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HomeMy WebLinkAbout05/25/2010WHEAT RIDGE HOUSING AUTHORITY AGENDA May 25, 2010 CITY COUNCIL CHAMBERS 4:00 P.M. Individuals with disabilities are encouraged to participate in allpublic meetings sponsored by the City of Wheat Ridge. Call Heather Geyer, Public Information Officer at 303 - 235 -2826 at least one week in advance of a meeting ifyou are interested in participating and need inclusion assistance. A. Call Meeting to Order B. Roll Call C. Approval of the Minutes: February 23, 2010 D. Officers Reports E. Public Forum F. New Business 1. Presentation & Acceptance of Audit 2. Training Video: Preventing Public Officials' Liability 3. Strategic Planning Report G. Unfinished Business J. Other 1. Update on Current & Future Projects K. Adjournment to June 22, 2010 VVRHA WHEAT RIDGE HOUSING AUTHORITY MINUTES February 23, 2010 1. CALL MEETING TO ORDER The meeting was called to order by Chair Brungardt at 4:00p,m. in the City Council Chambers of the Wheat Ridge Municipal Building, 7500 West 29 Avenue, Wheat Ridge, Colorado. 2. ROLL CALL Authority members present: Cheryl Br6gardt Y Kathy Nuank�- , Housing Authority Minutes - 1 - February 23, 2010 The Housing Authority has not undertaken a strategic planning session since formation in 2001. The anticipated outcome of the strategic planning sessions would be an updated (if needed) mission and goals for the Authority. It would also clarify any questions regarding the role and responsibilities of the Authority as well as individual members. New projects or new areas of focus may be identified in the process. Up to $1,500 has been budgeted for the strategic planning process. Housing Authority members conducted interviews of twQ prospective consultants based on a list of predetermined questions. Tom Hart Community Strategies Institute Mr. Hart briefly reviewed his background and responded to the list,of interview questions. He formerly served as Direct vf the Colorado Division- ofRousing. He has worked with many housing authorifk s -on complex plans as well as simpler plans. His institute has diverse background in housing development, finance, policy, planning, demographics and research. He charges $100/hour for consulting fees. He estimated a four -hour meeting' With the Authority which would leave eleven hours for res d,creation of a summary report for the Authority. He indicated he woul&_be abre to work on this project at almost any time. Joe Gonzales :<< ar Gonzales & Assoviates Mr. Gonzales briefly rev background and responded to each of the mter yew questions He a mediator; "trainer and facilitator. He designs and facilitates strategic plann processes that define collaborative solutions and has worked extensivdl with `cotmtinities and organizations experiencing difficulty `of reorganization and change. He has worked with nonprofits on affordable housing projects. ff Jl also worked with for -profit organizations. His expertise is in organization and development as well as large group intervention. He estimated- - ix- hour'meeting with the Authority. He indicated that $1,500 would cover his h e idluding the meeting time and preparation of a report. He also indicated tha_ would be available to work on this project at almost any time. Following discussion of the interviews, it was moved by Joseph DeMott and seconded by Katie Vanderveen moved to select Tom Hart as the consultant to assist the Housing Authority with strategic planning. The motion passed 5 -0. The following dates will be submitted to Tom Hart to see if they would fit with his availability: March 23, 2010 — 2:00 p.m. to 6:00 p.m. April 13, 2010 — 2:00 p.m. to 6:00 p.m. Housing Authority Minutes -2- February 23, 2010 7. UNFINISHED BUSINESS 9690 and 9710 West 41 Avenue - Larry Nelson reported on the West 41" Avenue properties. There have been between 20 and 25 showings during the last month due to the reduced price and the option of owner - financing. A decision on a party -wall agreement should be available within a week. If approved, FHA financing would be available. 8. OTHER Sally Payne distributed information on the NAHRP Coi rence to be held in Pueblo. Those interested in attending should cont t Sally Me or Kathy Field. Cheryl Brungardt suggested submitting one�of#he- Housing Au�'s projects for a NAHRO award. 9. ADJOURNMENT It was moved by Janice Thu adjourn the meeting at 5:40 Cheryl Housing Authority Minutes -3- February 23, 2010 Swanhorst & Company LLC 8400 E. Crescent Parkway, Suite 600 Greenwood Village, Colorado 80111 We are providing this letter in connection with your audit of the financial statements of the Wheat Ridge Housing Authority as of December 31, 2009, and for the year then ended for the purpose of expressing opinions as to whether the basic financial statements present fairly, in all material respects, the financial position of the Authority and the results of its operations and the cash flows in conformity with accounting principles generally accepted in the United States of America. We confirm that we are responsible for the fair presentation of the financial statements in conformity with accounting principles generally accepted in the United States of America. We are also responsible for adopting sound accounting policies, establishing and maintaining internal control, and preventing and detecting fraud. We confirm, to the best of our knowledge and belief, the following representations made to you during your audit. 1. The financial statements referred to above are fairly presented in conformity with accounting principles generally accepted in the United States of America and include all properly classified funds and other financial information of the primary government and all component units required by generally accepted accounting principles to be included in the financial reporting entity. 2. We have made available to you all— a. Financial records and related data, and all audit or relevant monitoring reports, if any, received from funding sources. b. Minutes of the meetings of the Board of Commissioners or summaries of actions ofrecent meetings for which minutes have not yet been prepared. There have been no communications from regulatory agencies concerning noncompliance with, or deficiencies in, financial reporting practices. 4. There are no material transactions that have not been properly recorded in the accounting records underlying the financial statements. We believe the effects of the uncorrected financial statement misstatements summarized in the attached schedule (if applicable) are immaterial, both individually and in the aggregate, to the financial statements taken as a whole. 6. We acknowledge our responsibility for the design and implementation of programs and controls to prevent and detect fraud. 7. We have no knowledge of any fraud or suspected fraud affecting the Authority involving— a. Management, b. Employees who have significant roles in internal control, or C. Others where the fraud could have a material effect on the financial statements. We have no knowledge of any allegations of fraud or suspected fraud affecting the Authority received in communications from employees, former employees, analysts, regulators, or others. 9. The Authority has no plans or intentions that may materially affect the carrying value or classification of assets, liabilities, or equity. 10. The following, if any, have been properly recorded or disclosed in the financial statements— a. Related party transactions, including revenues, expenditures /expenses, loans, transfers, leasing arrangements, and guarantees, and amounts receivable from or payable to related parties. b. Guarantees, whether written or oral, under which the Authority is contingently liable. C. All accounting estimates that could be material to the financial statements, including the key factors and significant assumptions underlying those estimates. We believe the estimates are reasonable in the circumstances, consistently applied, and adequately disclosed. 11. We are responsible for compliance with the laws, regulations, and provisions of contracts and grant agreements applicable to us, including tax and debt limits or contracts; and we have identified and disclosed to you all laws, regulations and provisions of contracts and grant agreements that we believe have a direct and material effect on the determination of financial statement amounts, or other financial data significant to the audit, including legal and contractual provisions for reporting specific activities in separate funds. 12. There are no— a. Violations or possible violations of budget ordinances, laws and regulations (including those pertaining to adopting, approving and amending budgets), provisions of contracts and grant agreements, tax or debt limits, and any related debt covenants whose effects should be considered for disclosure in the financial statements, or as a basis for recording a loss contingency, or for reporting on noncompliance. b. Unasserted claims or assessments that our lawyer has advised us are probable of assertion and must be disclosed in accordance with Financial Accounting Standards Board (FASB) Statement No. 5, Accounting for Contingencies. C. Other liabilities or gain or loss contingencies that are required to be accrued or disclosed by FASB Statement No. 5. d. Reservations or designations of fund equity that were not properly authorized and approved. 13. The Authority has satisfactory title to all owned assets, and there are no liens or encumbrances on such assets nor has any asset been pledged as collateral. 14. The Authority has complied with all aspects of contractual agreements that would have a material effect on the financial statements in the event of noncompliance. This includes complying with any donor requirements. 15. We have identified to you any previous financial audits, attestation agreements, performance audits or other studies related to the objectives of the audit being undertaken. 16. As part of the audit, you have prepared the draft financial statements and related footnotes. We have designated a competent management -level individual to oversee your services and have made all management decisions and performed all management functions. We have reviewed, approved, and accepted responsibility for the financial statements and related footnotes. 17. The financial statements properly classify all funds and activities. 18. Net asset components (invested in capital assets net of related debt, restricted and unrestricted) and fund balance reserves and designations are properly classified and, if applicable, approved. 19. Provisions for uncollectible receivables have been properly identified and recorded. 20. Deposits and investment securities are properly classified as to risk, and investment ratings and valuations are proper. 21. Capital assets, including infrastructure assets, are properly capitalized, reported, and, if applicable, depreciated. 22. Required supplementary information (RSI) is measured and presented within prescribed guidelines. 23. To the best of our knowledge and belief, no events, including instances of noncompliance, have occurred subsequent to the balance sheet date and through the date of this letter that would require adjustment to or disclosure in the aforementioned financial statements. 24. We have responded fully and truthfully to all inquiries made to us by.you during your audit. Signed Signed Title Title WHEAT RIDGE HOUSING AUTHORITY FINANCIAL STATEMENTS December 31, 2009 C X � w� TABLE OF CONTENTS PAGE Independent Auditors' Report Basic Financial Statements Statement of Net Assets Statement of Revenues, Expenses and Changes in Net Assets Statement of Cash Flows Notes to Financial Statements IK �i i .'r, �JI l7Jki x Mt l `4 f 4 5 -8 Board of Commissioners Wheat Ridge Housing Authority Wheat Ridge, Colorado INDEPENDENT A We have audited the accompanying basic financial statemejaw'A the year ended December 31, 2009. These financial statements" Authority's management. Our responsibility is to express an opim The prior year comparative information has been deri " o_m the statements and in our report dated March 24, 2009, ire statements. .''' the W4eat Ridge"Housing Authority as of and for 4he responsibility of the Wheat Ridge Housing o' '' ..these financial statements based on our audit. Wl` dge Housing Authority's 2008 financial gd,ah unqualified opinion on the basic financial We conducted our audit in accordance ffh ad ing star generally accepted in the United States of America. Those standards require that we plan aA o audi obtain reasonable assurance about whether the financial statements are free of material misstate me a cludes examining, on a test basis, evidence supporting the amounts and disclosures in the. tat e ts,, An audit also includes assessing the accounting principles used and significant estimates mode by man ent`` well as evaluating the overall financial statement presentation. We believe that our audit a reas ' able basis for our opinion. The Wheat Ridge Housing Autho' hapiot presented management's discussion and analysis that the Governmental Accounting Standards Board has de�N Jrmined is necessary to supplement, although not required to be part of, the basic financial statements. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Wheat Ridge Housing Authority as ofDecember 31, 2009, and the changes in financial position and cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America. February 3, 2010 BASIC FINANCIALSTATEMEIƒS„ \ §/ � �. WHEAT RIDGE HOUSING AUTHORITY STATEMENT OF NET ASSETS December 31, 2009 ASSETS Current Assets Cash Prepaid Expenses Loans Receivable Property Held for Resale TOTAL ASSETS LIABILITIES Current Liabilities Accounts Payable TOTAL LIABILITIES NET ASSETS Unrestricted TOTAL LIABILITIES AND NET ASSETS 2009 2008 art�� �s R, $ 830,761 $ 479,095 - 10 8,262 8,567 311,556 745,500 $ 1,150,579 $ 1,233,172 $ 3,200 $ 18,113 3,200 18,113 1,147,379 1,215,059 a 1,150,579 $ 1,233,172 The accompanying notes are an integral part of the financial statements. 2 WHEAT RIDGE HOUSING AUTHORITY STATEMENT OF REVENUES. EXPENSES AND CHANGES IN NET ASSETS Year Ended December 31, 2009 OPERATING REVENUES Sales of Investment Property Cost of Sales Rental TOTAL OPERATING REVENUES OPERATING EXPENSES Closing Costs General and Administrative Repairs and Maintenance Utilities Homeowners Dues City Reimbursement Property Acquisition Costs Unrealized Loss on Property Held for Resale TOTAL OPERATING EXPENSES OPERATING LOSS NONOPERATING REVENUES Interest Income Interest Expense TOTAL NONOPERATING R CHANGE IN NET ASSETS NET ASSETS, Beginning NET ASSETS, Ending 19,926 11,994 23,858 6,337 932 4,258 22,030 147,728 237,063 (246,564) 8,142 10,973 - (4,542) 8,142 6,431 (67,680) (240,133) 1,215,059 1,455,192 $ 1,147379 $ 1,215,059 The accompanying notes are an integral part of the financial statements. 3 2009 2008 $ 520,500 $ 299,000 (535,500) (309,401) 900 (15,000) (9,501) 36,528 14,383 6,191 '`' 3,470 250 2 a _ ,�y w 60,822 (75,822) WHEAT RIDGE HOUSING AUTHORITY STATEMENT OF CASH FLOWS Increase (Decrease) in Cash Year Ended December 31, 2009 2009 CASH FLOWS FROM OPERATING ACTIVITIES Proceeds from Sales of Investment Property $ 520,500 Purchase and Rehabilitiation of Investment Property (101,556) Cash Received from Tenants Cash Payments to Vendors and Suppliers (75,725) Net Cash Provided by Operating Activities 343,219 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Loan Repayments from Homeowners 305 Net Cash Provided by Noncapital Financing Activities '°' _ 305 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Loan Principal Payments 4 - Loan Interest Payments - N nfl Net Cash Provided (Used) b Capital and Related Financing Activities u. i' c - � ) Y aP� g w;,,: 7 CASH FLOWS FROM INVESTING ACTIVITIES Interest Income . 8,142 Net Cash Provided by Investing Activities �,.Yfi ^;,;,,. 8,142 NET INCREASE (DECK CASH, Beginning CASH, Ending RECONCILIATION OF NET CASH PROVIDEL Operating Loss Adjustments to Reconci Net Cash Provided by C Changes in Assets and Liabilities Related to Operations Prepaid Expenses Property Held for Resale Accounts Payable Accrued Liabilities Retainage Payable Net Cash Provided by Operating Activities 351,666 2008 $ 299,000 (100,049) 900 (59,167) 140,684 318 318 (123,000) (4,542) (127,542) 10,973 10,973 24,433 479,095 454,662 $ 830,761 $ 479,095 $ (75,822) $ (246,564) 10 340 433,944 380,100 (14,913) 10,834 (3,036) (990) $ 343,219 $ 140,684 The accompanying notes are an integral part of the financial statements. H WHEAT RIDGE HOUSING AUTHORITY NOTES TO FINANCIAL STATEMENTS December 31, 2009 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of the Wheat Ridge Housing Authority (the "Authority") have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governmental entities. The Governmental Accounting Standards Board (GASB) is the accepted standard - setting body for establishing governmental accounting and financial reporting principles. Following is a summary of the more significant policies. Reporting Entity In accordance with governmental accounting standards, the Authority has considered the possibility of including additional entities in its financial statements. Jhe definition of the reporting entity is based primarily on financial accountability. Thethority is financially accountable for organizations that make up its legal entity. It is alscn „ lly accountable for legally separate organizations if Authority officials appoint a voti n' ajori v. a organization's governing body and either it is able to impose its will on that o anization or tl i i a potential for benefits to, or to impose specific financial burdens on, tl Underit o The Authority may also be financially accountable for organizations that are fiscally upon it. Based on the application of this cri t _ he Autho . bes not include additional organizations within its reporting entity. '� arm Measurement Focus, Ba.0"I Accounnng, and Financial Statement Presentation The Authority uses art erp . fund to ccount for its operations. Enterprise funds are used to account for operations t e ed and operated in a manner similar to private business enterprises, wholent .� a governing body is that costs of providing goods or services to the general pule on a co { ing is be financed or recovered primarily through user charges. The financiaT� statement ire reported using the economic resources measurement focus and the accrual basis of Revenues are recorded when earned and expenses are recorded when the liability is incu , regardless of the timing of related cash flows. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met. Private - sector standards of accounting and financial reporting issued prior to December 1, 1989, generally are followed in the financial statements to the extent that those standards do not conflict with or contradict guidance of the GASB. Governments also have the option of following subsequent private - sector guidance for their enterprise funds, subject to this same limitation. The Authority has elected not to follow subsequent private - sector guidance. Enterprise funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with the fund's principal ongoing operations. Operating expenses include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. WHEAT RIDGE HOUSING AUTHORITY NOTES TO FINANCIAL STATEMENTS December 31, 2009 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued) When both restricted and unrestricted resources are available for use, it is the Authority's practice to use restricted resources first, then unrestricted resources as they are needed. Property Held For Resale Property held for resale includes the acquisition and rehabilitation costs of investment property, and is reported at the lower of cost or market value. Risk Management a � k The Authority is exposed to various risks of loss reed to torts` theft of, damage to, and destruction of assets; errors and omissions; and natural d is. "' ers. The Auth 3 , carries commercial insurance for these risks of loss. k� , Comparative Data Comparative data for the prior year h rcorda�ce tt din the accompanying financial statements in order to provide an understanding of c a Authority's financial position and operations. However, complete comp a data i with generally accepted accounting principles has not been presented slice it clusike the financial statements unduly complex and difficult to read. _ N NOTE 2: Budgetary A budget is adopter the Authority as a management control devise, but is not legally required. Therefore, budgetary information is not presented in the financial statements. NOTE 3: DEVELOPMENT PROJECTS The Authority previously purchased and rehabilitated a condominium complex on Quail Street, a ten -unit condominium complex know as Carnation Square, an eight -unit townhome complex know as Parkside, a duplex on Parfet Street, and a duplex on Allison Court. During 2007, the Authority purchased a duplex on 41" Avenue. The Authority obtained grant funding and loan financing to purchase and rehabilitate the property. At December 31, 2009, the property, including rehabilitation costs, was held for resale. WHEAT RIDGE HOUSING AUTHORITY NOTES TO FINANCIAL STATEMENTS December 31, 2009 NOTE 4: CASH Deposits The Colorado Public Deposit Protection Act (PDPA) requires that all local government entities deposit cash in eligible public depositories. Eligibility is determined by State regulations. Amounts on deposit in excess of federal insurance levels must be collateralized by eligible collateral as determined by the PDPA. The PDPA allows the financial institution to create a single collateral pool for all public funds held. The pool is to be maintained by another institution, or held in trust for all uninsured public deposits as a group. The market value of the collateral must be at least equal to 102% of the uninsured deposits. At December 31, 2009, the Authority had bank deposits of $580,873 collateralized with securities held by the fina !K institution's agent but not in the Authority's name. Investments The Authority is required to comply with A„ a statutes which specify investment instruments meeting defined rating, maturity, custodial �' '� concentration risk criteria in which local governments may invest, which include the follo • Obligations of the United States • Certain international agency sec • General obligation and nue • Bankers' acceptanco of c in • Commercial paper =3 • Written repurchase a A • Certain mo t securities of U.S local government entities by certain authorized securities • Loca)f ent in tment pools Interest Rate Ri t statutes generally limit investments to an original maturity of five years unless the governin oard authorizes the investment for a period in excess of five years. Credit Risk - State statutes limit investments to those with specified ratings, as provided by nationally recognized statistical rating organizations, depending on the investment type. NOTE 5: LOANS RECEIVABLE During 2002, the Authority approved a loan, totaling $10,250, to assist a homeowner with closing costs related to a condominium purchase. The loan requires monthly payments of $50, including interest at 3.5% per annum, through September, 2012. This loan is secured by the condominium unit. During 2009, the homeowner paid principal on the loan totaling $305, leaving an outstanding balance of $8,262 at December 31, 2009. WHEAT RIDGE HOUSING AUTHORITY NOTES TO FINANCIAL STATEMENTS December 31, 2009 NOTE 6: PROPERTY HELD FOR RESALE Following is a summary of transactions for the property held for resale for the year ended December 31, 2009. Balance Balance 12/31/08 Additions Deletions 12/31/09 Acquisition and Rehabilitation Costs of Investment Property $ 745,500 $ 101,556 $ 535,500 $ 311,556 At December 31, 2009, management determined that the carrying value of property held for resale exceeded the estimated market value. Accordingly, th ing value has been reduced by $XXXXX. NOTE 7: COMMITMENTS AND Cooperation Agreement The Authority has entered into an a " nt with th ' of Wheat Ridge for contracted services. Under the terms of this agreement, th rovde legal, planning, engineering services, etc., as deemed necessary by the Authority. eer t v rms of this agreement, the City Manager or his designee will act as the E ;ve Dire r of the Authority. Claims and J The Authori ty�p es ill: er #1 programs that are fully or partially funded by grants received from other,, overnme enti ° '`s. Expenses financed by grants are subject to audit by the approp ' tor gov ent. If expenses are disallowed due to noncompliance with grant program regu .. ' tans, th Authority may be required to reimburse the grantor government. At December 31, 2 si ificant amounts of grant expenses have not been audited but the Authority believes that subse nt audits will not have a material effect on the overall financial position of the Authority. Tabor Amendment Colorado voters passed an amendment to the State Constitution, Article X, Section 20, which has several limitations, including revenue raising, spending abilities, and other specific requirements of state and local government. The Amendment is complex and subject to judicial interpretation. Management believes the Authority is exempt from the provisions of the Amendment. 8 February 3, 2010 Board of Commissioners Wheat Ridge Housing Authority Wheat Ridge, Colorado We have audited the financial statements of the Wheat Ridge He 31, 2009, and have issued our report thereon dated February 3, you with the following information related to our audit. , Our Responsibility under Generally Accepted Auditing As stated in our engagement letter, our responsibility, as! audit to obtain reasonable, but not absolute, assurance misstatement and are presented in accorda with gei designed to provide reasonable, but not q, all transactions, there is a risk that motet addition, an audit is not designed to detect a direct and material effect on t In planning and performin9ft audit of basis for designing our auditirigtocedu not for the purpose of express ing "spin. do not express an opinion on the Significant Accounting Policies Vithori f and for the year ended December Professions , :dards require that we provide ILI Pessional standards, is to plan and perform our the financial statements are free of material accounting principles. Because an audit is �d because we did not perform a detailed examination of noncompliance may exist and not be detected by us. In nents or violations of laws or regulations that do not have financial statements, we considered the Authority's internal control as a br the purpose of expressing our opinion on the financial statements, but on the effectiveness of the Authority's internal control. Accordingly, we ss of the Authority's internal control. Management has the responsibility for selection and use of appropriate accounting policies. In accordance with the terms of our engagement letter, we will advise management about the appropriateness of accounting policies and their application. The significant accounting policies used by Authority are described in Note 1 to the financial statements. We noted no transactions entered into by the Authority during the year that were both significant and unusual, and of which, under professional standards, we are required to inform you, or transactions for which there is a lack of authoritative guidance or consensus. Issues Discussed Prior to Retention of Independent Auditors We generally discuss a variety of matters, including the application of accounting principles and auditing standards, with management each year prior to retention as the Authority's auditors. However, these discussions occurred in the normal course of our professional relationship and the responses were not a condition to our retention. Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management's current judgements. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from management's current judgements. We evaluated the key factors and assumptions used to develop the significant estimates in determining that they are reasonable in relation to the financial statements taken as a whole. Management determined that its investment properties were recorded at values in excess of current market values. As a result, the carrying value of the properties was reduced by $XXX,XXX at December 31, 2009, Significant Audit Adjustments For purposes of this letter, professional standards define a significant audit adjustment as a proposed correction of the financial statements that, in our judgment, may not have been detected except through our auditing procedures. We provided management with a schedule of audit adjustments. An audit adjustment may or may not indicate matters that could have a significant effect on the Authority's financial reporting process (t44tis, cause future financial statements to be materially misstated). In our judgment, none of the adjustments proposed, either individually or in the aggregate, indicate matters that could have a significant effect on the Avid !'s financial reporting process. Disagreements with Management For purposes of this letter, professional standards define a dish e,pt ''*ith management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, re!" ` g, or auditing matter that could be significant to the financial statements or the auditors' report. We leased to re that no such disagreements arose during the „ course of our audit. M1 Consultations with Other Independent Accountants In some cases, management may decide,, onsu ith other countants about auditing and accounting matters, similar to obtaining a "second opinion" on cert i a consultation involves the application of an accounting principle to the Authority's financ' eme r a determination of the type of auditors' opinion that maybe expressed on those statements, our profe na rds fe the consulting accountant to check with us to determine that the consultant has all the relevg0ft facts. To kno, edge, there were no such consultations with other accountants. Difficulties Encountered in Pelminhe Audit We encountered no significant difficfilties in performing our audit. Conclusion We would like to thank Dick Matthews and Kathy Field for their assistance during the audit process. This report is intended solely for the information and use of the Board of Commissioners and management of the Wheat Ridge Housing Authority and is not intended to be and should not be used by anyone other than these specified parties. Very truly yours, Swanhorst & Company LLC General Fund December 31, 2009 ACCT ACCOUNT Client Adjustments Audit Audit NUMBER DESCRIPTION REF 12/31/09 DR CR 12/31/09 12/31/08 ---- -- - - - --• ----------- -- --- ----- ------ -- -- --- - - - - - -- - ASSETS --- -----• - ------- - ----- ---------- ----- ---- ----- - - - - -- ----- ----- - - - -- --------------- 113 Cash - Operating C 4,838 4,838 1,875 Cash - Condo Assoc. 0 0 0 Cash - Carnation Constr Acct 0 0 0 120 Cash - Safekeeping Acct C 825,923 825,923 477,220 273,271 Loans Receivable D 8,262 8,262 8,567 Prepaid Items 0 0 10 Account Receivable - grants 0 0 0 151 Prop Held for Resale - Everett 0 0 0 152 Prop Held for Resale - Allison 0 0 390,000 153 Prop Held for Resale - Parfet 0 0 145,500 153 Prop Held for Resale - 41st J 311,556 311,556 210,000 157 Prop Held for Resale - Fruitdale 0 0 0 0 accumulated depreciation 0 0 0 TOTAL ASSETS 1,150,579 - - - - --- -- 0 0 -- --- - - - - - -- --- 1,150,579 ------ --- --- 1,233,172 LIABILITIES 300 A/P M 3,200 0 3,200 18,113 315 Retainage Payable 0 0 0 310 RE taxes payable 0 0 0 Home Owners Dues Escrow 0 0 0 360 Tenant deposits 0 0 0 Accrued Interest 0 0 0 note payable - construction 0 0 0 mortgage payable - long tern 0 0 0 TOTAL LIABILITIES ----- ---- - - - - -- ------- 3,200 -- - - -- -- -- --- -- -- ------ - 0 0 ---- ----- - - --- --------------- 3,200 18,113 465 NET ASSETS, Beginning 1,219,559 4,500 1,215,059 1,455,192 INCOME (LOSS) (72,180) 535,500 (540,000) (67,680) (240,133) NET ASSETS, Ending ------ -- ---- --- -- 1,147,379 ----- ----- -- -- ----- -- - -- - -- ------ 540,000 (540,000) -- ----- -- --------------- 1,147,379 1,215,059 TOTAL LIAB AND NET ASSETS 1,150,579 540,000 (540,000) 1,150,579 1,233,172 0 0 0 INCOME Intergovernmental 0 0 0 530 Rental Income 0 0 900 500 Proceeds -Sale of Units U 520,500 0 520,500 299,000 535 Interest Income C 8,142 8,142 10,973 Other 0 0 0 564 Grant Income - CDBG/HOME 0 0 0 Gain on Sale of Condo Units 0 535,500 (535,500) (309,401) TOTAL INCOME 000 ---------- ---- ----- 528,642 -- ------ -- ----- ----- - ---- - 535,500 0 -------- - - - - -- --------------- (6,858) 1,472 General Fund December 31, 2009 ACCT ACCOUNT Client Adjustments Audit Audit NUMBER DESCRIPTION REF 12/31/09 DR CR 12/31/09 12/31/08 ------ - - - - -• -------------------- ----- -- --- ---- - - - - -- EXPENSES - --------- --------------- - ------ - - ---- --------- -- ---- --------- --- - -- --------------- General 551 Beginning Cost of Units Sold 0 0 0 0 0 599 Ending Costs of Units Sold- C J 438,444 540,000 (101,556) (99,059) 555 Property Acquisition 0 0 0 573 -580 Property Rehab J 101,556 101,556 71,216 562 Acquisition cost - title fees 0 0 0 563 Architecture 0 0 22,030 565 Condo map 0 0 0 567 Const Period Maintenance 0 0 264 568 Construction Management 0 0 3,559 570 Garages 0 0 0 571 Homeowners Association 0 0 1,500 581 Supplies/Materials 0 0 490 Other 0 0 0 0 Subtotal ------- -- - -- - -- - --- 540,000 -- -- - -- - --- --- 0 ------ - - - - -- - 540,000 --- -- -- ---- --- --------------- 0 0 700 Selling cost/Buyers Incentives ----- J1 ---- - ----- ---- 11,544 -- ----- - --- ------- - - - - -- - -- --- ------- -- -------- 11,544 - - ---- 5,574 Zoning 0 0 0 710 Commissions U2 24,984 24,984 14,352 Subtotal 36,528 0 0 36,528 19,926 G/A 720 Homeowners Assoc Capital 200 200 40 G/A 750 Accounting & Legal V101 8,200 8,200 8,200 G/A 754 Appraisal Fees 0 0 0 G/A 762 Bank Charges 1,251 1,251 1,243 G/A 775 Conference and meeting 209 209 133 G/A 777 Contract Services 0 0 0 G/A 787 Dues, Books, Subs 0 0 100 G/A 825 Office Supplies 10 10 0 G/A 832 Postage 0 0 13 G/A 771 Other V101.2 2,25 2,525 874 Insurance 1,988 1,988 1,942 RE Taxes 0 0 (551) Subtotal ------ -- - ---- -- -------- 14,383 -- - -- -- --------- 0 - - - - -- ------ 0 --- -- -- -- -------- 14,383 - ----- 11,994 Housing 0 0 0 802 Gardening & Maintenance 0 0 4,273 804 Homeowners Assoc. Dues 250 250 932 843 Repairs J1.1 6,191 0 6,191 19,585 865 Trash removal 0 0 0 G/A 872 Utilities 3,470 3,470 6,337 G/A 771 City Reimbursement 0 0 4,258 Unrealized Loss on Property HFResale 0 0 147,728 Cost on Failed Property Acquisition 0 0 0 22,030 Subtotal 9,911 0 0 9,911 205,143 Capital Outlay 0 0 0 Debt Service - --- ----- - - - - -- -------- 0 ------ - -- -- -- ------ -- ---- ---- ----- -- --------------- 0 0 Principal 0 0 0 Interest 0 0 4,542 Subtotal 0 0 0 . 0 4,542 TOTAL EXPENSES 600,822 0 540,000 60,822 241,605 NET INCOME (72,180) 535,500 (540,000) (67,680) (240,133) = 1 - City of Wheat�idge COMMUNITY DEVELOPMENT Memorandum TO: Wheat Ridge Housing Authority THROUGH: Sally Payne, Deputy Director, Wheat Ridge Housing Authority FROM: Kathy Field, Administrative Assistant DATE: May 21, 2010 SUBJECT: Preventing Public Officials' Liability The Colorado Intergovernmental Risk Sharing Agency (CIRSA), the City's property /liability and workers' compensation insurance broker, has produced a video entitled `In the Scope of Your Authority: Preventing Public Officials' Liability." This video was designed to be viewed by the City's elected and appointed officials, and the management team. It discusses how elected and appointed officials can avoid mistakes that can lead to liability claims and identifies best practices that will allow officials to be successful. In addition to the video, CIRSA in collaboration with the Colorado Municipal League (CML) have prepared a "Public Officials Liability Handbook ". This handbook is intended to provide an overview of some of the liability issues facing public entities, as well as some suggestion for avoiding and reducing liability. A copy is enclosed. (If you already have a handbook, please return it to Community Development.) The video, which is 17 minutes long, will be played for the Housing Authority at the May 25th meeting. WRHA Planning Options 12010 Wheat Ridge Housing Authority 2010 Planning Options The Community Strategies Institute was engaged by the Wheat Ridge Housing Authority(WRHA) to plan and facilitate a 4 hour planning workshop for WRHA Commissioners on April 13, 2010. This report summarizes the discussion which covered various topics relating to future activities the WRHA may undertake. Following the summary of the meeting, a work plan outline will be provided. The work plan outline does not have the level of detail that an implementation plan might require. Once the WRHA Commissioners have decided on a basic work plan, more research and analysis will need to be conducted to determine which items in the work plan are feasible and which are not. Planning for the future should be done on an ongoing basis, so that as new opportunities or barriers arise, adjustments to the basic work plan can be made. Summary Housing Authority Roles and Responsibilities: The Wheat Ridge Housing Authority is organized under state statute. Housing Authorities in Colorado are unique entities in that for some purposes they are considered units of local government and for other purposes they are viewed as entities separate from municipal or county government. The mixed legal status of housing authorities can create confusion on the part of housing authority commissioners, local government bodies and citizens at large. The Municipal Housing Authority Statutes CRS: 29 -4- 201 -230. Provide for the operation of housing authority operated within the boundaries of an organized municipality. Housing Authority Commissioners may be appointed by the Mayor and confirmed by the City Council. The statute allows for the Council to pass an ordinance allowing the Housing Authority Commissioners to appoint new members to vacant seats. The Wheat Ridge City Council has not adopted such an ordinance and currently, Commissioners are appointed by the Mayor with Council concurrence. In most municipalities in Colorado, the Housing Authority maintains a separation between the authority and city government. The trend is for housing authorities to operate separately from the local government. Recently the Lakewood Housing Authority and City of Lakewood agreed on a new relationship between the authority and city. The Authority moved out of city offices and adopted a new business name without the Lakewood name in the new title. In recent years it has become common for a housing authority to adopt a business name that downplays the "authority" concept and focuses more on partnership or some other positive value. For instance, the City of Boulder Housing Authority uses the business name: Boulder Housing Partners while the Lakewood Housing Authority does business as Metro West Housing Solutions. Regardless of the name, often, the business the housing authority engages in can be financially risky. By maintaining a practical separation between local government bodies and the housing authority, local governments can protect themselves from the problems that can arise from failed or controversial projects. Autonomy is important for the housing authority as well. For some members of the community, the basic mission of the housing authority can be viewed negatively. Often, when faced with neighborhood opposition or NIMBY(Not in my backyard), elected officials have a difficult time overruling opposition. If the elected officials are not directly involved in a project, it is easier for them to render an objective decision in the face of opposition. Community Strategies Institute 1 WRHA Planning Options 12010 Housing authority commissioners and city officials can have conflict over a variety of matters. In some cases, a mayor may appoint a new commissioner without considering the views of the other sitting housing authority commissioners. In order to avoid conflict over new appointments, it is wise for housing authority commissioners to discuss potential appointments with the mayor so that each party can better understand what the impact of a given appointment might be. Another important way to prevent conflict is for municipal elected and appointed officials and housing authority commissioners to communicate with one another. In order to gain the support of city officials on projects and other potentially controversial items, it is important that those officials understand the plan and have been given the opportunity to express their ideas on how make the plan gain greater support. Housing authority commissioners have many potential liabilities. One of the most common sources of litigation against housing authority commissioners involves the treatment of employees. It is important for commissioners to have adequate liability insurance and also access to good legal advice in dealing with employees. The WRHA presently has no direct employees, however, should the authority hire employees, a modern set of employee policies should be in place. If future WRHA actions include hiring employees and participating in development projects, it will be necessary for the Authority and its Commissioners to have adequate liability coverage. Summary Housing Authority Challenges and Opportunities: The WRHA is presently in a mode of low activity. After initially realizing success with its homeownership program, as the real estate market began to slow, fewer fist time homeowners were willing to make a commitment for a long term debt. Initially, the homeownership program focused on acquiring multi - family rental buildings and converting them to owner occupied condominiums. Later projects involved the acquisition and rehab of smaller buildings, mostly duplexes. These units were then sold to fist time buyers. WRHA contracted with the Jeffco Housing Authority to provide the project management. As demands on the staff of the Jeffco Housing Authority grew, Jeffco personnel determined that they would no longer be able to provide project management to WRHA. Since then, the WRHA has not undertaken any new projects. The environmental scan yielded information and observations that indicate that the WRHA Commissioners should consider the possibility of new organizational alignments before adopting a work plan that requires hiring new staff. There are multiple housing authorities serving Wheat Ridge residents with HUD sponsored low- income housing programs. The Jeffco Housing Authority has historically provided homeowner rehabilitation services for low income homeowners within the City of Wheat Ridge. A number of various non - profit organizations have also completed various rehabilitation projects over the years. Wheat Ridge 2020 has received pass through Neighborhood Stabilization Program funds from Jefferson County for the purchase and repair of empty foreclosed homes in Wheat Ridge. Based on information provided by a representative from Wheat Ridge 2020, it is difficult for them to obtain a qualified foreclosed property and then invest the substantial amounts in rehab needed to bring the property up to standard. On some properties they are outbid by private investors who generally don't invest as much in improving the property and can resell it in a short time period. Community Strategies Institute 2 WRHA Planning Options 1 2010 The Wheat Ridge Urban Renewal Authority is another entity supported by the City of Wheat Ridge. Like WRHA, the Urban Renewal Authority, now known as Renewal Wheat Ridge, receives limited staff support from city employees. Renewal Wheat Ridge is currently focusing its resources on a redevelopment of the area near 44 and Wadsworth. Some communities have chosen to link the efforts of their redevelopment authority with that of their housing authority. Administratively, greater efficiencies can be achieved because one administrative unit can deal with the complex tasks of supervising staff and complying with a complex web of both state and federal regulations that govern both the funding and programmatic options for community development projects. With the resources pooled from both entities, it may be possible to support staff positions that could further the efforts of both agencies. It is very difficult to make timely, substantial progress on projects that can only rely on borrowing staff expertise from other departments. The mechanics of combining two agencies would be fairly uncomplicated. The two governing boards of each group could remain in place and the day to day management could be accommodated through a memorandum of understanding between the two boards. It would also be possible to combine boards and have one board named to govern both entities. The new entity could be known as the Wheat Ridge Housing and Redevelopment Authority. The previous working arrangement with the Jeffco Housing Authority could also be used as a model for future joint ventures. There are a variety of non - profit groups which could provide the staffing necessary to operate WRHA programs. Wheat Ridge 2020 pursues a community development mission and it could be possible for that organization to operate programs on behalf of WRHA. It may be possible to develop a new agreement with the Jeffco Housing Authority. An important consideration is the level remuneration for contractual services. If a new partner will have to hire new staff in order to operate new or expanded programs, the level of support from WRHA will have to be adequate to cover the increased staffing and overhead costs of the joint venture partner. Contracting for services through another agency will probably be a more cost effective option than building a new organization from the ground up. While the complexities of configuring the WRHA for future activities is a critical consideration, there are many opportunities for the WRHA to serve the Wheat Ridge community. In looking at potential customers for WRHA programs, the environmental scan identified a number of households with needs that the housing authority could address. Some of the more pressing households needs included: • Households which are seeking modern rental units which include amenities such as community rooms, work facilities and are close to mass transit nodes. • Households which are in need to ranch style retirement housing that is near transportation and services. A Windsor Gardens type of development would be well received by the large population of retirees in Wheat Ridge. • Households looking for their first opportunity to own a home in a planned development that is located close to mass transit and provides a quality home for those at the entry level price point. Community Strategies Institute 3 WRHA Planning Options 2010 • Households who want to become homeowners and would like a home that reflects the rural character of neighborhoods along 38 Ave and 44 Ave. • Renter households with limited income who are forced to live in the least expensive rental units that are not well maintained by property owners. • Neighbors who are forced to endure the disruptions and crime that accompanies rental units that are not maintained and do not have effective management to prevent tenant problems from spilling into the neighborhood. There is not a shortage of well thought out plans on how to address the variety of community challenges facing the City of Wheat Ridge. The WRHA could become rapidly engaged in assisting the city government and the community at large in formulating plans that could ameliorate documented problems. The Neighborhood Revitalization Strategy, and the Envision Wheat Ridge Comprehensive Plan contain specific recommendations which fit well with the WRHA mission and goals. It would be efficient to focus WRHA resources and energy on areas and projects that have already been identified as having city -wide interest. Both the 38 Avenue and 44 Avenue corridors offer interesting opportunities. Both avenues contain a mis of residential and commercial uses. Both have a scattering of small retail with single family houses intermixed with some larger parcels of land that could easily accommodate redevelopment. Live work units configured as two story structures could enhance the present development along the two routes between Sheridan and Kipling. Historically there were small truck farms and flower gardens along both avenues. It may be possible to echo history by developing 6 -8 smaller housing units on a parcel that would have a community garden as the center piece of the housing project. This type of development could be accommodated on as small a parcel as one acre. Both younger first time buyers and retirees would find such a configuration appealing. In order to keep initial acquisition costs down and to ensure that the exterior improvements enhanced the surrounding land uses, a Community Land Trust form of ownership could be utilized. Another potentially successful concept would be to build live /work units. Employment projections say that the fastest growing sector of the economy will be small businesses. There are a variety of personal services firms that would benefit from having their business space co- located with their residence. This type of land use fits well with previous land uses as many small business and farms were managed by owners living on the property. For several years, the city has been pursuing the development of a focal point for the city. The city center concept, slated to be located in the 44 and Wadsworth area would be an excellent area of focus for a multifamily project. Either a mixed income rental or condo project could enhance the other public efforts in the area. The area has many services available and has good access to bus service. While the city has many older rental complexes, there are very few modern rental communities with the location and amenities that are attractive to younger tenants. A joint venture with a private developer or one with a non - profit developer could benefit WRHA by not having to hire in development expertise. A multi - family development could also be feasible at the Ward Road light rail site. Unless the WRHA has development expertise on staff it may be more efficient to pursue a joint venture development with another entity that has development experience. Because of the costs involved, it will be necessary to Community Strategies Institute 4 WRHA Planning Options 12010 pursue a variety of public financing options to bring the rents or sales prices down to a level of affordability for those residents with modest incomes. The joint- venture approach to development has many advantages. In various communities in Colorado, local governments and housing agencies have formed partnerships to complete development plans. The WRHA could contribute a variety of assets to a project including cash, land, regulatory concessions and other assets that would help lower the risk for either a private or non - profit developer. Some communities have utilized an RFP process in which developers compete on product price and quality in order to gain the assistance needed from a public entity. As the Revitalization Strategy and the Envision 2020 Plans have documented, Wheat Ridge has an ongoing, substantial need to upgrade and modernize much of its housing stock. WRHA Commissioners have noted that in neighborhoods where the homes begin to deteriorate, more crime and social disruption seems to occur. Because the financial impact of undertaking an aggressive rehab program on a large scale is beyond the resources of a community the size of Wheat Ridge, it may be useful to direct limited to resources to a targeted location or sub - neighborhood area. By concentrating resources, it may be possible to demonstrate a visible impact on the target area. In order to further expand the stabilizing effects that good property maintenance can have on an area, it may be worthwhile to engage the Wheat Ridge City Council in discussions about adopting city ordinances that would both encourage higher quality housing conditions and also punish those who refuse to improve unsafe or derelict housing conditions. Some communities have adopted rental unit license ordinances which allow the city to revoke licenses on rental units that are not safe or are a blight on surrounding properties. The WRHA could also have a positive impact on older rental properties by acquiring them, upgrading them and then leasing them to seniors and other residents needing affordable rent. Some developers in Denver have taken older, functionally obsolete rental properties and through both exterior and interior improvements given them a unique appeal. If the basic structure and mechanical systems are functional, it may be cost effective to improve some of the older properties. The WRHA could possibly have several different roles in such projects. It could be the owner, developer, property manager. WRHA could provide affordable construction financing to private owners willing to restrict rents to targeted levels. WRHA could be a co- developer with another entity on the project. If WRHA were to undertake a joint venture with another public housing authority, it may be possible for that other development partner to allocate some units of Section 8 rental assistance that would permanently stay with the units in the project. This would be a way of permanently buying down the rents for some eligible households. Some time ago, WRHA Commissioners adopted a set of broad goals for the housing authority. It would be useful for the commissioners to review those goals and decide whether they still are relevant or if they need to be changed. Any work plan adopted by the WRHA should reflect the goals and priorities that have been set by board deliberation. The present goals are listed below and it would be useful for Community Strategies Institute 5 WRHA Planning Options 12010 the commissioners to decide on any changes as they proceed with adopting a work plan for the near term and longer term future. 1. Acquire rental properties and convert them to owner occupied units 2. Increase pride through homeownership 3. Decrease blight of low- maintained residences 4. Prioritize acquisition of multi - family units to convert to homeownership 5. Become a community resource for housing funding and other housing needs 6. Maintain and increase property values in Wheat Ridge 7. Become a self- sustaining agency As the WRHA updates is goals and deliberates on a work plan, it would be beneficial to continue to obtain technical assistance from subject matter experts. The Colorado Division of Housing has development staff experts who could be invited to provide information and training to housing authority commissioners. There are other organizations who also provide technical assistance to community organizations as part of their mission. It would also be beneficial for the WRHA commissioners to make a tour of successful housing projects and programs in the metro area. Sometimes it is difficult to develop a clear picture of an affordable housing idea. When that idea becomes reality in a living project, it is much easier to appreciate the steps taken to bring the original idea to completion. The section that follows is a menu of possible work activities that the WRHA Commissioners may wish to undertake. Community Strategies Institute is not specifically endorsing any of these items. Much more thought and analysis will have to be completed on many of these items before it could be determined if a given project or program would be a good fit for the housing authority. These items provide a starting point for further discussions. With limited time and budget, the details relating to each of these items will have to come at a later date. Community Strategies Institute 6 WRHA Planning Options 12010 Possible Work Plan Items 1 -5 year Horizon Community Strategies Institute Item Timeline Players /Resources Cost 1 Undertake an analysis of Short term WRHA Commissioners, City $ viability of continuing within 3 Staff, City Council, other WRHA in present form or months agencies including Renewal in combining housing WR, Jeffco PHA, WR2020, authority with other neighboring PHAs, Co.Div. Of entity through merger or Housing joint operating agreement or MOU for services 2 Based on outcomes of Short term WRHA Commissioners, City $ item 1, develop within 6 Staff, City Council, other agreements to implement months agencies including Renewal new organizational WR, Jeffco PHA, WR2020, approach or hire staff for neighboring PHAs, Co.Div. Of WRHA Housing 3 Review Housing Authority Short term WRHA Commissioners, City $ Goals and update as within 6 staff necessary months 4 Conduct a metro area Short term WRHA Commissioners, City $ project tour for WRHA within 3 staff Commissioners and staff months 5 Research and invite Short term WRHA Commissioners, City $ technical assistance within 6 staff providers to WRHA months meetings for presentations on housing development process Community Strategies Institute WRHA Planning Options 2010 6 Develop a rental Mid term 1 -2 WRHA Commissioners, staff, $$$$ acquisition /rehab years outside funders /lenders, program for joint venture partners implementation by WRHA staff or joint venture partner Engage WR City Council in Short tem 6 WRHA Commissioners, staff, $ a discussion centered on months -1 City staff, City Council, passing ordinances to year Landlords, neighborhood force better property groups, citizens maintenance and health and safety standards. g Work with other groups Mid term 1 -2 WRHA Commssioners, staff, $$$$$ to sponsor or co- sponsor years outside funders /lenders, emergency and neighborhood groups, WR substantial home repair City Council, other home loan program in targeted repair groups areas. Provide deferred loans where necessary to increase homeowner participation. 9 Formulate plan for new Long term 2 WRHA Commissioners, staff, $$$$$$ rental development in years - 5 WR City Council, outside areas of interest for city years funders, lenders, joint redevelopment such as venture partners, Renewal 44th Wadsworth, Ward Wheat Ridge Rd. Tansit station. Consider both WRHA owned properties and joint ventures with outside developers. Community Strategies Institute WRHA Planning Options 12010 10 Formulate plan for new Long term 2 WRHA Commissioners, staff, $$$$$$ ranch style senior rental - 5 years WR City Council, outside housing using the funders, lenders, joint community garden land venture partners, Renewal plan concept. Consider Wheat Ridge both WRHA as developer and joint venture partners 11 Revitalize down payment Short tem 6 WRHA Commissioners, staff, $$$$$ assistance programs to months -1 local Realtors, outside provide assistance to first year funders, lenders, Colo. time homebuyers, Housing Assistance Corp., collaborate with other CHFA agencies to maximize leveraging of resources. 12 As market conditions Mid term 1- WRHA Commissioners, staff, $$$$$ improve, continue 2 years local Realtors, outside acquisition, rehab, resale funders, lenders, Colo. program for first time Housing Assistance Corp., homebuyers. CHFA, rehab agency or staff 13 Work with outside Long term 2- WRHA Commissioners, staff, $$$$$$ partners to develop 5 years local Realtors, builders, innovative new for sale outside funders, lenders, housing products to joint venture partners, include concepts such as Renewal Wheat Ridge, CHFA community gardens, community land trusts, live work units. These new products to be designed to fit into city areas of interest including 38th, 44th aves, infill locations Community Strategies Institute WRHA Planning Options 12010 14 Join efforts with other Short term 1 WRHA Commissioners, staff, $$ civic groups to formulate year local Realtors, civic groups, and /or expand existing neighborhood groups, neighborhood fix up -paint outside funders, employers, up programs senior groups, citizens Key to Cost Symbols: $ = little or no cash outlay by WRHA $$= $10,000- $20,000 $$$= <$100,000 $$$$_ $100,000- 350,000 $$$$$= $500 - $1,000,000 $$$$$$+ 1,000,000 plus Community Strategies Institute 10