Board of Directors Meeting Thursday, May 25, 2017 at 4:00 Pm Monticello Vista Apartments 1400 Monticello Rd, Charlottesville, VA 22902
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The mission of Piedmont Housing Alliance is to create housing opportunities and build community through education, lending and development. Board of Directors Meeting Thursday, May 25, 2017 at 4:00 pm Monticello Vista Apartments 1400 Monticello Rd, Charlottesville, VA 22902 AGENDA Welcome: Frank Stoner Mission Moments: Karen Reifenberger Action Items: 1. Approval of Agenda 2. Disclosure of Any Conflict of Interest Matters 3. Approval of March 23rd minutes 4. Recommendation and Approval of New Board Member: Beth Myer For Information and Discussion: 1. CEO Search Update 2. Board Governance: Bylaw Update re Finance Committee; Committees; New Members 3. Review of Financials and FY17/18 Budget Timeline 4. Program and Project Update 5. Agenda for Next Board Meeting: Budget Approval; Bylaw Approval; CNE CEO Onboarding Presentation; Woods Edge Acquisition Presentation 6. Old Business 7. New Business Important Dates Friendship Court Advisory Committee Meeting: Thursday, May 25th 6-8 pm at Studio Ix Next Executive Committee Meeting: Monday, June 19th at 4 pm at Piedmont Housing Next Board Meeting: Thursday, June 22nd at 4 pm at Monticello Vista Apartments The information contained herein is confidential information intended for the entity named above. If the reader is not the intended recipient, you are hereby notified that any dissemination, distribution or photocopying of this is strictly prohibited. The mission of Piedmont Housing Alliance is to create housing opportunities and build community through education, lending and development. Board of Directors Meeting Thursday, March 23, 2017 Monticello Vista Apartments 1400 Monticello Rd, Charlottesville, VA 22902 MINUTES PRESENT: Joy Pugh, Oliver Platts-Mills, Frank Stoner, Steve Nichols, Dave Paulson, Diana Burruss, Barbara Brown Wilson, Ron Enders, Satyendra Huja, ABSENT: Ramona Chapman, Crystal Napier, Caroline Wilkinson, Hunter Smith, Marjorie Adam, Robert Scott STAFF PRESENT: Bill Bush, Karen Reifenberger, Shelley Murphy, Cary Oliva The meeting was called to order by Frank Stoner at approximately 4:16 p.m. Approval of Agenda for March 23rd board meeting: The Agenda was approved. It was MOVED by Dave Paulson, SECONDED by Steve Nichols and CARRIED to approve the March 23rd agenda. Approval of Minutes from January 26th board meeting: The Minutes were approved. It was MOVED by Dave Paulson, SECONDED by Joy Pugh and CARRIED to approve the January 26th Minutes. Disclosure of Any Conflict of Interest Matters: None. For Information and Discussion: 1. CEO Search Process Karen thanked the search committee and reported that 52 applications total were received for the CEO position. The committee met last week and chose 5 applicants to interview. Interviews are being planned for April with a hopeful decision by May. 2. Review of January Financials Dave went over the balance sheet – as of Feb. 28th, $19 million in assets. Total liability is $2.6 million. Nothing much has changed since last time. PHA and Alliance management have recorded $1.4 million in revenue, around $50K over in terms of the income that has come in. As far as expenses, we are $131,000 over and most of that is attributable to the DHCD Home loan expenses. This year the flow through is a bit higher than budgeted $165,780 in expenses and revenue compared to year to date budget of $62,500. Bill explained further that a portion of the $131K overage related to professional costs associated with Woods Edge that will be coming back to us by the end of April. The rest of it ($37K), relates to Friendship Court consultants costs, carried over into this year but is offset by revenue recorded this year. VHDA grant is also needing to come in and this will be offset. Once you add that up, it’s really more like a difference of $2K on the expense side. The net income looks like $80,000 short of our income projection but we will be receiving the Jessie Ball Dupont monies of $46,500 soon along with the items discussed above causing our difference is closer to $7,500 in the positive. Net operating cash flow is closer to $200,000. When Woods Edge closes, we are looking at roughly $600,000 that will hit in the current fiscal year (around June with HUD loan). Surplus cash can be taken out only a few times a year, so closer to July that money will be available. Bill has made a schedule for FY17-18 that will be looked at more in April and ready for the May 15th Executive Committee meeting. 3. Friendship Court Update Karen thanked board members who were able to be a part of the discussion with finance consultant Marc Norman last week. Beth and Claudette are participating in several conferences in DC – one of the presentations is called “Making Mixed-Income Work”. There was a community dinner recently held on February 16th and on the 23rd there was a regular Advisory Committee meeting. February 8th there was a meeting at Legal Aid to help further the discussion on the redevelopment. There will be more meetings with the Residents Association and Legal Aid. On March 20th, representatives from our partners NHT, Scott Kline and Kevin White, came down and spent some time with us to talk about Friendship Court and their interest in staying involved. Beth is working with Timmons and City staff on site infrastructure planning. Claudette and the Youth Leadership Team have been working together with Barbara Brown Wilson’s UVA class on some quick win improvements to the community. They have also been talking to the management about things like the basketball courts and how to make that better. Barbara hopes to get the kids to the board at some point to share some of their ideas on the redevelopment. Zafar Khan also helped with some resident engagement during a recent meeting with some new residents to encourage the positive changes. The next community-wide meeting is May 11th. It was noted that Karen Barnes no longer lives at Friendship Court, so the Board should consider a current resident replacement. 4. Woods Edge Update Woods Edge has 97 units of existing senior housing and will become ours by the end of April. We are recruiting for another property manager so that we can take care of this property. This will bring our portfolio up to 9 properties and around 350 individual units. A question around what we are doing in Fluvanna, Nelson and Louisa Counties came up. We are pursuing a project with Fluvanna County. We expect to look for more opportunities once we have a new CEO in place. 5. Board Committee Updates Frank commented that he wanted to see if perhaps an executive committee might be able to fold into a finance committee so as not to over-commit anyone. Steve sees a reason for all three committees (Executive, Finance and Governance) and appreciates how lean they currently are. Joy would like Barbara to replace her on the Governance Committee. Barbara asked if we need a Friendship Court Committee as a separate committee at this point; it was noted the Board decided on the Friendship Court Advisory Committee structure and the Board as a committee of the whole. In terms of Philanthropy Committee, there are still questions about who we are becoming philanthropically - the new CEO can help direct this. Vice-President may not need to be on all of the committees, therefore the bylaws should be amended. Move that Staff amend the ByLaws – Steve made a motion that we amend the ByLaws, Sateyendra Huja seconded, and CARRIED to amend the bylaws for May meeting. Marjorie does coaching for other realtors every Thursday from 4-5PM and therefore can never come to the board meetings. The idea of changing the days of our board meetings was discussed. 6. Spark Mill Development (Fundraising) Report and Plans Karen mentioned we have about 10 hours left to work with them that could be used for philanthropy Board training and assistance with hiring a development director. This is on hold until the new CEO is hired. 7. New Business There are lots of great classes happening and new homeowner stories on our blog and our feature on Cville Inside-Out feature is happening tonight. Carlton Views is having an open house on 4/4. IMPACT is a faith-based group in the area and one of their focus areas is senior housing. They are convening later in April if anyone wants to know more about that. Oliver mentioned that there have been several form-based code forums that are portraying this as a new form of gentrification. The city sponsored forums have been much better representations of what this means. Form-based code in and of itself is not a form of gentrification and it will be important to understand the difference. Our interest is in affordable housing, and this needs to be put more on the city as we continued with the redevelopment of Friendship Court. Beth agreed to serve on the stakeholder group who is meeting to organize these meetings. We hope to stay on the forefront of the form-based code for the sake of our Friendship Court residents. Barbara mentioned that she has a colleague reaching out to Legal Aid to see if she can provide assistance on these topics. She also mentioned that the county is also going through some of the same policy issues with form- based code. Meeting was adjourned at 6:07 PM. Important Dates Next Board Meeting: Thursday, May 25th at 4PM at MVA The information contained herein is confidential information intended for the entity named above. If the reader is not the intended recipient, you are hereby notified that any dissemination, distribution or photocopying of this is strictly prohibited.