Hadco board Meeting Minutes For May 28, 2015 place: Myers Center time: 12: 30 p m. Attendees

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HADCO

Board Meeting Minutes

For

May 28, 2015
PLACE: Myers Center

TIME: 12:30 p.m.
ATTENDEES: Arthur Perry, Michael Baker, Jeff Cooley, Jerry Griese, Chris Spens, Janeal Kohler and Jamie Ambrosini.
READING & APPROVAL OF MEETING MINUTES: Board Meeting April 23, 2015. Commissioner Spens motioned to approve the minutes. Commissioner Perry seconded. No discussion. A vote was taken. All commissioners voted yes. Motion passed.
REPORT OF THE SECRETARY:
Presentation of the tax credit audits
Mrs. Kohler introduced Bill Mass from Emerald CPA who provided a report on the three tax credit audits. Mr. Maas highlighted the following items from the audits:

Limited cash flow was noted on all three properties.
Vine Street I & Vine II ended the 15 year compliance period in 2012. The tax credits are taken over a ten year period but the partnership has to stay compliant for fifteen years. The tax credit partnerships are arranged to permit the general partner to purchase the interest of the limited partner at the end of the fifteen year compliance period. The transfer of capital due to the purchase of interest will be an unusual entry on the financial statements. HADCO and the limited partner have been negotiating the purchase of interest with a final agreement effective December 31, 2014. Mr. Maas provided consulting in regards to review of proposals specifically in regards to the proper calculation of the capital on a tax basis.
The Vine Street partnership is now comprised of the general partner, HADCO, at 99% and the limited partner, DMPM, at 1%. It was more cost effective to keep the partnership than to dissolve it due to lender restrictions.
Orchard Knoll is approaching their fifteen year expiration December 31, 2015. There are no outside lenders and the limited partner seems agreeable to a simple buy out.
Discussion was held on investment assets – cost bases vs. fair market value.
Some capital needs were addressed this year that turned out to be more expensive than originally planned resulting in additional expense this year.

Mr. Maas reported his firm is conducting the HADCO consolidated audit and it is going smooth. He will be back at a later date to provide a report on the consolidated audit.

Program Updates
Mrs. Kohler reported there were no operating statements in the packet for April. Mrs. Kohler would provide operating statements at the next board meeting.

Mrs. Kohler reported HADCO received notification for a HUD Review of the Section 8 cash and equity balances to be held in August.

Mrs. Kohler reported the moss removal/roof replacement for the James D. Myer Center and administration building has been delayed due to the identification of asbestos.
Mrs. Kohler reported the Section 8 program’s waitlist is moving rapidly and HADCO is issuing a large amount of vouchers.
Mrs. Kohler provided the Board online training instructions for fair housing training through HADCO’s insurance sponsored “In2vate”.
BILLS & BOARD COMMUNICATION: None
REPORT OF THE COMMISSIONERS: None
PUBLIC COMMENT ON BUSINESS ITEMS: None
UNFINISHED BUSINESS:
Project Basing Family Choice Vouchers at Blueridge Apartments
Mrs. Kohler presented a summary of the financial impact of Section 8 assistance at the Blueridge Apartments. Mrs. Kohler reported there are 18 unassisted units at Blueridge that has created a significant financial hardship. The summary proposed project basing 18 Section 8 Vouchers to bridge the lack of rental assistance at the property. Mrs. Kohler asked for the Boards approval to amend the HADCO Annual Plan to include project basing 18 Section 8 Vouchers at the Blueridge Apartments. Commissioner Spens motioned to amend the Annual Plan as proposed and put it out for 45 day public comment. Commissioner Griese seconded the motion. No discussion. A vote was taken. All commissioners voted yes. Motion passed.
Election of Board Chair and Vice Chair
Commissioner Griese motioned to elect Commissioner Cooley for Board Chair and Commissioner Perry for Vice Chair. Commissioner Baker seconded the motion. No discussion. A vote was taken. All commissioners voted yes. Motion passed.
NEW BUSINESS
Resolution #2045-Authorization for SEMAP certification
Mrs. Ambrosini reported on the requirement for HADCO to annually self certify, by May 31, to several Section 8 indicators in a report called “SEMAP”. The certification requires Board approval. HADCO has been a high performer since 2002 and was expecting this SEMAP score to be high as well. Commissioner Griese motioned to approve the SEMAP submission. Commissioner Spens seconded the motion. No discussion. A vote was taken. All commissioners voted yes. Motion passed.
Resolution #2046-Amend Section 8 Administrative Plan occupancy guidelines for one person households.
Mrs. Kohler & Mrs. Ambrosini explained the current occupancy guidelines for the Section 8 Program requires one person households to be issued a voucher for a studio apartment rather than a one bedroom apartment. This occupancy guideline is having an adverse affect due to a lack of studio apartments in the County. Mrs. Kohler was proposing to allow one person households to also be eligible for one bedroom apartments. Commissioner Griese motioned to pass resolution #2046. Commissioner Spens seconded. No discussion. A vote was taken. All commissioners voted yes. Motion passed.
Commissioner Cooley reported he would be unable to attend the June meeting. Commissioner Spens suggested there be no June board meeting unless an important concern arose. The Board agreed and Mrs. Kohler would notify them in the event a meeting was needed.
PUBLIC COMMENT: None
REGULAR BUSINESS MEETING ADJOURNED: 1:30 pm