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Home My WebLink About2019-11-26 VLHA Meeting Results Vail Local Housing Authority Meeting Results November 26, 2019 3:00 PM Town Council Chambers 75 S. Frontage Road -Vail, Colorado, 81657 PRESENT:ABSENT: Steve Lindstrom Molly Morales Francisco Meza Mary McDougall James Wilkins 1.Call to Order3:06 PM A quorum being present Lindstrom called the meeting to order at 3:06PM. All Authority members are present as well as Ruther and Campbell from staff. 2.Citizen Participation 2.1. Citizen Participation No comments, no one present from the public. 3.Approval of Minutes 3.1. VLHA November 12, 2019 Meeting Results MOTION: WilkinsSECOND:McDougallVOTE: 5-0Approved 4.Main Agenda 4.1. Eagle County Loan Funding Request Presenter:Tori Franks and Nicholle Jackson, The Valley Home Store Patti Liermann and Nicholle Jackson from Eagle County Housing and Development Authority(ECHDA) presenteda program overview and contribution request of $50K minimum from the Vail Local Housing Authority(VLHA). Down payment assistance program summary Equity share program Recorded as second liens, 15-yearterm Borrow contributes ½ of amount down payment borrowed Maintain home as primary residence Most payuponsale or refinance Most work with deed restricted and free market property Eagle County Loan fund buyer’s income must be under 160% of area median income Maximum purchase price of $600K Live and work in Eagle County to qualify Since 1999,9.4 % of loan fund volume has beenused to purchase homes in Vail, 42 families. Program total to date has issued over 382loantotaling $5.5M loan volume 2018issued 50 loans total amount $657K volume, record year o 5 purchases in Vail for average purchase price $455K o 2 of the 5 homes were deed-restricted o End of 2017 beginning 2018 the County adjusted the guidelines to accommodate the Chamonix Vail development to $600K purchase price and removed the income limit o 2 Chamonix buyers utilized the program 2019 44 loans,expect 48by year end, $600K in loan volume o Today’s current portfolio has 156loans for $2Mloan volume o 2Vailhomes with average loan amount $25K andaverage purchase price of $267K 1 deed-restricted-Vail Commons,1 open market-Buffehr Creek o 4.1% of 2019 purchasesin Vail Eagle County’s last contribution received was in 2008 in the amount of $740K from Eagle County and Lake Creek Village Apartments. Remainder of funds comes from donations and repaid principal interest. The program average return on investment about 16%. The 2019-2020 funding request comes from record year from 2018and low fund balance.ECHDA sent reminder to borrowersofthe24-monthrepayment, no interestif payback within 2 years.ECHDA received $110K.ECHDA offeredan incentive to reduce interest by 50%for all borrowers paying back by October 1, 2019receiving $70K. ECHDA lowered loan amount for $15K to $10Kbeginning of 2019, in June ECHDAwas able to increase the loan amount back to $15K.In 2023they expect 18 loans paid off in amount of $459Kin principal, doesn’t include interest. Due to revolving nature of program they don’t expect annual request for funds. Eagle County is requesting $500K in donationsin 2019 and 2020. Eagle County Commissioners donated $250K and challenged the ECHDArequest other jurisdictions to match the Commissioner’s donation. VLHA ask questions seeking to further understand the program and reason for request. The VLHAwill review a donation amount while discussing their 2020 budget. 4.2. VLHA 2020 Budget Discussion VLHA, staff and Carlie Smith from finance reviewed the 2019 current expenditures and 2020 proposed budget. McDougall asked what VLHA has contributed in the past to ECHDA.Per Lindstrom said it had been $5K. 2020 projects/professional fees. Ruther reviewed anticipated projects.Projected expenditures in 2020 budget $40K. Housing data base-$25K Anticipated partnership with Council SIS& Magellanpossibility for additional expenditures-$10K held Anticipated partnership with Council Resurvey community Need 100% consensus for success, 12 (TOV/VLHA) o Shared funding with VLHA/TOV money ECHDAdown payment assistancefunding requestfor $50K–Authority authorized $5K Per Smith a public notice is required prior to adopting the 2020 budget. VLHA will th vote at next meeting on December 10. 4.3. Employee Housing Capital Improvements Recommendation Presenter: Lynne Campbell, Housing Coordinator Tabled MOTION: MoralesSECOND: MezaVOTE: 5-0Tabled 5.Matters from the Chairman and Authority Members 5.1.Matters from the Chairman and Authority Members Morales discussedapotential Avon for sale housing developmentproject and discussion around deed restrictions and types. The developer is looking for money, Town of Avon has asked for 100% deed restriction. If asked would the Town of Vail participate in those deed restrictions. Morales recommended a rental occupancyrestriction with no price cap.Moralesfelt there was more flexibility,likeVailIndeed. Ruther suggested price appreciation cap. Morales, said Avon doesn’t have staff to manage deed restrictions. This project is going to Avon Town Council onDecember 10. Project is composed of 45 unitsin 2 phases. Ruther is following up with Eric Heil,Town of Avon manager. Ruther asked for thoughts how this project/restrictions may move forward. Morales said how the home appraisalscould be the challenge. Wilkins explainedhow appraisers review and appraise deed restricted properties. th Lindstrom mentioned the housing subcommitteemeeting will be December 5 th and a VLHA semiannual update will be present at the December 17 afternoon meeting. th VLHA December 24meeting is cancelled and if needed a meeting will be th held on December 17in the Community Development large conference room. VLHA would like to meet new Town Manager. 6.Executive Session 6.1.Executive Session per C.R.S. §24-6-402(4)(a)(e) -to discuss the60 Min. Purchase, acquisition, lease, transfer, or sale of property interests and to determine positions, develop a strategy and instruct negotiators, regarding: one submitted Vail InDEED applications and program details. Presenter: Lynne Campbell, Housing Coordinator McDougall motioned to leave the regular meeting and enterexecutive session per C.R.S. §24-6-402(4)(a)(e). MOTION: McDougallSECOND: MezaVOTE: 5-0Approved Wilkins motioned to reenter the regular meeting. MOTION: WilkinsSECOND: Morales VOTE: 5-0Approved 7.Any Action as a Result of Executive Session Morales motioned to have staff move forward. MOTION: MoralesSECOND: WilkinsVOTE: 5-0Approved 8.Adjournment 8.1.Adjournment 5:00 PM (estimated) MOTION: WilkinsSECOND: MoralesVOTE: 5-0Approved 9.Future Agenda Items 9.1. EHU Capital Improvements Labor Cost Housing Data Housing Sites Discussion Civic Area Plan Land Banking (sale of GRFA) Public Health Housing Incentive, Eagle County Health 10.Next Meeting Date 10.1.Next Meeting Date December 10, 2019 Meeting agendas and materials can be accessed prior to meeting day on the Town of Vail website www.vailgov.com. All Housing Authority meetings are open to the public. Times and order of agenda are approximate, subject to change, and cannot be relied upon to determine at what time the Vail Local Housing Authority will discuss an item. Please call (970) 479-2150 for additional information. Please call 711 for sign language interpretation 48 hours prior to meeting time. Housing Department