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Home My WebLink About02/08/2006HOUSING AUTHORITY SPECIAL MEETING February 8,2006 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 I30USING 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 Di'Ilillio. B. ROLL CALL Authority Members Present: Cheryl Brungardt Kent Davis Jerry DiTullio Kathy Nuanes Janice Thompson Others Present: Alan White, Community Development Director Larry Nelson, Cornerstone Realty Betty Maybin, Cornerstone Realty Henry Wehrdt, Project Manager Alan Feinstein, Jeffco Housing Authority Dick Matthews, Accountant Kazen Adams, Ciiy Council Lena Rotola, City CounciI Ann Lazzeri, Recording Secretary C. APPROVAL OF NIINUTES It was moved by Kathy Nuanes and seconded by Janice Thompson to approve the minutes of November 30, 2005. The motion passed unanimously. D. OFF'ICERS REPORTS There were no officer reports. E. PiJBLIC FORUM There was no one to appear before the Authority. F. UNFINISHED BUSINESS There was no unfinished business. G. NEW BUSINESS i • Resolution 01-2005 - Yresentation and approval of 2006 Budaet - Dick Matthews reviewed the 2006 Budget. $150,000 from Jefferson County Housing Authority NTinutes - 1 - 1130-OS gealth and Human Services should be added to the budget for purPoses of acquisition. It was moved by Kent Davis an seconded by Cheryl Brungardt to d f $150 000 from Jef erson approve the 2006 budget with the addition o, ces to be used for acquisitionp~'Poses. CountY Health and Human Servi The motion passed unanimously. an U date on Park Side Townhomes Pro'ect - Henry Wehrdt.he projprovidedect is update on tha status the Side Townhomes renovation. T Park unch list is being sent to subcontractors. Alan completion. A final p Qod and should sell quicklY• nearing Feinstein commented that the units look veSY g slow right now. I,arry Nelson commented that the feal estate market is very Iie suggested placing the units on tha mazk uaz tsqu~e~st of tha yeaz. Mazketing will be similar to that used for Q H. OTHER In response question from Janice Th°mPson, A1an W1~te stated that he has Richards Hart Estate duplex to a • heatd nothing ~rther from the tenant at the regarding a counter top. Brungardt suggested changing the scheduled ume of Housing ' s to avoid conflicts for A1an Feinstein. Also, the fourth PO'sible Cheryl Authority meeting WedneSday often conflicts with ori holi ha Shad time It was moved by to rev ew theu c~en azs. change at a later date after everyCheryl Brungardt and seconded by Kent Davis to cancel and meet as necessary u► t1►e conning Y~r. The motion ~e pece p~S d unanin►ously. I. ADi~=-LTRN1vIENT The meeting was adjourned at 7:25 p.m. Ann Lazzeri, Secretary 7e~ D1Tullio, Chair 2 Housing Authority 1Vlinutes 06-22-05 JEFFERSON COUNTY HOUSING AUTHORITY 7490 West 45th Avenue Wheat Ridge, CO 80033 303.422.8600 fax 303.422.3229 www.jcha.org January 20, 2006 Henry Wehrdt JCHA 7490 W. 45h Ave. Wheat Ridge, CO 80033 303-422-8600 extension 125 WRHA Update I am enciosing a cost update as well as the following completed items: • Sprinkler system completed and front yard sod installed • 4509 & 4507 appliances installed, hand rails & bathroom hazdwaze installed as well as the window blinds and a final clean completed • Both completed units to hopefully be staged the week of Januazy 23rd • Punch list to contractors for completion items substantially 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 dt WHEAT RIDGE HOUSING AUTHORITY EV 2005 ERETT STREET/WE3T 45th PLACE ` mi np.nn . a . , lil~. InIevor : n inp, aars,a access ' sho.ver tlliM 8 385 WEST 48th AVENUE ImWatlan. endosure, covers eap~el4 tlumpater, fendnp BOX 1348 IFER~~~~~~~~~9 '~UMte Dltterence W HEATRiDGE,CALORAD080033 Estlmete Diflerenca 78 730 00 NT 28 283.00 - 20283.00 C ONTRACTAMOUM . 78,730.06 , . 7pACTAMOU , 215 00 3 C MhNGEIFIELD ORDERS 42,520.00 _ NGFJFIEID ORDERS . , 31,498.00 T OTAL . 121,250.00 4L OATE SAb1OUNT RETAfNAGE CHECWY PAYMENTY DATE SAMOUNT RETAINACE CNECIGf PAYMENTi &BR005 &52.00 6 381.00 WRHA 1 6114/2005 14,877.50 772.50 WRHA ~ e/T7/2005 , 6,830.00 360.00 , WRHA 2 7152005 3,847.50 , 202.50 WRHA , , y 1013112005 035.00 4 212.00 WRHA 3 8112O05 34798.00 1,832.00 WRHA 3 1/Bf2006 , 540.00 10 555.00 1 8,252005 14,668.00 772.00 WRHA q , 5 91142005 10,460.00 550.00 WRHA 8 101792005 20,377.00 1,073.00 WRHA 7 17/182005 70,213.00 537.00 WRHA 00 28 257 1,488.00 29.745.00 T OTALPAIDOUT 109.041.00 5.739.00 714,780.00 ALPAIDOUT RACTAMOUNTWITHCHANGES . . 31,498.00 C ANTRACTAMOUNTWRHCHANGES 12'1,250.00 6 470 00 iT MINING OWED TO COTNRACTOR - 1.753.00 REMAINING OWED TO COTNRACTOR s en ne n r o , . moing n ows e w Pi p ou e S WEST 66M AVENUE Estimxte 1 DlHerence 5636 WEST isl DRNE COLORP00 80401 GOLDEN Estlmata DlHerence EAT RIDGE, COLORAW 00033 600 00 20 - Z0,600.00 , CONTRACTAMOUNT 23,915.00 - 23,915.00 NTRACTAMOUNT . . CHANGFJFIELDOROERS \NGE/FIELOORDERS - TOTAL 23.915.00 fAL DATE 20.600.00 SAb10UNT RETAINACE CHECK6 PAYMENTp DATE fAMOUNT RETAINAGE CHECKM pAVMENTN 7152005 6,460.00 340.00 WRHA 1 5/182005 855.00 45.00 WRHA ~ 8114200.5 10.232.00 538.00 WRHA 2 9H4/2005 10,450.00 550.00 WRHA y '1019/OS 878.00 2 ~152.00 WRHA 31027/2005 3,800~00 200.00 WI7HA 3 , 4 11/72005 7,615.00 400.00 WRHA 00 19 570 030.00 1 20,800.00 TOTALPPIDOUT 12,720.00 1,195.00 23,915.00 TALPAIDOUT MRACTAMOUNTWRHCHANGES , . , 20,600.00 COMRACTAMOUNTWITHCHANCaES R 23,915.00 MAINING OWED TO COTNRACTOR REMAINING OW ED TO COTNRACTO , i ures, epqancea, r ca 336 W EST 7st DRNE N mece, %iG tlucl deani n0 W~T 48N AVENUE DIR COLORAD080401 )LDEN Estimste Dlfferenca WHEATRIDGE,COLORA0080033 Estlmate erenre 580 00 25 , 905.00 56 - 58,905.00 CONTRACTAMOUNT 25,580.00 , . )NTqACTAMOUNT , 00 3 885 CHANGEFIELDORDERS 4,320.00 IANGE/FIELDORDERS , . 790.00 W TOTAL 29,900.00 ITAL DATE , EAMOUNT REfAiNACE CHECKB PAVMENTi DATE SAMOUNT RETAINAGE CXECKii PAYMENf# &i6/2005 3,465.00 180.00 WRHA 1 802005 7,315.00 3&5.00 . WRHA I 5/24/2005 575.40 75 1,011.80 WRHA 2 8/252005 7,837.00 413.00 WRNA p 6/2/2005 , 270.00 8 330.00 WRHA 3(flnal) 11/3/2005 13,252.00 698.00 WRHA 3 g 10/27/2005 , .3,800.00 200.00 WRHA - 6 itO12005 4.038.00 212.00 WRHA . , 7 ' 17H12005 17,866.00 620.00 WRMA . .8 1212112005. 6,355.00 335.00 WRHA 51 369.40 2.881 54.258.00 TOTAL PAID OUT 28,404.00 1,496.00 29,900.00 7TAL PAID OUT ONTRACT AMOUNT WITH CHANGES , 60,790.00 CONTRACT AMOUNT WITH CHANGES FCTOR . 29,900.00 EMAININGOWEDTOCOTNPACTOR 8;532.00 REMAININGOWED TOCOTNH raB°s . 365WEST481hAVENUE Estirrele DiBerence 6365WEST46ihAVENUE WHEAT-RIDGE,COLORAD080033 Estimeta DiHerence IMEATRIDGE,COLORA0080033 - 400 00 ' 5 . - ' S,400.00 COMRACTAMOUNT 41.860.00 - 41,860.00 ONTRACTAAdOUNT , . CHANGEIFIEIDORDERS 1,560.00 HANGE/FIELDORDERS - TOTAL 43,420.00 OTAL DATE 5,400.00 SAMOUNT REfAINAGE CHECKt PAVMENT,1 DATE SAMOUNT REfAINAGE CHECI(# PAYMENTR 1 91162005 9,985.00 525.00 WRHF . p 10/3/2005 18,240.00 960.00 WRHA 3 '12116/2005 13,060.00 686.00 WRHA - - TOTALPAIDOUT 47.249.00 2.171.00 43,420.00 'OTALPAIDOUT 5 400 00 COMRACTAMOUNTWITHCHANGES 43,420.00 ;ONTRACTAMOUNTW~THCHANGES OWEDTOCOTNRACTOR iEMAINING , . 5,400.00 REMAININGOWEDTOCOTNRAGTOR n n ~M B 9677 GELON ORIVE DENVER,COLORAD080260 Estlmata DiRerence 325 000.00 TOTAL CONTRACTAMOUNT 15,215.00 - 15,215.00 .OAN , 581.00 - 31 356.581.00 CHANGHFIELDORDERS 300.00 :OFUNDS fOTALCONTRACT , 296,488.00 800 00 55 TOTAL PAYMENTM DATE 15,515.00 SAMOUNT REfAINAGE GHECKN (OTALCHANGEIFIELDORDERS . , T 11123/2005 3,468.00 182.00 65198 PROJECT CO5T5 i PAID BV JCHA - 288.00 352 LOANPWS kEMAINING 2 17/12005 6,937.00 368.00 WRHA , 614.40 17 WFUNDS F11N0.5 3 12Y28/2005 2,374.00 125.00 WRHA HARDCOST , APPLIANCES 71.942.00 600 00 TOTALPAIDOUT 12,839.00 675.00 13,514.00 PIANS . CONTRACT AMOUNT W ITH CHANGES 15,515.00 ACTTOTAL 382,444.40 356,581.00 (25,863.40 ) REMAINING OWED TO COTNRACTOR 2,00100 NEWCONTR TOTALPAIDOUT 313,449.40 - TOTAL DUE IN RETAINAGE 16,682.60 ' , . TOTAL BALANGE OUE 65;826.40 , PAYMENTS OUT OF HARD COST - Plans for gara9es 600.00 Paid by WRHA Dishwashers & Range hoods 2,16e.01) Paid by W RHA Range & Refr. Formodei unit 890.00 Pald by WRHA 12/812o05 ° Jefferson County Housing Authority . ~For: Wheat Ridge Housing AuThority 7490 VVest 45t6 Avenue Wtteat Ridge, Colorado 80033 JEFFERSON COUNIYHOUSING AUTHORITY FOR YVHEAT RIDGE HOUSINGAUTHORITY IN'I'ERIORFINISI3ING, DOORS, ATTIC, ENCL 882 URE OVE m P~C~-T/CONGRETE, DUMPSTER, AND F~,NCING WHEAT R-7d)GE, COLORADO 80033 FIELD ORDER TO (Contractor): FROM (Owner): FIELD ORDER Company Name: 7o-D ENTERPRISES. INC. Jefferson Connty Housing Authority No:_4 For. Date Issued: Address: 6365 wEST ae AvENUS Contract Package ##B Oct.191ti. 2005 WfiEAT RIDGE COLORADO 80033 COpieS t0: Contract Dated: 4-14 - OS o Const. Mang. Phone: f3031431-4848 o Contractor Contact Person: JIM OR 70DY Issued By: Melodv Toineeta for Henrv wehrdt o JCHA (File) Const. Mang. or JCHA Representarive o Work Site ErjrnmSn:ediately hereby directed to execute prompdy this Field Order, which interprets the Contract Documents or orders hanges in the Work with out change in Contract Sum or Contract Time. onsider that a change in Contract Sum or Contract Tnne is required, please submit your itemized proposal before proceeding with this Work. If your proposal is found to be satisfactory and in proper order, and ld Order will l be su erseded b a Chan e Order. Description of the interpretarion or change in Work: Upstairs Bath Rooms. In each unit install: 1 Cluome Toilet Paper holder 1 Chrome Towel Ring 1 Chrome Towel Bar $45.00 each unit $360.00 1 24" wood/mirror dooz medicine cabinet flush mount $65.00 each unit $520.00 Downstairs Half bath Room: In each unit install: 1 Chrome Toilet Paper holder 1 Chiome TowelRing $35.00 eachunit $280.00 1 16" wood/mirror dooi medicine cabinet flush mount $55.00 each unit $440.00 Eaterior House Numbers: Paint existing number boards cream and xeplace numbers $ 25.00 each unit $200.00 with black on each unit. Stair Rails: , . Remove existing rails and replace with off-white wrought Iron raiLs including balusters. on lower steps (in two sections to make {iunihue moving up stairs easier). $410.00 each unit $3,280.00 Ezterior Rear Concrete Steps: . 1 0$ , 40 00 Install and complete reaz conciete steps. TOTAL AMOUNT OF FIEL1) ORDER #4 $6,120.00 Signed and agreed to by: Contractor ox Contractor Representative: pwner Representative: ovsoms Wheat Ridge Housing Authority Park Side Project All Transactions Ordinary IncomelExpense Income ' 530 • Rent Total Income Cost of Goods Sold - 555 • Purchase of Units 560 • Acquistion Appraisal Fees 562 • Acqulsitions Costs 563 • Architecture 567 • Construction Period Maintenance 670. Garages 571 - Homeowners Association 573 • Rehabilitation -Appliances 574 • Rehabilitation - Cabinets 575 • Rehabilitaion - Electrical 576 • Rehabflitation • EXterior 577 • Rehabilitation - Floors 576 • Rehabilitaion - Plumbing 560 • Rehabilitation - Various 599 • Ending Cost of Units Total COGS Gross ProFit Expense 750 • Accounting & Legal 802 • Gardening & Maintenance 825 - Office Supplies 832 •Postage 843 • Repairs 857 • Taxes - Real Estate . 865 - Trash Removal 872 • Utilities Total Ex pense Net Ordinary Income , Otherlncome/Expense Otherlncome ' Jan 20,'06 of Income 9,233 100% 9,233 100% 545,000 5,903% 1,700 18% 7,939 21°h 600 6% 3,277 35% 43,420 470% 1,000 17 °h 3,968 43% 43,121 . 467% 15,950 173% 80,102 868% 29,745 322% 31,082 337% 89,964 974°h -890,867 -9,649% 1 0°h 9,232 100°,6 215 2% 4,470 48% 70 1 °h 31 0°.5 89 1 °h 300 3% 581 6% 1,467 16°6 7,223 78% 2,009 22°6 Page I of 2 ovzoios Wheat Ridge Housing Authority Park Side Project All Transactions 564 - CDBG Grent Total Other Income Net Other Income Net Income Jan 20,'06 % of Income 75,000 812% 75,000 812°h 77,009 834°/. Page 2 of 2 01120/06 Wheat Ridge l-Lousing Authority Balance Sheet As of December 31, 2005 Dec 31,'OS ASSETS Current Assets Checking/Savings . 113 • Vectra Opereting Account 222,664 ToWI Cheeking/Savings . 222,664 Other Current Assets 1$1. ParkSide Projectlnventory 890,867 152 • Quail Project Inventory 119,804 TotalOtherCurrentAssets 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 1,245,778 LIABIUTIES & EqUITY . Liabilities Current Liabilities . Accounts Payabla 300 • Accounts Paya6le 7,105 315 • Construction Retalnage 35,610 Total Accounks Payable 42,715 Total Current Liabilities 42,715 Total Liabilities 42,715 Equity Net Income 76,286 465 - Fund Balance ' 1,726,777 Total Equfty 1,203,063 TOTAL LIABILITIES & EQUITY 1,245,778 Page I of t oinowe • Wheat Ridge Housing Authority Budget vs. Actual January through December 2006 Ordinery IncomdExDenae Incom> 500 - Sele of Ilnke 530 Rent 535. Inbreet Income 568 . MiecelMn.ou. Incomc Totel Incoma co.t ef Goode Sold $61 - Baginning Cort M Unib 555 - Purchese M U.N. Summery Rehabiliteion CorU 588 Entling Coet of llnib Total LOGS Groee PmfM1 Expcme . 8999. Unc.bgo,iz.d Eapmo. 100 - Selling CosL 704. Buy.r Inuntivo 705 - Closin9 coe1s 710 Gammi»bns 750 Accounting &Legel ]8] - BankCherges ]]t - City Reimbunement 775. Conferonu R Moting Expmw ]8] Duw, Booke 6 Subscriptions 003Gardaning & Maintenenca !OC Homaownere Aeaociation Duae e25 Ofliee Supplies 83]Poalega 033. Printin9 6 Copies 843- Repcire BS] - Suppli.. 857 - Taxaa - Resl E.teh E63 Treeh Removel 872. Ulilitiae iatel Expensa Net Ordinary Income OtherlncomdEapenee OtM1arlncoms $64CDBG Grent Total Other Incom• Nat OtM1er Incom• Net Income Jen - Oec'OS BuOgat $ OVarBUtlgat %ofBUOgcI 242,000 1,328,000 -1,086,000 18% 13,414 10,000 3,414 136% 952 1,500 -548 63% 0 500 -500 OX 256,30 1,340,000 -1,083,634 19% ]]0,309 774,801 4,49E 99% 118,W0 118,500 100% 342,312 675,00 -132,688 72% . -1p10,611 -1.010,671 100% 220,050 1,249,801 -1,029,351 18°/. 35,916 90,199 50,483 40% . 0 702 1,388 , -686 51% 4,469 14,868 -10,389 30% 1,993 6.511 -6.518 31% 11,616 59,840 48,224 19% 6,700 10,000 -3,300 67% 31 100 -69 31% 2,432 3,000 -568 81%. 100 500 -400 20°.{ 0 500 440 12°A 1,095 1,500 -5 100% 1,9]] 2,000 -73 96% 89 250 -061 36% 28 250 -222 11% 0 500 -500 0% 879 1,500 -621 59% 0 25D -250 0% 38 1,000 -962 . 4% 307 250 57 123% 1,70 1,500 266 118% 34,fi31 105,]0] 41076 33% 1,285 -15,508 1fi]93 -B% 75,000 75,000 0 100% 75,000 75,000 0 100% 75,000 75,000 0 100% 78,205 58,491 783 1215X Page 1 of 1 See Reverse jor Exnmpl¢ of Firrancing ! CORNERSTONE REALTY, INC. 9150 WEST JEWELL AVE. SUITE 7 Op ~ Aodo - LAKEWOOD, COLORADO 80232 E N 303.987.8812 / 303.987.1434 (FAX) TOWNHOMES OFFERED FOR SALE BY ~ WHEA T RID GE HO USING A UTHORITY ~pPARKSIDE TOWNHOMESAT eLEAR CREEK WEST 45TH PLACE AT EVERETT STREET • 8 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 DOWIt ~[{ylfZCitt • New Central Air Conditioning As Low as $1000 • Ail New Vinyl Double Pane Windows • New Carpeting and Vinyl • Huge New Kitcheus including Cabinets and Fiztures • 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 Assistamce 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 Tatal Payment Including HOA Dues - Under $890 * *FJtilizing Special Financing Available (13uyers must meet eligibility requiremrnts) Contact Betty Maybin or Larry Nelson for additional information. 303-987-8812 EXAMI'LE Parkside Townhomea at Clear Creek Developer Incentive Program Sample Itinancing/Assistance Package 2 Bedroom without Garaee Sales Price of Unit 129,900 Esfimated Closing Costs & Prepaids 2,000 Total Costc 131.900 I" Mortgage Amount 119,405 First Bank Affordable Loan Progam 2d Mortgage Amount 6,495 H20 Progam -$alloon Payment due in 10 years No Monthly Payments Seller Conlribution 5,000 Buyer Cash Required 1,000 Total Resources 131.900 Monthly PITI and HOA 740 1~ Mortgage incl. PMI 45 Taxes 100 HOA Dues Total 885 This package was determined based on the following examples: 1` Mortgage Interest Rate 5.50% estimated plus private mortgage insur. Fixed for 5 years, then adjustable (Rate quoted 1/19/06) 2ad Mortgaga Interest Rate 3.0% fixed for 2 yeazs, then adjustable (see program brochure) This package would be subject to the following conditions and requirements: 1. Bvyer executes Purchase Contract and deposits $500.00 in earnest money 2. Income as verified to 1~ mortgage lender is within pmgram guidelines (Less 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 within 10 days of contract acceptance. 3. Buyer must obtaiu loan commitment within 3 0 days of date of acceptance of Contract. 4. Buyer must attend Homebuyer Classes. • This scenario is auailable to buyers under 800/o of area median income only. 0 Income Limits: 1 Person - $40,150; 2 - $45,900; 3 - $51,600; 4 - $57,350; 5 - $61,950; 6 - $66,550 ~ f C&(+~ Swanhorst & Company LLC c ~rtirtccl PublicACCOUnnnU 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 year ended December 31, 2005. We will audit the basic financial statements of the Authority as of and for the yeaz 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 fairness of the additional information refened to in the first pazagraph when considered in relation to the basic financiai statements taken as a whole. Our audit will be conducted in accordance with generally accepted auditing standazds and if required, the standards for financial audits contained in GovernmentAuditing 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 of the 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 feasons with you in advance. If, for any reason, we aze unable to complete the audit or aze 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 will assist in the prepuation 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. Management is also responsible for adj usting the basic financial statements to correct material 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 aze 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 Board 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 aze responsible for identifying and enswing that the Authority complies with applicable laws and regulations. Audit Procedures-General 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 of transactions to be examined and the areas 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 d'uect 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 regulations 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 are 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 correspondence with selected individuals, creditors, and financial institutions. We will 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 ow audit, we will also require certain written 7epresentations 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 whethet 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 not be 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. An 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 intemal control and its operation that we consider to be reportable conditions under standazds 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 intemal control that, in our judgment, could adversely affect the entity's abiliTy to record, process, summazize, and report financial data consistent with the assertions of management in the basic financial statements. Boazd of Directors Wheat Ridge Aousing 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 maximum 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 are 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 summarizes 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, t 6ZYA-~- u;G Swanhorst & Company LLC RESPONSE This letter correctly sets forth the understanding of the Wheat Ridge Housing Authority. From the Presiden# As winter approaches,.I'd like to pay tribute to the many volunteers and part- ners who have conhibuted their time and energy in making 2005 another suc- cessful yeaz for Colorado NAHRO. Almost 300 delegates attended the annual conferencethattook place June 8-10 in Pueblo. There were over 30 sponsor/ exhibitors participating. The planning committee did a wonderful job putEing together a varietY of work- shops covering everything from nuts and bolts training to national program and policy issues to helpful professiori- al development seminazs. Colorado NAHRO also sponsored a three-day Housing Choice Voucher Eligibility, Income and Rent Calculation Seminaz August 9-11 ~,in Denver. Tn order to make the training affordable•to ~ as many members as possible, Golorado NAHRO subsidized a portion of the Colorado remains very ~ active iri the Mountain Plains- Regional Council of NAHRO with 12 Colorado NAHItO members on the MPRC Boazd of Directors for the. 2005-2007 term, These individuals, represexl our state and region on a variety of narional , comxnittees that have a significant unpact on federal'programs, policies and administrarive is§ues releuant to housing and CD agencies (see NPiHRO News; page 2, for a list of MPRC mem- bers from Colorado). I'd like to, say thank.you to the outgo- ing Colorado NAHRO Boazd \of Directors who ser4ed from 2003-2005 and weloome to the new Boazd of Directors who wi1T serve from 2005- 2007. A complete list of the current Boazd is included in this newslett8r (page 7) and you are encpuraged to . contact them with your suggestions or comments. regisixation fee. It is Colorado NAHIZO's goal to contin- ue to provide quality conferences and lrainings as a service to our-members. Your ingut on training topics or any other memberslup services aze welcome. Feel free to contact Colorado NABEtO at 303-447-0690 or martensb@aoLcom. As we continue.tostruggle with pro- gram and budget issues, laiow that the work you,do has d'uect impact in improving people's lives.' Thanks for your gooct work and your support and participation in Colorado NAHRO. 7acgui Pickett, President NahroNews ~ -Colorado NAIiKO Conference to be h¢ld at'the Keystone ResoM, May 10-12> 2006 The Colorado NAHRO Annual Confereuce will be heading back to the mountains in the spring. The Board of D'uectors has. selected the Keystone Lodge and Conference Ceriter as the site for next year's event. The conference will take place Wednesday through Friday, May 10-12. Keystone is a world-class resort with state-of-the-art facilifies. The Keystone ISodge surrounds Keystone Lake with incredible views of, the mountains. Meeting raoms aze located within the Lodgb 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 be.tween now and the conference. 2005 Colorado NAHR.O Training Reaap ' In addifion to the annual conference that was held June 8-10 in Pueblo, Colarado NAHRO was pleased to have sponsored and subsidized a Housing Choice Voucher Eligibility, Inpome and Rent Calculation Seminaz August 9-11 .in Denver. Thirty-two members fook advantage of the tfiree-day seminaz, Colorado NAHRO values your input and is intefested in your ideas for trainings in 2006. Please forwazd your ideas to martensb@aol_com. 2006 National NAHRO Snmmer Conferenc¢ to be helct in Deme July 1Z-16 The NAHRO Sutnmer Conference is being held at the new Hyatt Regency:Convention , Center Hofel in Denver, 7uly 12-16, 2006,' Over 1000 NAHItO members from throughout the counhy are eacpected to attend the conference: 2005=2007 JV4P$C Officers and Committee Selections „ from-Colorado ~ ' - A new Boazd of D'uectors for th8 Mountain Plains Regional Council (NIPRC) of NAI~tO is now in place for the 2005-2007 term. Among,the representatives from Colorado aze: . NIPRC President: Preston Prince, tlurora Housing Authonty Housing.Committee: Betsey Martens, Boulder Housing Partners CR&D Couunittee: Don May, Adams County Housing Authority and Jacqui Pickett, Jeff~'ison 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 Authoriry and Emily Bullard, 7efferson County Human Services Intemational Commiftee: Stella Madrid, Denver Housing AuthoriTy and Ed Talbot, Arvada Housing Authority Budget and Administration: Alan Feinstem, Jefferson County Housing Anthority Board of Govemors: Jack Quinn, Pueblo Housing Authority and Preston Ftince, Aurora Housing Authority ' ` Legislative Network: Jack Quinn, Pneblo Housing Authority and Stella Madrid, Denver Housing Authority . 2 2005 Colorado NAHRO Award Winners The Colorado NAHRO Board would like to congratulate the award winners from this year's annual conference in Pueblo. AWAftD: AFFOItDABLE HOUSINGDE5IGN {~F AWAR.D' COMMUNITY R£VITALIZATION PAOJECT: HOLIDAY NEIGHBOR.HOOD ~.J PxolECr: "ART" -CIRQULATOB SHUITLE AGENCY: BOULDEB HOUSING PAHTNERS. AGENCYe CITY OF ENGL$WOOD s The Holiday Neighborhood is a development in North Bonlder consisting of 333 homes on a 27-acres site. 40% of k;se homes, including units for rent and for sale, aze affr iable to low and moderate-income families. In addi- tio- 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 gazden. i Citing 1he need to connect the Englewood light rail station, the downtown business community, Swedish and Craig hos- pitals and three senior residenflal 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 g•rocery stores, banks, doctor's offices, restaurants, the Senior Recreation CentBr, the Englewood Public Library and various shoppinp, azeas. The name of the shuttle, "ar[," 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 are 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. Eazly feasibility studies anticipated the shuttle would carry 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. Fim ;ing far the project inoluded HUD funds and grants from 4he City of Boulder and the State of Colorado. In addition, Boulder Housing Partners took a lower fmancial return and charged a lower development fee than mosf in the private sector would do. Other partners includcd Habitat for Humanity and specialized developers.. The approach of the neighborhood is scattered affordable units, with no azchitectural distincrion between these and _ the mazke4 rate units. The result of ttus design is the Holiday Neighborhood community, where people with incomes from $12,000 to six figures annually now call home. 3 Betsey Martens accepting award from NAHRO Senior VP, Don Camecon, and. Muuntain Plains President, Ed Talbok Janet Grmmett accepting award&om NAHIiO Senior VP, Don Cameron, and Mountain Plains President, Ed Talbot. , AWAItD: R-ESIDENTAND CLIENT SEAVICE3 PROJECT: SIMON CENTER CALENDAlt GIRLS ("SASSY SIMONETTES") AGENCY: EN61.4WOOD HOUSING AUTHOAITY As a result of a Springtirrie outing in eazly 2004 to see the movie Calendaz Girls (in which a group of middle-aged women posed for a calendaz to raise furnds 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 purehase of fiuniture 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 lrnow as the "Sassy Simonettes." Donations and supQort were received from Maxwell Studios, A-OK printing, Wa1Mart, 9 News and Englewood Housing Authority Service Goordinator Cheri Gau1. j After printingicosts the calendaz provided $1,835 for the residents to use in the purchase of new patio fiuniture, which was installed for their enjoyment in April 2005. The remaining funds were used to prouide a small donation and a pizzalthank you party for the Englewood Fire Department for the many seivice ealls they make to the rasidents of the building. 4 AWAR.D: RESIDENT AND CLIENT SEAVICE6 PROJECT: LAKEWOOD FINANCIAL FITNE$$ AGENCY: LAKEWOOD riOUSING AUTHOR.ITY Lakewood Housing Authority developed the Financial Fime$$ program in order for participating families to fur- tlier their self-sufficiency goals through financial manage- ment and participation ia the mainstream banking system. The classes thems'elves are "family friendly" and include a free dinner 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. Paringrs in this program include the City of Lakewood, Mile High United Way, Mutual Financial 5ervices Inc. and US Bank. The total cos"t of one session, which includes 4 2-hour classes, is $3,300. Lakewood Housing AuthoriTy receives mos4 of cost fiom the programs' partners in the form 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 fami:ies open up checking and savings accounts. . Jo Hamit acceptmg awazd from NAHRO Senior VP, Don Cameron, and Mountain Plains President, Ed Talbot. . Derek Kuykendal accepting award from NAHILO Senior VP, Don Cameron, and Mountaip Plains President, Ed Talbot. AWAAD: OUT5TANDING STAFF MEMBEH WINNEA: LINDA JASTEA, DEPUTY DIKECTOA, , AUAOR.A HOUSING AUTHOR.ITY PAESENTED BY: PXESTON PRINCE, EXECUTIVE DIAECTOR, AURORAHOUSING AcrrxoxizY It was a Community Fandango in Pueblo this sumiuer as neazly 300 Colorado and Mountain Plains NAHRQ mem- bers gathered for the annual conference. As host state for the 2005 Mountain Plains wnference, Colorado NAHRO did an exemplary job in plamning and executing the event. In addi- tion to partnering with Mountain Plains, Caloiado also joined forces with the Rocky Mountain,Self Sufficiency Council and the Colorado NAIIRO Maintenance confer- ence. The result was an acrion packed couple of dayswith a diversified workshop schedule and some unique netv✓orking oppoitnnities. As local hosts for the conference, Jack Quinn and his'won- derful staff at the Pueblo Housing Authority did a great job in providing culturally enriching experiences for the delega- tion. Highlights included a tour of historic Pueblo taverns and a banquet in the beautifully restored Pueblo Union Depot Train Station/ Events Center. - Linda Jaster accepting award from NAHRO Senior VP, Don Cameran, Mountain Plains Presiden[, Ed Talbot and,Preston Prince, Executive Director, Aurora Housing Au[hority Keynote speaker, Chad Hymas, inspired the delegation with his message of overcoming unbelievable obstacles on his pathto an enriching life. Doris Koo, from the Enterprise Foundation; treated the delegation to a luncheon ptesenta- tion on the importance of collaborations in the face of cur- rent resource restraints. And, Tony Hemandez, of Fannie Mae, moderated a lively discussion between national NAHRO representatives Saul Ramirez and Dom Cameron and HUD representahve Milan Ozdinec. There were some 50 other breakout sessions to complement the general sessions. Many thanks to the~Ponsors and vendors who turned out in record numbers to enhance the exchange of information and help financially support the conference. Thanks also to the Puebko Housing Authority and all the members of the Conference Planning Committee who contributed so much ~ time and energy. / i 2005 Pueblo Conference Recap ' k olorado reached out to mem Housing Issues and t e aber, Housing C nline survey of state legislative issues, to poll 2006 LegISI`C~ I.IVe SeSS1O ge of ten separate topics, from tenanYs rights e Decision to the Housing Investment Fund. By 7amie Batliett, Hoi,siag Colorado's Advocaey Manag ~ plays a key role in helping the organization iegislative priorities for the 2006 session. Referenda C passe.d, what does this meari in the s~oreterm? Referenda C passed by a 52% mazgin with a 461/o voter . tumout on,November 1St. Over 600,000 voters (a good shaze ofthem new to the state since TABOR was passed in 1992) agreed to a rimeout to help State govemment retiuild 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? It has been hazd to say that passage of C was going to help housing prograins direcfly. The'Referenda language doesn't even say "housing" in the list of areas to target like "educa- tion, roads, and health_caze." There aze; however, xnany budgeting changes that are expected to help*improVe state support for housing. Recently, Housing Colorado was briefed by a Govemor Owens Administration officiai 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 gants 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, this line item is now currently at $115,000, which places Colorado on the lowef end nationally in terms of state money supporting grants for affordable housing. What else sits, on the horizon for the 2006 legislative. session? ' Members weie asked to definl~ their.top issues. Percentage Supporting 1. Establish a Housing Invesbnent Fund: 93% 2. Increase CDOH $ for affoxdable grants: 9 1 % ' 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 tenanYs rights law: 33% 8. Davelop regulatory incentives forhousing: 26% 9. Address manufactured housing discriinination: 26% The Housing Colorado Boazd of DiTectors and theAdvocacy Council will be meeting in the month of December to draw up the complete state legislative priorities for 2006. If yc h y questions, please contact Jamie $alliett aL ave an (303) 863-0126 or Jamie@housingcolorada.org About Housing Colorado: We aie a statewide organization, 'composed of housing pro- fessionals engaged, in the full spectrum of affordable hous- ing production and preservation,.including both rental aad homeownership oppornuutieg: financing. and undenvriting; development; rental management; _resident services; and, housing counseling. Membership spans all sectors: cifies; public housing authorifles; £mancial institutions; govem- ment bodies; for-profit and non-profit developers; realtors, and other professionals. . ' What we do: ' So faz, there aze a few bills of note. The first is a foreclo- sure bill that seeks to ehange current law to make. it easier for a homcowner to auoid foreclo_sure (Colorado is current- ly fifth highest in the nation for foraclosures). Another is a predatory' lending bill that seeks to helg homeowners avoid deceptive pract'ices. A third is a mortgage broker's bill that seeks to register brokers. It appeazs that .the Housing Investmenl 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 Legislarive Report. , 6 ~ , . Host the premiere afforda6le housing conference in the State with over 500 attendees every fall.. _ Sponsox a monthly edu6ational and netv✓orking luncheon series. . Provide a voice for affordable housing through a legislatir presence and member driven advocacy network. Keep members informed abouf affordable houging policies, issues and resources. A ne•u Board of Directors was elected at the Pueblo Conference on June 9, 2005. The Boazd serves for a fwo-yeaz term beginning at the conclusion of the annual conference. In addition to meeting six times per yeaz to conduct the business of the association, the Board members serve on a variety of commitfees including::housing, communitydevelopment, pro- fessional development,, membership services and commissioners. Here is a list of the current Boazd of Direetors. Please feel free to contacY them with your couunents, suggesrions or ideas f9r a better organization: OFFICERS. PRESIDENT Jacqui Pickett Jeffersbn,County Human Services/ Community Dev. 900 Jefferson County Parkway Suite 65 Golden, CO 80401-6010 (P) 303-271-4832 (F) 303=271-4835 `jpickett@jeffco.us - SENIOR VICE PRESIDENT . Don May ' Adams County Aousing Authority 7190 Colorado Blvd. Commerce Ciry, CO 80022 , (P) 303- 227-2075 ; (F) 303- 227-2098 'dmay@achaco.com - IIvIIvmDIATE PASTPRESIDENT Teresa Duran : Colorado Division of Housing : 1313 Sherman 6t., Room 518 Denver, CO 80203 (P) 303-866-2034 . (F) 303-866-4077 teresa.duran@state-co.us TREASURER Gioria Stubbs Jefferson County Housing Authority 7490 W. 45th Ave, Wheat Ridge, CO 80033-5139 (P)303-422-8600 X116 (F) 303-422-3224 gstubbs@prodigy.net SECRETARY Angie Shafranek Greeley/ Weld Honsing Authorifie's 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 Martens Colorado NAIIRO 705 Iris Ave - Boulder, q0 80304 (P) 303-447-0690 (F) 303-402-I959 martensb@aol.wm ~ VICE PkESIDENTS COMNIUNITY DEVELOPMENT Janet Grimmett City of Englev✓ood 1000 Englewood Pkwy. Englewood, CO 80110 (P) 303-762-2349 (F) 303-783-6895 Jgrimmett@englewoodgov.org . MENYBER SERVICES Rachel Perez Steinbach Fort Collins Housing Authorily 1'715 West Niountain Ave. Fort Collins, CO 80521 (P) 970-416-2922 ,(F) 970-221-0821 rperez@fcgov.aom PROFESSIONAL DEVELOPMENT Barbara Bemard - Housing Authority of the City of Pueblo 1414 N. 5anta Fe Ave. Pueblo, C4 81003 (P) 719-584-7645 direct, (P),719-544-6230 main line (F) 719-546-5399 blbernazd@hapueblo. com HOUSING Stella Madrid Denver Housing Authority 777 Grant St., 6th Floor Denver, CO 80203 (P) 720-932-3107 (F) 720-932-3008. steemadrid@aol.com COMMISSSIONERS ' Virginia Walker Langmont Housing Authority 2717 Mountain View Ave Longmont, C0 80503 " (Pj 303 678-9748 (C) 303 775-1629 ginnywalker@iglide.net 7 H + ~ ♦ ~ 1 O L I DAAYS. . C C) LO R.AD. .O 11 A 1-1 K-U