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Home My WebLink About01/25/2006HOUSING AUTHORITY MEETING January 25, 2006 LOBBY CONFERENCE ROOM 7:00 P.M. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: November 30, 2005 D. Officers Reports E. Public Forum F. Unfinished Business G. New Business 1. Update on Park Side Townhomes Project 2. Authorization to hire Swanhorst & Cutler to perform Audit H. Other 1. Adjournment CITY OF WHEAT RIDGE HOUSING AUTHORITY Minutes of Special Meeting November 30, 2005 A. CALL MEETING TO ORDER The meeting was called to order at 7:00 p.m. by Chair DiTullio. B. ROLL CALL Authority Members Present: Cheryl Brungazdt Kent Davis Jerry DiTullio Kathy Nuanes Janice Thompson Others Present: Alan Wtute, Community Development Director Lany Nelson, Cornerstone Realty Betty Maybin, Comerstone Realty Henry Wehrdt, Project Manager Alan Feinstein, Jeffco Housing Authority Dick Matthews, Accountant Kazen Adams, City Council Lena Rotola, City Council Ann Lazzeri, Recording Secretazy C. APPROVAL OF MINUTES It was moved by Kathy Nuanes and seconded by Janice Thompson to approve the minutes of November 30, 2005. The motion passed unanimously. D. OFFICERS REPORTS There were no officer reports. E. PUBLIC FORUM There was no one to appear before the Authority. F. UNFIIVISHED BUSINESS There was no unfinished business. G. NEW BUSINESS • Resolution 01-2005 - Presentation and approval of 2006 $udeet - Dick Matthews reviewed the 2006 Budget. $150,000 from Jefferson County Housing Authority Minutes - 1 - 11-30-OS Health and Human Services should be added to the budget for purposes of acquisition. It was moved by Kent Davis and seconded by Cheryl Brungardt to approve the 2006 budget with the addition of $150,000 from Jefferson County Health and Human Services to be used for acquisition purposes. The motion passed unanimously. Update on Park Side Townhomes Proiect - Henry Wehrdt provided an update on the status the Park Side Townhomes renovation. The project is nearing completion. A final punch list is being sent to subcontractors. Alan Feinstein commented that the units look very good and should sell quickly. Larry Nelson commented that the real estate market is very slow right now. He suggested placing the units on the market after the first of the yeaz. Mazkeung will be similaz to that used for Quail Squaze. H. OTFIER . In response to a question from Janice Thompson, Alan White stated that he has heazd nothing further from the tenant at the Richazds Hart Estate dupiex regarding a counter top. Cheryl Brungazdt suggested changing the scheduled time of Housing Authority meetings to avoid conflicts for Alan Feinstein. Also, the fourth Wednesday often conflicts with holidays. It was decided to discuss a possible change at a later date after everyone has had time to review their calendars. It was moved by Cheryl Brungardt and seconded by Kent Davis to cancel the December meeting and meet as necessary in the coming year. The motion passed unanimously. 1. ADJOiTRNMENT The meeting was adjourned at 725 p.m. Jerry DiTullio, Chair Ann Lazzeri, Secretary Housing Authority Minutes 06-22-OS JCHAHOUSING JEFFERSON COUNTY AUTHORITY - ~ January 20, 2006 Henry Wehrdt JCHA 7490 W. 45' Ave. Wheat Ridge, CO 80033 303-422-8600 extension 125 WRHA Update I am enclosing a cost update as well as the following completed items: 7490 West 45th Avenue Wheat Ridge, CO 80033 303.422.8600 fax 303.422.3229 www.jcha.org • Sprinkler system completed and front yard sod installed • 4509 & 4507 appliances installed, hand rails & bathroom hazdware instalied as well as the window blinds and a final clean completed • Both completed units to hopefully be staged the week of January 23rd • Punch list to contractors for completion items substanrially complete • Crawl space cleaned out with trash removed • %z bath fans cleaned and functional • Missing crawl space covers replaced • Dryer vents installed to exterior • Water lines to icemakers installed If you would like to visit the project, please call me and I will meet you or provide the combination to the lock box so that you can go into the units. Thanks for your patience in this renovation. He t WHEAT RIDGE HOUSING AUTHORITY EVERETT STREETNVEST 451h PLACE 2005 nisit, : n a i na ng, aars, a i< re cceas, 00X7349 P 0 shrnvertllirp 6 365WEST4M AVENUE InwlBtion,endowre,cove9a5p0elqCUmpslx,(entinp . . COLORAOOBOd37-1349 CONIFER Estimate DiRerence WHEATRIDGE,COLORA0080033 Estlmate DlHxence , CONTRACTAMOUNT 28,283.00 - 28,283.00 C ONTRACTAMOUNT . 78,730.00 78,730.00 CHANGHFIELDORDERS 3,215.00 CHANGE/FIELOORDERS 42,520.00 TOTAL . 31,498.00 T OTAL 121,250.00 . PAVMENT% DATE EAMOUNT RETAINAGE CNECWI PAVMENTM DATE SA~UNT RETAINAGE CHECNYt ~ 8/e/2005 6,B52.00 381.00 WRHA 1 6H42005 14,877.50 772.50 WRHA y 9/27/2005 6,830.00 360.00 WRHA 2 715/2005 3,847.50 , 202.50 WRHA 3 10/31f2005 4,035.00 212.00 WRHA 3 8/1f2005 34,788.00 1,832.00 WRHA q 1/812006 10,540.00 555.00 4 82512005 14,668.00 772.00 WRHA 5 9/14/2005 10,060.00 550.00 WRHA 8 10/19I2005 20,317.00 1,073.00 WRHA 7 12/16/2005 10,213.00 537.00 WRHA TOTAL PAID OUT 28,257.00 1.488.00 29,745.00 TOTAL PAID OUT 109,041.00 5,73900 114,780.00 CONTRACT AMOUNT WITH CHANGES 31,498.00 CONTRACTAMOUNTWITHCMANGES 121,250.00 REMAINING OWED TO COTNRACTOR 1,753.00 REMAINING OWED TO COTNRACTOR 8,470.00 enar ni inB ~ ~ oms t la~ . INC. U IUWL) ouner opsen ne 8365 W E5T 66N AVENUE 15838 W EST 1sl ORIVE WLORADO 80033 WHEATRIDGE Eslimate Difterence GOLOEN, WLORA0080401 Estimete Difference , CONTRACTAMOUNT 20,600.00 - 20,600.00 CONTRACTAMOUNT 23,915.00 - 23,915.00 CHANGE/FIELDOROERS - CHANGEIFIELDORDERS - TOTAL 20,600.00 TOTAL 23,915.00 PAYMENTM DATE EAMOUNT RETAINAGE CHECKfI PAYMENTk DATE fAMOUNT RETAINAGE CMECK71 1 715I2005 6,460.00 340.00 WftHA 1 616/2005 855.00 45.00 WRHA y 9H4/2005 10,232.00 538.00 WRHA 2 9116R005 10,450.00 550.00 WRHA 3 101,9/05 2,978.00 152.00 WRHA 310/2712005 3,800.00 200.00 WRHA 4 11///2005 7,615.00 400.00 WRHA TOTALPAIDOUT 19.570.00 1,030.00 20,600.00 TOTALPAIDOUT 22,720.00 1,195.00 23,915.00 CONTRACT AMOUNT WITH CHANGES 20,800.00 CONTRACT AMOUNT WITH CHANGES 23,915.00 REMAININGOWEDTOCOTNRACTOR - REMAININGOWEOTOCOTNRACTOR - n, i ures, eppiances, a r . B ID ca 15636 W EST 1st DRIVE fumece, e/c. Cucl Geaning 6385 WEST 48N AVENUE WLORAD080401 GOLDEN Estimale DiHermce WHEATRIDGE,COLORAD080033 ESGmate DifFerence , CONTRACTAMOUNT 58,905.00 - 56,905.00 CONTRACTAMOl1NT 25,590.00 - 25,580.00 CHANGE/FIELOORDERS 3,885.00 CHANGHFIELOORDERS 4.320.00 TOTAL 60.790.00 TOTAL 29.900.00 PAVMENTN OATE SAMOUNT RETAINACE GHECIW PAVMENT• DATE fAMOUNT RETNNAGE CHECKM 1 51162005 3,465.00 180.00 WRHA 1 8f312005 7,315.00 385.00 WRHA 2 5124/2005 15,575.40 1.011.60 WRHA 2 8252005 ' 7.837.00 413.00 WRHA 3 602005 6,270.00 330.00 WRHA 3(Mal) 11/32005 13252.00 698.00 WRHA 5 1027/2005 .3,800.00 200.00 WRHA 5 7117/2005 - 4,038.00 272.00 WRHA . 7 - 11111/2005 11,e66.00 ' 620.00 WRHA .g 12121/2005 6,355.00 335.00 WRMA - ' TOTALPAIDOUT 51,359.40 2,888.60 54,258.00 TOTALPAIDOUT 28,404.00 1,496.00 29,900.00 CONTRACTAMOUNTWRHCHANGES 60,790.00 CONTRACT AMOUNT WITH CHANGES 29,900.00 REMAININGOWEDTOCOTNRACTOR 6;532.00 REMAINING OWED TO COTNRACTOR ' , INC. . rages , 8365 W E5T 46th AVENUE 6365 W EST 46ih AVENUE COLORAD080033 WHEATRIDGE Estimate DiRerence WHEATRIDGE,COLORAD080033 Estirtvte - DiHerente , CONTRACTAMOUNT ' 5,400.00 - ' 5,600.00 CONTRACTAMOUNT ' 41.860.00 - - 41,860.00 CHANGEFIELOOROERS - CHANGEFIELDORDERS 1,560.00 TOTAL 5,400.00 TOTAL 43,420.00 PAYMENTN DATE EAMOUNT RETAINAGE CHECI4Y PAVMENTp DATE SAMOUNT RETAINAGE CHECKfI 1 91142005 9.965.00 525.00 WRHA . 2 10/3/2005 18,240.00 960.00 WRHA 3 tP/162005 13,044.00 686.00 WRHA TOTALPAIOOUT - - - TOTALPAIDOUT 41,249.00 2,171.00 43,420.00 CONTRACT AMOUNT WITH CHANGES 5,400.00 CONTRACT AMOUNT WITH CHANGES 43,420.00 REMAININGOWEOTOCOTNRACTOR 5,400.00 REMAINING OWED TO COTNRACTOR an sca ng 9677 PELON DRNE DENVER,COlORA0080260 Estirtete DiRerence LOAN 325,000.00 TOTAL CONTRACTAMOUNT 15,215.00 - 15,215.00 CO FUNDS 31,581.00 356,581.00 CHANGE/FIELD ORDERS 300.00 TOTALCONTRACT 296,488.00 TOTAL 15,515.00 NGFJFIELDOROERS 800 00 55 PAYMENT# DATE EAMOUNT RETAINAGE CMECKM TOTALCHA PROJECTCOSTS+PAIDBVJCHA . , - 1 1123/2005 3,468.00 182.00 65198 288.00 352 LOANPLUS REMAINING 2 12/1/2005 6,997.00 368.00 WRHA HARDCOST , 17,614.40 CD FUNDS FUN0.5 3 12R&2005 2.374.00 125.00 WRHA APPLIANCES 11,94200 600 00 TOTALPAIDOUT 12,839.00 675.00 13,514.0D PLANS . CONTRACT AMOUNT W ITH CHANGES 15,515.00 NEW CONTRACTTOTAL 382,444.40 356,581.00 (25,863.40 ) REMAINING OWED TO WTNRACTOR 2.001.00 TOTALPAIDOUT 313,449.40 TOTAL DUE IN ftETAINAGE 16,682.60 - , . TOTAL BALANCE DUE 65;826.40 PAYMENTS OUT OF HARD COST Plans for garages 800.00 PaidbyWRHA Dishwashers & Range hoods 2,15e.00 Paid by W RHA Range & Refr. For model unit 890.00 Paid by W RHA 1 vei2005 Jefferson County Housing Authority For: Wheat Ridge Housing Authority 7490 West 45th Avenue Wheat Ridge, Colorado 80033 JEFFERSON COUNTYHOUSING AUTHORITY FOR WHEAT RIDGE HOUSING AUTHORITY 882 COVE m P~~ T/CONCRETE, DUMPSTER, AND FENCING INT'ERIOR FINISHING, DOORS, ATTIC, ENCLOSURE WIIEAT RfbGE, COLORADO 80033 FIELD ORDER TO (Contractor): FROM (Owner): FIEI.D ORDER Company Name: 7o-D ENTERPRiSES INC. Jefferson County Housing Authority Date Issued: Address: 6365 wEST 46'" AvENUE For: Contract Package ##B Oct.19`". 2005 WHEAT RIDGE COLORADO 80033 Copies t0: Contract Dated: 4-14 - OS o Const. Mang. Phone: (303) 431-4848 o Contractor Contact Person: 7IM OR JODY Issued By: mteloav Toineeta for xenrv wehrdt o JCHA (file) Const. Mang. or JCHA Representative o Work Site You are hereby directed to execute promptly this Field Order, which interprets the Contract Do cuments or orders minor changes in the Work with out change in Con~act Sum or Conlract Time. please submit your Contract Time is required S itemized proposal , um or If you consider that a change in Contract and before proceeding with this Work If your proposal is found to be satisfactory tel di and in proper order, y a imme this Field Order will be su erseded b a Chan e Order. Description of the interpretarion or change in W oik: Upstairs Bath Rooms. In each unit install: 1 Chrome Toilet Paper holder 1 Ctuome Towel Ring 00 eachunit $360.00 $45 . IChromeTowelBaz 1 24" wood/mirror dooz medicine cabinet flush mount $65.00 each unit $520.00 Downstairs Half bath Room: In each unit instalL• 1 Cluome Toilet Paper holder $35.00 each unit $280.00 1 Chrome Towel Ring 1 16" wood/mirror dooz medicine cabinet flush mount $55.00 each unit .$440.00 Ezterior House Numbers: . Paint existing number boards cream and replace numbers $ 25.00 each unit $200.00 with black on each unit. Stair Rails: e existing rails and ieplace with off-white wiought R emoy Iron rails including balusters on lowei steps (in two sections $410 280.00 00 each unit $3 , . to make fucniture moving up stairs easier). Ezterior Rear Concrete Steps: 1 0$ , 40 00 Install and complete reaz conciete steps. TOTAL AMOi7NT OF FIELD ORDER #4 $6,120.00 Signed and agreed fo by: pwner Representative: Contractor or Con4actor Representative: ovzoios Wheat Ridge Housing Authority Park Side Project All Transactions Jan 20, '06 °h of Income Ordinary IncomelExpense Income ' 530 • Rent 9,233 10D% Total Income 9,233 100% Cost of Goods Sold 555 • Purchase of Units 545,000 5,903% 560 • Acquistion Appraisal Fees 1,700 18°,G 562 • Acquisitions Costs 1,939 21°h 563 • Architecture 600 6% 667 • Construction Period Maintenance 3,277 35% 670 • Garages 43,420 470% 671 • Homeowners Association 1,000 11 °k 573 - Rehabilitation -Appliances 3,968 43°b 574 • Rehabilitation -Cabinets 43,121 467°.G 575 • Rehabilitaion - Electrical 15,950 173% 676 • Rehabilitation - Exterior 80,102 868% 577 • Rehabilitation - Floors 29,745 322% 576 • Rehabilitaion - Plumbing 31,082 337% 580 • Rehabilifation - Various 89,964 974% 599 - Ending Cost of Units -890,867 -9,649% Total COGS 1 0% Gross Profit 9,232 100°h Expense 750 • Accounting & Legal 275 Z% 802 • Gardening & Maintenance 4,470 48°b 825 • Office Supplies 70 1 % 832 • Postage 31 0°b 843 • Repairs 89 1 % 857 • Taxes - Real Estate 300 3% 865 • Trash Removal 581 6% 872•Utilities 1,467 16% Total Expense 7,223 78% Net Ordinary Income 2,009 22% Otherlncome/Expense Otherlncome Page 1 of 2 ovzoios Wheat Ridge liousing Authority Park Side Project All Transactions Jan 20,'06 of Income 564 • COBG Grant 75,000 812% Total Other Income 75,000 812% Net Other Income 75,000 812% Net Income . 77,009 $34% Page 2 of 2 ovsoios Wheat Ridge Housing Authority Balance Sheet As of December 31, 2005 Dec 31,'OS ASSETS Current Assets Checking/Savings 113 • Vectra Operating Account 222,664 Total CheekinglSavings . 222,664 Other Current Assets 151 - ParkSide Project Inventory 890,867 152 - Quail Project Imentory 719,804 ToWlOtherCurrentAssets 1,010,671 Total Current Assets 1,233,335 Other Assets 271 - Note Receivable - Abel 3,000 273 - Note Receivable - Baca 9,443 Total Other Assets 12,443 , TOTAL ASSETS 1.245,776 LIABILITIES & EQUITY Liabilities Current Liabllltles Accounts Payable 300 • Accounks Payable 7,105 315 - Construction ReWinage 35,610 Total Accounts Payable 42,715 Total Current Liabilities 42,715 ToWI Liabilities 42.715 Equity Net Income 76,286 465 - Fund Balance " 1,126,777 Total Equiry 1,203,063 TOTAL LIABILITIES 8 EQUITY 1,245,776 Page 1 of 1 oinaoe Wheat Ridge Housing Authortty Budget vs. Actual Januarythrough DecembetY006 Jen-Ded05 Budgal fOVarBUdget %ofBUEgat Ordinary IncomalEtpenee Incoma SOOSalaofUnita 242,000 1328,000 -1,006,000 18% $30 . ReN 13,616 10,000 3,414 134% 533 - Intareet Incoma 952 1,500 -548 63% 56BMiecalkneouelncoms 0 500 -500 Tatellncome 256,366 1,340,000 -1,083,634 19% CoN of Gooda SoIE $51 - Beginning CoN af Unib ]]0,309 ]]0,001 -6,492 99% 555PurcM1as>ofUnib 118,500 118,500 100% Summary Rehebilkeion Cos1a 342,312 475,000 -132,688 72X 399. EndingCOSto(llnib -1,010,fi]i -1,010,fi]1 100% Totel COGS 220,450 1,249,801 -1,029,351 18% OraeaGmft 35,916 90,199 -5q283 40%. Expanse 8999 - Uncabgorizetl Ezpenaes 0 700 - Selling Coa6 702 1,388 . -686 51•b 704 - 9vyar Innntivea 4,469 16.868 40,399 30% 705 - Clooing Goab 1.993 6,511 -C 518 31% ]10Commiseiona 11,616 59,040 48,224 19% 750 - Acrounting 6 Legel 6,700 10,000 -3,300 67% 762. Benk Cheryev 31 100 -69 31 % ]]i Ciry Reimbureement 2.434 3,000 -569 81% 175 Conferance 6 Meeting Expense 100 500 -400 20% 787 DUas,6aoka85uESCriptiana 60 500 440 12% ea] Gerdaning 6 Mainfenence 1,495 1,500 -5 100% E04HOmeownanAewcie[ion0vae 1,927 2,000 -73 96% 825 - OXice Suppliea 89 250 -161 36% 832- Poata9e 28 250 -222 11% 833- Printing6CODiea 0 500 -500 0% 863Rapnire 879 1,500 -621 59% 853 - Suppliea 0 250 -250 OX 85] - Tazea - RealEe[eb 38 1,000 -962 . 4% 865 - Tmsh Removel 307 250 57 123% e]2Utilitiaa 1)65 1,500 265 118% TotalExpance 311631 10,]0] -]1.0]6 33% NetOrdinarylncoma 1,285 -15,508 16193 -B% OtherlncomelExpanea ane. incom. 586CD6G Grant ]5,000 ]5,000 0 100% Totelotherlncome 75,000 75,000 0 100% NetOtM1arlncoma 15,000 75,000 0 100% Netlncome ]6,205 59,<81 2,193 128•b Paga 1 of 1 See Reverse for Exnmple of Finaxcteg CORNERSTONE REALTY, INC. (;n 9150 WEST JEWELL AVE. SUITE 7 I LAKEWOOD, COLORADO 80232 1V4 303.987.8812 / 303.987.1434 (F?.X) cr TOWNHOMES OFFERED FOR SALE BY ► WHEAT RIDGE HOUSINGAUTHORITY PARKSIDE TOWNHOMESAT CLEAR CREEK ~ WEST 45TH PLACE AT EVERETT STREET • S Renovated Townhomes • Seller will pay all Closing Costs • 3- 2 Story 3 BR/2 Bath Units @$139,900 • 5- 2 Story 2 BR/2 Bath Units @$129,900 • 5 Garages Available for Purchase • New Furnaces Down Payment • New Central Air Conditioning AS Low as $1000 • All New Vinyl Double Pane Windows • New Carpeting and Vinyl • Huge New Kitchens including Cabinets and Fixtures • Built-in Kitchen Desk and Pantry Added • Full Size Washer/Dryer Hookups • Mud/Storage Room • New Appliances including Refrigerator, Stove and Dishwasher • Storage Units Provided for Units without Garages • Down Payment Assistance Available for Eligible Buyers • Attractive Below Market Financing Available for Eligible Buyers • Great Location across street from Park • Only Steps to Clear Creek Path • One Block from Anderson Park with Recreation Facilities • Low Maintenance Brick Construction and New Vinyl Siding • Immediate Occupancy _ • All New Custom Window Coverings Total Payment Including HOA Dues - Under $890 * *Ufilizing Special Financiag Availabk (Buyers must mat eligibiliry requ'vemenu) Contact Beriy Maybin or Larry Nelson for additional information. 303-987-8812 EXAMI'LE Parkside Townhomes at Clear Creek Developer Incentive Program Sample Financing/Assistance Package 2 Bedroom without Garaee Sales Price of Unit 129,900 Esrimated Closing Costs & Prepaids 2,000 Total Costs 131.900 1s` Mortgage Amount 119,405 2°d Mortgage Amount 6,495 Seller Contribudon 5,000 Buyer Cash Required 1,000 F'ust Bank Affordable Loan Program H20 Program - $alloon Payment due in 10 years No Montlily Payments Total Resources 131,900 Monthly PITI and HOA 740 45 100 Total 885 0 Mortgage incl. PMI Taxes HOA Dues This package was determined based on the following exampies: 1s` Mortgage Interest Rate 5.50% estimated plus private mortgage insw. Fixed for 5 yeazs, then adjustable (Rate quoted 1l19/06) 2°d Mortgage Interest Rate 3.0% fixed for 2 yeazs, Wen adjustable (see program brochure) This package would be subject to the following conditions and requirements: 1. Buyer executes Purchase Contract and deposits $500.00 in eamest money 2. Income as verified to 1" mortgage lender is within program guidelines (I,ess than 80% of inedian income). Buyer must make application at designated lender within 3 days of contract acceptance and Lender must provide letter acceptable to Seller stating Buyer eligible for program and qualified for mortgage loan outlined herein witivn 10 days of contract acceptance. 3. Buyer must obtain loan commitment within 30 days of date of acceptance of Contract. 4. Buyer must attend Homebuyer Classes. • This scenario is available to buyers under 800/o of area median income only. • Income Limits: 1 Person - $40,150; 2 - $45,900; 3 - $51,600; 4 - $57,350; 5 - $61,950; 6 - $66,550 - ~&(r Swanhorst & Company LLC Ccnificd Public Accounranos November 21, 2005 Boazd of Directors Wheat Ridge Housing Authority 7500 West 29th Avenue Wheat Ridge, Colorado 80033 We aze pleased to confirm our understanding of the services we are to provide for the Wheat Ridge Housing Authority for the yeaz ended December 31, 2005. We will audit the basic financial statements of the Authority as of and for the year then ended. Also, the document we submit to you will include the following additional information that will be subjected to the auditing procedures applied in our audit of the basic financial statements. • ManagemenYs discussion and analysis • Schedule of expenditures of federal awazds, if required. Audit Objective The objective of our audit is the expression of an opinion as to whether your basic financial statements aze fairly stated, in all material respects, in conformity with generally accepted accounting principles and to report on the faimess of the additional information referred to in the first pazagraph when considered in relation to the basic financial statements taken as a whole. Our audit will be conducted in accordance with generally accepted auditing standards and if required, the standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; the Single Audit Act of 1984; and the provisions of OMB Circular A-133,Audits ofStates, Local Governments, andNon-Profit Organizations, and will include tests ofthe accounting records and other procedures we consider necessary to enable us to express such an opinion. If our opinion on the basic financial statements is other than unqualified, we will fully discuss the ieasons with you in advance. If, for any reason, we aze unable to complete the audit or are unable to form or have not formed an opinion, we may decline to express an opinion or to issue a report as a result of this engagement. Management Responsibilities Management is responsible for making all financial records and related information available to us. We understand that you will provide us with such information required for our audit and that you aze responsible for the accuracy and completeness of that information. We will advise you about appropriate accounting principles and their application and wiil assist in the preparation of your financial statements, but the responsibility for the financial statements remains with you. That responsibility includes the establishment and maintenance of adequate records and effective internal control over financial reporting, the selection and application of accounting principles, and the safeguarding of assets. Managementisalsoresponsibleforadjustingthebasicfinancialstatementstocorrectmaterial misstatements and for affirming to us in the representation letter that the effects of any uncorrected misstatements aggregated by us during the current engagement and pertaining to the latest period presented are immaterial, both individually and in the aggregate, to the basic financial statements taken as a whole. 8400 E. Crescent Parkway • Suite 600 • Greenwood Village, CO 80111 •(720) 528-4306 Fax: (720) 528-4307 Boazd of Directors Wheat Ridge Housing AuthoriTy Page 2 Management is responsible for the design and implementation of programs and controls to prevent and detect fraud, and for informing us about all known or suspected fraud involving management, employees who have significant roles in internal control, and others where the fraud could have a material effect on the financial statements. Management is also responsible for informing us of your knowledge of any allegations of fraud or suspected fraud received in communications from employees, former employees, iegulators, or others. In addition, you are responsible for identifying and ensuring that the AuthoriTy complies with applicable laws and regulations. Audit Procedures-Geaeral An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; therefore, our audit will involve judgment about the number oftransactions to be examined and the azeas to be tested. We will plan and perform the audit to obtain reasonable rather than absolute assurance about whether the financial statements aze free of material misstatement, whether caused by error or fraud. Because an audit is designed to provide reasonable, but not absolute, assurance and because we will not perform a detailed examination of all transactions, there is a risk that material misstatements may exist and not be detected by us. In addition, an audit is not designed to detect immaterial misstatements or violations of laws or regulations that do not have a direct and material effect on the financial statements. However, we will inform you of any material errors and any fraud that comes to our attention. We will also inform you of any other violations of laws or regu(ations that come to our attention, unless cleazly inconsequential. Our responsibility as auditors is limited to the period covered by our audit and does not extend to matters that might azise during any later periods for which we aze not engaged as auditors. Our procedures will include tests of documentary evidence supporting the transactions recorded in the accounts, and may include tests of the physical existence of inventories, and direct confirmation of receivables and certain other assets and liabilities by conespondence with selected individuals, creditors, and financial institutions. We witl request written representations from your attomeys as part of the engagement, and they may bill you for responding to this inquiry. At the conclusion of our audit, we will also require certain written representations from you about the financial statements and related matters. Identifying and ensuring that the Authority complies with laws, regulations, contracts, and agreements is the responsibility ofmanagement. As part of obtaining reasonable assurance about whether the basic financial statements are free of material misstatement, we will perform tests of the Authority's compliance with applicable laws and regulations and the provisions of contracts and agreements. However, the objective of our auditwill notbe to provide an opinion on overall compliance and we will not express such an opinion. Audit Procedures-Internal Control In planning and performing our audit, we will consider the internal control sufficient to plan the audit in order to determine the nature, timing, and extent of our auditing procedures for the purpose of expressing our opinion on the Authority's basic financial statements. M audit is not designed to provide assurance on internal control or to identify reportable conditions. However, we will inform the governing body or audit committee of any matters involving internal control and its operation that we consider to be reportable conditions under standards established by the American Institute of CertiFied Public Accountants. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design or operation of the internal control that, in our judgment, could adversely affect the entity's ability to record, process, summarize, and report financial data consistent with the assertions of management in the basic financial statements. Board of Directors Wheat Ridge Housing Authority Page 3 Audit Administration, Fees, and Other Our fees for these services will be at our standazd hourly rates plus out-of-pocket costs (such as report reproduction, typing, postage, travel, copies, telephone, etc.) except that we agree that our ma7cimum fee will not exceed $3,500. Our standazd hourly rates vary according to the degree of responsibility involved and the experience level of the personnel assigned to your audit. Our invoices for these fees will be rendered each month as work progresses and aze payable on presentation. The above fee is based on anticipated cooperation from your personnel and the assumption that unexpected circumstances will not be encountered during the audit. If significant additional time is necessary, we will discuss it with you and arrive at a new fee estimate before we incur the additional costs. We appreciate the opportunity to be of service to the Wheat Ridge Housing Authority and believe this letter accurately summazizes the significant terms of our engagement. If you have any questions, please let us know. If you agree with the terms of our engagement as described in this letter, please sign the enclosed copy and retum it to us. Very truly yours, ~~-►tt~~- u;G Swanhorst & Company LLC RESPONSE This letter conectly sets forth the understanding of the Wheat Ridge Housing Authority. By. F'rom the President As winter approaches, I'd like 4o pay tribute to the many volunteess and part- ners who have contril>uted their time and energy in making 2005 another suc- cessful yeaz for Colondo NAFIItO. ALmost 300 delegates attended -the annual confer@nce that took place June 8-10 in Pueblo. There were over 30 sponsor/ exhibitors participating. The planning committee did a wonderful job putting together a varietY of work- shops covering eveiything from nuts and bolts training to national program and policy issues to helpful professiori- al development seminars. Colorado NAHRO also sponsoted a three-day Housing Choice Voucher Eligibility, Income and Rent Caloulation Semmaz August 9-111-in Denver. Tn order to make the training a'ffordable•to as many members as possible, Golorado NAHRO subsidized a portion of the registration fee. It is Colorado NAHRO's goal to contin- ue to provide quality conferences and traiuings as a service to our_membeis. Your input on trannuig topics or any other memberslup services aze welcome. Feel free to contact Colorado NAHRO at 303-447-0690 ormartensb@aol.com. Colorado remains very active m the ' Mountain Plains- Regional Council of NAHRO with 12 Colorado NAHRO members on the MPRC Board of Directors for the 2005-2007 term. These individuals, represexLt our state and region on a vaxiety of narional , committees that have a significant impact on federal'programs, policies and administrative issues relev~ant to housing and CD agencies (see NAHRO News; page 2, for a list of IvIPRC mem- • bers from Colorado). I'd like to say thank you to the outgo- ing Colorado NAHRO Boazd \of Directors who served frorn 2003-2005 and welcome to the new Board of Directors who wi1T serve from 2005- 2007. A complete list of the current Boazd is included in this newsletter (page 7) and you aze encouraged to . contact them with your suggestions or comments. As we continue to struggle with pro- - gram and budget issues, Imow that the work you,8o has direct impact in improving people's lives.' Thanks for your good- work and ybur support and participation in Cotorado NAHRO. 7acqui Pickett, President NahroNews~ -Colorado NAHRO Conference to b¢ held at'the Keyatoae Resort, May 10-12 12006 The Colorado NAI3Et0 Annual Conference will be heading back to the mountains in the spring. The Boazd of D'uectois has selected the Keystone Lodge and Conference Center as the site for next year's event. The conference will take place Wednesday through Friday, May 10-12. I£eystone is a world-class resort with state-of-the-art facilities. The Keystone IYodge surrounds Keystone Lake wiih incredible views of, the mountains. Meeting r6oms aze located within the Lodge for convenient access. Members interested in participating in planning the workshops and events aze encouraged'to contact Dave Martens at martensb@aol.com or 303-447-0690. The committee meets once per month between now and the conference. 2005 Colorado NAHRO Training Recap ~ In addi6on to the ennual conference that was heid 7une 840 in Pueblo, Colorado NAHRO was pleased to have sponsored and subsidized a Housing Choice Voucher Eligibility, In,come and Rent Calculation Seminar August 9-11 in Denver. Thirty-two members fook advantage of the tliree-day seminar, Colorado NAHRO values your input and is intefested in your ideas for uaiiiings in 2006. Please forwazd your ideas to martensb@aol_com. , 2006 National NAHRO Summer Confer¢nce to be held in Denver: Ju1y 12-16 The NAHRO SLiuvner Conference is being held at the new Hyatt Regency:Convenrios Center Hofel in Denver, July 12-16, 2006.' Over 1000 NAHRO members from throughout the country are expected to attend the conference: . 2005-2007 MPRC Offiaers and Committe¢ Selections from Colorado ~ , - A new Boazd of D'uectors for the Mountaiii Plains Regional Council (MPRC) of NAHRO is now in place for the 2005-2007 term. Among,the representatives from Colorado aze. 1VIPRC President: Preston Prince, Aurora Housing Authority Housing.Committee: Betsey Martens, Boulder Housing Partners CR&D Committee: Don May, Adams County Housing Authority and Jacqui P`ickett, Jeff&son County Human Services Commissioner Committee: Paul Reid, Mercy Housing Professional Development Committee: Eugene Montoya, Colorado Springs Housing Authority 1VIember Services Committee: Frank•Pacheco, Pueblo Housing Authority and Emily Bullazd, Jefferson County Human Services International Committee: Stella Madrid, Denver Housing Authoriry and Ed Talbot, Arvada Housing Authority Budget and Administration: Alan Feinstein, Jefferson County Housing Authoriry Board of Governors: Jack Quinn> Pueblo Housing Authority and Preston Prince, Aurora Housing Authority Legislative. Network: Jack Quinn, Pueblo Housing Authority and Stella Madrid, Denver . Housing Authority 2005 Colorado NAHRO Award Winners The Colorado NAHRO Boazd would like to congratulate the award winners from this year's annual conference in Pueblo. AWARD: AFFOftDABLE HOUSING"D£SIGN{~{ PBOJECT: HOLIDAY NEIGHBOR.HOOD ~J AGENCY: BOULDEE. AOUSING PAR.TNEAS. . s The Holiday Neighborhood is a development in North Boulder consisting of 333 homes on a 27-acres site. 40% of ? 3se homes, including units for rent and for sale, aze aff iable to low and moderate-income families. In addi- tio= 'i the residential:space, there aze also 50,000 square feet of non-residential use including commercial. and artist sfuC ,s, a 2-acre park and a community garden. Fina -,ing far the project included HLID funds and grants fron, the Ciry of Boulder and the State of Colorado. In addition, Boulder Aousing Partners took a lower fmancial retum and chazged'a lower development fee than mosf in the private sector would do. Other pai-4ners included Habitat for Humanity and specialized developers.. The approach of the neighborhood is scattered affordable nnits, with.no azchitectural distincrionbetween these and the marke4 rate units. The result of this design is the Holiday Neighborhood community, where people with incomes from $12,000 to six figures annually now call home. , AWAAD: COMMUNITY KEVITALI2ATION PAOJECT: "AHT° -CI$CL7LATOk SHUTTLE AGENCY: CITY OF ENGL£yVOOD Citing 1he need to connect the Englewood light rail station, the downtown business community, Swedish and Craig hos- pitals and three senior residential buildings, Englewood's free circulator shuttle, "art," was launched on September 7, 2004. "art's" 3-mile route connects residents' and passen- gers with local grocery stores, banks, doctor's offices, restanrants, the Senior Recrearion CentBr, the Englewood Public Library and various shopping areas. 'I'he name of the shuttle, "art," highlights a new public art project that accompanied the circulator shuttle project. A piece of original outdoor art has been placed at 12 of the 20 stops along the route. These works of art are provided at no cost to the City, and aze available for sale to the public. The program is being funded primarily by DRCOG grants, along with contributions from RTD and the City of . Englewood. Early feasibility studies atrticipated the shuttle would cazry approximately 210 passengers per day, but, by the end of 2004, "art" was providing transportation to over 520 riders perday, faz exceeding the project projections. 3 . BetsPy Martensaccepting award from NAHRO Senior VP, Don Cameton, and Mountain Plains President, Ed Talbot ' Janet Grmmett accepting awazd'&om NAHRO Senior VP, Don Cameron, and Mountain Plains President, Ed 1`albo[. . ~ . AWAItD: IZESIDENTAND CLIENT SEBVICES PROJECT: SIMON CENTER CAL£NDAR GIklS C"SASSY SIMONETTES") . - AGENCY: ENCLIiWOOD HOU5ING AUTHORITY As a result of a 5pringtissye outing in early 2004 to see the movie Calendar Girls (in which a group of middle-aged women posed for a calendar to raise fuads for a good cause), the women of Simon Center, and Englewood Housing Authority senior/disabled building, became inspired to do a similaz project. The intent was to fund the purchase of furniture for the Simon Center's community patio azea. Eleven residents, women ranging in age from 40 to 85, decided to pose in seasonal photographs (both indoors and outdoors) in various stages of undress. Strategically placed props, such as flowers, plants, books,.balls, umbrellas; etc were used to tastefully support their dignity: The group would eventually become Irnow as the "Sassy Simonettes." Donations and support were received from Maxwell Studios, A-OK printing, Wa1Mart, 9 News and Englewood Housing Authority Service Coardinator Clieri Gaul. j After printingicosts the calendar provided $1,835 for the residents to use in the purchase of new patio fumiture, which was installed for their enjoyxnent in Apri12005. The remaining funds were used to prouide a small ckonation and a pizza/thank you party for the Englewood Fire Deparhnent for the many seivice ealls they make to the residents of the building. 4 AWAItD: RESIDENT AND CLIENT SEKVICES PROJECT: LAKEWOOD FINANCIAL FITNES$ AGENCY: LAKEWOOD riOUSING AUTHOR.ITY Lakewood Housing Authority developed the Financial Fitne$$ program in order for participaring families to fur- tber their self-sufficiency goals through financial manage- ment and participation in the mainstream banlcing system. The classes thems'elves are "family friendly" and include a free dinsser and structured recrearional activities for the chil- dren while their parents attend the two-hour class. To address transportation needs, the program provides bus passes to the families. ParmVrs in this program include the City of Lakewood, Mile High United Way, Mutual Financial Services Inc. and US Bank. The tota] cost of one session, which includes 4 2-hour classes, is $3,300. Lakewood Housing Authority receives most of cost fiom the programs' partners in the forxn of cash and in-kind support, making the total cost to LHA minimal. An aveiage session serves 29 adults and 33 children. According to pre and post-program tests, 90% of partici- pants increase their financial literacy. 80% of families are able to start and conrinue with a family budget. Over 60% begin a monthly savings and nearly the same amount of fa,mi::es open up checldng and savings accounts. Jo Hamit accepting awazd from NAHRO Senior VP, Don Cameron, and Mountain Plains President, Ed Talbot. . Derek Kuykendall accepting award from NA1[RO Senior VP, Don - Cameron, and Mountaip Plains President, Ed Talbot. AWAAD: OUTSTANDING STAF£ MEMBEA WINNER: LINDAJASTEA, DEPUTY DIAECTOA, AUAOAA HOUSINCr AUTHOAITY PAESENT£D BY: PAESTON PAINC£, EXECVTIVE 171ftECTOR, FtURbRAfIOUSING AUTHOAITY It was a Community Fandango in Pueblo tkus snminer as nearly 300 Colorado and Mountain Plains NAHRQ mem- bers gathered far the annual conference. As host state far the 2005 Mountain Plains conference, Colozado NAHRO did an exemplary job in planning and executing the event. In addi- tion to partnering with Mountain Plains, Cnloiado also joined forces with the Rocky Mountain Self Sufficiency Council and the Colorado NAHItO Maintenance confer- ence. The result was an acrion packed couple of days with a diversified workshop schedule and some unique networking opportunities. As local hosts for the conference, Jack Quinn and his won- derfixl staff at the Puebto Housing Authority did a great job in providing culhually enriching experiences for the delega- tion. Highlights included a tour of historic Pueblo taverns and a banquet in the beautifully restored Eueblo Union Depot Train Station/ Events Center. Linda Jaster accepting award from NAFiRO Senior VP, Don ' Cameron, Mountain Plains President, Ed 'I`elbo[ and.Preston Prince, Executive Director, Aurora Housing Authority Keynote speaker, Chad Hymas, inspired the delegarion with kus message of overcoming unbelievable obstacles on his path to an enriching life. Doris Koo, from the Enterprise Foundation; treated the delegation to a luncheon ptesenta- tion on the anportance of collaborations in the face of cur- rent resource restraints. And, Tony Hemandez, of Fannie Mae, moderated a lively discussion between national NAII.RO representafives Saul Ramirez and Dom Cameron and HiJD representahve Milan Ozdinec. There were some 50 other breakout sessions to complement the general sessions. Many thanks to the3onsors and vendors who huned out in record numbers to enhance the exchange of information and help financially support the confer6nce. Thauks also to the Pueb}o Housing Authority and all the members of the Conference Planning Committee who contributed so much ~ time and energy. / / ~ S 2005 Pueblo Conference Recap ' . Housing Issues and 2006 Legislative Se.4 By Jamie Balliett, Housing at eptcmber, Housing Colorado reached out to mem- s an online survey of state legislative issues, to poll a range of ten sepazate topics, from tenanYs rights ~ uride Decision to the Housing Investment Fund. ~ This su* plays a key role in helping the organization legislative priorities for the 2006 session. Referenda C passe.d, what does this meari in the 1~oreterm? Referenda C passed by a 52% mazgin with a 46% voter . hunout on November lst. Over 600,000 voters (a good shaze ofthem new to the state suice TABOR was passed in 1992) agreed to a rimeout to help State govemment rebuild cut dollazs and invest to grow the Colorado economy. For 2006/2007, that means nearly $440 million will become available for the next state budget. How will C's passa.ge help housing efforts? St has been hard to say that passage of C was going to help housing programs direc4ly. The Referenda language doesn't even say "housing" in the list of azeas to tazget like "educa- rion, roads, and health caze." There aze, however, many budgeting changes that aze expecfed to help improve state support for housing. Recently, Honsing Colorado was briefed by a Govemor Owens Administrarion official who indicated that with C's passage, there wonld be support for an increase in the line item of the Division of Housing budget for the affordable housing granfs program for next yeaz. This program was up to $3.2 million in 2001 and paid a severe price in the budget cuts over the last four yeazs. In - fact, 2his line item is now currently at $115,000, which places Colorado on the lowef end nationally in terms ot' state money supporting grants for affordable housing. What else sits_on the horizon for the 2006 legislative session? So far, there aze a few bills of note. The fust is a foreclo- sure bill that seeks to change current law to make, it easier for a hom~owner to avoid forealosure (Colorado is current- ly fifth highest in the narion for foxeclosures). Another is a predatory lending bill that seeks to helg homeowners avoid deceptive practices. A third is a mortgage broker's bill that seeks to register brokers. It appeazs that the Housing Investment Fund bill will not be introduced again (it was vetoed by the Govemor) but work continues on this front on many.levels! Look for more bill details in Housing Colorado's Legislafive Report. , ~ - . 6 Members weie asked to define their.top issues. PerceAtage Supporting 1. Establish a Housing Investment Fund: 93% 2. Increase CDOH $ for affordable grants: 91% 3. Strengthen predatory State laws: 60% 4. Allow CDOH to acquire troubled properties: 53% 5. Increase funding for foreclosure prevention: 52% 6. Pursue~a Telluride legislative fix: 45% 7. Develop a tenant's rights law: 33% 8. Develop reg6latory incenfives forhousing: 26% 9. Address manufactured housing discrnnination: 26% The Housing Colarado Boazd of Directors and the Advocacy Council will be meeting in the month of December to draw up the complete state legislative priorities for 2006. If you have any questions, please contact Jamie Salliett at (303) 863-0126 or Jamie@housingcolorada.ofg About Housing Colorado: We are a statewide organizafion, composed of housing pro- fessionals engaged, in the full spectrum of affordable hous- ing production and preservation, including both rental and homeownership opportunitiea: fmancing. and underwriting; development; rental management; aesident services; and, housing counseling. Membership spans all sectors: cities; public housing authorities; financial institutions; govem- ment bodies; for-profit and non-profit developers; realtors, and other professionals. \ , , What we do: Host the premiere affordable honsing conference in the State with over 500 attendees every fall. Sponsor a monthly educational and networking luncheon series. . Provide a voice for afFordable housing through a legislative presence and member driven advocacy network. Keep members informed about affordable hou3ing policies, issues and resources. A new Boazd of Directors was elected at the Pueblo Conference on June 9, 2005. The Board serves for a two-yeaz term beginning at the conclusion of the annual conference. In addition to meeting six tunes per yeaz to conduct the business of the association, the Board members serve on a variety of commitfees including: :housing, community development, pro- fessional development,, membership servipes and commissioners. Here is a list of the current Boazd of D'ueetors. Please feel free to contacf them with your comments, suggestions or ideas for a better organization: OFFICERS PRESIDENT Jacqui Pickett 7efferson,County Human Services/ Community Dev. 900 7efferson County Pazkway Suite 65 Golden, CO 80401-6010 , (P) 303-271-4832 (F)303=27'1-4835 jpickett@jeffco.us SENIOR VIC&PRESIDENT Don May Adams County Housing Authority 7190 Colorado Blvd. Commerce Ciry, CO 80022 . (P) 303- 227-2075 (F) 303- 227-2098 dmay@achaco.com - IMIvSEDIATE PAST PRESIDENT Teresa Duran Colorado Division of Housing : 1313 Sherman St., Room 518 Denver, CO 80203 (P)303-866-2034 (F) 303-866-4077 teresa. duran@state. co.us TREb1SURER Gloria Stubbs Jefferson County Fiousing Authority 7490 W. 45th Ave, Wheat Ridge, CO 80033-5139 (P)303-422-8600 X116 (F) 303-422-3229 gstubbs@prodigy.net SECRETARY . , Angie Shafranek Greeley/ Weld Housing Authoriries 315 N. l lth Ave Bldg. B P.O. Box 130 Greeley, CO 80632 (P) 970-346-7660 ext 6550 (F) 970-346-7690 Angie@greeley-weldha org SERVICE OFFICER David kartens Colorado NAHRO 705 Iris Ave - Boulder, QO 80304 (P) 303-447-0690 (F) 303-402-1959 martensb@aol.com VICE PAESIDENTS COMIVIUNITY DEVELOPTvIENT Janet Grimmett City of Englevc~ood , 1000 Englewood Pkwy. Englewood, CO 80110 (P) 303-762-2344 (F) 303-783-6895 Jgrinunett@englewoodgov.org _ HOUSING 8tella Madrid Denver Housing Authority 777 Grant St., 6th Floor Denver, CO 80203 (P) 720-932-3107 (F) 720-932-3008 steemadrid@aol.com MENtBER SERVICES Rachel Perez Steinbach Fort Collins Housing Authority 1715 West Mountain Ave. Fort Collins, CO 80521 (P)970-416-2922 (F) 970-221-0821 rperez@Fcgov.oom PROFESSIONAL DEVELOPMENT Barbara BernBrd - Housing Authority of the City of Pueblo 1414 N. Santa Fe Ave. Pueblo, CO 81003 (P) 719-584-7645 d'uect, (P),719-544-6230 main liae (F) 719-546-5399 blbernazd@hapueblo.com COMIvIISSSIONERS ' Virginia Walker Longmont Housing Authority 2717 Mountain View Ave Longmont, C0 80503 ' (Pj 303 678-9748 (C) 303 775-1629 ginnywalker@iglide.net LI'D \ FROm