 2015. An operating transfer of $34,379 from General Fund to DHP is provided in 2016 to provide for expenses relating to the Capital Projects Department.

The total budgeted expenditures for the Internal Service Funds are 4.16% higher than 2015. Due to tenant turnover, the projected operating revenues were not sufficient to cover the operating expenses for the Office fund for 2014. Therefore an operating transfer of $335,652 is budgeted from the General Administrative fund.

109

DHA FUND STRUCTURE

Audited Financial Statements – DHA’s audited financial statements include the same funds that are budgeted. There are no additional or fewer funds in DHA’s and its entities’ audited financial statements.

Major Fund Descriptions – DHA considers Public Housing Fund and Section 8 Fund as major funds because their revenues or expenditures excluding other financing sources constitute more than 10% of the revenues or expenditures of the adopted budget.

Public Housing – Public Housing Fund accounts for the operations of DHA’s public housing program. It is funded by operating subsidy revenues from HUD and rental income collected from DHA’s public housing tenants.

Section 8 – Section 8 Program Fund accounts for their housing assistance payments DHA received from HUD to pay for Section 8 program clients who lease housing units from the private sector.

DHA’s Budgetary Funds

Enterprise Funds

General Administrative

Fund

Public Housing

Fund

Section 8 Funds

Capital Projects

Fund

DHP Funds

Grant Funds

Internal Services

Component Units

DHC DHA Limited Partners LLP

Globeville Housing Inc.

Globeville OEA

Three Towers Housing Inc.

Westwood Housing, Inc.

Blended 1099 Osage Housing Inc.

MVEC Housing Inc.

Curtis Park Housing Inc.

Curtis Park Horse Barn Inc.

Arrowhead Hsg. I,II,III & IV

CSG Housing Inc.

Mariposa Partner Inc.

Globeville Partnerships

Bean Towers LLP

SLP Housing Inc., II, III &

IV, VI, VII, VIII

Park Avenue Partnerships

Three Towers Partnership

Mountain View Partnership LLLP

Discretely Presented

Westwood Homes LLLP

1099 Osage LLLP

CSG Redevelopment Partners LLLP

South Lowell Redevelopment

LLLP

Mariposa Partners III, IV,

VI, LLLP

110

2016 BUDGETGENERAL ADMINISTRATIVE FUND

2014 2015 2016ACTUAL BUDGET BUDGET

REVENUES/SOURCES OF FUNDS:Property/Program Management Fees:

Low Rent Housing 2,141,748$ 2,118,183$ 2,118,840$ Section 8 Program 729,716 731,454 712,617 Denver Housing Corporation 70,414 63,104 65,156 Thomas Bean Towers 98,607 112,987 129,359 Park Avenue Phases 76,935 76,411 79,804 Denver Housing Program 460,285 316,806 238,799 Lincoln Park 57 40,071 40,203 40,186

Denver Housing Development Partners 10,694 8,100 4,680 Globeville Redevelopment 33,220 31,876 35,108 Three Towers 247,852 251,632 250,808 Westwood Homes LLLP 63,891 84,211 72,106 1099 Osage 24,171 21,251 23,250 Mariposa Partners 38,876 58,376 88,019 Mountain View Redevelopment LLLP 134,993 134,742 137,550 CSG Redevelopment Partners 78,238 92,781 140,285 South Lowell Redevelopment LLLP 67,231 67,761 88,720 Administrative Office 13,531 18,564 -

Bookkeeping Fees Low Rent Housing 258,098 256,590 255,412 Section 8 Program 456,072 457,158 574,740 Thomas Bean Towers 14,145 14,280 14,145 Three Towers 31,905 32,085 31,980 Westwood Homes LLLP 17,078 17,265 17,010 1099 Osage 8,932 8,910 8,910 South Lowell Redevelopment LLLP 8,572 8,640 11,130

Asset Management Fees Low Rent Housing 400,560 397,200 397,200 Thomas Bean Towers - - 19,200 Three Towers 43,080 43,080 43,080 1099 Osage - 12,000 12,000 South Lowell Redevelopment LLLP 11,500 11,520 14,880

DHA Energy Management Fee 224,957 232,830 240,980 Administrative fees - Capital Fund/Hope VI 1,060,955 1,350,000 1,288,000 Fees for Services 225,894 137,391 189,094 Other Grants 2,022,537 - - Other Income/Investment Income 475,121 249,952 349,892 Operating transfer in from other funds 32,938 60,000 61,720

TOTAL REVENUES/SOURCES 9,622,817$ 7,517,343$ 7,754,660$

EXPENDITURES:EXECUTIVE DIVISION

Board of Commissioners 75,592$ 85,889$ 98,825$ Executive Office 900,370 1,132,485 1,125,105 Legal Department 538,090 610,224 606,991 Personnel Services Department 328,708 330,667 416,502

TOTAL EXECUTIVE DIVISION 1,842,760$ 2,159,265$ 2,247,423$ FINANCE/ADMINISTRATION DIVISION

Finance Office 642,562$ 889,337$ 939,442$ Accounting Department 955,649 1,000,307 1,011,759 Management Information Systems Dept. 949,168 988,376 1,156,327 Procurement Department 487,007 516,971 357,707

TOTAL FINANCE/ADMINISTRATION DIVISION 3,034,386$ 3,394,991$ 3,465,235$ HOUSING MANAGEMENT DIVISION

Public Housing Management 1,241,691$ 1,318,932$ 1,443,543$ General Services Department 205,122 209,510 227,118

TOTAL HOUSING MANAGEMENT DIVISION 1,446,813$ 1,528,442$ 1,670,661$

Operating transfer to other funds 5,268,498$ 434,645$ 370,031$ Provision for COCC Operating Reserves - - 1,310

TOTAL EXPENDITURES/USES 11,592,457$ 7,517,343$ 7,754,660$

111

PUBLIC HOUSING PROGRAM FUND FUND NUMBER 100


REVENUES:

Rents 8,256,235$ 8,019,295$ 8,386,570$ Interest Income 143,605 29,582 64,329 Other 1,076,564 238,263 591,868 HUD Operating Subsidy 18,440,267 17,926,841 17,554,076 Operating Transfer In 1,997,463 728,321 208,761 Use of Operating Reserves - - 1,900,000

TOTAL REVENUES 29,914,134$ 26,942,302$ 28,705,604$

EXPENDITURES:

Administrative Salaries 1,864,507$ 2,076,272$ 2,176,331$ Administrative Supplies & Services 1,174,907 1,048,053 1,105,910Central Office Fees 2,800,405 2,771,974 2,771,452Tenant Services 686,558 890,974 1,095,257Utilities 4,771,816 4,833,412 4,803,459Maintenance Salaries 3,616,027 3,924,855 3,864,620Maintenance Supplies & Services 3,544,075 2,949,308 3,766,013Protective Services Supplies & Services 6,989 5,276 8,225General Costs 1,012,187 1,019,914 958,228Non-routine Maintenance 844,258 558,670 1,757,190Rents to Owners 3,307,379 3,557,097 3,576,768

TOTAL DIRECT OPERATING COSTS 23,629,108$ 23,635,805$ 25,883,453$

Capital Outlays 12,016 7,000 178,182Gain/Loss on Sale 78,553 0 0Debt Service 965,584 2,255,227 2,333,669Replacement/Operating Reserves 0 315,949 101,539Operating Transfers Out 1,590,228 728,321 208,761

TOTAL EXPENDITURES 26,275,489$ 26,942,302$ 28,705,604$

NET REVENUES/(EXPENDITURES) 3,638,645$ -$ -$ *Subsidy for 2016 is projected to be funded at 85% of DHA's subsidy eligibility. The estimatednumber of Public Housing units to be receiving operating subsidy for 2016 is 3,937.

112

SECTION 8 PROGRAM DETAILFUND NUMBERS 300 - 350


REVENUES:

Interest Income 3,298$ 1,609$ 4,566$ Other (Restricted) 80,342 32,769 42,384 Other 23,503 26,717 28,887 HUD (HAP) 56,170,351 57,363,303 58,738,525 HUD (Admin. Fee) 4,057,314 3,927,239 3,744,063 Operating Transfer In - - - Use of Operating Reserves 124,069 225,000 388,011

TOTAL REVENUES 60,458,877$ 61,576,637$ 62,946,436$

EXPENDITURES:

Administrative Salaries 1,985,982$ 2,183,983$ 2,205,991$ Administrative Supplies & Services 637,748 701,300 618,290 Central Offices Fees 1,185,789 1,188,612 1,287,357 Tenant Services 87,450 88,639 - General Costs 51,276 50,800 55,273 Payments to Owners 58,072,049 57,363,303 58,738,525


Capital Outlays 21,756$ -$ 41,000$


NET REVENUES/(EXPENDITURES) (1,583,173)$ -$ -$

Note:Section 8 program consists of HUD's Housing Choice Vouchers and Moderate Rehabilitation Vouchers issued by HUD to DHA. This program is a major housing program for DHA.

113

DENVER HOUSING PROGRAMS (DHP)ALL DHP FUNDS


REVENUES:

Rents 421,208$ 328,355$ 349,815$ HUD Contributions 493,381 508,388 484,747 Developer Fees 4,775,831 3,406,432 2,237,930 Interest (Investments) 749,143 58,130 67,926 Other 937,035 518,144 704,472 Operating Transfer In 529,915 141,084 534,619 Use of Operating Reserves - - 338,021

TOTAL REVENUES 7,906,513$ 4,960,533$ 4,717,530$

EXPENDITURES:

Administrative Salaries 901,093$ 1,448,810$ 1,485,604$ Administrative Supplies & Services 716,917 562,139 601,019 Central Office Fees 500,356 365,109 283,665 Tenant Services 8,969 855 855 Utilities 65,050 70,212 65,863 Maintenance Salaries 73,886 83,280 88,636 Maintenance Supplies & Services 229,032 196,475 191,422 Protective Services 15,068 10,000 10,000 General Costs 133,840 67,417 68,221 Non-routine Maintenance 86,963 40,000 35,000 Rent to Owners - - -


Capital Outlays -$ 2,300$ 766,952$ Debt Service 955,324 285,700 358,200 Transfer Out - General Fund 807,844 34,439 544,029 Replacement/Operating Reserves 14,750 1,793,797 218,064


NET REVENUES/(EXPENDITURES) 3,397,421$ -$ -$

114

VARIOUS RESIDENT SERVICES PROGRAMS


REVENUES:

HUD Contributions 524,243$ 1,056,336$ 1,055,113$ Other Grant Contributions - 1,018,512 1,725,880 Interest 1,699 5,148 3,626 Management/Service Fees 671,333 - - Other/Donations 1,522,822 731,868 664,108 Use of Reserves - 4,000 152,767 Operating Transfer In 37,880 - 64,452

TOTAL REVENUES 2,757,977$ 2,815,864$ 3,665,946$

EXPENDITURES:

Administrative Salaries* 132,277$ 355,415$ 396,633$ Administrative Supplies & Services 211,724 238,188 354,240 Tenant Services Salaries 1,770,458 1,955,982 2,343,339 Tenant Services Supplies & Services 347,426 138,112 292,827 Utilities 7,600 8,200 9,654 Maintenance 113,065 98,808 140,958 General Costs 29,875 14,159 14,243 Non-routine 8,926 - Rent to Owners (HAPs) - - - Capital Outlays 999 7,000 49,600 Operating Transfers Out 179,640 - 64,452


NET REVENUES/(EXPENDITURES) (44,013)$ -$ -$

The following programs will be administered by DHA during 2016: HUD’s Resident Opportunities and Self-Sufficiency Grants (ROSS), Colorado Health Grant, HUD’s Multifamily Coordinator Grant, WIA Grant, Denver Community Ventures, Youth Employment Academy, Homeownership Program and Osage Cafe. See detail on next page.

*Majority of the administrative salaries are for staff who provide required services under grantagreements.

115

RESIDENT & COMMUNITY SERVICESPublic

CHFA Multifamily Multifamily Home- Denver Housing ROSS ROSS Housing Service Service Ownership Community Operating TOTALGrant Grant Counseling Coord Coord Program Ventures RCS Funding RCS484 495 401 540 541 606 617 627 111/131 PROGRAMS

REVENUESOperating

IntergovernmentalOperating Subsidy (HUD) 682,328$ 267,379$ -$ 50,145$ 55,261$ -$ -$ -$ -$ 1,055,113$ Operating Subsidy (Other Grant) - - 88,600 - - - - - 791,725 880,325

Interest - - - - - 2,118 166 175 25 2,484 Other/Donations - - - - - 3,500 30,000 64,485 44,082 142,067 Operating Transfer In - - - - - - - - - - Use of Reserves - - - - - - 51,470 41,345 - 92,815

TOTAL REVENUES 682,328$ 267,379$ 88,600$ 50,145$ 55,261$ 5,618$ 81,636$ 106,005$ 835,832$ 2,172,804$ EXPENSES

Operating:Salaries 37,908$ -$ -$ -$ -$ -$ -$ 45,032$ 276,925 359,865$ Administrative 192,899 - 5,900 7,281 2,828 5,618 43,837 12,039 44,923 315,325 Tenant Services-Salaries 435,400 267,379 82,700 41,364 51,076 - 27,134 48,934 316,763 1,270,750 Tenant Services-Supplies & Services 16,121 - - 1,500 1,357 - 9,000 - 58,250 86,228 Utilities - - - - - - - - - - Maintenance - - - - - - - - 137,579 137,579 General - - - - - - 1,665 - 1,392 3,057 Capital Outlay - - - - - - - - - - Operating Transfer Out - - - - - - - - - -

TOTAL EXPENSES 682,328$ 267,379$ 88,600$ 50,145$ 55,261$ 5,618$ 81,636$ 106,005$ 835,832$ 2,172,804$ NET TOTALS -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

WORKFORCE DEVELOPMENT & COMMUNITY INITIATIVESCCOD PublicYouth Youth Colorado Housing TOTALWIA Employment Osage Health Operating Capital/ TOTAL ALL

Grant CSBG WDCI Academy Café LLC Grant Funding Hope VI WDCI RCS/WDCI400 499 615 620 621 622 121 Funding PROGRAMS PROGRAM

REVENUESOperating

IntergovernmentalOperating Subsidy (HUD) -$ -$ -$ -$ -$ -$ -$ -$ -$ 1,055,113$ Operating Subsidy (Other Grant) 191,988 155,444 - - - - 258,046 240,077 845,555 1,725,880

Interest - - 175 129 - 838 - - 1,142 3,626 Other/Donations - - 145,292 120,194 149,975 106,560 20 - 522,041 664,108 Operating Transfer In - - - - 64,452 - - - 64,452 64,452 Use of Reserves - - - 59,952 - - - - 59,952 152,767

TOTAL REVENUES 191,988$ 155,444$ 145,467$ 180,275$ 214,427$ 107,398$ 258,066$ 240,077$ 1,493,142$ 3,665,946$

EXPENSESOperating:

Salaries -$ -$ -$ -$ 36,768$ -$ -$ -$ 36,768$ 396,633$ Administrative 4,138 6,985 4,090 3,200 3,274 - 17,228 - 38,915 354,240 Tenant Services-Salaries 187,050 114,796 129,535 57,524 100,433 45,960 228,138 209,153 1,072,589 2,343,339 Tenant Services-Supplies & Services 800 33,663 11,842 48,313 59,949 15,838 5,700 30,494 206,599 292,827 Utilities - - - - 4,224 - 5,000 430 9,654 9,654 Maintenance - - - 2,000 1,379 - - - 3,379 140,958 General - - - 2,786 8,400 - - - 11,186 14,243 Capital Outlay - - - 2,000 - 45,600 2,000 - 49,600 49,600 Operating Transfer Out - - - 64,452 - - - - 64,452 64,452

TOTAL EXPENSES 191,988$ 155,444$ 145,467$ 180,275$ 214,427$ 107,398$ 258,066$ 240,077$ 1,493,142$ 3,665,946$

NET TOTALS -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Grant Funds 1,604,161$

Other Funding 727,810

Public Housing Operating Funds 1,093,898

Capital Grant Funds for Hope VI 148,050

Hope VI Grant Funds 92,027

Total Funds for Resident Services $3,665,946

Resident Services Programs - Sources

2016 BUDGET COMBINING SCHEDULE

VARIOUS RESIDENT SERVICES PROGRAMS

2016 Budget

116

INTERNAL SERVICES - SPECIALTY TRADE SHOPS/WAREHOUSE OPERATIONSFUNDS 002, 003


REVENUES:

Charges for Services 2,222,885$ 2,373,678$ 2,307,390$ Sales Proceeds - - - Other Income - - -

TOTAL REVENUE 2,222,885$ 2,373,678$ 2,307,390$

EXPENDITURES:

Administrative Salaries 55,178$ 58,017$ 60,930$ Administrative Supplies & Services 109,120 121,235 112,494 Central Office Fees - 1,627 - Maintenance Salaries 1,681,198 1,741,746 1,723,085 Maintenance Supplies & Services 450,012 391,445 398,149 General Costs 55,915 50,108 10,732 Non-routine Maintenance - - - Capital Outlays 5,677 9,500 2,000 Funding of Replacement Reserves - - -



Specialty Maintenance Functions: DHA's specialty maintenance include: Plumbers, HVAC specialists, Electricians, Carpenter, Equipment Operator, Fire and Safety Systems Coordinator and Warehouse operations.

DHA's support maintenance shops include Pest Team, Small Engine Shop, Lock Shop, Paint Shop, Equipment Operator Shop and certain specialty maintenance functions.

Pest Team: the responsibility of the Pest Team is to treat all DHA properties for vermin, i.e. mice, ants, roaches, spiders.

Small Engine Shop: the responsibility of the Small Engine shop is preventative maintenance on all DHA gasoline powered equipment, i.e. power lawn mowers, vacuum cleaners, carpet shampooers, snow blowers, chain saws, weed eaters. The Small Engine person is also responsible for plowing the parking lots on DHA properties.

Lock Shop: the responsibility of the Locksmith includes keeping a current log with the core numbers for all DHA's 4,000 plus properties, all of the management field offices, central office, and all DHA vehicles. The Locksmith makes all the cores necessary for the lock changes throughout all of DHA properties, cuts the keys for all DHA locks, maintain the security doors and the High-rises that have the key card system.

Paint Shop: DHA's paint shop includes 12 painters who serve the DHA housing portfolio under a fee-for-service system.

117

INTERNAL SERVICES - GENERAL SERVICESFUND 004


REVENUES:Charges for Services 123,955$ 127,000$ 130,000$

TOTAL REVENUE 123,955$ 127,000$ 130,000$

EXPENDITURES:Administrative Salaries 68,535$ 68,265$ 71,982$ Administrative Supplies & Services 40,626 51,106 50,070 Central Office Fees - 67 - Maintenance Supplies & Services 6,202 1,590 7,688 General Costs 1,613 5,972 260 Capital Outlay - - -

TOTAL EXPENDITURES 116,976$ 127,000$ 130,000$ NET REVENUES/(EXPENDITURES) 6,979$ -$ -$

Note:

INTERNAL SERVICES - FLEET MANAGEMENT FUNDFUND 005


REVENUES:

Charges for Service 354,831$ 238,960$ 423,864$ - - -

Sales Proceeds 11,057 - 88,000

TOTAL REVENUES 365,888$ 238,960$ 511,864$ EXPENDITURES:

Administrative Salaries -$ -$ Administrative Supplies and Services 53 - 10,000 Maintenance Supplies and Services 73,697 81,067 81,100 General Costs - 157,893 420,764 Non-routine Maintenance 59,266 - - Capital Outlays - Vehicles - - -

TOTAL EXPENDITURES 133,016$ 238,960$ 511,864$

NET REVENUES/(EXPENDITURES) 232,872$ -$ -$

Note:

This Internal Service fund handles the centralized inter-office mailing and postage functions of the DHA.

Use of Replacement Reserves

This Internal Service Fund is set up to record the costs associated with operating DHA's fleet of over 80 vehicles which are used by various departments.

118

INTERNAL SERVICES - ADMINISTRATIVE OFFICE FUNDFUND 006


REVENUES:

Rental Income 212,747$ 109,013$ 196,925$ Other 1,876 - - Interest - Investments 654 - - Operating transfer 450,000 450,000 335,652

TOTAL REVENUES 665,277$ 559,013$ 532,577$ EXPENDITURES:

Administrative Supplies and Services 79,041$ 38,470$ 37,500$ Central Office Fees 6,986 8,000 - Utilities 150,111 134,580 134,000 Maintenance Supplies and Services 248,134 291,724 242,150 General Costs 74,247 73,739 23,927 Non-routine Maintenance 98,123 7,500 90,000

TOTAL OPERATING COSTS 656,642$ 554,013$ 527,577$

Capital Outlays -$ 5,000$ 5,000$ Gain/Loss on Sale - - - Funding of Replacement Reserves - - -



Note:This Internal Services fund is set up to record the operating costs of DHA's office building. The office building has outside tenants leasing space from DHA. DHA manages this building. This is not a fee-for-service fund.

*Use of $335,652 from the General Administrative fund is required to balance the cost ofoperating the DHA office building in 2016.

119

C O M P O N E N T U N I T S

HA has applied the criteria set forth in Governmental Accounting and Financial Reporting Standards and GASB Statement No. 14 (amended) and GASB Statement No. 39, Determining Whether Certain Organizations are Component Units. DHA has Blended Component Units

(BCU) and Discretely Presented Component Units (DPCU). While the technical definition is complex, a simplified definition is that BCU’s are legally separate but are so intertwined with the primary government that they are in substance the same. DPCU’s have more separation yet are still reported alongside the primary government rather than part of the primary government.

BLENDED COMPONENT UNITS

DENVER HOUSING CORPORATION (DHC) The Denver Housing Corporation is a non-profit instrumentality of DHA organized in 1978 to finance, develop and operate project based Section 8 assisted housing. These 99 units are managed by DHA's Housing Management Division.

DHA General Partner Entities

DHA has created various corporations to become General Partner entities in Low Income Housing Tax Credit (LIHTC) Partnerships. These Partnerships own and operate mixed income rental developments. Minimal activities are budgeted in these General Partner entities. The related Partnerships’ budgets are included in this same section.

GLOBEVILLE WORKFORCE HOUSING INC. Globeville Workforce Housing Inc. is a non-profit instrumentality created by DHA in 2003 to finance, develop and operate rental units in the redevelopment of DHA’s parcel of land in the Globeville neighborhood.

ARROWHEAD HOUSING INC. I, II, III, IV, & V Arrowhead Housing Inc. I, II, III, IV & V are the non-profit instrumentalities created to finance, develop and operate mixed income rental units at DHA’s Park Avenue HOPE VI redevelopment site.

CURTIS PARK HOUSING, INC. Curtis Park Housing, Inc. is a non-profit corporation created by DHA in 2000 to participate in three tax credit partnerships in the Curtis Park HOPE VI redevelopment. CPH is a limited partner and does not control these partnerships.

THREE TOWERS HOUSING INC. Three Towers Housing Inc. is a non-profit instrumentality of DHA organized to finance, develop and operate Hirschfeld, Mulroy and Walsh Annex senior developments.

D

120


DHA LIMITED PARTNERS, LLC DHA Limited Partners, LLC is a corporation created by DHA in 2006 to participate in the initial creation of tax credit partnerships during the predevelopment phase up to financial closing. WESTWOOD HOUSING, INC Westwood Housing, Inc. is a non-profit instrumentality of DHA organized to finance the comprehensive rehabilitation and operation of the Westwood public housing development. 1099 OSAGE HOUSING INC. 1099 Osage Housing Inc. is a non-profit instrumentality of DHA organized to finance, develop and operate the 1099 Osage public housing senior development (also known as Tapiz at Mariposa). CURTIS PARK HORSE BARN, INC. Curtis Park Horse Barn, Inc. is a non-profit instrumentality of DHA organized to finance and redevelop and operate a historical horse barn converted to commercial property. SLP HOUSING INC. II, III, IV, & VI SLP Housing, Inc. II, III, IV, & VI are non-profit instrumentalities of DHA organized to finance, develop and operate the rental and homeownership units at DHA’s South Lincoln Redevelopment site (now known as Mariposa). MVEC HOUSING, INC MVEC Housing, Inc. is a non-profit instrumentality of DHA organized to finance, develop and operate the Mountain View and Eliot Cottages senior housing units. SLR HOUSING, INC SLR Housing, Inc. is a non-profit instrumentality of DHA organized to finance, develop, and operate the rental units at DHA’s South Lowell Redevelopment site. CSG HOUSING, INC CSG Housing, Inc. is a non-profit instrumentality of DHA organized to finance, develop and operate Casa Loma, Syracuse and Goldsmith housing units.

121


DISCRETELY PRESENTED COMPONENT UNITS

GLOBEVILLE REDEVELOPMENT PARTNERS I AND II, LLLP Globeville Workforce Housing Inc. is the General Partner in these LIHTC Partnerships. DHA is the property manager for the 62 rental units owned by these partnerships.

THOMAS BEAN TOWERS LLP Arrowhead Housing Inc. is the General Partner in this LIHTC Partnership. DHA is the property manager for the 189 rental units owned by this partnership. In addition to being LIHTC units, 160 of the 189 units are public housing.

PARK AVENUE REDEVELOPMENT (BLOCK 1B) LLLP Arrowhead Housing II Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 124 mixed income rental units owned by this partnership.

PARK AVENUE REDEVELOPMENT BLOCK 3B LLLP Arrowhead Housing III Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 91 mixed income rental units owned by this partnership. Of the 91 rental units, 30 units are designated as public housing.

PARK AVENUE REDEVELOPMENT BLOCK 4B LLLP Arrowhead Housing IV Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 89 mixed income rental units owned by this partnership. Of the 89 rental units, 30 units are designated as public housing.

PARK AVENUE REDEVELOPMENT BLOCK 5B LLLP Arrowhead Housing V Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 89 mixed income rental units owned by this partnership. Of the 89 rental units, 30 units are designated as public housing.

THREE TOWERS PARTNERS LLLP Three Towers Housing Inc. is the General Partner in this LIHTC Partnership. DHA is the property manager for the 359 rental units owned by this partnership. The units are located at three high rise sites: Hirschfeld Towers, Mulroy Apartments and Walsh Annex. All of these units are also public housing.

WESTWOOD HOMES LLLP Westwood Housing Inc. is the General Partner in this LIHTC Partnership. DHA is the property manager for the 192 rental units owned by this partnership. All of these units are also public housing.

122


1099 OSAGE LLLP 1099 Osage Housing Inc. is the General Partner in this LIHTC Partnership. DHA is the property manager for the 100 rental units owned by this partnership. All of these units are also public housing.

MARIPOSA PARTNERS II LLLP SLP Housing II Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 93 mixed income rental units owned by this partnership. Of the 93 units, 29 units are designated public housing.

MARIPOSA PARTNERS III LLLP SLP Housing III Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 87 mixed income rental units owned by this partnership. Of the 87 units, 31 units are designated public housing.

MARIPOSA PARTNERS IV LLLP SLP Housing IV Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 76 mixed income rental units owned by this partnership. Of the 76 units, 19 units are designated public housing.

MARIPOSA PARTNERS VI LLLP SLP Housing VI Inc. is the General Partner in this LIHTC Partnership. Ross Management Company is the property manager for the 94 mixed income rental units owned by this partnership. Of the 94 units, 36 units are designated public housing.

MOUNTAIN VIEW REDEVELOPMENT LLLP MVEC Housing Inc. is the General Partner in this LIHTC Partnership. DHA is the property manager for the 254 rental units owned by this partnership. The units are located at a high rise site, Mountain View Towers, and the adjacent row type site, Eliot Cottages. All of these units are also under a project based Section 8 HAP contract.

SOUTH LOWELL REDEVELOPMENT LLLP SLR Housing Inc. is the General Partner in this LIHTC Partnership. DHA is the property manager for the 96 rental units owned by this partnership. All of these units are also public housing.

CSG REDEVELOPMENT PARTNERS LLLP CSG Housing Inc. is the General Partner in this LIHTC Partnership. DHA is the property manager for the 222 rental units owned by this partnership. These units are located at a high rise site, Casa Loma, and a second high rise site, Syracuse Plaza, and its adjacent row type site, Goldsmith Village. Of the 222 units, 218 are also under project based Section 8 HAP contracts.

123

Thomas Three DHA* CSGDenver Bean Towers General Westwood 1099 Mtn. View Redev.Housing Globeville Globeville Globeville Towers Partners Partner Homes Osage Redev. Partners

Corporation OEA Redev. I Redev. II Partners LP LLLP Entities LLLP LLLP LLLP LLLPREVENUES

Operating Rental Income 280,769$ -$ 448,408$ 262,748$ 729,489$ 1,040,837$ -$ 484,448$ 333,431$ 730,264$ 1,002,277$ Intergovernmental

Contributions (Subsidy/HAP/Capital) 771,623 - - - 393,487 998,608 - 897,449 249,494 1,493,453 1,265,594

Other 5,777 50,600 1,559 2,282 86,916 71,514 - 36,537 6,204 8,732 34,022 Interest (Investments) 900 15 405 314 1,395 521 268,239 954 132 - - Operating Transfers In - - - - - 10,000 37,719 - - - - Use of Operating Reserves 590,300 - - - - - - - - - -

Subtotal Operating 1,649,369 50,615 450,372 265,344 1,211,287 2,121,480 305,958 1,419,388 589,261 2,232,449 2,301,893

TOTAL REVENUES 1,649,369$ 50,615$ 450,372$ 265,344$ 1,211,287$ 2,121,480$ 305,958$ 1,419,388$ 589,261$ 2,232,449$ 2,301,893$

EXPENSESOperating:

Administrative 126,929$ 5,200$ 82,747$ 47,190$ 198,908$ 410,071$ 26,620$ 192,129$ 116,080$ 195,124$ 232,607$

65,156 - 21,970 13,137 162,704 325,868 - 89,116 44,160 137,550 140,286 Tenant Services - - - - - 1,250 - 250 6,500 4,295 3,545 Utilities 82,868 28,527 26,594 12,348 259,920 370,634 - 345,241 100,307 272,369 211,220 Maintenance 383,525 16,888 75,227 46,431 348,249 678,396 - 465,307 228,121 496,378 398,122 Protective Services - - - - - 400 - - - - 1,000 General 70,017 - 22,377 12,064 87,845 121,261 36,468 85,557 53,123 92,534 87,898 Non-Routine 99,000 - 10,000 7,000 30,000 60,000 - 120,000 10,000 50,000 30,000 Debt Service - - 170,093 100,904 - - - - - 643,122 845,260 Replacement/Operating Reserves 3,179 - 41,364 26,270 123,661 143,600 187,220 121,788 30,970 341,077 351,955

818,695 - - - - - - - - - - - - - - - 10,000 55,650 - - - -

Subtotal Operating 1,649,369 50,615 450,372 265,344 1,211,287 2,121,480 305,958 1,419,388 589,261 2,232,449 2,301,893TOTAL EXPENSES 1,649,369$ 50,615$ 450,372$ 265,344$ 1,211,287$ 2,121,480$ 305,958$ 1,419,388$ 589,261$ 2,232,449$ 2,301,893$

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

South Park Ave Park Ave Park Ave Park Ave DHALowell Redev. Redev. Redev. Redev. Curtis Park Mariposa Mariposa Mariposa Mariposa TOTALRedev. Block 1B Block 3B Block 4B Block 5B Horse Partners II Partners III Partners IV Partners VI COMPONENTLLLP LLLP LLLP LLLP LLLP Barn LLLP LLLP LLLP LLLP UNITS

REVENUESOperating

Rental Income 231,406$ 1,170,803$ 794,270$ 790,022$ 808,660$ 240,425$ 1,041,428$ 940,617$ 814,651$ 709,009$ 12,853,962$ Intergovernmental

Contributions (Subsidy/HAP/Capital) 388,772 93,853 89,848 96,897 77,260 - 101,076 89,307 27,100 131,328 7,165,149

Other 13,250 19,200 83,594 15,901 13,923 - 23,040 9,850 9,886 9,024 501,811 Interest (Investments) - 216 168 108 204 1,235 1,248 24 12 - 276,090 Operating Transfers In - - - - - - - - - - 47,719 Use of Operating Reserves - - - - - - - - - - 590,300

Subtotal Operating 633,428 1,284,072 967,880 902,928 900,047 241,660 1,166,792 1,039,798 851,649 849,361 21,435,031 TOTAL REVENUES 633,428$ 1,284,072$ 967,880$ 902,928$ 900,047$ 241,660$ 1,166,792$ 1,039,798$ 851,649$ 849,361$ 21,435,031$

EXPENSESOperating:

Administrative 96,119$ 239,251$ 161,666$ 161,755$ 173,917$ 13,860$ 172,973$ 156,830$ 138,042$ 141,429$ 3,089,447$

114,730 25,283 19,022 17,768 17,731 - 26,231 23,482 20,326 17,980 1,282,500 Tenant Services - 9,440 7,260 6,840 7,740 - 7,580 7,220 6,620 7,903 76,443 Utilities 134,523 138,602 104,241 90,676 93,229 3,050 177,717 103,803 94,055 87,175 2,737,099 Maintenance 171,123 282,260 190,244 213,290 179,418 12,670 199,717 171,348 136,877 148,454 4,842,045 Protective Services - 3,600 3,300 3,000 3,000 28,972 16,657 11,142 8,349 - 79,420 General 53,826 58,083 52,306 52,075 48,847 - 53,814 49,416 68,976 45,134 1,151,621 Non-Routine 20,000 33,350 10,250 26,125 9,090 - 89,000 88,000 87,000 - 778,815 Debt Service - 392,933 343,770 281,704 213,300 46,063 257,140 212,111 200,376 323,724 4,030,500 Replacement/Operating Reserves 43,107 99,350 74,381 48,243 152,323 137,045 153,003 204,206 80,228 77,562 2,440,532

- 1,920 1,440 1,452 1,452 - 12,960 12,240 10,800 - 860,959 - - - - - - - - - - 65,650

Subtotal Operating 633,428 1,284,072 967,880 902,928 900,047 241,660 1,166,792 1,039,798 851,649 849,361 21,435,031 TOTAL EXPENSES 633,428$ 1,284,072$ 967,880$ 902,928$ 900,047$ 241,660$ 1,166,792$ 1,039,798$ 851,649$ 849,361$ 21,435,031$

-$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

2016 BUDGETCOMBINING SCHEDULE

DHA COMPONENT UNITS

*Fund 103, GV Workforce, Arrowhead Hsg I, II, III, IV & V, Three Towers Hsg, DHA Limited Inc, CP Hsg Inc., Westwood Hsg Inc, 1099 Osage Hsg Inc, SLP Hsg II, III & IV, CP Horse Barn Hsg, DHA Park Hill LLC, SLR Hsg, MVEC Hsg and CSG Hsg.

Management Fee/Central Office Fees

Management Fee/Central Office Fees

Capital Outlays

NET INCREASE/(DECREASE)

Operating Transfers Out

NET INCREASE/(DECREASE)

Capital OutlaysOperating Transfers Out

124

COMPONENT UNITDENVER HOUSING CORPORATION (DHC)FUND NUMBER 503


REVENUES:Rental Income 297,678$ 263,025$ 280,769$ Housing Assistance Payment Income 825,397 775,411 771,623 Interest Income 1,834 591 900 Operating Transfer In - 3,379 - Other/Proceeds from Sale 11,425,708 5,059 5,777 Use of Operating Reserves - - 590,300

TOTAL REVENUES 12,550,617$ 1,047,465$ 1,649,369$

EXPENDITURES:Administrative Salaries 113,363$ 92,394$ 83,404$ Administrative Supplies & Services 50,586 36,197 43,525 Central Offices Fees 70,413 63,104 65,156 Tenant Services 1,056 - - Utilities 81,219 69,754 82,868 Maintenance Salaries 150,164 154,650 154,619 Maintenance Supplies & Services 285,066 189,226 228,906 Protective Services - - - General 67,911 68,823 70,017 Non-routine Costs 169,209 129,782 99,000

TOTAL OPERATING COSTS 988,987$ 803,930$ 827,495$

Capital Outlay -$ -$ 818,695$ Debt Service Payment 27,110 200,000 - Replacement/Operating Reserve - 40,156 3,179 Operating Transfer Out 5,660,000 3,379 -


NET REVENUES/(EXPENDITURES) 5,874,520$ -$ -$

DHC, an instrumentality of DHA, owns and operates this 99 unit project-based Section 8 rental portfolio. In 2014, two properties were sold to DHA component units, 254 units to Mountain View Redevelopment LLLP and 218 units to CSG Redevelopment LLP, respectively.

125

COMPONENT UNITSDHA GENERAL PARTNER ENTITIES*


REVENUES:

Housing Assistance Payment Income -$ -$ -$ Interest 766 76,752 268,239 Other Income 85,251 23,228 -

TOTAL REVENUES 86,017$ 99,980$ 268,239$

EXPENDITURES:

Administrative Supplies & Services 20,888$ 1,041$ 26,620$ Utilities 22,390 - - Maintenance Supplies & Services 31,385 3,362 - General Costs 28,636 41,038 36,468

TOTAL DIRECT OPERATING COSTS 103,299$ 45,441$ 63,088$

Operating Transfer (In) (45,801)$ (70,000)$ (37,719)$ Operating Transfer Out 425,630 124,000 55,650

TOTAL OPERATING TRANSFERS 379,829$ 99,441$ 81,019$

Interest Expense -$ -$ -$ Replacement Reserves - 539 187,220 Loss on Sale 440,000



*Budget excludes capital assets related transactions.

DHA’s instrumentalities, Curtis Park Housing, Inc., Globeville Housing Inc, Arrowhead Housing Inc. I,II, III, IV and V, Three Towers Housing Inc., DHA Limited Partners LLP, Osage Housing, Inc.,Westwood Housing Inc., SLR Housing, Inc., MVEC Housing Inc., CSG Housing Inc., SLP Housing, Inc.II, III, IV, and VI are the General Partners in various Low Income Housing Tax Credit (LIHTC)Partnerships set up to own and operate mixed income rental units. Curtis Park Horse Barn, Inc. isthe General Partner in a partnership set up to own, renovate and operate a historical commercialproperty. The related partnerships' budgets are presented in the following pages. These GeneralPartner entities are owed cashflow loans from the related partnerships. For FY2015 and FY 2016, afew Partnerships are budgeted to make payments on their cashflow loans from the General Partnerentities.

FUND NUMBERS 103, 106, 107, 109, 510, 516, 517, 518, 519, 520, 528, 529, 530, 531, 533, 535, 536, 649, 651, 652, 653 AND 654

126

COMPONENT UNIT GLOBEVILLE OPERATING EASEMENT AGREEMENT (OEA)FUND NUMBER 511


REVENUES:

Interest 17$ 11$ 15$ Other 58,963 50,865 50,600 Operating Transfer In - - -

TOTAL REVENUES 58,980$ 50,876$ 50,615$

EXPENDITURES:

Administrative Salaries -$ -$ -$ Administrative Supplies & Services 6,776 4,452 5,200 Utilities 22,390 27,672 28,527 Maintenance Supplies & Services 29,390 18,752 16,888 Protective Services - - - General Costs - - - Management Fee - - - Non-routine Costs - - -


Replacement Reserves -$ -$ -$ Capital Outlays 1,995 - -



Note:This OEA fund facilitates the coordination of maintenance functions for the rental and homeownership units at Globeville. The homeownership units at Globeville are owned by Habitat for Humanity.

127

COMPONENT UNIT GLOBEVILLE REDEVELOPMENT PARTNERS I, LLPFUND NUMBER 512


REVENUES:

Rents 415,940$ 394,474$ 448,408$ Interest 357 218 405 Other 45,477 1,108 1,559 Operating Transfer In - 25,000 -

TOTAL REVENUES 461,774$ 420,800$ 450,372$

EXPENDITURES:

Administrative Salaries 19,083$ 24,578$ 33,544$ Administrative Supplies & Services 16,410 13,612 49,203 Central Office Fees/Management Fees 59,562 55,484 21,970 Utilities 25,542 23,678 26,594 Maintenance Salaries 30,612 29,196 30,577 Maintenance Supplies & Services 68,884 43,050 44,650 General Costs 21,261 23,395 22,377 Non-routine Costs 29,752 - 10,000


Debt Service 126,226$ 170,093$ 170,093$ Interest Expense 34,777 - - Replacement Reserves 11,278 37,714 41,364 Capital Outlay 1,800 - -



Note:

This Partnership owns and operates the first phase of Globeville's low income housing tax credit project with 41 LIHTC housing units. Its General Partner Globeville Housing Inc. is an instrumentality of DHA. U.S. Bank CDC is the limited Partner in this Partnership. DHA is the property manager for this partnership.

128

COMPONENT UNITGLOBEVILLE REDEVELOPMENT PARTNERSHIP II LLPFUND NUMBER 513


REVENUES:Rents 253,724$ 251,147$ 262,748$ Interest 247 157 314 Other 28,447 393 2,282 Operating Transfers In - - -

TOTAL REVENUES 282,418$ 251,697$ 265,344$

EXPENDITURES:

Administrative Salaries 9,956$ 12,476$ 18,878$ Administrative Supplies & Services 34,404 11,626 28,312 Central Office Fees/Management Fee 12,576 30,667 13,137 Tenant Services 623 - - Utilities 12,036 11,556 12,348 Maintenance Salaries 15,588 14,779 17,180 Maintenance Supplies & Services 34,848 28,275 29,251 General Costs 10,578 12,439 12,064 Non-routine Costs 24,635 - 7,000


Debt Service 80,815$ 100,904$ 100,904$ Interest Expense 31,126 - - Replacement\Operating Reserves 6,936 28,975 26,270 Capital Outlays - - -



Note:This Partnership owns and operates the second phase of Globeville's low income housing tax credit (LIHTC) project with 21 rental units. DHA's instrumentality Globeville Housing Inc. is the General Partner in this Partnership. Of the 21 units, 15 are LIHTC units and 6 are market rate units. U.S. Bank CDC is the Limited Partner in this partnership. DHA is the property manager for this Partnership.

129

COMPONENT UNITTHOMAS BEAN TOWERS LLPFUND NUMBER 522


REVENUES:Rents 718,742$ 669,520$ 729,489$ Housing Assistance Payment Income 396,857 353,364 393,487 Contributions - Capital Fund - 51,684 - Interest 959 914 1,395 Other 191,896 78,776 86,916

TOTAL REVENUES 1,308,454$ 1,154,258$ 1,211,287$

EXPENDITURES:

Administrative Salaries 155,333$ 164,290$ 156,066$ Administrative Supplies & Services 38,434 42,747 42,842 Central Office Fees 118,936 127,267 162,704 Tenant Services 2,052 1,500 - Utilities 265,665 258,865 259,920 Maintenance Salaries 84,169 145,899 161,900 Maintenance Supplies & Services 308,335 171,611 186,349 General Costs 81,366 82,386 87,845 Non-routine Costs 106,471 32,500 30,000


Interest Expense 604,476$ -$ -$ Debt Service - - - Replacement Reserves - 127,193 123,661 Capital Outlays 1,259 - -



Note:There are 160 public housing units and 29 LIHTC-only units in this LIHTC Partnership. DHA's instrumentality, Arrowhead Housing Inc. is the General Partner of this LIHTC Partnership. MMA Financial is the Limited Partner in this partnership. DHA is the property manager for this partnership.

130

COMPONENT UNITPARK AVENUE REDEVELOPMENT (BLOCK 1B) LLLPFUND NUMBER 523


REVENUES:

Rents 1,138,258$ 1,121,167$ 1,170,803$ Housing Assistance Payment Income 63,150 88,669 93,853 Contributions - Capital Funds - - - Interest 226 228 216 Other 22,193 14,800 19,200

TOTAL REVENUES 1,223,827$ 1,224,864$ 1,284,072$

EXPENDITURES:

Administrative Salaries 99,185$ 96,849$ 113,389$ Administrative Supplies & Services 120,792 128,112 125,862 Central Office Fees 24,293 24,095 25,283 Tenant Services 41 2,000 9,440 Utilities 135,168 137,983 138,602 Maintenance Salaries 71,681 74,044 93,448 Maintenance Supplies & Services 133,826 151,226 188,812 Protective Services 3,099 5,965 3,600 General Costs 52,076 55,244 58,083 Non-routine Costs 23,182 6,480 33,350

TOTAL DIRECT OPERATING COSTS 663,343$ 681,998 789,869$

Interest Expense 227,182$ -$ -$ Debt Service 328,760 392,937 392,933 Replacement/Operating Reserves 45,188 149,929 99,350 Capital Outlay - - 1,920


NET REVENUES/(EXPENDITURES) (40,646)$ -$ -$ Note:Park Avenue Redevelopment (Block 1B) LLLP is a Colorado Limited Partnership formed in 2006 with Arrowhead Housing Inc. II, an instrumentality of DHA as the General Partner and US Bank CDC as the Limited Partner. The Partnership was formed to own and operate a 124 unit Low Income Housing Tax Credit Partnership at Park Avenue. DHA is not the property manager for these units.

131

COMPONENT UNITPARK AVENUE REDEVELOPMENT BLOCK 3B LLLPFUND NUMBER 524


REVENUES:

Rents 777,629$ 767,945$ 794,270$ Housing Assistance Payment Income 90,991 84,086 89,848 Contributions - Capital Fund - - - Interest 328 312 168 Other 81,775 81,557 83,594

TOTAL REVENUES 950,723$ 933,900$ 967,880$

EXPENDITURES:

Administrative Salaries 74,385$ 73,290$ 77,804$ Administrative Supplies & Services 86,904 83,395 83,862 Central Office Fees 18,224 18,348 19,022 Tenant Services 31 2,000 7,260 Utilities 103,472 101,907 104,241 Maintenance Salaries 53,760 56,064 58,580 Maintenance Supplies & Services 111,545 127,138 131,664 Protective Services 2,325 4,182 3,300 General Costs 128,561 48,443 52,306 Non-routine Costs 11,265 - 10,250


Interest Expense 380,952$ -$ -$ Debt Service 309,968 343,770 343,770 Replacement/Operating Reserves 31,797 75,363 74,381 Capital Outlay - - 1,440

TOTAL EXPENDITURES 1,313,189$ 933,900$ 967,880$

NET REVENUES/(EXPENDITURES) (362,466)$ -$ -$ Note:Park Avenue Redevelopment Block 3B LLP is a Colorado Limited Partnership formed withArrowhead Housing Inc. III an instrumentality of DHA as the General Partner and EnterpriseCommunity Investment as the Limited Partner. The Partnership was formed to own andoperate 91 unit Low Income Housing Tax Credit Partnership at Park Avenue. DHA is not theproperty manager for these units.

132



REVENUES:


TOTAL REVENUES 882,005$ 876,831$ 902,928$

EXPENDITURES:

Administrative Salaries 68,381$ 68,428$ 78,482$ Administrative Supplies & Services 80,324 82,599 83,273 Management Fee/Central Office Fees 17,466 17,357 17,768 Tenant Services 28 2,000 6,840 Utilities 100,194 110,199 90,676 Maintenance Salaries 49,497 51,513 68,267 Maintenance Supplies & Services 119,960 115,992 148,023 General Costs 39,747 45,587 52,075 Non-routine Costs 8,977 20,000 26,125


Interest Expense 220,543$ -$ -$ Debt Service 252,456 281,704 281,704 Replacement/Operating Reserves 29,213 77,452 48,243 Capital Outlay - 4,000 1,452


NET REVENUES/(EXPENDITURES) (104,781)$ -$ -$ Note:

Park Avenue Redevelopment Block 4B LLLP is a Colorado Limited Partnership formed withArrowhead Housing Inc. III, an instrumentality of DHA as the General Partner and EnterpriseCommunity Investment as the Limited Partner. The Partnership was formed to own andoperate 89 unit Low Income Housing Tax Credit Partnership at Park Avenue. DHA is not theproperty manager for these units.

133



REVENUES:


TOTAL REVENUES 865,134$ 852,813$ 900,047$

EXPENDITURES:

Administrative Salaries 69,192$ 69,284$ 87,285$ Administrative Supplies & Services 83,418 83,543 86,632 Central Office Fees 16,952 16,611 17,731 Tenant Services 28 2,000 7,740 Utilities 93,987 96,791 93,229 Maintenance Salaries 49,948 52,157 80,965 Maintenance Supplies & Services 93,375 113,751 101,453 General Costs 125,581 45,730 48,847 Non-routine Costs 11,494 8,344 9,090


Debt Service 177,606$ 213,300$ 213,300$ Interest Expense 4,243$ -$ -$ Replacement/Operating Reserves 28,904 151,302 152,323 Capital Outlay - - 1,452


NET REVENUES/(EXPENDITURES) 110,406$ -$ -$ Note:

Park Avenue Redevelopment Block 5B LLLP is a Colorado Limited Partnership formed with Arrowhead Housing Inc. IV, an instrumentality of DHA as the General Partner and Enterprise Community Investment as the Limited Partner. The Partnership owns and operates the 89 unit Mixed Income Housing Tax Credit Partnership at Park Avenue, Block 5B. DHA is not the property manager of these units.

134

COMPONENT UNITTHREE TOWERS PARTNERS LLLPFUND NUMBER 527


REVENUES:

Rents 1,013,132$ 997,951$ 1,040,837$ Housing Assistance Payment Income 1,063,495 859,084 890,908 Contributions - Capital Funds 107,700 107,700 107,700 Interest 701 178 521 Other 101,964 70,355 71,514

TOTAL REVENUES 2,286,992$ 2,035,268$ 2,111,480$

EXPENDITURES:

Administrative Salaries 317,964$ 325,736$ 320,509$ Administrative Supplies & Services 85,966 85,494 89,562 Central Office Fees 333,916 326,797 325,868 Tenant Services 1,370 1,300 1,250 Utilities 370,978 372,842 370,634 Maintenance Salaries 228,272 273,751 294,020 Maintenance Supplies & Services 482,164 329,151 384,376 Protective Services 2,278 - 400 General Costs 110,810 114,610 121,261 Non-routine Costs 178,889 35,000 60,000


Debt Service -$ -$ -$ Replacement Reserves 107,700 170,587 143,600 Capital Outlay 4,153 - -


NET REVENUES/(EXPENDITURES) 62,532$ -$ -$ Note:Three Towers Partners LLP is a Colorado Limited Partnership formed in 2007 with DHA's instrumentality Three Towers Housing Inc. as the General Partner and Boston Capital as the LIHTC Limited Partner. The Partnership was formed to own and operate 359 LIHTC units of rental housing which are also public housing units. DHA is the property manager for these units.

135

COMPONENT UNITWESTWOOD HOMES LLLPFUND NUMBER 532


REVENUES:

Rents 512,796$ 470,569$ 484,448$ Housing Assistance Payment Income 764,526 841,784 897,449 Interest 1,763 690 954 Other 72,247 38,322 36,537

TOTAL REVENUES 1,351,332$ 1,351,365$ 1,419,388$

EXPENDITURES:

Administrative Salaries 124,076$ 130,437$ 144,170$ Administrative Supplies & Services 49,996 51,460 47,959 Central Office Fees 80,968 101,476 89,116 Tenant Services 1,996 - 250 Utilities 350,842 330,877 345,241 Maintenance Salaries 244,565 264,009 267,506 Maintenance Supplies & Services 201,542 188,538 197,801 General Costs 71,692 69,226 85,557 Non-routine 160,037 119,992 120,000


Debt Service -$ -$ -$ Replacement/Operating Reserves 59,703 95,350 121,788 Capital Outlay - - -



Westwood Homes LLP is a Colorado Limited Partnership formed in 2010 with DHA's instrumentality Westwood Housing Inc. as the General Partner and Richman Group as the LIHTC Limited Partner. This Partnership was formed to own, rehabilitate and operate the 192 LIHTC units of rental housing which are also public housing units. DHA is the property manager for this partnership property.

136

COMPONENT UNIT1099 OSAGE LLLPFUND NUMBER 534


REVENUES:

Rents 329,263$ 325,560$ 333,431$ Housing Assistance Payment Income 201,015 178,037 218,524 Contributions - Capital Fund - 30,970 30,970 Interest 551 181 132 Other 23,718 5,995 6,204

TOTAL REVENUES 554,547$ 540,743$ 589,261$

EXPENDITURES:

Administrative Salaries 80,387$ 88,305$ 84,977$ Administrative Supplies & Services 30,991 30,432 31,103 Central Office Fees 38,229 42,160 44,160 Tenant Services 3,608 5,000 6,500 Utilities 95,545 97,637 100,307 Maintenance Salaries 73,051 84,165 120,172 Maintenance Supplies & Services 145,564 100,384 107,949 General Costs 44,851 45,780 53,123 Non-routine 23,879 15,000 10,000


Interest Expense -$ -$ -$ Debt Service - - - Replacement/Operating Reserves 30,562 31,880 30,970 Capital Outlay 1,710 - -



1099 Osage LLLP is a Colorado Limited Partnership formed in 2010 with DHA's instrumentality 1099 Osage Housing Inc. as the General Partner and Richman Group as the LIHTC Limited Partner. This Partnership was formed to own and operate the 100 LIHTC units of public housing at 1099 Osage. DHA is the property manager for this Partnership property.

137

COMPONENT UNITMOUNTAIN VIEW REDEVELOPMENT LLLPFUND NUMBER 537


REVENUES:

Rents 781,955$ 808,267$ 730,264$ Housing Assistance Payment Income 1,474,349 1,357,343 1,493,453 Contributions - Capital Fund - - - Interest 1,211 208 - Other 10,809 7,548 8,732

TOTAL REVENUES 2,268,324$ 2,173,366$ 2,232,449$

EXPENDITURES:

Administrative Salaries 133,912$ 194,852$ 133,519$ Administrative Supplies & Services 96,647 14,627 61,605 Central Office Fees 134,993 143,069 137,550 Tenant Services 3,988 3,795 4,295 Utilities 267,199 273,300 272,369 Maintenance Salaries 190,237 164,985 227,728 Maintenance Supplies & Services 320,004 171,199 268,650 General Costs 197,200 70,090 92,534 Non-routine 2,750 - 50,000


Debt Service 559,087$ 721,249$ 643,122$ Interest Expense 2,962 - - Replacement/Operating Reserves 88,890 416,200 341,077 Capital Outlay 5,689 - -



Mountain View Redevelopment LLLP is a Colorado Limited Partnership formed in 2012 with DHA's instrumentality MVEC Housing, Inc. as the General Partner and RBC Tas Credit Equity as the LIHTC Limited Partner. This partnership was formed to own, rehabilitate and operate 254 units of rental housing. DHA is the property manager for this property.

138

COMPONENT UNITCSG REDEVELOPMENT PARTNERS LLLPFUND NUMBER 538


REVENUES:

Rents 287,228$ 2,053,243$ 1,002,277$ Housing Assistance Payment Income 638,985 - 1,265,594 Contributions - Capital Fund 100 - - Interest - - - Other 21,447 49,457 34,022

TOTAL REVENUES 947,760$ 2,102,700$ 2,301,893$

EXPENDITURES:

Administrative Salaries 81,165$ 206,760$ 133,519$ Administrative Supplies & Services 70,112 122,556 99,088 Central Office Fees 78,238 92,781 140,286 Tenant Services 3,445 3,770 3,545 Utilities 157,030 208,006 211,220 Maintenance Salaries 114,730 252,342 227,728 Maintenance Supplies & Services 114,811 160,480 171,394 General Costs 34,967 74,931 87,898 Non-routine Costs 16,126 - 30,000

TOTAL DIRECT OPERATING COSTS 670,624$ 1,121,626$ 1,104,678$

Debt Service -$ 794,923$ 845,260$ Replacement/Operating Reserves - 186,151 351,955 Capital Outlay 1,169 - - Operating Transfer Out 182,325 - -

TOTAL EXPENDITURES 854,118$ 2,102,700$ 2,301,893$


CSG Redevelopment Partners LLLP is a Colorado Limited Partnership formed in 2014 with DHA's instrumentality CSG Housing Inc. as the General Partner and Enterprise Community Investment as the LIHTC Limited Partner. The Partnership was formed to own and operate 222 LIHTC units of rental housing. DHA is the property manager for this property. 2015 was the first full year of operations for this

139

COMPONENT UNITSOUTH LOWELL REDEVELOPMENT LLLPFUND NUMBER 549


REVENUES:

Rents 240,552$ 238,856$ 231,406$ Housing Assistance Payment Income 247,752 297,110 358,218 Contributions - Capital Fund - 30,554 30,554 Interest 594 547 - Other 18,321 12,324 13,250 Operating Transfer in - - -

TOTAL REVENUES 507,219$ 579,391$ 633,428$

EXPENDITURES:

Administrative Salaries 48,347$ 54,643$ 59,409$ Administrative Supplies & Services 24,893 33,990 36,710 Central Office Fees 87,304 87,921 114,730 Tenant Services 202 - - Utilities 120,234 160,418 134,523 Maintenance Salaries 74,451 84,929 86,373 Maintenance Supplies & Services 59,706 66,500 84,750 General Costs 98,298 49,482 53,826 Non-routine Costs 9,207 10,000 20,000


Debt Service 12,974$ -$ -$ Interest Expense 306,212$ -$ -$ Replacement/Operating Reserves 36,865 31,508 43,107



This Partnership owns and operates 96 units in this LIHTC partnership. SLR Housing Inc., an instrumentality of DHA, is the General Partner and RBC Tax Credit Equity is the Limited Partner. DHA is the property manager for this property. 2014 was the first full year of operations for this property.

140

COMPONENT UNITMARIPOSA PARTNERS II LLLPFUND NUMBER 551


REVENUES:

Rents 869,882$ 894,851$ 1,041,428$ Housing Assistance Payment Income 73,052 114,211 101,076 Contributions - Capital Fund - - - Interest 137 48 1,248 Other 27,178 30,660 23,040

TOTAL REVENUES 970,249$ 1,039,770$ 1,166,792$

EXPENDITURES:

Administrative Salaries 52,761$ 57,874$ 92,830$ Administrative Supplies & Services 81,346 81,295 80,143 Central Office Fees 24,098 24,849 26,231 Tenant Services 240 1,272 7,580 Utilities 166,478 168,204 177,717 Maintenance Salaries 41,771 55,435 67,228 Maintenance Supplies & Services 81,567 125,699 149,146 General Costs 278,129 56,467 53,814 Non-routine Costs 47 80,000 89,000


Debt Service 216,881$ 259,177$ 257,140$ Interest Expense 145,514 - - Replacement/Operating Reserves - 129,498 153,003 Capital Outlay - - 12,960



This Partnership owns and operates 93 units in this mixed income LIHTC partnership. SLP Housing II Inc., an instrumentality of DHA, is the General Partner and Enterprise Community Investment is the Limited Partner. DHA is not the property manager for this property. 2014 was the first full year of operations for this property.

141

COMPONENT UNITMARIPOSA PARTNERS III LLLPFUND NUMBER 552


REVENUES:


TOTAL REVENUES 623,738$ 957,382$ 1,039,798$

EXPENDITURES:

Administrative Salaries 51,447$ 52,512$ 82,754$ Administrative Supplies & Services 82,286 74,497 74,076 Central Office Fees 14,777 22,842 23,482 Tenant Services 136 1,200 7,220 Utilities 92,095 134,550 103,803 Maintenance Salaries 39,512 50,251 65,865 Maintenance Supplies & Services 54,473 95,638 116,625 General Costs 272,343 52,185 49,416 Non-routine Costs - 80,000 88,000


Debt Service 362,821$ 220,123$ 212,111$ Interest Expense 108,374 - - Replacement/Operating Reserves - 173,584 204,206 Capital Outlay - - 12,240

TOTAL EXPENDITURES 1,078,264$ 957,382$ 1,039,798$


This Partnership owns and operates 87 units in this mixed income LIHTC partnership. SLP Housing III Inc., an instrumentality of DHA, is the General Partner and Enterprise Community Investment is the Limited Partner. DHA is not the property manager for this property. 2014 was the first full year of operations for this property.

142

COMPONENT UNITMARIPOSA PARTNERS IV LLLPFUND NUMBER 553

2015 2016BUDGET BUDGET

REVENUES:

Rents 589,088$ 814,651$ Housing Assistance Payment Income 56,767 27,100 Contributions - Capital Fund - - Interest - 12 Other 3,721 9,886

TOTAL REVENUES 649,576$ 851,649$

EXPENDITURES:

Administrative Salaries 63,571$ 72,729$ Administrative Supplies & Services 71,307 65,313 Central Office Fees 10,685 20,326 Tenant Services 1,453 6,620 Utilities 71,908 94,055 Maintenance Salaries 44,435 58,244 Maintenance Supplies & Services 84,566 86,982 General Costs 43,708 68,976 Non-routine Costs - 87,000

TOTAL DIRECT OPERATING COSTS 391,633$ 560,245$

Debt Service 198,817$ 200,376$ Replacement/Operating Reserves 59,126 80,228 Capital Outlay - 10,800

TOTAL EXPENDITURES 649,576$ 851,649$

NET REVENUES/(EXPENDITURES) -$ -$ Note:

This Partnership owns and operates 77 units in this mixed income LIHTC partnership. SLP Housing IV Inc., an instrumentality of DHA, is the General Partner and Enterprise Community Investment is the Limited Partner. DHA is not the property manager for this property. 2015 was the first full year of operations for this property.

143

COMPONENT UNITMARIPOSA PARTNERS VI LLLPFUND NUMBER 554

2016BUDGET

REVENUES:

Rents 709,009$ Housing Assistance Payment Income 131,328 Contributions - Capital Fund - Interest - Other 9,024

TOTAL REVENUES 849,361$

EXPENDITURES:

Administrative Salaries 77,315$ Administrative Supplies & Services 64,114 Central Office Fees 17,980 Tenant Services 7,903 Utilities 87,175 Maintenance Salaries 43,763 Maintenance Supplies & Services 104,691 General Costs 45,134 Non-routine Costs -

TOTAL DIRECT OPERATING COSTS 448,075$

Debt Service 323,724$ Replacement/Operating Reserves 77,562 Capital Outlay -

TOTAL EXPENDITURES 849,361$

NET REVENUES/(EXPENDITURES) -$ Note:

This Partnership owns and operates 94 units in this mixed income LIHTC partnership. SLP Housing VI Inc., an instrumentality of DHA, is the General Partner and Enterprise Community Investment is the Limited Partner. DHA is not the property manager for this property. 2016 is the first year of operations for this property.

144

COMPONENT UNITCURTIS PARK HORSE BARNFUND NUMBER 632


REVENUES:

Rents 230,278$ 241,127$ 240,425$ Housing Assistance Payment Income - - - Contributions - Capital Fund - - - Interest 1,047 788 1,235 Other 99 - - Operating Transfer In - - -

TOTAL REVENUES 231,424$ 241,915$ 241,660$

EXPENDITURES:

Administrative Salaries -$ -$ -$ Administrative Supplies & Services 13,375 13,860 13,860 Central Office Fees - - - Tenant Services - - - Utilities - 750 3,050 Maintenance Salaries - - - Maintenance Supplies & Services 14,553 17,200 41,642 General Costs 21,064 27,115 -


Debt Service 46,062$ 46,063$ 46,063$ Replacement/Operating Reserves 3,868 136,927 137,045



Curtis Park Horse Barn is an instrumentality of DHA created to finance, redevelop and operate a historical horse barn that has been converted into commercial property. 2014 was the first full year of operations for this property.

145

MARIPOSA PHASES

Special points of interest: Briefly highlight your point of interest here.

Briefly highlight your point of interest here.



146

CCAAPPIITTAALL BBUUDDGGEETTSS

147


INTENTIONALLY.

148

CAPITAL BUDGETS Capital Projects are defined as improvements or construction of Capital Assets. It includes only major repairs, renovations or replacements that extend the useful operational life by at least five years or expands capacity of an existing facility. DHA’s total Capital Budget for 2016 is $30,272,843. Routine capital expenditures are included under “non-routine maintenance” in the applicable fund’s operating budgets. Total “non-routine maintenance expenditures” budgeted under various funds for 2016 are $2,661,005.

DHA's capital budgets are comprised mainly of the following areas: • Rehabilitation of DHA’s public housing projects using Capital Fund grants provided by HUD.• Development of new housing projects under various mixed finance transactions. These

development efforts are multi-year programs and development budgets for these efforts areapproved by the DHA Board on an individual project basis.

DHA’s funding for capital projects comes from a variety of sources. They are mainly Capital Fund Grants from HUD, HOPE VI Grants from HUD, Proceeds of loans and/or bond issues, Low Income Housing Tax Credit Equity, State and City HOME Grant funds and proceeds from Energy Performance based borrowings.

2014 2015 2016Hope VI Funds 6,600,000$ 4,955,300$ 673,005$ Weatherization Grants/EOC Funds (Reserves) -$ 2,200,000$ 2,085,000$ Low Income Housing Tax Credit Equity 8,043,000$ 4,258,000$ 14,380,646$ Bank Loans/Bonds 34,200,000$ 17,667,700$ 3,386,397$ HUD/City Funds (CNI) 750,000$ 900,000$ -$ Capital/RHF Funds 2,442,210$ 4,245,750$ 2,905,295$ HOME/CGBG Funds from City and State 1,330,000$ 500,000$ 1,420,000$ DHA/DHC Funds for Predevelopment 275,000$ 60,000$ -$ Bank LOC for Predevelopment -$ -$ 672,500$ HUD Sec. 18 Proceeds -$ -$ 4,750,000$ Other Funds - Program Income -$ 907,250$ -$ Total Sources for Capital Expenditures 53,640,210$ 35,694,000$ 30,272,843$

2014 2015 2016Public Housing Rehabilitation (detail on next page) 2,442,210$ 1,484,000$ 2,120,000$ South Lincoln Hope VI Phase IV - New Construction 13,500,000$ -$ -$ South Lincoln Hope VI Phase VI - New Construction 4,000,000$ 17,950,000$ 3,000,000$ South Lincoln Hope VI Phase V (Habitat) 100,000$ -$ -$ South Lincoln Hope VI Phase VII - New Construction -$ 5,500,000$ 12,000,000$ South Lincoln Hope VI Phase VIII - New Construction -$ -$ 7,000,000$ Sun Valley Master Planning (CNI) 1,030,000$ 900,000$ -$ Globeville Town Homes Partnership I & II-Refinancing & limited rehabilitation 468,000$ 700,000$ 150,000$ DHC Phase III -Pacific Place & Dispersed Units - Rehab 3,000,000$ -$ 800,000$ Energy Performance Contract Phase II - Public Housing units energy improvements 700,000$ -$ -$ DHC Phase II Casa Loma, Syracuse, Goldsmith 28,400,000$ 6,900,000$ -$ Saint Anthony/West Colfax Project - Pre-development -$ 60,000$ 500,000$ Energy Outreach Colorado - Energy Conservation Improvements -$ 2,200,000$ 2,085,000$ Lowry Family Housing - VOA IV - Pre-development -$ -$ 62,500$ Lincoln Park 57 - Conversion of commercial space to 2 residential units (DHP) -$ -$ 340,000$ New Central Office - Pre-development -$ -$ 100,000$ South Lincoln Infrastructure/Site Work (DHP/PH) -$ -$ 270,103$ Mariposa Master Tenant - Tenant Improvements (DHP) -$ -$ 335,240$ Acquisition of Disp. West Office/Warehouse -$ -$ 1,000,000$ 2506-34 W. Colfax - Pre-development -$ -$ 110,000$ Rehab 16 FHS units to restore to PH status -$ -$ 400,000$ Total Capital Expenditures 53,640,210$ 35,694,000$ 30,272,843$

Summary of Sources for Capital Expenditures

Summary of Capital Expenditures

149

PROJECT DESCRIPTION OF WORK 2014 2015 2016Public Housing South Lincoln (Mariposa) Redevelopment - Phase VI 589,907$ -$ -$ Dispersed Housing Rehabilitation of Units 903,740 1,020,000 1,500,000 Public Housing Roof Replacement 500,000 380,000 500,000 Public Housing Construction Supervision 113,588 84,000 120,000

PUBLIC HOUSING REHABILITATION BUDGET DETAIL

SOURCES FOR CAPITAL EXPENDITURES

SUMMARY OF CAPITAL EXPENDITURES

Hope VI Funds 2% Weatherization

Grants/EOC Funds (Reserves)

7%

Low Income Housing Tax Credit Equity

47% Bank Loans/Bonds

11%

Bank LOC for Predevelopment

2%

Capital/RHF Funds 10%

HOME/CGBG Funds from City and State

5%

HUD Sec. 18 Proceeds 16%

Public Hsg Rehab. 7%

South Lincoln Hope VI Phase VI-New Const.

10%

South Lincoln Hope VII Phase VI-New Const.

40%

South Lincoln Hope VIII Phase VII - New Const.

23%

Globeville Townhomes Partnership Refi. &

Limit. Rehab. 0.5%

DHC Phase III-Pacific Pl. & Disp Units

3% Saint Anthony's/West

Colfax Pjt 2%

Energy Outreach Colo. -Energy Conservation

Improv. 7%

Lowry Family Hsg-VOA IV Predevelop.

0.2%

Lincoln Park 57 - Conversion

1% New Central Office-

Predevelop. 0.3%

South Lincoln Infrastructure

1%

Mariposa Tenant Improv.

1% Acquisition of Disp West/Warehouse

3% 2506-34 W. Colfax -

Predevelop. 0.4%

Rehab 16 FHS units 1%

150

Summary of Budgeted Sources2014 2015 2016

Capital Grant 1,544,022$ 1,561,524$ 1,868,710$ HOPE VI 854,623 1,300,000 673,050 EPC II Loan Proceeds 100,000 - - Energy Outreach Colorado (EOC) Funds (Restricted Reserves) - 125,000 100,000

TOTAL 2,498,645$ 2,986,524$ 2,641,760$

Summary of Budgeted UsesPROJECT DESCRIPTION OF WORK 2014 2015 2016

Public Housing Public Housing Operations 400,000$ -$ -$ Public Housing Replacement Reserves - Mixed Finance (CGP) 334,975 347,475 293,970 COCC Capital Grant Administration Costs (CGP) 5,813 394,069 763,000 COCC Hope VI Grant Administrative Cost 650,000 900,000 525,000 Public Housing Debt Service on CFFP Bonds (CGP) 602,256 599,388 599,713 Agency Wide Management Improvements - I.T. (CGP) 122,504 101,632 120,000 Agency Wide Management Improvements -RCS/WDCI (CGP) 78,474 118,960 92,027 South Lincoln Management Improvements - CSS (Hope VI) 204,623 400,000 148,050 EPC II Energy Conservation Training Program-Staff/Tenants 100,000 - - EOC EOC - Conservation Training Program for Staff/Tenants - 125,000 100,000

TOTAL 2,498,645$ 2,986,524$ 2,641,760$ **HUD will pay $599,388 and $599,713 in CFFP debt service directly to the Trustee from DHA's FFY 2014 and 2015 Grant awards respectively.

DESCRIPTION

CAPITAL/RHF/HOPE VI GRANT FUNDS (Operating)

** ** **

151

2016 Capital Budget Detail

Public Housing Rehabilitation Detail

Dispersed Housing Portfolio In order to keep the Dispersed Housing Portfolio of over 1,200 units in good operating condition, an annual schedule of unit rehabilitation is required. Rehabilitation of the properties will decrease energy consumption, contribute to the appearance of the neighborhood as well as meet HUD safety and security guidelines. Rehabilitation work will include site work, concrete, roof replacement, window replacement, furnace replacement, water service replacement, plumbing upgrades, electrical upgrades and finish work. The estimated total cost of the 2016 work is $1,500,000. Improvements to the Dispersed Housing Portfolio are being financed by the Capital Fund Grant; therefore, this cost will have no impact on the operating budget.

Roof Replacement Various Dispersed Housing unit roofs have been patched several times and have reached the end of their useful lifes. Replacements of these roofs are scheduled for 2016. The cost is estimated to be $500,000. The replacement roofs will be paid from Capital Grant funds and insurance proceeds; therefore, this cost will have no impact on the operating budget.

Construction Supervision DHA directly contracts with vendors to perform work. Oversight of the construction work is performed by in-house project Field Managers performing the construction supervision. These costs are capitalized and therefore have no impact on the operating budget.

South Lincoln (Mariposa) Hope VI – Phase VI, VII, VIII & IX Mariposa Phase VI is a 94 unit mixed income rental phase that closed and started construction on August 6, 2014. Construction is scheduled to be completed in March 2016. DHA anticipates that approximately $3 million of the projected $23.9 million total budget will be incurred in 2016. Mariposa Phase VII development costs in the approximate amount of $12 million of the $14 million total will be incurred in 2016. An additional $7 million of project costs are anticipated to occur in 2016 for Mariposa Phase VIII. The Mariposa Phase VI, VII and VIII costs are funded with HOPE VI Grant funds, LIHTC equity and debt, these two projects will have no impact on the 2016 operating budget. Phase VIII and IX are planned for future years.

Globeville Townhomes I & II DHA completed the refinancing of the existing debt in December 2015 to take advantage of lower interest rates and lower the debt service payments which will have a positive impact on the operating budget. In addition, minor repairs/improvements totaling $150,000 are financed with the debt refinancing with the work scheduled for 2016.

Saint Anthony/West Colfax Project DHA is exploring the feasibility of developing low-income affordable housing as part of the master redevelopment effort. The 2015 budget was used to perform the initial due diligence studies. $60,000 was advanced from DHA’s non-HUD (Denver Housing Program) revolving loan fund and additional $500,000 from the line of credit has been authorized to continue the pre-development work. These planning costs will have no impact on the operating budget unless the project is determined to not be feasible, at which point the costs will need to be expensed against the 2016 operating budget.

152

2016 Capital Budget Detail (continued)

Energy Outreach Colorado (EOC) – Energy Improvements After completing all the required Energy Conservation Measures (ECM) under the approved EPC II program, DHA received EOC funds to install additional ECM’s. For 2015 and 2016, DHA is planning to utilize the $2,200,000 to complete new ECM in its real estate portfolio. Planning work is completed and a contractor was selected with work starting in late 2015. Since the EOC work is funded from grant funds, this additional work will have no impact on the operating budget.

Capital Grant Funds for Operating

Public Housing Operations PHAs are allowed to draw down up to 10% of each annual Capital Fund Grant for operations. The scope of this budget line-item will include the transfer of Capital Fund to the DHA 2014 operating accounts. For 2015 and 2016, DHA determined that the operating transfer is not needed; operating transfers are financed by funds provided by HUD under the Capital Fund Grant therefore, this cost will have no impact on the operating budget.

Replacement Reserves Provide replacement reserves for the DHA public housing partnership properties in accordance with partnership agreements. Properties include Thomas Bean Towers, Three Towers, Westwood Homes, 1099 Osage, and Villages at Curtis Park. The scope of work will include the transfer of Capital Fund to the various partnership replacement reserve accounts. The 2016 estimated total cost of the replacement reserves funding is $293,920. Replacement reserve transfers are financed by funds provided by HUD under the Capital Fund Grant; therefore, this cost will have no impact on the operating budget.

Administration Costs (Capital Grant and HOPE VI) In addition to maintaining and improving the physical condition of existing public housing developments, HUD provides funds under the Capital Grant Fund and HOPE VI Grant to cover the costs for administration of the funds. This covers primarily salaries and benefits reflected necessary for the administration of the Grant Funds. The 2016 administrative fee budgeted for the Central Office Cost Center (COCC) is $763,000 for the Capital Grant and $525,000 for the HOPE VI Grant. DHA has chosen to schedule drawing the maximum allowable fee permitted under the Grant regulation to coincide with the expenditures over the four and five year grant terms. The salaries and benefits are reflected in the operating budget and financed by funds provided by HUD under the Capital Grant Fund; therefore, this cost will have no additional impact on the operating budget.

Debt Service In 2007, modernization of the Three Towers required the Securitization of the Capital Fund to complete the substantial renovations. The scope of this budget line-item will include debt service for the bonds issued in conjunction with Securitization of the Capital Fund. The 2016 total debt service cost is $599,713. Debt service is financed by funds provided by HUD under the Capital Fund Grant; therefore, this cost will have no impact on the operating budget.

Management Improvements In addition to maintaining and improving the physical condition of existing public housing developments, HUD provides funds under the Capital Grant and HOPE VI Grant for improving the management and operation of the developments to insure they best serve the low-income families residing therein. The scope of work encompasses a wide variety of activities including, but not limited to, Information Technology (IT) initiatives including network upgrades, document imaging and computer system development; HOPE VI Community and Support Services (CSS); Resident and Client Services (RCS) and Workforce Development and Community Initiatives (WDCI). The estimated total cost budgeted for 2016 is $120,000 for IT, $92,027 for RCS and WDCI; and $148,050 for HOPE VI CSS.

153

2016 Capital Budget Detail (continued)

These activities are budgeted under the capital budget and financed by funds provided by HUD under the Hope VI and Capital Grant Funds; therefore, these costs will have no additional impact on the operating budget.

Energy Conservation Training Program In an effort to support the energy efficient system installed under the Energy Outreach Colorado (EOC), DHA will be using $100,000 to contract with a consultant to expand to additional sites the development and implement a training program for staff and tenants in an effort to change behavior (such as turning lights off when you leave, etc.) in consuming energy thereby increasing utility cost savings. This cost will have no impact on the operating budget in 2016.

154

2014-2015 Capital Budget Detail - Status Update

South Lincoln (Mariposa) Hope VI – Phase I, II, III, IV, V, VI, VII, VIII & IX In 2011, DHA received HUD’s HOPE VI Grant award of $22 million for the comprehensive revitalization of DHA’s 286 unit South Lincoln Park Homes Public Housing development. The South Lincoln HOPE VI revitalization plan includes nine phases as follows: Phase I of South Lincoln Redevelopment was the new construction of 100 public housing senior/disabled rental units at 1099 Osage St. with a total budget of $20.4 million; Mariposa Phase II is 93 units of mixed income rental housing that includes public housing, workforce housing and market rate housing with a total budget of $22.5 million; Mariposa Phase III is 87 mixed income rental units with a total budget of $23.1 million; Mariposa Phase IV consists of 77 mixed income rental units with a total budget of $19.6 million; Mariposa Phase V consists of six (6) homeownership units that will be developed/built by Habitat for Humanities with a $100,000 budgeted to cover legal and other real estate transaction costs in order for DHA to contribute the land to Habitat; Mariposa Phase VI is a 94 unit mixed income rental phase with a total budget of $23.5 million; Mariposa Phase VII is a 45 unit senior/disabled building which will have 14 public housing and 31 project based rental assisted units with a budget of $14.2 million; Mariposa Phase VIII is a 21 unit mixed income rental phase with a budget of $7.7 million; and Mariposa Phase IX is anticipated to be developed as market rate homeownership consisting of at least 24 units. The developer will be selected through competitive process and will purchase the land at fair market value.

Update: Mariposa Phase I was complete in January 2012. Mariposa Phase II was completed in November 2013. Mariposa Phase III was completed on January 2014. Mariposa Phase IV closed in July 2013, and the construction was completed in December 2014. Mariposa Phase V closed in November 2014 and construction was completed in July 2015. Mariposa Phase VIII closed in November 2015 and Phase VII in December 21015. Construction is scheduled to be complete in March 2017. Mariposa Phase VI closed in August 2014 with construction scheduled to be completed in March 2016.

Energy Performance Contract (EPC) Phase II In 2007, DHA implemented an Energy Performance Contract (EPC) for improving energy consumption in its public housing portfolio. HUD’s EPC program is an innovative financing technique that uses cost savings from reduced energy consumption to finance the cost of installing energy conservation measures (ECMs). The ECMs were installed by Honeywell International, Inc. and these ECMs are currently over performing. HUD allows public housing authorities to capture the additional savings due to over performance and therefore, DHA hired an EPC consultant to assist DHA in self-implementing a second phase. The $18.2 million EPC Phase II construction started in October 2012.

Update: After completing all the required Energy Conservation Measures (ECM) under the approved EPC II financing in September 2013, DHA had an $800,000 budget savings and identified additional ECM’s to install in 2014. DHA utilized $700,000 for additional ECM’s with the remaining $100,000 savings identified to be used to develop a resident and staff education program. The additional ECM’s were completed in August 2014. Development of the education programs was completed in 2015. Evaluation of the pilot program is underway and will be completed in 2016.

DHC Phase II – Casa Loma, Syracuse Plaza and Goldsmith Village Predevelopment work began in December 2012 for rehabilitation of 243 Section 8 Project Based units at Syracuse Plaza, Casa Loma, Goldsmith Village and Pacific Place Apartments. During pre-development Pacific Place Apartments was removed from the scope of work. The Private placed Bond closing for Syracuse Plaza, Casa Loma, and Goldsmith Village occurred on December 31, 2013. However, the real estate closing was delayed due to issues from the ultimate Series B bond purchaser causing the Series A & B bonds to be closed into escrow. The closing and construction start occurred on January 31, 2014 with completion of the 222 unit rehabilitation project completed May 2015. The total project cost is budgeted at $40.1 million. This project is financed with Debt and Low Income Housing Tax Credit (LIHTC) equity.

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2014-2015 Capital Budget Detail - Status Update (continued)

Update: Casa Loma Rehabilitation was completed in October 2014 and the 87 units were fully leased and occupied by December 3, 2014. Syracuse Plaza and Goldsmith Village rehabilitation was completed in May 2015.

Sun Valley Master Planning (Choice Neighborhood Initiative (CNI) Planning Grant) DHA applied for and received a $500,000 CNI Planning Grant that included required cash leveraging of which DHA secured $530,000 from other sources for total budget of $1,030,000.

Update: The CNI Planning Grant was used to develop a transformation plan for the Sun Valley Neighborhood that address: (1) Housing – Replace distressed public and assisted housing with high-quality mixed-income housing that is well-managed and responsive to the needs of the surrounding neighborhood; (2) People – Improve educational outcomes and intergenerational mobility for youth and supports delivered directly to youth and their families; and (3) Neighborhood – Create the conditions necessary for public and private reinvestment in distressed neighborhoods to offer the kinds of amenities and assets, including safety, good schools, and commercial activity, that are important to families’ choices about their community. Of the $1,030,000 total, budget, $900,000 is planned to be expended in 2015. This planning work was completed in November 2015 with the submission of the Transformation Plan to HUD.

Globeville Townhomes DHA is planning on refinancing the existing debt to take advantage of lower interest rates and lower the debt service payments which will have a positive impact on the operating budget. Initial plan was to perform minor repairs/improvements.

Update: Refinancing effort was completed in December 2015. Repairs are scheduled for the summer of 2016.

DHC Phase III It is determined that the $2.4 million rehabilitation costs can be covered with the replacement reserve and operating revenues over the next years (2016 – 2018).

Update: The first 30-35 units are scheduled to start in 2016 with $800,000 of the $2.4 million available.

Public Housing Rehabilitation Detail

Dispersed Housing Portfolio In order to keep the Dispersed Housing Portfolio of over 1,200 units in good operating condition, an annual schedule of unit rehabilitation is required.

Update: Rehabilitation on the Dispersed housing portfolios continues on schedule.

Roof Replacement Based on physical assessments, various roofs are at the end of their useful life and need to be replaced.

Update: Roof replacement completed in 2014 for total cost of $381,238 with a budget saving of $118,762. Roofs were replaced in 2015 and work will continue in 2016.

Construction Supervision DHA directly contracts with vendors to perform work. Oversight of the construction work is performed by in-house project Field Managers performing the construction supervision.

Update: The costs were incurred in performing the required construction oversight.

156

2014-2015 Capital Budget Detail - Status Update (continued)

South Lincoln Redevelopment Included in the original HOPE VI funding sources was a pledge of Capital Funds and Replacement Housing Factor Funds (RHF) to help finance the replacement of public housing units on the South Lincoln site. The scope of work includes the construction of public housing replacement units under Mariposa Phase VI. The estimated total cost from Capital grant and RHF funds for 2015 is $589,907 and $785,295 for 2016.

Update: Capital Grant and RHF funds in the amount of $589,907 were expended on South Lincoln Phase VI development costs. The 2016 amount of $785,295 will be used on Mariposa Phase VII.

Capital Grant Funds for Operations

Operations PHAs are allowed to draw down up to 10% of each annual Capital Fund Grant for operations.

Update: The transfer of funds to be used for 2014 operating costs was completed.

Replacement Reserves Provide replacement reserves for the DHA public housing partnership properties in accordance with partnership agreements.

Update: The replacement reserve accounts were funded for 2014 and 2015.

Administration Costs In addition to maintaining and improving the physical condition of existing public housing developments, HUD provides funds under the Capital Grant and HOPE VI Grant Funds to cover the costs for administration of the funds.

Update: The 2014 and 2015 Administrative fee for the Central Office Cost Center (COCC) were paid.

Debt Service Modernization of the Three Towers required the Securitization of the Capital Fund to complete. The scope of work includes debt service for the bonds issued in conjunction with Securitization of the Capital Fund.

Update: The 2014 and 2015 annual debt service costs were paid on the semi-annual Bond payment due dates.

Management Improvements HUD provides funds under the Capital Grant and HOPE VI Grant Funds for improving the management and operation and to provide resident programs.

Update: The IT, RCS, WDCI and Hope VI CSS program costs were expended in 2014 and 2015.

Energy Conservation Training Program In an effort to support the energy efficient system installed under the Energy Performance Contract (EPC) Phase II, DHA will be using $100,000 of the EPC II savings to contract with a consultant to develop a training program for staff and tenants in an effort to change behavior (such as turning lights off when you leave, etc.) in consuming energy thereby increasing utility cost savings.

Update: Contract awarded and development of training/education program has started but was not completed in 2015. Additional funds included in 2016 to evaluate and expand the program to additional sites.

157

CAPITAL BUDGETS

Impact of Capital Improvement Program on the Operating Budget DHA’s non-routine maintenance expenditures are included in the operating budgets for the

respective funds. These non-routine maintenance expenses like carpet replacement, interior/exterior painting and emergency repairs have no material impact on future operating budgets. However, DHA’s Capital Improvement projects produce new housing rental units, which will increase the operating budgets after completion.

Impact of Capital Improvements on DHA’s Energy Costs

DHA’s utility consumption has declined over the last three years in the public housing portfolio after an infusion of $15 million in energy conservation efforts under an Energy Performance Contract (EPC) which was completed in two phases. In addition, all of DHA’s new construction and new comprehensive modernization efforts include the highest form of energy savings certification wherever feasible making DHA one of the leaders in energy efficient construction in the public housing industry. During 2012, DHA leveraged excess utility consumption savings from the previous EPC contract completed in 2008 for an additional $15.4 million for conservation work. Identified work was completed in 2013 under budget with the $800,000 savings used in 2014 for additional energy conservation measures (ECM). In 2015 $2.2 million in EOC funds receive in 2014 were budgeted to develop a training program for staff and residents, and perform additional ECM work. Work will be completed in 2016. DHA tracks and reports on the utility consumption of all its units at the property level.

Public Housing Units in DHA’s Public Housing Program are modernized by funds provided by HUD under its

Capital Fund program and HOPE VI Urban Revitalization Demonstration program. Each year, HUD approves DHA’s Capital Fund which has to be used exclusively for modernization and related costs. Therefore, Public Housing’s capital improvement program currently has no negative effect on its operating budget. Because of DHA’s systematic rehabilitation of rental units and replacement of obsolete system components to more efficient systems using comprehensive modernization funds, operating costs of the rental units are maintained at a minimum. The impact on the operating budget is decreased maintenance and repair costs compared to units that have not been modernized or rehabilitated.

Denver Housing Corporation Funds for capital improvements on DHC’s units are from its operating budgets, from monthly

deposits to replacement reserve and also from available operating revenues of these units. Currently, $250 per unit per year is being set aside from the operating revenues for future non-routine maintenance. These funds are held in a replacement reserve escrow account. Comprehensive rehabilitation of 154 DHC units (Phase I) was completed in 2013. Phase II consisting of 222 units started in January 2014 and was completed mid-2015. Planning for the comprehensive rehabilitation on the remaining 99 dispersed units has started with rehabilitation work scheduled to begin in 2016 and continue through 2018 with $800,00 budgeted for each of the three years.

Denver Housing Program (DHP) Lincoln Park Project Based Assisted (PBA) contract with 57 rental units makes up the DHP

housing portfolio. Lincoln Park 57 underwent comprehensive modernization during 2008 and 2009. Non-routine maintenance on these units is funded from operating revenues. DHA’s Board approval is required to use any program reserves for capital improvements. Conversion of commercial space to two (2) units is budgeted for 2016 from the operating reserve account.

158

CAPITAL BUDGETS

Accounting Treatment Capital improvements for the Public Housing units from the above funding sources are accounted

for in Funds 800-899 and 900-989. Since these capital improvements are accomplished by grant funds provided by HUD on DHA's Public Housing stock, these costs are reported as "Construction in Progress" in DHA's Public Housing fund. When modernizations are completed for each grant, the construction in progress accounts are transferred to the building or improvement categories in Public Housing to start depreciation over its useful lives. DHA has to provide an annual report to HUD on the status and use of funds in the modernization grants.

Capital improvements for the DHC and DHP portfolio start depreciation in the year the work is completed.

Other Capital Outlays DHA's capital budgets do not include the purchase of equipment or furniture/fixtures in all other

DHA funds, which amounts to $1,906,493 for year 2016. These capital outlays for funds other than Capital Fund and Hope VI grants are included in the operating budget for each program. Furniture, fixtures and equipment costing over $1,000 are capitalized and depreciated over their useful lives in the related programs. It is anticipated that the Board will adopt a change to the capitalization threshold from $1,000 to $5,000 in February 2016.

Capital Planning Process DHA’s Capital planning process for the modernization of the public housing units revolves around

the availability of Capital Fund grant funds from HUD. DHA receives capital grants annually from HUD in the range of $4.5 million to $5 million dollars. Capital grant funds are awarded to PHAs by HUD during the 2nd or 3rd quarter of every year. It is a requirement by HUD that PHAs prepare a Capital Fund Five-Year Action Plan before Capital grants are awarded. The Capital needs of all DHA’s public housing needs are analyzed and discussed with the Resident Council Board before the Five-Year Action Plan is submitted to and approved by HUD. In addition, DHA solicits comments and feedback from the community on DHA’s Five-Year Action Plan by holding an annual public hearing. This hearing is advertised in the local newspapers in advance. This Five-Year Action Plan is revised annually and submitted to HUD for approval. DHA’s Housing Management Division obligates and expends these Capital dollars for eligible work items using the approved Capital Fund Five-Year Action Plan.

Funding process includes:

1. Completing a physical needs and management needs assessment for each project’2. Consulting with local government officials and the residents of the projects.3. Preparing a five-year action plan for making the identified improvements, this includes an

estimate of the total cost during each year.4. Preparing an annual statement to HUD providing detail of the performance and a revised

five-year action plan and hold the public hearing as discussed above.5. PHAs are required to obligate 100 percent of the grant funds within two-years and to

expend 100 percent of the grant within four years. HUD will recapture anyunobligated/unexpended funds. These recaptures are distributed to high performinghousing authorities as incentive for timely obligation of capital funds.

159

PPRROOJJEECCTT BBAASSEEDD BBUUDDGGEETTSS

161


INTENTIONALLY.

162

2016 BUDGETSPUBLIC HOUSING PROGRAM BUDGET DETAIL BY PROJECT

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

DWELLING RENTS 602,838$ 633,979$ 264$ 445,379$ 471,784$ 197$ 955,951$ 996,632$ 219$ VACANCY LOSS (3,574) (3,739) (2) (5,026) (7,647) (3) (8,337) (16,734) (4)INTEREST INCOME 2,101 3,794 2 1,396 3,274 1 3,079 6,087 1OTHER INCOME 37,004 43,538 18 46,223 34,346 14 73,909 94,487 21OPERATING SUBSIDY CONTRIBUTIONS 742,077 779,014 325 822,774 857,759 357 1,691,448 1,593,809 350OPERATING SUBSIDY - EPC 214,063 188,323 78 91,642 80,622 34 168,438 148,183 32TRANSFER FROM CAPITAL - - 0 - - 0 - - 0USE OF OPERATING RESERVES - 213,000 89 - 120,000 50 - 15,000 3OPERATING TRANSFER IN BETWEEN PRGM - - 0 - - 0 - - 0 RECEIPTS 1,594,509$ 1,857,909$ 774$ 1,402,388$ 1,560,138$ 650$ 2,884,488$ 2,837,464$ 622$

ADMIN. SALARIES 207,759$ 197,962$ 82$ 166,711$ 159,126$ 66$ 265,408$ 260,563$ 57$ SUNDRY ADMINISTRATIVE 61,543 69,098 29 74,428 74,842 31 127,361 135,018 30CENTRAL OFFICE FEES 182,107 182,239 76 181,311 181,178 75 345,499 344,173 75TENANT SERVICE 63,627 78,104 33 65,842 81,155 34 125,099 154,695 34UTILITIES 298,143 300,108 125 273,550 288,607 120 618,954 624,439 137MAINTENANCE. LABOR-SALARIES 293,561 285,306 119 310,649 342,143 143 486,558 487,123 107MAINTENANCE MATERIALS/CONTRACTS 175,922 233,683 97 147,472 194,590 81 431,858 456,639 100PROTECTIVE SERVICES - - 0 - - 0 500 500 0GENERAL COSTS 71,470 85,040 35 60,769 64,978 27 94,977 103,761 23RENTS TO OWNERS - - 0 - - 0 - - 0NON-ROUTINE MAINTENANCE 45,586 224,723 94 38,265 86,962 36 80,000 111,437 24 TOTAL DIRECT OPERATING EXPENSES 1,399,718$ 1,656,263$ 690$ 1,318,997$ 1,473,581$ 614$ 2,576,214$ 2,678,348$ 587$

CAPITAL OUTLAY -$ 380$ 0$ -$ 394$ 0$ -$ 749$ 0$ DEBT SERVICE 186,671 192,861 80 79,915 82,565 34 146,884 151,754 33PROVISION FOR RESERVES 8,120 8,405 0 3,476 3,598 0 161,390 6,613 1OPERATING TRANSFER OUT BETWEEN PGRM - - 0 - - 0 - - 0 TOTAL EXPENDITURES 1,594,509$ 1,857,909$ 774$ 1,402,388$ 1,560,138$ 650$ 2,884,488$ 2,837,464$ 622$ NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$ -$ -$ -$

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

DWELLING RENTS 751,090$ 898,453$ 225$ 260,569$ 267,934$ 251$ 439,161$ 422,049$ 239$ VACANCY LOSS (4,594) (32,575) (8) (1,943) (1,943) (2) (4,928) (4,928) (3)INTEREST INCOME 2,612 5,347 1 642 1,320 1 1,065 2,268 1OTHER INCOME 62,781 59,553 15 3,004 3,508 3 14,907 30,871 18OPERATING SUBSIDY CONTRIBUTIONS 1,483,246 1,511,870 378 222,448 260,365 244 476,703 518,225 294OPERATING SUBSIDY - EPC 98,898 87,005 22 79,475 69,918 65 120,798 106,273 60TRANSFER FROM CAPITAL - - 0 - - 0 - - 0USE OF OPERATING RESERVES - 64,000 16 - 90,000 84 - 125,000 71OPERATING TRANSFER IN BETWEEN PRGM - - 0 56,881 0 65,164 - 0 RECEIPTS 2,394,033$ 2,593,653$ 649$ 621,076$ 691,102$ 647$ 1,112,870$ 1,199,758$ 680$

ADMIN. SALARIES 217,661$ 231,598$ 58$ 79,632$ 82,084$ 77$ 134,806$ 143,719$ 81$ SUNDRY ADMINISTRATIVE 100,628 118,767 30 34,278 43,419 41 57,799 59,058 33CENTRAL OFFICE FEES 303,383 298,475 75 81,112 80,979 76 133,567 133,965 76TENANT SERVICE 109,626 135,623 34 30,407 36,414 34 48,393 59,648 34UTILITIES 535,657 542,503 136 129,114 131,852 123 203,161 207,811 118MAINTENANCE. LABOR-SALARIES 448,181 401,529 100 68,240 72,413 68 126,977 132,285 75MAINTENANCE MATERIALS/CONTRACTS 305,530 423,393 106 101,180 131,780 123 216,250 255,500 145PROTECTIVE SERVICES 1,116 525 0 160 - 0 500 2,500 1GENERAL COSTS 152,257 162,572 41 19,633 22,525 21 41,494 47,749 27RENTS TO OWNERS - - 0 - - 0 - - 0NON-ROUTINE MAINTENANCE 70,000 182,027 46 5,000 14,737 14 40,000 43,658 25 TOTAL DIRECT OPERATING EXPENSES 2,244,039$ 2,497,012$ 625$ 548,756$ 616,203$ 577$ 1,002,947$ 1,085,893$ 616$ $ CAPITAL OUTLAY -$ 3,656$ 1$ -$ 176$ 0$ -$ 288$ 0$ DEBT SERVICE 86,242 89,102 22 69,305 71,603 67 105,341 108,834 62PROVISION FOR RESERVES 63,752 3,883 1 3,015 3,120 3 4,582 4,743 3OPERATING TRANSFER OUT BETWEEN PGRM - - 0 - - 0 - - 0 TOTAL EXPENDITURES 2,394,033$ 2,593,653$ 649$ 621,076$ 691,102$ 647$ 1,112,870$ 1,199,758$ 680$

NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$ -$ -$ -$ P.U.M. - Per Unit Month

SUN VALLEY WALSH BARNEY FORD/PLATTE VALLEY

COLUMBINE200 UNITS

WESTRIDGE 200 UNITS

QUIGG NEWTON380 UNITS

163


2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

DWELLING RENTS 291,120$ 307,497$ 256$ 1,167,941$ 1,232,669$ 302$ 984,966$ 1,214,419$ 313$ VACANCY LOSS (1,945) (3,054) (3) (8,482) (40,996) (10) (3,382) (15,176) (4)INTEREST INCOME 592 1,402 1 3,356 6,714 2 3,670 7,190 2OTHER INCOME 3,908 2,530 2 103,503 113,975 28 75,107 81,726 21OPERATING SUBSIDY CONTRIBUTIONS 268,746 301,920 252 1,434,875 1,459,044 358 1,288,484 1,372,438 354OPERATING SUBSIDY - EPC 45,632 40,145 33 266,652 234,587 57 335,205 294,896 76TRANSFER FROM CAPITAL - - 0 - - 0 - - 0USE OF OPERATING RESERVES - 54,000 45 - 284,000 70 - 337,000 87OPERATING TRANSFER IN BETWEEN PRGM 53,288 - 0 70,545 - 0 131,220 - 0 RECEIPTS 661,341$ 704,440$ 587$ 3,038,390$ 3,289,993$ 806$ 2,815,270$ 3,292,493$ 849$

ADMIN. SALARIES 90,317$ 96,473$ 80$ 264,349$ 290,683$ 71$ 234,135$ 302,467$ 78$ SUNDRY ADMINISTRATIVE 41,886 41,367 34 113,942 131,600 32 121,011 143,401 37CENTRAL OFFICE FEES 91,053 90,788 76 309,529 306,080 75 295,020 293,694 76TENANT SERVICE 32,921 40,577 34 106,334 131,065 32 111,931 137,964 36UTILITIES 110,094 112,042 93 705,311 715,828 175 690,705 691,934 179MAINTENANCE. LABOR-SALARIES 82,623 87,938 73 625,699 574,195 141 583,805 600,138 155MAINTENANCE MATERIALS/CONTRACTS 125,722 147,888 123 428,685 557,392 137 324,908 469,531 121PROTECTIVE SERVICES - 3,000 3 - - 0 500 500 0GENERAL COSTS 25,201 29,248 24 134,896 122,835 30 136,355 100,936 26RENTS TO OWNERS - - 0 - - 0 - - 0NON-ROUTINE MAINTENANCE 20,000 12,018 10 100,000 207,969 51 11,873 236,166 61 TOTAL DIRECT OPERATING EXPENSES 619,817$ 661,339$ 551$ 2,788,745$ 3,037,647$ 745$ 2,510,243$ 2,976,731$ 768$

CAPITAL OUTLAY -$ 197$ 0$ 7,000$ 1,637$ 0$ -$ 598$ 0$ DEBT SERVICE 39,793 41,112 34 232,530 240,240 59 292,311 302,003 78PROVISION FOR RESERVES 1,731 1,792 1 10,115 10,469 3 12,716 13,161 3OPERATING TRANSFER OUT BETWEEN PGRM - - 0 - - 0 - - 0 TOTAL EXPENDITURES 661,341$ 704,440$ 587$ 3,038,390$ 3,289,993$ 806$ 2,815,270$ 3,292,493$ 849$ NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$ -$ -$ -$

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2016P.U.M.

DWELLING RENTS 1,229,621$ 1,360,185$ 315$ 659,177$ 735,501$ 298$ VACANCY LOSS (4,818) (14,679) (3) (5,081) (13,057) (5)INTEREST INCOME 2,182 7,880 2 2,272 4,052 2OTHER INCOME 70,257 87,160 20 28,847 40,173 16OPERATING SUBSIDY CONTRIBUTIONS 1,502,965 1,597,371 370 767,784 796,476 322OPERATING SUBSIDY - EPC 374,318 329,305 76 233,387 205,323 83TRANSFER FROM CAPITAL - 0 - 0USE OF OPERATING RESERVES 365,000 233,000 OPERATING TRANSFER IN BETWEEN PRGM - 0 75,401 0 RECEIPTS 3,174,525$ 3,732,222$ 864$ 1,761,787$ 2,001,468$ 810$

ADMIN. SALARIES 249,122$ 250,677$ 58$ 166,371$ 160,979$ 65$ SUNDRY ADMINISTRATIVE 125,130 141,728 33 94,465 95,315 39CENTRAL OFFICE FEES 328,243 327,182 76 187,204 185,878 75TENANT SERVICE 118,515 146,079 34 67,816 83,590 34UTILITIES 760,623 793,715 184 368,915 374,035 151MAINTENANCE. LABOR-SALARIES 587,218 612,886 142 284,034 268,663 109MAINTENANCE MATERIALS/CONTRACTS 391,082 538,856 125 301,005 348,763 141PROTECTIVE SERVICES 1,500 500 0 1,000 700 0GENERAL COSTS 148,463 141,055 33 54,667 53,107 21RENTS TO OWNERS - - 0 - - 0NON-ROUTINE MAINTENANCE 124,011 426,896 99 23,935 210,599 85 TOTAL DIRECT OPERATING EXPENSES 2,833,907$ 3,379,574$ 782$ 1,549,412$ 1,781,629$ 721$

CAPITAL OUTLAY -$ 710$ 0$ -$ 406$ 0$ DEBT SERVICE 326,418 337,241 78 203,522 210,270 85PROVISION FOR RESERVES 14,200 14,697 3 8,853 9,163 4OPERATING TRANSFER OUT BETWEEN PGRM - 0 - 0 TOTAL EXPENDITURES 3,174,525$ 3,732,222$ 864$ 1,761,787$ 2,001,468$ 810$

NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$ P.U.M. - Per Unit Month

DISP SOUTH NORTH LINCOLN FAMILY/MIDRISE

CONNOLE100 DWELLING UNITS

DISP EAST340 UNITS

DISP WEST323 UNITS

164


MIXED FINANCEAMPs

1,233 UNITS

MIXED FINANCEAMPs

1,233 UNITS

2015ANNUAL BUDGET

2016ANNUAL BUDGET

2015ANNUAL BUDGET

2016ANNUAL BUDGET

DWELLING RENTS -$ -$ 7,787,813$ 8,541,102$ VACANCY LOSS - - (52,110) (154,528) INTEREST INCOME 6,616 15,000 29,583 64,328 OTHER INCOME 2,400 - 521,850 591,867 OPERATING SUBSIDY CONTRIBUTIONS 3,747,736 4,230,607 14,449,286 15,278,898 OPERATING SUBSIDY - EPC - 490,596 2,028,508 2,275,176 TRANSFER FROM CAPITAL 523,846 - 523,846 - USE OF OPERATING RESERVES - - - 1,900,000 OPERATING TRANSFER IN BETWEEN PRGM 275,821 208,761 728,320 208,761 RECEIPTS 4,556,419$ 4,944,964$ 26,017,096$ 28,705,604$

ADMIN. SALARIES -$ -$ 2,076,271$ 2,176,331$ SUNDRY ADMINISTRATIVE 80,239 52,296 1,032,710 1,105,909 CENTRAL OFFICE FEES 333,944 346,818 2,771,972 2,771,449 TENANT SERVICE 10,462 10,342 890,973 1,095,256 UTILITIES 14,496 20,588 4,708,723 4,803,462 MAINTENANCE. LABOR-SALARIES - - 3,897,545 3,864,619 MAINTENANCE MATERIALS/CONTRACTS 17,000 8,000 2,966,614 3,766,015 PROTECTIVE SERVICES - - 5,276 8,225 GENERAL COSTS 3,344 24,423 943,526 958,229 RENTS TO OWNERS 3,557,096 3,576,768 3,557,096 3,576,768 NON-ROUTINE MAINTENANCE - - 558,670 1,757,192 TOTAL DIRECT OPERATING EXPENSES 4,016,581$ 4,039,235$ 23,409,376$ 25,883,455$

CAPITAL OUTLAY -$ 168,990$ 7,000$ 178,181$ DEBT SERVICE 486,295 506,086 2,255,227 2,333,671 PROVISION FOR RESERVES 23,999 21,893 315,949 101,537 OPERATING TRANSFER OUT BETWEEN PGRM 29,544 208,760 29,544 208,760 TOTAL EXPENDITURES 4,556,419$ 4,944,964$ 26,017,096$ 28,705,604$ NET OPERATING INCOME (LOSS) -$ -$ -$ -$ P.U.M. - Per Unit Month*Includes non-dwelling units.

TOTALPUBLIC HOUSING

4,007 UNITS*

DHA has adopted project based budgeting, accounting and reporting as required by HUD’s Asset Management regulation. One of the tenets of Asset Management is that a housing authority’s Central Office Cost Center (COCC) is to function with HUD determined fees (property management fees, bookkeeping fees, and asset management fees) rather than through an allocation of costs. For public housing units, DHA can charge $57.90 per unit per month (p.u.m.) as property management fees, $7.50 p.u.m. for bookkeeping, and $10.00 p.u.m. as asset management fees. This fee structure was used in the preparation of the public housing project budgets. Each Asset Management Project (AMP) has a self-balancing budget for 2016.

165

2015 BUDGET 2016 BUDGET2016

P.U.M. 2015 BUDGET 2016 BUDGET2016

P.U.M.

REVENUES:RENTS 276,329$ 314,305$ 265$ 161,380$ 194,417$ 164$ VACANCY LOSS (13,304) (33,536) (28) (23,024) (33,797) (28) INTEREST INCOME 254 900 1 1,318 1,789 2 OTHER 5,059 5,778 5 13,725 3,524 3 HAP 775,411 771,623 650 508,388 484,747 408 OPERATING TRANSFERS IN 3,379 - - - - - USE OF RESERVE - 590,300 497 - 331,926 279

TOTAL REVENUES 1,047,128$ 1,649,370$ 1,388$ 661,787$ 982,606$ 827$

EXPENDITURES:ADMINISTRATIVE SALARIES 92,394$ 83,404$ 70$ 55,614$ 47,050$ 40$ OTHER ADMINISTRATIVE 37,497 43,525 37 29,079 28,329 24 CENTRAL OFFICE (MANAGEMENT) FEES 63,104 65,156 55 40,203 40,186 34 TENANT SERVICES 2,253 - - 855 855 UTILITIES 81,754 82,868 70 43,143 43,200 36 MAINTENANCE. LABOR-SALARIES 154,650 154,619 130 83,280 88,636 75 MAINTENANCE MATERIALS/CONTRACTS 330,673 228,906 193 123,273 138,422 117 GENERAL COSTS 66,549 70,018 59 12,569 13,764 12 NON-ROUTINE MAINTENANCE 166,831 99,000 83 35,000 30,000 25 PROVISION FOR RESERVES 39,819 3,179 3 15,032 - -

TOTAL DIRECT OPERATING COSTS $1,035,524 $830,675 699$ $438,048 $430,442 362$

CAPITAL OUTLAYS - 818,695 689$ - 343,712 289$ DEBT SERVICE 8,225 - - 193,200 193,200 163 OPERATING TRANSFER OUT 3,379 - - - - - OPERATING RESERVES - - - 30,539 15,252 13

TOTAL EXPENDITURES 1,047,128$ 1,649,370$ 1,388$ 661,787$ 982,606$ 827$ NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$

These units are managed by DHA and are budgeted to break even in 2016. These units have project based Section 8 Housing Assistance Payments contracts whereby tenants only pay 30% of their adjusted income as rents and HAP from HUD make up the remainder of the Fair Market Rents on these units. The Denver Housing Corporation is a component unit of DHA.

2016 BUDGETMULTIFAMILY HOUSING BUDGET DETAIL

99 DWELLING UNITSDENVER HOUSING CORPORATION LINCOLN PARK

57 DWELLING UNITS

166

2015 BUDGET 2016 BUDGET P.U.M. 2015 BUDGET 2016 BUDGET P.U.M. 2015 BUDGET 2016 BUDGET P.U.M.

REVENUES:RENTS 402,474$ 446,078$ 907$ 254,832$ 264,548$ 1,050$ 673,905$ 742,841$ 328$ VACANCY LOSS (8,000) 2,330 5 (3,684) (1,800) (7) (4,385) (13,352) (6) INTEREST 218 405 1 157 314 1 914 1,395 1 OTHER 1,108 1,559 3 393 2,282 9 78,776 86,916 38 HAP - - - - - - 353,364 393,487 173 CONTRIBUTIONS - CAPITAL FUND - - - - - - 51,684 - - USE OF REPLACEMENT RESERVES - - - - - - - - - OPERATING TRANSFER IN 25,000 - - - - - - - - TOTAL REVENUES 420,800$ 450,372$ 915$ 251,698$ 265,344$ 1,053$ 1,154,258$ 1,211,287$ 534$

EXPENDITURES:ADMINISTRATIVE SALARIES 24,578$ 33,544$ 68$ 12,476$ 18,878$ 75$ 164,289$ 156,066$ 69$ OTHER ADMINISTRATIVE 49,777 49,203 100 29,736 28,312 112 42,748 42,842 19 CENTRAL OFFICE FEES 19,319 21,970 45 12,557 13,137 52 127,267 162,704 72 TENANT SERVICES - - - - - - 1,500 - - UTILITIES 23,678 26,594 54 11,556 12,348 49 258,865 259,920 115 MAINTENANCE. LABOR-SALARIES 29,196 30,577 62 14,779 17,180 68 145,899 161,900 71 MAINTENANCE MATERIALS/CONTRACTS 43,050 44,650 91 28,275 29,251 116 171,611 186,349 82 PROTECTIVE SERVICES - - - - - - - - GENERAL COSTS 23,395 22,377 45 12,440 12,064 48 82,386 87,845 39 NON-ROUTINE MAINTENANCE - 10,000 20 - 7,000 28 32,500 30,000 13 PROVISION FOR RESERVES 37,714 41,364 84 28,975 26,270 104 127,193 123,661 55 TOTAL DIRECT OPERATING COSTS 250,707$ 280,279$ 570$ 150,794$ 164,440$ 653$ 1,154,258$ 1,211,287$ 534$

DEBT SERVICES 170,093$ 170,093$ 346$ 100,904$ 100,904$ 400$ -$ -$ -$ INTEREST EXPENSE - - - - - - - - - CAPITAL OUTLAYS - - - - - - - - - OPERATING TRANSFER OUT - - - - - - - - - TOTAL EXPENDITURES 420,800$ 450,372$ 915$ 251,698$ 265,344$ 1,053$ 1,154,258$ 1,211,287$ 534$

NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$ -$ -$ -$


REVENUES:RENTS 1,154,594$ 1,206,317$ 811$ 778,995$ 808,469$ 740$ 791,125$ 808,129$ 757$ VACANCY LOSS (33,427) (35,514) (24) (11,050) (14,199) (13) (19,174) (18,107) (17) INTEREST 228 216 0 312 168 0 144 108 0 OTHER 14,800 19,200 13 81,557 83,594 77 11,422 15,901 15 HAP 88,669 93,853 63 84,086 89,848 82 93,314 96,897 91 CONTRIBUTIONS - CAPITAL FUND - - - - - - - - - USE OF REPLACEMENT RESERVES - - - - - - - - - OPERATING TRANSFER IN - - - - - - - - - TOTAL REVENUES 1,224,864$ 1,284,072$ 863$ 933,900$ 967,880$ 886$ 876,831$ 902,928$ 845$

EXPENDITURES:ADMINISTRATIVE SALARIES 96,849$ 113,389$ 76$ 73,290$ 77,804$ 71$ 68,428$ 78,482$ 73$ OTHER ADMINISTRATIVE 124,702 125,862 85 83,395 83,862 77 82,599 83,273 78 CENTRAL OFFICE FEES 27,505 25,283 17 18,348 19,022 17 17,357 17,768 17 TENANT SERVICES 2,000 9,440 6 2,000 7,260 7 2,000 6,840 6 UTILITIES 137,983 138,602 93 101,907 104,241 95 110,199 90,676 85 MAINTENANCE. LABOR-SALARIES 74,044 93,448 63 56,064 58,580 54 51,513 68,267 64 MAINTENANCE MATERIALS/CONTRACTS 151,226 188,812 127 127,138 131,664 121 111,073 145,023 136 PROTECTIVE SERVICES 5,965 3,600 2 4,182 3,300 3 4,919 3,000 3 GENERAL COSTS 55,244 58,083 39 48,443 52,306 48 45,587 52,075 49 NON-ROUTINE MAINTENANCE 6,480 33,350 22 - 10,250 9 20,000 26,125 24 PROVISION FOR RESERVES 149,929 99,350 67 75,363 74,381 68 77,452 48,243 45 TOTAL DIRECT OPERATING COSTS 831,927$ 889,219$ 598$ 590,130$ 622,670$ 570$ 591,127$ 619,772$ 580$

DEBT SERVICES 392,937$ 392,933$ 264$ 343,770$ 343,770$ 315$ 281,704$ 281,704$ 264$ INTEREST EXPENSE - - - - - - - - - CAPITAL OUTLAYS - 1,920 1.29 - 1,440 1.32 4,000 1,452 1.36 OPERATING TRANSFER OUT - - - - - - - - - TOTAL EXPENDITURES 1,224,864$ 1,284,072$ 863$ 933,900$ 967,880$ 886$ 876,831$ 902,928$ 845$

NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$ -$ -$ -$ P.U.M. - per unit month.

41 DWELLING UNITS 21 DWELLING UNITS 189 DWELLING UNITS

GLOBEVILLE REDEVELOPMENT

TOWERS LLPREDEVELOPMENT THOMAS BEAN

89 DWELLING UNITS

PARK AVE PARK AVE REDEVELOPMENT 3B LLLP REDEVELOPMENT 4B LLLP

PARK AVE REDEVELOPMENT 1B LLLP

2016 BUDGETPARTNERSHIPS BUDGET DETAIL

GLOBEVILLE

PARTNERSHIP I PARTNERSHIP II

124 DWELLING UNITS 91 DWELLING UNITS

167


REVENUES:RENTS 756,548$ 826,740$ 774$ 1,006,424$ 1,019,749$ 237$ 484,527$ 502,026$ 218$ VACANCY LOSS (6,508) (18,080) (17) (8,473) 21,088 5 (13,958) (17,578) (8) INTEREST 312 204 0 178 521 0 690 954 0 OTHER 10,247 13,923 13 70,355 71,514 17 38,322 36,537 16 HAP 92,214 77,260 72 859,084 890,908 207 841,784 897,449 390 CONTRIBUTIONS - CAPITAL FUND - - - 107,700 107,700 25 - - - USE OF REPLACEMENT RESERVES - - - - - - - - - OPERATING TRANSFER IN - - - 25,000 10,000 2 - - - TOTAL REVENUES 852,813$ 900,047$ 843$ 2,060,268$ 2,121,480$ 492$ 1,351,365$ 1,419,388$ 616$

EXPENDITURES:ADMINISTRATIVE SALARIES 69,284$ 87,285$ 82$ 325,736$ 320,509$ 74$ 130,437$ 144,170$ 63$ OTHER ADMINISTRATIVE 83,543 86,632 81 85,493 89,562 21 51,460 47,959 21 CENTRAL OFFICE FEES 16,611 17,731 17 326,798 325,868 76 101,476 89,116 39 TENANT SERVICES 2,000 7,740 7 1,300 1,250 0 - 250 0 UTILITIES 96,791 93,229 87 372,842 370,634 86 330,877 345,241 150 MAINTENANCE. LABOR-SALARIES 52,157 80,965 76 273,751 294,020 68 264,009 267,506 116 MAINTENANCE MATERIALS/CONTRACTS 104,974 98,453 92 329,151 384,376 89 188,538 197,801 86 PROTECTIVE SERVICES 8,777 3,000 3 - 400 0 - - - GENERAL COSTS 45,730 48,847 46 114,610 121,261 28 69,226 85,557 37 NON-ROUTINE MAINTENANCE 8,344 9,090 9 35,000 60,000 14 119,992 120,000 52 PROVISION FOR RESERVES 151,302 152,323 143 170,587 143,600 33 95,350 121,788 53 TOTAL DIRECT OPERATING COSTS 639,513$ 685,295$ 642$ 2,035,268$ 2,111,480$ 490$ 1,351,365$ 1,419,388$ 616$

DEBT SERVICES 213,300$ 213,300$ 200$ -$ -$ -$ -$ -$ -$ INTEREST EXPENSE - - - - - - - - - CAPITAL OUTLAYS - 1,452 1.36 - - - - - - OPERATING TRANSFER OUT - - - 25,000 10,000 2.32 - - - TOTAL EXPENDITURES 852,813$ 900,047$ 843$ 2,060,268$ 2,121,480$ 492$ 1,351,365$ 1,419,388$ 616$



REVENUES:RENTS 331,531$ 339,402$ 283$ 770,248$ 799,039$ 263$ 2,350,092$ 1,072,420$ 406$ VACANCY LOSS (5,971) (5,971) (5) (98,271) (68,775) (23) (296,849) (70,143) (27) INTEREST 181 132 0 - - - - - - OTHER 5,995 6,204 5 8,869 8,732 3 49,457 34,022 13 HAP 178,037 218,524 182 1,487,984 1,493,453 492 - 1,265,594 479 CONTRIBUTIONS - CAPITAL FUND 30,970 30,970 26 - - - - - - USE OF REPLACEMENT RESERVES - - - - - - - - - OPERATING TRANSFER IN - - - - - - - - - TOTAL REVENUES 540,743$ 589,261$ 491$ 2,168,830$ 2,232,449$ 735$ 2,102,700$ 2,301,893$ 872$

EXPENDITURES:ADMINISTRATIVE SALARIES 88,305$ 84,977$ 71$ 135,367$ 133,519$ 44$ 206,760$ 148,962$ 56$ OTHER ADMINISTRATIVE 30,433 31,102 26 77,374 61,605 20 122,556 83,645 32 CENTRAL OFFICE FEES 42,160 44,160 37 134,742 137,550 45 92,781 140,286 53 TENANT SERVICES 5,000 6,500 5 3,795 4,295 1 3,770 3,545 1 UTILITIES 97,637 100,307 84 263,174 272,369 90 208,006 211,220 80 MAINTENANCE. LABOR-SALARIES 84,165 120,172 100 232,129 227,728 75 252,342 221,822 84 MAINTENANCE MATERIALS/CONTRACTS 99,884 107,950 90 237,025 268,650 88 155,500 176,300 67 PROTECTIVE SERVICES 500 - - - - 4,980 1,000 0 GENERAL COSTS 45,779 53,123 44 80,786 92,534 30 74,930 87,898 33 NON-ROUTINE MAINTENANCE 15,000 10,000 8 14,000 50,000 16 - 30,000 11 PROVISION FOR RESERVES 31,880 30,970 26 347,317 341,077 112 186,152 351,955 133 TOTAL DIRECT OPERATING COSTS 540,743$ 589,261$ 491$ 1,525,709$ 1,589,327$ 523$ 1,307,777$ 1,456,633$ 552$

DEBT SERVICES -$ -$ -$ 643,121$ 643,122$ 212$ 794,923$ 845,260$ 320$ INTEREST EXPENSE - - - - - - - - - CAPITAL OUTLAYS - - - - - - - - - OPERATING TRANSFER OUT - - - - - - - - - TOTAL EXPENDITURES 540,743$ 589,261$ 491$ 2,168,830$ 2,232,449$ 735$ 2,102,700$ 2,301,893$ 872$

NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$ -$ -$ -$ P.U.M. - per unit month.

359 DWELLING UNITSWESTWOOD HOMES LLLP

192 DWELLING UNITS

CSG REDEVELOPMENT LLLP

THREE TOWERS REDEVELOPMENT 5B LLLP

89 DWELLING UNITS

PARK AVE

1099 OSAGE LLLPMOUNTAIN VIEW

REDEVELOPMENT LLLP


100 DWELLING UNITS

PARTNERS LLLP

220 DWELLING UNITS253 DWELLING UNITS

168


REVENUES:RENTS 243,856$ 236,406$ 205$ 910,189$ 1,062,692$ 952$ 867,610$ 959,830$ 919$ VACANCY LOSS (5,000) (5,000) (4) (15,338) (21,264) (19) (18,968) (19,213) (18) INTEREST 547 - - 48 1,248 1 48 24 0 OTHER 12,324 13,250 12 30,660 23,040 21 28,490 9,850 9 HAP 297,110 358,218 311 114,211 101,076 91 80,202 89,307 86 CONTRIBUTIONS - CAPITAL FUND 30,554 30,554 27 - - - - - - USE OF REPLACEMENT RESERVES - - - - - - - - - OPERATING TRANSFER IN - - - - - - - - - TOTAL REVENUES 579,391$ 633,428$ 550$ 1,039,770$ 1,166,792$ 1,046$ 957,382$ 1,039,798$ 996$

EXPENDITURES:ADMINISTRATIVE SALARIES 54,643$ 59,409$ 52$ 57,874$ 92,830$ 83$ 52,511$ 82,754$ 79$ OTHER ADMINISTRATIVE 33,990 36,710 32 81,295 80,143 72 74,498 74,076 71 CENTRAL OFFICE FEES 87,921 114,730 100 24,849 26,231 24 22,842 23,482 22 TENANT SERVICES - - - 1,272 7,580 7 1,200 7,220 7 UTILITIES 160,418 134,523 117 168,204 177,717 159 134,550 103,803 99 MAINTENANCE. LABOR-SALARIES 84,929 86,373 75 55,435 67,228 60 50,251 65,866 63 MAINTENANCE MATERIALS/CONTRACTS 66,500 84,750 74 120,203 132,489 119 90,142 105,482 101 PROTECTIVE SERVICES - - - 5,496 16,657 15 5,496 11,142 11 GENERAL COSTS 49,482 53,826 47 56,467 53,814 48 52,185 49,416 47 NON-ROUTINE MAINTENANCE 10,000 20,000 17 80,000 89,000 80 80,000 88,000 84 PROVISION FOR RESERVES 31,508 43,107 37 129,498 153,003 137 173,584 204,206 196 TOTAL DIRECT OPERATING COSTS 579,391$ 633,428$ 550$ 780,593$ 896,692$ 803$ 737,259$ 815,447$ 781$

DEBT SERVICES -$ -$ -$ 259,177$ 257,140$ 230$ 220,123$ 212,111$ 203$ INTEREST EXPENSE - - - - - - - - - CAPITAL OUTLAYS - - - - 12,960 11.61 - 12,240 11.72 OPERATING TRANSFER OUT - - - - - - - - - TOTAL EXPENDITURES 579,391$ 633,428$ 550$ 1,039,770$ 1,166,792$ 1,046$ 957,382$ 1,039,798$ 996$


2015 BUDGET 2016 BUDGET P.U.M. 2015 BUDGET 2016 BUDGET P.U.M.

REVENUES:RENTS 621,654$ 831,278$ 900$ 621,654$ 772,260$ 670$ VACANCY LOSS (32,566) (16,627) (18) (32,566) (63,251) (55) INTEREST - 12 0 - - - OTHER 3,721 9,886 11 3,721 9,024 8 HAP 56,767 27,100 29 56,767 131,328 114 CONTRIBUTIONS - CAPITAL FUND - - - - - - USE OF REPLACEMENT RESERVES - - - - - - OPERATING TRANSFER IN - - - - - - TOTAL REVENUES 649,576$ 851,649$ 922$ 649,576$ 849,361$ 737$

EXPENDITURES:ADMINISTRATIVE SALARIES 63,571$ 72,729$ 79$ 63,571$ 77,315$ 67$ OTHER ADMINISTRATIVE 71,307 65,313 71 71,307 64,114 56 CENTRAL OFFICE FEES 10,685 20,326 22 10,685 17,980 16 TENANT SERVICES 1,453 6,620 7 1,453 7,903 7 UTILITIES 71,908 94,055 102 71,908 87,175 76 MAINTENANCE. LABOR-SALARIES 44,435 58,244 63 44,435 43,763 38 MAINTENANCE MATERIALS/CONTRACTS 79,706 78,633 85 79,706 104,691 91 PROTECTIVE SERVICES 4,860 8,349 9 4,860 - - GENERAL COSTS 43,708 68,976 75 43,708 45,134 39 NON-ROUTINE MAINTENANCE - 87,000 94 - - - PROVISION FOR RESERVES 59,126 80,228 87 59,126 77,562 67 TOTAL DIRECT OPERATING COSTS 450,759$ 640,473$ 693$ 450,759$ 525,637$ 456$

DEBT SERVICES 198,817$ 200,376$ 217$ 198,817$ 323,724$ 281$ INTEREST EXPENSE - - - - - - CAPITAL OUTLAYS - 10,800 11.69 - - - OPERATING TRANSFER OUT - - - - - - TOTAL EXPENDITURES 649,576$ 851,649$ 922$ 649,576$ 849,361$ 737$

NET OPERATING INCOME (LOSS) -$ -$ -$ -$ -$ -$


PARTNERS III LLLP87 DWELLING UNITS

SOUTH LOWELL MARIPOSAMARIPOSA PARTNERS II LLLP

93 DWELLING UNITSREDEVELOPMENT LLLP

96 DWELLING UNITS

PARTNERS IV LLLP77 DWELLING UNITS

MARIPOSA MARIPOSAPARTNERS VI LLLP

96 DWELLING UNITS

169

DENVER HOUSING AUTHORITY STAFF

170

170

GGEENNEERRAALL IINNFFOORRMMAATTIIOONN

171


INTENTIONALLY.

172

GENERAL INFORMATION

This section of the Budget Document provides additional information for DHA in relation to specific topics. The items included are:

♦ Long-Term Debt

♦ Budget Process

♦ DHA’s Performance Indicators

♦ DHA Unit Characteristics and Unit Composition

♦ DHA’s Non-Residential Property Information

♦ Client and Employee Demographics

173

L O N G - T E R M D E B T

DEBT SERVICE INFORMATION

The Denver Housing Authority (DHA) has the power and is authorized from time to time, in its discretion, to issue bonds for any of its corporate purposes. The bonds and other obligations of the DHA shall not be a debt of the State or the City. DHA has the authority under the Colorado Statute to issue the following types of tax-exempt bonds:

TYPE OF BONDS Revenue Bonds - Bonds on which the principal and interest are payable: 1) exclusively from the income and revenues of the project financed with proceeds of such bonds or from such proceeds together with the proceeds of a grant from the federal government to aid in financing the project; or 2) exclusively from the income and revenues of certain designated projects, whether or not theywere financed in whole or in part with the proceeds of such bonds.

General Obligation Bonds - Bonds for payment of the principal and interest to which the full faith and credit of the DHA is pledged and for which the revenues of the DHA may be pledged by a resolution or trust indenture of the DHA.

DHA’S LEGAL DEBT LIMIT

DHA has no statutory debt limit and no legal debt margin. DHA bonds have to be authorized by Board resolution. The Colorado Revised Statute limits the term of DHA issued debts to sixty years. Debt is used for a variety of ways to provide low income housing by DHA.

The DHA’s long-term debt is comprised of Capital Fund revenue bonds, capital leases, loans obtained from institutions for real estate development purposes, line of credit, and compensated absences payable.

Below is a chart showing the percentage of debt by program.

3 Towers, 6%

CSG, 13%

DHA LOC, 5%

DHP, 4%

EPC, 29% Globevilles, 4%

Horse Barn, 1%

Mariposas, 10%

Mt View, 11%

Park Avenues, 18% 3 Towers

CSG

DHA LOC

DHP

EPC

Globevilles

Horse Barn

Mariposas

Mt View

Park Avenues

174


LONG-TERM DEBT SUMMARY

All of DHA’s offices are owned by DHA debt-free. Based on the current interest rates and amortization schedules, DHA’s and its instrumentalities’ long-term debt balances are as follows:

Property Creditor 12/31/15 Interest Rate Maturity Date Three Towers Partners, LLLP Bondholders 5,345,000 4.55% - 5.20% 2017-2027 Lincoln Park City of Denver 13,032 3.00% 7/1/2016

Lincoln Park City of Denver 450,000 0% 2/1/2032 (forgiven)

Lincoln Park 1st Bank 1,406,500 5.15% 10/1/2026

Globeville Redevelopment I Key Bank 2,221,000 4.32% 1/1/2023 Globeville Redevelopment II Key Bank 1,351,000 4.32% 1/1/2023 Park Ave 1B Redevelopment CHFA - Smart 4,635,827 6.7% 3/1/2028 Park Ave 1B Redevelopment CHFA - HOF 412,155 3.0% 3/1/2028 Park Ave 3B Redevelopment Berkadia 4,411,745 6.85% 4/1/2026

Park Ave 3B Redevelopment CHFA 870,757 0% 3/1/2052 Park Ave 4B Redevelopment CHFA - Smart 3,636,819 6.6% 12/1/2050 Park Ave 4B Redevelopment CHFA - HOF 325,567 3% 12/1/2050 Park Ave 5B Redevelopment Key Bank 2,735,265 6.28% 6/3/2030

South Lincoln (Skyline) City of Denver 1,500,000 0% 10/31/2030

DHP First Bank 168,131 0% 2026 (forgiven)

Mariposa II Citibank 3,628,300 6.25% April, 2031 Mariposa III Citibank 3,093,440 6.00% October, 2031 Mariposa IV Citibank 2,777,000 6.39% 2032 Mountain View CHFA 10,355,322 5.24% 7/19/2051 Horse Barn Chase 1,372,026 2.5% 10/01/2019 CSG Bonds Bondholders 12,646,237 6.08% 6/01/2054 Low Rent - EPC Bank of America 22,667,350 3.23% 12/23/2027 Three Towers Partners, LLLP - EPC Bank of America 2,518,653 3.23% 12/23/2027 Three Towers Partners, LLLP – South Lowell Bank of America 2,738,034 3.23% 12/23/2027 DHA Key Bank LOC 4,859,582 Variable 08/09/2016

$96,138,742

175


A profile of DHA’s long-term notes and bonds is provided below.

Capital Fund Program Revenue Bonds

In December 2007, DHA issued $14.6 million in Revenue Bonds. The Tax Exempt Series 2007 Bonds were issued to partially finance the Three Towers Rehabilitation Project. DHA executed a $14.6 loan agreement with Three Towers Partners, LLLP at the same time. This bond issue has a debt rating of “A2” by Moody’s Investors Service. The serial bonds totaling $2,580,000 had an interest rate of 4% and matured between May 1, 2008 and November 1, 2012. The term bonds totaling $12,020,000 have interest rates ranging from 4.55% to 5.20% and mature on November 1, 2017, November 1, 2023, and November 1, 2027. Interest on the serial and term bonds is payable semiannually. The bonds are repayable from payments of Capital Fund Program moneys received by DHA from HUD. In December 2011, DHA defeased $6,010,000 of the bonds, the funds were placed in a separate irrevocable trust fund with an escrow agent.

The future maturity schedule for the Capital Fund Program Revenue Bonds is as follows at December 31, 2015:

Principal Interest Total2016 335,000 264,714 599,714 2017 350,000 249,244 599,244 2018 370,000 232,800 602,800 2019 385,000 214,050 599,050 2020 405,000 194,550 599,550

2021-2025 2,370,000 640,380 3,010,380 2026-2027 1,130,000 74,490 1,204,490

$ 5,345,000 1,870,228 7,215,228

DHP Notes for Lincoln Park

During 2005, DHA purchased 57 units at Lincoln Park. DHA assumed three loans for the property. Two of the loans are from the City and County of Denver. The first loan bears interest at 3% and matures on July 1, 2016. The second loan for $450,000 is deferred while under compliance with the agreement and will be forgiven February 1, 2032.

The future maturity schedule for the City and County of Denver loan is as follows at December 31, 2015:

Principal Interest Total2016 13,032 131 13,163

$ 13,032 131 13,163

176


The third loan for Lincoln Park 57 is with 1st Bank and an interest rate at 5.15% and matures on October 1, 2026.

Future principal and interest repayment requirements are as follows at December 31, 2015:

Principal Interest Total2016 99,135 71,276 170,411 2017 104,646 65,765 170,411 2018 110,243 60,168 170,411 2019 116,139 54,272 170,411 2020 122,206 48,205 170,411

2021-2026 854,131 138,159 992,290 $ 1,406,500 437,845 1,844,345

Globeville I Loan

Globeville Redevelopment Partners I LLLP has a loan with Key Bank for the development and construction of the 41-unit Globeville Townhomes Apartments. The original loan was refinanced on December 18, 2015. This loan has payments based on a 30-year term, with a balloon payment due on January 1, 2023, and accrues interest at a fixed rate of 4.32%.

Future debt service requirements are as follows on the Key Bank loan at December 31, 2015:

Principal Interest Total2016 32,505 88,684 121,189 2017 37,102 95,105 132,207 2018 38,760 93,446 132,206 2019 40,492 91,714 132,206 2020 42,044 90,162 132,206 2021-2023 2,030,097 181,293 2,211,390

$ 2,221,000 640,404 2,861,404

177


Globeville II Loans

Globeville Redevelopment Partners II LLLP has a loan with Key Bank for the development of the 21 unit second phase rental apartments. The original loan was refinanced on December 18, 2015. This loan has payments based on a 30-year term, with a balloon payment due on January 1, 2023, and accrues interest at a fixed rate of 4.32%.

Future expected debt service requirements are as follows on the Key Bank loan at December 31, 2015:

Principal Interest Total2016 $ 19,772 53,945 73,717 2017 22,569 57,851 80,420 2018 23,577 56,842 80,419 2019 24,631 55,788 80,419 2020 25,575 54,844 80,419 2021-2023 1,234,876 110,278 1,345,154

$ 1,351,000 389,548 1,740,548

Park Avenue Redevelopment (Block 1B), LLLP

Park Avenue Redevelopment (Block 1B), LLLP has two loans for the development and construction of 124 apartments. Both loans are with CHFA. The first loan for $5,000,000 bears interest at 6.7% and matures on March 1, 2028. The HOF loan for $480,000 bears interest at 3% and matures on March 1, 2028.

Future expected debt service requirements are as follows on the CHFA loan at December 31, 2015:

Principal Interest Total2016 62,258 308,512 370,770 2017 66,560 304,210 370,770 2018 71,159 299,611 370,770 2019 76,075 294,695 370,770 2020 81,332 289,438 370,770 2021-2025 499,135 1,354,714 1,853,849 2026-2028 3,779,308 529,568 4,308,876

$ 4,635,827 3,380,748 8,016,575

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Future expected debt service requirements are as follows on the CHFA HOF loan at December 31, 2015:

Principal Interest Total2016 9,958 12,209 22,167 2017 10,261 11,906 22,167 2018 10,573 11,594 22,167 2019 10,895 11,272 22,167 2020 11,226 10,941 22,167 2021-2025 61,466 49,371 110,837 2026-2028 297,776 18,399 316,175

$ 412,155 125,692 537,847

Park Avenue Redevelopment Block 3B, LLLP

Park Avenue Redevelopment Block 3B LLLP has a loan with Citibank for the development and construction of 91 units. This loan has payments based on a 35-year term, with a balloon payment due on April 1, 2026 and accrues interest at a fixed rate of 6.85%.

Future debt service requirements are as follows on the Citibank loan at December 31, 2015:

Principal Interest Total2016 37,712 306,057 343,769 2017 41,299 302,470 343,769 2018 44,261 299,508 343,769 2019 47,434 296,335 343,769 2020 49,987 293,782 343,769 2021-2026 4,191,052 1,516,750 5,707,802

$ 4,411,745 3,014,902 7,426,647

Park Avenue Redevelopment Block 3B LLLP also has a TCAP loan with CHFA for $870,757. The loan matures on March 1, 2052 and has an interest rate of 0%.

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In November 2010, Park Avenue Redevelopment Block 4B, LLLP entered into two promissory note agreements with CHFA. The Smart Promissory Note was for $3,750,000 and has an interest rate of 6.6%. The Housing Opportunity Fund Promissory Note was for $350,000 and has an interest rate of 3%. Both notes mature on December 1, 2050.

Future expected debt service requirements are as follows on the CHFA loan at December 31, 2015:

Principal Interest Total2016 27,459 239,209 266,668 2017 29,327 237,341 266,668 2018 31,322 235,346 266,668 2019 33,453 233,215 266,668 2020 35,729 230,939 266,668 2021-2025 218,587 1,114,753 1,333,340 2026-2030 303,772 1,029,568 1,333,340 2031-2050 2,957,170 2,376,179 5,333,349

$ 3,636,819 5,696,550 9,333,369

Future expected debt service requirements are as follows on the CHFA HOF loan at December 31, 2015:

Principal Interest Total2016 5,341 9,694 15,035 2017 5,504 9,531 15,035 2018 5,671 9,364 15,035 2019 5,844 9,191 15,035 2020 6,022 9,013 15,035 2021-2025 32,969 42,208 75,177 2026-2030 38,297 36,880 75,177 2031-2050 225,919 74,787 300,706

$ 325,567 200,668 526,235


Park Avenue Redevelopment Block 5B, LLLP has a loan with Key Bank for the development and construction of 89 units. The loan has payments based on a 30-year term with a balloon payment due on June 3, 2030 and accrues interest at a fixed rate of 6.28%.

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Future debt service requirements are as follows on the Key Bank loan at December 31, 2015:

Principal Interest Total2016 39,811 173,489 213,300 2017 42,921 170,379 213,300 2018 45,735 167,565 213,300 2019 48,733 164,567 213,300 2020 51,462 161,838 213,300 2021-2025 314,774 751,726 1,066,500 2026-2030 2,191,829 577,655 2,769,484

$ 2,735,265 2,167,219 4,902,484

Skyline Loan

On July 25, 2011, DHA entered into a $1.5 million Skyline loan agreement with the City and County of Denver. The loan bears no interest. $1 million is due no later than October 31, 2020 and $500,000 is due no later than October 31, 2030. The principal balance outstanding as of December 31, 2015 is $1.5 million. The loan is secured by three DHA properties located at: 2400 Stout Street, 4301 Elizabeth Street, and 1373 Lipan Street.

DHP

In November 2010, DHA executed a promissory note payable to FirstBank, a Colorado banking corporation to help finance the development of an affordable housing project in Denver, Colorado known as Yale Station Apartments. The principal amount of this note shall be forgiven in its entirety on the 15th anniversary of the date of project completion.

Mariposa II LLLP

Mariposa II LLLP has a loan with Citibank for the development and construction of 93 units. The construction loan converted to the permanent loan in the amount of $3,650,000 in April, 2015. The loan term is 16 years with an interest rate of 6.25%.

Future debt service requirements are projected to be as follows on the Citibank loan at December 31, 2015:


$ 3,628,300 3,168,094 6,796,394

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Mariposa III LLLP

Mariposa III LLLP has a loan with Citibank for the development and construction of 87 units. The construction loan was converted to the permanent loan in the amount of $3,100,000 in October, 2015. The loan term is 16 years with an interest rate of 6.00%.



- $ 3,093,440 2,648,645 5,742,085

Mariposa IV LLLP

Mariposa IV LLLP has a loan with Citibank for the development and construction of 77 units. The construction loan is expected to convert to the permanent loan in the amount of $2,777,000 in 2016. The loan term is 16 years with an interest rate of 6.39%.



- $ 2,777,000 4,354,501 7,131,501

Mountain View

Mountain View Redevelopment LLLP has a permanent loan with CHFA for the development and construction of 254 units. The loan amount is $10,500,000 and was financed with Public Bonds issued by CHFA. The interest rate is 5.24% after construction completion and converting to permanent financing on June 19, 2014. The note matures on July 19, 2051.

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Future debt service requirements are projected to be as follows on the CHFA loan at December 31, 2015:


$ 10,355,322 12,475,491 22,830,813

Horse Barn

The Horse Barn, built in 1893, was purchased by DHA in 2002 as part of the HOPE VI community revitalization effort. The property is currently undergoing construction under the New Market Tax Credit program with Chase New Markets. Curtis Park Horse Barn, Inc has a loan with JP Morgan Chase Bank for $1,660,000 to renovate the twenty five square foot building into commercial space. This loan has payments based on a 7-year term and accrues interest at 2.5% with 12-year amortization.

Future debt service requirements are as follows on the JP Morgan Chase Bank loan at December 31, 2015:

Principal Interest Total2016 127,988 41,500 169,488 2017 127,988 41,500 169,488 2018 127,988 41,500 169,488 2019 988,062 31,125 1,019,187

$ 1,372,026 155,625 1,527,651

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CSG

On January 31, 2014, DHA issued $12,565,000 in Series A Multifamily Housing Revenue Bonds. An additional $100,000 had previously been issued as of December 31, 2013. DHA also issued $8,335,000 in Series B Multifamily Housing Revenue Bonds. DHA executed loan agreements with CSG Redevelopment Partners LLLP for the same amounts at the time of issuance. Interest currently accrues at a rate of 6.08%. The note matures June 1, 2054.

Future debt service requirements are as follows at December 31, 2015:


$ 12,646,237 20,953,403 33,599,640

Capital Leases

In 2007, DHA implemented a Public Housing Energy Performance Contract (EPC). HUD’s Energy Performance Contracting program is an innovative financing technique that uses cost savings from reduced energy consumption to repay the cost of installing Energy Conservation Measures (ECM). In October 2012, EPC Phase II was initiated. EPC II has a loan with Banc of America for $31,778,769.16 that includes Phase II energy upgrades, refinance of Phase I existing debt and South Lowell ECM’s. This loan has payments based on a 15-year term and accrues interest at 3.23%.

Future principal and interest repayment requirements are as follows on the Bank of America Low Rent lease at December 31, 2015:

Principal Interest Total2016 1,184,847 714,717 1,899,564 2017 1,291,167 674,881 1,966,048 2018 1,403,334 631,526 2,034,860 2019 1,521,623 584,457 2,106,080 2020 1,646,320 533,474 2,179,794 2021-2025 10,347,956 1,750,228 12,098,184 2026-2027 5,272,103 180,725 5,452,828

$ 22,667,350 5,070,008 27,737,358

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Future principal and interest repayment requirements are as follows on the Bank of America Three Towers lease at December 31, 2015:

Principal Interest Total2016 131,655 79,415 211,070 2017 143,464 74,989 218,453 2018 155,931 70,171 226,102 2019 169,072 64,941 234,013 2020 182,932 59,276 242,208 2021-2025 1,149,796 194,473 1,344,269 2026-2027 585,803 20,081 605,884

$ 2,518,653 563,346 3,081,999

Future principal and interest repayment requirements are as follows on the Bank of America South Lowell lease at December 31, 2015:

Principal Interest Total2016 143,792 86,322 230,114 2017 156,565 81,490 238,055 2018 170,039 76,234 246,273 2019 184,246 70,533 254,779 2020 199,222 64,361 263,583 2021-2025 1,250,211 210,936 1,461,147 2026-2027 633,959 21,698 655,657

$ 2,738,034 611,574 3,349,608

Line of Credit

In July 2015, DHA extended the maturity of the $15,000,000 revolving Line of Credit (LOC) from Key Bank National Association to August, 2016. The interest rate is variable based on the LIBOR rate. The Line of Credit was used to provide short-term financing for construction projects CSG, West Colfax, and Mariposa IV, Mariposa VII and Mariposa VIII.

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COMPENSATED ABSENCES

Compensated absences are amounts owed to employees for accrued leave and are distributed at termination only.

Compensated absences at December 31, 2012 $950,771

$943,103

$947,336

$964,746

The compensated absences balances as of December 31, 2012, 2013, 2014 and estimated for 2015are as follows:

*Of this amount, $848,976 is estimated to be classified as current liability and the remainder as longterm liability.

Estimated Compensated absences at December 31, 2015*

Compensated absences at December 31, 2014

Compensated absences at December 31, 2013

*

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BUDGET PROCESS

PURPOSE The budget process provides DHA with a method to prepare, review and revise its budget with the maximum amount of input from all management levels. A comprehensive annual budget will be prepared for all DHA funds. STRATEGIC PLANNING PROCESS With guidance from the DHA’s Finance and Operations Committee and from direct input from the DHA departmental managers and division heads, the Finance department prepares the New Year budget. The Executive Director makes the cuts that are necessary to present a balanced budget for the Board to approve. Before Board approval, various workshops on the budget are conducted with the DHA Employee Union and the DHA Executive Staff Committee.

Annually, the Board of Commissioners of the Denver Housing Authority holds a retreat with the Executive Director and senior staff to review goals and accomplishments for the year and to set goals and objectives for the upcoming year. During these sessions, decisions on multi-year capital improvements and community vision statements are identified and approved. The DHA Board has a Finance and Operations Committee comprising of three DHA Board members. The goals and objectives established by the DHA Board on an annual basis further HUD’s mission for DHA to improve the condition of affordable housing in the City and County of Denver. Contractually, DHA is required to submit an Agency Plan comprising of an annual plan and a five-year plan to HUD. The plans, statements, policies, etc. set forth in the Agency Plan are the foundations upon which DHA establishes its goals and objectives for the coming year. Budget staff prepares the budget for the coming year based on these goals and objectives set by the DHA Board.

BOARD RESOLUTION A single Resolution is passed by the Board of Commissioners approving appropriations for the ensuing fiscal year.

DESCRIPTION OF THE BUDGET The budget is an annual planning tool with revisions occurring at various times as needed. Budget revisions require various levels of approvals based on the nature of the revision.

FUNCTION OF THE BUDGET DOCUMENT The budget is a policy document that outlines the financial resources to obtain the goals and objectives of the Housing Authority. It is a financial plan that provides a consolidated picture of all operating and financing activities. It includes reflecting the financial and operational structures of the Housing Authority. It is an operations guide that explains the relationship between departments and provides specific objectives and performance measures/targets. It is also a communication device that provides summary information that can be understood by the staff, the Board of Commissioners and the Public.

BASIS OF BUDGETING AND ACCOUNTING

All of the accounts of DHA are reported as Enterprise Funds. For DHA’s purposes, funds are accounted for on the flow of economic resources measurement focus and use the accrual basis of accounting and budgeting. Revenues are recognized when earned and expenses are recorded at the time liabilities are incurred.

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BUDGET PROCESS

Encumbrances are not recorded as expenditures. Expenses are recorded at the time goods and services are received. Annual budget appropriations for all funds lapse at fiscal year end.

The Comprehensive Annual Financial Report (CAFR) reports DHA’s accounting information utilizing “generally accepted accounting principles” (GAAP). This matches the reporting basis used for the budget with the following exceptions:

• Compensated absences liabilities that are to be liquidated with current financial resources areexpensed when earned by employees (GAAP) rather than being expended when paid (budget).

• On long-term debt, the full amount of interest and principal is budgeted as expenditure. For GAAPpurposes, only the interest is expensed. The principal amount paid reduces the liability balance oflong-term debt.

• Contribution to Replacement Reserves are recorded as assets on a GAAP basis and expended on abudget basis.

• Capital outlays are recorded as assets on a GAAP basis and expended on a Budget basis.

• Depreciation expense is not budgeted, but is recorded only for GAAP purposes.

DHA is not legally required to adopt budgets for its various funds; however, DHA has contractual requirements to adopt budgets for each HUD program.

BUDGET PREPARATION DHA has an Executive Committee consisting of the Executive Director and all division Chiefs and department heads that report directly to the Executive Director. The Executive Committee in concert with DHA Board’s Finance and Operations Committee defines DHA's budgetary goals, and analyzes and resolves budgetary problems. The Chief Financial Officer and Budget Officer constitute the core working group for the creation of the DHA budget. By midyear, departmental goals and objectives are developed in preparation for the next year's budget. Salaries for all approved positions for the coming year are projected to reflect all scheduled changes and automatically loaded to DHA's budget module from the payroll system. Each manager is furnished with a worksheet showing historical budget data for each account of his/her department. This worksheet is automatically preloaded for next year's budget numbers with the current year approved budget, which provides the managers with an initial starting point in preparing their budgets. Each manager's request is reviewed by the division Chief and submitted to Finance, after which Finance produces the summarized preliminary budget for the Budget Committee. The Budget Committee reviews, balances the budget and submits it to the Finance and Operations Committee of Board of Commissioners. Then the proposed budget document is submitted to the full Board, the DHA Employees Union and placed for public comments. One or two working sessions are conducted with the DHA union to explain the proposed budget. A working session is also scheduled with the Board of Commissioners to answer their questions and concerns. The budget is approved at the December Board meeting. The official budget document is then sent to Government Finance Officers' Association (GFOA) for the Distinguished Budget Presentation Award. The DHA Budget document is also published for the public on DHA’s website at www.denverhousing.org.

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BUDGET PROCESS MEASUREMENT OF BUDGETARY PERFORMANCE The Finance Department signs off on all accounts payable vouchers for availability of funds after an on-line check of the account. There is an encumbrance function for purchase orders as well as a real-time check as to the availability of funds for all purchase orders issued by the Purchasing Department. Each month the Board of Commissioners is given budget-to-actual reports for all DHA funds with explanations of all material variances. Each project manager is given a monthly budget-to-actual report for his/her area of responsibility within 15 days of the close of the month with a copy forwarded to the respective Division Chiefs and department heads.

BUDGET AMENDMENTS Budget amendments are handled with four different levels of approval based on the type of revision, modification, adjustment or change. In all cases, a request for the amendment is submitted for approval to the appropriate authorization level as shown below. Upon approval, the request is submitted to the Finance Department, where the amendment is entered into the General Ledger computer system. Budget amendments for HUD programs are submitted to HUD for approval based on HUD’s established criteria.

Board of Commissioners (by resolution) – Appropriation of the use of Reserves; Formal revisions required by HUD

Executive Director and/or Chief Financial Officer– Adjustments that affect more than one program/division within DHA

Division Chiefs – Adjustments within their division (that affect more than one department)

Managers – Budget changes within their department.

BUDGETARY CONTROL LEVEL

Cost center is the level of budgetary control in each fund. Revisions that affect the total expenditure of any cost center have to be approved by the Chief Operating Officer in charge of that cost center and program or the Executive Director.

BUDGET DOCUMENT PREPARATION

Nichole Ford, Chief Financial Officer, James DiPaolo, Deputy Chief Financial Officer and Nancy Guereca-Munoz, Budget Officer are responsible for the preparation of DHA’s budget document. They can be reached at (720) 932-3077.

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BUDGET PROCESS 2016 BUDGET PREPARATION CALENDAR

July 21, 2015 Final posting of June 30, 2015 general ledger

July 29, 2015 Planning meeting of the Finance Working Committee*

August 14, 2015 Revenue and fixed cost projections completed in Finance

August 14, 2015 Organization Chart/Position controls and salary/benefit budgets completed in Finance

August 24, 2015 Preliminary Operating Subsidy Contributions Calculation

August 28, 2015 Budget preparation worksheets sent to all managers

August 28, 2015 Request for updated divisional goals and objectives sent to Chief Operating Officers

September 11, 2015 Managers’ completed preliminary budget requests submitted to C.O.O.’s

September 18, 2015 Operating budgets for Partnerships from Property Managers

September 18, 2015 C.O.O.’s approved Budgets including capital budgets and goals and objectives submitted to Finance

September 30, 2015 Section 8 Mod Rehab 2015 budgets submitted to HUD

October 5, 2015 Initial budget projections submitted to Executive Director

October 5, 2015 Finalize various Partnerships’ budgets and send to investors

October 12, 2015 Proposed Budget submitted to Division Directors and Managers

October 23, 2015 Low Rent subsidy calculations submitted to HUD

October 27, 2015 Presentation of the proposed budget to the Board’s Finance Committee

November 6, 2015 Preparation and review of the Proposed Budget Document completed in Finance

November 12, 2015 Proposed Budget submitted to Board

November 12, 2015 Proposed Budget distributed to Local Union #535 and each housing development for resident review and comments

November 2015 Work sessions for the Board, and the DHA Employees Union

December 10, 2015 Final Board approval

December 14, 2015 Approved Budget posted to the general ledger

January 27, 2016 Budget document prepared, printed and distributed

January 27, 2016 Budget document sent to GFOA, posted to DHA Intranet and Internet

*Finance Working Committee: Chief Financial Officer, Deputy Chief Financial Officer, Accounting Manager,Manager of Management Information Systems, Budget Officers, Accountants

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DHA’S PERFORMANCE INDICATORS DHA operates two major federal housing programs: the Public Housing program and the Section 8 Housing Choice Voucher program. These two programs are assessed by HUD each year and these assessments carry a lot of significance to each housing authority.

PUBLIC HOUSING ASSESSMENT SYSTEM The Public Housing Assessment System (PHAS) was established by the Department of Housing and Urban Development (HUD) by final rule published on September 1, 1998. On August 21, 2008, at 73 FR 49544, HUD proposed amendments to its PHAS regulations. HUD proposed to retain the basic structure of PHAS and to require PHAs to be scored on performance based on evaluations of four indicators: (1) physical condition, (2) financial condition, (3) management operations, and (4) the PHA’s management of its Capital Fund program.

DHA’S OVERALL PHAS SCORE

PHAS IndicatorActual 2011

Actual 2012

Actual 2013

Actual 2014

Projected 2015

Maximum Score

Physical 36 35 35 37 37 40Financial 25 24 25 25 25 25Management 23 22 23 21 21 25Capital Fund 10 10 10 10 10 10PHAS Total Score 94 91 93 93 93 100

In order to determine a composite score, the four PHAS Indicators are individually scored and then combined to present a composite score that reflects the overall performance for a total of 100 possible points. Based on its overall PHAS score, a PHA falls into one of three categories:

1. High Performer. A PHA that achieves a score of at least 60 percent of the points availableunder each of the four PHAS Indicators, and achieves an overall score of 90 percent orgreater is designated a high performer.

2. Standard Performer. A PHA that achieves a total score of less than 90 percent but not lessthan 60 percent is designated a standard performer.

3. Troubled Performer. A PHA that achieves a total score of less than 60 percent of the totalpoints available is designated as a troubled performer and referred to HUD’s TroubledAgency Recovery Center for oversight and remedial action.

PHAS INDICATOR 1 - PHYSICAL CONDITION

(1) PHAS Indicator #1 – Physical Condition of PHA Properties Responsible Department(s) – Housing Management Division

A PHA must maintain its public housing in a manner that meets HUD’s Uniform Physical Condition Standards. These standards are intended to ensure that public housing is maintained

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in a condition that is decent, safe, sanitary and in good repair. The standards address six major areas of the housing to be evaluated:

(1) Site (2) Building exterior (3) Building systems; (4) Common areas; (5) Health and safety

The total point value of the Physical Condition Indicator is 40 of the 100 points available under the PHAS. In order to receive a passing score on the Physical Condition Indicator, a PHA must receive a score of at least 60 percent of the 40 points available.

Physical Assessment Score for DHA’s Public Housing Developments

Property NameActual 2011

Actual 2012

Actual 2013

Actual 2014

Projected 2015

Maximum Score

Columbine Homes 37.2 37.2 37.2 39.2 39.2 40.0Westridge Homes 32.4 32.4 35.6 35.6 35.6 40.0James Quigg Newton 37.2 37.2 37.2 39.2 39.2 40.0Sun Valley Homes/Annex 35.6 35.6 35.6 35.6 35.6 40.0South Lincoln Park 33.6 33.6 33.6 33.6 33.6 40.0Westwood Homes 35.6 35.6 35.2 35.2 35.2 40.0Walsh Manor 38.8 38.8 38.8 37.6 37.6 40.0A B Hirschfeld Towers 36.4 36.4 36.4 39.2 39.2 40.0Barney Ford Heights 37.2 37.2 37.2 39.2 39.2 40.0John R Mulroy Apts 40.0 40.0 40.0 39.6 39.6 40.0Thomas Connole Apts 35.6 35.6 34.4 34.4 34.4 40.0Walsh Manor Annex 36.0 36.0 36.0 39.6 39.6 40.0Dispersed East – 050 31.2 29.2 31.2 39.2 39.2 40.0Dispersed West – 051 35.2 35.2 32.0 32.0 32.0 40.0Dispersed South – 070 36.8 36.8 36.8 38.0 38.0 40.0North Lincoln 37.6 37.6 37.6 38.0 38.0 40.0Thomas Bean Towers 36.4 36.4 36.4 39.2 39.2 40.0Curtis Park I, II & III 34.8 34.8 32.4 32.4 32.4 40.0Park Avenue Phase 1B 36.8 36.8 36.8 39.6 39.6 40.0Park Avenue Phase 3B 31.2 28.0 39.2 39.2 39.2 40.0Park Avenue Phase 4B 30.4 31.6 36.0 36.0 36.0 40.0Park Avenue Phase 5B 36.0 36.0 36.0 38.8 38.8 40.01099 Osage 35.6 35.6 35.6 35.6 35.6 40.0South Lowell N/A N/A N/A 39.2 39.2 40.0Mariposa Phase II N/A N/A N/A 32.4 32.4 40.0Mariposa Phase III N/A N/A N/A 40.0 40.0 40.0

PHAS INDICATOR 2 - FINANCIAL CONDITION

(2) PHAS Indicator #2 – Financial Condition Responsible Department(s) – Finance Division

This indicator measures whether a PHA has sufficient financial resources and is managing those financial resources effectively to support the provision of decent, safe, and sanitary housing to its residents. A PHA’s financial condition is measured on the basis of uniform financial

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reporting standards. The key indicators used to determine a PHA’s financial condition are as follows:

a. Quick Ratio – compares quick assets to current liabilities, includes inventory;b. Months Expendable Net Asset Ratio – compares the adjusted net available

unrestricted resources, to the average monthly operating expenses; The result of thiscalculation shows how many months of operating expenses can be covered withcurrently available, unrestricted resources.

c. Debt Service Coverage – is the ratio of net operating income available to make debtpayments, to the amount of the debt payments. This subindicator is used if the PHAhas taken on long-term obligations.

The total point value of the Financial Condition Indicator is 25 of the 100 points available under the PHAS. In order to receive a passing score on the Financial Condition Indicator, a PHA must receive a score of at least 60 percent of the 25 points available.

Financial Sub-IndicatorActual 2011

Actual 2012

Actual 2013

Actual 2014

Projected 2015

Maximum Score

Quick Ratio/Current Ratio 12 12.00 12 12 12 12Months Expendable Net Assets Ratio/Number of Months Expendable Funds Balance

11 11.00 11 11 11 11

Debt Service Coverage Ratio 2 1.25 2 2 2 2Total Financial Score for DHA 25 24.25 25 25 25 25

PHAS INDICATOR 3 – MANAGEMENT OPERATIONS

(3) PHAS Indicator #3 – Management Operations Responsible Department(s) – Housing Management Division

The Management Operations indicators are: a. Occupancy Rate;b. Tenant Accounts Receivable;c. Accounts Payable;

The total point value of the Management Operations Indicator is 25 of the 100 points available under the PHAS. In order to receive a passing score on the Management Operations Indicator, a PHA must receive a score of at least 60 percent of the 25 points available.

Management Sub-IndicatorActual 2011

Actual 2012

Actual 2013

Actual 2014

Projected 2015

Maximum Score

Occupancy Rate 13 14 14 13 15 16Tenant Accounts Receivable 5 4 5 4 5 5Accounts Payable 3 4 4 4 4 4Total Management Score for DHA 21 22 23 21 24 25

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PHAS INDICATOR 4 – CAPITAL FUNDS

(4) PHAS Indicator #4 – Capital Funds Responsible Department(s) – Housing Management Division/Capital Programs

There are two components for the Capital Fund indicator: a. Timeliness of fund obligation;b. Occupancy Rate.

If a PHA has no obligation end dates in the assessed fiscal year, and does not have any 1937 Act 9(j) sanctions against it in that fiscal year, the PHA will be awarded 5 points. A PHA that receives less than 50 percent or 5 points, under the Capital Fund indicator will be designated as a Capital Fund Troubled performer.

Capital Fund Sub-Indicator

Actual 2010

Actual 2011

Actual 2012

Actual 2013

Projected 2014

Maximum Score

1 Timeliness of Fund Obligation 5.0 5.0 5.0 5.0 5.0 5.0

2 Occupancy Rate 5.0 5.0 5.0 5.0 5.0 5.0Total Capital Fund for DHA 10.0 10.0 10.0 10.0 10.0 10.0

SECTION 8 MANAGEMENT ASSESSMENT PROGRAM

The Section 8 Management Assessment Program (SEMAP) measures the performance of PHA’s that administer the housing choice voucher program. 2000 was the first year in which PHA’s were formally evaluated under SEMAP. There are 14 indicators of performance that show whether PHA’s help eligible families afford decent rental units at a reasonable subsidy cost as intended by Federal housing legislation. The 14 key indicators of PHA performance are:

1. Proper selection of applicants from the housing choice voucher waiting list;2. Sound determination of reasonable rent for each unit leased;3. Establishment of payment standards within the required range of the HUD fair market rent;4. Accurate verification of family income5. Timely annual reexaminations of family income;6. Correct calculation of the tenant share of the rent and the housing assistance payment;7. Maintenance of a current schedule of allowances for tenant utility;8. Ensure units comply with the housing quality standards (HQS) before families enter into

leases and PHA’s enter into housing assistance contracts;9. Timely annual housing quality inspections;10. Performing of quality control inspections to ensure housing quality;11. Ensure that landlords and tenants promptly correct housing quality deficiencies;12. Ensure that all available housing choice vouchers are used;13. Expand housing choice outside areas of poverty or minority concentration; and14. Enroll families in the family self-sufficiency (FSS) program as required and help FSS families

achieve increases in employment income.

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SEMAP is used to remotely measure PHA performance and administration of the housing choice voucher program. SEMAP uses HUD’s national database of tenant information and information from audits conducted annually by independent auditors. HUD annually assigns a rating on each of the 14 indicators and an overall performance rating. Based on its overall SEMAP score, a PHA falls into one of three categories:

1. High Performer. A PHA that achieves a score greater than or equal to 90 percent of thepoints available is designated a high performer.

2. Standard Performer. A PHA that achieves a score of 60 to 89 percent is designated astandard performer.

3. Troubled Performer. A PHA that achieves a score of less than 60 percent of the totalpoints available is designated as a troubled performer.

DHA’S SEMAP SCORING

INDICATOR Actual 2011

Actual 2012

Actual 2013

Actual 2014

Projected 2015

Maximum Score

1 Selection from Waiting List 15 15 15 15 15 15 2 Reasonable Rent 20 20 20 20 20 20 3 Determination of Adjusted

Income 20 20 20 20 20 20

4 Utility Allowance Schedule 5 5 5 5 5 5 5 HQS Quality Control 5 5 5 5 5 5 6 HQS Enforcement 10 10 10 10 10 10 7 Expanding Housing

Opportunities 5 5 5 5 5 5

8 Payment Standards 5 5 5 0 5 5 9 Timely Annual

Reexaminations 10 10 10 10 10 10

10 Correct Tenant Rent Calculations

5 5 5 5 5 5

11 Pre-Contract HQS Inspections

5 5 5 5 5 5

12 Annual HQS Inspections 10 10 10 10 10 10 13 Lease-Up 20 20 20 20 20 20 14 Family Self-Sufficiency 10 10 10 10 10 10

Subtotal 145 145 145 140 145 145 15 Deconcentration Bonus 0 0 5 5 0 0

Total SEMAP Score 145 145 150 145 145 145 Percent Score 100% 100% 103% 100% 100% 100%

Note: DHA has been a “high performer” under SEMAP since its inception.

195

DHA PROJECT NUMBER NAME OF DEVELOPMENT ADDRESS DOFA* YR BLT

CO 1-005 Columbine Homes 201 S. Yuma 3/1/53 1953CO 1-006 Westridge Homes 3537 W. 13th Ave. 3/1/52 1952CO 1-007 James Quigg Newton Homes 4407 Mariposa St. 6/1/52 1952CO 1-008 Sun Valley Homes/Annex 990 Alcott Way 6/1/54 1952CO 1-009 The Villages at Curtis Park** 1107 27th Street 9/30/00 2002/2005CO 1-010 South Lincoln Park (Scheduled for Demolition ) 1000 Navajo Street 2/1/54 1954CO 1-011 Westwood Homes** 3401 W. Kentucky 10/1/53 1953CO 1-014 Walsh Manor 1790 W. Mosier Pl. 8/1/65 1963CO 1-021 Walsh Manor Annex** 1775 W. Mosier Pl. 9/1/71 1971CO 1-015 A. B. Hirschfeld Towers** 333 W. Ellsworth 10/1/67 1967CO 1-016 Barney Lancelot Ford Heights/Platte Valley Homes 2024 Clarkson St./3058 Champa 8/21/62 1968/1942CO 1-017 John R. Mulroy Apartments** 3550 W. 13th Ave. 1/1/70 1969CO 1-020 Thomas F. Connole Apartments 1710 Williams St. 7/1/71 1971CO 1-553 North Lincoln Park- Row type/Midrise 1401/1425 Mariposa St. 5/31/97 1995CO 1-558 Thomas W. Bean Towers** (ACC units only) 2350 Cleveland Pl. 1/31/06 2005CO 1-559 Benedict Park Place Block 1B** (ACC units only) 305 Park Avenue West 01/31/07 2006CO 1-560 Benedict Park Place Block 3B** (ACC units only) 305 Park Avenue West 01/31/09 2008CO 1-561 Benedict Park Place Block 4B** (ACC units only) 305 Park Avenue West 03/31/10 2009CO 1-565 Benedict Park Place Block 5B** (ACC units only) 305 Park Avenue West 08/2011 2011CO 1-567 Tapiz at Mariposa** 1099 Osage 01/2012 2012CO 1-050 Dispersed East Scattered Sites 8/15/81 1890-1988CO 1-051 Dispersed West Scattered Sites 12/18/82 1890-1985CO 1-070 Dispersed South Scattered Sites 8/25/84 1911-1986CO 1-569/573 South Lowell** 4725 S. Lowell Blvd. 12/30/96 1973/2013CO 1-568 Mariposa Phase II**(ACC units only) 933-943, 989 & 1011 Navajo St. N/A 2013CO 1-572 Mariposa Phase III**(ACC units only) 1295 W. 10th Avenue N/A 2014CO 1-573 Mariposa Phase IV**(ACC units only) 1295 W. 10th Avenue N/A 2015TOTAL PUBLIC HOUSING UNITSDENVER HOUSING CORPORATION (DHC)DHC - 151 Pacific Place 2020 S Vallejo St. 12/1/79 1979DHC - 156 Dispersed New Const. Various 5/8/80 1904-1979DHC - 158 Dispersed Sub Rehab. Various 5/8/80 1904-1979TOTAL DHCDENVER HOUSING PROGRAM (DHP)DHP - 277 Lincoln Park 57 Various N/A 1981-1982TOTAL DHPGLOBEVILLEGlobeville I 351 East 51st Avenue 351 East 51st Avenue N/A 2004Globeville II 351 East 51st Avenue 351 East 51st Avenue N/A 2005TOTAL GLOBEVILLEMOUNTAIN VIEW REDEVELOPMENT LLLPMountain View 1212 S. Federal 9/1/1979 1979Eliot Cottages 1222 S. Federal 8/25/1980 1979TOTAL MOUNTAIN VIEW REDEVELOPMENT LLLPCSG REDEVELOPMENT PARTNERSDHC - 150 Syracuse Plaza 4333 S Syracuse 11/1/79 1979DHC - 153 Casa Loma 3850 Alcott St. 2/25/80 1980DHC - 155 Goldsmith Village 4343 S Syracuse 6/1/80 1979TOTAL CSG REDEVELOPMENT PARTNERSBEAN TOWERS LP (tax credit only units) 2350 Cleveland Pl. N/A 05/25/05VILLAGES AT CURTIS PARK 1107 27th Street 9/30/00 2002/2005MIXED FINANCE UNITS (Benedict Park/Mariposa Partners)Benedict Park Place Block 1B 305 Park Avenue West 01/31/07 2006Benedict Park Place Block 3B 305 Park Avenue West 01/31/09 2008Benedict Park Place Block 4B 305 Park Avenue West 03/31/10 2009Benedict Park Place Block 5B 305 Park Avenue West 12/2011 2011Mariposa Phase II Apartments 933-943, 989 & 1011 Navajo St. TBD 2013Mariposa Phase III Apartments 1295 W. 10th Avenue TBD 2014Mariposa Phase IV Apartments 1295 W. 10th Avenue TBD 2015TOTAL MIXED FINANCE UNITSTOTAL UNITS*DOFA - Date of Full Availability; **Properties owned by partnership; ***Excludes PH units in these Partnerships; TBD-To be determined. PH units are shown under Public Housing Units above.

PUBLIC HOUSING UNITS

HOUSING AUTHORITY OF THE CITY AND COUNTY OF DENVER DHA AND COMPONENT UNIT PROPERTY CHARACTERISTICS AND UNIT COMPOSITION

(Includes Non-dwelling Units)December 31, 2015

196

0-BDRM 1-BDRM 2-BDRM 3-BDRM 4-BDRM 5-BDRMTOTAL # OF

UNITS

0 50 100 30 20 0 2000 51 98 30 21 0 2000 90 188 64 38 0 3800 36 166 75 46 10 3330 41 70 24 0 0 1350 0 0 0 0 0 00 28 96 44 20 4 1920 86 3 0 0 0 8959 41 0 0 0 0 10070 132 7 0 0 0 2090 115 24 8 0 0 14729 21 0 0 0 0 500 100 0 0 0 0 1000 75 0 92 39 0 2060 160 0 0 0 0 1600 5 18 6 1 0 300 17 10 3 0 0 300 13 12 5 0 0 300 14 13 3 0 0 300 94 6 0 0 0 1000 0 97 187 56 0 3400 0 100 179 44 0 3231 8 74 191 76 10 3600 18 72 6 0 0 960 12 10 6 1 0 290 14 14 1 2 0 310 11 8 0 0 0 19

159 1,232 1,186 954 364 24 3,919

0 0 0 25 0 0 250 0 0 4 12 6 220 0 47 5 0 0 520 0 47 34 12 6 99

0 6 39 10 2 0 570 6 39 10 2 0 57

0 0 15 26 0 0 410 0 5 16 0 0 210 0 20 42 0 0 62

0 144 10 0 0 0 1540 88 12 0 0 0 1000 232 22 0 0 0 254

0 100 0 0 0 0 1000 86 1 0 0 0 870 0 5 20 10 0 350 186 6 20 10 0 2220 29 0 0 0 0 290 53 99 36 0 0 188

0 41 46 6 1 0 940 34 24 3 0 0 610 25 27 7 0 0 590 29 26 4 0 0 590 29 24 10 1 0 640 30 23 2 1 0 560 39 18 1 0 0 580 227 188 33 3 0 451

159 1,965 1,607 1,129 391 30 5,281

*** *** *** *** *** *** ***

197

Property Address Sq. Ft. AcresImproved Property

Central Office 777 Grant St.HUD/

Non-HUD 40,623 0.93 17th & Penn Commercial 501 E. 17th Avenue Non-HUD 12,537 0.29 Dispersed East Office 5040 Paris Street HUD 24,721 0.57 Dispersed South Office 2945 W. Florida HUD 37,000 0.85 Auraria Community Center 1212 Mariposa Non-HUD 24,900 0.57 Lincoln Park 57-Commercial* 933 W. 13th Avenue Non-HUD 3,080 0.07 Curtis Park Horse Barn (Stable #3 - Horse-drawn Streetcars) 1025 33rd St.

HUD/Non-HUD 24,970 0.57

*Being converted to Dwelling units Total 167,831 3.85 Vacant Land Holdings - Non-HUD

17th & Penn Parking Lot 1720-1746 Pennsylvania St. 24,573 0.56 W 10th Assemblage 1200 W. 10th Avenue 17,790 0.41 23rd & Stout 701 Park Avenue West 23,200 0.53 34th & Arapahoe 3401-3411 Arapahoe 9,360 0.21 14th & Lipan 1373 Lipan 6,260 0.14

26th & Arapahoe 100,320 2.30 2401 California 21,284 0.49 43rd & Elizabeth 37,900 0.87

Total 240,687 5.52 Vacant Land Holdings - HUD

37th Avenue 3062 W. 37th Avenue 6,250 0.14 Asbury 2690 W. Asbury Avenue 18,000 0.41 4th Avenue 710 W. 4th Avenue 3,125 0.07 46th & Pecos 1599 W. 46th Avenue 20,860 0.48 25th & Arapahoe 2501-2529 (approx.)

Arapahoe and Lawrence 30,724 0.71

33rd & Arapahoe 3299 Arapahoe 6,000 0.14 Arapahoe Strip 2642/2650-58 Arapahoe 17,157 0.48

DHA's Community CentersLocation Address Leased to/Current Uses

3058 Champa St. HUD990 Alcott Way HUD

929 29th St. HUD855 S. Irving St. HUD

3550 W. 13th Avenue HUD

4440 Navajo St. HUD

2350 Cleveland Place HUD1401 Mariposa St. HUD

1212 Mariposa Non-HUD

Units Under Construction

Property/Location Construction Type # of UnitsPublic

Housing UnitsPB Assisted

Units LIHTC

Units Market Units

Mariposa Phase VI Apartment New Construction 94 36 0 28 30Mariposa Phase VII Apartment New Construction 45 14 31 0 0Mariposa Phase VIII Apartment New Construction 21 0 11 10 0

Total 160 50 42 38 30Planned Demolition/Disposition

Property/Location Planned Action # of UnitsPublic

Housing UnitsPB Assisted

Units LIHTC

Units Market Units

Land (acres)

Dispersed East - Parkside Apts.Disposition of Townhomes (HUD approved) 35.02 33 0 0 0 2.02

S. Lincoln Park HomesDisposition of Land (Phase IX) HUD approved 0 0 0 0 0 1.87

2401 California/2400-2410 Stout4301 Elizabeth

Platte Valley Community CenterSun Valley Community Center

Westwood Opportunity Center

Ganas Building (Auraria Community Cen

DHA RCS Activities, Community College of Denver (GED, ESL), Rocky Mountain SER – Headstart, Department of Human Services, Denver Urban GardensDHA RCS Activities, Earthforce

Mulroy Community Center

Quigg Newton Community Center

DENVER HOUSING AUTHORITYNon-Residential Property Information

As of 12/31/2015Land Area

2601-2698 Arapahoe/Lawrence

King Trimball Community Center

North Lincoln Opportunity Center

DHA RCS Activities, Hope Fund Bank MinistryDHA RCS Activities, Mile High Child CareTubman Hillard Global AcademyDHA RCS Activities, University of Denver – Bridge DHA RCS Activities

DHA RCS ActivitiesDenver Inner City Parish

Benedict Park Place Enrichment Center

198

Emp/Mkt# of 30-40% 50-60% Rate

Address Units Units Units UnitsMount Loretto 3101 S. Federal Blvd Catholic Charities 70 70 Parkside Apartments @ Stapleton 7780 E. 23rd Avenue Mercy Housing Inc. 68 17 50 1

1313 & 1350 Xenia St.130 130

Park Avenue West Residences 827 - 837 Park Ave West 122 25 47 50

Courtyard Commons 1122 Pearl St. Catholic Charities 33 17 15 1Renaissance @ Xenia Village 1420, 1425, 1440 &

1460 Xenia St. 77 30 47

Colorado Commons 1601 Colorado Blvd. 112 43 69

Reserve at Gates 1185 S. Broadway Trammell Crow Residential 50 25 25 Central Park Apartments @Stapleton 2506 Central Park Blvd. 18 9 9

Aromor Apartments 1309 Grant St. Mercy Housing Inc. 66 20 46 Broadway Plaza Lofts 2330 Broadway Century Development 223 20 203 Grace Apartments 8888 E. 13th Avenue Mercy Housing Inc. 53 5 48 Renaissance Riverfront Lofts 3440 Park Avenue West 100 52 47 1

Denver Gardens Apartments 6801 E. Mississippi Ave. 100 66 34

Cornerstone Residences 1001 Park Ave West Rocky Mountain HDC, Inc. 51 34 16 1Yale Street Station 5307 E. Yale Avenue

50 5 44 1

Renaissance Uptown Lofts 1509 Pearl/ 551 - 571 E. Colfax Ave 98 72 25 1

Renaissance West End Flats 1490 Zenobia St/ 5050 W. Colfax Ave

101 66 34 1

Bluff Lake 3100-3180 Hanover St Mercy Housing Inc. 92 46 45 13875 - 3911 Morrison Road, 4235- 4275 Morrison Road & 1551 Wolff Street

193 90 102 1

Veterans Apartments 2635 Federal Blvd 27 26 1University Station Apartments 1901 E Buchtel Blvd 60 13 47 Avondale Apartments 3275 W. 14th Avenue 80 20 59 1

Odyssey Family Residences 4705 High Street 36 18 18

Stout Street Lofts 2180 Stout Street 78 49 28 1

Park Hill Village West Apartments 4050 Colorado Blvd 156 155 1Ruby Hill Residences 1400 W. Mississippi &

Pecos/OsageThe Burgwyn Company LLC 114 114

Homeownership Land Trust Various-Land under HO units 189 168 21

Yale Station Housing 5151 E. Yale Circle Koelbel & Company 66 66 Osito Ridge Apartments 5855 W. Hampden Ave McDermott Properties, LLC 114 4 110

Total 2,727 816 1,827 84

Approved & In-Process (a)/Application Submitted Under Review (p)3999 Colorado Blvd 129 73 55 1

(a) North Colorado Station 3975 Colorado Boulevard 114 114 (a) Morrison Place 4406 & 4331 Morrison Rd. 197 197 (a) Terraza del Sol 355 S. Grove St. 42 42 (a) Chestnut Ashley Union Station Integral 107 107 (a) St. Francis St Frances @ Cathedral Squar 50 50

3390 W. Alameda Ave. 98 98

(p) Renaissance at North Colorado Station (two phases)

Gorman & Co.

Saint Francis Center & Blueline Development

Colorado Community Land Trust

Developer/Sponsor

Kittyhawk & Centerbury Apartments

DHA's Special Limited Partnership UnitsTax Credit

Project Name

Community Development Corp.

Colorado Coalition for the Homeless

Note: These are affordable housing residential units developed by other entities in participation with DHA as a special limited partner.

Paloma Villas I, II, III & Villas @ Sloans Lake

Empowerment Development Corp.

Del Norte Neighborhood Dev Corp

Metro West Housing Solutions

Colorado Coalition for the HomelessSteele Properties LLC/Monroe Group

(a) Westwood Crossing

St. Charles Town Co. LLC

Del Norte

Colorado Coalition for the HomelessThe Burgwyn Company

Koelbel & Co/Mile Hi Development

HOPE CommunitiesBurgywn Co. & Inner-City

McDermott Properties,

Colorado Coalition for the HomelessDelWest Capital LLC

Koelbel & Company

Trademark Communities LLC

Northeast Denver Housing Center



199

Section 8 Public Public PBA MarketDwelling Units by Year Programs Housing Housing** LIHTC Units** Rate DHC DHP TOTAL

2016 6,872 2,671 1,266 416 517 331 99 57 12,2292015 6,849 2,671 1,233 384 517 302 99 57 12,1122014 6,690 2,767 1,214 395 469 277 99 57 11,9682013 6,572 2,767 1,058 332 253 220 315 57 11,5742012 6,388 3,009 1,058 332 0 220 568 57 11,6322011 6,091 2,992 928 300 0 193 568 57 11,1292010 5,909 3,172 744 300 0 193 568 57 10,9432009 5,756 3,168 714 268 0 166 568 109 10,7492008 5,644 3,209 684 235 0 138 568 107 10,5852007 5,522 3,568 325 235 0 138 568 107 10,4632006 5,523 3,568 295 179 568 100 0 183 10,416

2016 Dwelling Unit Breakdown by Management Area*Section 8 Programs 6,872 6,872Platte Valley Homes 66 66Columbine Homes 193 193Westridge Homes 200 200Quigg Newton Homes 380 380Sun Valley Homes 333 333Walsh Manor 89 89Barney Ford Heights 81 81Connole Apartments 100 100North Lincoln Homes 206 206Dispersed East 340 340Dispersed West 323 323Dispersed South 360 360Pacific Place 25 25DHC Dispersed 74 74Lincoln Park 57 57 57The Villages at Curtis Park*** 135 94 94 323Mountain View Tower*** 153 153Eliot Cottages*** 100 100Syracuse Plaza *** 99 99Casa Loma*** 86 86Goldsmith Village *** 35 35Westwood Homes*** 184 184Walsh Annex *** 100 100Hirschfeld Tower *** 209 209Mulroy Apartments *** 50 50Globeville - Phase I & II *** 41 15 6 62Thomas Bean Towers *** 160 29 189Benedict Park Place Block 1B*** 30 56 38 124Benedict Park Place Block 3B*** 30 33 28 91Benedict Park Place Block 4B*** 30 32 27 89Benedict Park Place Block 5B*** 30 32 27 891099 Osage*** 100 100Mariposa Apartment Phase II*** 29 37 27 93Mariposa Apartment Phase III*** 31 26 30 87Mariposa Apartment Phase IV*** 19 33 25 77Mariposa Apartment Phase VI*** 33 32 29 94South Lowell*** 96 96

TOTAL 6,872 2,671 1,266 416 517 331 99 57 12,229*Excludes special use units in public housing portfolio. **Units also must comply with LIHTC rules.***Properties owned by partnership. #Units included in Public Housing.PBA - Project Based Assisted.

2016 BUDGETNumber of DHA Dwelling Units*

PARTNERSHIP

200

Number ofBedrooms

Very-Very LowIncome Limit

(30% of Median Income)

Very Low Income

Limit(50% of Median

Income)

Low Income Limit

(80% of MedianIncome)

Area MedianIncome Limit


0 Bedroom $420 $700 $1,120 $1,4001 Bedroom $450 $750 $1,200 $1,5002 Bedrooms $540 $900 $1,440 $1,8003 Bedrooms $623 $1,038 $1,662 $2,0774 Bedroom $695 $1,158 $1,854 $2,317

Number ofpersons inthe Family

Very-Very LowIncome Limit


Very Low Income

Limit(50% of Median

Income)

Low Income Limit

(80% of MedianIncome)

Area MedianIncome Limit


One $16,800 $28,000 $44,800 $56,000Two $19,200 $32,000 $51,200 $64,000

Three $21,600 $36,000 $57,600 $72,000Four $23,970 $39,950 $63,920 $79,900Five $25,890 $43,150 $69,040 $86,300Six $27,810 $46,350 $74,160 $92,700

Seven $29,730 $49,550 $79,280 $99,100Eight $31,650 $52,750 $84,400 $105,500

*Source: Colorado Housing and Finance Authority, HUD Release Date: March 6, 2015.

Denver Rent and Income Limits FY2015*

MAXIMUM RENTS

INCOME LIMITS

201

SENIORITY OF EMPLOYEES*

Percent Percent PercentCategories Number Of Total Number Of Total Number Of Total

Less than 3 years 104 33.77% 96 32.00% 107 34.52%3 to 5 years 50 16.23% 52 17.33% 57 18.39%6 to 9 years 47 15.26% 42 14.00% 40 12.90%10 to 19 years 51 16.56% 56 18.67% 53 17.10%20 to 29 years 47 15.26% 44 14.67% 42 13.55%30 years and over 9 2.92% 10 3.33% 11 3.54% TOTAL 308 100.00% 300 100.00% 310 100.00%

RACIAL COMPOSITION

Percent Percent PercentCategories Number of Total Number of Total Number of Total

White 118 38.31% 121 40.33% 119 38.39%Black 53 17.21% 51 17.00% 53 17.10%Hispanic 121 39.28% 112 37.33% 121 39.02%Asian 10 3.25% 11 3.67% 10 3.23%American Indian 6 1.95% 5 1.67% 7 2.26%

TOTAL 308 100.00% 300 100.00% 310 100.00%

AGE COMPOSITION


18 to 29 years 26 8.44% 18 6.01% 25 8.06%30 to 39 years 59 19.16% 58 19.33% 53 17.10%40 to 49 years 76 24.68% 75 25.00% 79 25.48%50 to 59 years 97 31.49% 94 31.33% 89 28.71%60 years and over 50 16.23% 55 18.33% 64 20.65% TOTAL 308 100.00% 300 100.00% 310 100.00%

SEX COMPOSITION


Male 156 50.65% 159 53.00% 154 49.68%Female 152 49.35% 141 47.00% 156 50.32% TOTAL 308 100.00% 300 100.00% 310 100.00%

*Includes temporary employees.

2014

2014 2015

2014

STATISTICAL INFORMATIONEMPLOYEE DEMOGRAPHICS

2015

20152014

2015

2013

2013

2013

2013

202

STATISTICAL INFORMATIONEMPLOYEE DEMOGRAPHICS

2015 Seniority of Employees

Less than 3 years

3 to 5 years

6 to 9 years

10 to 19 years

20 to 29 years

30 years and over

2015 Racial Composition

White

Black

Hispanic

Asian

American Indian

2015 Age Composition 18 to 29 years

30 to 39 years

40 to 49 years

50 to 59 years

60 years and over

2015 Sex Composition

Male

Female

203

AGE COMPOSITION:

Residents Residents(Head of (All Family % Of

Age Household) Members) Total0 - 4 0 904 09.27%

5 - 11 0 1,982 20.32%12 - 14 0 698 07.16%15 - 18 0 774 07.94%19 - 24 150 560 05.74%25 - 54 2,011 2,567 26.32%55 - 61 540 622 06.38%

62 + 1,455 1,646 16.88%Total 4,156 9,753 100.01%

ETHNIC COMPOSITION:

Residents(All Family % Of

Ethnicity Members) Total

White 1,026 10.53%Black 3,429 35.16%Indian 57 00.58%

Hispanic 4,628 47.45%Asian 548 05.62%Other 65 00.67%Total 9,753 100.01%

GENDER COMPOSITION:

Sex Number % Of TotalMale Head of Household 1,274 30.65%Female Head of Household 2,882 69.35%

Total 4,156 100.00%

STATISTICAL INFORMATIONDHA CONTROLLED PROPERTIES

(PUBLIC HOUSING, PROJECT BASED SECTION 8 AND LIHTC UNITS)Resident Demographics

2015

2015

2015Male Head

of Household

Female Head of

Household

Gender Composition

0-4

5-11

12-14

15-18 19-24

25-54

55-61

62+

Age Composition

White

Black

Indian

Hispanic

Asian Other

Ethnic Composition

204

HOUSEHOLD INCOME:

Number OfHouseholds % Of Total

$0 - $999 238 05.73%$1,000 - $1,999 65 01.56%$2,000 - $2,999 100 02.41%$3,000 - $3,999 76 01.83%$4,000 - $4,999 78 01.88%$5,000 - $5,999 85 02.05%$6,000 - $6,999 83 02.00%$7,000 - $7,999 76 01.83%$8,000 - $8,999 482 11.60%$9,000 - $9,999 759 18.26%$10,000 - $19,999 1,297 31.21%$20,000 - $29,999 476 11.45%$30,000 - $39,999 202 04.86%$40,000 - $49,999 81 01.95%$50,000 - $59,999 28 00.67%$60,000 - $69,999 16 00.38%$70,000+ 14 00.35%

Total 4,156 100.02%

MONTHLY RENT:

Number OfPayment* Households % Of Total$0 - $50 505 12.15%$51 - $100 197 04.75%$101 - $200 463 11.14%$201 - $300 1,619 38.96%$301 - $400 459 11.04%$401 - $500 355 08.54%$501 - $600 181 04.36%$601 - $700 125 03.01%$701 - $800 133 03.20%

$801+ 119 02.87%Total 4,156 100.02%

Dollars

2015

STATISTICAL INFORMATIONDHA CONTROLLED PROPERTIES

(PUBLIC HOUSING, PROJECT BASED SECTION 8 AND LIHTC UNITS)Resident Demographics

2015Annual

0-999

1,000-1,999

2,000-2,999 3,000-3,999

4,000-4,999 5,000-5,999

6,000-6,999

7,000-7,999 8,000-8,999

9,000-9,999

10,000-19,999

20,000-29,999

30,000-39,999

40,000-49,999

50,000-59,999

60,000-69,999

Household Income Composition

0-50

51-100

101-200

201-300

301-400

401-500

501-600

601-700 701-800 801+

Monthly Rent Composition

205

AGE COMPOSITION:

Residents Residents(Head of (All Family % Of

Age Household) Members) Total0 - 4 0 1,344 08.40%

5 - 11 0 3,382 21.13%12 - 14 0 1,335 08.34%15 - 18 2 1,641 10.25%19 - 24 144 1,137 07.10%25 - 54 3,891 4,708 29.42%55 - 61 860 942 05.89%

62 + 1,305 1,515 09.47%Total 6,202 16,004 100.00%

ETHNIC COMPOSITION:

Residents(All Family % Of

Ethnicity Members) TotalWhite 2,221 13.88%Black 8,312 51.94%Indian 183 01.14%

Hispanic 5,029 31.42%Asian 219 01.37%Other 40 00.25%Total 16,004 100.00%

GENDER COMPOSITION:

Sex Number % Of TotalMale Head of Household 1,536 24.77%Female Head of Household 4,666 75.23%

Total 6,202 100.00%

*Includes incoming and outgoing Section 8 portable vouchers.

STATISTICAL INFORMATIONSECTION 8 PROGRAM*Client Demographics

2015

2015

2015

0-4

5-11

12-14

15-18 19-24

25-54

55-61

62+ Age Composition

White

Black Indian

Hispanic

Asian Other

Ethnic Composition

Male Head of

Household

Female Head of

Household

Gender Composition

206

HOUSEHOLD INCOME:

Annual Number OfDollars Households % Of Total

$0 - $999 568 09.16%$1,000 - $1,999 149 02.40%$2,000 - $2,999 205 03.31%$3,000 - $3,999 163 02.63%$4,000 - $4,999 164 02.64%$5,000 - $5,999 148 02.39%$6,000 - $6,999 110 01.77%$7,000 - $7,999 156 02.52%$8,000 - $8,999 634 10.22%$9,000 - $9,999 853 13.75%$10,000 - $19,999 1,955 31.52%$20,000 - $29,999 723 11.66%$30,000 - $39,999 279 04.50%$40,000 - $49,999 69 01.11%$50,000 - $59,999 18 00.29%$60,000 - $69,999 5 00.08%$70,000+ 3 00.05%

Total 6,202 100.00%

MONTHLY RENT:

Number OfPayment Households % Of Total

$0 - $50 893 14.40% $51 - $100 342 05.51%$101 - $200 731 11.79%$201 - $300 1,959 31.58%$301 - $400 772 12.45%$401 - $500 550 08.87%$501 - $600 328 05.29%$601 - $700 260 04.19%$701 - $800 144 02.32%

$801 + 223 03.60%Total 6,202 100.00%

*Includes incoming and outgoing Section 8 portable vouchers.

2015

STATISTICAL INFORMATIONSECTION 8 PROGRAM*Client Demographics

2015

$0 - $999

$1,000 - $1,999

$2,000 - $2,999

$3,000 - $3,999

$4,000 - $4,999

$5,000 - $5,999

$6,000 - $6,999

$7,000 - $7,999

$8,000 - $8,999 $9,000 - $9,999

$10,000 - $19,999

$20,000 - $29,999

$30,000 - $39,999

$40,000 - $49,999

$50,000 - $59,999

$60,000 - $69,999 $70,000+

Household Income Composition

0-50

51-100

101-200

201-300

301-400

401-500

501-600

601-700

701-800 801+

Monthly Rent Payment Composition

207

2015 DHA Year in Review – Awards and Recognitions

Finance

1. Certificate of Achievement for Excellence in Financial Reporting2. Distinguished Budget Presentation Award3. Housing Authority Insurance Group-Low Loss Achievement Award

Executive /Real Estate Recognition/Grant Awards

1. Sustainable Denver AwardImplementer for 2020Sustainability Goals

2. Mariposa Mixed-Use DevelopmentPhase IV Leadership andEnvironmental Design (LEED) forNeighborhood Development – U.S.Green Building Council in LEEDGreen Building PlatinumDesignation

Housing Choice Voucher (HCV) and HMD Department Highlights:

1. U.S. Department of Housing and Urban Development - SEMAP High Performer2. Housing Management Department – U.S. Department of Housing and Urban

Development PHAS High Performing Housing Authority

Resident and Community Service (RCS)

1. NUSA - Best Neighborhood Award – Social Revitalization Finalist – MariposaDistrict

2. NAHRO Award of Excellence – Program Innovation - Mariposa NECO Pass Program3. NAHRO Award of Merit - Program Innovation - Active Living Staircase4. NAHRO Award of Merit – Healthy Living Cardiac Risk Screening5. NAHRO Award of Merit – Mariposa NECO Pass Program6. NAHRO Award of Merit - Program Innovation – Holiday Helpers7. Denver Department of Environmental Health – Innovation Award – Mariposa

District

208

GGLLOOSSSSAARRYY AANNDD AACCRROONNYYMMSS

209


INTENTIONALLY.

210

GLOSSARY OF TERMS

Accrual Basis - The basis whereby transactions and events are recognized when they occur, regardless of when cash is received or paid.

Allocation - Distribution of expenses or revenues according to an approved formula.

Administrative Costs - Costs necessary for the planning, design, implementation and monitoring of the physical and management improvements under HUD's modernization funds.

Annual Contributions Contract - Agreement between local housing authority and HUD, under the provisions of which the federal government guarantees permanent financing of public housing or certain Section 8 projects, as well as to make up the difference between project revenues and debt service on bonded indebtedness through an annual contribution of subsidy paid to the housing authority. The authority guarantees that it will maintain the low-rent character of the project.

Appropriation - An authorization made by DHA Board of Commissioners, which permits the DHA to incur obligations and to make expenditures of resources. An appropriation is a specified sum of money from a specified fund for a specific purpose.

Asset - Resources owned or held by an entity that has monetary value.

Bond - A long-term IOU or promise to pay. It is a promise to repay a specific amount of money (the face value of the bond) on a particular future date (the maturity date). Bonds are generally used to finance capital projects.

Budget - A plan of financial operation embodying an estimate of proposed expenditures for a given period and the proposed means of financing them.

Budget Adjustment - A procedure to revise a budget appropriation either by DHA Board approval through the adoption of a supplemental Resolution for any additional appropriations or by the Executive Director for any inter-divisional or inter-fund adjustments or by the Chief Operating Officers for authorization to adjust appropriations

within or between departmental budgets.

Budget Calendar - The schedule of key dates or milestones, which the DHA follows in the preparation, adoption, and administration of the budget. The calendar begins with the issuance of the Budget Preparation Manual and ends with adoption by Resolution of the Budget by the DHA Board of Commissioners.

Budget Document - The instrument used by DHA to present a comprehensive financial program.

Budgetary Control - The control or management of a governmental unit or enterprise in accordance with an approved budget for the purpose of keeping expenditures within the limitations of authorized appropriations and available revenues.

Capital Budget - A plan of proposed expenditures that result in the acquisition of or addition to fixed assets, and the means for financing these expenditures.

Capital Equipment - Chattels which have a useful life of more than one year and a unit cost of at least $1,000.

Capital Fund Program - The Federal program provided by HUD to provide funds for Capital Improvement, to the Low Rent Housing Program. This program replaces the COMP Grant.

Capital Improvements Program - A plan for capital expenditures to provide long-lasting physical improvements to be incurred over a fixed period of several future years. Capital Outlays - Expenditures which result in the acquisition of or addition to fixed assets.

Capital Outlay - Job Costs - Construction expenditures that result in the creation of a fixed asset.

Capitalized - Term used to describe the process of accounting for an outflow of funds as a fixed asset rather than an expense. The item is expensed over a period of time as depreciation is recorded.

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GLOSSARY OF TERMS

Ceiling Rent - The highest rent that can be charged for a public housing unit by a local housing authority; it cannot exceed the rent that prevails in the locality for comparable, privately owned dwellings.

Charges for Services - A term used by Internal Service Funds for the income they receive for providing services to other funds.

Clean Audit Opinion - Also called an "Unqualified Opinion" it is a form of audit report issued when the independent auditors believe that the financial statements present fairly the financial position and operating results in conformance with generally accepted auditing standards.

Compensated Absences – This is a term used to describe the value of vacation time, sick leave or other paid time off that is due to employees for services already rendered and not contingent on any other factors. Compensated absences are generally paid when an employee retires or employment is terminated.

Contributed Capital – One of two main categories on the balance sheet under Equity, which shows what has been contributed to the agency.

Cooperation Agreement - Contract between a local housing authority and the governing body of the municipality in which a public housing project is located, providing for the governing body to furnish municipal services and facilities to the authority - and for the authority, in turn, to make stipulated payments in lieu of taxes to the municipality.

Cooperative - A legal entity permitting a group of members to mutually own certain assets and to share mutually in the benefits derived by the group under the provisions of the entity’s rules, regulations, and legal charter.

Date of Full Availability (DOFA) - The last day of the month in which substantially all dwelling units in a project become available for occupancy.

Davis-Bacon Act - An act passed in 1931, and

subsequently amended, requiring that all laborers and mechanics employed in certain program of federal financial assistance involving construction activities are paid wage rates no less than those prevailing on similar construction in the locality, as determined by the Secretary of the Department of Labor.

Debt Reserve Fund - A specially earmarked account that hold funds specifically to pay outstanding debt.

Debt Service - the cost of paying principal and interest on borrowed money according to a predetermined payment schedule.

Denver Housing Corporation (DHC) - A component unit of DHA created to issue Revenue Bonds to finance the construction of low-income housing.

Denver Housing Programs (DHP) - Housing programs sponsored by the DHA using non-federal funding.

Department - An administrative area of DHA which indicates overall management responsibility for a group of related operations within a functional area.

Depreciation - The process of allocating the total cost of fixed assets over each period of their usefulness to the entity.

DHA - Refers to the Housing Authority of the City and County of Denver.

DHA Board - Refers to the Board of Commissioners of the Housing Authority of the City and County of Denver.

Division - A group of departments that make up the various divisions: Executive, Finance/ Administration, Housing Management, and Section 8/Client Services.

Dwelling Rent Income - Income generated from renting units for residential use.

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GLOSSARY OF TERMS

Encumbrance - The legal commitment of appropriated funds to purchase an item or service. To encumber funds means to set aside or commit funds for a future expenditure.

Enterprise Fund - A fund established to account for operations that are financial and operated in a manner similar to private business enterprises where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges.

Equity Transfer - When surplus cash is moved from one fund to another.

Estimated Revenue - The amount of projected revenue to be collected during the fiscal year.

Excess Utility Charges - An amount paid by residents when they exceed the monthly amount they are allotted for utility payments for gas and electricity.

Expenditure/Expense - This term refers to the outflow of funds paid for an asset obtained or goods and services obtained.

Fair Market Rent - Amount established by HUD that sets ceiling rents charged by landlords in the Section 8 program.

Family Self Sufficiency - A HUD program that utilizes rental assistance and public housing funds with public and private resources to provide supportive services, allowing Denver Housing Authority residents to achieve economic independence and self-sufficiency.

Federal Financial Assistance - Money received from the federal government, primarily the Department of Housing and Urban Development, to fund program costs.

Fiduciary Responsibility - The legal duty of an agent to act in the best interests of the beneficiary.

Financially Distressed PHA - A local housing authority that has an operating reserve level of 20 percent or less of its authorized maximum or other level as determined by HUD, as shown on the latest year-end financial statement.

Fiscal Year - The time period designated by DHA signifying the beginning and ending period for recording financial transactions. DHA and DHC have specified January 1 to December 31 as their fiscal year.

Fixed Assets - Assets of long-term character which are intended to continue to be held or used, such as land, buildings, machinery, furniture and other equipment.

Flat Rent - Rent charged for a public housing unit, established on the basis of unit size, as distinguished from graded rent or income rent.

Fleet Management - An Internal Service Fund whose revenues are derived from user charges for services provided to other funds for maintenance of vehicles. This fund also provides for vehicle replacement as it becomes necessary.

Fund - A fiscal and accounting entity consisting of a balanced set of accounts in which cash and other assets, related liabilities, residual business, and changes therein are recorded and segregated. Eight commonly used fund types in public accounting are: general fund, special revenue funds, debt service funds, capital project funds, enterprise funds, trust and agency funds, internal service funds, and special assessment funds.

Fund Equity - Fund equity is the excess of assets over liabilities and reserves and is, therefore, also known as surplus funds.

General Administrative Fund - Used by DHA to account for most of the Administrative Departmental Operations.

General Costs - Includes insurance, employee benefits, payments in lieu of taxes, collection losses and equipment replacement charges.

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GLOSSARY OF TERMS

General Governmental Revenue - The revenues of a government other than those derived from and retained in an enterprise fund.

General Obligation Bonds - Bonds that finance a variety of public projects such as streets, buildings, and improvements; the repayment of these bonds is usually made from secondary property taxes, and these bonds are backed by the full faith and credit of the issuing government.

General Partner Management Fee - A flat fee the Agency Funds pay to Denver Housing Corporation to cover administrative expenses incurred for managing the partnerships.

Goal - A statement of broad direction, purpose or intent.

Grant - A contribution by a government or other organization to support a particular function. Grants may be classified as either categorical or block depending upon the amount of discretion allowed the grantee.

Housing Choice Voucher - Combines and replaces the Section 8 Certificate Program and the Section 8 Voucher Program.

Interfund Transfer - Amounts transferred from one fund to another.

Internal Controls - A system of accounting procedures that establishes a method for initiating, recording and summarizing business transactions and provides for separation of duties and accountability for assets.

Internal Service Fund - A fund used to account for the financing of goods or services provided by one department to other departments of a government, or to other governments, on a cost reimbursement basis.

Investment Policy - A policy approved by the Board of Commissioners that states the investment goals and objectives of DHA and provides for

maximizing interest income while maintaining the liquidity and safety of assets.

Line-Item Budget - A budget that lists each expenditure category (Administrative salaries, Administrative supplies & services, etc.) separately, along with the dollar amount budgeted for each specified category.

LIBOR – London Interbank Offered Rate – The London Interbank Offered Rate is the most active interest rate market in the world. It is determined by rates that banks participating in the London money market offer each other for short-term deposits. LIBOR is calculated for periods as short as overnight and as long as one year.

Long Term Debt - Debt with a maturity of more than one year after the date of issuance.

Low Rent Housing Program - This program is the conventional public housing program whereby the Federal Government provides the funds to acquire or build housing for low-income people. DHA owns and operates the units.

Management Fees - A fee the Agency Funds pay to Denver Housing Corporation for managing their properties based on a percentage of the Housing Assistance Payment Contract rent.

Management Improvement Costs - Costs to implement programs to increase the housing authority's efficiency, reduce waste, increase the safety and security of the residents, and afford the residents the opportunity to break generations of poverty.

Managing Agent - The person or entity that makes decisions on behalf of a partnership.

Mixed Income Development - Housing developments that are comprised of market rate and low-income units.

Modernization - For capital purposes it means to update the appearance or function of a building.

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GLOSSARY OF TERMS

Multifamily Tenant Characteristics System (MTCS) - The Multifamily Tenant Characteristics System is a national computer system that collects, maintains, and reports information on families moving into, already living in, or who has recently lived in public or Indian housing; or the Section 8 Rental Certificate, Rental Voucher, or Moderate Rehabilitation Programs.

Net Revenues/(Expenditures) - The excess/ (deficiency) of revenues over the total of expenses.

Non-Dwelling Rent Income - Income generated from renting units or property for commercial use.

Non-HUD Funds - Funds that are not received from HUD, but are generated through the Denver Housing Authority.

Non-recourse – In this case refers to a type of note. It means the note is not backed by any assets or otherwise collateralized. The holder has no recourse if the note goes into default.

Non-Routine - Maintenance expenses for repairs and services, which are not performed on a regular basis such as roof repair, tree removal and other unusual items. This category has the same character as ‘extra-ordinary’ maintenance.

Notice of Funding Availability - A notice that HUD issues when grants are available for specific HUD programs.

Objective – Something to be accomplished in specific, well defined and measurable terms and is achievable in a specific timeframe.

Operating Budget - The portion of the budget that pertains to daily operations that provide basic governmental services. The operating budget contains appropriations for such expenditures as personnel, supplies, utilities, materials, travel and other routine and non-routine expenditures.

Operating Expenses - Fund expenses which are directly related to the fund's primary service activities.

Operating Income - The excess of operating revenues over operating expenses.

Operating Revenue - Fund revenues which are directly related to the fund's primary service activities. They consist primarily of user charges for services.

Operating Subsidy - Subsidy paid by the federal government to a local housing authority to compensate for the limitation on rent of 30 percent of a tenant’s adjusted monthly income, as a result of funds the amount of the deficit between rents and expenses up to the difference between the annual contributions paid to the authority by the federal government.

Operating Transfer - The transfer of funds from Enterprise and Agency Funds to the General Administrative Fund based on an approved allocation plan to cover overall administrative expenses.

Opportunity Centers - DHA’s Opportunity Centers provide economic self-sufficiency and home ownership opportunities to public housing residents of the Denver Housing Authority.

Opt-Out - The term used when a landlord chooses not to renew an expiring Section 8 project based voucher.

Performance Indicators - Specific quantitative and qualitative measures of work performed as an objective of the department.

Position - The aggregate of duties and responsibilities performed by one person. A position may be unlimited, limited or on call, and may be occupied or vacant.

Program Budget - A budget that focuses upon the various HUD programs rather than upon the organizational budget units or object classes of expenditure.

Protective Services - Security services to ensure the safety and welfare of staff and residents.

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GLOSSARY OF TERMS

Public Housing Assessment System (PHAS) - This rating system was established by HUD to replace Public Housing Management Assessment Program.

Reimbursable Expense - An expense that is to be repaid from an external source such as a vendor or client.

Rent to Owners (Payments to Owners) - Payments made to landlords on behalf of a family eligible to receive Housing Assistance Payment subsidy.

Replacement Charges - A term used by the Fleet Management Fund for income they receive from other funds to purchase new vehicles.

Replacement Reserve - The amount placed into a restricted account and used to pay for the cost of extraordinary or major maintenance projects.

Retained Earnings - An equity account reflecting the accumulated earnings of an Enterprise or Internal Service Fund.

Revenue - Funds that the government receives as income. It includes such items as tax payments, fees from specific services, receipts from other governments, fines, forfeitures, grants, shared revenues and interest income.

Revenue Bonds - Bonds usually sold for constructing a project that will produce revenue for the government. That revenue is pledged to pay the principal and interest of the bond.

Revenue Projection - A future estimate of sources and amounts of revenue to be realized.

Reserve - An account used to indicate that a portion of a fund's assets are restricted for a specific purpose and is, therefore, not available for general appropriation.

Risk Management - An organized attempt to protect a government's assets against accidental loss in the most economical method.

Section 3 Clause - A section of the HUD Act of 1968 whereby Housing Authorities are required to provide training and employment opportunities to public housing residents and to make efforts to ensure that individuals or firms located in or owned in substantial part by persons residing in the area of a Housing Authority project are awarded contracts when possible.

Section 8 Housing Assistance Payment Program -Originally known as Section 23 leased housing when it was established by the 1965 housing act. Section 8 was established by Section 201 of the Housing and Community Development Act of 1974, under Title II Assisted Housing. HAP’s can be allocated formerly constructed, substantially rehabilitated, or existing dwelling units. The program is essentially the same as Section 23; however, the 1974 act enables HUD to enter into contracts directly with owners of eligible housing and to perform certain functions otherwise assigned to a local housing authority in areas where a public housing agency is unable to implement the program. Eligible sponsors (or owners) of Section 8 housing include private builder-developers, cooperatives, and public agencies. Owners of Section 8 housing assume all ownership, management, tenant selection, and maintenance responsibilities which functions may be contracted to any entity (including a local housing authority) approved by HUD.

Section 8 Housing Assistance Payment Contracts Also known as a “HAP payment”. This is a written contract between a PHA and an owner of Section 8 housing, to provide housing assistance payments on behalf of a family eligible to receive the HAP subsidy.

Section 8 Housing Vouchers - One of the types of assistance to low-income individuals provided in the Section 8 Program.

Section 8 Moderate Rehabilitation - One of the three types of assistance provided in the Section 8 Program.

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GLOSSARY OF TERMS

Section 8 New Construction - Housing (1) for which construction starts after execution of an agreement to enter into a Housing Assistance Payment (HAP) contract; or (2) which is already under construction before such execution provided that, at the time of application to HUD for the HAP subsidy and at the time construction was initiated; (i) a substantial amount, meaning generally at least 25 percent, of construction remains to be completed; (ii) construction cannot be completed and occupied by Section 8 HAP eligible families without HAP program assistance; and (iii) all parties reasonably expected that construction would be completed and occupied without Section 8 HAP program assistance.

Section 8 Program - A housing program which DHA administers. The qualified low-income person/family rents a unit from a private landlord. DHA subsidizes the rent based on a Fair Market Rent (FMR) established by HUD. The client is obligated to pay rent to the landlord based on the client's income.

Section 8 Substantial Rehabilitation - Section 8 HAP program housing which: (i) is improved to decent, safe, and sanitary condition in accordance with HUD minimum design standards, from a condition below those standards; or (ii) could be the result of renovation, alteration, or remodeling for the conversion or adaptation of structurally sound property to the design and condition required for use as Section 8 housing, or the repair or replacement of major building systems or components in danger of failure. HUD regulations stipulate that substantial rehabilitation may vary in degree from gutting and extensive reconstruction to the care of a substantial accumulation of deferred maintenance.

Securitize - The process of aggregating similar instruments, such as loans or mortgages, into a negotiable security. In the case of public housing authorities, it refers specifically to capital funding provided by HUD annually.

Serial Bond – A bond that matures in installments.

Single Room Occupancy - (SRO) A dwelling unit for occupancy by a single individual capable of independent living, which does not contain food preparation and/or sanitary facilities, and which is located within a multifamily structure containing more than twelve dwelling units.

Sinking Fund – A special fund, sometimes required by bond indentures, that holds specifically earmarked cash and ensures funds will be available to pay interest and principal on the bond.

Source of Revenue - Revenues are classified according to their source or point of origin.

Special Revenue Funds – A type of fund that accounts for proceeds of specific revenue sources (other than sources for major capital projects) that is legally restricted to expenditures for specified purposes.

Special Transfer - An operating transfer made for a specific program or purpose.

Statement of Changes in Financial Position - The basic financial statement which presents information on the amount of the sources and uses of an entity's working capital during an accounting period.

Strategy - A systematic plan of action put in place to meet goals.

Support Maintenance - An Internal Service Fund whose revenues are derived from user charges for services provided to other funds for pest control, locksmith services, small engine repair and equipment operators.

Total Development Cost - The total cost of development of a given project, including the costs of land, planning, all fees, construction financing, construction, landscaping and off-site improvements.

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GLOSSARY OF TERMS

Transmittal Letter - The opening section of the budget which provides the DHA Board and the public with a general summary of the most important aspects of the budget, changes from the current and previous fiscal years, and recommendations regarding the financial policy for the coming period.

Uniform Relocation and Real Property Acquisition Act of 1970 - An act to provide for uniform equitable treatment of persons displaced from their homes, businesses, or farms by federal and federally assisted programs and to establish uniform and equitable land acquisition policies for federal and federally assistance programs. The act requires that moving costs be reimbursed and that certain relocation payments be made to homeowners, renters and businesses displaced by such activities. Working Capital - The excess of current assets over current liabilities, and is used to indicate the relative liquidity of an enterprise or internal service fund.

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ACRONYMS

A/E Architectural and Engineering ACC Annual Contributions Contract AM Asset Management Project ARRA American Recovery and Reinvestment Act BCU Blended Component Units CAFR Comprehensive Annual Financial Report CDOH Colorado Division of Housing CFP Capital Fund Program CFFP Capital Fund Financing Program CHFA Colorado Housing Finance Authority CLPHA Council of Large Public Housing Agencies CNI Choice Neighborhoods Initiative COCC Central Office Cost Center CPH Curtis Park Housing CR Continuing Resolution CSG Casa Loma, Syracuse, Goldsmith DHA Denver Housing Authority DHC Denver Housing Corporation DHAP Distance Housing Assistance Program DHP Denver Housing Program DPCU Discretely Presented Component Units DPS Denver Public School DPD Denver Police Department DVP Disaster Voucher Program ECM Energy Conservation Measures EOC Energy Outreach Colorado EPA Environmental Protection Agency EPC Energy Performance Contract FFB Federal Financing Bank FSS Family Self Sufficiency Program FTE Full Time Equivalents FY Fiscal Year GAAP Generally Accepted Accounting Principles GASB Government Accounting Standards Board GFOA Government Finance Officers Association GOEA Globeville Operating Easement Agreement GRPI Globeville Redevelopment Partnership I GRPII Globeville Redevelopment Partnership II GWH Globeville Workforce Housing Inc. GWHI Globeville Housing Inc. HAP Housing Assistance Payment HMD Housing Management Division HOA Homeownership Association HOME HOME Investment Partnership Program HOPE VI Housing Opportunities for People Everywhere HQS Minimum Housing Quality Standards as prescribed by HUD HUD Department of Housing and Urban Development, a federal agency ISF Internal Service Fund

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ACRONYMS

LEED Leadership and Environmental Design LIBOR London Interbank Offered Rate LIHTC Low Income Housing Tax Credit LOCCS Line of Credit Control System LRC Local Resident Council MBE Minority Owned Business Enterprise MOD REHAB Section 8 Moderate Rehabilitation Program MOU Memorandum of Understanding MTCS Multifamily Tenant Characteristics System NECO Neighborhood Eco NOFA Notice of Funding Availability NPO Nonprofit Organization NSP Neighborhood Stabilization Program OC Opportunity Centers OEA Operating Easement Agreement OED Office of Economic Development OMB Office of Management and Budget PCARD Purchasing Card PBA Project Based Assistance PDPA Public Deposit Protection Act PEL Project Expense Level PEPR Performance Enhancement Program Report PH Public Housing PHA Public Housing Agency PHAS Public Housing Assessment System PILOT Payment in Lieu of Taxes PUM Per Unit Month QHWRA Quality Housing and Work Responsibility Act RCB Resident Council Board RCS Resident & Community Services REAC Real Estate Assessment Center RHF Replacement Housing Factor RLS Request for Legal Services ROSS Resident Opportunity and Self Sufficiency Grant S8 Section 8 SEMAP Section 8 Management Assessment Program SRO Single Room Occupancy TANF Temporary Assistance for Needy Families TOD Transit Oriented Development UEL Utility Expense Level UMA Unit Months Available UPCS Uniform Physical Condition Standards VA Veterans Administration VASH Veterans Affairs Supportive Housing WBE Women Owned Business Enterprise WDCI Workforce Development & Community Initiative WIA Workforce Investment Act WIOA Workforce Innovation and Opportunity Act YO Youth Opportunity Grant

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denver housing authority 2016 annual budget · fiscal year beginning january 1, 2016 . board of...

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