Tennessee Housing Development Agency - Board of Directors Meeting Materials
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Tennessee Housing Development Agency - Board of Directors Meeting Materials September 26, 2017 Tab 1 – Meeting Logistics Tab 2 – Agenda Tab 3 – Memo from Ralph Perrey, Quarterly Board Report Tab 4 – Meeting Minutes from July 25, 2017 Meeting Tab 5 – Bond Finance Committee Meeting Materials Tab 6 – Audit & Budget Committee Meeting Materials Tab 7 – Grants Committee Meeting Materials Tab 8 – Lending Committee Meeting Materials Tab # 1 Items: Itinerary Itinerary September THDA Board of Directors Meeting Monday, September 25, 2017 4:00 p.m. Check into Meadowview Resort and Conference Center 1901 Meadowview Parkway; Kingsport, TN 37660 Room block has been paid for; however, you will need a credit card for incidentals Incidentals include – Wifi, meals, room service, movies 4:45 p.m. Load buses at Meadowview 5:15 p.m. Arrive in Downtown Bristol 5:30 p.m. Friends of Housing Reception; The Foundation; 620 State Street; Bristol For anyone driving individually, there will be street parking and a parking behind The Foundation (Shelby Parking Lot behind the building. Enter the building through the door next to Uncle Sam’s Antiques) 7:00 p.m. Reception ends – a van will be available to take those not wanting to stay in town for dinner back to the Meadowview. Everyone staying in Bristol – dinner is on your own. 9:00 p.m. Bus will be ready to return to Meadowview. FYI – Uber is available for anyone wishing to make it a late night. Tuesday, September 26, 2017 8:00 a.m. Check out of Meadowview Resort and Conference Center 8:30 a.m. Load bus You are welcome to eat breakfast at Meadowview – but there will be a light breakfast served at the Bruton Smith Building; 2nd Floor Conference Room; 151 Speedway Blvd; Bristol 37620 Tour developments in Kingsport, then drive to Bristol 9:45 a.m. Arrive at Bruton Smith Building; 2nd Floor Conference Room; 151 Speedway Blvd; Bristol 37620 (light breakfast) 10:00 a.m. Committee meetings begin 11:00 a.m. Load bus and tour of the BMS 12:00 noon Return to Bruton Smith Building – Lunch will be served 1:00 p.m. Board Meeting begins 2:00 p.m. Wrap up and head home Please direct any travel or logistical questions to Cindy Ripley at [email protected] or call 615-815-2269. Tab # 2 Items: Agenda THDA Board of Directors Meeting September 26, 2017 – 1 p.m. Eastern Time Bristol Motor Speedway Bruton Smith Building 151 Speedway Blvd; 2nd Floor Bristol, TN 37620 All meetings will be held in rooms as designated below AGENDA (Tab #2) Public Comment to the Board Brown, Perrey, Board Members A. Opening Comments and Introductions .................................................................................................... Brown B. Approval of Minutes from July 25, 2017, Meeting (Tab #4) .................................................................. Brown D. Executive Director’s Report (Tab #3) ....................................................................................................... Perrey E. Committee Reports and Committee Matters 1. Bond Finance Committee (September 22, 2017—10:00 a.m. State Capitol Executive Conference Room) (Tab #5) ....................................................................... Brown * a. Issue 2017-4 Authorization ............................................................................................................. Miller * b. Issue 2017-4 Reimbursement Resolution ....................................................................................... Miller c. Underwriter Selection Process ........................................................................................................ Miller Recess** ............................................................................................................................................. Brown **The Bond Finance Committee will reconvene on September 22, 2017, at 10:30 a.m. 2. Audit & Budget Committee (September 22, 2017—10:15 a.m. State Capitol Executive Conference Room) (Tab #6) .................................................................... Hargett a. Executive Director Performance Evaluation Process .................................................................... Oliver b. Internal Audit Director Performance Evaluation Process ................................................ Hargett/Lillard * c. Fiscal Year 2018 Budget ............................................................................................................ J. Brown 3. Bond Finance Committee (September 22, 2017—10:30 a.m.) (Tab #5) ......................................... Brown Reconvene ........................................................................................................................................... Brown * d. Fiscal Year 2018 Budget ............................................................................................................. J. Brown 4. Grants Committee (Tuesday, September 25, 10:00 a.m. ET – Bristol Motor Speedway, Bruton Smith Room, 2nd Floor Conference Room) (Tab #7) ........................................................................... van Vuuren * a. THDA Challenge Grant Recommendations ..................................................................................... Watt * b. Program Description for 2017 HOME CHDO Mini Round 2 .......................................................... Watt * c. Authorization of Special Funding Round under Emergency Solutions Grant ................................. Watt d. Sumner County 2011 HOME Project Update (verbal) .................................................................... Watt 5. Lending Committee (Tuesday, September 25, 10:15 a.m. ET – Bristol Motor Speedway, Bruton Smith Building, 2nd Floor Conference Room) (Tab #8) .................................................................. Cleaves * a. HHF Program Adjustment ................................................................................................................. Hall b. Loan Servicing Update .................................................................................................................. Fisher * Indicates Board Action Required ? Indicates Discussion Which Might Result In Board Action Tab # 3 Items: Memo from Ralph M. Perrey, Executive Director Tennessee Housing Development Agency Andrew Jackson Building Third Floor 502 Deaderick Street, Nashville, TN 37243 Bill Haslam Ralph M. Perrey Governor Executive Director To: THDA Board of Directors From: Ralph M. Perrey, Executive Director Date: September 14, 2017 THDA Board Members: We look forward to having you with us for our annual board meeting on the road. This year, we will be meeting in Bristol – at the Bristol Motor Speedway, no less – where our hosts have done a wonderful job preparing for our meetings and activities. We will host our Community Partners reception Monday evening, September 25, and precede our board meeting on Tuesday, September 26 with a bus tour of housing sites in Kingsport and Bristol. If you get to Bristol earlier on Monday, join us for a regional housing roundtable, cohosted by my colleague Susan Dewey, Executive Director of the Virginia Housing Development Authority. Full details on our activities are in your packet. Several important action items await your attention this month: We ask your authorization for Issue 2017-4 for up to $100 million in bonds, along with the reimbursement resolution which accompanies it. These materials can be found behind the Bond Finance Committee tab. Approval of THDA’s proposed budget for Fiscal Year 2019. This appears behind the Audit & Budget Committee tab. Audit & Budget and Bond Finance Committees will review and act on the budget on Friday, September 22 and bring their recommendation to the full board on Tuesday, September 26. Lending Committee will consider proposed additions to the HHF Down Payment Program, pending approval by the US Department of the Treasury. Grants Committee will consider THDA’s first Challenge Grant recipient, as well as take up authorization of a special funding round for Emergency Solutions Grants and a revised program description of a second mini round for 2017 HOME CHDO funds. We look forward to seeing all of you in Bristol. As always, feel free to contact me with any questions you have about this month’s agenda and let Cindy Ripley know if we can assist with travel and logistics. www.THDA.org - (615) 815-2200 - Toll Free: 800-228-THDA THDA QUARTERLY BOARD REPORT April 1, 2017 – June 30, 2017 Summary of Quarterly Activities Finances and Resources Homeownership Activities Number Value Available Volume Cap Loans Committed During Quarter 950 $117,627,785 (June 30, 2017) $1,395,733,042 Loans Funded During Quarter 835 $103,328,428 Bonds Outstanding Q2, 2017 Q2, 2016 (June 30, 2017) $1,944,050,000 Loans Serviced 23,187 23,492 2017 2016 Value of Loans (in millions) $1,924 $1,901 Operating Income Loans 60-days Delinquent 1.74% 2.11% (Fiscal Year through March 31, $12,795,000 $12,853,000 Loans 90-days Delinquent 6.00% 6.41% 2017) Loans in Foreclosure .71% .64% Loans Paid Off during Quarter 614 699 Net Assets $516,414,000 $517,558,000 (as of March 31, 2017) Q2, 2017 Total Served Foreclosure Counseling (AG) 211 17,491 Multifamily Programs In Service/Compliance Developments Units Multifamily Bond and 4% Credits 121 18,695 Section 8 Housing Choice Voucher Program Low-Income Housing Tax Credit (9%) 457 30,691 Rental Vouchers 6,431 Homeownership Vouchers 45 In Carryover/Development Total HAP Payments $9,344,976.54 Multifamily Bond and 4% Credits 20 2,764 Low-Income Housing Tax Credit (9%) 41 4,830 Project