Board Packet March 2024

BOARD OF COMMISSIONERS MEETING March 13, 2024 BHP Main Office 4800 N. Broadway Board of Commissioners Meeting Boulder Housing Partners 4800 N. Broadway, Boulder, CO 80304 March 13, 2024 | 9:00 AM - 11:30 AM AGENDA 9:00- 9:45 Standing Agenda and Meeting Items Page 1.Call to Order and Determination of a Quorum 2.Public Participation 3.Partnership Awards 5 4.Approval of Minutes from February 14, 2024 6 5. Finance and Operations Update 12 9:45-1 0:30 Meeting Agenda 1.Presentation: Tax Credit Properties & “Waterfall” Payments 34 2.Presentation: Neighborhood EcoPass Program (NECO Pass) 42 3.Hawthorn Court Closing 45 10:30-11:00 Board Matters 1.Resident Advisory Board Update 2.BHP Foundation Board Update 3.Announcements and Other Items from the Board 4.Upcoming Conference Opportunities 59 5. Future Board Items and Board Calendar 60 11:00 Adjournment 1 Reunión de la Junta de Comisionados Boulder Housing Partners 4800 N. Broadway, Boulder, CO 80304 13 de marzo de 2024 | 9:00 AM - 11:30 AM AGENDA 9:00- 9:30 Agenda Permanente y Puntos de la Reunión Página 1.Llamado al Orden y Determinación de Quórum 2.Participación del Público 3.Premios de Socios 4.Aprobación del Acta del 14 de febrero de 2024 5.Actualización de Finanzas y Operaciones 9:45-10:30 Agenda de la Reunión 1.Presentación: Propiedades de crédito fiscal y pagos en “cascada” 2.Presentación: Programa Neighborhood EcoPass (NECO Pass) 3.Cierre de Hawthorn Court 10:30 -11:00 Asuntos de la Junta de Comisionados 1.Actualización de la Junta Asesora de Residentes 2.Actualización de la Junta de Comisionados de la Fundación de BHP 3.Anuncios y Otros Elementos de la Junta de Comisionados 4.Próximas Oportunidades de Conferencias

de la Junta Asesora de Residentes 2.Actualización de la Junta de Comisionados de la Fundación de BHP 3.Anuncios y Otros Elementos de la Junta de Comisionados 4.Próximas Oportunidades de Conferencias 5.Elementos Futuros de La Junta y Calendario de la Junta 11:00 Aplazamiento 25 6 12 34 42 45 59 60 3 4800 N. Broadway, Boulder, CO 80304 Phone: 720- 564- 4610 Fax: 303- 939- 9569 www.boulderhousing.org Hearing Assistance: 1-800- 659- 3656 FRAMEWORK FOR DECISION MAKING When evaluating decisions or determining what matters BHP should spend time on, in accordance with our fiduciary duties to always act in the best interest of the organization, we consider the following questions: 1.Does this idea/action item further the goals of the organization?

2.Is this relevant and helpful for our constituents/customers?

3.What is the impact on staff?

4.What is the impact on budgets?

5.Is it strategic or operational?

6.Is this within our span of control?

4 Boulder Housing Partners Partnership Awards The Boulder Housing Partners (BHP) Partnership Awards program recognizes the efforts of individuals, businesses, corporate partners, and non -profit and governmental agencies for their support of BHP and its mission. The award winners in the category of non -profit, governmental agency, and volunteer partners who make a difference are: Individual & Non- Profit Agency : Chris Jenkins, The Tantra Condominiums Association Presented by: Tim Beal, Jessica Kenney, & Jamillah Richmond Chris Jenkins, President of The Tantra Condominium Association, has demonstrated exemplary leadership within the greater Tantra Lake neighborhood. He has gone above and beyond to foster a

Richmond Chris Jenkins, President of The Tantra Condominium Association, has demonstrated exemplary leadership within the greater Tantra Lake neighborhood. He has gone above and beyond to foster a strong connection and collaboration between our communities. He actively engaged with BHP staff and residents, contributing to a welcoming and inclusive neighborhood atmosphere. Through his partnership and advocacy, he has raised awareness about the benefits and importance of integrating affordable housing into the broader community. His leadership was invaluable during the recent Tantra Lake Apartments renovation. He served as a helpful partner, respectful neighbor, and advocate for affordable housing integration.

Chris consistently seeks ways to benefit all residents. He assisted in the facilitation of story time in the Tantra Clubhouse and supports its use for educational purposes, resident- initiated events, and community meetings . His dedication to creating a healthy community for both BHP residents and homeowners is truly commendable. BHP deeply appreciates Chris's partnership and the positive impact he has made on our residents' quality of life.

Non-Profit Partner: Frasier Meadows – Seniors for S eniors Presented by: Lyndall Ellingson Social responsibility is a value prioritized by the Frasier Senior Living Retirement Community . The Seniors for Seniors advisory committee, comprised of Frasier residents, administers funds from the Frasier Community Resource Fund Endowment, which was created to engage Frasier residents with a focus on supporting Boulder County non -profits that provide essential services to older adults. For the past two years, the BHP Foundation has received grant support from the Frasier

sidents with a focus on supporting Boulder County non -profits that provide essential services to older adults. For the past two years, the BHP Foundation has received grant support from the Frasier Meadows Seniors for Seniors group. These funds have been used to increase community connections, offer health opportunities, and support residents in their housing stability. Two members of the Senior s for Seniors committee also attended the 2023 BHP Foundation tour, showing that their investment in older adults living in BHP communities runs even deeper than the essential financial support they've provided to help residents thrive.

5 BOULDER HOUSING PARTNERS Meeting of the Board of Commissioners February 14, 2024 | 9:00 am 4800 N. Broadway, Boulder, CO 80304 Board meetings are held the second Wednesday of each month, beginning at 9:00 am, at the BHP main office (4800 Broadway, Boulder, CO 80304), unless otherwise noted. Board meetings are open to everyone and include time for public participation as provided on the agenda.

For Spanish interpretation during the Board of Commissioners meeting, please contact us at 720- 564- 4610 the Friday before the Board meeting to schedule the service.

Commissioner Walker Jeremy Durham Others Present: Commissioner Adler Commissioner Bissonette Commissioner Block Commissioner Cooper Commissioner Lord Commissioner Schoenfeld Commissioner Wallach Frank Alexander Jamillah Richmond Jason Acuña Karen Brunnemer Karin Stayton Laura Sheinbaum Lyndall Ellingson Rene Brodeur Stef Moriarty Tim Beal Tory Livingston Will Kugel Kurt Firnhaber Mark Fearer Travis Culley I.Cal l to order and Determination of a Quorum Commissioner Walker called the meeting of the Board of Commissioners to order at 9:07 am. A quorum was declared.

t Firnhaber Mark Fearer Travis Culley I.Cal l to order and Determination of a Quorum Commissioner Walker called the meeting of the Board of Commissioners to order at 9:07 am. A quorum was declared.

II.Public Participation The Board Meeting information was posted on the main BHP website ( boulderhousing.org) in English and Spanish.

There was no public participation.

III.Approval of the Meeting Minutes Consent agenda items approved: 1.Minutes from December 13, 2023 COMMISSIONER BISSONETTE MOVED TO APPROVE THE MINUTES FROM DECEMBER 13 , 2023. COMMISSIONER LORD SECONDED THE MOTION. The motion to approve the minutes passed unanimously.

IV. Financial Dashboard Will Kugel, Chief Financial Officer, and Frank Alexander, Deputy Director, went over the financial dashboard for December 2023 and answered questions from the Board.

6 Key metrics discussed included Debt Service Coverage Ratio (DSCR), property compliance, tax credit units, occupancy rates, and cash positions.

Jeremy mentioned that the Operations, Finance, and Development teams have done a great job in building great properties meeting the Debt Service Coverage Ratio (DSCR).

Commissioner Bissonette asked why Boulder Communities was grouped rather than keeping the properties as separate entities. Will explained that the group is considered one tax credit entity with six properties.

Will went over the metrics for occupancy rates across the portfolio throughout 2023 and praised the Resident Services, Property Management, and Maintenance teams for making this happen. At the end of the year (2023), BHP had a 97.3% occupancy. Frank mentio ned that their teams are

23 and praised the Resident Services, Property Management, and Maintenance teams for making this happen. At the end of the year (2023), BHP had a 97.3% occupancy. Frank mentio ned that their teams are focusing on policies and procedures that can reduce expenditures and gain profit. We are fostering a general business acumen through the organization as we grow together.

Frank mentioned that the Housing Choice Voucher team is working hard to lease up vouchers for folks throughout our community.

V.Meeting Agenda Karin Stayton, D irect or of Resident Services, introduced new BH P staff S tef M oriarty, S trengthening Famili es Project Facilitator, and Jamilla h Richmond, Resident Servic es Coordinator, to the Board.

Fillin g Resident Commissioner Vacancy Jeremy Durham, Executive Director said that the Resident Advisory Board (RAB) voted to nominate Mark Fearer as the Resident Commissioner which is still pending mayoral confirmation.

Update from Kurt Firnhaber, Housing and Human Services Director Jeremy Durham introduced Kurt Firnhaber, the Housing and Human Services Director. Jeremy said that we ask Kurt to join our Board meetings every once in a while, to provide updates from the City of Boulder. The partnership between the City and BHP is very strong and Kurt is one of the main reasons because of this.

Kurt highlighted regional housing challenges, homelessness, rent support programs, and affordable housing funding. Commissioners engaged in a discussion on housing initiatives and collaboration with the City of Boulder.

Lee Hill Annual Report Lyndall Ellingson, Resident Services Program Manager, gave an overview presentation on the Lee

on housing initiatives and collaboration with the City of Boulder.

Lee Hill Annual Report Lyndall Ellingson, Resident Services Program Manager, gave an overview presentation on the Lee Hill Annual Report, providing insights into community success, s ervice calls, a nd programs like RTD Live and Harvest of Hope. Commissioners discussed resident retention, program effectiveness, and community engagement.

7 VI. Board Matters BHP Foundation Board Update Commissioner Schoenfeld said that in December of 2023, the Foundation elected Betsy Martens as Presi dent and Becca Bracy as Vice President. The Foundation will have its quarterly meeting on Feb ruary 21, 2024.

The group’s goal is to be better ambassadors and continue to offer an in -person tour in the Fall and in formal tours throughout the year. The Foundation is currently working with Jackson House Films to create a video for the Foundation, which will be used a s an introduction to the Foundation, as in formation for the public, save money, and generate more funds.

Anita Speirs, a Foundation member, has been working on several resident events.

Announcements and Other Items from the Board Commissioner Lord is up for consideration for the BHP Commissioner seat.Commissioner Fearer reported on the progress of the new Resident Advisory Board (RAB). T hree me etings have been held thus far. The RAB consists of tenant -based voucher holders, many o f whom reside in private housing rather than BHP sites in Boulder. The RAB was established to provide feedback on the Moving to Work (MTW) Annual Plan and elect the Resident Commissioner.

The RAB will focus remains on amplifying voices from BHP residents. Moving forward, the RAB

ablished to provide feedback on the Moving to Work (MTW) Annual Plan and elect the Resident Commissioner.

The RAB will focus remains on amplifying voices from BHP residents. Moving forward, the RAB aims to continue meeting, providing reports, and fostering connections with the community.

Conference Opportunities Commissioners are welcome to contact Jason Acuña if they are interested in attending any conference opportunities.

Future Board Items There were no new Future Board Items added.

VII.Adjour n The meeting of the Board of Commissioners adjourned at 11:15 am.

Seal DATE: 2/14/2024 Bob Walker Chairperson, Board of Commissioners Housing Authority of the City of Boulder Jeremy Durham Executive Director Jason Acuña Recording Secretary 8 BOULDER HOUSING PARTNERS Reunión de la Junta de Comisionados 14 de febrero de 202 4 | 9:00 am 4800 N. Broadway, Boulder, CO 80304 Las reuniones de la junta se llevan a cabo el segundo miércoles de cada mes, a partir de las 9:00 am, en la oficina principal de BHP (4800 Broadway, Boulder, CO 80304), a menos que se indique lo contrario. Las reuniones de la junta están abiertas a todos e incluyen tiempo para participación pública según lo dispuesto en la agenda.

Para interpretación en español durante la reunión de la Junta de Comisionados, contáctenos al 720 564- 4610 el viernes anterior a la reunión de la Junta para programar el servicio.

Commissioner Walker Jeremy Durham Otros Presente: Commissioner Adler Commissioner Bissonette Commissioner Block Commissioner Cooper Commissioner Lord Commissioner Schoenfeld Commissioner Wallach Frank Alexander Jamillah Richmond Jason Acuña Karen Brunnemer Karin Stayton Laura Sheinbaum Lyndall Ellingson Rene Brodeur Stef Moriarty Tim Beal Tory Livingston Will Kugel Kurt Firnhaber Mark Fearer

Frank Alexander Jamillah Richmond Jason Acuña Karen Brunnemer Karin Stayton Laura Sheinbaum Lyndall Ellingson Rene Brodeur Stef Moriarty Tim Beal Tory Livingston Will Kugel Kurt Firnhaber Mark Fearer Travis Culley I.Llam ado al Orden y Determinación de un Quórum El Comisionado Walker dio inicio a la reunión de la Junta de Comisionados a las 9:0 7 am. Se declaró un quórum.

II.Participación Pública La información de la reunión de la Junta se publicó en el sitio web principal de BHP (boulderhousing.org) en inglés y español.

No hubo participación pública.

III.Aprobación del Acta de la Reunión Puntos de la agenda de consentimiento aprobados: 1.Acta del 13 de diciembre de 2023 EL COMISIONADO BISSONETTE SE MOVIÓ PARA APROBAR EL ACTA DEL 13 DE DICIEMBRE DE 2023. LA COMISIONADA LORD APOYÓ LA MOCIÓN. LA MOCIÓN PARA APROBAR EL ACTA PASÓ POR UNANIMIDAD.

IV.Tablero Financiero Will Kugel, director financiero, y Frank Alexander, subdirector, revisaron el panel financiero dediciembre de 2023 y respondieron preguntas de la junta.

9 Las métrica s clave discutida s incluyeron el índic e de cobertura del servici o de la deuda (DSCR por sus siglas en inglés ), el cumplimiento de l a propiedad, las unidade s de crédito fiscal, las tasas d e ocupación, y las posici ones de efectivo.

Jerem y Durham, director ejecutivo, mencionó q ue lo s equipos d e Operaciones, Finanzas , y Desarrollo han hecho un gran trabajo en la construcción de excelentes propiedades que cumplen con el índice de cobert ura del servicio d e la deud a (DSCR).

El comisionad o Bissonett e pregunt ó por qué se agruparon Boul der Communiti es en lugar de mantener la s propiedades c omo e ntidades s eparadas. Will explicó q ue el grupo s e considera una

).

El comisionad o Bissonett e pregunt ó por qué se agruparon Boul der Communiti es en lugar de mantener la s propiedades c omo e ntidades s eparadas. Will explicó q ue el grupo s e considera una entida d de crédit o fiscal con seis propiedades.

Will repasó la s métricas d e las tasas d e ocupación e n todas las propi edades a lo largo de 2023 y elogi ó a los equipos de Servici os para Residentes, Administraci ón de Propiedades y Mantenimiento por hacer que esto suceda. A l cierre del año (2023), BHP tenía una ocupaci ón del 9 7,3%. F rank mencionó q ue sus equipos s e están c entrando e n políticas y p rocedimientos q ue pueden r educir lo s gasto s y obtener ganancias. Estamo s fomentando u na visión g eneral para los n egocios e n toda la organizaci ón a medida que crecem os juntos.

Frank menci onó que el equipo de Vales de Elecci ón de Vivienda está trabaja ndo arduament e para alquil ar vales para perso nas de tod a nuest ra comunidad.

V. Agenda de la Reunión Karin Stayton, director a de servici os para r esidentes, p resent ó a la J unta a l nuevo personal de BHP, Stef Moriarty, Facilitadora de Proyect o de Fortalecimient o de Familias, y Jamilla h Richmond, Coordinadora de Servicios para Residentes.

Cubrir el Puesto Libre de Comisionado R esidente Jerem y Durham dijo que la Junta Aseso ra Residente (RAB p or sus siglas en inglés ) votó para nominar a Mark Fearer como Comisionado Residente, lo cual a ún está pendiente de la confirmación del alcalde.

Actualizació n de Kurt Firnhaber, Director de Vivienda y Servicios Humanos Jerem y presentó a Kurt Firnhaber, directo r de viviend a y servici os humanos. Jerem y dijo que le

ón del alcalde.

Actualizació n de Kurt Firnhaber, Director de Vivienda y Servicios Humanos Jerem y presentó a Kurt Firnhaber, directo r de viviend a y servici os humanos. Jerem y dijo que le pedim os a Kurt q ue se una a nuest ras reuni ones de la Junta de vez en cuando para brindar actualizacione s de la ciudad de Boulder. La relación e ntre la Ciudad y BHP es muy sólida y Kurt e s una de las principal es razones de ello.

Kurt destacó los desafí os regional es en materi a de vivienda, l as personas sin hogar, l os programas de apoyo al alquil er y la financiaci ón de vivienda s asequibles. Los comisiona dos participa ron en una discusi ón sobre iniciativa s de vivienda y colaboraci ón con la ciuda d de Boulder.

Informe Anual de Lee Hill Lyndall Ellingson, gerent e del programa de servici os para residentes, reali zó una presentación general sobre el Inform e Anual de Lee Hill, brindando informaci ón sobre el éxito de la comunidad, llamadas d e servicio y p rogramas c omo R TD L ive y H arvest of H ope. Los c omisionados d iscutieron la retención d e residentes, la e fectividad d el programa y la p articipación c omunitaria.

10 VI.Asuntos de la Junta Novedades de la Fundación de la Junta La comisionad a Schoenfeld dijo que en diciembre de 2023, la Fundación eligió a Betsy Martens como presidenta y a Becca Bracy como vicepresidenta. La Fundación tendrá su reunión trimestral el 21 de febrero de 2024.

El objetivo del grupo es ser mejores embajadores y continuar ofreciendo un recorrido presencial en el otoño y recorridos informales durante todo el año. Actualmente, la Fundación está trabajando con Jackson House Films para crear un video para la Fundación , que se utilizará como introducción

al en el otoño y recorridos informales durante todo el año. Actualmente, la Fundación está trabajando con Jackson House Films para crear un video para la Fundación , que se utilizará como introducción a la Fundación, como información para el público, ahorrará dinero y generará más fondos.

Anita Speirs, miembro de la Fundación, ha estado trabajando en varios eventos para residentes.

Anuncios y Otros Elementos de la Junta La comisionada Lord está siendo considerad a para el puesto de comisionado de BHP.

El comisionado Fearer informó sobre el progreso de la nueva Junta Asesora Residente (RAB). Hasta el momento se han celebrado tres reuniones. El RAB está formado por titulares de vales para inquilinos, muchos de los cuales residen en viviendas privadas en l ugar de en sitios de BHP en Boulder. El RAB se estableció para brindar comentarios sobre el Plan Anual de Moverse al Trabajo (MTW) y elegir al Comisionado Residente. El RAB se concentrará en amplificar las voces de los residentes de BHP. En el futuro, el R AB pretende seguir reuniéndose, proporcionando informes y fomentando conexiones con la comunidad.

Oportunidades de Conferencias Los comisionados pueden comunicarse con Jason Acuña si están interesados en asistir a alguna conferencia.

Elementos Futuros de la Junta No se agregaron nuevos elementos del tablero futuro.

VII. Aplazar La reunión de la Junta de Comisionados terminó a las 11: 15 am.

Sello FECHA: 14 de febrero de 2024 Bob Walker Presidente de la Junta de Comisionados Autoridad de Vivienda de la Ciudad de Boulder Jeremy Durham Director Ejecutivo Jason Acuña Secretario de Actas 11 BHP Financial & Operations Update – BHP Board Meeting Wednesday, March 13 Boulder Housing Partners www.boulderhousing.org720- 564- 4610 [email protected] 12 Finance &

a Secretario de Actas 11 BHP Financial & Operations Update – BHP Board Meeting Wednesday, March 13 Boulder Housing Partners www.boulderhousing.org720- 564- 4610 [email protected] 12 Finance & Operations Metrics 13 www.boulderhousing.org (720) 564- 4610 [email protected] Service Coverage Ratio (DSCR) Definition: The debt -service coverage ratio (DSCR) measures a projects available cash flow to pay current debt obligations. The DSCR shows investors and lenders whether a BHP or tax credit project has enough income to pay its debts. The ratio is calculated by dividing net operating income by debt service, including principal and interest.

Successful Monitor Action •B etween 1.2 and 1.15 DSCR •Below 1.15 14 www.boulderhousing.org (720) 564- 4610 [email protected] Service Coverage Ratio (DSCR) Definition: The debt -service coverage ratio (DSCR) measures a projects available cash flow to pay current debt obligations. The DSCR shows investors and lenders whether a BHP or tax credit project has enough income to pay its debts. The ratio is calculated by dividing net operating income by debt service, including principal and interest.

BHP Property Analysis: •Note this is only 1 month of data, but 2024 off toa good start.

•BHP staff will monitor DSCR for Casey and Cedar.

•Note Hayden Place 2 does not have a DSCRrequirement due to the small number of units.

1.2 + 1.15 to 1.2Below 1.15 15 www.boulderhousing.org (720) 564- 4610 [email protected] Service Coverage Ratio (DSCR) Definition: The debt -service coverage ratio (DSCR) measures a projects available cash flow to pay current debt obligations. The DSCR shows investors and lenders whether a

ervice Coverage Ratio (DSCR) Definition: The debt -service coverage ratio (DSCR) measures a projects available cash flow to pay current debt obligations. The DSCR shows investors and lenders whether a BHP or tax credit project has enough income to pay its debts. The ratio is calculated by dividing net operating income by debt service, including principal and interest.

Tax Credit Property Analysis: •Red Oak Park had unexpected maintenance costs i n J anuary. (Flooring & HVAC) This is unlikely to continue moving forward.

•Ciclo and WestView are on the BHP monitor list.

•Ciclo is on the BHP monitor list based on 2023 overal l DSC R of 1.18.

•Westview had contract labor and repair costs in excess of budget. This is a trend that is not likely to continue.

1.2 + 1.15 to 1.2Below 1.15 16 www.boulderhousing.org (720) 564- 4610 [email protected] – BHP Properties January 2023: 97.2% YTD: 97.2% 17 www.boulderhousing.org (720) 564- 4610 [email protected] – Tax Credit Properties December 2023: 96.9% YTD: 96.9% 18 www.boulderhousing.org (720) 564- 4610 [email protected] – Details (Jan 2024) January 2024 Over Actuals 2024 Budget Benchmarks: •95% Occupancy – Senior Projects •94% Multi -family Projects 19 www.boulderhousing.org (720) 564- 4610 [email protected] – Vouchers Voucher Utilization Analysis: •High level of voucher utilization.

20 www.boulderhousing.org (720) 564- 4610 [email protected] Cash Position BHP Operating Cash & Development Resources as of 1/31/24.

•Current Balances all ex ceed specific balance goals.

$ $ $ $ 21 www.boulderhousing.org (720) 564- 4610 [email protected] Credits Cash Position

Cash & Development Resources as of 1/31/24.

•Current Balances all ex ceed specific balance goals.

$ $ $ $ 21 www.boulderhousing.org (720) 564- 4610 [email protected] Credits Cash Position Tax Credit Cash Balances as of 1/31/24.

•Cash position is growing at th e tax credits properties •Cash to currentli abilities is strong.

(Quick ratio above 1.1) 22 www.boulderhousing.org (720) 564- 4610 [email protected] -to-Actuals BHP Actual Expenses near budget. Revenue exceeds budget .

Revenue significantly exceeds budget due to increased occupancy.

Expenses slightly above budget. NOI outperforms budget for both BHP and the tax credits.

23 www.boulderhousing.org (720) 564- 4610 [email protected] Questions 24 MJanuaryFinancial Summary 25 BHP Statement of Activities Year to date - January 31, 2024 YTD YTD Actual Budget Variance $ % Var Ref Variance Explanation PROPERTY MANAGEMENT OPERATIONS REVENUE (Excludes HAP) Operations Revenue Tenant Dwelling Rental 770,645 $ 738,988 31,657 $ 4% HUD-Operating Subsidy 3,260 900 2,360 262% HAP Project Based Assistance - - - 0% Total Operations Revenue 773,905 739,888 34,017 5% Fee Revenue Property Mgmt & Asset Mgmt Fees 55,572 50,777 4,795 9% Mgmt Fees - Tax Credits 136,277 128,643 7,635 6% Resident Service Income 41,038 41,169 (130) 0% Total Fee Revenue 232,887 220,589 12,299 6% Grants and Subsidies Non Federal Grants and Donations 9,496 11,206 (1,710) -15% Non Federal Capital Grants - - - 0% Federal Operating Grants - - - 0% Total Grants and Subsidies 9,496 11,206 (1,710) -15% Other Revenue Tenant Fees and Utility Reimbursements 17,804 19,899 (2,094) -11%

- 0% Federal Operating Grants - - - 0% Total Grants and Subsidies 9,496 11,206 (1,710) -15% Other Revenue Tenant Fees and Utility Reimbursements 17,804 19,899 (2,094) -11% Maint Charges to Prop275,865 239,281 36,584 15% Miscellaneous Revenue 7,246 1,960 5,286 270% Total Other Revenue 300,914 261,139 39,775 15% Total Operating Revenue; Property Management (Excluding HAP) 1,317,203 1,232,822 84,381 7% EXPENSES (Excludes HAP) Salaries and Benefits Salaries and Benefits 695,144 736,118 40,974 6% Total Salaries and Benefits 695,144 736,118 40,974 6% 26 BHP Statement of Activities Year to date - January 31, 2024 YTD YTD Actual Budget Variance $ % Var Ref Variance Explanation Property Costs Capital Improvement Mgmt Fees - - - 0% Management Fees - - - N/A Maintenance Materials 15,276 22,109 6,833 31% Contract Labor & Repairs 55,224 74,632 19,407 26% BHP Contract Labor 91,944 81,715 (10,229) -13% Extraordinary Expense 11,374 4,195 (7,179) -171% Trash and Recycling 10,274 10,768 494 5% Utilities 54,594 67,009 12,415 19% PILOT & HOA Fees 30,626 31,947 1,321 4% Selling Expenses - - - 100% Total Property Costs 269,313 292,374 23,061 8% Other Operating Expenses Consultants & Contract Labor 7,750 17,200 9,450 55% Dues and Fees 6,496 10,638 4,143 39% Software & Expendable Equipment 20,171 35,359 15,188 43% Insurance Expense 46,295 45,181 (1,114) -2% Lease Up Expense - - - 0% Legal 869 10,083 9,215 91% Mileage & Vehicle Expense 18,556 17,632 (925) -5% Miscellaneous - Expense 6,551 22,032 15,481 70% Office Supplies & Other Administrative Expenses 3,718 4,804 1,086 23%

9,215 91% Mileage & Vehicle Expense 18,556 17,632 (925) -5% Miscellaneous - Expense 6,551 22,032 15,481 70% Office Supplies & Other Administrative Expenses 3,718 4,804 1,086 23% Phone, Printing & Postage Expense 12,236 17,836 5,600 31% Property Mgmt & Asset Mgmt Fees 41,604 42,447 842 2% Resident Services Fees 2,440 2,820 380 13% Staff Training (26) 11,125 11,151 100% Sustainability Grant Expense - 1,250 1,250 100% Total Other Operating Costs 166,660 238,405 71,745 30% Total Property Management Operating Expenses 1,131,117 1,266,897 135,780 11% Net Operating Income; Property Mgmt 18 6,086 (34,075) 220,160 -646% Voucher Programs; Federal & Local Housing Assistance Programs (HAP): V oucher Revenue HCV - HAP Revenue 1,381,709 1,358,926 22,783 2% HCV - Fraud Recovery Rev 4,012 - 4,012 N/A Federal Service Grants & Local Voucher Funding 135,042 128,714 6,327 5% Total Voucher Revenue 1,520,762 1,487,641 33,122 2% Voucher Expenses HCV-HAP Expense1,481,724 1,361,206 (120,518) -9% AUnfavorable due to budgeted lower than actual HAP subsidy payments made.

Federal Service Grant Expense & Local Voucher payments 1 35,351 127,214 (8,137) -6% 27 BHP Statement of Activities Year to date - January 31, 2024 YTD YTD Actual Budget Variance $ % Var Ref Variance Explanation Total Voucher expense 1 ,617,075 1,488,421 (128,655) -9% HAP - Net Operating Income (96,313) (780) (95,533) 12248% Admin program: Admin Revenue HCV-HAP Admin Fees 123,669 117,648 6,021 5% Other Admin Fees - 1,500 (1,500) -100% Total Admin Revenue 123,669 119,148 4,521 4% Admin Expenses Salaries and Benefits 108,663 106,110 (2,553) -2%

Other Admin Fees - 1,500 (1,500) -100% Total Admin Revenue 123,669 119,148 4,521 4% Admin Expenses Salaries and Benefits 108,663 106,110 (2,553) -2% Management Fees 34,050 34,539 489 1% HQS Inspections 7,957 4,000 (3,957) -99% Other Admin Expenses 7,283 7,449 166 2% EHV Services Fees - - - 100% MS Admin Expense - - - 200% Total Admin expense 157,952 152,098 (5,854) -4% Admin - Net Operating Income (34,283) (32,950) (1,333) 4% Net Operating Income; Voucher & Admin programs ( 130,596) (33,730) (96,866) 287% Operating Transfers IN / OUT - - - 100% 28 BHP Statement of Activities Year to date - January 31, 2024 YTD YTD Actual Budget Variance $ % Var Ref Variance Explanation Non-Operating Income (Expense) Development Fees - - - 0% Interest Income 448,902 362,875 86,027 24% BThe two main factors driving the variance are Soft Debt Interest earned on Hilltop (Mt Calvary) of $27K and Rally Flats of $35K, which was not budgeted.

A lso contributing to the positive variance is $23K interest income on deposits h igher due to higher interest rates earned on cash accounts.

Non-Federal Capital Grants & Donations 1,095 - 1,095 0% Federal Capital Grants 8,825 - 8,825 0% Depreciation & Amortization (186,221) (185,946) (275) 0% Non-Capital Reserve Spending - (1,917) 1,917 100%

(186,221) (185,946) (275) 0% Non-Capital Reserve Spending - (1,917) 1,917 100% PreDevelopment costs - (22,083) 22,083 100% Mortgage and Other Interest Expense (140,191) (144,632) 4,441 3% Financing Costs; refi mortgages - - - 0% HCV - HAP Revenue for Capital Acquisitions - - - 0% Total Non-Operating Income (Expense) 132,411 8,298 124,113 1496% Net Income before Gain (loss) Acq. /Disp. of Assets 187,900 (59,507) 247,407 -416% Gain (Loss) on Acq./Disp. of Assets - - TOTAL NET INCOME (LOSS) 187,900 (59,507) 247,407 -416% 29 Actual Actual Net Change (1) January-24 December-23 YTD Ref Comments ASSETS Current Assets Unrestricted Cash and Cash Equivalents 7,115,792 $ 7,440,530 $ ( 324,738) $ CA net of $294k was paid out of the development fund for predev and construction costs during J anuary.

Reserved Cash - Replacements and Other 5,333,364 5,341,775 ( 8,411) Accounts Receivable 1,603,961 1,559,883 44,078 Accounts Receivable-Tax Credits 4,986,766 5,026,323 (39,558) Notes Receivable – Current 1,824,333 1,824,333 0 Prepaid Expenses 195,572 235,894 (40,323)

) Accounts Receivable 1,603,961 1,559,883 44,078 Accounts Receivable-Tax Credits 4,986,766 5,026,323 (39,558) Notes Receivable – Current 1,824,333 1,824,333 0 Prepaid Expenses 195,572 235,894 (40,323) Total Current Assets 21,059,788 21,428,739 ( 368,952) R estricted Cash Restricted Cash - Other 1,563,151 633,840 929,311 DApproximately $1m was received from the City of Boulder for the S8COB program that will be u sed monthly during 2024.

Restricted Cash - Section 8 21,539 15,102 6,437 Restricted Cash - Tenant Security Deposits 468,154 520,483 ( 52,329) Total Restricted Cash 2,052,844 1,169,424 883,419 Capital Assets Construction in Progress 3,480,931 3,262,677 218,254 EIncrease relates to Development projects underway in 2024.

Furniture Fixtures and Equipment 1,422,426 1,430,369 ( 7,943) Real Estate Assets-Land and Buildings 111,819,440 111,799,078 20,362 Less: Accum Depreciation Real Estate Assets (38,219,227) (38,033,899) (185,328) FNormal depreciation Total Capital Assets 78,503,570 78,458,226 45,345 Ot her Assets Notes Receivable 232,758,806 232,758,806 0 Development Fees Receivable 4,866,533 4,866,533 0 Par tnership Management Fees 208,664 206,308.87 2,355 In terest Receivable Notes 17,771,396 17,360,336 411,060 GNormal interest accrued Partnership Investments 1,272,153 1,272,283 (130) Net Amortized Costs 4,552,281 4,839,964 ( 287,683) H2023 Year-end reclass; deferred pension inflow Escrow Deposits Receivable 3,700 3,700 0 Total Other Assets 261,433,533 261,307,932 125,601 TOTAL ASSETS 363,049,735 362,364,321 685,414 $ L IABILITIES & EQUITY LIABILITIES Current LiabilitiesBHP Balance Sheet January 31, 2024 and December 31, 2023 30 Actual Actual Net Change (1) January-24 December-23 YTD Ref CommentsBHP Balance Sheet January 31, 2024 and December 31, 2023

rent LiabilitiesBHP Balance Sheet January 31, 2024 and December 31, 2023 30 Actual Actual Net Change (1) January-24 December-23 YTD Ref CommentsBHP Balance Sheet January 31, 2024 and December 31, 2023 Accounts Payable 319,917 $ 512,865 $ (192,948) $ INormal swing; timing Accrued Payroll 317,547 211,565 105,982 $ JNormal swing; timing Accrued Payroll Taxes and Benefits 146,483 144,076 2,407 $ Accr ued Compensated Absences 560,644 561,168 (525) $ AP T ax Credits 0 0 (0) $ Oth er Accrued Expenses 423,061 424,738 (1,677) $ D eferred Revenue 1,557,713 628,717 928,996 $ KMainly relates to prefunding of City of Boulder PSH Voucher program. BHP received almost $ 1M for the program and the deferred revenue is being recognized each month when expended.

Current Portion of Long Term Debt (2) 2,097,441 2,097,441 - $ C urrent Port Bonds Payable 1,425,000 1,425,000 - $ Pr epaid Rent 45,855 24,987 20,868 $ Secu rity Deposits 481,635 476,685 4,950 $ T otal Current Liabilities 7,375,295 6,507,242 868,053 Long-Term Liabilities Notes Payable 95,264,428 95,273,300 ( 8,872) $ Par tnership Investment - 0 - $ M ortgages Payable 42,777,145 42,847,022 ( 69,877) $ Bon ds Payable (2,947) 2,053 ( 5,000) $ N et Pension Liability 8,552,457 8,839,247 ( 286,790) $ L2023 Year-end reclass; deferred pension inflow Total Long-Term Liabilities 146,591,083 146,961,622 (370,539) TOTAL LIABILITIES 153,966,378 153,468,865 497,514 EQUITY Total Equity 209,083,356 208,895,456 187,900 Per Year to Date; Net Income > Statement of Activities report TOTAL LIABILITIES AND EQUITY 363,049,735 $ 362,364,321 $ 685,414 $ Note (1) : Explanations provided for balance sheet changes > $100,000.

Note (2): BHP has a Line of Credit available for borrowing of up to $10 Million.

31 Year to date -

35 $ 362,364,321 $ 685,414 $ Note (1) : Explanations provided for balance sheet changes > $100,000.

Note (2): BHP has a Line of Credit available for borrowing of up to $10 Million.

31 Year to date January 31, 2024Year to Date Ref from Balance Sheet pageComments Reconciliation of Net Income to Net Cash Provided (Used) by Operating ActivitiesNet Income (Deficit) 187,900 $ 187,900 $ Flow through from Statement of Activities Adjustments to Reconcile Net Income to Net CashProvided (Used) by Operating Activities Increase (Decrease) in Accum. Depreciation 473,011 473,011 F Normal depreciation (Increase) Decrease in Accounts Receivable 2 40,926 240,926 (Increase) Decrease in Prepaid Expenses 40,323 40,323 Increase (Decrease) in Prepaid Rent and Security Deposits 25,817 25,817 (Increase) Decrease in Reserved Cash 8,411 8,411 (Increase) Decrease in Restricted Cash (883,419) (883,419) DThere was an inflow of funds in early 2023 related to the PSH funds from the COB. These funds are being spent each month.

Increase (Decrease) in Payables and Accrued Expenses (332,207) (332,207) I , JNormal swing related to payments to vendors and intercompany balances at the end of 2023.

Increase (Decrease) in Deferred Revenue 9 28,996 928,996KMainly relates to prefunding of City of Boulder PSH Voucher program. BHP received almost $ 1M for the program and the deferred revenue is being recognized each month when expended.

Total Adjustments 215,068 215,068 Net Cash Provided (Used) by Operating Activities 402,968 402,968 Cash Flows from Investing Activities (Increase) Decrease in Construction in Process (218,254) (218,254)ERelates to current Development projects underway (Alpine Balsam, Broadway East/West, Hawthorn, Hilltop, Rally, Orchard Grove & GSA.

s (Increase) Decrease in Construction in Process (218,254) (218,254)ERelates to current Development projects underway (Alpine Balsam, Broadway East/West, Hawthorn, Hilltop, Rally, Orchard Grove & GSA.

(Increase) Decrease in Furniture Fixtures and Equipment 7,943 7,943 (Increase) Decrease in Real Estate Assets (20,362) (20,362) (Increase) Decrease in Notes and Interest Receivable (413,284) (413,284) Net Cash Provided (Used) by Investing Activities (643,957) (643,957) Increase (Decrease) in Mortgages and Bonds Payable (74,877) (74,877) Net Cash Provided (Used) by Financing Activities (83,749) (83,749) GP contributions to LLLP 0 0 Net Increase (Decrease) in Cash and Cash Equivalents Net Increase (Decrease) in Cash and Cash Equivalents (324,738) (324,738) Unrestricted Cash and Cash Equivalents - Beginning 7,440,530 7,440,530 Unrestricted Cash and Cash Equivalents - Ending 7,115,792 7,115,792BHP Statement of Cash Flows Year to date - January 31, 2024 32 ` BHP Net Income BHP Balance Sheet Summary Revenue 7% Assets 363,049,735 685,414 Expense 1% Liabilities (153,966,378) (497,514) Equity 209,083,356 187,900 LIHTC Net Income L IHTC Balance Sheet Summary Revenue 9% Assets 264,123,174 1,421,494 Expense 2% Liabilities (208,364,848) (2,249,448) Equity 55,758,326 (827,954) excludes Tantra Lake & Hilltop Average days to complete 3 35 Average days to complete 724 BHPLIHTC 14 Vouchers 54 524 12 19 57 53 118 312 142 506 1091 1,597 HCV - 810 Housing Choice Vouchers RAD - 135 Rental Assistance Demonstration Vouchers NED - 181 Non-Elderly Disabled Vouchers MS - 188 Mainstream (10 additional vouchers added as of February 2023) HFP - 22 Housing First Vouchers COB - 48 COB PSH Vouchers EHV - 35 Emergency Housing Vouchers Actual Y TD Budget

abled Vouchers MS - 188 Mainstream (10 additional vouchers added as of February 2023) HFP - 22 Housing First Vouchers COB - 48 COB PSH Vouchers EHV - 35 Emergency Housing Vouchers Actual Y TD Budget BHP & TCBHP Target: > 2.0 U nrestricted cash / current liabilitiesBHP Quick Ratio Note: $4.5M of renenue recorded (Freuhauf property) not budgeted.

262,701,680 (206,115,400) LIHTC Target 1.15 exclude T antra Lake & HilltopBHP Target 1.15 56,586,280 Unrestricted cash / current liabilities exclude T antra Lake & HilltopLIHTC Debt Service Coverage Ratio Actual Budget Diff 0.00Boulder Housing Partners Benchmark Report as of January-2024 4.11 (153,468,865) 362,364,321 1.54YTD A ctualNet Change Diff (3,232,556)3,420,456 187,900 (59,507)(3,261,992)3,202,486BHP Debt Service Actual YT D Jan-24 208,895,456 % Dec-23Coverage Ratio Housing Choice Voucher Programs; Operating Reserves Current Operating Reserves BHP Target is 2 Monthso perating reserves.are covered by the current 19,082,116 of annual operating expenses2024 Annualized Expenses 2.8 Months All UnitsT otal 16 Market4,374,807 60%50%45%AMIUnit Mix 109 167 L IHTC Quick Ratio YTD Y TD % Actual Actual Net Change 241440%30%Public HousingPUPA $8826 Unique Households Served(989,194) - work orders YTD Work Orders - Routine:1.8 4.

2Jan-24 D ec-23 YTD 2.64 (2,213,704) (2,263,505) ( 827,954)1,385,750 1,274,312 work orders YTD W ork Orders - Emergency: $4M$ 5M$6M$7M$8M$9M$10M$11MBHP Unrestricted Cash, Last 12 Month A ctual (solid line) vs target (dashed line) Unrestricted Cash BHP Target 100%1 02%104%106%108%110% Dec-23 Jan-24% of Budgeted Net Tenant Rental Income YTD BHP TC Excludes Tantra Lake and Hilltop from LIHTC Net Tenant Rental IncomeExcludes Tantra Lake and Hilltop from BHP NOI and TC NOI 101% 9 1%10 2%

c-23 Jan-24% of Budgeted Net Tenant Rental Income YTD BHP TC Excludes Tantra Lake and Hilltop from LIHTC Net Tenant Rental IncomeExcludes Tantra Lake and Hilltop from BHP NOI and TC NOI 101% 9 1%10 2% 96%96%Housing Choice Voucher Oc cupancy by Program Property Mgmt S alariesManagement Fees Maint Materials Outside Contract LaborMaint Salaries & Dept ExpenseUtilitiesMisc.

Property ExpensesInsurance3.004 .005.006.007.00 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-244.11 9 4% 1.051.151.251.351.451.551.651.751.85 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 85.0%8 6.0%87.0%88.0%89.0%90.0%91.0%92.0%93.0%94.0%95.0%96.0%97.0%98.0%99.0%100.0%BHP & LIHTC Occupancy Rates Occupancy Rate BenchmarkB HP Combined Ta x Credits97.2%95.0% 96.8%95.0% Excludes Tantra Lake and Hilltop from LIHTC Occupancy Rate 89%0.001 .002.003.004.00 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-242.33 1.051 .151.251.351.45 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 K Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Development Cash Available Line of Credit Cash Projection Avail LOC ProjectionBHP Development Funds; Available Resources 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 JanBHP NOI - YTD BHP Budget BHP Actuals 100,000 200,000 300,000 400,000 500,000 600,000 700,000 JanTax Credit NOI - YTD TC Actuals TC Budgets 33 Developer Fee Timing Overview 34 www.boulderhousing.org (720) 564- 4610 [email protected] Fee Timing Example 1st Contribution LIHTC Close 2nd Contribution Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s Complete

Fee Timing Example 1st Contribution LIHTC Close 2nd Contribution Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s Complete Example Being Outlined Here is Contribution Flow Example For A LIHTC deal for $29,959,609 (Total Investor Equity) 35 www.boulderhousing.org (720) 564- 4610 [email protected] Fee Timing Example 1st Contribution LIHTC Close 2nd Contribution Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s Complete 1st Contribution - $5,990,200 upon close LIHTC Books •Record $5,990,200 as Equity contribution and CIP (Construction inProgress)BHP Books •Per LPA, Development earns $500, 000 fe e •Records $500K cash rec’d andrecognize revenue - no timing difference 36 www.boulderhousing.org (720) 564- 4610 [email protected] Fee Timing Example 1st Contribution LIHTC Close 2nd Contribution Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s Complete 2nd Contribution - $4,492,650 upon construction completion LIHTC Books •Record $4,492,650 as Equity contribution and cashBHP Books •Records $1,886,728 developer feereceivable (short term) and recognize revenue •Records $2,430,808 deferred developer fee receivable (long term) and recognize revenue 37 www.boulderhousing.org (720) 564- 4610 [email protected] Fee Timing Example 1st Contribution LIHTC Close 2nd Contribution Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s Complete 3rd Contribution - $19,168,640 upon “stabilization” LIHTC Books

n Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s Complete 3rd Contribution - $19,168,640 upon “stabilization” LIHTC Books •Equity contribution and the funds are used to pay down contruction loanand convert to permanent loan, record equity, move CIP to Fixed Assets, record perm debt.BHP Books •Per LPA, Development earns$1,587,218 from this contribution •Records $1,587,218 cash received and reduces receivable recorded from 2nd Contribution.

38 www.boulderhousing.org (720) 564- 4610 [email protected] Fee Timing Example 1st Contribution LIHTC Close 2nd Contribution Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s Complete 4th Contribution - $299,510 upon receipt of Form 8609 LIHTC Books •Records equity of $299,510 and pays developer fee.BHP Books •Receives entire 4thcontribution as cash payment •Records $299,510 cash received and reduces receivable recorded during2nd equity contribution.

39 www.boulderhousing.org (720) 564- 4610 [email protected] Fee Timing Example Subsequent to Equity Contributions LIHTC Books •Annually, the LIHTC’s excess operating cash flow iscalculated. Then distributed via the “waterfall”.BHP Books •Records “waterfall” cash received and reducesreceivable recorded from 2nd Contribution.1st Contribution LIHTC Close 2nd Contribution Construction Completion3rd Contribution Project Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s CompleteSubsequent Years 40 www.boulderhousing.org (720) 564- 4610 [email protected] Questions 41

roject Reaches Operational & Fiscal “stabilization” 4th Contribution IRS Forms 8609s CompleteSubsequent Years 40 www.boulderhousing.org (720) 564- 4610 [email protected] Questions 41 RTD’s Neighborhood EcoPass Program (NECO) And BHP Properties with Pass Access The NECO Pass is an annual transit pass that is good for free, unlimited rides on all RTD buses, commuter trains, and light rail trains - including the airport bus from Boulder . The passes are good for the calendar year, so long as the rider continues to live within the neighborhood’s boundary. NECO is like RTD’s Business and College EcoPass programs but is limited to residents who live within a participating neighborhood boundary (hereafter “Neighborhood”).

Methods for Neighborhood Participation: •New developments or other agreements with the City of Boulder.

•Neighboring residents organize themselves and contract with RTD as a registered neighborhood.

•HOAs contract with RTD.

•Business, Metro, or other Special Districts contract with RTD.

NECO Pass Organization : RTD currently contracts with Neighborhoods using “utilization pricing.” A Neighborhood must pay the RTD contract in December for the following year’s pass use. The utilization contract is calculated using rider data one year in arears (the Neighborhood contract for 2024 is the cost for how much passes were used in 202 3). The first year, prior to utilization data being available, RTD’s rate is $125 per household within the Neighborhood boundary. RTD has a contract minimum for each neighborhood of $4,000.

New Development Agreements with the City of Boulder

data being available, RTD’s rate is $125 per household within the Neighborhood boundary. RTD has a contract minimum for each neighborhood of $4,000.

New Development Agreements with the City of Boulder As part of the development agreement with the city, Boulder ( often) requires BHP to provide free NECO passes to residents at first occupancy for a specified timeframe, often three years.

BHP deposits enough funds into an escrow account to cover the RTD contract for the duration of the agreement. BHP’s requirement to provide the passes sunsets after the escrow is exhausted. Residents could continue to contract with RTD if they choose to organize and fundraise. BHP staff can provide technical support during the transition.

Administration The developer, organizing neighborhood, HOA board, or Special District designate a Neighborhood coordinator to administer the program. Volunteers coordinate the selforganizing Neighborhoods. Neighborhood coordinators work in conjunction with the City of Boulder and RTD.

42 NECO Pass Cost Neighborhoods determine the cost per pass depending on projected or calculated ridership cost as detailed above. The City of Boulder has provided a pricing methodology that Neighborhood coordinators can use or adapt.

City of Boulder NECO information: https://bouldercolorado.gov/services/ecopass-program Follow ing is a list of the BHP properties that are currently within a participating NECO Neighborhood boundary: BHP Property Cost to BHP Residents Funding Method Neighborhood Coordinator 30PRL Free to residents Boulder Junction District fees Boulder Chamber Broadway East/ Broadway West Annual cost determined by

BHP Property Cost to BHP Residents Funding Method Neighborhood Coordinator 30PRL Free to residents Boulder Junction District fees Boulder Chamber Broadway East/ Broadway West Annual cost determined by usage/neighborhood coordinator Neighborhood pays RTD contract Carrie (BHP staff) Canopy/Red Oak Park Free to residents through City funding (through 2024) One-time city funding for 2024 only Carrie (BHP staff) Ciclo Free to residents Boulder Junction District fees Boulder Chamber Dakota Ridge Residents pay rate determined by usage/neighborhood coordinator(s) Neighborhood pays RTD contract Volunteer High Mar Residents pay rate determined by usage/neighborhood coordinator(s) Neighborhood pays RTD contract Volunteer Holiday Free to residents HOA fees HOA staff Palo Park Free to residents through BHP development escrow (through 2025) Temporary BHP development funds Carrie (BHP staff) Sanitas Place Residents pay rate determined by usage/neighborhood coordinator(s) Neighborhood pays RTD contract Volunteer WestView Residents pay rate determined by usage/neighborhood coordinator(s) Neighborhood pays RTD contract Volunteer Upcoming Cost to Residents Funding Method Neighborhood Coordinator Hilltop Free for 3 years from first (lease up) Temporary BHP development funds Carrie (BHP staff) Rally Free for 3 years from first (lease up) Temporary BHP development funds Carrie (BHP staff) Hawthorn Court (formerly Diagonal Plaza) Free for 3 years from first (lease up) Temporary BHP development funds Carrie (BHP staff) 43 Map of all participating NECO Neighborhoods in Boulder . Source: City of Boulder website.

44 MEMO To: Board of Commissioners

Map of all participating NECO Neighborhoods in Boulder . Source: City of Boulder website.

44 MEMO To: Board of Commissioners From: Jeremy Durham, Executive Director Laura Sheinbaum, Chief Real Estate Officer Jessica Kenney, Senior Development Project Manager Date: March 13, 2024 Re: Financial Closing for the Hawthorn Court Tax Credit Project Executive Summary BHP is planning for the Low- Income Housing Tax Credit (LIHTC) financial closing of the Hawthorn Court community in April 2024. Hawthorn Court will include 73 units of deeply affordable housing including five units to be set aside voluntarily for families at risk of or exiting homelessness.

To facilitate the financial closing, we present the following resolution for the Board’s review and approval that will enable the Executive Director, or his assignee, to sign closing documents on behalf of BHP and its related entity general partner for the transaction as applicable. The resolution is as follows: •Resolution #2024 -1, Resolutions of the Board of Commissioners Related to the Acquisition , Fi nancing, and Development of Hawthorn Court In support of our request to approve this resolution, we present full information about the project’s financial structure, current sources and uses, notable closing documents, and a chart demonstrating the partners and their relationships in the deal.

Background & Project History The land was conveyed to BHP in May 2023 to satisfy a portion of Trammell Crow Residential’s (TCR) Inclusionary Housing obligation. TCR is the master developer for the Diagonal Plaza project. The Hawthorn Court community will provide 73 permanently affordable homes serving residents with income well below 60% AMI.

sing obligation. TCR is the master developer for the Diagonal Plaza project. The Hawthorn Court community will provide 73 permanently affordable homes serving residents with income well below 60% AMI.

BHP received an award of 9% Low Income Housing Tax Credits in May 2023 and will benefit from local support and financing commitments, including $8,750,000 from the City of Boulder, $1,900,000 from the Colorado Division of Housing, and $1,100,000 from Boulder County Worthy Cause. Should there be any additional gap that needs to be covered due to last minute changes in pricing or due to funding partners not being able to finalize and execute documents in a timely manner, BHP will leave predevelopment costs in the deal as equity.

The unit and affordability mix at Hawthorn Court will be as follows: 45 Hawthorn Court will be constructed adjacent to BHP’s Diagonal Court Community, a 30 -unit former public housing site that was renovated as part of the Project Renovate conversion of Public Housing to LIHTC project in 2016. The existing, and historically bli ghted, parking lot where the new Hawthorn Court project will be constructed isolates Diagonal Court’s residents due to a lack of safe pedestrian or vehicular connections, access to park space, and additional safety concerns with an unmanaged vacant space. The redevelopment of the parking area will not only provide for much needed affordable homes, it will also dramatically improve the community connection for the Diagonal Court residents.

The project site is exceptionally located and within walking distance of grocery stores, neighborhood serving retail, and employment centers. The site is adjacent to several high frequency transit lines, and a City multi -use path will be extended to both s ites to facilitate

ry stores, neighborhood serving retail, and employment centers. The site is adjacent to several high frequency transit lines, and a City multi -use path will be extended to both s ites to facilitate utilization of the City’s extensive network of connections.

Hawthorn Court will consist of two buildings sharing common areas, a roof deck, outdoor space, a shared community park, and onsite parking. The units will all feature air -conditioning, ample storage, a full Energy Star appliance package, and in -unit washers/dryers. Each unit will also have an individual juliette balcony or walk -out stoop, providing private outdoor space for residents.

The community will continue BHP’s commitment to sustainable buildings and has been designed as an all- electric building. The HVAC utilizes a highly efficient Variable Refrigerant Flow (VRF) system which will provide both heating and cooling to the units. T he project also includes a large photovoltaic solar system, which will generate a significant amount of the project’s energy usage on-site. These features combined with a high -level of insulation, EnergyStar appliances, and low U value windows will help ma ke Hawthorn Court one of BHP’s most energy- efficient communities to date.

Due Diligence The Development Team is currently completing the due diligence process for Hawthorn Court with our financing partners. Our select ed equit y invest or is Enterpri se Housi ng Credit I nvestments (Enterprise), whom BHP h as previousl y worked with o n our Hilltop, Palo Park, and Project Renovat e deals. FirstBank will provi de both constructi on and permanent financing. BHP is represent ed in the transacti on by Bryan Cave Leight on Paisner LLP as tax c redit c ounsel. B ecause

Renovat e deals. FirstBank will provi de both constructi on and permanent financing. BHP is represent ed in the transacti on by Bryan Cave Leight on Paisner LLP as tax c redit c ounsel. B ecause this is a 9 % Tax Credit deal, Private A ctivity B onds are not needed and therefore we do not have bond counsel on this deal.

46 The partnership agreement, loan documents, and subordinate financing documents will be reviewed and negotiated as part of the due diligence process. In addition to the financing documents, the due diligence process includes review of the construction and d esign documents, title and survey reviews, market study, appraisal, and property management documents. The due diligence process is currently on schedule to be completed in time for an early April closing.

Development staff has completed extensive due diligence for the project throughout the pre development stage. This included geotechnical soil investigations, Phase I Environmental Assessments, a NEPA report, a market study, title and survey reviews, among others. Staff worked closely with the City of Boulder, Xcel, and Comcast to secure the necessary easements for new utilities to serve the site.

The entitlement process for Hawthorn Court was completed in partnership with TCR and included several new easements, an easement vacation, extensive negotiations with neighboring owners, and a new subdivision plat.

Financing Hawthorn Court will be financed using the equity generated from 9% Federal low -income housing tax credits with subordinate financing provided by the City of Boulder, Colorado Division of Housing, Boulder County, the State of Colorado, energy tax credit equity, and BHP equity in the form of a seller carry note for the land. Specifically:

ed by the City of Boulder, Colorado Division of Housing, Boulder County, the State of Colorado, energy tax credit equity, and BHP equity in the form of a seller carry note for the land. Specifically: •Enterprise will purchase the Federal low -income housing tax credits generating approximately $13,195,008 in net federal equity ($0.895).

•Hawthorn Court will benefit from significant energy tax credit equity. The community will utilize the 45L energy certification, providing an additional $182,500 in energy investmenttax-credits as well as $62,000 in solar tax -credits. Both the 45L and inve stment tax -credits were significantly enhanced by the Inflation Reduction Act, and BHP is pleased to takeadvantage of these funding sources.

•FirstBank will provide both the construction period financing as well as the permanent loanfor the community. Both the construction and permanent loan rates are locked at 7.13%.The permanent loan will carry a 40 -year term with a 40 -year amortization peri od.

•The Colorado Division of Housing will support Hawthorn Court with a $1,900,000 grant,and BHP will loan the funds into the project.

•The City of Boulder is providing $8,7500,000 in funding for the community from theirinclusionary housing funds. BHP will loan the funds into the project.

•Boulder County will be providing $1,100,000 in Worthy Cause funds.

•BHP will support the project by deferring approximately 40% of our $3,343,000 developerfee for a source of $1,291,111. The deferred developer fee will be paid to BHP out of annual cash flow payments once the project is stabilized.

47 •BHP will provide eight project -based vouchers to support the project which allows for 60% AMI rents which allows for more debt while providing a deep subsidy to the resident s recei

s stabilized.

47 •BHP will provide eight project -based vouchers to support the project which allows for 60% AMI rents which allows for more debt while providing a deep subsidy to the resident s recei ving the project -based voucher unit.

•BHP will provide seller carryback financing as part of the land transfer from BHP to t he LLLP.

BHP will provide a 90% seller loan resulting in additional cash at closing to BHP in t he am ount of $260,000. This is in addition to the developer fee amounts desc ribed above.

Sources and uses are shown below: Hawthorn Court Sources Debt (7.13%) $7,600,000 Tax Credit Equity $13,195,008 Deferred Developer Fee 1,291,111 BHP Carry $2,259,000 City of Boulder Housing Funds $8,750,000 CDOH $1,900,000 Boulder County Worthy Cause $1,100,000 TOTAL $36,095,118 Hawthorn Court Uses Land and Acquisition $2,510,000 Construction Costs $22,271,916 Professional Fees and Soft Costs $3,220,201 Financing & Construction Period Costs $2,862,763 Developer Fee Category $3,343,000 Reserves + Contingency $1,887,239 TOTAL $36,095,118 Closing Documents Subsequent to the Board’s approval of the attached resolution, the Executive Director, or his designee, will be asked to execute several documents including: •Amended and Restated Limited Liability Limited Partnership Agreement; •Loan documents between the LLLP and FirstBank Bank including a deed of trust and t he lo an agreement; •Loan documents between the LLLP and Boulder Housing Partners, including a Deed of Trust and the Loan Agreement; •Property Management Agreements; •Covenant and Funding Agreement with the City of Boulder; •Covenant and Funding Agreement with Boulder County; 48 •Covenant and Funding Agreement with the Colorado Division of Housing;

ent Agreements; •Covenant and Funding Agreement with the City of Boulder; •Covenant and Funding Agreement with Boulder County; 48 •Covenant and Funding Agreement with the Colorado Division of Housing; •Agreement to enter into a Housing Assistance Contract (AHAP) between the LLLP a nd BH P for the (anticipated) 8 project -based vouchers.

•Acquisition documents to sell the property to the LLLP; •Miscellaneous closing and title documents required by the lender and the investors.

The documents noted above include provisions describing the obligations under various laws including tax exempt bonds and low -income housing tax credits, pay -in schedules and payment of fees, record keeping requirements, compliance obligations, obligations in the event of default, guarantees, changes in ownership structure, and ultimately, the dissolution of the partnership. In some of the documents, BHP will provide commitments and assurances regarding the operations and regulatory compliance for the prope rty. To facilitate the closing and establish both the Board’s intentions as well as the authority to execute the documents, we have drafted the resolutions below and as referenced above.

Fiscal Impact BHP will receive a developer fee for the project which is approximately $3,343,000 which will be paid in a series of installments based on the negotiated Limited Partnership Agreement. We anticipate that approximately 40% of the developer fee will be deferred and paid to BHP over time as part of available cash flow annually. In addition, BHP will receive proceeds of approximately $260,000 on the land sale from BHP to the LLLP.

Next Steps •Finalize closing document and due diligence process with our investor and lenders; •Close financial transactions in April 2024;

pproximately $260,000 on the land sale from BHP to the LLLP.

Next Steps •Finalize closing document and due diligence process with our investor and lenders; •Close financial transactions in April 2024; •Begin construction immediately post -closing in April 2024.

Staff Recommendation This transaction supports several of BHP’s strategic priorities of increasing affordable housing opportunities, supporting residents, and strengthening communities, and the provision of permanently supportive housing.

Staff recommends that the Board approve Resolution #2024 -1, to enable closing the financial transactions for the Hawthorn Court community.

Action Requested Approval of Resolution #2024- 1 to authorize BHP to enter the tax credit partnership for Hawthorn Court LLLP and the creation of 73 new permanently affordable apartment homes.

49 Exhibit A: Hawthorn Court LLLP Organizational Chart 50 HOUSING AUTHORITY OF THE CITY OF BOULDER, COLORADO RESOLUTION #2024 -1 RESOLUTIONS OF THE BOARD OF COMMISSIONERS RELATED TO THE ACQUISITION, FINANCING, AND DEVELOPMENT OF HAWTHORN COURT APARTMENTS The Housing Authority of the City of Boulder, Colorado, a body corporate and politic, d/b/a Boulder Housing Partners (“BHP”), owns approximately 1.44 acres in Boulder known as Lot 3 and Outlot B, Diagonal Court Subdivision (“ Property ”). BHP desires to construct and operate a 73 -unit affordable housing development on the Property to be known as Hawthorn Court Apartments (“Project ”). These resolutions ratify and authorize certain actions related to the development and financing of the Project.

Organizational Structure To facilitate the financing of the Project, BHP formed and serves as the sole member and manager

rize certain actions related to the development and financing of the Project.

Organizational Structure To facilitate the financing of the Project, BHP formed and serves as the sole member and manager of Hawthorn Court LLC, a Colorado limited liability company (“General Partner ”), pursuant to articles of organization filed with the Colorado Secretary of State and an operating agreement. The General Partner then formed and serves as the general partner of Hawthorn Court LLLP, a Colorado limited liability limited partnership (“Partnership ”), pursuant to a certificate of limited partnership and registration stat ement filed with the Colorado Secretary of State and an agreement of limited partnership. BHP serves as the initial limited partner of the Partnership.

Acquisition, Disposition, Development, and Management BHP desires to convey the Property to the Partnership by a purchase and sale agreement and special warranty deed for a purchase price of up to $ 2,510,000. The Partnership will reimburse BHP for certain pre -development expenses according to a reimbursement agreement. BHP will serve as the developer of the Project and manage the Property, and the Partnership will compensate BHP for those services through devel oper and property management fees.

To support the Project’s future residents, BHP agreed to award to the Project 8 project -based Section 8 vouchers, the terms and conditions of which will be memorialized in an Agreement to Enter into a Housing Assistance Payments Contract (“BHP AHAP”), and upon timely completion of the development of the Project in accordance with the terms of the BHP AHAP, the BHP will enter into a HAP Contract with the Partnership (“BHP HAP Contract”) Debt Financing

on timely completion of the development of the Project in accordance with the terms of the BHP AHAP, the BHP will enter into a HAP Contract with the Partnership (“BHP HAP Contract”) Debt Financing BHP desires to obtain debt financing for the Project including: (i) BHP anticipates a construction loan from FirstBank (“Lender”) to the Partnership in an amount up to $21,000,000 (“Loan”). The Loan between the Lender and the Partnership will be a construction -to-permanent loan documented by a loan agreement, promissory note, first- lien deed of trust, security agreement, assignments, subordinations, and other documents.

The Lender may require BHP to enter into an environmental indemnity, completion, repayment and other guaranties and to subordinate its deed of trust lien rights and rights to repayment to the liens and interests of Lender.

51 (ii) The Partnership desires to enter into agreements with the City of Boulder, Colorado (“City”), by which the City will grant BHP up to $8,750,000 sourced from the local Affordable Housing Fund and the Community Housing Assistance Program (“City Grant”). BHP will lend the City Grant funds to the Partnership with a promissory note and deed of trust secured by the Property and grant the City a collateral assignment of the promissory note and deed of trust (“City Loan”). The City will require the Partnership gran t it a long- term affordability covenant.

(iii) The State of Colorado, acting by and through the Department of Local Affairs for the benefit of the Division Housing (“CDOH”) committed to grant the Project $1,900,000 sourced from the Housing Development Grant Fund (“CDOH HDG Grant”). The CDOH HDG Grant will be

for the benefit of the Division Housing (“CDOH”) committed to grant the Project $1,900,000 sourced from the Housing Development Grant Fund (“CDOH HDG Grant”). The CDOH HDG Grant will be evidenced by a grant agreement. BHP will lend the funds to the Partnership with a promissory note and a deed of trust (“HDG Loan”). CDOH will require the Partnership grant it a long -term affordability covenant.

(iv) In the event that the CDOH HDG Grant does not fund before the permanen t Loa n conversion, BHP desires to make a loan to the Partnership in the amount of the CDOH HDG Grant (“BHP HDG Loan”). BHP will lend the funds to the Partnership with a promissory note and a deed of trust. The Partnership will repay the BHP HDG Loan upon receipt of the CDOH HDG Grant funds from CDOH.

(v) Boulder County, Colorado (the “County”) has committed to award up t o $500, 000 to BHP sourced from the County’s Worthy Cause program. BHP requested the County reallocate to Hawthorn Court $600,000 of Worthy Cause funds approved for another BHP project, for a total of $1,100,000 of Worthy Cause funds. The County will lend the Worthy Cause funds to BHP, and BHP will re -lend the Worthy Caus e funds to the Partnership with a promissory note and deed of trust secured by the Property and grant the County a collater al assignment of the promissory note and deed of trust (“Worthy Cause Loan”).

(vi) BHP desires lend the Partnership up to $2,510,000 for the acquisition of t he Propert y with a promissory note and deed of trust (“Seller Carry”).

(vii) BHP expects the Project will receive the entire $1,100,000 Worthy C ause Loa n. If the County does not approve the full reallocation of the $600,000 of Worthy Cause funds to

r Carry”).

(vii) BHP expects the Project will receive the entire $1,100,000 Worthy C ause Loa n. If the County does not approve the full reallocation of the $600,000 of Worthy Cause funds to the Project, BHP desires to make a loan to the Partnership to cover the deficit in a n amount up to $600,000 with a promissory note and secured by a deed of trust (“BHP Gap Loan”).

LIHTC Equity Financing BHP applied for and received a determination of federal nine percent Low -Income Housing Tax Credits (“LIHTC”) from the Colorado Housing and Finance Authority (“CHFA”). CHFA allocated $1,450,000 in annual LIHTC. BHP also anticipates it will qualify for approximately $182,500 in Federal Energy Tax Credits (“Energy Credits”) and approximately $62,000 in Section 48 Renewable Energy Investment Tax Credits (“Solar Credits”). To enable the Partnership to secure equity investment to the Project, BHP desires to assi gn to the Partnership the determination of LIHTC and other development rights it has acquired in connection with the Project.

BHP, in its capacity as the manager of the General Partner of the Partnership, desires to enter into an amended and restated agreement of limited partnership (“ Amended Partnership Agreement ”).

The Amended Partnership Agreement will replace BHP with a new limited partner and equity investor, Wincopin Circle LLLP, its successors and assigns, and Enterprise FB Housing Fund I, LLLP 52 (“Investor Limited Partner”). The Investor Limited Partner may contribute approximately $13,031,686 of equity investment pursuant to the Amended Partnership Agreement (“Equity Investment”). BHP may be required to guaranty certain obligations to the Investor Limited Partner.

Construction Contract

686 of equity investment pursuant to the Amended Partnership Agreement (“Equity Investment”). BHP may be required to guaranty certain obligations to the Investor Limited Partner.

Construction Contract To construct the Project, BHP, in its capacity as the manager of the General Partner of the Partnership, desires to enter into a construction contract with Deneuve Design, Inc., a Colorado corporation, dba Deneuve Construction Services, with a maximum price not to exceed $23,000,000 (“Construction Contract”).

In connection with the Project, BHP, in its own capacity and in its capacity as the manager of the General Partner, and in the General Partner’s capacity as general partner of the Partnership, desires to enter other agreements as its Executive Director dee ms necessary or desirable for the development, financing, operation, and management of the Project.

Resolutions The undersigned, as the Secretary of the Board of Commissioners of BHP, certifies the Board adopted the following resolutions at a duly noticed meeting.

1.The Board ratifies the following acts of BHP, acting in its own capacity, in its capacity as managerof the General Partner, and in the General Partner’s capacity as general partner of t he Pa rtnership: (i) the formation of the General Partner; (ii) the exe cution and delivery of th e Gen eral Partner’s operating agreement; (iii) the formation of the Partnership; and (iv) t he ex ecution and delivery of the initial partnership agreement.

2.The Board authorizes the Executive Director, acting for BHP in its own capacity, in its capacity as

the Partnership; and (iv) t he ex ecution and delivery of the initial partnership agreement.

2.The Board authorizes the Executive Director, acting for BHP in its own capacity, in its capacity as the manager of the General Partner, and in the General Partner’s capacity as general partner ofthe Partnership, to take all actions necessary to purchase the Property from BHP to the Partnership, assign to the Partnership the determination of LIHTC, and to execute and deliver allother contracts, agreements, and deeds determined by the Executive Director to be neces sary or desi rable to enable the Partnership to develop the Projec t.

3.The Board authorizes the Executive Director, acting for BHP in its own capacity, in its capacity as the manager of the General Partner, and in the General Partner’s capacity as general partner ofthe Partnership, to negotiate the terms of and the documents relating to the BHP AHAP, BHP HAP, Construction Loan, the City Grant, City Loan, CDOH HDG Grant, HDG Loan, BHP HDG Loan, Worthy Cause Loan, the Seller Carry Loan, and BHP Gap Loan and to execute and deliver all documents required by Lender, CHFA, the City, and the County, which may include loan agreements, gran t agre ements, deeds of trust, promissory notes, affordability covenants, security agreements, financing statements, subordinations, assignments, indemnities, and guaranties.

4.The Board authorizes the Executive Director, acting for BHP in its own capacity, in its capacity asthe manager of the General Partner, and in the General Partner’s capacity as general partner ofthe Partnership, to negotiate the terms of the Amended Partn ership Agreement, and to execut e and deliver the Amended Partnership Agreement and all documents required thereunder or by th

l partner ofthe Partnership, to negotiate the terms of the Amended Partn ership Agreement, and to execut e and deliver the Amended Partnership Agreement and all documents required thereunder or by th e Investor Limited Partner, which may include fee agreements, guaranties, security agreements, assignments, grants of purchase righ ts, development agreement and purcha se opt ion and right of first refusal agreement.

53 5.The Board authorizes the Executive Director, acting for BHP in its own capacity, in its capacity as the manager of the General Partner, and in the General Partner’s capacity as general partner of the Partnership, to negotiate the terms of and enter into th e Construction Contract.

6.The Board authorizes the Executive Director, acting for BHP in its own capacity, in its capacity asthe manager of the General Partner, and in the General Partner’s capacity as general partner of the Partnership, to take all additional actions, enter into and perform all of its obligations unde r any additional agreements with respect to, and to take all actions that he deems necessary o r desi rable to carry out the development of the Project.

7.The Board authorizes the Executive Director, acting for BHP in its own capacity, in its capacity asthe manager of the General Partner, and in the General Partner’s capacity as general partner of the Partnership, to execute and deliver notices, requests, d emands, directions, consents, approvals, waivers, acceptances, appointments, applications, certificates, contracts,supplements, amendments, further assurances, and any other document or agreement he deem s necessary or desirable to carry out the intent of these resolutions or to comply with the

racts,supplements, amendments, further assurances, and any other document or agreement he deem s necessary or desirable to carry out the intent of these resolutions or to comply with the requirements of the contracts ratified or authorized by these resolutions.

8.The execution and delivery by the Executive Director or another person designated as an authorized signatory by a statement signed by the Executive Director, of any agreement, document, or instrument authorized by these resolutions is conclusive evidence o f BHP’s approval.

9.Third parties may rely on these resolutions and any certificate executed by the Executiv e Di rector.

10.In adopting these resolutions, the Commissioners acknowledge they received due notice and hereb y consent to the holding of the meeting at which the Board adopted these resolutions.

11.The Secretary or his designee shall retain a copy of this resolution in BHP’s records.

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54 CERTIFICATE OF RESOLUTION I, Bob Walker, certify that I am the Chairperson of the Housing Authority of the City of Boulder, Colorado , and the Board of Commissioners approved the foregoing resolutions at a duly noticed meeting held on March 13, 2024.

Bob Walker, Chairperson 55 MEMO To: Board of Commissioners From: Laura Sheinbaum, Chief Real Estate Officer Karen Brunnemer, MTW and Federal Policy Director Jessica Kenney, Senior Development Project Manager Date: March 13, 2024 Re: Three Additional Project- Based Vouchers for Hawthorn Court Hawthorn Court, Request for Three Additional Project -Based Vouchers Background

enior Development Project Manager Date: March 13, 2024 Re: Three Additional Project- Based Vouchers for Hawthorn Court Hawthorn Court, Request for Three Additional Project -Based Vouchers Background BHP Development staff has continued to work on the entitlement and financing plan for the Diagonal Plaza Redevelopment, located at 3320 28th Street, now called Hawthorn Court. The community will provide 73 permanently affordable homes serving those earning well below 60% AMI. BHP received an award for 9% Low -Income Housing Tax Credits in May 2023 and anticipates a financial closing in April 2024 with construction starting directly thereafter.

The Board of Commissioners approved the project -basing of five vouchers in May 2023 to serve families at risk of or experiencing homelessness. These five units will be distributed as three 3/BR units, and two 2/BR units to support larger families. Those units were proposed as 30% AMI rent units.

Request & Analysis We propose project -basing three additional vouchers at Hawthorn Court to ensure BHP can meet the needs of our future residents, to support the community in addressing families that are unhoused or at risk of being unhoused, and to assist with a timely fina ncial closing.

The income from the three additional vouchers allows BHP to assume slightly more debt which enables the deal to be financially viable.

BHP’s MTW designation allows us the ability to make decisions about where we invest our project based vouchers without doing a competitive process for these project -based vouchers. For example, this MTW rule allowed BHP the flexibility to replace our legacy Public Housing with a more sustainable financial platform while allowing residents to continue paying an amount of rent that is

xample, this MTW rule allowed BHP the flexibility to replace our legacy Public Housing with a more sustainable financial platform while allowing residents to continue paying an amount of rent that is based on their income. It also allowed us to integrate Permanently Supportive Housing units at 30PRL and the future Hilltop Se nior Housing community.

Recommendation As a Housing Authority, vouchers are a tool that we can use sparingly to serve the most in need in our community. Staff recommends approval of Resolution #2024 -2, Project- Basing three additional vouchers at the Hawthorn Court project.

Action Requested Approval of Resolution #2024-2 , Project- Basing three vouchers at the Hawthorn Court project, 3320 28 th Street, for the purpose of assisting with the financial closing and meeting the needs of our future residents.

56 RESOLUTION #2024-2 A RESOLUTION FOR THE PURPOSE OF AUTHORIZING THREE ADDITIONAL HOUSING CHOICE VOUCHERS TO BE PROJECT -BASED AT THE HAWTHORN COURT PROJECT WHEREAS, the Housing Authority of the City of Boulder, Colorado , a body corporate and politic of the State of Colorado, doing business as Boulder Housing Partners, was legally established by the Colorado Secretary of State on September 22, 1966; WHEREAS, BHP received a 9% low -income housing tax credit allocation from the Colorado Housing and Finance Authority for the 3320 28th Street project (“Diagonal Plaza”), a 73 -unit affordable housing project with five of the 73 units preference for families at risk of or experiencing homelessness ; WHEREAS, Boulder Housing Partners administers a Housing Choice Voucher program for approximately 1,419 families; WHEREAS, Boulder Housing Partners has been designated by the US Department of Housing and

S, Boulder Housing Partners administers a Housing Choice Voucher program for approximately 1,419 families; WHEREAS, Boulder Housing Partners has been designated by the US Department of Housing and Urban Development (HUD) as a Moving to Work agency and a Moving to Work Agreement and Annual Moving to Work Plan have been agreed to and/or executed by Boulder Housing Partners and HUD; WHEREAS, as a Moving to Work agency, Boulder Housing Partners is authorized to attach project -based Housing Choice Voucher assistance at properties owned directly or indirectly by Boulder Housing Partners that are not public housing, WHEREAS , as a Moving to Work agency under Moving to Work Activity 2018 -1, Boulder Housing Partners is not required to manage a competitively bid process for allocating its project -based vouchers as described in the Moving to Work agreement with HUD; WHEREAS, the commitment of project -based vouchers is critical to the vision of creating and providing high -quality and affordable housing to serve families with three units , in addition to the five previously approved ; WHEREAS, the commitment of project -based vouchers is conditional based on the successful completion of the Environmental Assessment process that has been conducted by the City of Boulder; and WHEREAS, notwithstanding anything herein to the contrary, this Resolution does not constitute a commitment of funds or site approval and that such commitment of funds or approval may occur only upon satisfactory completion of the federal environmental review and re ceipt by BHP of an executed “Authority to Grant Funds” (HUD 7015.16) or equivalent letter from HUD. The provision of any funds to the Project is conditioned upon BHP’s and applicant’s determination to proceed

BHP of an executed “Authority to Grant Funds” (HUD 7015.16) or equivalent letter from HUD. The provision of any funds to the Project is conditioned upon BHP’s and applicant’s determination to proceed with, modify, or cancel the Project ba sed on results of a subsequent environmental review.

57 NOW THEREFORE, be it resolved by the Board of Commissioners of Boulder Housing Partners, that project -based Housing Choice Voucher assistance will be committed for up to 8 total units of housing located at Hawthorn Court , subject to requirements under the Moving to Work Annual Plan and Agreement, and all pertinent federal regulations and that the project -based Housing Choice Voucher assistance will be provided for at least 15 years as long as this assistance is made available through HUD, and that this assistance is subject to annual appropriations, and that the proper officers of the above -mentioned entity are authorized to perform all acts necessary to implement this Resolution and to provide such additional information as may be requir ed.

(SEAL) [B ob Walker] Chairperson, Board of Commissioners Housing Authority of the City of Boulder ATTEST: Jeremy Durham Executive Director Housing Authority of the City of Boulder, a body corporate and politic of the State of Colorado, d/b/a Boulder Housing Partners 58 Upcoming C onference & Training Opportunities We encoura ge Commissioners to take advantage of the many professional development opportunities available to help deepen housing and community development knowledge. Please keep these conferences in mind as great opportunities for learning and networking in your role as

portunities available to help deepen housing and community development knowledge. Please keep these conferences in mind as great opportunities for learning and networking in your role as Commissioners. Please submit your training request to our Board Chair, Commissioner Walker, and he will work with staff to allocate Board training dollars equitably for registrations, hotel, and travel for local conferences.

By request, we are including a variety of options in addition to offerings by the National Association of Housing and Redevelopment Officials (NAHRO). We have historically emphasized NAHRO’s training because NAHRO is the only organization that is oriented to the unique interests of Housing Authority Commissioners and whose professional development learning aligns with the business of the Board, however, there are several other good choices.

Ho using Colorado •Annual Conference October 9-11, 2024 Keystone, CO NAH RO •Washington Conference April 8- 10, 2024 Washington, DC •CO NAHRO Annual Conference May 7- 10, 2024 Vail, CO •National Conference Sept. 26- 28, 2024 Orlando, FL NAH RO Professional Development •Commissioners Guide to Monitoring March 19- 22, 2024 Virtual •Implicit Bias March 26, 2024 Virtual •Commissioner’s Corner April 23, 2024 Virtual Nei ghborWorks •Training Institute TBA TBA PHAD A (Public Housing Authorities Directors Association) • 2024 Annual Convention and Exhibition June 2 -5, 2024 New Orleans • 2024 Legislative Forum Sept. 6 -7, 2024 Washington, DC 59 FUTURE BOARD ITEMS We have gathered the requested informational items the Board has asked to either learn more about or discuss. This is our current list and an approximate timeline.

59 FUTURE BOARD ITEMS We have gathered the requested informational items the Board has asked to either learn more about or discuss. This is our current list and an approximate timeline.

Anticipated Date • Board of Commissioners Retreat April 2024 • 2023 Moving to Work Annual Report May 2024 • Presentation: Resident Services May 2024 • Electronic Applications for Housing 1st Quarter 2024 • Partnership Awards June 2024 • BHP Audit and Tax Credit Audit June 2024 • Moving to Work Draft Activities June 2024 • Housing Choice Voucher Administrative Plan June 2024 • Arapahoe Court Sale 3rd Quarter 2024 • 2025 Moving to Work Annual Plan - Draft September 2024 • 2025 Moving to Work Annual Plan - Final October 2024 • 2025 Budget Draft November 2024 • Lee Hill Annual Report & Good Neighbor Statement of Operations December 2024 • 2025 Final Budget Approval December 2024 • Board Elections December 2024 • Update from Kurt Firnhaber, Housing and Human Services Director 1st Quarter 2025 • Sustainability Planning As Time Allows 60 4800 N. Broadway, Boulder, CO 80304 Phone: 720 -564-4610 Fax: 303 -939-9569 www.boulderhousing.org Hearing Assistance: 1 -800-659-3656 2024 Boulder Housing Partners Commissioners’ Calendar Date Group Time JANUARY BOARD RECESS -------------Mon. February 12 Development Committee (as needed) 4:00- 5:00 Wed. February 14 Board Meeting 9:00- 11:30 Mon. March 11 Finance Committee – 2023 Financials Review 3:00- 4:00 Mon. March 11 Development Committee (as needed) 4:00- 5:00 Wed. March 13 Board Meeting 9:00- 11:30 Thurs. March 14 Quarterly NPG Committee 2:00- 3:30

– 2023 Financials Review 3:00- 4:00 Mon. March 11 Development Committee (as needed) 4:00- 5:00 Wed. March 13 Board Meeting 9:00- 11:30 Thurs. March 14 Quarterly NPG Committee 2:00- 3:30 Wed. April 10 Board Retreat 9:00-3:30 Wed. May 1 Special NPG Committee 3:30- 5:00 Mon. May 13 Finance Committee –Financials Review 3:00- 4:00 Mon. May 13 Development Committee (as needed) 4:00- 5:00 Wed. May 15 Board Meeting 9:00- 11:30 Wed. June 6 Quarterly NPG Committee 3:30-5:00 Mon. June 10 Finance Committee –Financials & Audit Review 2:30- 4:00 Mon. June 10 Development Committee (as needed) 4:00- 5:00 Wed. June 12 Board Meeting 9:00- 11:30 Mon. July 8 Development Committee (as needed) 4:00- 5:00 Wed. July 10 Board Meeting 9:00-11:30 AUGUST BOARD RECESS -------------Wed. September 4 Quarterly NPG Committee 3:30- 5:00 Mon. September 9 Finance Committee – Financials Review 3:00-4:00 Mon. September 9 Development Committee (as needed) 4:00-5:00 Wed. September 11 Board Meeting 9:00-11:30 Tues . October 8 Development Committee (as needed) 4:00- 5:00 Wed. October 9 Board Meeting 9:00- 11:30 Tues . November 12 Finance Committee – Financials & Draft 2025 Budget Review 3:00-4:00 Tues . November 12 Development Committee (as needed) 4:00-5:00 Wed. November 13 Board Meeting 9:00- 11:30 Wed. December 4 Quarterly NPG Committee 3:30- 5:00 Mon. December 9 Finance Committee – Financials & Final 2025 Budget Review 3:00- 4:00 Mon. December 9 Development Committee (as needed) 4:00- 5:00 Wed. December 11 Annual Board Meeting 9:00-11:30 61