Housing Catalyst

Approval of Agenda

Mindfulness Moment

Chief Financial Officer Tonya Frammolino led the group in a mindful moment.

Call to Order

Committee Chair Jennifer Wagner called the meeting to order at 3:35 pm. She requested that Vice-Chair Lizette Mill lead the meeting.

Approval of Minutes

Chair Wagner moved to approve the minutes of the February 13, 2023 meeting. Committee Member David Bye seconded and the motion was passed unanimously.

Reports

Q1 2023 Financial Report

Financial Overview

Director of Accounting Tara Gaffney introduced the presentation of the first quarter financials, providing an overall summary. The presentation is located in Boardable for reference. Ms. Gaffney noted that the Low Income Housing Tax Credit (LIHTC) audit was completed with no findings. The auditors were on-site last week; the Housing Catalyst audits are underway and almost finished. 

Voucher Presentation

Director of Rental Assistance Traci McGraw presented an overview of the voucher program, including the total vouchers managed by type and voucher utilization rates. She presented new slides with information from the HUD Dashboard indicating various metrics. She requested feedback on whether this information is helpful and valuable to Board members. 

Property Management Presentation

Director of Property Management Jessica Born presented an update on LIHTC property Debt Service Coverage Ratios (DSCR). She reviewed the Managed Entities, including the Villages, public housing, and Wellington portfolios.

Development Presentation

Manager of Real Estate Development Carly Johansson presented a summary from the Development Department, including average monthly operating expenses, operating cash, total developer fees collected, and total expected to be collected.

Old Business

AFC Checklist

Ms. Brewen noted that she met with Commissioners Wagner and Mill to discuss the Audit & Finance Committee Checklist. Some revisions were made which will be consolidated and finalized. The updated checklist will be presented at the next meeting of this Committee.

New Business

Board Report Draft

Ms. Frammolino requested feedback on the summary of this meeting, which will be presented at the next meeting of the full Board. It was noted that the report will be updated with a note about David Bye's resignation. 

Comments | Announcements

Ms. Frammolino reported that feedback from the auditors, who were on-site last week. were very positive. She noted that the auditors appreciated the quality of the materials. The Larimer County audit has been finalized and there are no findings.

Auditor site work update

Adjourn Meeting

Commissioner Mill adjourned the meeting at 4:44 pm.

RESOURCES

Next Meeting Date

June 12, 2023 @ 3:30 pm - Regular Meeting

Planning Calendar 

Definitions & Terms

Key terms and definitions.