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Home My WebLink About2017-03-14 VLHA Agenda and Meeting Materials Vail Local Housing Authority Agenda 3:00 PM – 5:00 PM Tuesday, March 14, 2017 Community Development Large Conference Room Town of Vail 75 South Frontage Road Vail, Colorado 81657 I. Meeting Notice and Approval of Minutes February 28, 2017 II. 2017 Budget Review and Exemption from Audit Resolution III. Deed Restriction Purchase Program FAQs IV. Discussion on Chamonix Vail Questionnaire/Info Sheet V. Potential Deed Restricted Unit Purchases VI. Adjournment VII. Next Meeting – March 28, 2017 Vail Local Housing Authority Meeting Minutes February 28, 2017 VLHA Attendees: Steve Lindstrom Absent: James Wilkins Mary McDougall Molly Murphy Francisco “Paco” Meza Town Staff: Lynne Campbell George Ruther joined via phone at 3:40 PM General Public: Matt Jones, Vail Resorts As a quorum was present Steve Lindstrom called the meeting to order at 3:05 PM. The Board welcomed new member Francisco “Paco” Meza who is filling Scott Ashburn’s remaining term until May 31, 2017. I. Approval of Minutes February 14, 2017 The Board approved the minutes with minor changes. (4-0) II. Deed Restriction Purchase Program FAQ’s Tabled to March 14, 2017 meeting III. Draft EHU Guidelines Guidelines are under counsel review and will be presented next meeting. IV. Chamonix Vail Deed Restriction Recommendation • Price Appreciation Cap Options • Residential Real Estate Ownership Recommendation The Board discussed price appreciation cap options based on several data points. The Board agreed to recommend a resale floor of zero percent of maximum purchase price, not guaranteed, and a flat ceiling of 1.5% per annum plus capital improvements. Town of Vail Page 2 Ruther and the Board reviewed and discussed the Deed Restriction Agreement for the Occupancy and Transfer of Chamonix Vail Residential Dwelling Units draft and recommended the following: • The Board requested adding text owners can not own any other residential property in Eagle County and remove outside Eagle County. Ruther to consult counsel. • Change Housing Guidelines to match Deed Restriction text • Page 2 section 2(c)(ii) to remove “any accrued negative amortization if the Property was financed with a graduated payment mortgage” • Page 3 section 2(i) “Qualified Buyer” no mention of “Qualified Tenant” Ruther to discuss with counsel. • Page 4 section 3(f) change “two copies” to “one copy” • Page 4 section 4(c) Ruther to review changing “Purchased Price” to “Sales Price” • Page 4 section 4 add “Town of Vail Right of First Refusal on all transfers” • Page 6 section 10 Foreclosure item d the Board thinks this should be removed since zoning won’t allow for anything but deed restricted property. Ruther to discuss with counsel. • Page 10(f)“Maximum Annual Price” Ruther checking with counsel as first time this term mentioned and not shown as a defined term. Term is used in multiple sections after 10(f). V. Adjournment Molly Murphy motioned to adjourn meeting, Steve Lindstrom second. Meeting adjourned at 5:15 PM. VI. Next Meeting – March 14, 2017 Run by NWS on 01/11/2017 12:05:35 PM Page 1 of 1 Current YTD Prior Year Balance Total Actual Net Change Change % 47,014.05 33,734.88 13,279.17 39.36 160,063.96 146,257.37 13,806.59 9.44 215,469.58 214,995.52 474.06 .22 $422,547.59 $394,987.77 $27,559.82 6.98% 1,023.89 2,064.11 (1,040.22)(50.40) $1,023.89 $2,064.11 ($1,040.22)(50.40%) $423,571.48 $397,051.88 $26,519.60 6.68% .00 5,680.00 (5,680.00)(100.00) $0.00 $5,680.00 ($5,680.00)(100.00%) $0.00 $5,680.00 ($5,680.00)(100.00%) 391,371.88 391,371.88 .00 .00 $391,371.88 $391,371.88 $0.00 0.00% $391,371.88 $391,371.88 $0.00 0.00% .00 (48,320.43) 16,120.83 $423,571.48 $391,371.88 $32,199.60 8.23% $423,571.48 $397,051.88 $26,519.60 6.68% $0.00 $0.00 $0.00 +++ $0.00 $0.00 $0.00 +++ $0.00 $0.00 $0.00 +++ $0.00 $0.00 $0.00 +++ Balance Sheet Through 12/31/16 Detail Listing Include Rollup Account/Rollup to Account Account Account Description Fund Category Governmental Funds Fund Type Special Revenue Funds Fund 800 - Vail Local Housing Authority ASSETS 10600 VLHA / Middle Creek Security Deposit 7062 10600.00 VLHA / Checking 1893 10600.01 VLHA / Liquid Asset 8622 10600.02 VLHA / Middle Creek Security Deposit 7062 10600 - VLHA / Middle Creek Security Deposit 7062 Totals 11000 Accounts Receivable 11000.00 Accounts Receivable 11000 - Accounts Receivable Totals ASSETS TOTALS LIABILITIES AND FUND EQUITY LIABILITIES 20100 Accounts Payable 20100.00 Accounts Payable 20100 - Accounts Payable Totals LIABILITIES TOTALS FUND EQUITY 29205 Fund Balance - Restricted 29205.00 Fund Balance - Restricted 29205 - Fund Balance - Restricted Totals Fund 800 - Vail Local Housing Authority Totals Fund Type Special Revenue Funds Totals Fund Category Governmental Funds Totals Grand Totals FUND EQUITY TOTALS Prior to Current Year Changes Prior Year Fund Equity Adjustment Fund Revenues Fund Expenses FUND EQUITY TOTALS LIABILITIES AND FUND EQUITY TOTALS 2015 2016 2016 2017 Actual Budget Actual Proposed Revenue Middle Creek Revenue Share / Mgmt Fee 12,106$ 11,500$ 12,687$ 12,500$ Interest Income 660 500 633 650 Ground Lease Revenue - - 35,000 35,000 Total Revenue 12,766 12,000 48,320 48,150 Expenditures Accounting Fees 1,200 1,200 1,200 1,200 Operating, Maintenance & Contracts 12,214 50,000 14,921 30,000 Total Expenditures 13,414 51,200 16,121 31,200 Revenue Over (Under) Expenditures (648) (39,200) 32,199 16,950 Beginning Fund Balance 178,668 178,020 178,020 210,219 Ending Fund Balance 178,020$ 138,820$ 210,219$ 227,169$ 2017 PROPOSED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE VAIL LOCAL HOUSING AUTHORITY Deed Restriction Purchase Program FAQs 1. What is a deed restriction? 2. Local banks that are familiar with Vail Deed restricted properties 3. Is there a Cap with my deed? 4. How much do I get for a deed (I think we meant how much will be purchase a deed for)? 5. How do you apply? 6. What types of deeds are there? 7. How do you qualify? 8. How much money can you give? 9. How many properties can you deed restrict? 10. How long do you have to wait to get the $ if your deed is accepted? 11. Is there a transfer tax? 12. Are you exempt from tax? 13. Can I sell back my deed restriction? 14. Others? Deed Restriction Program Interested Parties: 1. John Helmering, realtor, inquired if TOV interested in purchasing 5064 Black Gore Dr. Duplex, total beds 8, bath 7, 3 kitchens. Total property asking price 2.15 million, 970-331-1110 Called 2/3/17 2. Moses Gonzalez potential sale of his Pitkin Creek 12H, 2 b, 1.75 bath 970-376- 6952 3. Karl Fauland has EHU in his house on Geneva Drive, interested in speaking down payment by restricting units to be acquired, see 2/13/17 email 4. Stephen Collins owns a condo unit in Intermountain. Interested in turning unit into an EHU. However, he has several questions. Would the Deed Restrictions apply? What is the financial benefit he would receive? Could he rent it if his business takes him out of town for an extended period of time? 970-471-1342 5. Kevin – Keller Williams Real Estate wants to understand what is involved for an owner to deed restrict their residence. 6. Lynn Billings – owns a 1/1 in Vail, 970-376-4731, lynn.billings@gmail.com To Whom It May Concern, We are writing to ask you to reconsider the way the “lottery” portion of the Town of Vail Annual Master Resale Lottery is conducted. Last year at the lottery for the existing deed-restricted units for the Town of Vail, we were promised that the lottery would be changed for this year to address those applicants who had already been in the lottery for at least a year, as well as make the point system and tier placement a little more equitable and take luck out of the equation. The first year it seemed strange that there was a lottery portion at all, but after being in the lottery several years, the most frustrating part for us that there is no weight given to the fact that you have already been in the lottery previously and that you lose your position every year, after being on the master re-sale list for a full year already. This will be the forth year my husband, Ryan Walsh, and myself, have entered the lottery. The first two years, we were chosen 4th or 5th in our tier and then have spent the entire year working our way up to the 1st or next position, only to be forced to “re-lottery” in July. It was extremely frustrating and heart-breaking to us that for 2 years in a row a person who entered the lottery for the first time was offered a unit after only waiting a month after we had waited an entire year already. Luck plays too large a role in the process. There is no consideration given to applicants who have already waited a year or years. As an applicant, there is a possibility even though you have lived in Vail for a significant amount of time and are always in the upper tiers, simply because of bad luck you may never be offered a unit. This past year, the tier we were put in had a 50-point spread, and we were drawn so far down the list to have no hope of being offered a place. No one could explain to us why they allowed such a big tier this past year. An applicant with half the points as us, could have been chosen first in our tier and been offered a place before us. We feel that it would be more fair to have the new applicants lottery for positions in the tier behind the applicants already listed in the tier, allowing those applicants who have already been in the lottery in the previous years hold their current position. Another solution may be to be given points for already have been in the lottery for a year, i.e. an applicant would get 6 additional points for every year that they have been in the lottery. We would be happy to meet with any of the local housing authority or town representatives to explain our experiences further. We hope some changes this year will give us a little more hope in future lotteries. Sincerely, Nina Landes and Ryan Walsh