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Home My WebLink About2011 Yearend ReportVON Wheat Fridge Hotj- -ai , nq Authorit YEAR END REPORT - 2011 INTRODUCTION The Wheat Ridge Housing Authority (WRHA) was established by City Council Resolution on January 22, 2001, to address the issue of the high rental rate in the City by increasing home ownership opportunities. Since 2001, 40 units have been rehabilitated. The WRHA completely remodels the units making them safe and attractive inside and appealing on the outside, thereby improving the neighborhood. More recently, the rehabilitation work has also focused on energy efficiency. Properties that have been refurbished include duplexes and multi -unit properties converted from apartments to condominiums. Vision Statement: "To increase home ownership opportunities and neighborhood /community pride in Wheat Ridge." 2010 Program Goals: • Encourage and promote homeownership through the acquisition of deteriorated or foreclosed properties to convert to homeownership. • Become a community resource for the assistance of and referral of housing funding and other housing needs. • Develop partnerships with other Housing Authorities, outside agencies, financial institutions and private investors to provide affordable housing. • Remain a self - sustaining agency by reinvesting profits in the rehabbing of deteriorated housing stock. VON 0 Wheat Fridge Hou- ng Authority YEAR END REPORT - 2011 HOME OWNERSHIP PROGRAM The Wheat Ridge Housing Authority's most recent project is a single- family home on W. 36 Place purchased on July 7, 2011. Before: _10�. .. 5610 W. 36 Place 3 Bedrooms, 2 Bathrooms Built in 1952, 1211 Square Feet Refinished hardwoods, new kitchen, new electrical, new doors, new driveway, new roof, mud /laundry room, eat -it kitchen. Purchase Price: $134,000 Rehab Costs: $63,400 Rehab Completed 9/21/11 Listing Price: $195,000 Under Contract Lull Wheat Ridge Housing Authority After: Wheat Ridge M OUSing Authority YEAR END REPORT - 2011 COMMUNITY DEVELOPMENT BLOCK GRANTS On February 18, 2011, the Wheat Ridge Housing Authority purchased 7 single family homes from Jefferson County Housing Authority using $900,000 in Community Development Block Grant (CDBG) allocations that had been allotted to the City through Jefferson County. The Wheat Ridge Housing Authority is rehabbing the homes with new mechanical systems, windows, roofs and other exterior improvements as needed. Kitchens and bathrooms will be remodeled with new appliances and fixtures. In accordance with CDBG regulations, these CDBG purchased homes must be sold to low to moderate income homebuyers. To keep the homes in an affordable price range but still allow for appealing and desirable rehabilitation of the properties, the Wheat Ridge Housing Authority uses the proceeds of the sales as Program Income to recycle into rehabilitating the other CDBG homes, therefore, allowing the Wheat Ridge Housing Authority to not deplete their own fund reserves. At the time of writing, one home is under contract, two are under construction and one will be going out to bid. The remaining three are currently occupied. 3695 High Court 3- Bedrooms, 2 Bathrooms Built in 1946, 1514 Square feet New kitchen, new baths, new windows, new furnace & A/C, new plumbing & electrical, hardwood floors. Purchase Price: $137,755 Rehab Costs: $82,860 Rehab Completed 12/5/2011 Listing Price: $195,000 Under Contract Wheat Ridge Housing Authority Before: m , _- 1p o After: Wheat Rid Housin Authorit - 3891 Moore St. Under Construction 4035 Nelson Street Under Construction 71 c� 4530 Yarrow St. Under Review Wheat Fridge Hc u-,i ng Authorit YEAR END REPORT - 2011 FRUITDALE SCHOOL On April 25, 2011, the Wheat Ridge Housing Authority purchased the Fruitdale School from the Jefferson County School District. The historic school, built in 1926 and designed by noted Denver architect Temple Buell, was slated for demolition by the School District after the construction of the new Norma Anderson Pre - School adjacent to the Fruitdale building. The WRHA is working with Colorado Preservation Inc. (CPI) and Historic Denver on a structural assessment and reuse analysis of the building through a grant provided by the State Historical Fund. A team of architects will inspect the building and looking at items such as the layout and square footage will provide ideas for possible new uses for the building. f << Fruitdale School started as a two -room brick structure in 1901. Disaster struck in December of 1926 when the school was destroyed by fire. However, a determined faculty kept classes in operation in two churches until the new school was built and completed. A little known architect designed that school in April of 1927. He became famous for designing over 300 buildings in Colorado; his name, Temple Buell. The 1927 school still stands with an addition as distinguished by the two different colors from the school's original brick. (Source: Wheat Ridge Historical Society) Wheat Ridge Housing Authority Cleanup: Roof repair: .Fr, Wheat Ridge Housing Authority 2001 -2011 Funding Sources: 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Received from City $500,000 Received from State (HOME FUNDS) $500,000 Received from County (CDBG /Home Funds) - Construction Drawdown (Quail) $43,898 - Construction Drawdown (Carnation) $11,581 - Construction Drawdown (Carnation) $20,000 - Construction Drawdown (Parkside) $75,000 - Acquisition of Allison Court Duplex $112,500 - Acquisition of W. 41st Avenue Duplex $37,500 $37,500 - Acquisition of 7 Single - Family Homes (JCHA) $900,000 Received Wells Fargo Homeownership Grant $5,000 Projects.. Quail Square Condomiums (14 units) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Acquisition $1,260,000 Rehabilitation $346,485 Proceeds $1,406,200 $382,000 Carnation Square Condominums (10 units) Acquisition $789,000 Rehabilitation $331,766 Proceeds $134,000 $888,481 $242,000 Parkside Townhomes (8 units) Acquisition $545,000 Rehabilitation $382,444 Proceeds $849,900 $246,900 $109,000 Duplexes (6 units) Acquisition of Parfet Street $237,000 Rehabilitation of Parfet Street $100,985 Proceeds from Parfet Street units $190,000 $145,500 Acquisition of Allison Court $385,000 Rehabilitation of Allison Court $71,171 Proceeds from Allison Street units $375,000 Acquisition of W. 41st Avenue $246,000 Rehabilitation of W. 41st Avenue $130,847 Proceeds from W. 41st Avenue units $254,635 Single Family Homes Acquisition of W. 36th Place $134,000 Rehabilitation of W. 36th Place $62,450 Wheat Ridge Housing Authority 2001 -2011 Fkrn(em (IContiJftuody 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Proceeds from W. 36th Place Acquisition of 7 Single - Family Homes (JCHA) $900,000 Rehabilitation of High Court (1:7) $82,860 Proceeds Fruitdale School Acquisition $112,594 Structural Investigation /Feasibility Study $22,027 Cleanup /Roof /Masonry /Weatherization $29,819 Wheat Ridge Housing Authority Balance Sheet As of December 31, 2011 ASSETS Current Assets Checking/Savings 113 - 1st Bank - Checking 120. 1st Bank - Money Market 140 - Rental Working Capital 146 • Cash Clearing Total Checking/Savings Other Current Assets 167 - Frultdale Project 159.3450 Upham Project 161 •3695 High Court Project 163.3893 Moore St. Project 165.4035 Nelson Project 167.4330 Upham Project 169 4530 Yarrow Project 171 -7910 W. 46th Project 173.5610 W. 36th Place Project Total Other Current Assets Total Current Assets Other Assets 273 • Note Receivable - Baca Total Other Assets TOTAL ASSETS LIABILITIES & EQUITY Liabilities Current Liabilities Accounts Payable 300 - Accounts Payable Total Accounts Payable Other Current Liabilities 310 • Real Estate Taxes Due Total Other Current Liabilities Total Current Liabilities Total Liabilities Equity Net Income 465 • Fund Balance Total Equity Dec 31, '11 Dec 31, '10 (1,947) 2,444 555,828 1,025,178 31,620 0 (291) 0 140,423 0 132,750 0 226,229 0 138,896 0 125,188 0 142,120 0 134,587 0 123,383 0 197,597 0 1,361,173 0 1,946,382 1,027,622 7,619 . .. ... . . ....... 7,946 . .. . . .. ........ 7,619 1 ------ 946, 1,964,001 1,035,668 3,455 7,699 3,455 7,699 629 0 629 0 4,084 7,699 4,084 7,699 922,048 (66,854) 1,027,869 1,094,723 1,949,917 1,027,♦69 1,964,001 1,035,668 TJTJ� lk I , - , Net cash provided by Financing Activities 0.00 Net cash increase for period -442,412,61 Cash at beginning of period 1,027,621.79 Cash at end of period 586,209.18 Jan - Dec 'I I OPERATING ACTIVITIES Net Income 922,048.28 Adjustments to reconcile Net Income to net cash provided by operations: 157 • Fruitdale Project -140,423.42 159. 3450 Upham Project -132,750.28 161 •3695 High Court Project -226,228.88 163.3893 Moore St. Project -138,895.55 165. 4035 Nelson Project -125,188.30 167. 4330 Upham Project -142,119.90 169 - 4630 Yarrow Project -134,586.78 171 •7910 W. 46th Project -123,382.68 173.6610 W. 36th Place Project -197,597.00 300 - Accounts Payable -4,244.31 310 - Real Estate Taxes Due 629.09 Net cash provided by Operating Activities -442,739.73 INVESTING ACTIVITIES 273. Note Receivable - Baca 32712 Not cash provided by Investing Activities 327.12 FINANCING ACTIVITIES 400 • DO NOT USE 66,854.20 466 • Fund Balance -66,854.20 Net cash provided by Financing Activities 0.00 Net cash increase for period -442,412,61 Cash at beginning of period 1,027,621.79 Cash at end of period 586,209.18