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Home My WebLink About06/09/2014 - Minutes •viage *we THE 913th MEETING BOARD OF COMMISSIONERS OF THE HOUSING AUTHORITY,CITY OF RENTON MONDAY,JUNE 9th,2014 AT 9:00AM 2900 NE l0m ST.RENTON,WASHINGTON 98056 MINUTES The Board of Commissioners of the Renton Housing Authority met for the monthly board meeting on Monday June 9th 2014.The meeting was held at the A.J.Ladner Administration Building,2900 NE 10th St.Renton,Washington.Chairperson Marsh called the meeting to order at 9:02 am. 1. COMMISSIONERS PRESENT:Gerry Marsh,Sally Eastey,Merna Wheeler,and Maxine Anderson.Also present:Mark Gropper,Executive Director,Owen Mayfield,Director of Finance and Accounting,and Kaelene Nobis,Executive Assistant.Thomas Tasa was not in attendance. 2. CONSIDERATION OF MINUTES 3. AUDIENCE COMMENT (Speakers must sign up prior to the Board Meeting).Each speaker is allowed five minutes.The initial audience comment period is limited to one-half hour.A second audience comment period later in the agenda allows five (5)minutes for each person,for a total comment period limited to the time constraints of the board. 4. CONSENT AGENDA 4.1.Local Government Investment Pool—May 2014 4.7 million 0.92%rate of return.Nothing new or taken out. 4.2. Checks Issued Report—May 2014 MOTION by Commissioner Anderson and a second by Commissioner Eastey to approve the Consent Agenda. Ayes:All Nays:None Motion Carried 5. FINANCIAL 5.1.Financial Statements as of April 2014. RHA operated at a surplus of$193k for the first 4 months of 2014.The LIPH properties incurred a slight loss of$6.5k.The Senior Properties reported a surplus of$21 k.The Market-Rate Properties reported a surplus of$214K and the Section 8 program operated at a loss of$35k. Net Assets totaled$32.2M at the end of April with$6.9M classified as unrestricted. RHA held$7.4M in cash and Iiquid investments.. MOTION by Commissioner Wheeler and a second by Commissioner Anderson to approve the Financial Statements. Ayes:All Nays:None Motion Carried 5.2. Section 8 Utilization Update Similar to last month,not a significant change.Last month 19 vouchers in reserve,this month is 15,because there are 6 families with vouchers from sunset terrace relocation. Starting in June,20 new vouchers will be attributed to relocation vouchers,20 June,20 July and 34 in august.Correction to rainbow sheet** Friday HUD responded to request to project base KAT,it appears that RHA has greater cash obligations for the debt on the property than earning on the rent receipts.Some explanations need to occur to HUD on behalf of RHA.Looking to ramp up the value of a 2br voucher 5.3. Resolution#2462-2014:Request permission from the Board of Commissioners to write off$79,997.42 in uncollectable market-rate rents from 2013 per the attached list. The actual amount collected during the year was$2,926,045 or 97.3%of the amounts billed by the market-rate properties.The accounts written off will or have already been submitted for collection by RHA's third party collection agency,IQ Data/Rent Collect. The mission of the Renton Housing Authority is to provide decent,quality,affordable housing in a safe environment to people with low incomes who make Renton their home. Through partnerships with our clients, service providers and other groups, we will responsibly increase and enhance our housing programs while providing opportunities for those we serve to become self-sufficient. 11111, ISO MOTION by Commissioner Eastey and a second by Commissioner Anderson to write off$79,997.42 in uncollectable market-rate rents from 2013 per the attached list.The actual amount collected during the year was$2,926,045 or 97.3%of the amounts billed by the market-rate properties.The accounts written off will or have already been submitted for collection by RHA's third party collection agency,IQ Data/Rent Collect. Ayes:All Nays:None Motion Carried RESOLUTION#2462-2014 THEREFORE,BE IT RESOLVED by the Commissioners of the Housing Authority of the City of Renton.WA to give permission to write off$79,997.42 in uncollectable market-rate rents from 2013 per the attached list.The actual amount collected during the year was$2,926,045 or 97.3%of the amounts billed by the market-rate properties.The accounts written off will or have already been submitted for collection by RHA's third party collection agency,IQ Data/Rent Collect. DATE: ,� ly 1447014 Signature: — •'it f'/.•;0 • :Id Marsh,Chairperson Mark .Cropper c 5.4.Resolution#2463-2014:Request authority from the Board of Commissioners to invest up to$100,000 with Time Value Investments in a HUD approved,federally insured debt instrument that will mature just prior to the end of October 2019.The actual security has not been identified but will be similar to Fanny Mae with a yield greater than the Washington State Investment Pool,The funds will be drawn from the Glenwood Townhomes US Bank checking account and the sales proceeds in 5 years will be used to retire the WCRA-loan due in November 2019.Additional investments with TVI will be requested from time to time when funds are available to create a series of investments that mature in time to retire the WCRA loan. MOTION by Commissioner Eastey and a second by Commissioner Wheeler to invest up to$100,000 with Time Value Investments in a HUD approved,federally insured debt instrument that will mature just prior to the end of October 2019.The actual security has not been identified but will be similar to Fanny Mae with a yield greater than the Washington State Investment Pool.The funds will be drawn from the Glenwood Townhomes US Bank checking account and the sales proceeds in 5 years will be used to retire the WCRA-loan due in November 2019.Additional investments with TVI will be requested from time to time when funds are available to create a series of investments that mature in time to retire the WCRA loan. Ayes:All Nays:None Motion Carried RESOLUTION#2463-2014 THEREFORE,BE IT RESOLVED by the Commissioners of the Housing Authority of the City of Renton.WA to invest up to$100,000 with Time Value Investments in a HUD approved,federally insured debt instrument that will mature just prior to the end of October 2019.The actual security has not been identified but will be similar to Fanny Mae with a yield greater than the Washington State Investment Pool.The funds will be drawn from the Glenwood Townhomes US Bank checking account and the sales proceeds in 5 years will be used to retire the WCRA-loan due in November 2019. Additional investments with TVI will be requested from time to time when funds are available to create a series of investments that mature in time to retire the WCRA loan • The mission of the Renton[lousing Authority is to provide decent,quality,affordable housing in a safe environment to people with low incomes who make Renton their home. Through partnerships with our clients, service providers and other groups, we will responsibly increase and enhance our housing programs while providing opportunities for those we serve to become self-sufficient. 'liltPi DATE: n 1 Ally 014 Signature: .9:i!//,//!b eni�1!1� Gefald arsh,Chairperson T Mar . ropp e 6. OLD BUSINESS 6.1.Resolution#2464-2014:Whereas RHA is constructing 18 townhomes to serve as Sunset Terrace replacement housing,known as the Kirkland Avenue Townhomes;and whereas the agency is relying on a multi-stakeholder mixed finance funding package;and whereas the Washington Community Reinvestment Association has been established as an acceptable provider of permanent loans for publicly financed projects;therefore RHA staff recommend,and the RHA Board of Commissioners does hereby resolve under Resolution 2464-2014 to close on the 7-year permanent loan,at 4.375%,for$725,000 to complete the financing package for the Kirkland Avenue Townhomes as depicted in exhibit. MOTION by Commissioner Eastey and a second by Commissioner Anderson to resolve under Resolution 2464-2014 to close on the 7-year permanent loan,at 4.375%,for $725,000 to complete the financing package for the Kirkland Avenue Townhomes as depicted in exhibit. Ayes:All Nays:None Motion Carried RESOLUTION#2464-2014 THEREFORE,BE IT RESOLVED by the Commissioners of the Housing Authority of the City of Renton.WA resolve under Resolution 2464-2014 to close on the 7-year permanent loan,at 4.375%,for$725,000 to complete the financing package for the Kirkland Avenue Townhomes as depicted in exhibit. DATE: yyly1•/ ,114 a Signature: _.;.5,=.yXjg.:v:fie Ger:1 d Mars I,Chairperson C 'F Marl R. rop ry 7. NEW BUSINESS 7.1. Smoke-free Building Signage 7.2.KAT field report construction Update. 8. EXECUTIVE SESSION 10:15-10:50A:Potential Real Property Matters 9. EXECUTIVE DIRECTOR NOTEWORTHY MEETINGS AND ACTIVITIES 9.1. May 13,Sunset Area Community Investment Strategy,monthly meeting facilitated by City of Renton 9.2.May 13,John Forsyth,Al Levine Potential Model Partnership between the Seattle Housing Authority and the City of Renton and Renton Housing Authority for Sunset Area Community Revitalization and$25M Choice Neighborhoods Implementation Grant 9.3. May 15,Friends of Youth,Director,Terri Pottmeyer expanding services in Renton 9.4.May 19,Salvation Army Renton Corps Advisory Council Meeting,monthly meeting 9.5.May 20,Community Transformation Grant Leadership Team Meeting 9.6. May 28,Renton Technical College,Steve Hansen;Seattle Housing Authority,John Forsyth;City of Renton and Renton Housing Authority Sunset Area Community Revitalization and Choice Neighborhoods Implementation Grant partnership development The mission of the Renton Housing Authority is to provide decent quality,affordable housing in a safe environment to people with low incomes who make Renton their home Through partnerships with our clients, service providers and other groups, we will responsibly increase and enhance our housing programs while providing opportunities for those we serve to become self-sufficient. 11111, *NO 9.7. May 30,Kirkland Avenue Townhomes,modular building set open house event, Pavilion,Champion,Bent Level,RHA,Schemata,SRI,City of Renton 9.8.June 2,City of Renton,meeting to discuss siting a new resident services/community center in the Highlands 9.9.June 3,Choice Neighborhoods Implementation Grant—monthly planning meeting, sponsored by City of Renton with Neighborhood Hs.,SRI,and RHA/SHA 9.10.June 4,Housing Development Consortium Board,monthly meeting at the Washington State Housing Finance Commission offices 9.11.June 4,Need Knows No Season,Renton Corps event at the Pavilion Event Center, Russell Okung and Tony Ventrella 10.INFORMATIONAL ITEMS 10.1.SEMAP 2013 HQS element resolution 10.2.Resident Newsletter 11.UPCOMING EVENTS 11.1.June 11th Senior Services Social 1:00 pm 11.2.June 11 th City of Renton Seeks advice of older Adults from 7:00-8:OOpm at the senior activity center. 11.3.June 17th Orca Mobile at RHA 1:30p-2:30p 11.4.June 19t:sustainable Renton and meaningful movies presents"What's the economy for anyway" 1:00pm 11.5. Emergency Preparedness Training for Residents June 17th at Golden Pines 1:00pm, June 25th at Cedar River Terrace 2:30pm,July 2"d at Hillcrest Terrace at 1:00pm, 12.AUDIENCE COMMENT 13. ADJORN 11:11AM. The mission of the Renton Housing Authority is to provide decent,quality,affordable housing in a safe environment to people with low incomes who make Renton their home. Through partnerships with our clients, service providers and other groups, we will responsibly increase and enhance our housing programs while providing opportunities for those we serve to become self-sufficient.