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Home My WebLink About2023-01-10 VLHA Agenda 2 3 4 Vail Local Housing Authority Minutes December 13, 2022 3:00 PM Town Council Chambers and Virtually via Zoom 75 S. Frontage Road - Vail, Colorado, 81657 PRESENT ABSENT Steve Lindstrom via Zoom Craig Denton James Wilkins via Zoom Kristin Williams Dan Godec via Zoom STAFF George Ruther, Housing Director Martha Anderson, Housing Coordinator via Zoom Missy Johnson, Housing Coordinator 1. Call to Order 1.1. Call to Order at 3:02 p.m. with a quorum present. 2. Citizen Participation 2.1. Citizen Participation There are no comments. 3. Approval of Minutes 3.1. VLHA October 25, 2022 Minutes MOTION: WILLIAMS SECOND: DENTON VOTE: 5-0 APPROVED 3.2. VLHA November 8, 2022 Minutes MOTION: WILLIAMS SECOND: DENTON VOTE: 5-0 APPROVED 4. Main Agenda 4.1 Municipal Funding Presenter(s): Tim Zarlengo, Managing Director, Municipal Capital Markets Group Ruther introduced Tim to group for potential municipal funding opportunity. Tim has spoken with the Authority in the past and will help Authority to explore opportunities to leverage for work force housing . As an example, municipal bonds 5 may be able possibly help to lower interest rates for potential home buyers. Tim continued to walk through the initial thoughts as the groups looks to explore all opportunities that are available. His 30+ years of experience comes with suggestions to educate the Authority of the current market and the slowing of the mortgage market. The idea is to perhaps create a pool of funds to support deed-restricted workforce housing to make loans more available to prospective home buyers through the Vail Local Housing Authority. Additionally, it could assist with down payment assistance. This concept is fairly standard and Tim has worked with multiple housing authorities for this exact purpose. In response to the question, how are the bonds issued and how are the funds repaid, Tim explained that the bonds issued would be held by a trustee and dispersed as the mortgages are originated. The only security for the bond issue would be the mortgages themselves based on the individual borrowers. There is a servicer who services to those trustees. Discussion ensued around how the bond investor is paid off, the cost of issuing, creating and underwriting this product. The Authority would be acting vs. the Town acting as the issuer. The process from signing on a first-time transaction to receiving allocated funds would be approximately 4 months. This time frame is realistic to get to the funds and start lending. Discussion continued regarding restrictions that may need to be explored for this tax-exempt product, public purpose and potential AMI limitations. As a tax advisor, Tim and his firm would play the role of a municipal advisor with a fiduciary to their clients. A second role could be as an underwriter, with no fiduciary duty to the client. The Authority concluded with requesting a draft of a term sheet to review in the future. 4.2 Letter of Support - West Middle Parcel Final Subdivision Map and Zoning Presenter(s): George Ruther, Housing Director The proposed letter of support from VLHA to the Mayor and the Town Council for the West Middle Creek Parcel to rezone and create a final subdivision plat was reviewed. The letter was reviewed without any questions from the Authority and will be submitted into the Council packet for December 20, 2022. Ruther stated additional background that the final subdivision map was approved by the PEC as a final action. The land use plan amendment reading of a resolution, is planned for December 20. 5. Matters from the Chairman and Authority Members 5.1. Matters from the Chairman and Authority Members Presenter: Steve Lindstrom, Chairman Williams moderated a housing discussion with the Vail Valley Foundation (VVF) recently and provided an overview for the Authority. In response to Covid, the VVF recognized they could bring their time, talent and resources to the discussion to address community challenges such as housing. Municipal and county staff, housing department staff, representatives from major employers and some relevant non-profits were present. Eagle County Schools, RA Nelson, Town of Vail, Vail Health and Colorado Mountain College were all represented. Topics for group discussion at the meeting included: the barriers to get housing done, the strength of partnership and current housing projects, construction cost trends and housing needs related to retention needs and recruitment for Vail Health as an example. Williams 6 sees the potential in community collaboration for something to get done in a big way. The county manager did mention that are going to start looking at preemptively creating a housing zoning designation for those parcels, which would be a huge step in the right direction for multiple jurisdictions to come together to make a project happen. The VVF will be sending out a survey to the participants to gather additional information. Williams suggested that the Authority would benefit from a presentation from Elevate, showcasing available land. It would likely be a 45-minute conversation and the Authority provided interest in reviewing the document prior to the presentation. The report showed GIS analysis and a comparative analysis of housing policies. The comparative analysis was done to show likeness and differences for group awareness when seeking partnerships. George was contacted by a private sector equity partner that is looking at single-family for- rent development, Cross Harbor Capital, would like to present on January 10. This 15-20 minute discussion would highlight what they proposed to do in Gypsum and how the Housing Authority could benefit from what they are proposing. The Authority confirmed interest. 6. Adjournment 6.1 Adjournment 4:20 p.m. MOTION: DENTON SECOND: WILLIAMS VOTE: 5-0 APPROVED 7. Future Agenda Items 2023 VLHA Budget Vail Strategic Housing Plan 2027 Land Banking Investment Banker Discussion Vail Board of Realtors Presentation 8. Next Meeting Date 10.1 January 10, 2023 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. 7 8 2023 PROPOSED BUDGET SUMMARY OF REVENUE, EXPENDITURES, AND CHANGES IN FUND BALANCE VAIL LOCAL HOUSING AUTHORITY Proposed 2021202220222023 ActualBudgetForecastBudget Revenue $ 15,50015,474$ 16,100$ 16,300$ Middle Creek Revenue Share / Mgmt Fee 46 100 675 5 00 Interest Income 35,000 35,000 35,000 3 5,000 Ground Lease Revenue Total Revenue 50,520 50,600 51,775 5 1,800 Expenditures Accounting Fees 1,200 1,200 1,200 2 ,500 Operating, Maintenance & Contracts 13,368 39,500 4,917 6 6,170 Total Expenditures 14,568 40,700 6,117 6 8,670 Revenue Over (Under) Expenditures 35,953 9,900 45,658 (16,870) Beginning Fund Balance 320,446 356,399 356,399 402,057 Ending Fund Balance $ 366,299356,399$ 402,057$ 385,187$ 9 RESOLUTION NO. 1, SERIES 2023 VAIL LOCAL HOUSING AUTHORITY A RESOLUTION ADOPTING A BUDGET AND MAKING APPROPRIATIONS TO PAY THE COSTS, EXPENSES AND LIABILITIES OF THE VAIL LOCAL HOUSING AUTHORITY, FOR ITS FISCAL YEAR JANUARY 1, 2023 THROUGH DECEMBER 31, 2023. WHEREAS, the Vail Local Housing Authority board received and approved the budget for the fiscal year 2023 on January 10, 2023; and WHEREAS, in accordance with CRS section 29-1-106 a notice of budget hearing has been published; and WHEREAS, notice of this public hearing to consider the adoption of the proposed Vail Local Housing Authority budget was published in the VAIL DAILY on the 3rd day of January, 2023; and NOW THEREFORE, LET IT BE RESOLVED by the Vail Local Housing Authority of Vail, Colorado, as follows: The Vail Local Housing Authority Board adopts the submitted budget and appropriates $68,670 in expenditures beginning on the first day of January, 2023, st and ending on the 31 day of December, 2023. Signed: ___________________________________ Steve Lindstrom, Chairman Attest: ___________________________________ Vail :