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HomeMy WebLinkAbout10/23/2007 HOUSING AUTHORITY MEETING October 23, 2007 CITY COUNCIL CHAMBERS 4:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: September 25, 2007 D. Officers Reports E. Public Forum F. Unfinished Business G. New Business 1. Possible candidates for property acquisition ~ H. Other 1. Updates on closing status for Allison and 41st developments 1. Adjoumment ~ MINUTES WHEAT RIDGE HOUSING AUTHORITY September 25, 2007 A. CALL MEETING TO ORDER The meeting was called to order by Chair Brungardt at 5:00 p.m. B. ROLL CALL Authority members present: Authority members absent C. D. E. F G. Cheryl Brungardt Kent Davis Lena Rotola Janice Thompson Kathy Nuanes Others present: Sally Payne, Acting Executive Director Lany Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Henry Wehrdt, Construction Manager APPROVAL OF MINUTES It was moved by Kent Davis and seconded by Janice Thompson to approve the minutes of August 2$, 2007. The motion passed 4-0. OFFICERS REPORTS There were no reports. PUBLIC FORUM There was no one to address the Authority at this time. UNFINISHED BUSINESS There was no unfinished business. NEW BUSINESS 1. Updates on closing status for Allison and 41s' developments Lany Nelson reported that closing on the 4 1 " Avenue property should occur around the end of October. The county is awaiting three responses that are necessary due to the property being located in a flood plain. The Allison property should close within the first ten days of October. Housing Authority Minutes - 1- September 25, 2007 2, Update on Parfet water situation Henry Wehrdt reported that Park Range Construction has removed all effervescence and mud. A French drain has been installed and the water no longer encroaches. They are continuing to pump water from four sump holes. There was no problem after the last big rain storm. The environmental hygienist found two issues. Work done by Park Range will remedy the situations. There were two areas with mold (two 10-foot by 10-foot areas). The environmental hygienist recommended that the entire basement be sprayed and sealed. This would cost about $3000. Cost for hygienisYs services will be about $500. Total cost to remedy the entire situation is estimated to be about $20,000. 3. Possible candidates for final single family acquisition Larry Nelson presented information on a potential property and asked for direction from the Housing Authority to make an offer. It was moved by Janice Thompson and seconded by Lena Rotola to direct Cornerstone Realty to make an offer of $155,000 for property located at 6380 West 45'h Place. The motion passed 4-0. 4. Parkside update Larry Nelsan reported that the unit at Parkside will close on Friday, Septernber 28, 2007 H. OTHER Richards-Hart Estate duplex status Chair Brungardt announced that City Council made a decision to demolish the units on the Richards-Hart Estate. The remaining tenant has resided there for twenty years. The Housing Authority has informed the tenant that he will be reimbursed for moving expenses. He will also be offered down payment assistance or rental deposit assistance up to $500. 2. Change in meeting time It was moved by Lena Rotola and seconded by Janice Thompson to change the time for Housing Autharity meetings from 5:00 p.m. to 4:00 p.m. The motion passed 4-0. Housing Authority Minutes - 2- Sep[ember 25, 2007 I. ADJOURNMENT It was moved by Kent Davis and seconded by Lena Rotola to adjourn the meeting at 6:06 p.m. The motion passed 4-0. Cheryl Brungardt, Chair Ann Lazzeri, Secretary Housing Authority Minutes - 3- September 25, 2007 From the President can't believe that fall is almost here. It seems like we just attended the spiing I(Colorado Springs -State level) arsd summer (Chicago - National Ievel) conEer- ences and now the frenzy to finalize Rlans for tfie fal( National Conference in San Diego is upon us. Speaking of the spring conference, I just want to mention whaz a great conference it was and formally xecognize and thank the Planning Committee, Pam Simon and her staff at the Colorado Springs Housing Authority for all their hard work and for planning such fun aad creative events for us in Colorado Springs. If you are interested in participating for next year's conference please contact Pam. At the conclusion of our mnference we held the election of officers for Colorado NAHRO. It is my pleasure to formally announce the offices of the Ezecutive Board for the 2007-2009 temn: Donald May Adams County Housing Authority President Virginia Walker Longmont Housing Authority Uice President, Commissioners Frank Pacheco Pueblo Housing Authority Senior Vice President Jacqui Pickett Jefferson Counry Human Services/ Community Dev. Immediate Past President TeresaDuran Colorado Division of Housing Past President Moofie Miller Loveland Housing Authority Secretary Janet Grimmett City of En$lewood Vice President, Community Dev. Stella Madrid Denver Housing Authoriry Vice Ptesident, Housing Pam Simon Housing Authority of the City of Colorado Springs Vice Pcesident, Professional Dev. Rachel Perez,nSteinbach ForrCollins Housing Authoriry Vice President, Member Services Gloria Stubbs David Martens Jefferson County Housing Authority Colorado NAHRO Treasurer Service Officer Pd like to thank the above'officers for their commitmenx and what-I'm sure will be dedicated service to ell of you. I have stated that for my term asPresidentTwould like to see us proceed with developing a Strategic Plan including identified goals. Many of you are aware that Board: members formed a focns'group in 2005 and held a Stracegic Planning Retreat facilitated by Sam Betters, Executive Director of the Loveland Housing Authority. There were many gceat ideas generated and we have copious notes and a very good start 4o developing an actual Strategic Plan. We have even made progress on some of the identified goals such as developing a stronger parmership with Housing Colorado, being a major player in promoting the Housing Trust Fund, developed an Endorsement Policy for I,egislation and have provided more training opportunities to oucmembership to name a few. In order to move this fotward we will be holding a retreat of the Exewtive Board and invited guests on September 19th 2007. We will also be looking for input and ideas from our membership so be on the lookout for a questionnaire sometime in October. Donald May Colorado NAHRO President Nahro N e w sED - DHA Names New Executive Director On June 25, Ismael Guerreco became the new Executive Director of the Denver Housing'Authority, replacing retiring Sal Carpio who has led DHA since 1984. Mr. Guerrero's credentials include most recently serving as a Business Development Officer for U.S. Bancorp Community Development Corporation, where he struc- tured and closed Low Income Housing Tax Credit Partnerships to develop afford- able multi-family housing throughout the western United States. CHFA Board Members The newest CHFA Board Members are Sam Betters, Executive Director of the Loveland Housing Authority, Kevin Marchman, former Executive Director of the Denver and Boulder County Housing Authorities and Mark O'Connor. New CEO Leadership Named for Thistle Community Housing in Bould¢r The Thistle Commanity Housing board of directors has announced that after an extensive national search, Mary Duvall Roosevelt has been chosen to serve as Chiet Executive Officer, effective September 10. Roosevelt replaces Aaron Miripol who is now with the Urban Land Conservancy in Denver. Longmont Executive Director Retires Come celebrate 30 years in housing with Judi NIoxgan who is retiring as Executive Director of the Longmont Housing Authority. Colorado NAHRO members are invited to attend the celebration on Friday, October 5, from 4 pm to 6 pm at the Longmont Elkg Club, 306 North Coffman St in Longmont. For tnore information or to send your regards contact Judi at judmor@yahoo.com or 303 651-0437. 2007 Housing Colorado Now Confer¢nc¢: October 1-4 in Vail, Colorado Come get informed, inspired and connected arthe 2007 Housing Colorado NOW! Conference. The conference will explore Housing: The Cornerstone to Strong Communities, and discover the many ways affordable housing strengthens the qual- ity of life in our communities. For more information go to unvw.housingcolorado.org. 2 Colorado NAHRO Annual Conference Recap - Achieving Peak Performance, May 7-11, Colorado Springs Thc Colorado NAHRO Annual Conference toc2k a slightly difEerent format in 2007. The Maintenance Conference, which has tradi- tionally taken place at a different time of year, was held in the two days prior to the Management Conference on May 7-8, with over 100 maintenance staff &om around the state and Wyoming attending. The Maintenance Conference got statted with a general session called "Times are a Changing" featuring Executive Directors Preston Prince, Aurora Housing Authority, and Eugene Montoya, City of Colorado Springs Housing Authoriry. The Directors examined a variety of changes taking place in public housing as a result oE Asset Management The Maintenance conEerence then nffered atten- dees breakout sessions in REAC Inspections, Electrical, Drywall; Landscaping, Heating and an Introduction to Meters. The Management Conference followed its usual format and took place Wednesday, May 9 thtwgh Friday, May 11 with ovet 175 attending. The Management ConEerence got started with an inspiring opening session presented by nationally acclaimed ieaker Darin Green caDed "Atatudes ui Motion°. Six tracks of ,reakout sessionswere then offered in the areas of Public Housing Secdon.8, Project Based Secdon 8, Resident Service, Community Revitalizadon and Development and Rehab. The nauonal NAHRO candidate for President, Renee Rooker, and the candidates for Senior Vice President, Larry Loyd and Nola Popoola attended as guests of Colorado NAHRO and pre- sented their views in a Candidates Forum that took place at Wednesday's Luncheon. The candidates also participated in a variety of workshops. Confetence delegates were also treated to the ever popular general session "Nadonal Outlook on Housing" which feamred HUD representauve John Dibella, NAHRO Senior Vice-President Renee Rooket and CoNAHRO President Don May. In addition to some excellent learning oppor- wnities; the. Management Conference fea- tured some fun social events. The Sponsor reception,on Wednesday evening, May 9, was well attended with many prizes aven out. Colorado NAHRO set an all ume record for Sponsotship at this year's conference and we'd like to thank everyone who participated. We'd also like to thank CHFA for sponsoring another great hospitaliry reception on Wednesday evernng following the Sponsor Reception. The banquet on Thursday evening, May 10, statted with a fun game called NAHRO Notables in which participana tried to match current photos of NAHRO members with photos from their past. The winner was Betsey Martens from Boulder Housing Partners. The group was 4hen treated to an upliEting dance per- formance by an Irish Dance troupe.. More prizes. were . given out after dinner followed by dancing andeven a bit of karaoke! Congratuladons to the entire plantung committee who did a won- derful job putting together the workshops and events at this year's Managemenf Conference. Thanks also to The Housing Authority of the Ciry oE Cobrado Spcings, Direerot Gene Montoya and tfie entire staff for hosting the conference and providing great sup- port And a very special thanks goes out to Pam Simon who went above and beyond the call in organizing the sponsors, the housing tour and the banquee. The ProEessional llevelopment committee is in the process of evaluating sites for next year's conference. Complete details will be announced in the fall. Tbe Irish Dancers performed at Tbursday's Banquet ,AHKQ Senior VP Candidate Nola Popoola addresses tbe audience whtle candidate Larry Loyd (left) and Preston Prince look on. SC - & : ~ponsar pescriptioii . ° Support Loue1 . . Outcorn~ $[atc guctgzt ~ Acriue Increage tlre Fipusing Gt'3CiLSLinettClTi"X$123s~;.... ;2 ' Sets. Veiga, tluthorize~Law Tncotrr~ Signed Fy Governor ;r Rep~ Frangas ' ' Hoiaseh~ld ~cil~by Hat~s. . ~ ~I~124 3e1%. Fsgar, CHFA Revisions tlczive Enacted 14 , R~p. MersQI . Sen- BQyd SeIE Suffciency i ° 5 Re}~;mRie'sberg , S°tJ dard Activr Ercacted . ~ :'~2 9e1x! ~sndoVal: Tdentiify I~ocumeats Lvitience AcCive 'U4tcyed". by Canckern~ar ~ ta3orcgage"Ftaud. 4 2007 State Legislative Wrap Up Repnnted with permission from Housing Colorado -`rhe Colorado General Assembly wrapped up for the year on Lay 4th and went home five days early. Now thateverything has been tallied and reports have been ffled, we thought you might like to know how things went for affordable housing. Overall, ten of the twelve bills Housing,Colorado support- ed this spring have been signed by the Governor. The bills worked to increase the affordability of housing, protect consumers, increase funding or resources and increase access to affordable housing. One (SB 058) was killed in committee and one (HB 1313) £aces a possible veto. Housing came up in a variety of ways this spring. We saw energy issues, foreclosure prevention and attempts to quari- tify the cost of living in each Colorado county. Housing Colorado testified in support of two bills that would lower utility costs, a serious issue for low income households as ris- ing energy costs erode the front-end affordability affordable housing professionals work so hard to provide. The first, SB022 allows the Public Utilities Commission to set lower tate tiets for low-income households, and HB 1146 mandat- ed building codes meet the 2003 International Energy Conservation Code: (HC testimony included the need to maintain current grant programs for the developers of affotdable housing who upgrade the energy efficiency of eir units.) We also testified in favor of the revisions to the t:olorado Housing and Finance Authority's statute which would enable CHFA to respond more quickly and flexibly to the changing needs of low and moderate income households and regional differences We also testified in support of publicizing the Self Sufficiency Standard on the Department of Loca1 Affairs website, which'uses housing and mang other factors to determine what it really costs to live in Colorado. UUith housing and uansportation now ea6 ing up 59% of moderate-income household budgets in the Metro area, housing costs will emerge as the primary driver. Housing Colotado's top priority this spring was increasing the Housing Grants line item in the state budget. After much hard work, and with the unanimous support of the Joint $udget Committee, we saw the line inch a little high- er, from $1,115,000 to $1,238,000. Though $123,000 might seem small, this was a significant victory for afford- able housing in today's budget climate. All our conversa- tions, calls, emafls and Day Under the Dome activities shifted the perception about the importance of funding affordab(e housing and strengthened the voice of Housing Colorado at the state legislature. The Joint Budget Committee in particular was well aware of the strong con- ;mency that supports affordable housing and the benefit .o the state for increasing our funding. Against this backdrop, Housing Colorado met with Governor Ritter in early April and brought in the Colorado Housing Investment Fund to enlist kus support for increas- ing fhe grant line in 2008 and helping to secure a susTain- able Funding stream for affordable housing. T7ie results of that meeting should be announced shortly. For those issues that didn't get worked out in the legislature this year, such as a landlord - tenant relations bill and efforts to clarify the Telluride decision, Housing Colorado and other stakehnlders will meet over the summer to work on finding common ground Eor the 2008 Session. Colorado Delegation Discusses Housing Issues in Washington Every spring Colorado NAHRO members attending the NAHRO Legislative Conference in Washington visit the individual offices of Colorado congressional representatives ro discuss our Legislative Agenda for the coming year. This year, Colorado NAHRO decided to add an extra layer to this strategy by also sponsoring a group meeting in which all the representatives were invited to participate. On March 20, 2007, over 30 Colorado NAHRO members participated in the chapter's first annual legislative meeting in the Mansfield Room of the U.S. Capitol. Representatives from all nine offices of the Colorado Congressional delega- tion attended. Keynote speakers included newly-elected Congressman Ed PerLnutter (D-CO-7) and Sean Conway, Chief of 5taff for U.S. Senator Wayne Allard (R-CO). Issues discussed during the meeiing included: * The need to restore funding for the Coaimunity Development Block Grant (CDBG); ~ Maintain the baseline for the Housing Choice Uoucher (HCV) program; * Fully fund the public housing operating subsidy and cap- ital fund program; and * Commit the resources necessary to end homelessness. Members attending the meeting generally agreed that it was an excellent exchange of ideas: There was some disappoint- ment exptessed that Congressman Pedmutter was the only acmal representative to attend the meeting. The other dis- tricts all sent staff representatives. The Colorado NAHRO Board is committed to continue exploring waps to most effectively communicata our Iegisla- tive priocities to congressional representatives. At an upcoming strategic planning session; the Board will be dis- cussing the merits of ineeting with representatives in a joint meeting in Washington versus meeting with them in some format in Colorado. DHA LAUNCHES $1 G MILLION CITY WII3E ENERGY CONSERVATION PROGRt1M Depvet, CO The Denver Housing Authority (DHA) announced today their launch of a citywide energy efficien- cy program that will save an average of 25% of t6e Authority's annual energy usage, or approxunately $1.8 million in energy costs annually. The new program is being initiated through a$16 million Energy Performance Gontract with HoneywelL The program was unveiled at DHAs Quigg Newton Homes, culminating with fhe presentation of keys to Salina Newman and her two sons, the first famfly to move into a DHA energy efficient home. In presenting the house keys to the Newmati s; Ismael Guerrero, DHAs Executive Director, stated, °DHAs investment in these massive ener gy upgrades demonstrates our commitment to conservation. In the process, we are educating 7,700 residents to be gteemminded consumers". Before a crowd of federal, state, city and housing digni- taries and Quigg Newton residents, Denver Mayor John Hickenlooper expressed the Ciry and Counry of Denver's support for DHfis new energy program. "Sustainability is not only about creating a strong economy that also protects the envuonment. True sustainability should ensure that economic opportunity flows out into all neigfiborhoods," Hickenlooper said. "We are grateful to the Demer Housing Authority Board of Commissioners and staff, HUD and other'partners for this ambitious program-an important step in ourjourneqto becoming a balanced ener- gy capitol of the West." DHA began the process by hiring Honeywell to conduct an enetgy audit ire January 2006. The audit examined, among othee things, weatherization, electricity and water con- sumption of DHA buffdings._ The audit showed that the Denver Housing Authoptg would derive significant benefit by implementing comprehensive energy saving mezsures. The new improvements will be installed in approximately 3,700 publir housing units across the city, impacting nearly 7,700 very low,low, and moderate-income residents. "The installation of energy-saving devices in homes is gen- erally out of reach for low and moderate-income families. We are pleased with the fact that we are able to provide this for DHA residenis as well as begin to create a culture of energy conservahion among the families we serve." noted Bill Mosher, DHA Board Chair. In the Denver area, the average utility costs are approximately $154 per square Eoot. Fot public housing units, the average utIlity cost is $2.61 per square foot, ot nearly double t6e area average. tlll DHA property management staff and residents will receive training on the energy saving upgrades. Energy Improvements The type of energy improvements to be installed include: retrofit common and tenant lighting areas, high efficiency- appliances and furnaces, low flow water faucets, shower heads and toilets, windows, building envelope improve- ments, 'urigation systems, high limit thermostats, demand control ventIlation and high efficiency boilers. Innovative energy-saving measures also include a pilot geothermal heating and cooling system, one of approxi- mately 30 systems in the State of Colorado and the largest in the Denver area. Building improvements will have the twenty-year life cycle and will have the same environmental impact as planting 460,000 trees and enough water savings to fill 80 lakes the size of Denver's City Patk Lake. Funding In 1991, the Department of Housing and Urban Development (HUD) incorpocated energy conservation incentives into their funding regulations to implemenrpro- visions of housing and community development. HUD allows Housing Authorities to enter into an Energy Performance Contract and use the operating subsidy saw ings to pay off the financing. The contract is structured so that Honeywell will make the energy improvements to the properties then DHA will use the energy savings to pay for the cost of financing the improvements. The energy savings ate guaranteed by Honeywell, with DHA assuming very little risk, while improving the energy efficiency of their buildings without incurring any out of pocket ezpenses. At the end of the initial 12-year financing period, the Denver Housing Authority keeps all of the improvements, many of which have a usable life of 20 years or more. At that time, HUD begins to capture the energy savings through paying decreased utiliry bills and operating subsidy. This lessens the need to eely on taxpayecdollars to subsi- dize low-income housing costs Construction Construction has alregdy begun and is scheduled to be completed by August 2008. Honeywell acts as the general contractor for the project and subcontracts the work: "More than half of a city's greenhouse gas emissions are generated by buildings," said Joe Puishys, president of Honeywell Building Solutions. "Given the number of facil- ities involved in the project, this is an important undertak- ing not only for the DHA and its residents, but the entire Denver community. We look forwacd to implementing the conservation measures, delivering the tesults and making the program a success". For more information contact Stella Madrid, smadri@denverhousing.org. 7 ~-ongratulations to the 2007 Award Winners. The awards were presented by Colorado NAHRO President, Don May and by Renee Rooker, NAHRO Senior Uice-President. Elisabeth Neufeld arsd Preston Prince accepnng Community Revitalizatfon Award, Aurora Houszng Authority far 2006 Aurora Conzmunity Keinvestment Program Dan Burnham and Jo Hamit accepting Administrative Innovation Award, Littletovx Hoatsing Autborily for KL'AC Scores Elizabeth Neufeld and Paul Andnts accepting Affordable Housing Design Award, Aurora I(ousiixg Corporatian for Plaza Townhomes at Macon and Moline Tania Moms receiving Outstanding Staff Member Award, Aurora Housing Authority ]ames Davrs accepting Resident and Client Seruices Award, Adams Countv Housing Authority, for Poreclosure Prevention Education Worksbops Douglas County Ilousing Pcir[nership Board member Bill Shancifelt accepting AJfardable Ifnuszng Yrqjcct Award, for Oakwood Senior Apartments < Dan Burnham and Jo Hamit accepting Rerident and Client Seruices Preston Prince receiving Outstanding Director Award, Award, Lz'ttleton Houserog Authority for Senior Computer I.ab Aurora Housing Authority rad'n NAHRO I ~~eees ~~$.~ou5sng S tefla Madri& Member Servicesr Rache!Pe[ez Steirtbach Professional P)evelopmene - Pam Simon.~ Colorado NAHRO NCWS Edimr ~ Dave Martens Desigh/Production Marilyn E:ohen~ pnnted an.neryc[rdpnpee Mountain Plains Regional Council of The National Association of Housing & Redevelopment Officials (NAHRO) ~i~ colorado NAHRO Colorado NAHRO 705 Iris Avenue Boulder, CO 80304-1755 303-447-0690 voice 303-402-1959 fax martens@aoLcom www.conahro.org Alan Whfte Wheal Ridge Housing Authorily 7500 W. 29th Ave. Wheat Ridge, CO 80215 Nonprofit Org. US Postage PAID Boulder, CO Permit # 1542 ` Wheat Ridge Housing Authority Balance Sheet 10117/07 As of October 17, 2007 occ 17, 'o7 ASSETS Current Assets Checking/Savings 113 • 151 Bank • Checkin9 1,596 120 - 7st 8ank - Money Markel 785,249 Total Checking/Savings 786,W Other Current Assets 157 • ParkSide Project Inventory 111,380 153 • Partet Projecl Inventory 350,869 754 • Allison Project Inventory 10,700 155 - 41st Avenue Project 4,900 Total O[her Currenl Assets 477,849 Total Current Assets 1,264,693 Other Assets 277 - Note Receivable - 8aca 8,934 290 • HOA Working Capital 350 Total Other Assets 9,284 TOTAL ASSETS 1,273,977 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities 310 • Real Estate Taxes Due 203 Total Other Current Liabilities 203 Total Current Liabilities 203 Total Liabilities 203 Equity Net Income 28,368 465 - Fund Balance 1,245,407 Total Equity 1,273,775 TOTAL LIABILITIES & EQUITY 1,273,977 Page 1 Wheat Ridge Housing Authority 10/17/07 Park Side Project All Transactions Oct 16,'07 °h ot Income Ordinary IncomelExpense Income 500 - Sale of Units 1,096,800 99% 630 • Rent 9,233 1 % Total Income 1,706,033 100% Cost of Goods Sold 555 - Purchase of Units 649,900 59% 560 • Acquistion Appraisal Fees 1,700 0% 562 • Acquisitions Costs 2,074 0% 663 - Architecture 600 0% 565 • Condo Map 5,658 7% 667 • Construction Period Maintenance 4,201 0% 568 • Construction Management 77,636 2% 570 • Garages 43,420 4% 671 • Homeowners Association 2,025 0% 573 • Rehabilitation - Appliances 12,210 1% 574 • Rehabilitation - Cabinets 43,121 4% 575 • Rehabilitaion - Electrical 15,950 1% 676 • Rehabilitation - Exterior 82,409 7% 577 • Rehabilitation - Floors 31,498 3% 578 • Rehabililaion • Plumbing 31.082 3% 580 • Rehabilitation - Various 107,545 70% 581 • Supplies/Materials 932 0% 599 • Ending Cosl of Units -111,380 -10% Total COGS 940,579 85% Gross Profit 165,454 15% Expense _ 700 • Selling Costs 3,745 0% 704 • Buyer Incentives 26,784 2% 705 • Closing Costs 5,893 7% 770 • Commissions 46,306 4% 720 - Homeowners Association Capital -175 -0% 750 • Accounting & Legal 365 0% 802 • Gardening & Maintenance 7,174 1% 604 - Homeowners Association Dues 5,416 0% 607 • Insurance 5,956 1 % 825 • OKce Supplies 70 0% 832 • Postage 67 0% 843 • Repairs 5,579 1% 667 - Taxes - Real Estate 300 0% 665 • Tresh Removal 851 0% 872 • Utilities 2,907 0% Total Expense 111,177 10% Net Ordinary Income 54,277 5% Otherlncome/Expense Other Income 564 • CDBG Grant 75,000 7% Total Other Income 75,000 7% Net Other Income 75,000 7% Net Income 129,277 12% Page 1