Board of Commissioners Meeting · DATE: September 14, 2011 The Board of Commissioners of Home...

Home Forward sponsored 40 National Night Out celebrations on August 2 to help build relationships between residents and the larger community. The events ranged from

barbecues to ice cream socials and involved a host of community partners. Here children at the Tamarack Apartments bond with two Portland fire fighters

Board of Commissioners Meeting Location:

Multnomah County Building 501 SE Hawthorne Blvd Portland, Oregon Date & Time:

September 20, 2011 6:15 PM homeforward.org

INDEX FOR ELECTRONICALLY DISTRIBUTED BOARD OF

COMMISSIONERS BOARD MEETING PACKET FOR

SEPTEMBER 20, 2011

PAGE 2 INDEX

PAGE 4 NOTIFICATION LETTER

PAGE 5 AGENDA/CONSENT CALENDAR

PAGE 8 MINUTES

PAGE 16 EXECUTIVE DIRECTORS REPORT

PAGE 20 STAFF REPORTS

PAGE 31 DASHBOARD REPORT

PAGE 37 RESOLUTIONS

Home Forward Board of Commissioners Packet September 2011

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PUBLIC NOTICE:

Home Forward BOARD OF COMMISSIONERS

will meet on Tuesday, September 20, 2011

At 6:15 pm At the Multnomah County Building – Commission Room

501 SE Hawthorne Blvd, Portland


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TO: COMMUNITY PARTNERS FROM: STEVE RUDMAN DATE: September 14, 2011 The Board of Commissioners of Home Forward will meet on Tuesday, September 20, 2011 at the Multnomah County Building – Commission Room 501 SE Hawthorne Blvd, Portland at 6:15 P.M. The commission meeting is open to the public.

The meeting site is accessible, and persons with disabilities may call 503-802-8423 or 503-802-8554 (TTY) for accommodations (e.g. assisted listening devices, sign language, and/or oral interpreter) by 12:00 pm (noon), Friday, September 16.


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CONSENT CALENDAR

MINUTES


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BOARD OF COMMISSIONERS MEETING

MULTNOMAH COUNTY BUIMULTNOMAH COUNTY BUIMULTNOMAH COUNTY BUIMULTNOMAH COUNTY BUILDING LDING LDING LDING –––– BOARD ROOMBOARD ROOMBOARD ROOMBOARD ROOM

501 SE HAWTHORNE BLV501 SE HAWTHORNE BLV501 SE HAWTHORNE BLV501 SE HAWTHORNE BLVDDDD

PORTLAND, OREGONPORTLAND, OREGONPORTLAND, OREGONPORTLAND, OREGON

September 20September 20September 20September 20, 2011 6:15 PM, 2011 6:15 PM, 2011 6:15 PM, 2011 6:15 PM

INTRODUCTION AND WELCOME

Welcome new Commissioner David Kelleher and Deputy Executive Director Anita Yap

PUBLIC COMMENT

General comments not pertaining to specific resolutions. Any public comment regarding a specific

resolution will be heard when the resolution is considered.

MEETING MINUTES (Consent Calendar/Minutes TAB)

Topic

Minutes of July19, 2011 Board of Commissioners Meeting

CONSENT CALENDAR (Consent Calendar/Minutes TAB)

Following Resolutions:

11-09 Topic Presenter/POCPresenter/POCPresenter/POCPresenter/POC Phone #

01 Authorization to Add Anita Yap as

Signatory on Home Forward Bank

Accounts

Todd Salvo 503.802.8535

02

Recognition of Richard Michael Inukai John Keating 503.802.8522

REPORTS / RESOLUTIONS

Following Resolutions:

11-09 Topic Presenter/POCPresenter/POCPresenter/POCPresenter/POC Phone #

REPORT Executive Director’s Report

Steve Rudman 503.802.8455


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03 Authorize Approval of the Fiscal Year

2011 Annual Report and Audit

Todd Salvo 503.802.8535

REPORT Full Year FY2011 Financials Compared Full Year FY2011 Financials Compared Full Year FY2011 Financials Compared Full Year FY2011 Financials Compared

to Budgetto Budgetto Budgetto Budget

Todd Salvo

Kathy Kodis

503.802.8535

503.802.8583

04 Authorization to Modify Section 18

Disposition Application to Reinstate

Scattered Site Units and Release the

Declaration of Trust on one Scattered

Site Unit

Mike Andrews 503.802.8507

05 Authorize Construction

Management/General Contractor

(CM/GC) for Hillsdale Terrace

Mike Andrews

John Manson

503.802.8507

503.802.8511

ADJOURN

EXECUTIVE SESSION

The Board of Commissioners of Home Forward may meet in Executive Session pursuant to ORS

192.660(2). Only representatives of the news media and designated staff are allowed to attend.

News media and all other attendees are specifically directed not to disclose information that is the

subject of the session. No final decision will be made in the session.

THE NEXT MEETING OF THE BOARD OF COMMISSIONERS

The next Board of Commissioners meeting will be Tuesday, October 18, 2011 at 6:15 PM. This

meeting will take place at the Multnomah County Building, 501 SE Hawthorne Blvd., Portland.


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BOARD OF COMMISSIONERS MEETING

HOME FORWARDHOME FORWARDHOME FORWARDHOME FORWARD

135 SW ASH STREET, P135 SW ASH STREET, P135 SW ASH STREET, P135 SW ASH STREET, PORTLAND, OR 97204ORTLAND, OR 97204ORTLAND, OR 97204ORTLAND, OR 97204

JJJJULY 19ULY 19ULY 19ULY 19, 2011, 2011, 2011, 2011

COMMISSIONERS PRESENTCOMMISSIONERS PRESENTCOMMISSIONERS PRESENTCOMMISSIONERS PRESENT

Chair Lee Moore, Vice Chair Harriet Cormack, Vice Chair Shelli Romero and Commissioners

Gretchen Kafoury, Brian Lessler, Amie Pico and Jim Smith

STAFF PRESENTSTAFF PRESENTSTAFF PRESENTSTAFF PRESENT

Steve Rudman, Mike Andrews, Peter Beyer, Adrian Boly, Michael Buonocore, Betty Dominguez,

Rebecca Gabriel, Judy Hall, Jeff Klatke, Julie Livingston, Shelley Marchesi, John Pettigrew, Dianne

Quast, Jill Riddle, Ian Slingerland, Todd Salvo, Melissa Sonsalla, Celia Strauss

COUNSEL PRESENTCOUNSEL PRESENTCOUNSEL PRESENTCOUNSEL PRESENT

Steve Abel

Chair Lee Moore called the meeting to order at 6:19 PM.

PUBLIC COMMENTPUBLIC COMMENTPUBLIC COMMENTPUBLIC COMMENT

Sean Ireland attended the meeting to give public comment. He said he has lived in the Medallion

Apartments for the last four years, and that in June there were some changes. Two letters in June

announced new rules that mandate that everything be removed from the front porch. Ireland

would like the residents to be able to have one or two personal items on the porch, such as a

welcome mat or a potted plant at their front stoop.

MEETING MINUTESMEETING MINUTESMEETING MINUTESMEETING MINUTES

Minutes of Minutes of Minutes of Minutes of June 21, 2011June 21, 2011June 21, 2011June 21, 2011

Chair Lee Moore asked for a motion to adopt the minutes of the June 21, 2011, Board of

Commissioners meeting. Commissioner Kafoury moved to adopt the minutes; Commissioner

Lessler seconded the motion.

The vote was as follows:The vote was as follows:The vote was as follows:The vote was as follows:

Chair Lee Moore Chair Lee Moore Chair Lee Moore Chair Lee Moore –––– Aye Aye Aye Aye

Vice Chair Harriet Cormack Vice Chair Harriet Cormack Vice Chair Harriet Cormack Vice Chair Harriet Cormack –––– AbstainedAbstainedAbstainedAbstained


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Vice Chair Shelli Romero Vice Chair Shelli Romero Vice Chair Shelli Romero Vice Chair Shelli Romero –––– AbstainedAbstainedAbstainedAbstained

Commissioner Gretchen Kafoury Commissioner Gretchen Kafoury Commissioner Gretchen Kafoury Commissioner Gretchen Kafoury –––– AyeAyeAyeAye

Commissioner Brian Lessler Commissioner Brian Lessler Commissioner Brian Lessler Commissioner Brian Lessler –––– AyeAyeAyeAye

CCCCommissioner Amie Pico ommissioner Amie Pico ommissioner Amie Pico ommissioner Amie Pico –––– AyeAyeAyeAye

Commissioner Jim Smith Commissioner Jim Smith Commissioner Jim Smith Commissioner Jim Smith –––– Not presentNot presentNot presentNot present

CONSENT CALENDARCONSENT CALENDARCONSENT CALENDARCONSENT CALENDAR

RESOLUTION 11RESOLUTION 11RESOLUTION 11RESOLUTION 11----07070707----01010101

Authorization to Amend the Housing Authority of Portland’s Bylaws to Reflect the New Authorization to Amend the Housing Authority of Portland’s Bylaws to Reflect the New Authorization to Amend the Housing Authority of Portland’s Bylaws to Reflect the New Authorization to Amend the Housing Authority of Portland’s Bylaws to Reflect the New

Name: Home ForwardName: Home ForwardName: Home ForwardName: Home Forward


Authorize Construction ChangAuthorize Construction ChangAuthorize Construction ChangAuthorize Construction Change Order for Ainsworth Court Roofinge Order for Ainsworth Court Roofinge Order for Ainsworth Court Roofinge Order for Ainsworth Court Roofing


Authorize Appointment of Directors to the Board of Evergreen Housing, Inc.Authorize Appointment of Directors to the Board of Evergreen Housing, Inc.Authorize Appointment of Directors to the Board of Evergreen Housing, Inc.Authorize Appointment of Directors to the Board of Evergreen Housing, Inc.

Commissioner Kafoury moved to adopt the resolutions on the Consent Calendar; Vice Chair

Cormack seconded the motion.

The vThe vThe vThe vote was as follows:ote was as follows:ote was as follows:ote was as follows:


Vice Chair Harriet Cormack Vice Chair Harriet Cormack Vice Chair Harriet Cormack Vice Chair Harriet Cormack –––– Aye Aye Aye Aye

Vice Chair Shelli Romero Vice Chair Shelli Romero Vice Chair Shelli Romero Vice Chair Shelli Romero –––– Aye Aye Aye Aye



Commissioner Amie Pico Commissioner Amie Pico Commissioner Amie Pico Commissioner Amie Pico –––– AyeAyeAyeAye

Commissioner Jim Smith Commissioner Jim Smith Commissioner Jim Smith Commissioner Jim Smith –––– Aye Aye Aye Aye

REPORTREPORTREPORTREPORT

Executive DExecutive DExecutive DExecutive Director’s Reportirector’s Reportirector’s Reportirector’s Report

Steve Rudman said we would have a relatively straight-forward meeting for the evening. In August

there will be a public hearing on ACOP and Administration Plan changes for rent reform, but there

will not be another Board meeting until September.

For the immediate evening’s meeting, staff would present on Short Term Rent Assistance (STRA),

and the funding changes as Recovery Act funds end. This program helps families in crisis and

prevents homelessness and will continue to be funded by the City of Portland, Multnomah County,

and Home Forward’s flexible dollars.


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Rudman said staff are also beginning what will be several years of work on the Hillsdale Terrace

HOPE VI Revitalization grant. Rudman said he believes Hillsdale Terrace will be our best HOPE VI

project – some of the unique elements include the early childhood center, working with

Neighborhood House, and the seven homeownership opportunities through Habitat for Humanity.

Vice Chair Cormack will continue to head up the Community Advisory Committee, and

Commissioner Lessler is working on the Development Committee.

Lastly, Rudman mentioned the upcoming 41st year of Camp Rosenbaum - once called “HAP

Camp,” it is now named after Fred Rosenbaum. Rudman said we are also in the process of

recruiting for a Deputy Executive Director. The three finalists were in attendance at the meeting.


Rent Assistance Short Term Rent Assistance Program (STRA) Funding UpdateRent Assistance Short Term Rent Assistance Program (STRA) Funding UpdateRent Assistance Short Term Rent Assistance Program (STRA) Funding UpdateRent Assistance Short Term Rent Assistance Program (STRA) Funding Update

Ian Slingerland presented the report to the Board. He said in May they provided the Board

information about the outcomes of the STRA program and its successes over the last year, and

was at the meeting now to provide an update around funding. Both the City and the County have

increased their funding commitment for STRA, which Slingerland said is remarkable given the state

of their budgets. Funding from the City and County will bring total program scale to about 85% of

what it was for the last two years, when American Recovery and Reinvestment Act (ARRA) funding

was included.

Slingerland said a portion of STRA resources is targeted to high poverty, high mobility schools.

The rent assistance helps stabilize the household and as a result those children stay in the same

school over the course of the year. This directly impacts academic performance and attendance.

The City has chosen to commit to this program and its demonstrated success. This was

previously funded by ARRA, but will now be funded by general fund resources and integrated more

fully into STRA for purposes of administrative efficiencies.

Vice Chair Cormack asked Rudman to consider writing a letter of appreciation to the jurisdictions,

expressing that we value the hard decisions that had to be made.


Hillsdale Terrace UpdateHillsdale Terrace UpdateHillsdale Terrace UpdateHillsdale Terrace Update

Mike Andrews presented the report to the Board as an update on the Hillsdale Terrace HOPE VI

grant award. The Community Advisory Committee, co-chaired by a resident and by Vice Chair

Cormack, will reconvene for a meeting Thursday night. Design workshops will also resume in a

public way in the coming weeks as an opportunity to vet the design to residents and the

community, and to get feedback. The Development Committee will meet on July 26th to discuss

content and to clarify committee roles.


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Andrews said we’ll also start the process to change the name of the project. Staff will follow Home

Forward’s naming process and come back to the Board in September to discuss suggestions, and

in October to get formal approval. Work will also be done to create a newsletter and launch a

website.

Andrews said relocation work has begun. We have applied for 60 relocation vouchers to help in

relocation of the 49 households. Services will begin now with those households and there will be

specific expectations required of them if they choose to move back. There was also a landlord

outreach meeting a couple weeks ago, both for the Section 8 program in general and also

specifically to assist with this relocation effort.

For design, Andrews said there will be a request to authorize a change order for Michael Willis

Architecture to get through construction administration and once a design team is on board, site

plan review will begin. As related to construction, Andrews said the request for proposals for the

Construction Manager/General Contractor (CM/GC) has been issued. He expects to return to the

Board in September to request authorization to enter into a contract with the winning contractor.

Relating to budget and finance, total project costs are about $47 million, reflecting everything for

the project – tear down, relocation, construction and the seven homeownership lots.

Chair Moore asked if there is a calendar for Community Advisory Committee meetings. Andrews

said meetings had not been scheduled beyond the first meeting on July 21st. Future meetings will

tie to the way the project’s schedule is laid out. Chair Moore asked if HUD has changed any of the

criteria about community involvement. Andrews said HUD still emphasizes community involvement

a great deal. Home Forward met and exceeded the required number of community meetings.

HUD contract managers will be here in September for a site visit.

Chair Moore said in a previous conversation Andrews had indicated there was a different sense of

urgency in this project; he asked Andrews to explain. Andrews said with the use of Low Income

Housing Tax Credits, we previously believed we would have a two year period to obtain a

certificate of occupancy in order to qualify through the State of Oregon. We have since learned the

State will give us 2012 tax credits, which provides more time.

Commissioner Lessler asked for more information about the relationship with Habitat for Humanity.

Andrews said Habitat for Humanity has agreed to offer residents of Hillsdale Terrace the first

opportunity to buy the seven homes that will be built as part of the redevelopment. Financially,

Home Forward provided half of the funding for the acquisition of those properties. Habitat for

Humanity will take title to the land, then design, finance and construct the homes under their

typical model.


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Commissioner Pico asked for clarification about the 60 relocation voucher requested. Andrews

said that although there are only 49 families currently living at the property, there are 60 units and

HUD determined we are eligible to apply for 60 relocation vouchers, despite the fact that 11 of

those units are empty.

Vice Chair Cormack asked if the $5 million from the City of Portland will be cash. Andrews

confirmed that it will be cash.

Commissioner Lessler asked for more information about the staffing for relocation and resident

services. Andrews said they are limited duration full-time positions. One service position and two

relocation specialists are being hired. One position has been filled by an internal candidate who

already had relocation experience. The recruitment was initially internal and is now external.


Authorization to Submit a Section 18 Disposition Application for the Hillsdale Terrace SiteAuthorization to Submit a Section 18 Disposition Application for the Hillsdale Terrace SiteAuthorization to Submit a Section 18 Disposition Application for the Hillsdale Terrace SiteAuthorization to Submit a Section 18 Disposition Application for the Hillsdale Terrace Site

Mike Andrews presented the resolution to the Board. He said this is a regulatory step, an

application to submit to HUD to formally remove the declaration of restricted covenants against the

property that requires it to be handled like public housing. This is the same process as submitted

for conversion of the ten public housing towers, the scattered site sales, New Columbia and

Humboldt Gardens.

Commissioner Lessler moved to adopt the resolution. Commissioner Pico seconded the motion.



Vice Chair HarVice Chair HarVice Chair HarVice Chair Harriet Cormack riet Cormack riet Cormack riet Cormack –––– Aye Aye Aye Aye





Commissioner Jim Smith Commissioner Jim Smith Commissioner Jim Smith Commissioner Jim Smith –––– AyeAyeAyeAye


Authorize Bond Inducement Resolution for Hillsdale TerrAuthorize Bond Inducement Resolution for Hillsdale TerrAuthorize Bond Inducement Resolution for Hillsdale TerrAuthorize Bond Inducement Resolution for Hillsdale Terraceaceaceace

Mike Andrews presented the resolution to the Board. There are two financial phases that will

provide the money to construct, a 9% LIHTC financed transaction and a 4% LIHTC financed

transaction. The 4% transaction requires we fund half the transaction’s development costs with

tax-exempt debt. There will be a large construction loan to fund the development; it will all be

repaid, so not a permanent debt on that phase. This authorization signifies the intent to sell

corresponding bonds and makes any expenditure eligible for this point.


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Commissioner Lessler asked if this can all be done in one bond issuance, or if it would be two.

Andrews said it’s one because the tax exempt debt will only touch the improvements financed with

the 4% tax credit, the larger component of the project.

Vice Chair Romero moved to adopt the resolution. Vice Chair Cormack seconded the motion.





Commissioner GretchenCommissioner GretchenCommissioner GretchenCommissioner Gretchen Kafoury Kafoury Kafoury Kafoury –––– AyeAyeAyeAye





Authorize Architectural & Engineering Services for the Redevelopment of Hillsdale TerraceAuthorize Architectural & Engineering Services for the Redevelopment of Hillsdale TerraceAuthorize Architectural & Engineering Services for the Redevelopment of Hillsdale TerraceAuthorize Architectural & Engineering Services for the Redevelopment of Hillsdale Terrace

Mike Andrews presented the resolution to the Board. He said this resolution will allow Home

Forward and MWA Architects to resume design work on the project. MWA Architects has been

involved since the submission of the grant application. This change order will add $1.7 million to

their contract.

Commissioner Lessler asked if there are consultants that Home Forward will contract with directly.

Julie Livingston said there are several, including our NEPA consultant, surveyor, and geo-technical

engineer. She did not believe any of those contracts will be above $100,000.

Chair Moore asked if there are geo-technical issues. Livingston said there are problems given the

terrain and distress due to storm water drainage. Water does not sit in the non-native fill soil

correctly and the geo-technical engineer has discussed re-filling to manage the storm water

problems, as well as re-grading the site so that it will be accessible to folks with mobility issues.

Chair Moore asked if the City has flagged the site. Livingston said to the best of her knowledge,

the site has not been flagged.

Commissioner Lessler moved to adopt the resolution. Vice Chair Cormack seconded the motion.






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CoCoCoCommissioner Gretchen Kafoury mmissioner Gretchen Kafoury mmissioner Gretchen Kafoury mmissioner Gretchen Kafoury –––– AyeAyeAyeAye





Authorize Acceptance of Annual HUD Capital GrantAuthorize Acceptance of Annual HUD Capital GrantAuthorize Acceptance of Annual HUD Capital GrantAuthorize Acceptance of Annual HUD Capital Grant

Mike Andrews presented the resolution to the Board to authorize the acceptance of the annual

HUD capital grant. These are funds HUD provides to housing authorities to maintain their existing

public housing portfolio. In total, Home Forward will receive about $4.1 million – a $3.7 million

base and $ .4 million replacement housing factor funds. In total that represents about a 20%

decrease in the annual grant. Commissioner Pico asked how this compared to the reductions at

other housing authorities. Andrews said the general cut looks to be about 20% for most.

Rudman asked, given single fund budget, why Home Forward still has to accept the capital grant

separately. Todd Salvo said funds come from different streams and are administered and issued

by different departments are HUD. Funds are combined to a single budget and can be used

flexibly once Home Forward receives the funds.

Vice Chair Cormack asked if these were the funds used to finance a portion of New Columbia.

Andrews said yes, and that there are approximately 10 years left on the 20 year loan. Reduction in

this source adds pressure.

Commissioner Kafoury asked how deferred maintenance is being addressed. Andrews said out of

roughly 2,400 units, 400 have been addressed. The next large portion will be 1,200 units in the

towers, to be addressed through the conversion strategy.

Commissioner Kafoury moved to adopt the resolution. Commissioner Pico seconded the motion.





Commissioner GretchenCommissioner GretchenCommissioner GretchenCommissioner Gretchen Kafoury Kafoury Kafoury Kafoury –––– AyeAyeAyeAye





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ADJOURNADJOURNADJOURNADJOURN

There being no further business, Chair Lee Moore adjourned the meeting at 7:23 PM.

EXECUTIVE SESSIONEXECUTIVE SESSIONEXECUTIVE SESSIONEXECUTIVE SESSION

Following adjournment, the Board of Commissioners of Home Forward did not meet in Executive

Session pursuant to ORS 192.660(2).

Attached to the Official Minutes of Attached to the Official Minutes of Attached to the Official Minutes of Attached to the Official Minutes of Home ForwardHome ForwardHome ForwardHome Forward are all Resolutions adopted at this are all Resolutions adopted at this are all Resolutions adopted at this are all Resolutions adopted at this

meeting, together with copies of memoranda and material submitted to the Commimeeting, together with copies of memoranda and material submitted to the Commimeeting, together with copies of memoranda and material submitted to the Commimeeting, together with copies of memoranda and material submitted to the Commissioners ssioners ssioners ssioners

and considered by them when adopting the foregoing resolutions. A taped recording of the and considered by them when adopting the foregoing resolutions. A taped recording of the and considered by them when adopting the foregoing resolutions. A taped recording of the and considered by them when adopting the foregoing resolutions. A taped recording of the

proceedings is also kept on file.proceedings is also kept on file.proceedings is also kept on file.proceedings is also kept on file.

Celia M. Strauss

Recorder, on behalf of

Steven D. Rudman, Secretary

ADOPTED: ADOPTED: ADOPTED: ADOPTED: SEPTEMBER 20SEPTEMBER 20SEPTEMBER 20SEPTEMBER 20, 2011, 2011, 2011, 2011

Attest:Attest:Attest:Attest: Home Forward:Home Forward:Home Forward:Home Forward:

Steven D. Rudman, Secretary Lee E. Moore, Sr., Chair


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EXECUTIVE

DIRECTOR’S

REPORT


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MEMORANDUM

To: Board of Commissioners

From: Steve Rudman

Date: September 20, 2011

Subject: Executive Director’s Report

We are very pleased to welcome David Kelleher, the newest member of our board, and Anita Yap,

who joined us on August 31 as our deputy executive director, to our board meeting this month.

David and Anita are great additions to the Home Forward team, and I am excited about working

with each of them more closely.

September is the month the board considers the annual report and audit reports for the fiscal year

ending March 31. We also are bringing forward a resolution authorizing a Construction

Manager/General Contractor for our Hillsdale Terrace HOPE VI redevelopment.

Before getting to those subjects, I would like to take a minute to remember Dick Inukai, a business

and community leader who passed away since our last board meeting. Those of you on the board

when we developed New Columbia will remember Dick in his role as chair of the Boys & Girls Club

of Portland Metropolitan Area. Dick was a strong, early champion for the Regence Boys & Girls

Club at New Columbia. His support took vision and resolve. We were creating something that we

called a “community campus.” It linked the Club, a new public elementary school being built at the

same time, and the adjacent University Park Community Center, which was undergoing significant

renovation. These partners worked with us on a plan that required sharing space and coordinating

resources on behalf of New Columbia residents and the surrounding neighborhood. It was

pioneering work, and Dick saw its many benefits immediately. He spent hours meeting with those

who needed more time with the decision, and in the end, was successful in persuading others to

support our shared vision. We are very grateful for his perseverance and are honoring his memory

with a resolution that we will ask you to approve this month.


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Fiscal Year 2011 Annual Report and Audit Results

By all measures, the fiscal year ending this past March 31 was a strong one for Home Forward.

Operating results yielded $1.5 million compared to an operating loss of $4.0 million for 2010. We

enjoyed the best federal funding year anyone can remember, with operating revenues increasing

$11.2 million to $112.2 million. Unfortunately, this historic funding level will not be repeated.

Anyone following the discussion at the national level about reducing the deficit knows that pressure

on domestic spending has intensified. We had significant reductions in HUD funding for our

current fiscal year. The outlook for our fiscal year 2013, which begins in April 2012, is even more

dire. The administration’s budget request is considerably lower than where we are funded today,

and Congress is unlikely to fulfill that request as it works on identifying deep and sweeping

domestic spending cuts.

So, while I am pleased with the results for fiscal year 2011, and we are coping with funding

reductions in our current 2012 fiscal year, our attention has shifted to planning for fiscal year 2013,

which promises to be a financially challenging year for Home Forward.

No matter what our funding levels, it is important that we run our operations in compliance with the

many laws and regulations that govern our work. I’m pleased that we achieved excellent audit

results in this regard. We were materially in compliance with the requirements of each federal

program we administer, and the auditors issued an unqualified opinion on our basic financial

statements. We worked with new auditors this year – Macias Gini & O’Connell were the lead

auditors, partnering with Perkins & Company – who were rigorous and thorough in their review of

our finances and our operational compliance.

I want to thank our Finance and Accounting team, led by Chief Financial Officer Todd Salvo, for the

work they have done over the past several months on the audit. In particular, I want to recognize

Peter Beyer, Home Forward’s controller, who devoted his summer to managing the audit process

and made working with a new audit firm look easy, at least from a distance. I also want to

recognize our operations for running their businesses in a manner that comports with the many

administrative and reporting requirements we have.

All Systems Go at Hillsdale Terrace

Our redevelopment at Hillsdale Terrace has moved into high gear. We are working to help

residents relocate, resuming our design and services planning, and convening our residents and

community partners for advice as we move forward. We also have been working to select a firm to

serve in the critical Construction Manager/General Contractor (CM/GC) role.


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Using a CM/GC approach to construction allows us to bring a contractor into the development

early in the design phase. This improves the constructability of the project, increases value for the

construction budget, and increases the likelihood the project is completed on schedule and on

budget. It also gives us additional means to achieve our economic participation goals around

target business participation and workforce diversity.

The selection process for a CM/GC at Hillsdale Terrace involved extensive outreach, including

advertising, writing local contractors known for their capabilities with larger projects, and alerting

minority chambers and technical assistance providers. A seven-member selection committee

selected R&H/Colas Construction, LLC. They were the high scorers on a range of dimensions.

Their partnership, formed in 2009, pairs R&H, a large contractor, and Colas, a minority-owned

business. They have worked as partners on some 10 different construction projects over the last

two years.

Home Forward worked with R&H Construction on the construction of the James Hawthorne

Apartments and the Martha Washington renovation. They proved to be excellent partners that

helped us complete both projects on budget and on schedule. They also embraced and helped

us achieve our economic participation goals for each development.

At the September meeting, we are asking the board to approve this selection and for authorization

to enter in to a pre-construction services agreement for the design phase. Following this, we will

bring forward resolutions over the life of the redevelopment that set maximum price levels for three

different phases and ask for authorization for construction services for these phases through

amendments to the pre-construction services agreement.

Upcoming Events

Our next work session is on October 5. The October board meeting is on October 18 at 6:15 p.m.

at the Multnomah County building.


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STAFF REPORTS


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Statement of Revenues, Expenses, and Changes in Net AssetsComparison of Budget and Actual

Time.FiscalYear: Property Code HAP5All Board GroupingHAP5All: For the period of F11-March(2011)

YTD YTD AnnualActual Budget $ Variance % Variance Budget

Operating Revenues

Dwelling Rental 11,974,412$ 12,851,956$ (877,544)$ -6.8% 12,851,956$ Non-dwelling Rental 1,103,411 1,247,172 (143,761) -11.5% 1,247,172

Total Rental Revenues 13,077,823 14,099,128 (1,021,305) -18.4% 14,099,128

HUD Subsidies -Housing Assistance 68,504,298 65,646,466 2,857,833 4.4% 65,646,466 HUD Subsidies -Public Housing 10,811,605 10,247,964 563,640 5.5% 10,247,964 HUD Grants 5,879,261 5,970,238 (90,977) -1.5% 5,970,238 Development Fee Revenue, Net 3,928,954 4,017,621 (88,666) -2.2% 4,017,621 State, Local & Other Grants 2,026,061 1,182,400 843,661 71.4% 1,182,400 Other Revenue 4,641,109 4,424,345 216,764 4.9% 4,424,345 ARRA Operating Revenue 2,780,021 2,338,099 441,922 18.9% 2,338,099

Total Operating Revenues 111,649,132 107,926,260 3,722,872 3.4% 107,926,260 -$ -$ -$ -$ -$

Operating Expenses

PH Subsidy Transfer 1,560,589 1,456,216 (104,374) -7.2% 1,456,216 Housing Assistance Payments 64,022,413 63,197,932 (824,481) -1.3% 63,197,932 Administrative Personnel Expense 14,328,069 14,298,878 (29,191) -0.2% 14,298,878 Other Admin Expenses 6,339,669 6,022,282 (317,388) -5.3% 6,022,282 Fees/overhead charged (0) (0.00) 0 -26.3% (0) Tenant Svcs Personnel Expense 1,597,248 1,671,519 74,271 4.4% 1,671,519 Other Tenant Svcs Expenses 1,946,037 2,241,609 295,572 13.2% 2,241,609 Maintenance Personnel Expense 4,286,887 4,408,606 121,719 2.8% 4,408,606 Other Maintenance Expenses 4,708,315 5,030,876 322,562 6.4% 5,030,876 Utilities 4,120,118 4,010,364 (109,754) -2.7% 4,010,364 Capitalized Labor (302,512) (373,939) (71,427) 19.1% (373,939) Depreciation 6,802,514 6,034,503 (768,011) -12.7% 6,034,503 General 870,546 967,028 96,482 10.0% 967,028 Impairment Charge - - - 0.0% -

Total Operating Expenses 110,279,894 108,965,874 (1,314,020) -1.2% 108,965,874 - - - 0.0% (1)

Operating Income (Loss) 1,369,238 (1,039,614) 2,408,852 -231.7% (1,039,614)

- - - 0.0% 1

Other Income (Expense)Investment Income 545,983 362,173 183,810 80.6% 362,173 Amortization (60,397) (42,121) (18,276) 43.4% (42,121) Investment in Partnership Valuation Charge (386,100) - (386,100) 0.0% - Gain (Loss) on Sale of Assets 4,060,593 4,405,366 (344,773) -7.8% 4,405,366 Interest Expense (2,896,569) (2,871,872) (24,697) 0.9% (2,871,872)

Net Other Income (Expense) 1,263,509 1,853,546 (590,037) -31.8% 1,853,546 - - - 0.0% -

Capital ContributionsHUD Nonoperating Contributions 4,535,404 3,691,164 844,240 22.9% 3,691,164 Other Nonoperating Contributions 11,751,270 - 11,751,270 0.0% - Nonoperating contributions made - - - 0.0% - ARRA Nonoperating Contributions 1,918,352 5,001,281 (3,082,929) -61.6% 5,001,281 Reserve Funded Capital Contributions

Net Capital Contributions 18,205,026 8,692,446 9,512,581 109.4% 8,692,446 - - - 0.0% -

Other Equity Changes - - - 0.0% -

INCREASE (DECREASE) IN NET ASSETS 20,837,774$ 9,506,378 11,331,396$ 119.2% 9,506,378

- - 1 -20837774

PERFORMANCE SUMMARY

• The twelve months ending March 31, 2011 produced $1.4 million operating income, $2.4 million better than anticipated in the budget.

• Total Net Assets increased by $20.8 million, favorable to budget by $11.3 million.

Board Financials 1


21

Operating RevenueFor the period of F11-March(2011)


Operating Revenues

Dwelling Rental 11,974,412$ 12,851,956$ (877,544)$ -6.83% 12,851,956$

Non-dwelling Rental 1,103,411 1,247,172 (143,761) -11.53% 1,247,172

Total Rental Revenues 13,077,823 14,099,128 (1,021,305) -18.36% 14,099,128

HUD Subsidies -Housing Assistance 68,504,298 65,646,466 2,857,833 4.35% 65,646,466

HUD Subsidies -Public Housing 10,811,605 10,247,964 563,640 5.50% 10,247,964

HUD Grants 5,879,261 5,970,238 (90,977) -1.52% 5,970,238 Development Fee Revenue, Net 3,928,954 4,017,621 (88,666) -2.21% 4,017,621

State, Local & Other Grants 2,026,061 1,182,400 843,661 71.35% 1,182,400

Other Revenue 4,641,109 4,424,345 216,764 4.90% 4,424,345

ARRA Operating Revenue 2,780,021 2,338,099 441,922 18.90% 2,338,099

Total Operating Revenues 111,649,132$ 107,926,260$ 3,722,872$ 3.45% 107,926,260$

REVENUE ANALYSIS

• Total Revenues of $111.6 million were $3.7 million better than budget for the twelve months.

• Dwelling Rental Revenue was $878 thousand unfavorable to budget due to the sale of Pine Square (unbudgeted) and a later conversion date than anticipated for Dawson Park and Pearl Court tax credit properties converted to agency owned affordable properties.

• HUD Housing Assistance subsidy of $68.5 million was $2.9 million greater than budget primarily due to increased Housing Choice Voucher and VASH funding and proration adjustments for prior years.

• HUD Public Housing subsidy of $10.8 million was $564 thousand greater than budget due to an increase in funding proration from 97%, as budgeted, to 100%.

• State, Local & Other Grants of $2.0 million were $844 thousand favorable due to several grants that should have been budgeted to this line item that were budgeted to Other Revenue. If the budget amounts were correctly aligned with the actual results in State, Local & Other Grants, this line item would be over budget by $77 thousand and Other Revenue results would be higher than budget due to additional Port-In Revenue above the amount budgeted.

• ARRA Operating Revenue of $2.8 million was $442 thousand favorable to budget. STRA received $2.6 million of ARRA Homeless Prevention Rapid Rehousing funds, which were $630 thousand greater than budget due to accelerated timing of spending. In addition ARRA funded relocation activity was less than expected creating a $290 thousand offset to the favorable variance.

Board Financials 2


22

Operating ExpenseFor the period of F11-March(2011)


Operating Expenses

PH Subsidy Transfer 1,560,589$ 1,456,216 (104,374)$ -7.17% 1,456,216$

Housing Assistance Payments 64,022,413 63,197,932 (824,481) -1.30% 63,197,932

Administrative Personnel Expense 14,328,069 14,298,878 (29,191) -0.20% 14,298,878

Other Admin Expenses 6,339,669 6,022,282 (317,388) -5.27% 6,022,282

Fees/overhead charged (0) (0) 0 -26.32% (0) Tenant Svcs Personnel Expense 1,597,248 1,671,519 74,271 4.44% 1,671,519

Other Tenant Svcs Expenses 1,946,037 2,241,609 295,572 13.19% 2,241,609

Maintenance Personnel Expense 4,286,887 4,408,606 121,719 2.76% 4,408,606

Other Maintenance Expenses 4,708,315 5,030,876 322,562 6.41% 5,030,876

Utilities 4,120,118 4,010,364 (109,754) -2.74% 4,010,364

Depreciation 6,802,514 6,034,503 (768,011) -12.73% 6,034,503

General 870,546 967,028 96,482 9.98% 967,028

Impairment Charge - - - 0.00% -

Total Operating Expenses 110,279,894 108,965,874 (1,314,020) -1.21% 108,965,874

Operating Income (Loss) 1,369,238 (1,039,614) 2,408,852 -231.71% (1,039,614)

EXPENSE ANALYSIS

• Operating Expense of $110.3 million was greater than budget by $1.3 million resulting from:

• Housing Assistance Payments were $824 thousand greater than budget due to increases in Short Term Rent Assistance and Section 8 transfers into our service area offset by reduction in Housing Choice voucher expenditures.

• Other Admin Expenses was $317 thousand unfavorable to budget primarily due to the final contribution towards the University Park Community Center, increased courtesy patrols, preliminary work on new initiatives such as Rent Reform and increased software and IT equipment expenses offset by decreases from the sale of Pine Square and later conversion dates than anticipated for Dawson Park and Pearl Court tax credit properties converted to agency owned affordable properties. Reductions in capital IT purchases more than offset the increase in IT expenses.

• Other Tenant Services Expense was $296 thousand less than budget due to contract tenant services starting later than expected at affordable sites and lower than expected relocation costs associated with development projects.

• Other Maintenance Expense was $323 thousand less than budget due to lower than anticipated expenditures for maintenance projects in the affordable portfolio, including $250 thousand reduction from the sale of Pine Square offset by higher than budgeted expenses in the public housing portfolio, including $100 thousand for lead/asbestos abatement.

• Depreciation Expense was $768 thousand greater than budget due to unbudgeted activity for new properties (Madrona and the James Hawthorne) and to significant capital improvements in the public housing portfolio.

Board Financials 3


23

Other Income/Expense For the period of F11-March(2011)


Other Income (Expense)Investment Income 545,983$ 362,173 183,810$ 80.57% 362,173$ Amortization (60,397) (42,121) (18,276) 43.39% (42,121) Investment in Partnership Valuation Charge (386,100) - (386,100) 0.00% - Gain (Loss) on Sale of Assets 4,060,593 4,405,366 (344,773) -7.83% 4,405,366 Interest Expense (2,896,569) (2,871,872) (24,697) 0.86% (2,871,872)

Net Other Income (Expense) 1,263,509 1,853,546 (590,037) -31.83% 1,853,546

Capital ContributionsHUD Nonoperating Contributions 4,535,404 3,691,164 844,240 22.87% 3,691,164 Other Nonoperating Contributions 11,751,270 - 11,751,270 0.00% - Nonoperating contributions made - - - 0.00% - ARRA Nonoperating Contributions 1,918,352 5,001,281 (3,082,929) -61.64% 5,001,281 Reserve Funded Capital Contributions - - - 0.00% -

Net Capital Contributions 18,205,026 8,692,446 9,512,581 109.44% 8,692,446

Other Equity Changes - - - 0.00% -

INCREASE (DECREASE) IN NET ASSETS 20,837,774$ 9,506,378$ 11,331,396$ 119.20% 9,506,378$

OTHER INCOME/(EXPENSE) ANALYSIS

• Other Income (Expense) reflects income of $1.3 million, unfavorable to budget by $590 thousand.

• Investment Income of $546 thousand was favorable to budget by $184 thousand due to interest received from the Woolsey Limited Partnership Omnibus loan as a result of the final equity contribution from the limited partner.

• Investment in Partnership Valuation charge of $386 thousand was due to the conversion of Dawson Park and Pearl Court to agency owned affordable properties.

• Gain on Sale of Assets of $4.1 million consist of gains from the sales Pine Square and 26 scattered site properties. The unfavorable variance to budget is the result of 2 fewer scattered site properties sold compared to budget and the average gain on scattered site sales lower than anticipated.

• Capital Contributions of $18.2 million were $9.5 million greater than budget.

• HUD Non-operating Contributions of $4.5 million consisted primarily of Public Housing capital funds utilized on the following projects; Sweet 16, Lexington Court, Eastwood Court, Carlton Court and Hollywood East.

• Other Non-operating Contributions of $11.8 million reflected $10.1 million from the Bud Clark Commons project grant from PDC, $168 thousand grant from Multnomah County for weatherization and $452 thousand grant from Oregon Housing for the Martha Washington that passed through the agency to the partnership. $657 thousand was received from the Multnomah County via donated windows for Public Housing.

• ARRA Non-operating Contributions of $1.9 million consisted of Public Housing project spending related to the Sweet 16. Some ARRA funded Sweet 16 activity budgeted for FY 2011 was completed ahead of schedule in FY 2010.

Board Financials 4


24

Statement of Net Assets

3/31/2011 March 31, 2010 Incr (Decr)

AssetsCurrent AssetsCash and Cash Equivalents 16,645,335$ 20,918,908$ (4,273,573)$

Investments 17,752,487 9,771,632 7,980,855

Accounts Receivable, Net 8,657,317 7,865,101 792,217

Prepaid Expenses 851,575 780,617 70,958

Current Portion of Notes Receivable-Partnerships 24,076,424 1,153,640 22,922,784 67,983,139 40,489,897 27,493,242

Restricted AssetsFamily Self-Sufficiency Funds -A 820,658 1,004,776 (184,118)

Tenant Security Deposits -A 941,828 847,054 94,774

Construction Funds Escrow 11,028 10,982 46 Residual Receipts Reserve 131,953 131,377 576

Funds held in Trust 4,509,484 3,933,958 575,526

Debt Amortization Fund 2,937,127 2,848,419 88,707 9,352,078 8,776,566 575,512

Noncurrent AssetsDue from Partnerships 4,981,026 13,147,914 (8,166,887)

Notes Receivable 81,232,633 73,285,027 7,947,606

Notes Receivable -Partnerships 46,296,183 77,289,382 (30,993,199)

Deferred Charges, Net 1,799,454 994,137 805,316

Investment in Partnerships 10,653,563 3,192,442 7,461,121

Land, Structures, Equipment, Net 133,320,524 128,084,676 5,235,848 278,283,384 295,993,579 (17,710,195)

Other Asset-Like Accounts 1,287,337 1,152,350 134,988

TOTAL ASSETS 356,905,937$ 346,412,391$ 10,493,546$

CHANGE IN ASSETS• Total Assets of $356.9 million increased $10.5 million from March 31, 2010.

• Current Assets increased $27.5 million to $68.0 million.• On a combined basis cash, cash equivalents and investments increased $3.7 million due to property sale proceeds, receipt of developer

fees, a net increase in MTW reserves and operating cash flow offset by loans, contributions and advances to development projects and the acquisition of Madrona Apartments.

• Accounts Receivable increased by $792 thousand due to an increase in Development receivables for the Bud Clark Commons offset bya decrease in receivables for the James Hawthorne. HUD receivables for capital fund expenditures and ARRA rapid re-housing funding also decreased.

• Current Portion of Notes Receivable – Partnerships increased by $22.9 million to $24.1 million due to the expected retirement of RAC Housing Limited Partnership construction bonds payable in fiscal year 2012 and the corresponding Note to Home Forward.

• Restricted Assets increased $576 thousand from March 31, 2010 due to the conversion of Pearl Court and Dawson Park from tax credit to agency owned affordable properties offset by reductions from the sale of Pine Square and graduations from the Family Self-Sufficiency program.• Family Self -Sufficiency Funds decreased $184 thousand.• Funds held in Trust increased $576 thousand.

• Noncurrent Assets decreased $17.7 million to $278.3 million• Due from Partnerships decreased $8.2 million due to receipt of $3.4 million in Developer Fee (Humboldt Gardens and Woolsey

partnerships), repayment of $1.4 million in short term loans (Martha Washington, RAC and Humboldt Gardens partnerships), transfer of $2.6 million in developer fee receivable to Notes Receivable – Partnerships and receipt of $407 thousand for various partnership fees.

• Notes Receivable increased $7.9 million due to Developer Fee accruals ($3.1 million for the RAC, $781 thousand for the MarthaWashington), $2.5 million in developer fee receivable transferred from Due from Partnerships and $1.9 million in loans for Martha Washington and the RAC.

• Notes Receivable – Partnership decreased $31.0 million due to the expected retirement of RAC Housing Limited Partnership construction bonds in fiscal year 2012, the removal of Pearl Court ($5.5 million) and Dawson Park ($1.9 million) receivables andregularly scheduled principal payments.

• Deferred Charges, net increased $805 thousand primarily due to deferred interest from the defeasance of the Pine Square bonds.• Investment in Partnerships increased $7.5 million due to investment in the RAC.• Land, Structures, Equipment, Net increased $5.2 million due to the conversion of Pearl Court ($6.2 million) and Dawson Park ($1.8

million) from tax credit entities to agency owned affordable properties, the acquisition of the Hillsdale Duplexes ($855 thousand), the acquisition and rehab of Madrona Apartments ($3.2 million) as well as $8.0 million in Public Housing capital projects. These are offset by the sale of The Grove Hotel ($3.2 million), Pine Square ($5.3 million), the sale of scattered sites ($853 thousand), and normal depreciation.

Board Financials 5


25

Statement of Net Assets

3/31/2011 March 31, 2010 Incr (Decr)

LiabilitiesCurrent LiabilitiesAccounts Payable 2,224,821$ 4,261,348$ (2,036,527)$

Accrued Interest Payable 3,190,824 2,615,541 575,283

Other Accrued Liabilities 4,258,369 3,985,996 272,373

Deferred Revenue 988,656 831,369 157,287

Tenant Security Deposits -L 972,024 887,270 84,754

Family Self-Sufficiency Funds -L 813,928 1,008,505 (194,577)

Line of Credit 0 0 -

Current Portion of Bonds Payable -Partnerships 24,076,424 1,153,640 22,922,784

Current Portion of Notes & Bonds Payable 1,558,671 1,261,502 297,169 38,083,719 16,005,172 22,078,547

Noncurrent LiabilitiesNotes Payable 46,763,641 48,735,677 (1,972,037)

Bonds Payable 19,459,899 18,688,736 771,163

Bonds Payable -Partnerships 46,012,958 77,289,382 (31,276,425)

Bonds Payable -Conduit Financing 0 0 - Other Liabilities 215,809 161,285 54,524

112,452,307 144,875,081 (32,422,774)

Net Assets (Deficit) 206,369,912 185,532,138 20,837,774

TOTAL LIABILITIES AND NET ASSETS (DEFICIT) 356,905,937$ 346,412,391$ 10,493,546$

Change in Net Assets

CHANGE IN LIABILITIES & NET ASSETS • Current Liabilities increased $22.1 million to $38.1 million.

• Accounts Payable decreased $2.0 million due to a reduction in Public Housing construction payables for the Sweet 16 and other capital projects.

• Accrued Interest Payable increased $575 thousand primarily due to the conversion of Pearl Court and Dawson Park from tax credit entities to agency owned affordable properties and the inclusion of this liability on the agency balance sheet.

• Other Accrued Liabilities increased $272 thousand primarily due to increased compensated absence's accruals ($153 thousand) and to increases in the derivative liability for the New Columbia Limited Partnerships ($110 thousand).

• Deferred Revenue increased $157 thousand due to increases in unearned revenue in the VASH voucher program ($115 thousand), unearned HUD Operating Subsidy in the GOALS program ($50 thousand) and other unearned sources offset by draws on the New Columbia HOPE VI endowment ($89 thousand).

• Family Self-Sufficiency Funds decreased $195 thousand due to participants graduating from the program.

• Current Portion of Bonds Payable-Partnerships increased $22.9 million due to the expected retirement of RAC Housing Limited Partnership construction bonds payable in fiscal year 2012.

• Current Portion of Notes & Bonds Payable increased $297 thousand primarily due to increases from the addition of Dawson Park and Pearl Court to the affordable portfolio.

• Noncurrent Liabilities decreased $32.4 million to $112.5 million.

• Notes Payable decreased $2.0 million resulting from PDC's assumption of the Grove's Note Payable of $3.5 million as part of the Grove's sale, offset by draws of $0.6 million for James Hawthorne construction and a $0.5 million addition of Dawson Park’s notes payable and $1.1 million addition of Pearl Court's notes payable to PDC.

• Bonds Payable increased $771 thousand due to the reclassification of Pearl Court ($5.1 million) and Dawson Park ($1.8 million) bonds from Bond Payable - Partnership to Bonds Payable resulting from the Tax Credit conversions offset by a reduction from Pine Square’s sale ($5.4 million) and normal principal retirements.

• Bonds Payable – Partnerships decreased $31.3 million due to the reclassification of RAC Housing Limited Partnership constructionbonds payable to current liabilities ($23.2 million) and to Pearl Court and Dawson Park bonds transferring to Bond Payable (see above) and normal principal retirements.

• Net Assets increased $20.8 million to $206.4 million.

Board Financials 6Home Forward Board of Commissioners Packet September 2011

26

Contract # Contractor Contract Amount Description Department Execution Date Expiration Date

C1004 Volunteers of America $4,000 Services at Gateway Park (activities, garden, literacy, fitness and summer

lunch program)REO 7/6/2011 8/31/2011

C1006 Wannamaker Consulting, Inc. $94,844 Environmental Services at Hillsdale

Terrace; IRFP 05/11-132DBS 7/6/2011 6/30/2012

C1017 Qualified Envelope Diagnostics, Inc. $10,125 Window Testing for Lexington Court and

Schrunk Riverview TowerDBS 7/20/2011 12/31/2011

C1014 Finezza Soccer $4,250 Summer Soccer Camp for Hillsdale

Terrace and Slavin CourtREO 7/27/2011 8/30/2011

C1008 Neighborhood House $5,000 Summer Youth Program EXEC 7/28/2011 10/31/2011

C1009 Cascadia Behavioral Healthcare $160,000 Case Management Services for Bud

Clark Commons; RFP 05/11-130REO 8/10/2011 6/30/2012

C1023 Johnson Reid $18,500 Survey of Market Rents in Multnomah

County for Rent AssistanceRA 8/19/2011 10/15/2011

C1024 Hein Consulting Group $15,000 Diversity & Inclusion Consultant, IRFP DBS 8/23/2011 8/14/2012

C0996 Hood to Coast Restoration, Inc. $244,980 Lexington Court Siding Replacement;

RFB 04/11-128DCR 7/15/2011 11/8/2011

C1005 Canon Business Solutions $1,428 annuallyCanon ir3225 Digital Copier for

Relocation Office Trailer at Hillsdale Terrace Apartments

DCR 7/1/2011 7/1/2015

C1007 Les Schwab Tire Centers $15,000 Cooperative Contract with State of

Oregon for Discount Pricing on Tires, Equipment and Brake Services

REO 7/6/2011 11/1/2012

C1049 METRO $60,000

Retional Travel Options Program; Home Forward to Match with another $10,000; to Develop Mobility Counseling Tools for

the Section 8 Program

RA 8/11/2011 6/30/2013

C1018Multnomah County Aging and Disabilities

Services

Home Forward will Provide Space at Selected Senior and Disabled Housing

Sites and ADSD will Provide Living Well Courses and Support

REO 7/6/2011 11/1/2012

C1026Multnomah County Health Department;

Tuberculosis Clinic$8,250 annually

Multnomah County will Administer Voichers and Send Medical Statement of Need; Home Forward will Issue Payment

to Hotel/Motel

RA 8/5/2011 8/5/2016

C1028 City of PortlandHome Forward will Monitor Federal Labor Standards for Los Jardines

Renovation WorkDBS 8/5/2011 8/4/2012

T0693-1 Mosi ArchitectureExtends contract for Task Order / On-

Call Architectural ServicesDCR 7/5/2011 6/16/2012

C0891-1 Innovative ChangesExtends contract for Resident Financial

Literacy at Humboldt GardensEXEC 7/5/2011 9/30/2011

C0697-1 Impact NW $65,000 Adds funds and extends contract for

Resident Services Coordination for the Pearl, Lovejoy Station and The Yards

REO 7/5/2011 5/31/2012

C0513-2 Tevlin Strategic CommunicationExtends contract for On-Call Public

Writing ServicesEXEC 7/13/2011 4/30/2012

C0343-3 Pacific Screening $50,000 Adds funds and extends contract for

Applicant Screening ProcessesREO 7/13/2011 3/31/2012

Procurement & Contracts Department MONTHLY CONTRACT REPORT Contracts Approved 7-1-11 - 8-31-11

MAINTENANCE SERVICE, EQUIPMENT AND SUPPLIES

PROFESSIONAL SERVICES

CONSTRUCTION SERVICES

AMENDMENTS TO EXISTING CONTRACTS

MEMORANDUM OF UNDERSTANDING (MOU)

REVENUE - GRANT AGREEMENT

COOPERATIVE AGREEMENTS

9/1/11 Page 1 of 2 Procurement and Contracts Department


27

Contract # Contractor Contract Amount Description Department Execution Date Expiration Date

T0366-2 Ballard Spahr Andrews & Ingersoll LLPExtends contract for Task Order / On-

Call Legal ServicesDCR 7/15/2011 6/28/2013

C0717-1 Worksystems, Inc. $45,000

Additional funds from Paul Allen Foundation for Worksource Set-Assides and Liaison Services for Participant Self-

Sufficiency

RA 718/11 12/31/2012

C0420-4 Michael Willis Architects $1,791,225 Architectural & Engineering Services for

Hope VI Revitalization of Hillsdale Terrace

DCR 7/19/2011 3/31/2011

C0551-2 First Response $60,000 Adds funds and extends contract for

Security at Hollywood East Apts.REO 7/20/2011 6/30/2012

C0861-1 Oaktree Digital $44,280 Adds funds and extends contract for

Agency Website RedesignEXEC 7/20/2011 3/31/2013

C0460-2 Tsai CommonsExtends contract for On-Call Staff Development & Training Services

DBS 7/22/2011 1/31/2012

C0450-2 Unlimited PotentialExtends contract for On-Call Staff Development & Training Services

DBS 7/22/2011 1/31/2012

C0462-2 Vetter SolutionsExtends contract for On-Call Staff Development & Training Services

DBS 7/22/2011 1/31/2012

C0457-2 Breaking Through DiversityExtends contract for On-Call Staff Development & Training Services

DBS 7/22/2011 1/31/2012

C0465-2 Visuals SpeakExtends contract for On-Call Staff Development & Training Services

DBS 7/22/2011 1/31/2012

C0853-1 Marquam Group $2,000 IT infrastructure upgrade - 2007-2010

Exchange UpgradeDBS 7/26/2011 9/30/2011

C0712-1 Bonnie Newman $10,000 Adds funds and extends contract for

Foot and Care Services for Elderly in HF Highrises - adds Bud Clark Center

REO 7/29/2011 6/30/2012

C1001-1 Vertex Mechanical LLC $8,453 Dryer and Roof Vents for Tamarack

Ventilation Improvements ProjectDCR 8/3/2011 12/31/2011

C0530-1 SE Works ($1,473)Decreases contract from expenses for

administration of agency-based assistance

RA 8/8/2011 5/30/2012

C0852-4 Walsh Construction Co. $6,016 Exterior paint, roof replacement, misc. at

Ainsworth Court ApartmentsDCR 8/8/2011 10/31/2011

C0838-1 Emerge NW $15,375 Adds funds and extends contract for

Youth Services ConsultantREO 8/8/2011 12/31/2011

C1000-1 Rachel Trotta $800 Adds funds - Assessment for Homeless

At-Risk IndividualsREO 8/9/2011 9/30/2011

T0743-1 Shiels Oblez JohnsenExtends contract for Task Order On-Call

Project Management ServicesDCR 8/11/2011 12/31/2012

C0404-3 Elizabeth NormandExtends contract for Grievance Hearings

OfficerEXEC 8/11/2011 8/28/2012

C0958-1 Decisions Decisions $5,000 Adds funds and extends contract for

Evaluation & Feedback re: Executive Director's role

EXEC 8/11/2011 12/31/2012

C0833-9 Pavilion Construction $405 Prep walls at Madrona Apartments DCR 8/11/2011 8/31/2011

C0388-10 Pavilion Construction $9,832 Multiple changes discovered at

demolition phase at Madrona Apts.DCR 8/11/2011 8/31/2011

C0852-3 Walsh Construction Co. $22,70Bath paint and additional cost of water

heaters at Ainsworth Court Apts.DCR 8/11/2011 10/31/2011

C0991-1 Portland State University $20,842 Adds funds for Aging in Place IGA; PSU to contribute $7,381 in in-kind services

REO 8/12/2011 9/30/2011

C0463-2 TACSExtends contract for On-Call Staff Development & Training Services

DBS 8/15/2011 1/31/2012

T0625-1 Hahn and Associates, Inc.Extends contract for Task Order On-Call

Environmental ServicesDBS 8/23/2011 12/31/2012

T0624-1 Amec Earth & Environmental, Inc.Extends contract for Task Order On-Call

Environmental ServicesDCR 8/23/2011 12/31/2012

9/1/11 Page 2 of 2 Procurement and Contracts Department


28

Relocation

Project 0 1 2 3 4 S8 PH Private Purch. Other TotalRelocation to Date 0 4 11 136 11 80 54 15 5 8 162Relocation Remaining 0 0 0 0 0 0TOTAL RELOCATION 0 4 11 136 11 162

SalesTotal Total Gross Net Internal Net to

Project 0 1 2 3 4 Units Properties Proceeds Proceeds Costs HAPActual Sales to Date 4 11 124 10 149 137 27,517,676$ 26,171,464$ 1,253,174$ 24,918,290$ Projected Sales on Remaining Portfolio(9) 12 1 13 13 2,063,000$ 1,918,897$ (54,877.68) 1,973,775$ Subtotal for PHPI Initiative 0 4 11 136 11 162 150 29,580,676$ 28,090,361$ 1,198,296$ 26,892,065$

Homes Remaining in HAP's Portfolio(5) (8) (8) (8) (1,205,000)$ (1,123,060)$ -$ (1,123,060)$ TOTAL SALES - PROJECTED 0 4 11 128 11 154 142 28,375,676$ 26,967,301$ 1,198,296$ 25,769,005$

1:1 Replacement# of New Total Total Total $ / New Total

Project 0 1 2 3 4 PH Units Units Proj. Cost $/Unit PH Unit InvestmentsCurrentThe Jeffrey 20 20 80 16,600,000$ 207,500.00 - -

Martha Washington(6) 25 25 108 18,043,118$ 167,065.91 52,337$ 1,308,427$

Bud Clark Commons(8) 30 30 130 46,951,074$ 361,162.11 40,583$ 1,217,500$ Rockwood Station 25 25 195 271,514$ 1,392.38 N/A 107,920$

Madrona Place Apts(7) 3 20 22 45 45 4,566,487$ 101,477.49 101,477$ 4,566,487$ SUB-TOTAL: 75 3 45 22 0 145 558 86,432,193$ 154,896$ 49,657$ 7,200,334$

Yet to Replace 9

Potential

Hillsdale Terrace(3) 13 129 47,300,000$ 366,666.67 776,923$ 10,100,000$ Lifeworks Northwest 3 13 13 29 29 tbd 28,448$ 825,000$ SUB-TOTAL: 0 3 13 13 0 42 158 47,300,000$ 366,667$ 260,119$ 10,925,000$

Avg. Invest.per PH unit

TOTAL REPLACEMENT: 75 6 58 35 0 187 716 133,732,193$ 521,563$ 96,927$ 18,125,334$

Capital Improvements# of Total Moving to HAP

Project PH Units Proj. Cost Work Initiative PHPI ProceedsMisc Upgrades tbd 452,200$ - Sweet 16 296 12,075,341$ 885,000$ Demar Downs ADA - Sweet 16 addtnl scope N/A 187,200$ 46,800$ Tower Trio (Gallagher, Medallion, Williams) 281 35,280,892$ 3,000,000$ Eliot Square - part of the Fam4 30 1,461,750$ 500,000$ 951,000$ Fam4 (Carlton, Eastwood, Lexington) 75 3,935,615$ 2,059,300$

TOTAL CAPITAL IMPROVEMENTS: 682 53,392,998$ 500,000$ 6,942,100$

Unit Size

Unit Size

PHPI: Activity and Investment Summary as of July 31, 2011

Unit Size Means of relocation


29

ARRA Administration# of Total HAP

Positions Positions Proj. Cost Proceeds

TOTAL ARRA ADMINISTRATION: 10 659,891$ 137,382$

NET PROCEEDS AVAILABLE 564,189$

(1) Net Proceeds are Gross Proceeds net of sales commissions, concessions, title and escrow fees and any other costs paid from escrow. Net Proceeds do not include internal selling costs ($1,253,174 through July 2011).

(2) Included are four units sold through the American Dream Homeownership program.

(3) 68 total PH units; replaces existing 60 units, 13 are new. PHPI encompasses 1:1 replacement as well as capital improvements.

(4) The Property Count now includes 2 of the four units sold through the American Dream Homeownership program. The property sales occurred prior to the sales team initiative and were included in the unit count, but not the property count on prior reports.

(5) HAP has committed to retaining 7 properties for future project relocation, which is included in the projected sales at $1,015,000. Additionally, a property with a longtime tenant included at a projected sales amount of $190,000 will remain in HAP's portfolio. Therefore, approximately $1,205,000 of the projected gross proceeds is not available to HAP for future projects.

(6) HAP has submitted an RHF Plan to HUD requesting that RHF Funding in excess of our New Columbia Debt Service be used for the Martha Washington project. HUD's approval of this plan would enable HAP to replenish PHPI funding in the amount of $581,121.75. The actual PHPI funds for this project was $1,308,427.25 rather than $1,902,000.

(7) Formerly known as Jeanne Anne Apts

(8) Formerly known as Resource Access Center

(9) Projected Internal Costs are offset by Asset Repositioning Fee Revenue


30

DASHBOARD

REPORT


31

Total Households Served: Rent Assistance and Occupied Housing Units 08/01/11

Public Housing Units Occupied 2,466 17%

Special Needs Units ** 422 3%

Households Receiving Rent Assistance Only ^^ 8,383 57%

Households Receiving Rent Assistance and Occupying Affordable Housing Units

1,091 8%

Affordable Housing Units Occupied - HUD Multi-Family Project Based

Subsidized ^ 489 3%

Affordable Housing Units Occupied - Unassisted

1,685 12%

^ Consists of Grace Peck Terrace, Multnomah Manor, Plaza Townhomes, Rosenbaum Plaza, St. Johns Woods, Unthank Plaza

Total Households Served 14,536

** Special Needs are physical units as occupancy levels that are not reported to Home Forward by service providers master leasing these properties.

^^ Includes Section 8 and Short Term Rent Assistance Programs.


32

Rent Assistance Vouchers - Home Forward Funded 8,718 7,653 1,065 Tenant Based Vouchers 01 - Tenant Based Vouchers6,408 6,408 Project Based Vouchers 02 - Project Based Vouchers1,245 1,245 Single Room Occupancy (SRO)/MODS 03 - SRO/MODs 477 477 Veterans Affairs Supportive Housing (VASH) 04 - VASH Vouchers 153 153 Rent Assistance - PORT IN From Other Jurisdiction 06 - Portability 435 435

Short Term Rent Assistance Programs 756 64 692 Shelter + Care 05 - Shelter Plus Care 548 548 Locally Funded Short Term Rent Assistance 144 144 MIF Funded Short Term Rent Assistance 24 24 Department of Human Services - Agency based Rent Assistance 08 - DHS ABA 16 16 Northwest Pilot - Agency Based Rent Assistance 09 12 12 Southeast Works - Agency Based Rent Assistance 10 12 12 Work Systems Inc. - Agency Based Rent Assistance 11 - -

Total Rent Assistance 9,474 7,717 1,757

Public Housing Units Occupied 2,466 2,466 Traditional Public Housing units Occupied 12 - Traditional Public Housing1,941 1,941 Public Housing units Occupied - Local Blended Subsidy 13 - - Public Housing units Occupied - in Owned Affordable 14 - Public Housing in Affordable Owned63 63 Public Housing units Occupied - in Tax Credit Affordable 15 - Public Housing in Tax Credit Affordable462 462

Affordable Housing Units Occupied (excluding PH subsidized) 3,265 3,265 3,265 Affordable Housing Units - Tenant Based Vouchers 16 550 550 Affordable Housing Units - Shelter + Care 17 154 154 Affordable Housing Units - Project Based Vouchers 18 297 297

^ Affordable Housing Units - HUD Multi-Family Project Based 19 489 489 Affordable Housing Units - VASH Vouchers 20 28 28 Affordable Housing Units - Agency Based Rent Assistance 21 3 3 Affordable Housing Units - Section 8 Port In 22 59 59 Affordable Housing Units - Unassisted 23 1,685 1,685

422 422 Special Needs Units ** 422 422

Total Households Occupying Housing Units 6,153 2,466 3,687

Total Housing Supports Provided to Household 15,627 10,183 5,444 Household Occupying Affordable Unit/Receiving Home Forward Rent Assistance (1,091) (1,091) Total Households Served 14,536 10,183 4,353

Notes:^

Consists of Grace Peck Terrace, Multnomah Manor, Plaza Townhomes, Rosenbaum Plaza, St. Johns Woods, Unthank Plaza** Special Needs are physical units as occupancy levels that are not reported to Home Forward by service providers master leasing these properties.

Households ServedHouseholds Served Through Housing Supports As of 8/1/11

Rent Assistance

Subsidized Housing Units

Moving to Work Programs

All Programs Non-MTW Programs


33

Housing Authority of Portland - Dashboard Report For August of 2011

Property Performance Measures

1 40 40 0 1 0 15 15 10 0 0 40Occupancy

Number of Physical Rentable Vacant OccupancyProperties Units Units Units Percentage Studio/SRO 1 Bdrm 2 Bdrm 3 Bdrm 4 Bdrm 5+ Bdrm Total

Public Housing 44 2,053 1,984 62 96.9% 512 843 352 335 11 0 2,053Public Housing Mixed Financed Owned * 2 65 65 0 100.0% 0 15 40 10 0 0 65Public Housing Mixed Finance Tax Credit * 7 582 539 77 85.7% 285 93 90 62 45 7 582

Total Public Housing 53 2,700 2,588 139 94.6% 797 951 482 407 56 7 2,700Affordable Owned with PBA subsidy 6 496 496 12 97.6% 72 229 104 91 0 0 496Affordable Owned without PBA subsidy 11 1164 1,164 34 97.1% 312 311 396 131 14 0 1,164

Total Affordable Owned Housing 17 1,660 1,660 46 97.2% 384 540 500 222 14 0 1,660Tax Credit Partnerships 19 2,156 2,156 48 97.8% 721 587 456 230 145 17 2,156

Total Affordable Housing 36 3,816 3,816 94 97.5% 1,105 1,127 956 452 159 17 3,816Eliminate Duplicated PH Properties/Units -9 -647 -604 -77 -285 -108 -130 -72 -45 -7 -647

Combined Total PH and AH 80 5,869 5,800 156 97.3% 1,617 1,970 1,308 787 170 17 5,869Special Needs (Master Leased) 36 422 422

Total with Special Needs 116 6,291 6,222* property/unit counts also included in Affordable Housing Count

Financial 06/30/11Three months ending 6/30/2011

Properties Units Properties UnitsPublic Housing $256.63 $319.92 $576.55 $497.82 $94.61 -$15.89 20 1,251 24 802Affordable Owned $593.68 $211.25 $804.93 $489.62 $9.20 $306.11 16 1,592 1 68 6 7 4

Tax Credit Partnerships $517.63 $51.04 $568.67 $346.12 $12.15 $210.39 18 2,108 1 48 14 3 2

Public Housing Demographics

# of % of Average Average Unit Adults no Family with Elderly DisabledPublic Housing Residents Households Households Family Size Size Children Children Not Elderly

0 to 10% MFI 489 20.8% 2.1 1.8 10.9% 10.0% 0.6% 6.6% 6.3% 9.6% 0.8% 0.3% 0.4% 3.4%11 to 20% 1,069 45.5% 1.7 1.4 35.4% 10.1% 11.5% 24.2% 10.8% 27.3% 1.7% 1.8% 0.3% 3.5%21 to 30% 497 21.2% 1.7 1.5 15.5% 5.6% 6.6% 9.7% 3.9% 14.1% 0.5% 0.7% 0.2% 1.7%31 to 50% 233 9.9% 2.2 1.7 5.7% 4.2% 2.6% 3.2% 2.7% 4.7% 0.4% 0.4% 0.1% 1.6%51 to 80% 54 2.3% 2.6 2.0 0.9% 1.4% 0.3% 0.3% 0.6% 0.8% 0.1% 0.0% 0.0% 0.7%Over 80% 6 0.3% 3.2 2.0 0.1% 0.1% 0.0% 0.1% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0%All 2,348 100.0% 1.9 1.6 68.6% 31.4% 21.7% 44.1% 24.5% 56.6% 3.5% 3.3% 1.1% 10.9%

Waiting List Not Reported0 to 10% MFI 23 92.0% 2.6 2.2 4.0% 8.0% 44.0% 24.0% 0.0% 0.0% 0.0% 0.0% 24.0%11 to 20% 2 8.0% 2.0 2.0 0.0% 0.0% 4.0% 4.0% 0.0% 0.0% 0.0% 0.0% 0.0%21 to 30% 777 12.7% 2.5 1.7 0.8% 3.9% 4.0% 6.1% 0.3% 1.0% 0.1% 1.0% 0.2%31 to 50% 397 6.5% 2.5 1.8 0.6% 1.4% 2.5% 2.5% 0.3% 0.4% 0.1% 0.6% 0.2%51 to 80% 55 0.9% 2.1 1.7 0.1% 0.2% 0.4% 0.4% 0.1% 0.1% 0.0% 0.1% 0.0%Over 80% 3 0.0% 1.7 1.3 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%All 1,257 120.2% 2.5 1.8 5.5% 13.5% 54.9% 36.9% 0.6% 1.5% 0.2% 1.7% 24.4%

* Race and enthnicity are not required fields on the Waitlist Application in YardiOther Activity

#'s,days,hrsPublic Housing

Names pulled from Wait List 175Denials 4New rentals 22Vacates 18Evictions 2# of work orders received 1,249# of work orders completed 1,062Average days to respond 9.8# of work orders emergency 11Average response hrs (emergency) 7

# of Properties DCR Not

# of Properties not meeting DCR

Asian

Race % (head of household)

Unit Mix

NOI# of Properties/units Positive Net Operating Income (NOI)

Black African American

WhiteNative

AmericanHispanic/ Latino

Hawaiian/ Pacific Islnd

Per Unit Per Month# of

Properties meeting Debt

TotalRevenue

# of Properties/units Negative Net Operating Income (NOI)

HAP Management Fees (HMF)

Fiscal YTD ending 6/30/2011Operating Expensew/o HMF

SubsidyRevenue

% Family Type (head of household)

PropertyRevenue

Households

1


34


Rent Assistance Performance Measures

Utilization and Activity

Average HUD Subsidy Remaining Waiting List Voucher Average HUD SubsidyVouchers Vouchers Utilization Voucher Over(Under) Waiting List Names New Vouchers Vouchers Inspections Utilization Voucher Over(Under) New Vouchers VouchersAvailable Paid Percentage Cost Utilized Size Pulled Leased Terminated Completed Percentage Cost Utilized Leased Terminated

Tenant Based Vouchers 6,743 6,561 97% $584 -$122,093 1,459 0 4 21 594 97% $593 -$1,189,447 86 301Project Based Vouchers 1,331 1,244 93% $540 -$109,064 20 11 60 97% $528 -$806,170 219 111SRO/Mod Vouchers 512 477 93% $419 16 8 139 94% $415 $176,112 107 93

All Vouchers 8,586 8,282 96% $568 -$231,157 40 40 793 97% $573 -$1,819,505 412 505

Demographics

# of % of Average Average Unit Adults no Family with Elderly DisabledTenant Based Voucher Participants Households Households Family Size Size Children Children Not Elderly

0 to 10% MFI 551 9.0% 1.6 1.8 6.5% 2.5% 0.2% 0.5% 4.0% 4.1% 0.3% 0.3% 0.1% 0.3%11 to 20% 1,978 32.2% 1.7 1.8 21.5% 10.7% 7.4% 12.4% 10.9% 16.4% 1.2% 2.1% 0.2% 1.4%21 to 30% 2,080 33.9% 2.4 2.2 18.0% 15.9% 7.7% 12.1% 11.7% 17.6% 0.8% 1.8% 0.2% 1.8%31 to 50% 1,298 21.1% 3.2 2.5 6.4% 14.7% 3.2% 5.1% 8.2% 10.0% 0.4% 1.3% 0.1% 1.2%51 to 80% 215 3.5% 3.8 2.9 0.8% 2.7% 0.3% 0.5% 1.7% 1.3% 0.1% 0.2% 0.0% 0.2%Over 80% 20 0.3% 4.3 3.0 0.1% 0.2% 0.0% 0.0% 0.1% 0.2% 0.0% 0.1% 0.0% 0.0%All 6,142 100.0% 2.3 2.1 53.3% 46.7% 18.8% 30.7% 36.5% 49.6% 2.7% 5.8% 0.5% 4.9%

Waiting List Not Reported0 to 10% MFI 527 36.1% 2.2 1.2% 9.9% 16.8% 12.8% 1.8% 1.4% 0.4% 1.3% 1.6%11 to 20% 407 27.9% 2.0 3.2% 13.1% 9.3% 14.3% 1.1% 1.6% 0.3% 0.6% 0.6%21 to 30% 270 18.5% 2.4 3.4% 5.1% 5.0% 10.5% 0.4% 1.1% 0.1% 0.8% 0.7%31 to 50% 247 16.9% 2.5 1.9% 3.6% 6.8% 7.7% 0.6% 0.9% 0.1% 0.5% 0.4%51 to 80% 8 0.5% 2.3 0.1% 0.1% 0.1% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0%Over 80%All 1,459 100.0% 2.2 9.9% 31.9% 38.0% 45.8% 3.9% 4.9% 0.9% 3.1% 3.4%

Short Term Rent Assistance

Shelter Plus Care 565 $311,415 $544Short Term Rent Assistance 168 $104,379 $621

Resident Services

Resident ProgramsHouseholds

Served/Participants

Congregate Housing Services Public Housing 68 $49,921 $734* as of previous month

Resident Services Coordination Public Housing 134 31 242 2029 20 95 118 2029

Community Supportive Services Public Housing 0 59 2Section 8 0 8 0

GOALS Program Public Housing 57 $98,767 0 0 $507 2 $0 $1,893Section 8 191 $490,528 0 2 $21,597 1 $0 $220

Crisis Intervention

Support System

# Events

Terminations or Exits

Escrow $ Disbursed

Escrow $ Forfeited

Hawaiian/ Hispanic

Current Month Activity

Avg Annual Earned Income Increase Over

# Event Attendees

% Family Type (head of household)

Calendar Year To Date

Black White Native Asian

Race % (head of household)

# of Households Participating

$ Amount of Assistance Provided

Current Month Status

Average Cost per Household

Housing Program Served

# In GOALS

Monthly Funding Amount

# of Graduates

# HH Transitioned

Health and Safety Stabilized

Unduplicated Number

# in Self Sufficiency

# HH Enrolled

# HH Stabilized

Households

NewEnrollees

# of Participants

Escrow $ Held

Average Funds per Participant

2


35


Agency Financial Summary

Three months ending 6/30/2011

Subsidy Revenue $6,469,346 $19,493,297 $19,608,569 ($115,272)Grant Revenue $1,107,457 $2,446,504 $2,866,034 ($419,531)Property Related Income $1,233,114 $3,681,073 $3,541,808 $139,265Development Fee Revenue $8,625 $185,368 $484,908 ($299,540)Other Revenue $354,334 $987,413 $781,786 $205,626

Total Revenue $9,172,877 $26,793,654 $27,283,106 ($489,452)Housing Assistance Payments $5,764,608 $16,441,236 $15,807,452 $633,784Operating Expense $3,474,093 $9,698,376 $9,035,670 $662,706Depreciation $649,509 $1,820,149 $1,430,711 $389,438

Total Expense $9,888,210 $27,959,761 $26,273,833 $1,685,927Operating Income -$715,334 -$1,166,106 $1,009,273 ($2,175,379)

Other Income(Expense) $360,231 $498,762 -$81,554 $580,316Capital Contributions $345,335 $2,149,253 $3,308,952 ($1,159,700)

Increase(Decrease) Net Assets -$9,767 $1,481,908 $4,236,671 ($2,754,763)Total Assets $357,520,594 $357,520,594 $356,905,937 $614,656Liquidity Reserves $19,394,061 $30,124,536 $28,142,552 $1,981,984

Development/Community Revitalization

New Development / Revitalization Construction Construction Current Total Cost PerUnits Start End Phase Cost Unit

Bud Clark Commons * 130 Nov-09 May-11 Construction $46,951,074 $361,162Hillsdale Terrace 129 tbd tbd Pre Construction $47,300,000 $366,667Madrona Place ** 45 Oct-10 Aug-11 Construction $4,566,487 $101,477Lifeworks Northwest 29 Apr-13 Apr-14 Concept $9,736,126 $335,728

Capital ImprovementAinsworth 88 Jul-11 Nov-11 Construction $1,980,000 $22,500Tower Trio (GMW) 281 tbd tbd Concept $38,528,000 $137,110Shrunk Tower - Window Replacement 10 Oct-11 Dec-11 Construction $198,015 $19,802FAM4 151 Apr-11 Nov-11 Construction $5,397,365 $35,744Dekum Court - Siding Replacement 30 May-12 Jul-12 Concept $221,251 $7,375Holgate House - Water Heater, roof repl 80 Jun-12 Aug-12 Concept $267,457 $3,343Holgate House - Emerg Generator 80 Nov-11 Dec-11 Preconstruction $120,000 $1,500Rosenbaum - Kitchen Addition 76 Oct-11 Dec-11 Preconstruction $128,400 $1,689 Misc Upgrades tbd tbd tbd tbd $452,200

* Legend** Formerly known as Resource Access Center

Formerly known as Jeanne Anne

Increase (Decrease)

MonthFiscal Year to

DatePrior YTD

3


36

RESOLUTIONS


37

MEMORANDUM


From: Todd Salvo, Chief Financial Officer


Subje ct: Authorization to Add Anita Yap as

Signatory on Home Forward Bank

Accounts

Resolution 11-09-01

The Board of Commissioners is requested to authorize the addition of Anita Yap to signature

authority on all bank checking accounts, savings accounts, safekeeping agreements, investment

accounts, and borrowing agreements on behalf of Home Forward.

Conclusion/Recommendation

Staff recommends approval of resolution 11-09-01.


38

2


AUTHORIZES AUTHORIZES AUTHORIZES AUTHORIZES UPDATING BANK TRANSACTION AUTHORITY AND SIGNATURE RECORDS UPDATING BANK TRANSACTION AUTHORITY AND SIGNATURE RECORDS UPDATING BANK TRANSACTION AUTHORITY AND SIGNATURE RECORDS UPDATING BANK TRANSACTION AUTHORITY AND SIGNATURE RECORDS

FOR HOME FORWARD BANKING RELATIONSHIPSFOR HOME FORWARD BANKING RELATIONSHIPSFOR HOME FORWARD BANKING RELATIONSHIPSFOR HOME FORWARD BANKING RELATIONSHIPS

WHEREAS, WHEREAS, WHEREAS, WHEREAS, Home Forward’s Board of Commissioners deems it necessary for the Agency to open

and maintain bank transaction accounts, savings accounts, investment accounts, safekeeping

accounts, and borrowing agreements with financial institutions that are appropriately insured and in

accordance with ORS Chapter 295; and,

WHEREWHEREWHEREWHEREAS,AS,AS,AS, the Agency maintains checking and savings accounts for the purpose of depositing

and disbursing funds and for investment; investment accounts for the purpose of investing funds;

safekeeping accounts for the purpose of holding investments and collateral; and borrowing

agreements for the purpose of funding projects and,

WHEREAS,WHEREAS,WHEREAS,WHEREAS, Anita Yap is the new Deputy Executive Director.

NOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVED,,,, by the Board of Commissioners for Home Forward that

any two of the following individuals are authorized to perform all bank transactions necessary in the

normal course of business, including but not limited to: opening and closing accounts, signing of

checks, endorsement of checks and drafts payable to the Agency and its operating entities,

ordering of wire transfers on behalf of the Agency and its operating entities, and certification of Tax

Identification Numbers associated with the accounts.

Steven D. Rudman Rebecca Gabriel

Todd Salvo Peter Beyer

Anita Yap

And, the following individuals are authorized to perform transactions necessary to conduct the

business of investment, safekeeping, and borrowing on behalf of Home Forward, as authorized by

the Board of Commissioners:

Steven D. Rudman

Todd Salvo


39

3

Anita Yap

Peter Beyer

This resolution shall be effective September 20, 2011, and shall remain in force until rescinded or

modified by a like resolution of the Board of Directors.

NOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVED,,,, by the Board of Commissioners of Home Forward,

directs staff to obtain signatures of these authorized persons and update the records.

ADOPTED: SEPTEMBER ADOPTED: SEPTEMBER ADOPTED: SEPTEMBER ADOPTED: SEPTEMBER 20202020, 2011, 2011, 2011, 2011




40


Recognition of Richard Michael Inukai Recognition of Richard Michael Inukai Recognition of Richard Michael Inukai Recognition of Richard Michael Inukai

1943 1943 1943 1943 ---- 2011201120112011

WHEREASWHEREASWHEREASWHEREAS, Richard Michael “Dick” Inukai served as Chairman of the Board of Governors of the

Boys and Girls Clubs of Portland Metropolitan Area from 2004 to 2008, during which time the new

Regence Boys & Girls Club was built and opened at New Columbia; and

WHEREASWHEREASWHEREASWHEREAS, Dick was a champion for the creation of the Regence Boys & Girls Club from the start,

serving as a patient and persuasive advocate through the many discussions that culminated in an

innovative partnership between the Boys & Girls Club, Portland Public Schools, the Portland Parks

Bureau and Home Forward,

WHEREASWHEREASWHEREASWHEREAS, without Dick’s commitment and leadership, the children and youth of North Portland

would not have been able to benefit from the many programs and services that are now a vital part

of the North Portland community; and

WHEREASWHEREASWHEREASWHEREAS, he demonstrated his deep and abiding love for children, and his desire to give them the

very best opportunity to learn, grow and succeed, both by his hard work and personal generosity on

their behalf; and

WHEREAS, WHEREAS, WHEREAS, WHEREAS, his ability to attract others to the cause, and his determination not to compromise in the

pursuit of quality, insured that every project he touched was marked by excellence; and

WHEREASWHEREASWHEREASWHEREAS, Dick Inukai leaves an enduring legacy of community service, which time will not erase;

NOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVED, by Home Forward (formerly the Housing Authority of

Portland) to adopt this resolution in sincere appreciation and recognition of Dick’s life of commitment,

generosity and lasting accomplishments on behalf of the children and youth of North Portland and

throughout the whole region.


41

2


AAAAttest:ttest:ttest:ttest: Home Forward:Home Forward:Home Forward:Home Forward:



42

MEMORANDUM


From: Todd Salvo, Chief Financial Officer

Peter Beyer, Controller


Subject: Authorize Motion to Approve FY 2011

Audited Financial Statements;

Auditors' OMB A-133 Compliance

Report and Auditors' Report to the

Audit and Finance Committee

Resolution 11-09-03

Audited Financial Statements

Housing Authority of Portland

Financial Statement Commentary

For the year ended March 31, 2011

Financial Highlights

The Authority’s Statements of Net Assets continued to reflect favorable liquidity and growth in net

assets during 2011. Specifically:

- Total assets and deferred outflows increased $9.2 million from $356.1 million at March 31, 2010

to $365.2 million at March 31, 2011 primarily due to the increase in capital assets of $14.3 million,

notes and accrued interest receivable of $7.9 million, investments in partnerships of $7.5 million

and cash and investments (including restricted categories) of $4.3 million. This was offset by a

decrease of $9.5 million in assets available for sale, $8.2 million in due from partnerships and $8.1

million in notes receivable - partnerships.

- Total liabilities decreased $11.4 million from $172.3 million at March 31, 2010 to $160.9 million at

March 31, 2011 primarily due to a reduction of bonds payable – partnerships of $8.4 million and a

reduction of notes payable of $2.2 million.


43

2

- Total operating revenues increased $11.2 million to $112.2 million primarily due to increased HUD

operating subsidies of $5.7 million for public housing and Section 8 programs along with higher

development fee revenue of $2.4 million and increased dwelling rental revenue of $1.4 million.

- Total operating expenses of $110.7 million increased $5.7 million from the prior year, primarily

due to higher housing assistance payments of $3.2 million, administration costs of $1.3 million and

depreciation expense of $1.6 million.

- Operating results for 2011 yielded operating income of $1.5 million compared to an operating

loss of $4.0 million for 2010. Operating income in 2011 includes depreciation expense of $7.2

million.

- Net assets grew $20.5 million to $204.3 million at March 31, 2011. This growth was primarily due

to HUD capital contributions and other non-operating contributions, the proceeds from sale of

public housing scattered site properties and operating income of $1.5 million.

The Auditors have issued an unqualified opinion on the Authority’s basic financial statements

stating that they present fairly the financial position of the Authority as of March 31, 2011. A

qualified opinion has been issued by the Auditors relating to the Discretely Presented Component

Units as the assets and revenues/contributions related to the construction of the Bud Clark

Commons were not included in the audit of the component units.

Auditors' OMB Circular A-133 Compliance Report

The independent auditors conduct certain compliance tests and issue an Audit of Federal Awards

in accordance with Office of Management and Budget Circular A-133.

The independent auditors provided an opinion that the Authority was materially in compliance with

the applicable requirements of each major federal program.

Auditors’ Report to the Audit and Finance Committee

The auditors have issued a report that provides necessary communication on matters related to

the conduct of the audit. There were no additional recommendations included in this report.

Motion to Approve

The Audit & Finance Committee recommends acceptance and approval of the FY 2011 Audited

Financial Statements; Independent Auditors' OMB Circular A-133 Compliance Report and

Independent Auditors' Report to the Audit & Finance Committee as presented.


44

MEMORANDUM


From: Dianne Quast, Director, Real Estate

Operations

Mike Andrews, Director,

Development and Community

Revitalization


Subject: Authorization to modify Section 18

Disposition Application DDA0002279;

to reinstate seven scattered site units

back into public housing portfolio;

and to release the declaration of trust

on one scattered site unit

Resolution 11-09-04

The Board is being asked to approve a resolution authorizing the modification of Section

18 Disposition Application DDA0002279; the reinstatement of seven scattered site units back

into the public housing portfolio; and the release of the declaration of trust on one scattered site

unit.

Background

On September 28, 2007, Home Forward submitted Section 18 Disposition Application

DDA0002279 to the Public and Indian Housing Information Center (PIC) for the disposition of 156

scattered site units. Supplemental information was submitted and received through February 7,

2008, at the HUD Special Applications Center.

On February 22, 2008, Home Forward received an approval letter from the HUD Special

Applications Center along with a copy of a memo to the Portland HUD office describing the review

and approval of application DDA0002279.

Since February 22, 2008, Home Forward has marketed and sold 139 of the 156 scattered site

units. Ten unsold units remain including the seven units from scattered sites HUD development

number OR002032 listed below:

1. 2503 S.E. 76th Avenue



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Home Forward is requesting that HUD allow a modification to our approved application to reinstate

these seven units back into our Public Housing portfolio.

Home Forward’s disposition application based on 24 CFR, Part 970.17 was approved with the

following “Reason for Action” (justification):

- Home Forward’s MTW Plan has a key initiative regarding the preservation of affordable

housing by removing units that are inefficient to manage and too costly to operate.

- By disposing of the subject properties, Home Forward will be able to utilize its existing

resources on multifamily developments in its portfolio.

- Net proceeds from the disposition will allow Home Forward to acquire replacement units

and to address unmet capital repair needs of its existing units.

The reasoning listed above is no longer valid for the seven units that we are requesting to be

added back into our public housing portfolio. Home Forward staff pursued the sale of these

properties and discovered through a professional survey that the lots could not be legally

subdivided into seven distinct properties. Home Forward submitted an application to Multnomah

County for subdivision, the application was denied based on “inadequate set-backs,” “inadequate

pedestrian right-of-way” and, “county services unavailable to the site.”

In addition to the seven units above, Home Forward would like to request that the declaration of

trust be released from the scattered site unit located at 4009 NE 133rd, Portland, Oregon, 97230,

HUD Project No. OR16P2050. The current resident of this unit is unable to locate a unit that

meets their needs and has requested a reasonable accommodation to remain in the unit. Home

Forward staff reached an agreement with the resident to remain in the unit. At a future date when

the resident vacates the unit, all other household members (if any) would be required to vacate the

premises. It is our intention to sell the unit when the current resident vacates. Given the unknown

timing of this transaction, Home Forward, with a release from the declaration of trust, would

provide the current resident with a housing choice voucher upon vacating the unit.


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Policy Implications

Board authorization to modify Section 18 Disposition Application DDA0002279 would allow

seven scatter site units to be reinstated into the public housing portfolio and maintained according

to the Public Housing Preservation Initiative. Additionally, Board approval would allow the removal

of the declaration of trust on an eighth unit allowing Home Forward to retain the unit until time of

vacancy; removing the declaration of trust would delay the sale of this property for an unknown

time.

Budget Implications and Financial Impact

Home Forward readjusted projections for the scattered site sale proceeds when staff became

aware that these units were not marketable. Operating budgets and staffing will be assumed by

exiting staff for no new costs to Home Forward


Staff recommends approval of Resolution 11-09-04.


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AUTHORIZATION TO MODAUTHORIZATION TO MODAUTHORIZATION TO MODAUTHORIZATION TO MODIFY SECIFY SECIFY SECIFY SECTION 18 DISPOSITION TION 18 DISPOSITION TION 18 DISPOSITION TION 18 DISPOSITION AAAAPPLICATIONPPLICATIONPPLICATIONPPLICATION DDA0002279; TO DDA0002279; TO DDA0002279; TO DDA0002279; TO

REINSTATE SREINSTATE SREINSTATE SREINSTATE SEVEN SCATTERED SITE EVEN SCATTERED SITE EVEN SCATTERED SITE EVEN SCATTERED SITE UNITS BACK INTO PUBLUNITS BACK INTO PUBLUNITS BACK INTO PUBLUNITS BACK INTO PUBLIC HOUSING PORTFOLIOIC HOUSING PORTFOLIOIC HOUSING PORTFOLIOIC HOUSING PORTFOLIO; ; ; ;

AND TO RELEASE THE DAND TO RELEASE THE DAND TO RELEASE THE DAND TO RELEASE THE DECLARATION OF TECLARATION OF TECLARATION OF TECLARATION OF TRUST ON ONE SCATTERERUST ON ONE SCATTERERUST ON ONE SCATTERERUST ON ONE SCATTERED SITE UNITD SITE UNITD SITE UNITD SITE UNIT

WHEREASWHEREASWHEREASWHEREAS, the Board of Commissioners adopted resolution 07-07-03 authorizing Home Forward

to submit Section 18 Disposition application DDA0002279 to the U.S. Department of Housing and

Urban Development (HUD) for the disposition of 156 units of scattered site public housing units;

and

WHEREASWHEREASWHEREASWHEREAS, on February 22, 2008, Home Forward received an official approval letter from HUD

Special Applications Center authorizing the disposition of the 156 units of scattered site public

housing units; and

WHEREASWHEREASWHEREASWHEREAS, Home Forward discovered that seven of the 156 units that were authorized for

disposition by HUD are not marketable or feasible units for disposition. These units are: 2503 S.E.

76th Avenue, 2504 S.E. 76th Avenue, 2507 S.E. 76th Avenue, 2519 S.E. 76th Avenue, 2528 S.E. 76th

Avenue, 2609 S.E. 76th Avenue and 2606 S.E. 76th Avenue; and

WHEREAS, WHEREAS, WHEREAS, WHEREAS, Home Forward has determined that there will be a delay in the sale of the scattered

site located at 4009 NE 133rd due to an approved reasonable accommodation

NOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVED,,,,

1. The Board of Commissioners hereby authorizes the Executive Director to modify Section 18

Disposition Application DDA0002279 to reinstate the seven public housing units listed above

and to obtain authorization from the Department of Housing and Urban Development to allow

the reinstatement of said seven units and to have the Department of Housing and Urban

Development remove the declaration of trust on the one additional unit.


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2. Effective Date: This resolution shall be in full force and effect from and after its adoption and

approval





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MEMORANDUM


From: Mike Andrews, Director,

Development and Community

Revitalization

John Manson, Assistant Director,

Construction Services


Subject: Authorizes Selection of a Construction Manager General

Contractor for Redevelopment of

Hillsdale Terrace Resolution 11-09-05

Resolution 11-09-05 approves the selection of R&H/Colas Construction LLC as Construction

Manager/General Contractor (CM/GC) for the Hillsdale Terrace redevelopment, and authorizes the

execution of a pre-construction services agreement in the amount of $65,350.

Background

In May 2011, Home Forward was notified by HUD that its application for an $18.5 million HOPE VI

Grant to redevelop Hillsdale Terrace was successful. In June of 2011, Home Forward authorized

acceptance of the Grant and execution of the Grant Agreement (Resolution 11-06-10).

The $18.5 million HOPE VI Grant will be combined with other sources to fund a $ 47.3 million

redevelopment project. The redevelopment plan includes relocating existing residents; providing

community and supportive services to both existing and future residents; demolishing the existing

60 housing units and site improvements; and building 122 rental units and a community center;

and partnering with Habitat for Humanity on the development of seven off-site homeownership

units. Total project cost is inclusive of relocation, community and supportive services, land, and

soft and hard costs. The financing plan anticipates use of both 4% and 9% Low-Income Housing

Tax Credits; tax-exempt bonds; HOPE VI funds; funds from the City of Portland; funds from the

Public Housing Preservation Initiative and funds raised by Habitat for Humanity.

On March 16, 2010, the Contract Review Board of Home Forward (then operating as the Housing

Authority of Portland) adopted findings, as required by Home Forward’s Purchasing and

Contracting Rules, prior to initiation of a Construction Manager/General Contractor (CM/GC)


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selection process. On July 13, 2011, Home Forward released a Request for Proposals for CM/GC

services that requested contractor proposals describing project firm/team experience and

qualifications; project approach and management of the work; fee proposal; and economic

participation program.

Outreach promoting this opportunity included advertisements, letter notifications to local

contractors known for their capabilities with larger projects, and notification to minority chambers

and technical assistance providers. A pre-proposal conference held July 21, 2011, was attended

by six prime contractors. The RFP closed on August 16, 2011, with two proposals received, one

from O’Neill/Walsh Community Builders, LLC, and one from R&H/Colas Construction, LLC.

The proposal evaluation team consisted of seven members including three Home Forward staff,

one Multnomah Village resident, as well as one representative from the Home Forward Board of

Commissioners, the City of Portland, and the Portland Housing Bureau. The evaluation committee

reviewed the written proposals and conducted interviews with both proposers. At the conclusion

of the interviews, R&H/Colas was selected as the top ranked proposer.

The CM/GC will provide design phase pre-construction services, as well as management of the

construction. The pre-construction services agreement will describe the scope and price for a

range of pre-construction services delivered during the design phase. As design work progresses

and subcontractor bidding is completed, a guaranteed maximum price (GMP) for construction will

be established at three intervals: (1) abatement and demolition (estimated February 2012); (2) mass

grading and infrastructure (April 2012); (3) building construction (August 2012). Construction

services for each of the three construction phases will be added to the pre-construction services

agreement through contract amendments, subject to approval by the Board of Commissioners.

Budget Implications and Financial Impact on Home Forward

The pre-construction budget is fully funded through grant sources and funds are available to pay

pre-construction costs.

Risks and Opportunities

Use of the CM/GC project delivery method in lieu of design/bid/build will save time on the overall

schedule by allowing demolition and abatement to start prior to completion of infrastructure and

building designs. Involvement of the CM/GC during design will allow value-engineering and

constructability reviews to add value to the project and minimize changes during construction.

The opportunity to work with the CM/GC on its economic participation plan well in advance of

bidding is a key to success with equity goals. Advance planning will allow time to coordinate labor


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needs with workforce pre-apprenticeship class schedules to make sure labor is available when

construction starts, and it will allow target businesses time to prepare for bidding the work.


Staff recommends approval of resolution 11-09-05.


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AUTHORIZES THE EXECUTIVE DIRECTOR TAUTHORIZES THE EXECUTIVE DIRECTOR TAUTHORIZES THE EXECUTIVE DIRECTOR TAUTHORIZES THE EXECUTIVE DIRECTOR TO EXECUTE A PREO EXECUTE A PREO EXECUTE A PREO EXECUTE A PRE----CONSTRUCTION CONSTRUCTION CONSTRUCTION CONSTRUCTION

SERVICES AGREEMENT WITH THE SELECTED CONSTRUCTION MANAGER/GENERAL SERVICES AGREEMENT WITH THE SELECTED CONSTRUCTION MANAGER/GENERAL SERVICES AGREEMENT WITH THE SELECTED CONSTRUCTION MANAGER/GENERAL SERVICES AGREEMENT WITH THE SELECTED CONSTRUCTION MANAGER/GENERAL

CONTRACTOR FOR REDEVELOPMENT OF HILLSDALE TERRACECONTRACTOR FOR REDEVELOPMENT OF HILLSDALE TERRACECONTRACTOR FOR REDEVELOPMENT OF HILLSDALE TERRACECONTRACTOR FOR REDEVELOPMENT OF HILLSDALE TERRACE

WHEREASWHEREASWHEREASWHEREAS, in March 2010, with the approval of the Contract Review Board of Home Forward

(then the Housing Authority of Portland), the Development and Community Revitalization

Department initiated a Construction Manager/General Contractor selection process to select a

contractor for the Hillsdale Terrace redevelopment; and

WHEREAS,WHEREAS,WHEREAS,WHEREAS, Home Forward finds that the response of R&H/Colas Construction LLC, combined

with their performance on similar projects, including an effective plan for including Target

Businesses, Workforce Training and Hiring opportunities, and hiring of Section 3 residents in the

execution of the work conforms to Home Forward’s requirements; and

WHEREAS, WHEREAS, WHEREAS, WHEREAS, Home Forward and R&H/Colas Construction will execute a pre-construction services

agreement in the amount of $ 65,350; and

NOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVEDNOW, THEREFORE, BE IT RESOLVED, that the Board of Commissioners of Home Forward

hereby authorizes the Executive Director to execute a pre-construction services agreement for

Hillsdale Terrace with R&H/Colas Construction in the amount of $ 65,350.



________________________________ ________________________________



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Board of Commissioners Meeting · DATE: September 14, 2011 The Board of Commissioners of Home...

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Transcript of Board of Commissioners Meeting · DATE: September 14, 2011 The Board of Commissioners of Home...