MIDDLE-INCOME HOUSING AUTHORITY
BOARD MEETING MINUTES
September 20, 2024
Virtual and in Person via Zoom
9:00 a.m. - 11:00 a.m.
CALL TO ORDER & PUBLIC COMMENTS
MEETING PARTICIPANTS
Board Members Attending
Peter LiFari - Chair, Thomas Bryan - Treasurer, Alison George - Secretary, Brian Dale, Stephanie Gonzales, Mike Johnson, Pat Meyers, Kristin Stephens, Sen. Jeff Bridges, Rep. Rick Taggart
Board Members Absent
Tamara Pogue - Vice Chair, Darren Everett, Carl Koelbel, Jackie Millet, Dominique Acevedo
Staff/ Consultants
Hilary Cooper, Marisela Parraguez - OEDIT, Paul Williams, Center for Public Enterprise, John Stoecker, Ben Barker - SMG, Michael Leahey, Tanner Crawley - Castlewood
Minutes
A motion to approve the August 15, 2024 Development and Real Estate Subcommittee Meeting Minutes was made by Thomas Bryan and seconded by Brian Dale. All present voted in favor, unanimously carried, and the motion was approved.
Public Comment
No public comment
Discussion Items & Project Updates
Panel Presentations on Middle-Income Housing Financing Tools
- Paul Williams, Center for Public Enterprise Presentation
- Castlewood Partners, Michael Leahey & Tanner Crawley, Castlewood Partners
- Neal Drobenare, NHP Foundation
Action Items:
- Direction for Castlewood to prioritize gap funding solutions, share with Legal and SMG for review/comment and bring specific recommendations for top selection to October Board meeting, or ASAP.
- Board suggested NHP option should be included
- Rep. Taggert will consider legislative options for Seed Funding for a Revolving Loan Fund including the Severance Fund
Administrative Items
Board Updates:
- Welcomed Representative Rick Taggart (Legislative leadership appointment), Pat Meyers (at large seat), Kyle Henderson (Real Estate Seat)
- The Governor reappointed Commissioner Pogue, Commissioner Stephens, Jackie Millet & Stephanie Gonzales.
- All appointments will be confirmed by the Senate when back in session.
Report out on Real Estate and Development Subcommittee
After hearing a presentation from Paul Williams, the Subcommittee requested the presentations provided to the board at the start of this meeting.
Report out on Finance Subcommittee
Kathryn Grosscup, CHFA presented an update on the Middle-Income Housing Tax Credit
FY24 Financial Report
Draft Report presented, but not finalized due to ongoing transition to Quickbooks. Final report will be presented at a later date.
Approval of Bylaws
A motion to approve the Amended Bylaws dated September 2024 was made by Kristen Stephens and seconded by Brian Dale. All present voted in favor, unanimously carried, and the motion was approved.
Discussion of Legislative Ideas:
- Exemption from Local Budget Reporting (again)
- Increase Administrative funding
- Does MIHA need more flexibility for PPP’s?
- Ideas included seed funding for a revolving loan fund, Mezzanine loan to take out Revolving Loan Fund (similar to CHFA’s Middle Income Access Program), recycled Volume Cap funds and perpetual Severance Fund $$
- Ensure Prop 123 Equity is compatible with MIHA bonds (non-legislative)
- Option to include ownership/middle income condos in MIHA bonds
- Construction defects nexus? Right to remedy the pilot project for MIHA?
- Peter suggested Subcommittee meetings as a good place to vet legislative ideas.
Audit Update
CliftonLarsonAllen Scope of Work signed, FY24 Audit initiated
Project Updates & Meeting Updates
Project updates presented. Pre-application and application process discussion will be presented at an upcoming meeting.
Other Business: Staff presented an update on the upcoming Housing Colorado panels and a reminder of upcoming meetings.
Adjourn
11:08am: moved by Kristen Stephens and seconded by Brian Dale, approved unanimously
