Loading...
HomeMy WebLinkAboutHousing & Redevelopment Authority Packet 01-27-2011MEETING AGENDA PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY THURSDAY, JANUARY 27, 2011 - 7:00 p.m. WHERE: Medicine Lake Room City of Plymouth 3400 Plymouth Boulevard Plymouth, MN 55447 CONSENT AGENDA All items listed with an asterisk (*) are considered to be routine by the Housing and Redevelopment Authority and will be enacted by one motion. There will be no separate discussion of these items unless a Commissioner, citizen or petitioner so requests, in which event the item will be removed from the consent agenda and considered in normal sequence on the agenda. 1. CALL TO ORDER - 7:00 P.M. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes from November 18, 2010. B. Plymouth Towne Square. Accept Monthly Housing Reports (November and December, 2010). C. Vicksburg Crossing. Accept Monthly Housing Reports (November and December, 2010). 3. NEW BUSINESS A. Vicksburg Crossing. Marketing Report. B. Plymouth Towne Square. Approve sale of refunding bonds. C. First Time Homebuyer and Rehabilitation Program Changes. 4. ADJOURNMENT DRAFT MINUTES PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY November 18, 2010 PRESENT: Chairman Jeff Kulaszewicz, Commissioners Steve Ludovissie, David Miller, Paul Caryotakis, and Bob Stein ABSENT: None. STAFF PRESENT: Housing Program Manager Jim Barnes and Office Support Representative Janice Bergstrom OTHER: Sara Paquette, Executive Director — Vicksburg Crossing CALL TO ORDER Chairman Kulaszewicz called the Plymouth Housing and Redevelopment Authority meeting to order at 7:00 P.M. Housing Manager Barnes added Item 3.C. 2. CONSENT AGENDA A. Approve HRA Meeting Minutes from October 28, 2010 B. Plymouth Towne Square. Accept Monthly Housing Report (October, 2010) C. Vicksburg Crossing. Accept Monthly Housing Report (October, 2010) MOTION by Commissioner Caryotakis , seconded by Chairman Ludovissie. Vote. 5 Ayes. MOTION approved unanimously. 3. NEW BUSINESS A. Vicksburg Crossing. Marketing Report Chairman Kulaszewicz introduced Executive Director Sara Paquette. Ms. Paquette reviewed the report and advised that all market rate apartments are filled, and there are a couple affordable touts upcoming. Commissioner Stein asked if vacancies were filled from the waiting list. Ms. Paquette said four affordable units became available at one time and were all filled. She said walk-in people are interested in affordable units. Ms. Paquette said one person on the waiting list is interested. She added one unit is handicapped unit. Commissioner Ludovissie asked how much time is required for unit turnover. Draft Plymouth Housing and Redevelopment Authority November 18, 2010 Page 2 Ms. Paquette said one month is required for cleaning and preparation. Housing Manager Barnes asked if there was any discussion from those residents regarding rent increases. Ms. Paquette acknowledged there was a little grumbling, but added that as they have started doing lease renewals, no one has come to the office complaining. She said it helps for increases to occur in small increments. Chairman Ludovissie concurred. B. Plymouth Towne Square. Call For Sale of Refunding Bonds Chairman Kulaszewicz introduced Housing Manager Barnes who gave an overview of the staff report. Commissioner Caryotakis asked if there are any concerns about two issues outstanding at the sarne time. Housing Manager Barnes said crossover allows us to sell these bonds today, and make no payment for two years until the old bonds are called and paid off. He added that this would not jeopardize the triple A bond rating, so there is no concern according to our financial consultants. Commissioner Stein asked for an explanation of "crossover". Housing Manager Barnes said crossover is where two series of bonds are in existence at the same time. He said we will conthiue to make payments on existing bonds for two years while taking advantage of the current low rates. This results in paying off the old series at low rates, and then the new series begins. Commissioner Ludovissie noted that we are basically buying a lower rate. Housing Manager Barnes answered affirmatively and said we are not jeopardizing any call provisions within the bonds that would be cost prohibitive. Commissioner Caryotakis added that funds raised would be invested in securities designed to buy the right value at the right time. Chairman Kulaszewicz asked who would invest the money from the new issue. Housing Manager Barnes said this would be placed for public bid; Ellers would conduct public bidding for those bonds with interested investment companies. Commissioner Caryotakis asked who holds the proceeds from the bonds. Commissioner Miller said these proceeds are placed in escrow. Draft Plymouth Housing and Redevelopment Authority November 18, 2010 Page 3 Chairman Kulaszewicz asked what kind of return is calculated on the proceeds and what fee Ellers earns on this issue. Housing Manager Barnes said there is a city contract for the advisory fee which is included in the pricing cost issuance. Chairman Kulaszewicz said he was curious about their fee, as we are gaining $14,000 a year. Chairman Kulaszewicz paid complements to Housing Manager Barnes on being proactive on items like this to save money for the City whenever we can. He said this provides positive results for the citizens of Plymouth and also for the tenants to keep rent increases down. MOTION by Chairman Kulaszewicz, seconded by Commissioner Miller, to approve the Plymouth Towne Square 2010 operating budget amendment. Vote. 5 Ayes. MOTION approved. C. First Time Homebuyer Program. Accept Donation for 3325 Garland Lane N. Chairman Kulaszewicz introduced Housing Manager Baines who gave an overview of the staff report. MOTION by Commissioner Miller, seconded by Commissioner Caryotakis, to accept the donation of $30,000 from the Walsh Family Trust Vote. 5 Ayes. MOTION approved. OTHER BUSINESS Housing Manager Barnes distributed a report for Plymouth Towne Square and Vicksburg Crossing which was prepared internally with the Finance Department. He explained this report takes a snapshot of the larger financial reports breaking it down monthly. Housing Manager Barnes said this report simplifies and analyzes the cash position of the buildings and how it tracks against the budget. Discussion followed on the age of the building and repairs required on Plymouth Towne Square which is now 20 years old. It was suggested there might be cost savings to replace the windows in bulk at this time for cost savings and economically. Chairman Kulaszewicz asked how the mechanicals are functioning at Plymouth Towne Square doing. Housing Manager Barnes reviewed water issues which resulted in premature replacement of copper, valves, condensers, boilers, etc. as there was no soft water for the first five years. He said a more rigid maintenance schedule is in place. Chairman Kulaszewicz thanked Housing Manager Barnes for the operating summary. Draft Plymouth Housing and Redevelopment Authority November 18, 2010 Page 4 Housing Manager Barnes said the City received a new TIF application for a housing project from Quest Development at the southwest quadrant of State Highway 55 and Highway 169 for a 157 - unit building. The application is for $2,8 million in TIF, plus a reduction in park dedication fees. Housing Manager Barnes said the proposal would be for 10% of the units to be affordable. 4. ADJOURNMENT MOTION by Chairman Kulaszewicz to adjourn the meeting at 7:27 p.m. P PLYMOUTH TOWNE SQUARE MEMORANDUM To: Jim Barnes From: Kathy Boesen, Managing Director, Plymouth Towne Square Date: December 15, 2010 RE: PTS Monthly Report for November 2010 December Newsletter and December Calendar attached November financial statement attached OccupancylMarketing November Move Outs/ins and Internal Moves Apartment 124 (one -bedroom) moved out the end of November. This apartment is rented for January 1, 2011. November Vacant Un -leased Apartments Apartment 132 (two-bedroom) gave notice and will be moving to Florida by the end of December. November Vacant Leased Apartments Apartment 130 (one -bedroom) is rented for February 1, 2011. November Notice to Vacate Apartment None AdministrativelBuilding Operations Midwest Aerial Contracting was here to replacelrepair exterior security and parking lot lighting components. Cost $196. Motzko Plumbing was here to repair several pipe leaks on the hot water circulation line. Cost $439.85. 15500 37th Avenue North • Plymouth, MN 55446-3250 Phone: (763) 550-9525 • Pax: (763) 551-0144 Owned by Plyntauth Hauling and Redevelopment Acnhodry Midwest Fuel was here to fill the gas tank for the backup generator. Cost 362.06. Our Drywall Contactor was here to repair an apartment ceiling that had water damage from a leaky zone valve in the apartment above. This had happenec last spring and the resident did not want to have it fixed at that time. The resident has since moved out so it was fixed. Resident Services Several residents had a PTS Craft Sale the beginning of the month, It was very fun and successful. They are planning to have it again next year. The Pancake Breakfast was on the 20tH Resident Meeting was held on the 24tH, where the birthdays for the month were celebrated. L Ln W C O ra C) Q O a O N ao Lm m' a o Z o m o v ri w m O m o n Lf! C N IR Z h 00NrlOOOrinm IO y N I m Ln 00;:Z I L/1 O to n II Lf1 V cl In OJ n m O N Z r-1 In n V Ln rl n N Lfl C U r -i U f` V rl lD O r -I Ln n v m m N o Ln Ln r•1 Nn O Ln n M O O L -1 Ln n o U O N N l6 O ri N N C Lr to lD N Ln n Ln OItr In n N n In Wr -I DO lcj N In n dam' m Ln 00 ! ri N M O N In r In N n (Ti In LrO O V H N - N N Ln r Ln 1 m R m L v n - ono Q N Ln n V vi - 0O n Ln V ijf` r -I O N O @ I r -I m N N Ln n v n O n O Ln m ool m LLI N Ln n In D} 01 m 00 (n ' C Ln V O C r4 m Ln m N N n Ln a fL fn * + uCi C L4 E Ln Q I1 O1 LU ID L ++ LZ FC Q tl r1 O n Lf O M M w o v lO Q1 lO rl O O n o ai v N r00 - I l O 1p 1p O 0 0 Ln fz C) Ln 00 O N ri O N Ln q* Cl) rI n o ri Lfo LR O Cl) M to ri L11 O VLnOIR N 0) N m o ri Ono O co O O r i N O O n m o 0i00 ri cr N L ri Ql O rn M O N In ri H atil O1 C VI f0 to C OY a t Q L w 4 Ln V C 0] Z h O O1Ol 0 0 0101 el C) 00m 0 O 00 O) 0 0 ai 0 00 O) O 00cn C) Ib0) D" O 000) N In Do 00 m m 00 r -I r -I In LD 00 cn j U f9 s U Ln O ul Eor- Cv' r Ea ai 3; U w L fu V a aj kA l 6 or Balance Sheet PLYMOUTH TOWNE SQUARE As Of November 3®,201 a. Ending Balance ASSETS Total CURRENT ASSETS M I PETTY CASH 500 M [ OPERATING ACCOUNT 52,882 M I SEC DEPOSIT CASH ACCOUNT 47,674 INVESTMENTS- WORKING CAPITAL FUND 767,135 INVESTMENTS - NEW DEBT SERVICE 87,138 ACCOUNTS REC-TENANTS 7) INTEREST RECEIVABLE 950 ACCOUNTS REC-OTHER 770 PREPAID PROPERTY INSURANCE 14,369 PREPAID OTHER 2,261 TOTAL CURRENT ASSETS 973,671 FIXED ASSETS LAND 459,247 SITE IMPROVEMENTS 1€1,390 BUILDING 5,767,619 BUILDING IMPROVEMENTS 301,779 FURN, FIXT& EQUIP -GENERAL 237,652 FURNITURE & FIXTURES - HOUSEKEEPING 8,696 COMPUTERS]OFFICE EQUIPMENT 13,060 ACCUMULATED DEPRECIATION 2,764,527) TOTAL FIXED ASSETS 4,134,916 NON-CURRENT ASSETS DEFERRED CHG - ORIG ISS COSTS 17,797 DEFERRED CHG - BOND ISSUANCE COSTS 23,672 TOTAL NON-CURRENT ASSETS 41,469 TOTAL ASSETS 5,150,056 Balance Sheet PLYMOUTH TOWNS SQUARE As Of November 30,2010. TOTAL LIABILITIES EQUITY RETAINED EARNINGS RESERVED FOR DEBT SERVICE RETAINED EARNINGS TOTAL EQUITY CURRENT YEAR INCOME!(LOSS) TOTAL LIABILITIES & EQUITY 126,744 1,365,818 3,503,840 3,569,727 1,492,562 87,767 6,150,066 Ending Balance Total LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 6,728 ACCRUED PAYROLL 2,003 ACCRUED COMPENSATED BALANCES 3,209 ACCRUED INTEREST 25,848 ACCRUED REAL ESTATE TAXES 26,923 ACCRUED OTHER 1,376 TOTAL CURRENT LIABILITIES 65,886 LONG-TERM LIABILITIES SECURITY DEPOSITS 46,090 BONDS PAYABLE 3,490,000 BOND DISCOUNT 32,250) TOTAL LIABILITIES EQUITY RETAINED EARNINGS RESERVED FOR DEBT SERVICE RETAINED EARNINGS TOTAL EQUITY CURRENT YEAR INCOME!(LOSS) TOTAL LIABILITIES & EQUITY 126,744 1,365,818 3,503,840 3,569,727 1,492,562 87,767 6,150,066 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through November 30,2010. MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 49,028 49,470 442) 532,264 544,170 11,906) 593,640 NRA INDIVIDUAL 17,553 28,000 2,447) 222,447 220,000 2,441 240,600 GARAGE RENT 2,970 2,790 189 32,272 30,590 1,582 33,480 GUEST ROOM REVENUE 100 250 150) 1,980 2,150 L770) 3,000 LAUNDRY REVENUE 770 825 55) 8,565 9,075 510) 9,900 APPLICATION FEE REVENUE 0 53 53) 350 583 233) 636 TRANSFER FEE REVENUE 0 0 0 50 700 650) 700 SMOKER'S FEE REVENUE 0 B3 83) 0 913 913) 996 INVESTMENT INCOME 475 1,960 1,485) 5,267 21,560 16,293) 23,520 MISCELLANEOUS REVENUE 62 20 42 1,059 220 849 240 TOTAL INCOME 70,958 75,451 4,493) 804,263 830,661 26,398) 906,112 EXPENSES ADMINISTRATION MANAGER SALARIESfWAGES 1,957 2,052 94 21,777 22,567 789 24,618 ASST MANAGER SALARIESNIAGES 1,800 1,748 521 20,024 19,223 601) 20,970 PAYROLL TAXES 527 541 14 6,515 5,951 564) 5,492 HEALTH INSURANCE 1,147 1,340 193 13,387 14.740 1,353 18,080 WORKERS COMP INSURANCE 175 113 62) 1,482 1.243 239) 1.356 MAINTENANCE SALARIESNIAGES 1,468 1,442 26) 16,261 15,862 399) 17,304 MAINTENANCE ASST SALARIESANAGES 705 767 62 8,145 8,437 292 9,204 EMPLOYEE COSTS 148 184 37 2,698 2,024 674) 2,208 SEMINARITRAINING 0 25 25 0 275 275 300 BANK rEES 0 5 5 148 55 93) 60 DUES, SUBS & MEMBERSHIPS 0 10 10 50 110 50 120 LICENSE & PERMITS 0 75 75 894 825 69) 900 MILEAGE REIMBURSEMENT 49 53 4 600 585 17) 636 POSTAGEIOVERNIGHT EXPRESS 0 6 6 44 66 22 72 PRINTING 0 9 9 0 99 99 108 MANAGEMENT FEES 4,400 4,400 0 49,400 48,400 0 52,800 PROFESSIONAL FEES 0 135 135 1,299 1,485 185 1,620 TELEPHONE EXPENSE 436 425 11) 4,807 4,675 132) 5,100 EQUIPMENT LEASEIREPAIR 0 185 185 1,614 2,035 421 2,220 OFFICE SUPPLIES 89 B2 7) 773 902 129 904 MISCELLANEOUS ADMIN EXPENSE 0 i9 10 0 110 110 120 TOTAL ADMIN EXPENSES 12,901 13,606 705 148,927 149,666 739 163,272 RESIDENT SERVICES RESIDENT PROGRAMIACTIVRIFS 71 210 159 11842 2,375 533 3,475 TOTAL RES SERV EXPENSES 71 210 139 1,942 2,375 533 3,475 MARKETING PROMOTIONALIPARTIES 0 15 15 0 165 165 180 TOTAL MARKETING EXPENSES 0 16 15 0 165 165 180 HOUSEKEEPING CONTRACT LABOR 1,464 1,500 37 15,889 16,500 632 16,009 CLEANING SUPPLIES 16 170 154 1,274 1,870 596 2,040 TOTAL HOISEKEEP(NG EXPENSES 1,480 1,670 190 17,142 18,370 1,228 20,049 Profit and Loss Variance PLYMOUTH TC WNW SQUARE Through November 30,2010. MTD Actual Budget Var. YTD Actual Budget Var. Year Budget BUILDING & GROUNDS CABLE TV EXPENSE 58 49 9) 598 539 159) 588 UTILITIES -ELECTRICITY 1,815 1,975 101 21,364 22,825 1,461 24,825 UTILITIES -GAS 1,629 3,200 1,571 16,950 27,665 6,715 33,365 UTILITIES - WATERISEWER 571 630 41) 7,664 7,650 114) 8,180 WATER SOFTENING SERVICE 279 350 71 3,092 3.850 75B 4.2n0 DOORS, KEYS & WINDOWS 548 540 9) 7,640 5,940 1,700) 6,480 FIRE SYSTEM SERVICE 0 535 535 3,999 5,885 1,886 6,420 LAWN SERVICELMDSCAPI6NOW RMVL 2,300 1,560 750) 16,247 17,050 803 18,600 PEST CONTROL 0 0 0 425 525 100 ICD TRASH REMOVAL 595 575 20) 5,929 6,325 604) 6,900 UNIT TURNOVER REPAIRS 0 2,500 2,500 23,976 27,500 3,524 30,000 RESERVEREPLACE CAPITAL EXPENSE 0 0 0 10,909 10,700 209) 10,700 ELEVATOR -REPAIRS & MAINTENANCE 454 470 16 7,338 5,170 2,165) 5,64D REPAIRS & MAINTENANCE 1,713 1,575 136) 24,015 17,325 01690) 18.900 BUILDING & GROUNDS SUPPLIES 110 1,000 890 5,537 11,000 4.363 12,000 HVAC -REPAIRS & MAINTENANCE 218 1,250 1,032 10,461 13,750 3,289 15,000 MISCELLANEOUS R & G EXPENSES 0 16 15 0 165 165 180 TOTAL 8(111 -DING & GROUNDS 10,350 16,114 5,764 170,244 183,864 13,620 202,678 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,399 2,543 144 26.963 27,455 492 29,998 PAYMENT IN LIEU OF PROPERTY TAX 2,44B 2,474 26 26,923 27,214 291 29,688 TOTAL OTHER OPERATING EXPENSES 4,846 5,017 171 53,886 54,669 783 59,686 TOTAL OPERATING EXPENSES 29,647 36,632 6,985 392,041 409,109 17,068 449,331 NET OPERATING INCOME I ( LOSS) 41,311 38,819 2,492 412,222 421,552 9,330) 456,781 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 16,450 14,178 2272) 180,947 155,958 24,989) 170,136 AMORTIZATION EXPENSE 465 465 0 5,116 5,115 1) 5,5B0 INTEREST EXPENSE 12,924 12,473 451) 138,391 137,203 1,188) 149,676 TOTAL DEPREC, INTEREST & OTHER 29,839 27,116 2,723) 324,455 298,276 26,179) 325,392 NET INCOME I (LOSS) 11,472 11,703 231) 87,767 123,276 35,5091 131,389 NWN - mAm,_ mi % N cry N A o J N d m d W o a m n N V N Y P r a i V 6 C r W O p p o o p p p o p o o m o o m o 0 0 o m o p o 0 0 m 0 0 0 0 a N O ' M d N O W o 1v n a m cp OM a 'o m z a ti h 0 C paWr a a NM22mIqHwnJ p tr•) N m n N o o n vmi N Y 1 N m Y I Q d a N W O o a o o m m r N m w N .- m N m r m V h pj hymN d iL W Q d 7 W r N Cl m r7 m ro Y o w n . m d N ry t'IN m N N Y m N Y O r N N d r d C 7 d a ro W O a n W r ma w o N d N LL v o W M d 7 m o m nIN e a WEn w ¢ 0 WNNmd w a w `w N w N x w W Q 5 _ d F w . w w W N Z { w z w z zz1 a 4a w e rc w u a Z o X Wz W w w 4 N w y y Y 0 W w w a Lu } w W 2 4 W W p W Z z qQJq vwv W Y rc U` w w w Ili N w m - ` 1 Z R U Z R K 4 a N G N m m K w k (( w Z U V' W O W w fC j w w Z O W O g W W W O W F Q WzwFwfF4' v u u w z z J ' rc y z 7 Z w O V 0 z Z 4 ' q F to a z w m W a O w O z i j N a w d F w 0 ww W= w N Z 2 y w z uwi Z a r r r r Y w z a a u a a u¢ 0 w o o w z 4 w U w - m w- p 0 v Q x u r9 g Q F 0 a 4 a L$ w m o a F w rc F = V u F- O a Q CV LL w O m 1` h n W tJ N m V N a P z = a O W d m u1l w z 7a7WwFaw] w WiWzo z C7 w n w m m Q W w a m 0 0 al o V N o a o p e o 0 o e o 0 0 0 0 0 0 0 0 0 0 0 0 o a a o 0 M a a RN m m V{ N z M d Y m OMO YWN m N N N Z W a s V s W ^ t7 x w z w a w me a 'oz qFq W 4 a z¢ S D wNF Cp n ry m m M O Y 6i o in G W WW w rQ Z 7 R M G ry CL U F- z 0 z w V tp w Ci ry N M d 17 a ll W N NNm en m VVa 0 N r y y m 9 M O d 79 N PmM d C y I Im 01 a w O d M P N a a O a L o 0 v n a m r r iy o .n n v w m o r M u1Oi N N W O O 1 I N ti M a m w N LLIIn W m w Z uu 1// p X z W U z x W tlJ 2 W N P z = a O W d m u1l w z 7a7WwFaw] w WiWzo z C7 w n w m m Q W w a 1 W OC EI LLJy w F w- 2w rc a m y u GI tWn O 02 a Wa W mOU O r w a Z NpylmWWmZ K Uwvw? ' g z o Z z w w w w Ow a a a w y U o} 4 J= Z W a s V s W ^ t7 x w z w a w me lyl MO qFq W 4 a z¢ S D wNF OZJ _ w rc m z t (/ VrVVjjj ~ w 4 o V ]Q- J 7' 4 W a g F a p W WW w rQ Z 4 F F 4 0 W Z W W mmo>>53 3 5rc r F Rpa Q o w N ui apt- w F- z 0 z DECEMBER BIRTHDAYS Happy Birthday to the following residents who are celebrating birthdays this month! DALE DAVIES 1 BETTY POMERLEAU 3 TSILIA KATSNELSON 4 DONALD MOWAN 4 RAISA KOCHERGINA 8 s.... CLARA COLLIER 11 RAJ BHANDARI 12 L EV RIZKOV 15 CONSTANCE LIVERMORE 16 BARBARA GREENWOOD 17 WGERALDES TBY 21 CHARLOTTE WOLLMAN 29 LESLEE BALDINGER 30 ORRAIN 30LESMITHH BE ERL 31BEVERLYANDERSON VADZIM DZEMIANIUK 31 Many of you will be decorating your apartments for the holiday season. This is just a reminder that we cannot have live trees or wreaths in the building. They are against fire code. But have fun decorating! Because of the busy holiday season, there will be no Pancake Breakfast, Resident Council Meeting or a Resident Meeting in December. Thank you again this year to all the wonderful helpers who decorated out building for the holidays. Great job! Your Holiday Giving Collection was a huge success. $473 was collected and it was topped off by funds from the Resident Fund to make it $500. Ten 50 gift certificates were purchased and given to Interfaith Outreach to be given to several families in Plymouth with need. Thank you for sharing with others. HOLIDAY DINNER Tuesday, December 71h at 6:00 HOLIDAY DINNER TICKETS WILL BE ON SALE Nov. 29, 30, Dec 1 Sr From 10-12:00 Tickets are $ 5.00 Dinner will be catered by the Lookout Bar and Grill Entertainment/Door prizes This is a residents only party! HANUKKAH December 2- 97 2010 For three years, Judah the Maccabee led the Jewish people against the Syrians. The Syrian Greeks had weapons and greatly outnumbered the Jews. The Maccabees had few if any weapons. They hid in the Judean Hills and attacked whenever they could. Slowly but surely, they wore down the enemies. Finally, in 165 B.C. the Jewish people reclaimed Jerusalem. They cleared the temple of the idols and restored it. In the temple, a Menorah was lit every day. They only found one small jar of oil that had not been damaged. This small jar was expected to last one day, but it burned for an entire week. Thus, Hanukkah is celebrated for eight days. Hanukkah marks the first battle fought neither for territory, nor the conquest of another, but in order to achieve religious freedom. Hanukkah means "dedication" is also called the Festival of Lights. CHRISTMAS For Christians around the world, this beautiful season, demonstrates God's love for mankind by entering the world in the most humbling of circumstances. The birth of the Christ child celebrates Gods plan for the redemption and peace of mankind. The Biblical accounts of the birth of Christ are found in Luke, Chapter 2 and Matthew, Chapter 2. The story in Luke tells how the angels appeared to the shepherds while they were tending the flocks. The angels pointed them to the place where the Christ child was born and the shepherds came and worshiped Him. The shepherds were some of the poorest individuals in that day but they were among the first invited to know about the birth of the Christ child. The story in Matthew tells how the wise men saw the star, followed it to Bethlehem and worshiped the Christ child. The wise men brought gifts of gold, frankincense and myrrh. The birth of Christ was announced to the poorest and the richest, demonstrating that all people are equal in the eyes of God. Many years ago Plymouth Towne Square had a program called the "I'M OK PROGRAM". A couple of residents in the building would walk from floor to floor checking on other residents who would hang their "I'M OK" sign on their door knob. We ran out of volunteers and the program ended. It was suggested that in its place you pick a friend or two in the building and do the same, check on them. I think it is a good idea. We all need someone to care for us! may_ PTS IS SMOKE FREE! As of January 1, 2011 our building and property will be smoke free. Please remind your family and guest that if they wish to smoke, it will have to be done off the PTS property. L J L LL J a Q U Lu e Q un uj Y LLo Y W)Y Ln Z L— C' L 4m Q i-- 0) o t c cf LU CN LU Cq ujun o o0o a a N Lu U a a cn a s U a`) ca U iE U D ca U iE U a) ca U Q O J O J U W U CD Co W UjHddCF d EE E E E E E E E Lu U LL, U LL o o o o M o o LL. LL ao p w n w U O OMcor{ 00 r4 co N M a) 0 a) m vaf 0-ig 0- fir-, tNtiff 0w O O 0-- AUU U JO U JO SQ0 C C) C7) C C) cm C C33 O] IDLUm 00 ED m W mL1JID m W m Q E¢ E¢ E¢ E¢ E CDm cx Z a of CL CL' CL LL' a ai o 0 0 0 0 0 0 0 0 0 0 0 0 C) 0 C)Q h 0 0 D m Q o M m Q Q m CD 0 c% m en ti r -I m en ti N m m L+ M of m I-_ rn En C.0 Ln w d m L1 m d 0 a- ca 4 ca L U L O U L U Z:)U 0 C U 0 U t UU) 0 U0CO C U] CDC U7 p) C U7 rnC 03C Q 0 W m U` Lu H C.7 QJ C W C.7 LU F EgL~i LC - 6 E L~i L~i V L~ ca LL- m m mmCl) C.) 3 w oC O o O CO 0 00 C) 0 N 0O 0O o N 0O 0O kn N 0O 0O N N 0Q C) Q ON N 0o 00 4 r r CD 00 r r CD r'I r r CD N r r co N r r CO a°)i u7 a aa) i 0 aoi rn d d) J Q p a) U) p 0 co p 0 U) U n U in U-2 52 C) E a rn m H 0 m m co m m d 6 p C C C C U p m C C U C) C C U C:) a) a) Q o 7 7 E o a) a) E o 0 0 E o 2 2 d n ai 2E 2E a 6i 2E 2E a - CD oCDCDCDCDQCDQQQQ m 0't C, 0 0 y M O O 00 C'7 0 0 n a) c) cc ry of c7 LO N am m Li) N ai cYi ui c m U a) U Q) CL) a) E o roU) o 0ooFo 0 F o E a o rn E o m D o cm E cu L CO co c6 L m co o C a) a E o O a) Q E o 0 a) L E o C 0 a EC? r=) a CO r Z3 C2 CO r Q_ 00 r ZD Q 00 r r r momomomo00 o t- CD o D r CV ti r t r N ti N r CV f+ N r CV L+ L/'y rN- I ri N MEMORANDUM To: Jim Barnes From: Lori Jackson, Managing Director, Plymouth Towne Square Date: January 14, 2011 RE: PTS Monthly Report for December 2010 January Newsletter and January Calendar attached December financial statement attached Occupancy/Marketing December Move Outs/Ins and Internal Moves Apartment 124 (one bedroom) resident moved_ in the end of December. December Vacant Leased Apartment Apartment 130 (one bedroom) leased for February 1, 2011. December Unleased Apartment Apartment 132 (two bedroom) is currently available. December notice to vacate None ADMINISTRATIVEIBUILDING OPERATIONS Sears repaired a dryer. $126.10 Water softener repaired. $411.21 All star construction repaired a leak in Unit #318. A vent was the source of the leak. Noises reported above Units # 320,321 and 322. Nothing found. The soffit fascia and roof vents were inspected for the source of the noise. $529.41. Ice dam was removed above Unit #206. No leakage into unit. Apartment Turn Costs Unit #124 new carpet - $1113.15 Unit #130 new vinyl in bathroom - $445.60 Unit 132 New carpet and vinyl in both kitchen and bath will be installed the last week in January. Resident Services The Holiday party was held December 7th. Due to the holidays, the resident meeting was not held in December. Balance Sheet PLYMOUTH TOWNE SQUARE As Of December 31,2010. NON-CURRENT ASSETS DEFERRED CHG - ORIG ISS COSTS 17,650 DEFERRED CHG - BOND ISSUANCE COSTS 23,557 TOTAL NON-CURRENT ASSETS 41,207 TOTAL ASSETS 5,181,350 Ending Balance Total ASSETS CURRENT ASSETS M 1 PETTY CASH 500 M 1 OPERATING ACCOUNT 75,060 M I SEC DEPOSIT CASH ACCOUNT 46,090 INVESTMENTS -WORKING CAPITAL FUND 767,135 INVESTMENTS - NEW DEBT SERVICE 115,269 ACCOUNTS REC-TENANTS 1) INTEREST RECEIVABLE 1,425 ACCOUNTS REC-OTHER 768 PREPAID PROPERTY INSURANCE 31,976 PREPAID OTHER 2,374 TOTAL CURRENT ASSETS 1,020,590 FIXED ASSETS LAND 459,247 S1TE IMPROVEMENTS 111,390 BUILDING 5,767,619 BUILDING IMPROVEMENTS 301,779 FURN, FIXT & FQU1P-GENERAL 237,652 FURNITURE & FIXTURES - HOUSEKEEPING 8,696 COMPUTERS/OFFICE EQUIPMENT 14,146 ACCUMULATED DEPRECIATION 2,760,976) TOTAL FIXED ASSETS 4,119,552 NON-CURRENT ASSETS DEFERRED CHG - ORIG ISS COSTS 17,650 DEFERRED CHG - BOND ISSUANCE COSTS 23,557 TOTAL NON-CURRENT ASSETS 41,207 TOTAL ASSETS 5,181,350 Balance Sheet PLYMOUTH TOWNS SQUARE As Of December 31,2010% Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 18,004 ACCRUED PAYROLL 4,565 ACCRUED COMPENSATED BALANCES 3,209 ACCRUED INTEREST 38,772 ACCRUED REAL ESTATE TAXES 29,370 ACCRUED OTHER 869 TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS 45,366 BONDS PAYABLE 3,490,000 BOND DISCOUNT 32,047) TOTAL LIABILITIES EQUITY RETAINED EARNINGS RESERVED FOR DEBT 126,744 SERVICE RETAINED EARNINGS 1,365,816 TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Total 94,789 3,503,319 3,598,108 1,492,562 90,660 5,181,350 Profit and Loss Variance PLYMOUTH i'OWNE SQUARE Through december 31,2010, MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 48,789 49,470 690) 581,044 593,640 12,596) 593,640 HRA INDIVIDUAL 17,553 20,000 2,447) 240,000 240,000 0 240,000 GARAGE RENT 2,970 2,79D 160 35,242 33,480 1,762 33,480 GUEST ROOM REVENUE 150 250 100) 2,130 3,00D 87D) 3,000 LAUNDRYREVENUE 768 626 57) 9,333 9,9DD 567) 9,900 APPLICATION FEE REVENUE 0 53 53) 350 636 286) 836 TRANSFER FEE REVENUE 0 0 0 50 700 650) 700 SMOKERS FEE REVENUE 0 83 83) 0 996 995) 996 INVESTMENT INCOME 475 1,960 1,465) 5,742 23,520 17,778) 23,520 MISCELLANEOUS REVENUE 857 20 837 1,925 240 1,686 240 TOTAL INCOME 71,553 75,451 3,898) 875,816 906,112 30,296} 996,112 EXPENSES ADMINISTRATION MANAGER SALARIESIWAGES 2,023 2,052 29 23,600 24,618 818 24,618 ASST MANAGER SN-ARIESIWAGES 3,794 1,74E 2,046) 23,817 20,970 2,847) 20,970 PAYROLL TAXES 535 541 6 7,049 5,492 557( 6,402 HEALTH INSURANCE 1,147 1,340 193 14,535 16,080 1,545 16,080 WORKERS COMP INSURANCE 599) 113 712 093 1,355 473 1,366 MAINTENANCE SALARIESIWAGES 1,588 1,442 146) 17,850 17,304 546( 17,304 MAINTENANCE ASST SALARIESMlAGLS 773 767 6) 8,918 9,204 285 9,204 EMPLOYEE COSTS 45 184 139 2,743 2,208 535) 2,208 SEMINARI[RAINING 0 26 25 0 300 300 300 BANK FEES 0 6 5 148 50 88) 60 DUES, SUDS & MEMDERSH]Ps 50 10 40) 110 120 10 120 LICENSE & PERMITS 0 75 75 894 900 6 900 MILEAGE REIMBURSEMENT 41 53 12 641 636 5) 636 POSTAGFIOVERNIGHT EXPRESS 44 6 38) 88 72 16) 72 PRINTING 0 9 9 0 108 108 106 MANAGEMENT FEES 4,400 4,400 0 52,800 52,800 0 52,800 PROFESSIONAL FEES 94 135 41 1,393 1,620 227 1,520 TELEPHONE EXPENSE 435 425 10) 5,242 5,100 142) 5,100 EQUIPMENT LEASEIREPAIR 0 165 185 1,614 2,220 606 2,220 OFFICE SUPPLIES 14 82 68 787 984 197 984 MISCELLANEOUS ADMIN EXPENSE 0 10 10 0 120 120 120 TOTAL ADMIN EXPENSES 14,384 13,606 778) 163,311 163,272 39) 163,272 RESIDLNT SERVICES RESIDENT PROGRAMIAGTIVITIES 1,548 1,100 448) 3.390 3,475 85 3,475 TOTAL RES SERV EXPENSES 1,548 1,100 448) 3,390 3,475 85 3,475 MARKLTING PROMOTIONALIPARTIFS 0 15 15 0 180 160 180 TOTAL MARKETING EXPENSES 0 15 15 D 180 180 180 HOUSEKEEPING CONTRACT LABOR 1,429 1,500 72 17,297 18,000 703 18,000 CLEANING SUPPLIES 153 170 17 1,426 2,040 614 2,049 TOTAL HOUSEKEEPING EXPENSES 1,581 1,670 89 18,723 2D,040 1,317 20,040 Profit and Loss Variance PLYMOUTH TOWNE SQUARE Through December 31,20110, BUILDING & GROUNDS CABLE TV EXPENSE UTILITIES - ELECTRICITY UTILITIES - GAS UTILITIES - WATERfSEWER WATER SOFTENING SERVICE DOORS, KEYS & WINDOWS FIRE SYSTEM SERVICE LAWN SERVICEILANDSCAPISNOW RMVL PEST CONTROL TRASH REMOVAL UNIT TURNOVER REPAIRS RESERVEJREPLACE CAPITAL EXPENSE ELEVATOR -REPAIRS & MAINTENANCE REPAIRS & MAINTENANCE BUILDING & GROUNDS SUPPLIES HVAC - REPAIRS & MAINTENANCE MISCELLANEOUS B & G EXPENSES TOTAL BUILDING B GROUNDS OTHER OPERATING EXPENSES PROPERTY A LIABILITY INSURANCE PAYMENT IN LIEU OF PROPERTY TAX TOTAL OTHER OPERATING EXPENSES TOTAL OPERATING EXPENSES NET OPERATING INCOME 1( LOSS) DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE AMORTIZATION EXPENSE IMERrST EXPENSE TOTAL DEPREC, INTEREST & OTHER NET INCOME 1(LOSS) MTD Actual Budget Var. YTD Actual Budget Var. Year Budget 58 49 9) 656 588 68) 588 2,003 2,000 3) 23,367 24,825 1,456 24,825 4,179 5,70D 1,521 23,129 33,365 10,236 33,365 635 530 105) 8,299 6,160 119) 6.160 395 350 45) 3,487 4,200 713 4?0D 0 540 54U 7,640 9,400 1,166) 6,4B0 0 535 535 3,999 6.420 2,421 6,420 4,059 1,550 2,509) 20,306 i8,600 1,706) 16,600 142 175 33 566 700 134 700 598 575 23) 7,527 6,500 627) 5,900 1,559 2,500 941 25,535 30,000 4,455 30,000 0 0 0 10,909 10,700 209) 10,700 454 470 16 7,792 5,640 2,152) 5,640 1,082 1,575 483 25,097 18,900 6,197) 18,900 795 1,000 205 7,432 12,000 4,568 12,000 386 1,250 B54 10,846 15,000 4,154 15,000 0 15 15 0 180 180 180 16,344 16,914 2,470 186,586 202,678 15,090 202,676 2,399 2,543 144 29,352 29,998 636 29,998 2,448 2,474 26 29,370 29,666 318 29 688 4,846 5,017 171 50,733 59,686 853 59,686 36,703 40,222 1,519 430,745 449,331 18,586 449,331 32,849 35,229 2,380) 445,071 456,781 11,710} 456,701 16,450 14,178 2,272) 197,397 170,135 27,251) 170,136 465 465 0 5,581 5,5BU 1) 5,580 13,022 12.473 549) 151,414 149,576 1,738( 149,676 29,937 27,116 2,821) 354,392 325,392 29,000) 325,392 2,912 0,113 5,2011 90,680 131,389 40,709) 131,389 m n' 19 ow^ m c- m W^ v m w m w n in n r m N v p tw - N - h am w •- m m m - N -- N N n r ^ w N N a r W N ad d v ^ A r L Lq a v v r Wp O p d a m Lq m ai r ri c r ry a a a a a m o' 2 O W O N b M m o " m» O d N n N c» w < •- p r o o N 2 N N m r f N m O r a TiO 4 O N 11 fifn o 6 N r N w M N o o n n 0 N w r N p w r O N r m no N o w Y r W a m n N c% a N w N nWt N^ v r Ir a a W p Cl a a o W r o M x m g o o w n m r r m m M o v m N 1 N w e pi r N ry N m a m M a nQ IL ry w m r zo v ao u W N a w Op M a M oLQ-CL w 4 NZ N a N W X W w ¢ a a uh 7 z w wjJWP U. N Z 5 N Z x (L W U' 41 W P W 4 w W< w w h N w w a U W FLWZ 2} O w q U z N N Y 0 w w z X N 'J w W w_ w r m z w LL a w w w ¢ Mwzz¢ rc w Z v¢i ` ¢ LL z y o w a N oworco w FQiQQ7 c0i zz U a w w= aQ Na cn Lq M Q 2 Z M Q Q w W w W W N 2 Z a Z W U z = W f ZP U vLLt N W Z N w HZF w LL m W a l7 w a W J W W J Y ¢= J U¢ U 1] g a H wR o¢ t~ri i a K z Z a z w w J z o W a ti oww OOa ¢ a Z QW> N 0 x¢ a a x m o a a r w _ v [ r w N a w D LU Z tV 3 a b r mm mn nQmK -q m mrio vi FD d Nd fV r C Q W V m b o 11 N m n a m a Lu N LD ' y m a o N Gcs z Lp p m o N F N m N m o N Q m mNtV N m P m m d o m YrvlL5pl O - a T M M o c' a O o o W n r r m m r am c N n O a m O o n N a o a o tr' 1 o N n nmmm d j Q a d a o O M n m v m oo m n o v 1. m T1 LuW Y 4 m m ry o o N m N rnma a V pNj Nh N Y< m pip fm' lr N M r n m Q d R M a aQ W N o - M a `p I -N n o n NmO1 rm m O r m m V N N z N a n m ry a n n N r m a w It 'ka n N ry m o o a rn N v o r y r a J w z W WoNW z u a 4 m W pZU W a W U Y W Nw a Q w A p w Z U h a= J w 70 V1 4 U' W j 2 Ww J y N w W W N a o5 az n wn xW Z z 2w z U rc w i7 z? z w cn z 'U r z 3 rc g o w Z o az r z U z r W w w w 6 z odawNqQWyHU0ywgwzOa' K 6 a W w h W iWi a z a K d w w [9 o Y Z a Ea wa m z_ Ho Kq r o o x W w w w N N w rc o y m rc m p r a K H° o Z m U 1 W p W Z r r W¢ ¢ O rQ W w r K U W W K Q F U Q F F F Q O ui Z W W S U m a>> 3 o u. g a r m w rc m r q 0 p a a r Q w W g Z 0w¢ z r w z 0 z r ANUAICY BIRTHDAYS Happy Birthday to the following residents who are celebrating birthdays this month! YANSHAN- lrI -- 1 ry_ ANA700 _ WORKIN 6 BETTIE ALLISON 6 HELEN ANDERBERG 6 BEN KELLEY 10 ELIZAVETA MORKINA 10 BOB EASTLACK 12 HELEN THOMPSON 13 EVELYN ANDERSON 17 VIVIAN SMITH 21 MARGARET PEARSON 29 WELCOME TO 2011! WELCOME NEW RESIDENT Anatoliv Gutman THINGS TO NOTE! o The office still collects used eyeglasses. `Just drop them off and 1 will deliver them. o= PTS IS SMOKE FREE! As of January 1, 2011 our building and property will be smolze free. Please remind your family and friends that if they wish to smoke, it will have to be off the PT5 property. o Phil from PrairieStone will be here January 20{ x' at 1:00 pm to answer more of your pharmaceutical questions. Time change for resident council meeting to 12:00 noon. KING JR. January 17th Martin Luther King, Jr, Day is observed every third Monday in January. This day is close to King's actual birthday which is January 15. The federal holiday was signed into existence November 2, 1983, by President Ronald Reagan to honor the life and contributions of Martin Luther King, Jr. King was assassinated April 4,1968, while standing on the balcony of the Lorraine Motel in Memphis, TN. He was in town preparing to spear and march with the local sanitation workers. King and his colleagues were preparing to go to eat dinner prior to him being shot. Martin Luther King, Jr. Day is a day of service, whereby many people volunteer and give assistance to their community as a way to observe the holiday. U.S. PRESIDENT & VICE PRESIDENT: Lyndon Johnson & Hubert Humphrey HEADLIlVES: Monthly Draft Calls Rise to 10 Times theAverage for 1965 Sniper at the University of Texas Dills 12 and Wounds 33 Chicago Ex -convict Rounds Up Nine Nurses, Kills Them One by One Supreme Court Issues "Miranda" Rulilg Russia Makes First Soft Moon Landing Artificial Pump Implanted in Heart Ronald Reagan Elected Califomia Governor First Direct -dial International Call Is Made Mao Launches Cultural Revolution ildzi' Garfc%Bsinslhd'.s iir(e Minister Lost H-bomb ReeoveTedBy Sulo I1Yl G IT MAN O HE VEAR AzrEntirerenezation - 25 and Under C.OST`OFLZVING: -NowH6u'seAverage Income - $6,899 per year New, Car - $2,653 `Average Rent - $120 per month Gasoline - 32¢ per gallon -Harvard Tuition - $1,760 per year Movie Ticket - $1.25 •Postage Stamp - 50 COSYOF ]FOOD:: -Granulated Sugar - 5 5 ¢ per 5 pounds -Vitamin D Milk $1.11 per gallon Ground Coffee - 90¢ per pound -Bacon - 720 per pound perpoundEggs - 3 6¢ per dozen •Ground Ham urger - p Fresh Broad - 22¢ per loaf FADS: -Mini skirts -Paper Jewelry -Transparent Vinyl Dresses -Pantsuits • Granny Eyeglasses Now toys: Spirograph®, Twister°, Barrel of Monkeys®, V ew-master® Batfnan POPULARTV SHOWS: -Bonanza -The Red Skelton Show -The Andy Griffith Show -The Lucy Show The Jackie Gleason Show Green Acres •Daktari Bewitched The Beverly Hillbillies -It's the Great Pumpkin, Charlie Brown (airs for first tune) How the Grinch Stole Christmas (aims for first time) -That Girl -Star Trek SONGS: The Sound of Silence (Simon and Garfunkel), We Can Work -It Out (The Beatles), My Love Petula Clark), Lightnin'Strikes (Lou Christie), TheseBootsAre Madefor YValkin'(Nancy Sinatra), Ballad of the Green -Berets (Sgt. B any Sadler), Illonday, Monday (The Mannas and the Papas), When. a Man Loves a PT bman (Percy Sledge), Last Train to Clarkesville (The Monkees) SPORTS: •Champions include theBaltinore Orioles (baseball), GreenBayPackers (football), England World Cup soccer) and Montreal Canadians (hockey) Busch Stadium (St. Louis, MO) opens. NATIONAL PIE DAY WORD SEARCH H S T R A W B E R R Y D C T B G E P B W S G S R P E C A N H P T S F J U U A C H O C O L A T E B M K B M K R O X E G V M P E A N U T B U T T E R K J N R K D E M C B M V O A C O C O N U T I N N B N E Y S H O O F L Y R X A U M V K V C M Y C R B C H E. R R Y R R E B N Y'' V. N N C O P B F K L WORD LIST APPLE • COCONUTCREAM BANANA OR BANANA CREAM • KEY LIME BERRY(ALLTYPES) LEMON MERINGUE CHERRY MISSISSIPPI MUD CHOCOLATESILK PEANUTBUTTER PECAN PUMPKIN SHOOFLY STEAKOR KIDNEY STRAWBERRYRHUBARB O W Q1 r CD w a -s o w 4- n CD w o ys O C.w 0 o 0( D a CD o O O o C3 -' o o i O O o0 C C» o C co z w o C co 3 o m fl o C m D o 3 m c fC W CD iv [v W CDCD w W v O CD 3 O W CCD O CD vcoOOn O O Zm1 O O —ID?_ pO OO Cc m wA' DWj m Cl) 3 wz Cn w co N Cn w CD ..a C73 W CO 3 Cn w co 4h, O d w C37 p O. w. co O CD W j 4 4 w CD 7 O - CD O -lc:)- O O CD O O O CD CD co CD CD Co CD CD CD CD CU O C) 7 L O. O =_ 0 C O CD m W C:, w O7 (A . 0' in D7 N CD m OJ Ln O amino. a"c.;t1.r u cn m b mcncn t?: cn U' CDCD y mCD a El IML a CD CD co CD C--) O w M o o N CO o CD N CD CD O- CD CD o o Oo CD CD 0 10C-) 30- Oco z7 n w 30 C-) O m I 3 7 j n: m C) z.w G) n a G) Z v; CLQ d CL2 OC') co O co Q n Di w rn u' Cncn CD OC) 0 0 0 O O CDi-• - 0 0 0 0 0 0 ED mCL- m cn' wm mm[ 30. Q CD 10 o m cl CD= rt 0 0 cn z CD o 0 o rn 1000000rn00 30 a u Z: CD m - CD Cb y,_ CF) P m N rn 4P OD N 0] P a CT P a 1 O O W O O W '3 CO CO w O O W O O CD O O O O 0 0 O CD CD O O CU O O w 0 0 w O O w 33 71 DEE 333 333 C71 C73 0 Ul 0 I Ul Q CDCD O A7 CD O LD O O Cl7 O O Lu O r O TED 7z:- CD 7- C') m C7 C-) C @ n n C) aa a u, m to cn C-) O O N C7 O C7 O00 z j n?C° 41> ns ten? rri N m n N.)m n N m n N mn n 0`-= c`nn r c`ni, rD Ln r j r i y A m AEDrn rZ7 f Cl) fX ffm 7 a - whsbtirg Crossing MEMORANDUM To: Jim Barnes From: Sara Paquette Date: January 94, 2010 RE: Vicksburg Crossing Monthly Report for December 2090 January Newsletter and January Calendar attached Rentals: As of December 31, we have 89 occupied apartments with 5 vacant, and we have 1 deposit at this time, giving us a total of 4 apartments available to rent. We have 2 people that have chosen to keep deposits on file until either a particular apartment becomes available or they sell the home they are currently living in. The Low Income Apartment waiting list now has 28 names so I have been adding interested people to the list. Listed below is a breakdown of units that are occupied and vacant. Style (Total #) Square Feet Bedrooms Occupied Vacant Deposits Style A (23) 850 Sq Ft 1 Bedroom 22 1 Style C (8) 884 Sq Ft 1 + Den 7 1 Style C2 (8) 950 Sq Ft 1 + Den 8 0 Style D (8) 1187 Sq Ft 2 Bedroom 8 0 Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 Style E (7) 1055 Sq Ft 2 Bedroom 7 0 0 Style E2 (3) 1055 Sq Ft 2 Bedroom 2 1 Affordable (33) 725 Sq Ft 1 Bedroom 31 2 1 TOTALS 1 89 5 1 3155 Viclzshurg I anc +Plymouth, NiN 55447 • Phone (763)559-1877 • Fax (763)559-014 + wtivcv.ci.plyniouth.nn.us 01vned by P131MOL b xonsing auJ Redmclopment Authority EQUAL HOUSING OPPORTUNITY Move-Ins/Move-Outs: We had 2 move -ins and 4 move outs during the month of December. Two residents passed away, one moved in with her children for financial reasons, and one resident had to move into assisted living. Marketing We continue to advertise,in the Lakeshore Weekly and Sun Sailor. Our next Open House will be in the spring. Resident Services We had our Holiday Party on Wednesday, December Ste. We had 80 residents attend, which is the largest group we have had at our Holiday Party. The residents enjoyed the food from Lookout Bar and Grill. Cindi Scheffler, our musical entertainment, was a big hit. She sang some holiday songs but also included a variety of other songs. We had a drawing for gift certificates from the local businesses. On Wednesday, December Ste during our coffee hour the children from Ascension Pre -School came to perform for the residents, They brought cookies, milk and cards for the residents. Everyone enjoyed their show. We had our monthly birthday party on Thursday, December 16th we had cake, ice cream, and coffee. We decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster. The residents stood if it was their birthday and we sang Happy Birthday. BuildingIssues Keeping up with the snow removal has been a challenge for everyone. We have had a request for adding hand railing in the trash rooms. This is something we are investigating in terms of practicality & cost. Balance Sheet As Of December 31,2010. Ending Balance ASSETS CURRENT ASSETS M I PETTY CASH 850 M I OPERATING ACCOUNT 277,329 M I SECURITY CASH ACCOUNT 52,252 INVESTMENTS - WORKING CAPITAL FUND 181,468 INVESTMENTS - DEBT SERVICE 488,140 ACCOUNTS REC-TENANTS 903 INTEREST RECEIVABLE 510 PREPAID PROPERTY INSURANCE 12,581 PREPAID OTHER 3,425 TOTAL CURRENT ASSETS FIXED ASSETS LAND 874,593 S1TE IMPROVEMENTS 238,793 BUILDING 9,025,428 FURNITURF, FIXTURFS & FOUIP-GFNERAL 353,456 COMPUTERSIOFFICE EQUIPMENT 4,711 ACCUMULATED DEPRECIATION 1,504,841) TOTAL FIXED ASSETS NON-CURRENT ASSETS BOND ISSUANCE COST 60,187 TOTAL NON-CURRENT ASSETS TOTAL ASSETS Total 1,017,458 8,992,139 60,187 10,069,785 Balance Sheet VICKSBURG CROSSING As Of December 31,2010. Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 16,433 HEARTS & MEMORIALS FUND DONATIONS 350 ACCRUED PAYROLL 4,565 ACCRUED COMPENSATED BALANCES 750 ACCRUED INTEREST 199,350 ACCRUED REAL ESTATE TAXES 46,450 TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS 50,333 BONDS PAYABLE 16,365,000 BOND DISCOUNT 29,962) TOTAL LIABILITIES EQUITY RETAINED EARNINGS -RESERVED FOR DEBT 561,671 SERVICE RETAINED EARNINGS (1,050,112) TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Total 267,898 10,405,371 10,673,269 41313,441) 116,043) 16,069,765 Profit and Loss Variance VICKSBURG CROSSING Through December 31,2010, MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 85,835 83,091 2,744 977,405 979,749 2,343} 979,749 APARTMENT RENTAL REVENUE -COUNTY 2,370 2,794 424) 29,567 33,531 3,964) 33,531 HRASUBSIDY-TAXLEVY 8,333 8,337 4) 99,996 100,000 4) 100,000 RENTAL CONCESSIONS 0 0 0 2,420) 1,200) 1,220) 1,200) GARAGE RENT 3,015 2,836 ISO 35,890 34,020 1,870 34,020 GUEST ROOM REVENUE 70 130 60) 1,300 1,560 260) 1,560 LATE FEE REVENUE 0 20 20) 0 240 240) 240 APPLICATION FEE REVENUE 105 70 35 980 840 140 840 TRANSFER FEE REVENUE 0 29 29) 0 348 1348) 348 SMOKER'S FEE REVENUE 0 83 63) 0 996 1996) 996 INVESTMENTINCOME 170 470 0 2,222 2,040 182 2.040 MISCELLANEOUS REVENUE 394) 220 614) 4,079 2,640 1,439 2.640 TOTAL INCOME 99,504 97,779 1,726 1,149,020 1,154,764 5,744) 1,154,764 EXPENSES ADMINISTRATION MANAGER SALARIES 2,023 2,052 29 23,80D 24,618 618 24618 ASSISTANT MANAGER SALARY 3,794 4.746 2.046) 23,617 20,970 2,847) 20.970 PAYROLL TAXES 535 541 6 7,049 6,492 557) 6,492 HEALTH INSURANCE 1,292 1,340 48 14,652 16,080 1,428 16,080 WORKERS COMP INSURANCE 779) 113 892 605 1,356 751 1,356 MAINTENANCE 6ALARIESRNAGES 1,588 1,442 146) 17,850 17,304 546) 17,304 MAINTENANCE ASST SALARIES 773 767 6) 8,918 9,204 285 0,204 EMPLOYEE COSTS 45 180 135 2,743 2,160 583) 2,150 SEMINARITRAINING 0 25 25 0 300 300 30a BANK FEES 4 5 1 172 60 117) 611 DUES, SUBS 8 MEMBERSHIPS 0 10 10 50 120 70 120 LICENSE 8 PERMITS 0 73 73 876 876 876 MILEAGE REIMBURSEMENT 41 51 10 641 612 29) 612 POSTAGEIOVERNIGHT EXPRESS 0 2 2 7 24 17 24 PRINTING 0 18 18 53 216 163 216 MANAGEMENTFEES 4,000 400D 0 48,000 48,OD 0 48,000 PROFESSIONAL FEES 126 180 55 4,070 2,160 1,910) 2,160 TELEPHONE EXPENSE 472 475 3 5,666 700 44 5,700 EQUIPMENT LEASFJREPAiR 57 169 106 1,806 1,956 150 1,955 OFFICESUPPLIES 0 120 120 716 1,440 724 1,440 TOTAL ADMIN EXPENSES 13,969 13,304 665) 161,511 159,648 1,863) 159,548 RESIDENT SERVICES RESIDENT PROGRAMIACTIVITIES 153D 1.800 270 4,292 5,350 1,058 5,350 TOTAL RES SERV EXPENSES 1,530 1,800 270 4,292 5,350 1,U58 5,350 MARKETING POSTAGE 14 20 6 115 240 125 240 PRINTING 0 13 13 D 156 155 156 ADVERTISING 0 700 700 7.427 8,400 973 8,40D PROMOTIONAUPARTIE6 0 500 500 1.660 2,600 1,120 2,80D TOTAL MARKETING EXPENSES 14 1,233 1,219 9,222 11,596 2,374 11,596 HOUSEKEEPING CONTRAGTLABOR 896 070 74 13,212 11.640 1,572) 11,640 CLEANING SUPPLIES 72 80 8 852 950 105 960 TOTAL HOUSEKEEPING EXPENSES 968 1,050 82 14,064 12,600 1,464) 12,600 Profit and Loss Variance VICKSBURG CROSSING Through December 31,201 a. OTHER OPERATING EXPENSES MTD Actual Budget Var. YTD Actual Budget Var. Year Budget BUILDING & GROUNDS 2,530 2,722 192 31,942 32,349 1,307 32,349 CABLE TV EXPENSE 58 107 49 1,107 1,284 177 1,284 UTILITIES • ELECTRICITY 2,278 2,100 178) 24,912 27,400 2,488 27,400 UTILITIES - GAS 4,221 6,600 2,379 21,6e0 37,600 15,910 37,800 UTILITIES -WATERISEWER 971 650 121) 12,110 10,975 1.195) 10,975 WATER SOFTENING SERVICE 162 13D 32) 1,469 1,560 91 1,560 COMMON AREA REPAIRSIMAINTENANCE 0 0 0 548 0 648) 0 DOORS, KEYS &WINDOWS 135 95 40) 808 1,140 332 1,140 FIRE SYSTEM SERVICE 53 220 167 3,917 2,640 1,277) 2,640 LAWN SERVICERIINDSCAP76NOW RMVL 2,915 1,400 1,515) 14,853 16,800 1,937 16,800 PEST CONTROL 161 160 1) 644 640 4) 640 TRASH REMOVAL 571 539 41) 7,723 6,350 1,363) 6,360 UNIT TURNOVER REPAIRS fm 900 99fi) 34,850 10,800 24,050) 10,800 ELEVATOR -REPAIRS & MAINTENANCE 709 360 349) 4,727 4,320 407) 4,320 REPAIRS & MAINTENANCE 0 1,300 1,300 6.622 15,600 8,978 15,600 BUILDING & GROUNDS SUPPLIES 962 700 282) 6.366 8,400 2,034 8,400 HVAC - REPAIRS & MAINTENANCE 647 700 147) 8.149 8,400 2,251 8,400 MISCELLANEOUS 8 & G EXPENSES 0 15 15 0 180 180 180 TOTAL BUILDING & GROUNDS 161959 16,167 208 148,664 154,099 5,435 154,099 OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE 2,530 2,722 192 31,942 32,349 1,307 32,349 PAYMENT IN LIEU OF PROPERTY TAX 3,871 3,864 7) 46,450 46,368 82) 46,368 TOTAL OTHER OPERATING EXPENSES 6,401 6,586 185 77,493 78,717 1,224 76,717 TOTAL OPERATING EXPENSES 38,842 40,140 1,298 415,245 422,010 6,765 422,010 NET OPERATING INCOME I ( LOSS) 60,663 57,639 3,D24 733,775 732,754 1,021 732,754 DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE 30,723 30,605 110) 358,671 367,260 1,411) 367,269 AMORTIZATION EXPENSE 325 325 0 3,905 3,999 5) 3,900 INTEREST EXPENSE 39,980 39,870 118) 475,242 478440 2,198 478,448 TOTAL DEPREC, INTEREST & OTHER 71,028 70,800 2281 840,819 849,600 781 849,600 NET INCOME I (LOSS) 10,365) 13,161} 2,796 115,041) 116,846) 1,803 116,846) ac a m6q mrnino o vcgwok r N mr nm ry m' m ryRNn a r Y ur7 It a a WL N O - 7 n 'o m 6 r z ryry mL 'I N N m H o w m A` N` n n - V M 1 A N m o o tD r OWN O m n N R N M If TO W o O O h m M a N fnN N n 4n 6 Nm M n CL rn W O N b M m m m DI r r d 3 wV O d- a 3 a O d Ma O m _ O a a O ry n a N N o a m m m m N m m m N W ry N• m N N Y t0 r r W O r r a CC11 V O ap m N LL U O W a m Y n F w n ppamMP2vYwmaVpoNrm z w E) W NW W W w w w w w w W a Z Z W Q u a w a w W F Z W W m wZ 'u5 a z wir. ? ton wit F .W W o MW4aJWWWW (w'} U Z wlrJ N `i F K co N w N lid x N 7 Q W W Z Z W fll LL N 0.' 4 Z A m q yFj W J Z [Ws LL A y W W U l7 w 0. W ° d W w C V F Z O W O aJ 4 W K W W O .d w W f- 6 W ] Y M y F H o z z z rr w F ° u z u a z z -' o f 0 a 1(lAl t7 z tY z g> z W ° W O° W z 0 ~~ Z 4Ui h a w m y w o W O Z Z J vwi " fi o Q f N 0 w m w gF g v Iwz wzw W wn w a N a wm Q y-ra zw wu[ r w ff F Y "' w Q 4 Z K W 4 W U J 2 Z U IL 1 F O W F Y N? U~ z W p~pOawQ } N 4 w m a `t^ a ° a a w m o u a a a a w w A 0 a u p a 0 ° o FUa4= u[ 0 t7 4? 0 W n 4 ][ r O r a q r = U U K Ln m rvi m — oo aoOO o d m N N N r n m m n V 4i 1 w n ti v WOr m A ry m m m vM1 m Q n Ww 2_ m N <D M a W Vl Z m ¢ 0 4 w F it w o Q K y z_ O LZ w . aaxCZp -' W Ow w a 0 3 w 2= oU w a¢ u ¢ o a o6 N w Z Z m o a W Z U O W i7 O z w w ? Nr °' N O d M a 'o r ' ry M 0 M lN0 n n r v z W Oh p N G» N p e) N m n m Q N N 1 n N N tM0 a Ti ti dd W w O W m rsoN3yr" aSa r Woyti j o wv p o P O m R a ma w w n n `ri wNM a N M m o A o m m w W N Y H M m tl Y M ry N F N ti N m m V W M N t N r n r r d Q W M a 5 w F m ry M a 7 N N N c N n Is m cli a a a o v n" m ' n n n `ci m m ry v n m m c m ry m d M M N N n r d 0 W o yyn w b r 4» N» n dlffii m m QN n r N n N m m T Ci r a v LU N a m o o n n N o n Y m ri m n r7 m mm w _ N w ry r m N h d M ry O W N f n pmowNwnn m m p r m m N da N r N M h m r ann LL Ul P a m Ln Nz w w z 2 w w 7l N O w U 2 5(( w to W y F X N Z F uvU'11 ul J w r x O w o6 Z w N w a 7 n Ww 2_ WV! W Vl Z m ¢ 0 4 w F it w o Q K y z_ O LZ w . aaxCZp -' W Ow w a w f w w 11 O w m r3w2= oU w a¢ u ¢ o a o6 N w Z Z m o a W Z U O W i7 O z w w ? Nr °' NzzjZ n w m W V u 'uS w w O z °° h u'l a m a= rco w w F c7Z w o o a a o¢ r rc z wz¢ W i x ti dd W w W m rsoN3yr" aSa r Woyti j o Wao tuHz m U>>> V u J d w K w 2 D O d a F r a D g 5 r z A Z icizahurL'rc Gs xxp January 2011 I hope all of you have a Happy New Year! I am looking forward to 2011 at Vicksburg Crossing. I hope we can add some new events to our calendar. Several people have made suggestions and any other residents that have ideas for events, entertainment or pres- entations please feel free to stop by the office and let me know. This year we added the writing group and it is going very well. Residents have embraced the idea of sharing their unique stories. Thank you to everyone who helped at our holiday party. We had many volunteers to serve, set up and clean up. I believe it was unanimous that being served rather then eating buffet style is preferred. We could not do it without volunteers! I would also like to include a special thanks to Jeanette Nunery who set up coffee, apple cider and treats in the lobby on Christmas Eve for residents and their families. Thank You! Taking our holiday decorations down and packing them away is never quite as fun as putting them up, but it is just as much work! If anyone can help I would truly appreciate it. If you are able to help please meet in the lobby Tuesday, January 4th at 10:00. Breast Cancer Survivors Group There will be a Breast Cancer survivors group meeting on Monday, January 24th at 10:00 in the Community Room. We will be serving coffee and treats. This will be a time for women at Vicksburg Crossing who have survived breast cancer, or are currently receiving treatment, to offer support, comfort and strength to one another. NI/ #i Ali Ali #i iii Ali #i #i Ali Nle Nli NFi #i 'S14 N1 Ili Ili Ili Ali711W71i# i# i+- i#- i#- i a Resident Meeting We talked about some of our upcoming events. We reviewed what Angela Haseman, the Crime Prevention Officer from the City of Plymouth, discussed when she came to our morning coffee. She had very helpful information for new residents and good review for current residents who have talked to her in the past. Some of the things she discussed included not propping doors open, watch the garage door close behind you and call 911 to report any suspicious activity. Suspicious activity can include anything from a stranger in the garage, kids hanging around the building or a suspicious vehicle. The next resident meetinq will be on Wednesday, January 5th at 9:00 in the Community Room. Comfort Keeper's Nail Clinic Comfort Keepers will be here on Thursday, January 6th at 1:30 for a nail clinic. They will soak your feet, trim your nails and provide a hand massage. There is a sign up sheet on the table outside my office. Pharmacist Phil, the friendly pharmacist from Prairie Stone Pharmacy, JanuaryrY 19thWillbehereduringcoffeehour, on Wednesday, at 8:45. He always has good topics, provides important infor- mation and answers resident's questions. Hearts and Memorial Luncheon ; W We have had many dear friends from Vicksburg pass away this year. We will have a me- morial luncheon on Thursday, January 13th at 11:30 in the Community Room. Please bring pictures, stories and memories of residents who passed away during 2010. Lunch will be provided at no charge; it is sponsored through the Hearts & Memorial fund. V. I will have a sign up sheet outside my office V. beginning January 3rd so I can plan the food we will need. Any help is appreciated the day of the luncheon! , V 1W qF V, 11 V IV 1W 1W V, V, 1V, MAINTENANCE A14D RU1LDMG ITTVET A fireplace is always inviting in this cold weather, but please make sure to turn off the fireplace when you leave the lobby. It gets very hot! If you are parked in the outdoor parking lot when it snows please try to move your car after they come through the first time to plow so that they can clear your spot when they come through again. We are still having a problem with residents not getting the newspaper they or- dered. Do not take other residents newspapers even if you think they are out of town. Some residents are nice enough to donate their papers to the lobby after they are done reading it, so if you do not order the newspaper, you are welcome to come down to the lobby to read it. If you need to take your dog out in the evening please do not prop open the front door. Keep your key in an accessible place so it will be easy for you to open the door when you need to get back in the building. Several residents wanted to know, after the housing inspection, if they could keep grocery carts and walkers in the garage. These items are just fine. Please think about the other items you may have stored down there. Do you use them often? Is there anywhere else you can store the items? We are looking into other storage options at this time, but everything needs to be out by Tuesday, January 11, 2011. TUAWK YOVT The office will be closed on Friday, December 31 st for the New Year Holiday. HMpv Birthday to the following residents this month: January Birthdays will be celebrated on Thursday, January 20th at 2:00 in the Community Room. The birthday celebration is open to all residents who wish to come down and help us celebrate. Even if it's not your birthday month!) John Leber January 7th Dorothy Baer January 10th Eileen Morhaim January 18th Pat Forcier January 21 st Helen Kleinfehn January 23rd Joe Pastorek January 24th Regina Pshetizky January 26th Ida Beltrand January 29th ic 0 i Ch iI a CD CL N O V -d"5 m -g Crossing MEMORANDUM To: Jim Barnes From: Sara Paquette Date: December 14, 2010 RE: Vicksburg Crossing Monthly Report for November 2010 December Newsletter and December Calendar attached Rentals: As of November 30, we have 91 occupied apartments with 3 vacant, and we have 4 deposits at this time, giving us a total of 1 apartment available to rent. We have 2 people that have chosen to keep deposits on file until either a particular apartment becomes available or they sell the home they are currently living in. The Low Income Apartment waiting list now has 28 names so I have been adding interested people to the list. We had one couple request that we return their deposit because they decided to purchase instead of rent. Listed below is a breakdown of units that are occupied and vacant. Style (Total #) Square Feet Bedrooms Occupied Vacant Deposits Style A (23) 850 Sq Ft 1 Bedroom 23 0 Style C (8) 884 Sq Ft 1 + Den 7 1 Style C2 (8) 950 Sq Ft 1 + Den 8 0 Style D (8) 1187 Sq Ft 2 Bedroom 8 0 Style D2 (4) 1281 Sq Ft 2 Bedroom 4 0 Style E (7) 1055 Sq Ft 2 Bedroom 4 2 2 Style E2 (3) 1055 Sq Ft 2 Bedroom 3 0 Affordable (33) 725 Sq Ft 1 Bedroom 133 10 TOTALS 188 3 2 3155 1ic)xsbuig Lane N . Pl3nnonih, N1N 55447 • Plione (763)559-1877 • Fax (763)559-0l,'14 • www.ci.p1ymouth.mn.11s Owned by Plymouth Housing and Redayelopmeut Authority 121 EQUAL HOUSING OPPORTUNITY Move-Ins/Move-Outs: In November we had 6 move -ins and no move -outs. Marketing We continue to advertise in the Lakeshore Weekly and Sun Sailor. Our 2 bedroom model apartment has been rented. Our next Open House will be in March. Resident Services This month we decorated the building and prepared for our holiday party. We had our monthly birthday party on Thursday, November 18th we had cake, ice cream, and coffee. We decorated with balloons, festive napkins and plates. We listed the birthday people on a balloon poster. The residents stood if it was their birthday and we sang Happy Birthday. Buildin I L V) E In E Q D U L- C: 73 a-+ 0jam M i ( O u_ CL O oN m Ln 00 m ' ImY1 Qmi N N O W H O z rn o C m o m =1 m Lin DOo 0I o0 oho m n m N Ln m m Ln 00 m pQ J m N Irl Lrl L 00 CD h m O m Ln m rn V 00' 00 W m Q 0o m 1_D m m U3 Lf] m O M O m N Ln I 00 O 00 lzr M Ort h mr-1 CO m It h ri c m Lr 00 00 I W r; Ln m W Ort h M m w o rr 0o0 N N vI UO IT M N 00 CD V m O m m nL m LD Cl Lr] 00 m00 00 m 00 r•1 00 m rn m L' I00 co rn o m m LD r o m n o Ln O 0 c a0 N '0 O w 00 M N Ln O LL 00 m n . H m 00 .••I lI5 m m M O c m m n m IM M M d 00 cn n i7 O1 L C 7 c >- co L cr- LLI ro a a a MO ir N Oc n n v o q v Lf} ki M O N M O LF Lr OC N Ln c P N Ln o cc CD o n Ln o m W N Ln o ry O H Ln cn 1 ri LD O 00 0l0 O p M Ln r. 1 N O O kD N O Q N VY LD i oa o m LMrIt o m o Ln 00 00 00 O M In O n o Lrs' Ln n o ri Ln o n Ln Ln 00 11 N N !: lD O Ln O O N M O Ln n r1 V, Q' j •C CL? OJ i f0 VI OC a) [j JCONtv4- s LnCLm LU U C C1 o m z 0 h Lr) cn 0 h Qt m coco of00 0 Lr} Q croCL uu O 0 .DD 00 L 0 m lzt 00 CD LD N N H 7 u ca iULnbOD E E ? rr- aj + as U- aiU c O a o E ns cro c O ca VaJ Q aJ a aJ c O Q1 aU LOc a CLXLU it O z OHON M M LD L u1 o ul o 4 LD Ln 4 LD o LD O Ln v LD 00 LA LD O LD O of nj yD ri 1 Ol N O N Irl 14 pl QI m Ln 00 m ' ImY1 Qmi N N O W H O z rn o C m o m =1 m Lin DOo 0I o0 oho m n m N Ln m m Ln 00 m pQ J m N Irl Lrl L 00 CD h m O m Ln m rn V 00' 00 W m Q 0o m 1_D m m U3 Lf] m O M O m N Ln I 00 O 00 lzr M Ort h mr-1 CO m It h ri c m Lr 00 00 I W r; Ln m W Ort h M m w o rr 0o0 N N vI UO IT M N 00 CD V m O m m nL m LD Cl Lr] 00 m00 00 m 00 r•1 00 m rn m L' I00 co rn o m m LD r o m n o Ln O 0 c a0 N '0 O w 00 M N Ln O LL 00 m n . H m 00 .••I lI5 m m M O c m m n m IM M M d 00 cn n i7 O1 L C 7 c >- co L cr- LLI ro a a a MO ir N Oc n n v o q v Lf} ki M O N M O LF Lr OC N Ln c P N Ln o cc CD o n Ln o m W N Ln o ry O H Ln cn 1 ri LD O 00 0l0 O p M Ln r. 1 N O O kD N O Q N VY LDi oa o m LMrIt o m o Ln 00 00 00 O M In O n o Lrs' Ln n o ri Ln o n Ln Ln 00 11 N N !: lD O Ln O O N M O Ln n r1 V, Q' j •C CL? OJ i f0 VI OC a) [j JCONtv4- s LnCLm LU U C C1 o m z 0 h Lr) cn 0 h Qt m coco of00 0 Lr} Q croCL uu O 0 .DD 00 L 0 m lzt 00 CD LD N N H 7 u ca iULnbOD E E ? rr- aj + as U- aiU c O a o E ns cro c O ca VaJ Q aJ a aJ c O Q1 aU LOc a CLXLU it O z OH ON Balance Sheet VICKSBURG CROSSING As Of November 30,2010. Ending Balance ASSETS CURRENT ASSETS M I PETTY CASH 850 M I OPERATING ACCOUNT 246,397 M I SECURITY CASH ACCOUNT 54,454 INVESTMENTS - WORKING CAPITAL FUND 176,468 INVESTMENTS- DEBT SERVICE 442,880 ACCOUNTS REC-TENANTS 204 INTEREST RECEIVABLE 340 PREPAID PROPERTY INSURANCE 15,111 PREPAID OTHER 8,583 TOTAL CURRENT ASSETS FIXED ASSETS LAND 874,593 SITE IMPROVEMENTS 238,793 BUILDING 9,025,428 FURNITURE, FIXTURES & EQUIP -GENERAL 353,456 COMPUTERS/OFFICE EQUIPMENT 4,711 ACCUMULATED DEPRECIATION 1,474,118) TOTAL FIXED ASSETS NON-CURRENT ASSETS BOND ISSUANCE COST TOTAL NON-CURRENT ASSETS TOTAL ASSETS 60,405 Total 943,287 9,022,862 60,405 10,026,553 Balance Sheet VICKSBURG CROSSING As 4f Nove Aber 30,2019. Ending Balance LIABILITIES CURRENT LIABILITIES ACCOUNTS PAYABLE -TRADE 5,818 HEARTS & MEMORIALS FUND DONATIONS 350 ACCRUED PAYROLL 2,003 ACCRUED COMPENSATED BALANCES 750 ACCRUED INTEREST 159,480 ACCRUED REAL ESTATE TAXES 42,579 ACCRUED OTHER 2,010 TOTAL. CURRENT LIABILITIES LONG-TERM LIABILITIES SECURITY DEPOSITS 51,752 BONDS PAYABLE 10,3B5,000 BOND DISCOUNT 30,070) TOTAL LIABILITIES EQUITY RETAINED EARNINGS -RESERVED FOR DEBT 561,671 SERVICE RETAINED EARNINGS (1,059,112) TOTAL EQUITY CURRENT YEAR INCOMEI(LOSS) TOTAL LIABILITIES & EQUITY Total 212,991 10,406,682 10,619,673 488,441) 104,678) 10,026,553 Profit and Loss Variance VICKSBURG CROSSING Through November 30,2010. MTD Actual Budget Var. YTD Actual Budget Var. Year Budget INCOME APARTMENT RENTAL REVENUE 86,206 83,091 3,114 891,571 896,658 5,087) 979,749 APARTMENT RENTAL REVENUE - COUNTY 2,370 2,794 424) 27,197 30,737 3,540) 33,531 HRA SUBSIDY - TAI. LEVY 8,333 8,333 0 91,663 9;,663 0 100,000 RENTAL CONCESSIONS a 200) 200 2,420) 1,200) 1,220) 1,200) GARAGE RENT 2,926 2,835 BO 32,875 31,185 1,690 34,020 GUEST ROOM REVENUE 0 130 130) 1,230 1,430 200) 1,560 LATE FEE REVENUE 0 20 20) 0 220 220) 240 APPLICATION FEE REVENUE 0 70 70) 875 770 105 840 TRANSFER FEE REVENUE 0 29 29) 0 319 319) 348 SMOKER'S FEE REVENUE 0 63 83) 0 913 913) 996 INVESTMENT INCOME 170 170 0 2,052 1,870 182 2,040 MISCELLANEOUS REVENUE 265 220 45 4,473 2,420 2,053 2,640 TOTAL INCOME 700,268 97,575 2,693 1,049,516 1,056,985 7,469) 1,154,764 EXPENSES ADMINISTRATION MANAGER SALARIES 1,957 2,052 94 21,777 22,587 789 24,818 ASSISTANT MANAGER SALARY 1,80U 1,740 521 20,024 19,223 801) 20,970 PAYROLLTAXES 527 541 14 6515 5,951 554) 6.492 HEALTH INSURANCE 1.145 1.340 195 13,360 14,740 1,3B0 16,080 WORKERS COMP INSURANCE 146 113 33) 1,364 1,243 141) 1,366 MAINTENANCE SALARIESrWAGES 1,466 1,442 26) 16,251 15,062 399) 17,304 MAINTENANCE ASST SALARIES 705 767 62 8,145 8,437 292 9,204 EMPLOYEE COSTS 14B 1130 33 2,698 1,960 lib) 2,160 SEMINAFUTRAININO 0 25 25 D 275 275 300 RANK FEES 3 5 2 160 55 113) 60 DUES, SUBS & MEMBERSHIPS a 10 10 50 110 66 120 LICENSE 6 PERMITS 0 73 73 876 803 73) 076 MILEAGE REIMBURSEMENT 49 51 2 600 551 39) 612 POSTAGOOVERNIGHT EXPRESS 0 2 2 7 22 15 24 PRINTING 53 18 35) 53 198 145 216 MANAGEMENT FEES 4,000 4,000 0 44,000 44,000 0 48,000 PROFES5tONAL FEE5 0 180 100 3,945 1,980 1,955) 2,160 TELEPHONE EXPENSE 478 475 3) 5,214 5,225 11 5,700 EQUIPMENT LEASEIREPAIR 57 163 106 1.749 1,793 44 1,966 OFFICE SUPPLIES 45) 120 165 715 1.320 604 1,440 TOTAL ADMIN EXPENSES 12,491 13,304 813 147,541 146,344 1,1971 159,648 RESIDENT SERVICES RESIDENT PROGRAMIACTIVITIES 1013 3UU 192 2,762 3.550 71313 5,35D TOTAL RES SERV EXPENSES 106 300 192 2,762 3,550 706 5,350 MARKETING POSTAGE 0 20 20 101 220 119 24D PRINTING 0 13 13 0 143 143 156 ADVERTISING 0 700 700 7,427 7,700 273 8,400 PROMOTIONALIPARTIES 0 100 100 1,680 2,300 620 2,1300 TOTAL MARKETING EXPENSES 0 B33 833 9,209 10,363 1,155 11,596 HOUSEKEEPING CONTRACT LABOR 951 970 9 12,316 103670 1646) 11,640 CLEANING SUPPLIES 59 BO 21 790 890 100 960 TOTAL HOUSEKEEPING EXPENSES 1,020 1,050 30 13,095 11,550 1,5451 12,600 Profit and Loss Variance VICKSBURG CROSSING Through November 30,2010, BUILDING & GROUNDS CABLE TV EXPENSE UTILITIES - ELECTRICITY UTILITIES - GAS UTILITIES - WATERISEWER WATER SOFTENING SERVICE COMMON AREA REPAIR57MAINTENANCE DOORS, KEYS & WINDOWS FIRE SYSTEM SERVICE LAWN SERVICE&ANDSCAPISNOW RMVL PEST CONTROL TRASH REMOVAL UNIT TURNOVER REPAIRS ELEVATOR -REPAIRS & MAINTENANCE REPAIRS & MAINTENANCE BUILDING & GROUNDS SUPPLIES HVAC - REPAIRS & MAINTENANCE MISCELLANEOUS B & G EXPENSES TOTAL BUILDING & GROUNDS OTHER OPERATING EXPENSES PROPERTY & LIABILITY INSURANCE PAYMENT IN LIEU OF PROPERTY TAX TOTAL OTHER OPERATING EXPENSES TOTAL OPERATING EXPENSES NET OPERATING INCOME! ( LOSS) DEPREC, INTEREST & OTHER EXPENSE DEPRECIATION EXPENSE AMORTIZATION EXPENSE INTEREST EXPENSE TOTAL DEPREC, INTEREST & OTHER NET INCOME I (LOSS) MTD Actual Budget Var. YTD Actual Budget Var. Year Budget 111) 107 218 1,048 1,177 129 1,284 1,679 2,100 421 22,634 25,300 2,666 27,400 1,342 5,200 3,858 17,469 31,000 13.532 37,600 863 650 13) 11,199 10,125 1,074) 10.975 156 130 26) 1,307 1.430 123 1.560 97 0 97) 648 0 64B) 0 0 96 95 673 1,045 372 1,140 212 220 8 3,865 2,420 1,445) 2,640 1,722 1,400 322) 11,848 15,400 3,451 16,800 0 0 0 483 480 3) 640 1,040 53U 510) 7,152 5,630 1,322) 6,360 5,815 900 4,915) 32,954 9.900 23,654) 10.800 367 360 7) 4,018 3,960 OR) 4,320 330 1,300 971 6,622 14,300 7,678 15,600 638 700 52 5,353 7,700 2.317 6,400 225 709 475 5,302 7,700 2,396 6,400 0 15 15 0 165 165 180 14,373 14,607 234 132,704 137,932 5,228 154,099 2,530 2,722 192 28,512 29,627 1,115 32,349 3,871 3,864 7) 42,579 42,504 175) 46,368 6,401 6,5B6 185 71,092 72,131 1,039 78,717 34,393 36,680 2,287 376,404 381,676 5,466 422,010 65,875 60,895 4,980 673,113 675,115 2,002) 732,754 30,723 30,605 11B) 337,949 335,655 41,294) 367,260 325 325 0 3,580 3,575 6) 3,900 39,870 29,870 O 436,262 438,570 2,308 478,440 70,918 70,890 118) 777,791 778,890 1,61)9 649,609 5,043) 9,985) 4,B62 104,678) 163,685) 993) 118,846) Q r CF mr a O C r W O o 0 0 0 0 0 0 0 o O o 0 0 0 0 0 0 0 0 0 o a 4 p g p o p p O o 0 0 0 0 0 r 0 o O a N O r M m v W Na a n m ry N m c vc o 0 o c o0 r z p w 6 M N Am m m a 4 N N m r n Q m o o t r M a Yi a O v M N F m N A N YDSIrt It N VI N m o a N G r a b ID m m r N O m g r a m m W v M a m Ili I m r R 1V N n o m m N 1O m r a YY I:t m lryy a P c vii N Q N _ m n o o N m m o o N o N N a N m a w o N m N m a na r m e m ry a f N N ItWO G N01 N a m W O a r z NWN Duw w w w » NwW z zLu X W} rc = a w W_ W w a z Z U K a W W z N W w IZi] rc rc j a z "' w w r r 4 u i w h W w= w w rc a w D Wy F w N w 0 w w ,' w F w LL Z o W w w ¢¢ WMuawwr o a w Vi 4 0 m w u J X W lu Z w* 7 o q h X rc w Y p m LL IWl1 z z O z o O z z F rc r y w Q i z O vii W w O w r a p w a w i 2 Q z g m o a g Z w cw7 r o w w Z o w w y q i w x° Z. w .ai W W -j i7 F o -j Y z W a y z rc u 7i w J4¢ > 4 riiNT Z Z a Z w w v~i Z Z LLO w= a FWfO N H0 Y t~n 7 D~ 0 N Z ~ OoW¢> U Q Q S K S7 U' 4? i O a y as O a a g m 7 u o a¢ rc w waQS7iW9 . a r D r wK s o o w 4¢ IL p D 2 W W O - ry 1. - 0 h M v w v: w ry N N _• _ f` N a0 F [V r r r p !` t1• 1 nl e p Y V p 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 0 0 0 o a P o 0 W O U N W M a d 0 W NN ' w -L W p cmi m w n w v w p O a z o ry m o pp m v N o n cPi N ofWOfl C] a YiO ro o m w a uni m m m `O n ry m n N N m m W N N P n N ID w n V N O F 9 I p N m D pM Q W N C O aIQ qn N N r ID O + ry a rn IN WIa a O m n o N o n •-- W N mm N ry ry N m O W N N o ry ry V N wi f6 00 Ca Ilin m0 Lua Lu N a m a ti N m uNi m CL v QQ a a O ry ." a w N N C N m N N O N n m W W m N n. m LL U p m N ~ o Y o n n N 0 a m Orvi V N E n m W N W N ? n n ul 0 C N ti a m L Ww w a W z N W 7 W r w 3 w w (n r x m K D w QZZQ w m Z Z w ] : - K Q iEnJ NWWnw m] 4 0 q w F O[ n. Z O r W W o w = m z l7 a a E o h u w m¢ [i p w a o 4 07 C7 w w o c6 w w z z N K ¢ w Z z a s w z o Z O o oz r v, W ul ow ti- m.3 4wa=oN z ¢ Naw Qz n5w ce W O t7 lil ri ym F w 5 rc o ro a W `° z F2- R' aFq W Y w w W L7 Z fA lA W taD Z w Zp W W 0 W m w W 0 K z O a R' z 4 W Z W W J R' W J O W W r J O W t H O w Z F Q 4 JO a ]4- w a F J a W¢ w U O m w¢ z w a 0 F,¢ o ¢ O K w O z w m m x o a a r r0 w 4 r z o z V c6burg C,-6,siri9 December 2010 Wow! The holidays will soon be upon us. They seem to creep up faster every year. We will celebrate at Vicksburg Crossing with our annual Holiday Party, which is always a lot of fun and well attended. We tried a couple of new things at our Halloween Party this year. First of all, instead of calling tables and lining up buffet style to be served, we had volunteers serve residents at their table. We will try this again for the Holiday Party. Most residents felt this serving method was an im- provement. We also had the musician perform before dinner instead of after the meal, this change got mixed reviews, so for the Holiday Party we will be having entertainment after dinner. Thank you to everyone who helped set up, serve, and clean up at the Halloween Party. We had a wonderful party! Resident Meeting At the resident meeting we discussed the importance of breaking --M3 up your boxes for recycling. Please make sure family, friends or aids who may take down your recycling know they should break down boxes. Residents at the meeting wanted to make sure we all { thank Mike and Terry for the wonderful job they do keeping the trash/recycling room neat and clean. Thanks! fr Residents were informed of the small rent increase for 2011.,,:'= 7WW; 4 me residents have been asking me if I will be leaving Vicksburg° ig to go to Plymouth Towne Square because Kathy is retiring at the end of the year. I am afraid not—you are stuck with me! ° W a Haseman, a Crime Prevention Officer with the City of Plymouth, at our December meetingto answer questions and discuss buildingq9 safety. - - iext resident meetin-q will be on Wednesday, December 1st at 9:-00 in the Community Room. b n# Si Kk Fb P Ast F . P Y Atd PCS ! p$ O0- FCW !<b h'A sf6 aG p9' C P4 F P I i ! ! !Qi P'L FW .0 H4 r% P t'a t F P4 F$ . k'b T@ P Psi FSL !!rA !Pfd !a+ k41 !B Holiday Lights Tour Mosey Along with Moe will be offering a Holiday Lights Tour again this X$ T year the night of Thursday, December 9th from 6-9. If you would like more information or are interested in going on the tour, there are flyers and a sign up sheet on the table outside my office. OTO New Residents We had 2 new residents move into Vicksburg Crossing in November. Please welcome, Carol Clemens in 109 and Marilyn Bowers in 209. Welcome to Vicksburg Crossing! MAINTENANCE AND DURDING I11UEI I would like to remind residents to please break down any boxes you put into the recycling bin. We need to make room in the bin, it is expensive if we have to order another bin, and it is time consuming for our maintenance staff if they have to break them down. Also, all recycling, including cardboard, plastic, glass and paper can go together in the 2 recycling bins, trash still goes down the chute. No plastic bags or trash in the recycling bins. The maintenance staff would like to remind residents that the best dish deter- gent to use in your dishwasher is either Electrosol or Cascade. TUANK YOUi Writing Group I am sure that the residents who have been participating Mr W in the writing group are sad to hear that DJ will be mov- ra mg. However, the writing group will continue. Nedra r Halsted has volunteered to facilitate the group beginning November 24th. The group will still meet on Wednesdays at 1:00 in the Community Room. No experi- ence necessary. I understand they have a wonderful time and share some interest- ing life stories. New participants are always welcome! Smoke Free Beginning January 1 st, 2011 Vicksburg Crossing will be completely smoke free. There will be no smoking anywhere in the building or on the grounds. Thank you for your cooperation! Ali71Z Reminder: /1\ 1/ December rent is due on or before Sunday, \1/ 4 December 5th. / 7!f i!E r( i!E ) II- i!.)KI 7!" i! iK i!c i!f IiI it \ XI i!Z iK Happy Birthday to the followin residents this month: December Birthdays will be celebrated on Thursday, December 16th at 2:00 in the Community Room. The birthday celebration is open to all residents who wish to come down and help us celebrate. Even if it's not your birthday month!) Toni Connell Eunice Golfis Doris Klemm Walter Premo New Resident Coffee December 4th December 16th December 18th December 22nd Y 1 4 Wednesday morning coffee is an informal gathering that provides residents time to chat with their neighbors. It would be nice to dedicate the coffee on Wednesday, December 15th at 9:00 to all our new neighbors. We had S new residents move in during October and November and it would be a great time for them to meet new friends at Vicksburg Crossing! IV -Hearts and Memorial FundIV If you would like to donate to the "Hearts and Memorial" fund, please include V- 1.00 cash with your rent check. You may donate each month, every other 4W month or not at all, it is completely voluntary. We use the funds to buy flowers IV or contribute to memorials for residents who have been hospitalized, lost a loved qF one or have passed away. C) r ---q C) i1 LL CD c 2 llo CO N co U V U U Vooo O o Q o U N U M U O 0jl o O Z M 1C O 7 R U v O v C v` 0 v roQ R cLao C; fiZ roo Q v roo Sao 0 0- a oo N _! co o J co V U Q Q N ! o j o fi U Lt, rye, ytil q O' N o\ roo U 0UC)o o m UD b o c O2 fi Cl) M U 0 U U 0 0 U0 e o O o o FEN c) CQ N W_ Viclzsbw-g Crossing To: Plymouth Housing and Redevelopment Authority From: Sara Paquette Managing Director Date: January 14, 2011 Subject: Vicksburg Crossing Market Report December Inquiry/marketing activity recap is as follows Phone/Internet Inquiries 4 phone calls from different people inquiring about apartments for themselves or family members. 0 2 people made appointments to come in and see apartments. 0 2 people did not make appointments to see the apartments. Either the rates were too high or they were just interested in having information sent. We will follow up with these people. o We received 3 emails from people who found us on our web site. Walk-in Traffic 0 people came in as walk-in traffic in December. Interest Timeline for Move In Of the 2 people that came into the office (either set up appointments or came in as walk-in traffic): 0 0 selected an apartment and put down a $600 deposit. 0 0 people were looking for a new home within the next 6 months. 0 2 were looking for a new home within 6 -12 months. 0 0 were looking for a new home beyond 12 months from now. 3155 Vicksburg Lane IN • Plymouth, NIN 55447 • Phone (763559-1.877 • Fax (763)559-0144 • N"vw.ei.plyn,onth.mn.us Owned by Plymouth Housing and Redevelopment Authority 12Y EQUAL HOUSING OPPORTUNITY Interest Level by Apartment Style Of the total of 7 contacts (the sum of phone calls, emails and walk in traffic). 0 2 people were interested in information on low income 1 were under the impression we had subsidized housing o 2 people were most interested in moderately priced 1 bedrooms 0 0 were most interested in a 1 bedroom with den 0 1 people were most interested in 2 bedrooms o The remaining wanted pricing on several sizes. They were more interested in price. Ongoing Marketing Strategies — Update December N) arketmg_Md n.,<requec dost Resulfs ;, R ecomrnendation Sun Newspaper Typically 1 x 475 Good Continue, alternate mo. wl Lakeshore 4 page Weekly Lakeshore Weekly Typically 1 x 450 Good Continue, alternate News mo.; wl Sun Sailor — 4 page Brochures placed in Ongoing Nothing Keeps our Continue as Senior Centers of more than info in permitted Crystal, Hopkins, cost of the circulation. Robbinsdale, and brochure Maple Grove also PCC & City Hall. VC Website Ongoing 50 mo Typically Tracking inquiries. receive several inquiries a month Open House Twice a year. Approx. Was very Our next Open Try to coincide 350 successful. House will be in with a resident Gave a lot of the spring. party. tours. Prospects impressed wl building & apartments. Additional Marketing Efforts We will continue to advertise in the Lakeshore Weekly and Sun Sailor. We will be having our next Open House in the spring. The amount of walk-in traffic and phone calls did slowdown during December which is typical. 2 ma"&Ug Crossing To: Plymouth Housing and Redevelopment Authority From: Sara Paquette Managing Director Date: December 16, 2-099 Subject: Vicksburg Crossing Market Report November Inquiry/marketing activity recap is as follows Phone/Internet Inquiries 6 phone calls from different people inquiring about apartments for themselves or family members. 0 2 people made appointments to come in and see apartments. 0 4 people did not make appointments to see the apartments. Most wanted to see an affordable apartment, the rates were too high or they were just interested in having information sent. We will follow up with these people. o We received 1 email from people who found us on our web site. o We received 10 e-mails from the Seniors for Living web site. We sent information to them, Walk-in Traffic 5 people came in as walk-in traffic in November. Interest Timeline for Move In Of the total 7 people that came into the office (either set up appointments or came in as walk-in traffic): 0 1 selected an apartment and put down a $500 deposit. 0 1 was looking for a new home within the next 6 months. 0 2 were looking for a new home within 6 -12 months. 0 3 were looking for a new home beyond 12 months from now. 3155 Vicksburg Lane N • Plymoudi, NIN 55447 • Phone (763559-1877 • Fax (763559-0144 • wwWuci.plynroutlr.mn.us Owned by Plymo.ti I Tousing and Redevelopment Authority 121 EQUAL HOUSING OPPORTUNITY Interest Level by Apartment Style Of the total of 22 contacts (the sum of phone calls, emails and walk in traffic). 0 9 people were interested in information on affordable apartments 1 were under the impression we had subsidized housing 0 8 person was most interested in market rate 1 bedrooms 0 1 were most interested in a 1 bedroom with den 0 3 people were most interested in 2 bedrooms 0 The remaining wanted pricing on several sizes. They were more interested in price. Ongoing Marketing Strategies — Update November 2009 Mar'ketrng Medi rn ' Fre ,L rip 1Sr e CQst=', Results Recommenda o l - Sun Newspaper Typically 1 x 475 Good Continue, alternate mo. wl Lakeshore X page Weekly Will advertise for our upcoming Open House Lakeshore Weekly Typically 1 x 450 Good Continue, alternate News mo.; wl Sun Sailor — page Will advertise for our upcoming Open House Senior Housing Annual; 500 None directly Will not advertise, Guide 113 page tied to this but continue to ad. have info in guide Plymouth News Depends nla Generates Continue as inquiries permitted Brochures placed in Ongoing Nothing Unknown as Continue as Senior Centers of but the to direct permitted Crystal, Hopkins, cost of results, but Robbinsdale, and the keeps our Maple Grove also brochure info in PCC & City Hall. circulation. Resident Referral Ongoing 300 per No resident referral referrals paid move in. in past nine months Resource Referral Ongoing 100 for None paid No new referrals Networking with referral other Apartment Mgr, etc. VC Website Ongoing 50 mo Typically Tracking inquiries. 2 Additional Marketing Efforts We are planning our holiday Open House which will be on Saturday, December 19tH We are making postcards to send out to people on our prospect list. We will have Becky Waters playing holiday piano music from 12:00 until 1:30. There will be hot chocolate, coffee treats and appetizers for visitors. 3 receive several inquiries a month Move in Incentive Ongoing 7 people to Continue offering date used incentive, but will move in not advertise incentive specifics. Open House Twice a year. Approx. Was very We are planning Try to coincide 250 successful, an Open House on with a resident Gave a lot of Saturday, party. tours. December 19th Prospects We will have at impressed wl least 2 Open building & Houses in 2010. apartments. Invite Prospects and Quarterly events Depends We are Continue as depositors to events are planned planning our events are planned events for the upcoming year. Additional Marketing Efforts We are planning our holiday Open House which will be on Saturday, December 19tH We are making postcards to send out to people on our prospect list. We will have Becky Waters playing holiday piano music from 12:00 until 1:30. There will be hot chocolate, coffee treats and appetizers for visitors. 3 Agenda Number —1-6. PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Manager through Steve Juetten, Executive Director MEETING DATE: January 27, 2011 SUBJECT: Plymouth Towne Square — Award Sale of G.O. Refunding Bonds BACKGROUND: The City's financial advisor, Ehlers & Associates Inc., periodically provides updates on potential refunding opportunities. It was determined that with historically low interest rates, savings would result by selling refunding bonds and paying off the existing bond issue. On November 18, 2010, the HRA authorized Elder's & Associates Inc. to move forward with the solicitation of bids and adopted a resolution calling for the sale of $3,255,000 General Obligation Housing Refunding Bonds. While the market has moved since this date it is still anticipated that the annual savings will be between $10,000 and $13,000. Bid opening will occur at 10:00 a.m. on January 27, 2011. The award of the bids is scheduled to occur at the regular HRA meeting that evening. Moody's Investor Services has rated the bonds and reaffirmed our Aaa rating. Actual bid data will be brought to the meeting on January 27 along with the adopting resolution. RECOMMENDATION: I recommend that the Plymouth Housing and Redevelopment Authority Board of Commissioners adopt the resolution awarding the sale of $3,255,000 General Obligation Housing Refunding Bonds for Plymouth Towne Square. ATTACHMENTS: To be delivered the night of the meeting Agenda Number 3. C. PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY STAFF REPORT TO: Plymouth Housing and Redevelopment Authority FROM: Jim Barnes, Housing Programs Manager through Steve Juetten, Executive Director MEETING DATE: January 27, 2011 SUBJECT: First Time Homebuyer and Rehabilitation Program Changes BACKGROUND: The Plymouth Housing and Redevelopment Authority (HRA) operates the Housing Rehabilitation and First Time Homebuyer programs that are funded through Community Development Block Grant (CDBG) funds. From time to time, staff reviews the program policies to ensure consistency and compliance with applicable laws and regulations. The guidebooks were last revised in 2009. Staff has completed a review of the guidebooks and recommends some additional changes that are discussed below. There are both administrative and programmatic changes being proposed. Also attached are the guidebooks for your review. DISCUSSION: Proposed Changes to the First Time Homebuyer Loan Program: 1) Loan Forgiveness Currently, the First Time Homebuyer loan program states that the HRA may consider forgiving a loan if the homeowner is experiencing financial hardships or the value of their home has declined since taking out the HRA loan. Staff has added additional language to this section to clarify certain requirements under this provision (pg. 9). 2) Participating Lenders The program requires that any lender offering a fust mortgage must also be approved by the Minnesota Housing Finance Agency to market and underwrite MHFA loans. We have added the MHFA website to the guide to assist applicants in determirring whether their lender is eligible pg. 8). 3) Financial Assistance The program allows for Closing Costs, Down Payment and Mortgage Reduction assistance to assist homebuyers. Staff has added language clarifying how the down payment portion of assistance is determined (pg. 2). Proposed Changes to the Rehabilitation Loan Program: 1) Loan Amount The current maximum loan amount for the Rehabilitation program is $20,000. The Policy allows for amounts greater than the above limit when there is lead paint, accessibility issues or when the necessary work needed to bring the house into a livable condition exists. Over the past few years that the cost of rehabilitating homes has gotten more expensive and some work has not been completed or loans have been increased through administrative exceptions to be able to complete the necessary items. Other rehabilitation programs in the metro area have been reviewed and they have a range between $30,000 and $35,000 per loan. The last time the maximum amount for the Plymouth program was changed was 2002 when the amount was adjusted from $15,000 to $20,000. Staff is proposing that the maximum limit be increased to $30,000, and $40,000 for lead based paint and accessibility. It is also being proposed that the combined maximum assistance for both programs be increase to $40,000 to allow a person utilizing our FTHB program to access rehabilitation funds as well. (pgs. 19, 25 & 33). 2) Loan -To -Value Currently, the Rehabilitation guidelines stipulate that the loan -to -value of a property under consideration can be no greater than 100%. Given the large decline in property values over the past few years, staff is proposing that the Board increase the maximum loan -to -value to 110%. While there is additional risk in this, staff believes that the risk will be minimal and because it is only 10% higher the applicants applying are most likely not credit risks (pg. 32). RECOMMENDATION: I recommend that the Housing and Redevelopment Board of Commissioners approve the changes to the First Time Homebuyer and Rehabilitation guidelines. ATTACHMENTS: 1. First Time Homebuyer Guidelines 2. Rehabilitation Program Guidelines FIRST TIME HOMER UYER PRO GRAM GUIDELINES rip CITY OF PLYMOUTH HOUSING AND REDEVELOPMENT AUTHORITY 3400 Plymouth Boulevard, PIymouth, MN 55447 Revised May 2009 EOUAL HOUSING OPPORTUNITY TABLE OF CONTENTS PART I: GENERAL PROGRAM DESCRIPTION Program Overview Program Goals Program Administration Purpose of the Program Guidelines PART II: PROGRAM POLICIES Financial Assistance Responsibilities of the First Time Homebuyer Responsibilities of the Lender Responsibilities of the HRA Application to the HRA Summaiy of the Application Process Eligibility Requirements Denial of Eligibility Eligible Dwellings Applicant Outreach Applicant Pool Selection from the Applicant Pool Lender Outreach PART III: PROGRAM RULES Lenders Declarations of Restrictive Covenants Lead Based Paint Hazard Requirements Repayment of Assistance Loan Forgiveness Subordination of Mortgages Targeted Funding Modification and Termination of Program APPENDIX A Definitions 1 1 1 2 2 3 4 4 5 5 6 6 6 7 7 7 7 S S S 9 9 9 10 10 I1 PART I: GENERAL PROGRAM DESCRIPTION Program Overview The Plymouth Housing and Redevelopment Authority (HRA) operate an assistance program for homeownership funded by the City of Plymouth's Community Development Block Grant CDBG) Program, The HRA operates this program on behalf of and as the agent of the City of Plymouth. The First Time Homebuyer Program provides financial assistance for low- and moderate -income Households to become homeowners. Administration of the First Time Homebuyer Program and the functions and responsibilities of the HRA staff shall be in compliance with the U.S. Department of Housing and Urban Development (HUD) CDBG regulations as well as all Federal, State and local nondiscrimination laws and with the rules and regulations governing Fair Housing and Equal Opportunity in housing and employment. The HRA shall not deny any Family or individual the equal opportunity to apply for or receive assistance under the First Time Homebuyer Program on the basis of race, color, gender, religion, creed, national origin, age, familial or marital status, handicap or disability, sexual or affectional orientation or reliance on public assistance. The Plymouth HRA's office is accessible to persons with disabilities. Accessibility for the hearing impaired is provided by the Minnesota Relay Service and the City of Plymouth TDD. Program Goals The First Time Homebuyer Program has the following two goals: a. Assist low- and moderate -income families to purchase homes within the City of Plymouth by providing assistance with down payment, Closing Costs and mortgage principle reduction. b. Promote responsible home ownership. Program Administration The Program will be administered through the Plymouth HRA. Interested applicants should contact the Plymouth HRA staff by calling (763) 509-5410 or appearing in person at 3400 Plymouth Boulevard, Plymouth, MN 55447. 1 Purpose of the Program Guidelines The purpose of these Guidelines is to establish policies for carrying out the First Time Homebuyer Program in a manner consistent with HUD requirements and local goals and objectives contained in the Consolidated and Annual Action Plans, The HRA is responsible for complying with all changes in HUD regulations pertaining to the CDBG program. If such changes conflict with these Guidelines, HUD regulations will have precedence. Applicable regulations include: 24 CFR Part 5: General Program Requirements 24 CFR Part 8: Nondiscrimination 24 CFR Part 570: Community Development Block Grant 24 CFR Part35: Lead Based Paint Regulations PART II: PROGRAM POLICIES Financial Assistance The HRA provides financial assistance to homebuyers to more readily secure a first mortgage. The Program assistance may be used to: Pay up to 50 percent of the amount the homebuyer(s) is required toLprovidc toward the down payment under the particular mortagegrogram they are utilizing, not to exceed $5,000. Pay up to 100 percent of the homebuyers eligible Closing Costs not to exceed $5,000.00. Borrowers are not permitted to use Program funds for interest rate buy downs unless documentation is provided from the lender that shows the buy down is necessary to secure their primary mortgage. Eligible closing costs do not include optional insurances (i.e. optional owner's insurance policy etc.). 1 Reduce the mortgage principal up to 10% of the purchase price to a maximum of $20,000. The applicant (s) Housing (DTI) Debt to Income Ratio must be at least 25%, but can not exceed 37% of their gross monthly qualifying income. The financial assistance will be provided at a minimum amount of $3,000.00 and a maximum amount of $25,000.00. In certain situations, the HRA Executive Director may allow assistance in excess of the maximum at their discretion. The HRA will make a determination on the amount of assistance an applicant qualifies for. The HRA will make this determination after reviewing the applicant's verified income and assets, estimated Closing Costs, purchase agreement, and lender's recommendations for financial assistance in compliance with uses described above. Lenders must provide a pre -approval letter indicating the maximum amount of financing the borrower would qualify for from the fust mortgage lender. The HRA will verify an applicant's income and assets through third party written verifications as provided by either the lender or as sought by the HRA. The HRA may re -verify income and asset information provided by the lender. The HRA will calculate the applicant's Gross Annual Income using pay stubs and recent tax returns or third party verification as defined in Appendix A to ensure the Applicant(s) qualifies as a low- or moderate -income Household as required by CDBG regulations and to determine the maximum amount of assistance. 2 Financial assistance will be provided at the time of Closing on the property with the following conditions: Selected applicants must meet the requirements of this Program and be eligible for the financial assistance through out the entire application process. The housing unit to be purchased and the purchase price must be accepted by the HRA as meeting the intent and requirements of the program. The financial assistance provided by the HRA is in the form of a no interest deferred payment loan that is due and payable 30 years from the initial purchase date or when the house is sold, transferred or no longer the primary place of residence, whichever occurs first. The homebuyers must enter into a second mortgage and execute a Promissory Note with the HRA providing for repayment of the indebtedness 30 years from the initial purchase date or when the house is sold, transferred or no longer the primary place of residence, whichever occurs first. Responsibilities of the First Time Homebuyer The responsibilities of the prospective homebuyers are to: Complete, sign and return the Application, Authorization for the Release of Information form, and other certification and verification forms within the time flame specified. Register and attend the Home Stretch - Home Buyers Workshops offered by Community Action Partnership of Suburban Hennepin (CAPSH). Classes must have been completed within 12 months prior to closing. Classes offered through other agencies or realtors may be substituted with prior approval of the HRA. Applicants must also attend an individual counseling session with a Housing Counselor at CAPSH. If CAPSH recommends that the applicant is not ready to purchase a home, the HRA may not provide assistance until the applicant has satisfied staff concerns. The applicant will be provided with a certificate of attendance. A copy of this certificate should be forwarded to the lender and the IIRA. Select a lender approved by the HRA for participation in the Program. Complete the pre -approval process. Select a real estate agent, if one is desired. Select a dwelling in Plymouth for purchase that is owner -occupied or vacant and is an eligible dwelling under the Program. Provide information throughout the process as required by the lender or HRA. Execute a purchase agreement. Execute the lender's mortgage and related documents. Execute the HRA's Mortgage and Promissory Note. Have the seller execute the HRA's disclosure to seller form. Close on the property within the time frame specified. Execute other required forms within the time frame specified or required. Take occupancy of the dwelling within 30 days after Closing, homestead the property, and continue to occupy the dwelling as your Principal Place of Residence. Make principal, interest, property tax and insurance payments as required. Reimburse the HRA in accordance with the HRA's Mortgage and Promissory Note should the First Time Homebuyer trigger repayment through sale, moving, transfer of ownership, or foreclosure within 30 years or default on any other terms of these documents. 3 Responsibilities of the Lender The lender must: Verify the prospective homebuyer's income and assets to determine that the Family meets the requirements of the Program and submit a copy of the verification to the HRA. These copies must be submitted to the City at least five working days prior to the applicant signing a purchase agreement. Compute the Mortgage, Down Payment, Mortgage payments and Closing Costs of Acceptable Loans approved by the Program to determine the most cost-effective and appropriate form of financing for the First Time Homebuyer to use. Provide a title search and review the documents. Provide the HRA with a pre -approval letter stating the maximum mortgage amount the applicant is approved for. Provide the HRA other verification materials as requested by the HRA. Process a mortgage consistent with the Program. Meet all deadlines in a timely fashion, especially those that relate to the Closing. All documents must be completed at Ieast 10 days prior to the Closing and be delivered to the HRA at least seven days before the Closing. Appraise property to determine the loan -to -value ratio. Responsibilities of the HRA The responsibilities of the NIRA for the Program are to: Establish Program requirements and admimister the Program. Send applicants the application form, the authorization for release of information form and other certification and verification forms. Review the Application and other material for eligibility. Establish the pool of eligible participants and make selections for participation in accordance with the selection provisions. Notify applicants when ineligible. Direct prospective buyers to register for the CAPSH homebuyer workshops and provide information and forms related to the Program. Provide liaison services involving the prospective buyer, lender and any real estate agent that might be involved in the transaction. Review appraisal, purchase agreement, eligibility and mortgage for consistency with the Program requirements. Prepare and execute the HRA mortgage and promissory note. Provide financial assistance according to Program guidelines to the applicant at the time of Closing. Service the HRA mortgage. Modify or terminate the Program as may be appropriate or required. 4 Application to the HRA It is the responsibility of each applicant to assure that the HRA receives his or her application. Only applications with original signatures will be accepted. At the time of application, applicants must provide the HRA with the following information and meet the eligibility requirements: Names of all Family and household members Address and telephone number Social Security numbers of all adults Date of birth of all Family members Number of adults in Family Number of children in Family Total Gross Annual income from all sources (i.e. employment, social security income, child support, etc.) with pay stubs and three years of tax returns as documentation Bank statements, financial statements and all other document(s) that verify Gross Assets. Employer's name (Company Name) Address and phone number of each employer Length of time (in years and months) at present address Last three previous addresses Indication if applicant ever owned a home Summary of the Application Process The following is a summary of the application process. The applicant registers for and attends the homebuyer workshop series through Community Action Partnership of Suburban Hennepin (CAPSH). The applicant arranges for and attends a private housing counseling session with Community Action Partnership of Suburban Hennepin (CAPSH). The applicant selects a participating lender and applies for mortgage pre -approval. The applicant completes and submits a First Time Homebuyer application and authorization for release of information form to the HRA with a mortgage pre -approval letter from the lender. The applicant searches for a home in Plymouth. The applicant enters into a Purchase Agreement and contacts the lender. The lender authorizes appraisal of home. The lender confirms applicant's mortgage eligibility and approves purchase. The lender contacts the HRA with supporting documentation. The HRA arranges for a lead-based paint hazard inspection of the property, if the dwelling was built prior to 1978. The HRA reviews appraisal, Purchase Agreement, Good Faith Estimate, and eligibility verification for consistency with program goals and requirements. The HRA issues an approval letter. The HRA prepares the closing documents required by the City's Program Guidelines. The HRA attends the Closing. At the Closing, the HRA has the borrower sign the required closing documents and financial assistance is provided in the form of a second mortgage. Eligibility Requirements To be eligible to participate in the Program, the applicant must meet the following requirements at the time of application and through out the process up until CIosing. Must qualify as a Family, as defined in Appendix A. Must be a U.S. citizen or have legal immigration status. Must be a First Time Homebuyer, as defined in Appendix A. Must not have a Gross Annual Income that exceeds the maximum income Iimits which are revised annually to reflect the current year's CDBG maximum income limits. Must not have Gross Assets exceeding $25,000.00, which excludes one automobile. Borrowers are required to invest at least $1,000.00 of their own monies towards the purchase price of the home. Funds from public program(s) can not be used as part of the Homebuyers portion of the down payment. Must meet the requirements of a Lender and qualify for a first mortgage. Must fulfill the Program obligations in a timely manner and must remain eligible to participate based on the program requirements and those of the lender through the time of Closing. Must not have a previous loan through the Plymouth HRA that ended in foreclosure or any other loan that ended in foreclosure within the previous five years. Must meet the requirements as specified elsewhere in these Guidelines. Denial of Eligibility The HRA will review and verify all applications for eligibility. Those applicants not meeting the eligibility requirements will be sent a written notice explaining the reason(s) for denial of Program participation. Appeals regarding interpretation of eligibility requirements may be made in writing to the Housing Program Manager, HRA's Executive Director and then to the HRA Board of Commissioners. Appeals that clearly do not meet eligibility requirements will not be considered. Eligible Dwellings To be eligible the property must meet the following requirements: Be located within the City of Plymouth. Be a single-family dwelling, a townhouse unit, or a condominium unit. Be a conforming use as defined by the Plymouth Zoning Ordinance. Be free of lead-based paint hazards at the time of Closing. The HRA may require an inspection of the dwelling for compliance with the Plymouth Housing Code (Uniform Housing Code). The HRA will require an inspection of all dwellings built prior to 1978 for compliance with HUD's lead-based paint hazard regulations. Applicant Outreach The HRA will publicize and disseminate information to make known the availability of homeownership assistance on a regular basis through a variety of media and by other suitable means. The availability of assistance will be communicated to other service providers and Realtors in the community and advise them of the guidelines so that they can make proper referrals for the Program. Realtors will be encouraged to provide additional services to eligible clients to ensure their successful utilization of the program, Applicant Pool The applicant pool for the Program shall consist of all those who have completed and returned to the HRA a complete application, written verification from their lender of pre -approval, and who are determined by the HRA to be eligible. Selection from the Applicant Pool As funds are available, applicants will be selected from the applicant pool on a first come, first serve basis. Eligible applicants will be selected for funding when they or their lender notify the HRA of the applicant's approved purchase agreement and mortgage. If funding is limited and more than one applicant is at the purchasing stage, the HRA will provide funding to the applicant who qualifies for the most preference points. Preference points have been established to meet the goals of the HRA. Each preference category is worth one (1) point. The maximum points any one Family could receive are five (5) points. Families with the highest point totals will be selected fust. In the event of a tie, a drawing or lottery will be held to rank the applicants within each of the preference categories. Applicant with dependents under age 18 Live in Plymouth at least 90 days prior to Closing Head or co-head has primary, long-term employment in Plymouth Currently holding a Plymouth Section 8 Voucher Never owned a home (versus having owned a home over three years ago) Selection from the applicant pool is tentative and conditional. Families selected for participation must fulfill the Program obligations in a timely mamier and must remain eligible to participate based on the program requirements and those of the lender through the time of Closing. Lender Outreach The HRA will solicit lender participation as needed. The HRA will review requests from lenders to be approved as a participating lender of the First Time Homebuyer Program. The lenders must be FHA and MMFA approved and exhibit a willingness to provide mortgage products to low- and moderate -income Households. 7 PART III: PROGRAM RULES Lenders All lenders must be a Minnesota Mortgage Program Lender as approved by the Minnesota Housing Finance Agency MHFA . Applicants should check the MI1FA website at www.minnesota housing.com to determine whether a lender is approved to participate in the Plymouth FTHB program Lenders and their representatives must also be willing to participate in the Plymouth First Time Homebuyer Program. Applicants should ask the lender if they have received the City of Plymouth's Program Guidelines and if they are familiar with the process. It is the applicant's responsibility to make arrangements for obtaining pre -qualification or pre - indication of approval and for making an application for a mortgage. A letter from the lender indicating the amount of the mortgage for which the applicant pre -qualifies must be provided with each application. The same lender must be used when the applicant goes for pre - approval of a mortgage prior to the purchase of a home, so it is recommended that the applicant selects the lender carefully. Declarations of Restrictive Covenants From time to time, declarations of restrictive covenants may be placed on properties as a condition of First Time Homebuyer assistance. Declarations of restrictive covenants are placed on select properties to ensure that these properties are owned by low- and moderate -income households in the future, even after subsequent sales. Declarations of restrictive covenants may also restrict the resale price of select housing units in an attempt to keep the units affordable. Lead Based Paint Hazard Requirements All applicants purchasing a dwelling built prior to 1978 will be provided with a lead based paint brochure and must sign a certification of receipt of the brochure. As a condition of funding, the applicant will be required to purchase a home free of Lead Based Paint (LBP) hazards If the dwelling was built prior to 1978 a visual assessment for deteriorated paint will be done by City staff. Applicants will be informed that the inspection is only to determine the presence of deteriorated paint and they may also want to obtain a complete Home Inspection from a certified Home Inspector. If deteriorated paint is found the HRA will contract with a certified Risk Assessor to perform the necessary tests to determine if there is a lead hazard risk. A copy of a clean Lead Risk Assessment report must be submitted to the HRA before the home is approved for assistance. If the applicant refuses, the property will not be eligible for assistance. The applicant will need to find another house that is or will be made LBP risk free in order to qualify for assistance. If LBP risks are found, stabilization of the defective paint, cleanup and clearance will be required before funds are approved for assistance. The presence of LBP risks should be treated like any other defect found during an inspection and may be negotiated between buyer and seller. Clearance will be required before the home can be safely occupied and will assure that there are no remaining lead hazards. Repayment of Assistance Repayment of the deferred payment loan shall occur upon the earliest of: Sale, transfer or thirty years from the initial purchase date, when the HRA Mortgage becomes due and payable. The property ceases for any reason to be the homebuyer's principal place of residence. Default on the mortgage with the HRA or any superior mortgage on the property. At the time of repayment, the HRA will prepare and execute a Satisfaction of Mortgage. The Satisfaction of Mortgage will be sent to the Title Company, who will be responsible for recording the Satisfaction with the County. The HRA will send the homeowner a copy of the Satisfaction as well as the original Promissory Note indicating it has been satisfied. Loan Forgiveness Generally, the HRA will require that all First Time Homebuyer loans be repaid. However, the HRA may waive repayment if the homeowner can prove a documented financial hardship. This hardship may include the homeowner not having the resources to pay the HRA's loan back requires a denial letter from one or more financial institutions) or the property value declining since the HRA's loan was taken out. In addition, the HRA may consider forgivin T a portion or the entire loan amount if the homeowner is facing foreclosure and forgivingthe loan, or a portion thereof, will assist the homeowner in restrucw_ ing their mortgage so they can remain in the hnn,P The HRA will not consider forgiveness of the loan for the reasons stated above if the homeowner's reason for selling is to purchase a lamer home unless there is severe overcrowding in the home. Severe over crowding means that there are more than two persons per sleeping room in the home. A living room is considered a sleeping room for this purpose. Hardship requests shall be made in writing to the Housing Program Manager and will be reviewed on a case-by-case basis. If the Housing Program Manager denies a hardship request, appeals regarding interpretation of the hardship provisions may be made in writing to the HRA's Executive Director and then to the HRA Board of Commissioners, which has the final say in the request. Appeals that clearly do not meet the hardship requirements will not be considered. Subordination of Mortgages The HRA may subordinate the First Time Homebuyer Program loan. The HRA will review and respond to all requests for subordinations within two weeks of the application date. The following information must be submitted before a request for subordination will be considered. Effective date of cuiTent first mortgage, current first mortgage balance, interest rate and term Proposed loan amount, interest rate and term. Reasons for new financing and use of proceeds by amount. If financing will be used for home improvements, specific information on the proposed home improvements must be provided. Good Faith Estimate. Copy of appraisal. Most recent assessor's market value of property. I Types and amounts of any other indebtedness on property, including balance, rate and term. Date the First Time Homebuyer loan was filed with County and the document number. Household's verified income and size. Full name, address, telephone number, contact person and e-mail address of the new lender. Date subordination agreement is needed (must be at least two weeks from the date of the request). Information provided will be analyzed to determine the appropriateness of subordination of the HRA's mortgage. The following criteria must be met before subordination of the loan will be considered. All current and proposed property liens, including the First Time Homebuyer loan, equal less than 95 percent of the appraised value of the property. The subordination is necessary to refinance the principle balance of existing prior liens on the property and will facilitate a rate reduction, term reduction and/or principal reduction plus any costs to finance additional eligible home improvements. No cash may be taken out as a result of refinancing. However, the fees incurred to refinance will be an allowable expense. All home improvements must be eligible under the Home Rehabilitation guidelines and the homeowner is required to submit documentation of cost for all improvements as a condition of the subordination. The uses for the new financing must be justifiable as an appropriate use of public funds to warrant subordination of the public funding. The household income of the homeowner must not be greater than 125 percent of current CDBG maximum income guidelines. The borrower(s) must correct any errors and omissions relating to their loan as a condition of the HRA granting a subordination request. This requirement would include but not be limited to documents that are not signed (but the intent was to have them signed), documents with clerical errors and/or documents that are missing or destroyed. If the above criteria are not met, the HRA will not subordinate its mortgage. The client will then need to either obtain financing that is subordinate to the HRA's mortgage, pay off the HRA's loan as a condition of the new financing, obtain non -mortgage financing, or forgo the additional financing. Appeals regarding interpretation of this Subordination Policy may be made in writing to the HRA's Executive Director and then to the HRA Board of Commissioners. Appeals that clearly do not meet the subordination requirements will not be considered. Targeted Funding At various times, the HRA may target Program funding for purchases in specific developments. Applicants purchasing in those developments would receive Program funding prior to all othei applicants. Total Amount of Assistance The total amount of assistance received through the Plymouth BRA for all EIRA programs including the Housing Rehabilitation, First Time Homebuyer, and Emergency Repair Grant Programs cannot exceed 30,000. 10 Modification and Termination of Program The HRA may modify or terminate the Program as it deems appropriate or as required by HUD. Once the HRA has provided financial assistance and the mortgage executed, financial assistance shall not be rescinded except as provided for in the executed HRA mortgage and promissory note. 11 APPENDIX A DEFINITIONS Acceptable Loans — Conventional, Fannie Mae, FHA, VA and ARM's that at a minimum are at a fixed rated for the first seven years. Applicant -- An individual or household submitting an application for a Ioan. Application — The form used to request assistance for the City of Plymouth's First Time Homebuyer funds. ARM — An Adjustable Rate Mortgage is a mortgage that offers an initial rate that is fixed for a certain number of years of repayment; the rate then adjusts every year thereafter for the remaining life of the loan. CAPSH — Community Action Partnership of Suburban Hennepin. An agency working in all of Suburban Hennepin County to assist low-income people with services to individuals through outreach, energy assistance programs, homeownership services and financial counseling. CDBG -- A Community Development Block Grant Program; which is an annual entitlement program provided to the City of Plymouth through the U.S. Department of Housing and Urban Development (HUD). Cj!y — The City of Plymouth. Clearance — A Lead Based Paint Certification that all lead issues have been remediated. Closing - The consummation of the real estate transaction. The Closing includes the delivery of a deed, financial adjustments, the signing of notes, mortgages, and the disbursement of funds necessary to complete the sale and loan transaction. Closing Costs_ - Those costs required by the lender to be paid by the buyer for various fees, credit report cost, insurance, etc. at time of Closing on property. Consolidated and Annual Action Plans — HUD requires the City of Plymouth to submit a 5 year Consolidated Plan and an Annual Action Plan to guide housing, homelessness and Community Development activities. Conventional Mortgage — A type of residential mortgage loan, usually from a bank or savings and loan association, with a fixed rate and term. It is repayable in fixed monthly payments over a period usually 30 40 years or less, secured by real property, and not insured by the Federal Housing Administration or guaranteed by the Veterans Administration. Down Payment — A type of payment made by a home buyer, indicating intention to purchase real estate offered for sale and obtain financing from a bank or mortgage company. DTI - Debt to Income Ratio — Indicates the percentage of income that goes toward housing costs, including mortgage principal and interest, mortgage insurance premium, hazard insurance premium, property taxes, and homeowners association dues (when applicable). Family — A group of individuals who live or will live under one roof. Fannie Mae — A privately owned and operated corporation that buys mortgages from such lenders as banks and savings and loans, packages the, and resells them on the open market. 12 FHA — Federal Housing Administration. A Federal agency that administers many loan programs, loan Guarantee programs, and Loan Insurance programs designed to make more housing available. First Time Homebuyer - A Family who has not owned a dwelling of any kind within the preceding three years from the date of application or who has been displaced due to a divorce situation. (A Family purchasing a dwelling with a Contract for Deed is not eligible to participate in this Program.) Good Faith Estimate — Document disclosing the approximate closing costs a mortgage applicant will pay at or before the mortgage settlement date. Gross Annual Income - The Gross Annual Income of a Household for the purposes of this program is as defined for purposes of reporting under Internal Revenue Service Form 1040 for individual Federal annual income tax purposes as per 24 CFR 570.3 and 26 CFR. Gross Assets - The current market value of the following minus existing indebtedness: Typically, it does not include 401Kfunds, pensions, or other deferred compensation funds.) I . Cash on hand 2. Cash in checking accounts 3. Cash in savings accounts, including accounts held in trust. 4. The cash value of life insurance policies. 5. Investment securities (government bonds, municipal bonds) 6. Stocks 7. Certificate of deposits and annuities 8. The current market value of all interest in real estate. Included in this determination is any land in which any resident of the Household holds title or is selling on contract for deed. The value of the contract for deed property shall be defined as 100 percent of the outstanding balance on the contract at a time twelve months following the date of the income and other asset verifications. The dollar amount of the difference between the outstanding balance at the time of verifications and the outstanding balance twelve months later shall be included as household income. 9. All other property, exclusive of household furnishings, clothing, and one vehicle. This section includes, but is not limited to business equipment, boats, snowmobiles, motorcycles, farm stock and additional vehicles. 10. If the applicant owns a business, in full or in part, and that business is incorporated, then the business equipment is not an asset. If the business is not incorporated, the business equipment is then considered a personal asset. The value of the ownership of the business by the applicant is a personal asset. If the applicant owns less than 100 percent of the business, written notarized proof of the percent of ownership must be provided by the applicant to the HRA. Guidelines - The set of standards, criteria, and specifications to be used in administering the Program. Household -- All persons residing in one housing unit; which may include one or more families, a single person, a married couple, or two or more unrelated persons. Housing Counselor — A person who provides direct customer service primarily to groups, individuals, households seeking information and assistance with housing issues. HRA - The Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota; which administers Plymouth's First Time Homebuyer Program. HUD — U.S. Department of Housing and Urban Development. The principal federal agency responsible for implementing certain federal housing and community development programs. 13 Income — The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments. Lead Risk Assessment — A report that describes the health-risk assessment, management process, estimates of the costs of recovery, and summaries of possible defensive measures required per HUD regulation CFR Part 35. Lead Based Paint Regulations. Lender - Individual or firm that extends money to a borrower with the expectation of being repaid, usually with interest. Low Income Family_ — A Family whose annual income does not exceed the low-income limit as established by HUD with adjustments for smaller and larger families. MFHA — The Minnesota Housing Finance Agency; a Minnesota State agency that administers a variety of first time home buyer loan programs. Moderate Income Family - A Family whose annual income does not exceed 80 percent of the median income for the area, as determine by HUD with adjustments for smaller and larger families. Mortgage - The conveyance of an interest in real property given as security for the payment of a loan. Principal Place of Residence — To occupy the home as the primary residence on a permanent basis. Program - The HRH's First Time Homebuyer Program. Promissory Note - A written instrument containing a promise by the signer to pay an agreed amount. Purchase Agreement - An agreement between buyer and seller of real property, setting forth the price and terms of the sale. Also known as a sales contract. Reducing the Mortgage Principal Amount - A method of benefiting the buyer through the use of a portion or all of the HRA provided financial assistance to lower the mortgage principal amount. In effect, this assistance acts as a larger down payment and, helps to reduce the monthly mortgage payments. The available amount of assistance is up to 10% of the purchase price to a maximum of $20,000. Borrowers are expected to contribute at least 28% of their gross qualifying income toward their monthly payment before Plymouth financial assistance can be used for reduction of the mortgage principal. Satisfaction of Mortlaage -- A document releasing a Mortgage lien, indicating the borrower has paid the debt in full. Second Mortgage - A loan on a property that already has an existing mortgage (the first mortgage). The second mortgage is subordinate to the first. VA Loan — Department of Veterans Affairs, providing below-market financing with no down payment to veterans of the U.S. Awned Services. 14 Plymouth HRA Housing Rehabilitation Program Or t PROCEDURAL GUIDELINES x `p41 N W P xo a oxraxnr Adopted by the Plymouth Housing & Redevelopment Authority Revised May 2009 TABLE OF CONTENTS PART I. GENERAL PROGRAM DESCRIPTION 3 Program Overview 3 Program Goals 3 Program Administration 4 Purpose of the Program Guidelines 4 PART U. PROGRAM POLICIES 5 Responsibilities of the Homeowner 5 Responsibilities of the HRA 5 Application to the HRA 6 Eligibility Requirements 7 Eligible Dwellings 12 Denial of Eligibility 12 Eligible Improvements 12 Improvement Standards 16 Accessibility Improvements 19 Application/ Loan Processing 20 PART III. PROGRAM VERIFICATIONS/ DOCUMENTS 23 Pre -Approval Verifications 23 Pre -Construction Documents 24 Post -Construction Documents 28 PART IV: PROGRAM RULES 34 Lead Based Paint Hazard Requirements 30 Repayment of Assistance 30 Forgiveness of Indebtedness 31 Subordination Policy 31 Targeted Funding 32 Modification/ Termination of Program 32 Additional Funding Requirements/ Provisions 32 Additional Counseling/ Training Requirements 35 APPENDIX A 37 Definitions 36 2 PART I: GENERAL PROGRAM DESCRIPTION Program Overview Plymouth's Housing Rehabilitation Program is available to low and moderate -income households to maintain, repair, and improve their homes. As the Plymouth Housing and Redevelopment Authority (HRA) administers the program with funds appropriated from the Community Development Block Grant Program (CDBG), the program will follow CDBG regulations. There are two types of housing rehabilitation assistance available to eligible homeowners, deferred Ioans and emergency repair grants. A limited amount of fiends are available for each program and applications are accepted on a first come first served basis. The deferred loan program allows applicants to receive up to $20,000.00 in a deferred, zero interest loan to make eligible home improvements to comply with minimum housing quality standards. Loans must be 100% repaid if the home is sold, transferred, or no longer homesteaded within 10 years. After 10 years the loan declines 10% a year until it is forgiven after 20 years. An emergency repair grant allows income qualifying seniors a maximum of $5,000.00 in grant funds to be used for emergency repairs. Emergency repairs include such items as the repair or replacement of failed plumbing, heating and electrical systems. The purpose of an emergency repair grant is to allow the homeowners to complete eligible repairs without completing a full-scale rehabilitation project and signing a long-term repayment agreement. Applications may be submitted by non-profit agencies on behalf of eligible homeowners or directly by homeowners to the Housing and Redevelopment Authority (HRA). Program Goals The overall goal of this Housing Rehabilitation Program is to improve the safety, livability, and the energy efficiency of homes owned by low and moderate -income families within the City of Plymouth. Additional housing rehabilitation assistance goals have been established for the City of Plymouth in its Consolidated Plan. According to these goals, for a property to be counted as meeting the housing rehabilitation standards of the City of Plymouth, the home must be determined to be substandard and upon completion of rehabilitation meet minimum Section 8 housing quality standards pursuant to 24 CFR, as follows; Dwellings improved under this program shall generally meet the performance requirements and acceptability criteria set forth in this section except for such variations as are proposed by the HRA and approved by HUD. Local climatic or geological conditions or local codes are examples, which may justify such variations. 3 Program Administration This Program will be administered by the Plymouth HRA, which has been given the authority to administer this Program by the Plymouth City Council. Funding of this Program is provided through the Department of Housing and Urban Development (HUD) as part of the Community Development Block Grant (CDBG) program. This Program will follow all applicable CDBG regulations and in the event policies included in this Guidelines conflict with CDBG regulations, the CDBG regulations will prevail. Purpose of the Program Guidelines The purpose of these Guidelines is to establish policies for carrying out the Housing Rehabilitation Program in a manner consistent with HUD requirements and local goals and objectives contained in the Consolidated Plan and Annual Action Plan. The HRA is responsible for complying with all changes in HUD regulations pertaining to the CDBG program. If such changes conflict with these Guidelines, as previously stated HUD regulations will have precedence. Applicable regulations include: 24 CFR Part 5. General Program Requirements 24 CFR Part 8: Nondiscrimination 24 CFR Part 570: Community Development Block Grant 24 CFR Part 35: Lead -Based Paint Regulations M PART II: PROGRAM POLICIES Responsibilities of the Homeowner Complete, sign and submit the housing rehabilitation application as well as all additional required supporting documentation Inform the HRA about any changes in their application or project Meet program deadlines Set-up initial meeting with HRA staff Set-up initial inspection with HRA inspector Review the Scope of Work Obtain bids and submit the bids to the HRA within 30 days Make house accessible to contractors Inform HRA of any issues related to work or changes in the scope Inform the HRA when contractors have completed work Sign Completion Certificate when they are satisfied with the work completed Responsibilities of the HRA Outreach and Public Information The HRA will be responsible for the promotion of the Housing Rehabilitation Program within its boundaries. The HRA will exercise care in avoiding any advertising or outreach method that may be deemed to systematically exclude potentially eligible applicants. Access to program materials will not be denied to any person for any reason. The HRA will market its own and other available home rehabilitation, energy reduction and other home improvement and maintenance programs. Some possible marketing activities that may be used are: 1. Regular promotions in the City's newsletter, area newspapers, and cable TV. 2. Program advertising (brochures/flyers) of HRA and other available programs at banks, community centers, businesses that sell home improvement items, businesses with high walk-in traffic, and City Hall. 3. Staff a booth at area remodeling fairs. 4. Post on the City of Plymouth's web site. The program will include affirmative marketing efforts. The IIRA will review its normal outreach methods from time -to -time to ensure that the loan program is made available to persons who otherwise might not apply for assistance. Inspection of Properties The HRA is responsible for carrying out a minimum of two inspections of each approved property. The first inspection shall be completed after the applicant is determined to be eligible for the program. During this inspection a property inspection report will be completed that will list all deficiencies in the dwelling and will be used to determine whether sufficient funds are available to render the dwelling reasonably habitable, safe and energy efficient. During the inspection, the home will also be inspected for lead based paint hazards and if required, a lead risk assessment will be ordered. The second inspection shall take place after the work is finished to determine that all work has been completed in a satisfactory manner consistent with these guidelines, the scope of improvements and the contractors quote. The HRA may conduct interim inspections of the property as necessary. Preparation of Scope of Improvements/ Work Proposal The scope of improvements is based on the property inspection report and shall list all of the eligible improvements that will be completed. The HRA shall provide the homeowner with copies of the scope of improvements. The scope will be prioritized based on the urgency of the repairs. The repairs must be completed in the order reflected on the scope of improvements Additional Assistance Programs To maximize available assistance from the Minnesota Housing Finance Agency (MHFA) and other sources, the HRA will work directly with homeowners to assess and facilitate their eligibility for other assistance. MHFA has several programs and other assistance is often available through the U.S. Department of Energy. Additional Rehabilitation Loan and/or Grant Programs include: 1. MHFA Programs a. Rehabilitation Loan Program b. Fix Up Fund 2. Weatherization Assistance Program 3. Horne Energy Loan Program Application to the HRA Normally, a first come first serve applicant selection process will govern the administration of the program; however, where an applicant has an immediate safety or health need, that applicant will be given priority. Each application will be dated upon receipt. The receipt date shall be used as one of the criteria for ranking of the application. It should be noted that an application is considered complete when all materials used to determine eligibility are received by HRA staff. The HRA shall adhere to the following guidelines: 1. The process must be uniformly applied during the entire funding year. 2. No eligible applicant shall be rejected on the basis of judgments as to personal character or life-style. 3. Where no funds are available for assistance to applicants, the following procedure shall be used: a. Explain to the applicant that the funding for the current year has been either depleted or allocated. b. Inform the applicant of other possible funding sources, including local, state and federal programs. Send the applicant a letter indicating that the application has been placed on a waiting list but that there is no guarantee of future funding. This letter should outline the other possible avenues of obtaining home improvement funds. Eligibility Requirements Applicants must meet all the requirements set forth in these Procedural Guidelines. Ownership and Occupancy Requirements The property must be the applicant's place of residence for a minimum of nine months in any twelve-month period. An exception may be made for a disabled person or household member who cannot move into the home until modifications are made. The applicant must have a qualifying interest in the property although that interest may be aggregated with the ownership interest of other individuals occupying the property as their principal place of residence. A qualifying interest shall consist of: 1. A valid life estate. Such life estate must be recordcd and must appear in the records of the County; or 2. A one third interest in the fee title. Such interest may be subject to a mortgage; or 3. A contract for deed in the property to be improved. Such contract for deed must be recorded and must appear in the records of the County. All individuals having an ownership interest in the property to be improved must sign the Repayment Agreement. Ownership shall be based on the information recorded in the Hennepin County Recorder's Office. The applicant must be current on all mortgage payments, contract for deed payments, homeowner's association dues and property taxes on the property to be improved. If any of these payments are delinquent, they must be made current before the application can be approved for funding. In addition, there shall be no outstanding mechanics liens filed against the property. The applicant must be capable of maintaining the home. This includes financial and physical maintenance of the home. Applicants with significant financial and/ or physical maintenance issues will be referred to appropriate service agencies. 7 Annual Gross Household Income Applicants must have an annual gross household income at or below 80% of the area median income for the household size in effect at time of application. Gross annual income is defined as the gross annual income from all funding sources before taxes and withholdings) of all individuals living in the housing unit for at least nine (9) months of any twelve-month period and who do not pay rent. Non-recurring types of income should be included as assets rather than income. Items for inclusion under this category may include a single gift of cash from a person or persons, cash sales of property, receipt of one-time survivor benefits, etc. A one-time sale of stock does not count as income, but rather the proceeds are counted as assets. Gross annual income includes: 1. Salaries (including commissions, bonuses, overtime pay and tips). 2. Any public assistance (including but not limited to welfare, AFDC, SSI, and unemployment compensation). 3. Alimony and/or child support. 4. Interest and dividends. 5. Pensions and annuities. 6. Rental income. 7. Estate or trust income. 8. Business profit --for self employed individuals (including farmers and child care providers). 9. Gains from the sale of property. 10. Payment received from properties being sold on contracts for deed. 11. Partnerships. 12. Personal and/or business loans. 13. Miscellaneous income (including recurring gifts fiom a person or persons). Calculation of Household Income 1. Gross annual income shall be based upon annualized weekly or monthly income as of the date of verification. 2. In cases where the gross income of the applicant's household is extremely low, the applicant must demonstrate they are able to meet their monthly obligations. The applicant must produce written verification of the household's monthly expenditures, clearly itemizing the amount of money and its source, on all obligations, which may include the following items: mortgage, contract for deed, insurance, loans, income, property taxes, transportation expenses, charge accounts, health costs, food, utilities, clothing and entertainment. These expenses shall determine the household maintenance income. 3. Any income determination, which results in a net loss of income, must be considered as $0 income. That is, an income loss from one source may not be subtracted from a 8 separate source of income for the purpose of determining total household gross annual income. 4. Any educational loans, including VA benefits, which are paid directly to the individual, must be included as income. Loans or scholarships, which are paid directly to an educational institution, are not included as income. 5. If a current pay -stub does not provide conclusive verification of overtime or bonuses, the loan administrator, through contacting an employer, may need to determine projected bonus and/or overtime income. The amount of overtime or bonuses may also be based on prior year's figures or average amounts awarded to other employees with the same status. The most recent IRS tax return may also be used for these purposes. 6. Self-employed persons must submit signed copies of IRS tax returns for the previous three years. Applications processed before April 15th of any given year may use the IRS tax returns from the second and third proceeding years if their return for the first preceding year is not available. Applications processed after April 15th of any given year must use the IRS tax returns from the first and second preceding years. The administering entity will determine gross annual income by averaging the income from the two submitted returns. 7. For self-employed persons, normal out-of-pocket business expenses such as office rents, telephone, etc. are generally deductible items. Property or equipment depreciation is not deductible and must be added back to establish income for program purposes. Individuals who have been self-employed for less than two years must submit a profit and loss statement detailing the business income and expenditures. An exception may be made if the applicant prepares one that it is endorsed by a reputable third party and includes a declaration that all information contained in the statement is accurate and complete and that the applicant is aware that any errors or evasions may result in prosecution. If the individual can produce a signed IRS return for one complete year of self-employment and a profit and loss statement for the subsequent period, that will be acceptable. 8. Income from rental properties, including rents from the property to be improved, shall be included in the gross annual income. Expenses allowable for deduction for rental purposes include a proportional share of the mortgage principal and interest payment, utilities, taxes, insurance, and maintenance. In no event shall such deductions exceed the gross rental income. 9. The Calculation of Gross Annual Income may not be based on a temporary condition such as unemployment or temporary worker's compensation. If unemployment recurs on a regular basis, gross annual income shall include the sum of wages and unemployment compensation expected to be received by the household over the next G 12 months. If worker's compensation is permanent income the insurance company must verify it. Gross Annual Income may not be based on tem orary non-recurring unemployment of a known duration, such as that due to lay-off, maternity leave, sabbatical leave, etc. Rather, income shall be calculated based on the normal annual income of the temporarily unemployed person. At that time, the household must be able to demonstrate that it is both income eligible and capable of meeting its monthly obligations as outlined. Application of those who are unemployed for an unknown period of time shall not be considered until the unemployed household member has exhausted all eligibility for unemployment compensation and the employer indicates a callback date is unknown. 10. The income earned from assets will be combined with income earned from other sources to determine if the total income is under the appropriate income limit. 11. All applicants must be able to demonstrate that they are current on income tax payments to the federal government by submitting signed copies of complete federal tax returns for the three preceding years. Applicants who are delinquent, but who can be verified as being current on a repayment schedule, will be regarded as being eligible in this regard. Applicants who are required to file federal income tax returns but who have not filed or applicants who are delinquent and are not current on a repayment schedule are not eligible for program assistance. Deductions from gross income The following items must be acknowledged as income but can be discounted as qualifying income: 1. Personal loans, which must be repaid at a later date, (a copy of the loan agreement/ payment schedule must be included in the file). 2. Alimony or child support payments to individuals not residing permanently in the property to be improved, (a copy of the pertinent section of the divorce decree must be included in the file). 3. The income of any resident under the age of seventeen. 4. Payments received for the care of foster children. 5. The income of a live-in aide. 6. Educational grants or scholarships, including VA educational benefits, provided that the recipient is registered for classes in the quarter during which the eligibility verification occurs or for the quarter immediately following. 7. Extraordinary medical expenses. This includes any medical expenses that exceed 3% of a household's annual income and are recurring in nature. Recurring expenses include medical insurance, prescriptions, or regular payments for a medical debt that the homeowner is required to pay on a monthly basis, and which are expected to continue indefinitely or for at least the next 12 months. This deduction is allowed in those cases where the applicant's gross annual income exceeds the stated program 10 income limit of 80% of the area median income. If, after the deduction, the applicant's income is at or below 80% of the area median income, the applicant is eligible. Asset Determination Gross Assets must not exceed $25,000, which excludes one automobile. Gross Assets include the cash value of accounts such as money-market accounts, personal savings accounts, checking accounts, investment securities, stock, current market value of all interest in real estate, annuities, life insurance policies, and certificate of deposits. Typically, it does not include 401K funds, pensions, or other deferred compensation funds. Equity Contribution If the applicant's Loan to Value ratio is below 80%, they would be required to contribute to the cost of the rehab in an amount equal to the equity available that is greater than 80%. Example 1: Value of home from either an appraisal or property assessment $200,000 80% Loan --to-Value $160,000 Total loans against the property -$100,000 Available Equity / Applicant Equity Contribution to the Project =$60,000 In this scenario, the applicant would be ineligible for the Plymouth Rehabilitation Loan Program because the amount of equity available exceeds the maximum loan amount of 20,000 for the Rehab program. Example 2: Value of home from either an appraisal or property assessment —$200,000 80% Loan -to -Value $160,000 Total loans against the property -$150,000 Available Equity / Applicant Equity Contribution to the Project —$10,000 In this scenario, the applicant would be required to commit $10,000 of their existing equity towards the Rehab Loan. Plymouths' Rehab loan would be reduced so that the two sources do not exceed the $20,000 program maximum limit. EXCEPT if the applicant is unable to obtain the funds or financing to contribute their portion to the project based on the above scenario, then the Calculation -of -Need can be used. If the applicant's debt -to -income ratio is greater than 55% the applicant would be considered eligible. Hardship requests shall be made in writing to the Housing Program Manager and will be reviewed on a case-by-case basis in situations where a homeowner does not qualify from at least 2 lenders for private financing. If the Housing Program Manager denies a hardship request, appeals regarding interpretation of the hardship provisions may be made in writing to the HRH's Executive Director and then to the HRA Board of Commissioners, which has the final say in the request. Appeals that clearly do not meet the hardship requirements will not be considered. Eligible Dwellings PropgMType and Location The property must be 1) located within the city limits of Plymouth; 2) in compliance with all applicable zoning ordinances; 3) used primarily for residential purposes; and 4) contain no more than two dwelling units, one of them owner -occupied. Improvements can only be made to the owner -occupied unit, unless the improvement serves both units, such as a roof. However, a condominium or townhouse may be considered eligible provided repairs are done only within the unit itself. Structure The property to be improved must be an existing and permanent structure. An owner - occupied mobile home on a permanent foundation located on land owned by the applicant is eligible. Trailers or mobile homes located on land not owned by the applicant are not eligible. Denial of Eligibility The HRA will review and verify all applications for eligibility. Those applicants not meeting the eligibility requirements will be sent a written notice explaining the reason(s) for denial and outlining the appeal process as stated below. Appeals regarding interpretation of eligibility requirements may be made in writing to the Housing Program Manager, HRA's Executive Director and then to the HRA Board of Commissioners. Appeals that clearly do not meet eligibility requirements will not be considered. Eligible Improvements Each improvement must be a permanent general improvement. Permanent general improvements shall include such alterations, renovations, or repairs upon or in connection with existing structures, which correct defects or deficiencies in the property affecting directly the safety, habitability or energy consumption of the property. A permanent general improvement must be economically viable in terms of a determination that after the improvement is made: 12 The structure will have a remaining useful life such that the total amount of the repairs required bringing the house up to Section 8 Housing Quality Standards may be amortized over such life in an economically prudent manner. 2. The structure will be reasonably livable, safe and habitable. All materials used in the rehabilitation work will be new, of same grade and quality, dimensions and design as that originally installed. All work and materials must be applied in accordance with the applicable manufacturer's list instructions and specifications. The owner shall select colors and patterns of materials furnished by the contractor from readily available supplier's selection. However, should the homeowner desire more expensive materials to be used, the homeowner would pay the cost difference. No funds shall be used in whole or in part for the purpose of refinancing or paying off an existing indebtedness. All such funds must be used to finance improvements begun after the execution of a Work Contract prepared by the HRA and signed by the homeowner and the contractor. Additions The HRA may approve the construction of an addition only in the described circumstances indicated below: 1. Bedroom additions may be allowed in cases of severe overcrowding. For the purpose of this program, a dwelling will generally be considered "overcrowded" if there is an average of more than one person per room (excluding bathroom) in the dwelling, or as otherwise approved by the HRA. 2. Bathroom additions may be allowed in cases of inadequate indoor bathroom facilities only if no other space in the structure is appropriate for such facilities 3. In the case of applicants with impaired mobility, request for room additions will be reviewed in compliance with procedures for loans including accessibility improvements. Demolition Demolition of outbuildings is allowed only when such clearance is required by the local building code. Loan funded improvements cannot otherwise be limited to demolition only, except in circumstances determined as exceptional by the HRA. Sidewalks and Driveways Reconstruction of sidewalks and driveways is allowed only on private property and only if existing conditions are clear and imminent safety hazards. Construction of a new sidewalk or driveway may be allowed at the discretion of the HRA and only as necessary for accessibility improvement for elderly or disabled household members. 13 Exteriors Exterior finishing (painting or siding) is allowed if there is deterioration of current exterior finishing. Exterior finishing requested solely for cosmetic purposes will not be approved. Should a determination be made that lead-based paint was used on the structure; appropriate measures will be taken in accordance with applicable lead based paint requirements. Energy Efficiency Where property is not reasonably energy efficient, loan funds shall be used to the extent necessary to increase such efficiency. Energy saving features shall be consistent with the energy standards promulgated as part of the State building code, but such improvements need not bring the unit or house into compliance with such energy standards. Smoke Detectors Smoke detectors shall be installed in all dwellings being improved with loan funds, unless detectors are already properly installed. All properties being improved shall contain adequate smoke detectors following completion of the rehabilitation work. When interior alterations, repairs or additions requiring a permit occur, or when one or more sleeping rooms are added or created in existing dwellings, the individual dwelling unit shall be provided with smoke detectors located as required for new dwellings; the smoke detectors shall be interconnected and hard wired. Exceptions. 1) Smoke detectors in existing areas shall not be required to be interconnected and hard wired where the alterations or repairs do not result in the removal of interior wall or ceiling finishes exposing the structure, unless there is an attic, crawl space, or basement available which could provide access for hard wiring and interconnection without the removal of interior finishes. 2) Repairs to the exterior surfaces of dwellings are exempt from the requirements of this section. Power Source: In new construction, the required smoke detectors shall receive their primary power from the building wiring when such wiring is served from a commercial source, and when primary power is interrupted, shall receive power from a battery. Wiring shall be permanent and without a disconnecting switch other than those required for over current protection. Smoke detectors shall be permitted to be battery operated when installed in buildings without commercial power or in buildings that undergo alterations, repairs or additions. Carbon Monoxide (CO) Alarms Carbon Monoxide Alarms shall be installed within ten feet of each room lawfully used for sleeping purposes. All CO alarms shall be certified by a nationally recognized testing laboratory to conform to the Iatest Underwriters Laboratory (UL) Standards. 14 Power Source: CO alarms must be either hardwired into the electrical wiring, directly plugged into an electrical outlet without a switch, or battery powered. House Numbers Where the house numbers are not present or are not installed to applicable City codes and ordinances, they shall be installed properly. Stoves and Refrigerators If a refrigerator does not have a freezer compartment, maintain a temperature low enough so that food does not spoil over a reasonable period of time and is not sized correctly for the household to meet Section 8 Housing Quality Standards consideration may be given to replace or repair the refrigerator. If a cooking stove or range with top burners is present but does not meet Section 8 Housing Quality Standards. Consideration may be given to replace or repair the stove or range with top burners. Repair or replacement of washers/dryers/dishwashers is not allowable. Water and Sewer Loan funds may be used for the portion of improvements located on the property which will bring an individual water supply system or an individual sewage disposal system including septic systems) into compliance with local, state or federal enviromnental and sanitary standards provided no public utility service is available. Payments of applicable SAC (Sewer availability charges) are an eligible expense. Water drawn from a valid well must be potable (safe for drinking) and must be free of sand, grit or other material which might damage the pump or plumbing. Water need not be free from minerals that may make it cloudy nor must it be free from odor. NO FUNDS WILL BE DISBURSED BY THE HRA UNTIL WATER IS STRUCK. It is an eligible improvement to connect a house to City water and/or sewer when conditions affecting the health of the residents are present or when required by City Ordinance. Garages Work on detached garages is allowed only if the existing condition presents a clear and imminent safety hazard. Garage door openers will not be considered as an eligible repair or addition unless the homeowner has a documented physical disability which would require them to have one. 15 Improvement Standards Sanitary Facilities 1. Performance Requirement: The dwelling unit shall include its own sanitary facilities, which are in proper operating condition, can be used in privacy, and are adequate for personal cleanliness and the disposal of human waste. 2. Acceptability Criteria: A flush toilet in a separate, private room; a fixed basin with a sink trap and hot and cold running water; and a shower or tub with hot and cold running water shall be present in the dwelling unit, all in proper operating condition. These facilities shall utilize an approved public or private disposal system. Food Preparation 1. Performance Requirement: The dwelling unit shall contain suitable space and equipment to store, prepare, and serve foods in a sanitary manner. There shall be adequate facilities and services for the sanitary disposal of food wastes and refuse, including facilities for temporary storage where necessary. 2. Acceptability Criteria: The unit shall contain the following equipment in proper operating condition: an oven, a cooking stove or range; a refrigerator of appropriate size for the family and a kitchen sink with a sink trap and hot and cold running water. The sink shall drain into an approved public or private system. Adequate space for the storage, preparation and serving of food shall be provided. There shall be adequate facilities and services for the sanitary disposal of food wastes and refuse, including facilities for temporary storage where necessary (e.g. garbage cans). Space and Security 1. Performance Requirement: The dwelling unit shall afford the homeowner adequate space and security. 2. Acceptability Criteria: A living room, kitchen area, and bathroom shall be present, and the dwelling unit shall contain at least one sleeping or Iiving/sleeping room of appropriate size for each two persons. Exterior doors and windows accessible from outside the unit shall be lockable. Thermal Environment 1. Performance Requirement: The dwelling unit shall have and be capable of maintaining a thermal environment healthy for the human body. 2. Acceptability Criteria: The dwelling unit shall contain a safe heating system which is in proper operating condition and can provide adequate heat to each room in the dwelling unit to ensure a healthy living environment. Unvented room heaters, which burn gas, oil or kerosene, are unacceptable. 16 Illumination and Electrici 1. Performance Requirements: Each room shall have adequate natural or artificial illumination to permit normal indoor activities and to support the health and safety of occupants. Sufficient electrical outlets shall be provided to permit use of essential electrical appliances. Electric fixtures and wiring must ensure safety from fire. 2. Acceptability Criteria: Living and sleeping rooms shall include at least one window. A ceiling or wall type light fixture shall be present and operable in both the bathroom and kitchen area. At least two electric outlets shall be present and operable in the living room area, kitchen area, and each bedroom area. Structure and Materials 1. Performance Requirement: The dwelling unit shall be structurally sound so as not to pose any threat to the health and safety of the occupants and to protect the occupants from the environment. 2. Acceptability Criteria: Ceilings, walls, and floors shall not have any serious defects such as severe bulging or leaning, large holes, loose surface materials, severe buckling or noticeable movement under walking stress, missing parts or other serious damage. The roof structure shall be firm and the roof shall be weather tight. The exterior wall structure and exterior wall surface shall not have any serious defects such as serious leaning, buckling, sagging, cracks or holes, loose siding, or other serious damage resulting in air infiltration or vermin infestation. The condition and equipment of interior and exterior stairways, halls, porches, walkways, etc. shall be such as not to present a danger of tripping or falling. In the case of a mobile home, the home shall be securely anchored by a tie down device which distributes and transfers the loads imposed by the unit to appropriate ground anchors so as to resist wind overturning and sliding. Interior Air Quality 1. Performance Requirement: The dwelling unit shall be free of pollutants in the air at levels that threaten the health of the occupants. 2. Acceptability Criteria: The dwelling unit shall be free from dangerous levels of air pollution from carbon monoxide, sewer gas, fuel gas, dust, and other harmful air pollutants. Air circulation shall be adequate throughout the unit. Bathroom areas shall have at least one operable window or other adequate exhaust ventilation. Any room used for sleeping must have at least one operable window. Water Supply 1. Performance Requirement: The water supply shall be free from contamination. 2. Acceptability Criteria: The unit shall be served by an approved public or private sanitary water supply that is sanitary and free from contamination. 17 Lead Based Paint 1. Performance Requirement: The dwelling unit shall be in compliance with HUD Lead Based Paint regulations, 24 CFR. Part 35, issued pursuant to the Lead Based Paint Poisoning Prevention Act. 42 U.S.C. 4801 and all successive amendments. 2. If the property was constructed prior to 1978, the applicant will be furnished the HUD Lead Based Paint Notice on the hazards of lead based paint poisoning. Documentation of receipt of the notice shall be included in the file. 3. Acceptability Criteria: Same as Performance Requirement. Access 1. Performance Requirement: The dwelling unit shall be usable and capable of being maintained without unauthorized use of other private properties, and the building shall provide an alternate means of egress in case of fire. 2. Acceptability Criteria: The dwelling unit shall be usable and capable of being maintained without unauthorized use of other private properties. The building shall provide an alternate means of egress in case of fire (e.g. windows that satisfy standards for egress). Site and Neighborhood 1. Performance Requirement: The site and neighborhood shall be reasonably free from disturbing noises and reverberations and other hazards to the health, safety, and general welfare of the occupants. 2. Acceptability Criteria: The site and neighborhood shall not be subject to serious adverse environmental conditions, natural or man made, such as dangerous walks and steps; instability; flooding; poor drainage; septic tank backups; sewage hazards; mud slides; abnormal air pollution, smoke or dust; excessive noise, vibration or vehicular traffic; excessive accumulations of trash; vermin or rodent infestation; or fire hazards. Sanitary Condition 1. Performance Requirement: The unit and its equipment shall be in sanitary condition. 2. Acceptability Criteria: The unit and its equipment shall be free of vermin and rodent infestation. Smoke Detectors 1. Performance Requirement: The unit shall have at least one battery-operated or hard- wired smoke detector, in proper operating condition on each level of the unit. Smoke detectors must be installed in accordance with and meet requirements of NFPA 74 and succeeding standards. If the unit is occupied by hearing-impaired person(s), smoke detector must have an alarm system, designed for hearing impaired persons. 18 Accessibility Improvements Permitted Accessibility Improvements Accessibility improvements may include: 1. Structural Improvements: Construction, installation or modification of ramps, handrails, kick plates and door widths; repair or replacement of doors; relocation of doorways; installation of lever -action hardware; construction or expansion of rooms. 2. Exterior Improvements: Construction of exterior ramps, railing, walkways, landings and porch extensions, site grading and other site improvements. 3. Bathroom Improvements: Installation of elevated water closets, grab bars, shower stalls, tub seats, hand-held showers, accessible sinks, electrical outlets, medicine cabinets and other accessories, and modification or expansion of bathroom area to allow a five-foot turning radius. 4. Kitchen Improvements: Construction, modification or replacement of cupboards or shelves to provide access to sinks, cook tops, ovens or storage areas; installation of accessible electrical outlets and switches, lever -action hardware, garbage disposals; insulation of hot water pipes; modification or expansion of kitchen area to allow for a five-foot turning radius in the workspace; installation of "lazy Susan's" in cupboards; replacement of floor covering in order to improve wheeling surface. 5. Other Improvements: In exceptional circumstances - installation of central air conditioning and/or stair glides or electric lifts when the handicapped person's doctor in writing verifies the need for these improvements. 6. Improvements that are determined to be ineligible as accessibility improvements may be funded under the other provisions of the Procedural Guidelines. Additional Funding for Accessibility provements A total loan of $340,000.00 will be allowed to households with accessibility needs to address both accessibility and general improvement needs. Although there is no fixed limit allowed for accessibility improvements, serious health, safety, and code violations must be addressed in addition to the accessibility improvements. A prioritization of the scope of improvements will be done by the program administrator in conjunction with the homeowner to allow for the most urgent needs to be met. Standard Procedure for Compiling Accessibility Portion of Loan A loan application that includes accessibility improvements must include the following: 1. An accessibility improvements inventory, containing a description of the accessibility improvements to be made shall be included with the inspection report; 2. A letter describing: a. the level and specific type of disability experienced by the handicapped person; and b. the specific accessibility improvements requested; 3. Quotes from contractors; 4. Architectural drawings, if needed; 5. Any other materials requested. 19 Requirements for Participation Loans may be made to households with a handicapped person for accessibility improvements if the conditions of the Procedural Guidelines have been fully satisfied. To qualify for accessibility improvements the handicapped person must be a permanent member of the household. Application/ Loan Processing Acceptance Procedures The HRA's objectives are to encourage necessary improvements whereby the structure will be reasonably livable, safe, habitable, and energy efficient. Approval of Application 1. Upon approval of the application, the HRA will notify the applicant in writing. 2. The Repayment Agreement executed by the applicant and dated prior to work completion will be held by the HRA. Expediency of Loan Processing Loans shall be processed in a reasonable length of time in an efficient and accurate manner. Each Loan shall be completed within six months, from start to finish, unless otherwise authorized by the Plymouth HRA. The Repayment Agreement shall be filed by the Program Administrator prior to work commencing. Disbursement of Funds The HRA will be responsible for disbursing funds to contractors who have performed work. Payment for work completed will be made after the work is completed, inspected and all of the required parties have signed a completion certificate. Partial payments may be made if required by the contractor after an interim inspection and the homeowner has signed a completion certificate for that portion of the project. Advance payments may be made at the discretion of HRA staff and written approval from the homeowner when required for ordering up -front cost items, such as windows or siding, and upon submission of an invoice of materials ordered by the contractor. Disbursement Procedures No disbursement of funds shall be made to a contractor until the HRA is in receipt of; 1. A Completion Certificate signed by the inspector, homeowner, and HRA administrator; and 2. An original invoice from the contractor for the amount of the work performed; and 3. A properly completed Sworn Construction Statement; and 20 4. Lien waivers provided by the contractor/subcontractor(s) supplier for the amount of the work performed; and 5. Any successful Clearance Tests, if necessary, Upon receipt of the above items, payment may be made to the contractor. Payment will normally be made within 15 business days after the HRA receives the invoice, signed Completion Certificate and the lien waivers Delivery of Loan Funds The HRA will disburse funds to contractors for completed work, in compliance with Program Guidelines. No work shall start on any structure prior to the proper completion of a Work Contract referring to specific work items under that particular loan, the contractor's proof of insurance, license, W-9 form, and LBP certification if required. Requests for Changes in Loan Amount At the discretion of the HRA, an expenditure of funds in excess of the approved amount may be approved in the event of justifiable over -runs in the cost of improvements. The HRA must document increases or decreases in the amount according to the following procedures: 1. The HRA shall inspect the property to determine if the change is justified. 2. The HRA may authorize changes that meet program eligibility criteria when necessary. Authorization will be given by the HRA signing the amendment request certificate. 3. In no case shall the amount of the loan exceed the maximum loan amount, except in the cases of accessibility loans, lead-based paint issues, or where a serious health or welfare conditions warrants a greater amount. Completion Procedures No loan will be considered complete until the following steps have been accomplished: 1. Inspection of the Property - All improvement work, as specified in the rehabilitation work summary, will be inspected for completeness, conformity to specification and quality of workmanship. The HRA will require completion or correction of any item found lacking. Failure of a contractor to comply with such a request for completion or correction of work is considered grounds for withholding payment. 2. Recording of the Repayment Agreement — The loan amount identified on the Repayment Agreement will be the maximum loan amount the homeowner is entitled. Once the Repayment Agreement is executed the agreement will then be recorded by the HRA with the Registrar of Deeds or the Registrar of Titles. 21 3. Completion Certificate - following the final inspection and successful completion of work, the homeowner, inspector, and the HRA Administrator will sign a Completion Certificate prior to any payment being made to a contractor. THE REMAINDER OF THIS PAGE INTENTIONALY LEFT BLANK 22 PART III: PROGRAM VERIFICATIONS/ DOCUMENTS Pre -Approval Verifications Income Verification All sources of income listed on the application will be verified by the HRA. The following is a list of acceptable forms of income verification evidence: 1. Written verification from employers or other income providers. 2. Copies of four recent checks or check stubs, which must include the year-to-date earnings. 3. All applicants must submit complete federal income tax returns for the last three years unless household income is not taxable. 4. Two most recent bank statements for checking and savings accounts. 5. Income derived from rent must be verified by the renter in writing or by examining copies of checks or rent receipts. The material used to verify income must not be more than 90 days old at the time of approval. If the material is more than 90 days old, all income(s) must be re -verified before an application can be approved. Asset Verification All assets listed on the application must be verified by the HRA. The following is the only acceptable form of asset verification evidence: 1. Written verification from banks, insurance companies or other asset holders; and 2. Copies of bank statements, insurance policies, premium notices, financial statements and the like. The date of document used in verifying assets must not be more than 90 days previous to the date of approval. If it is more than 90 days old, assets must be re -verified before an application can be approved. Mortgage Status Verification The HRA will ensure that the mortgage(s) and/or contract for deed(s) on the property to be improved are current. If payments are delinquent, the applicant must be given four weeks to make them current. The date of the document used in verifying the mortgage and/or contract for deed must not be more than 90 days previous to the date of approval. If it is more than 90 days old, the mortgage status must be re -verified before a loan application can be approved. 23 Title Verification 1. The following information will be obtained from the County Recorder regarding each property: a. The full name of all owners of record, exactly as they a ear on the title; b. Whether it is Torrens or Abstract. 2. Upon obtaining this information, the HRA will determine that the applicant individually or in the aggregate has a qualifying interest in the property consisting of at least: a. A valid life estate. Such life estate must be recorded and must appear in the records of the County; or b. A 113 interest in the fee title. Such interest may be subject to a mortgage; or c. A contract for deed to the structure being improved. 3. In addition, the applicant(s) must occupy the property as the principal place of residence. To consider a property the principal place of residence, an individual must: a. Reside in the property at the time of application (except where extraordinary circumstances have made the property temporarily uninhabitable or in the case of a disabled person or household member who is unable to move into the property until needed accessibility modifications are made); and b. Occupy or intend to occupy the property for at least 9 months of the year. 4. For the purpose of complying with ownership requirements, the borrower may aggregate his/her interest in such property with the ownership interest of other individuals occupying the property as their principal place of residence. Pre -Construction Documents Rehabilitation Application The application must be filled out completely and signed and dated by the Applicant. Individual Data Confidentiality The applicant's rights as a subject of data are fully described in this form. One form should be given to the applicant and a signed and dated copy should be included in the file. Property Inspection Report 1. This report must include the following items: a. General condition of the structure b. Structural soundness c. Plumbing systems including: water supply, waste disposal, fixtures and piping systems 24 d. Heating systems e. Electrical systems f. Roof g. Energy efficiency including: insulation, infiltration, windows, doors and ventilation h. General Exterior Conditions i. General Interior Conditions 2. An explanation should be provided for any deficiency that appears on the inspection report but does not appear on the rehabilitation work summary for correction. 3. The inspection report must be signed and dated by the inspector performing the inspection. 4. Major infractions of the City building codes constituting a health and/or safety hazard or seriously diminishing the habitability of the residence will be noted and explained to the applicant. Scope of Improvements and Work Proposal This listing of all eligible improvements should be kept on file in case the homeowner requires additional copies. Copies will be sent to the homeowner along with a mandatory cover letter encouraging the consideration of minority or women -owned contractors and including information on how to access such contractors. A copy of this letter will also be included in the file. The Scope should allow contractors the opportunity to submit alternates or amendments to work items. Rehabilitation Work Summary The HRA, in conjunction with the homeowner, determines the work to be done with the funds available. If the homeowner disagrees with the HRA's choice of improvements, items may be waived by the homeowner, in writing, at the discretion of the HRA. The rehabilitation work summary list includes: 1. The improvements to be done by item, and contractor perfoiming work and a breakdown of costs by item and contractor. 2. The total cost of the work to be performed shall be listed. The maximum Ioan amount shall not exceed the lesser of: a. $-230,000.00; or b. The actual cost of the work performed EXCEPT when the project involves accessibility or lead based paint improvements, where the maximum loan amount may be $440,000.00. 25 3. The HRA Executive Director may approve an additional loan amount of $5,000.00 if the amounts authorized above are insufficient to bring the home up to minimum property standards. Contractor Proposals The homeowner must obtain a minimum of two proposals for all of the authorized improvements before work can begin. A Repayment Agreement must also be signed and notarized before work start-up. All proposals must conform to the minimum standards of the specifications. The lowest bid will be accepted unless customer specifies they are paying the difference between the low bid and the high bid. Work Contract Work contracts will be completed between the contractor submitting the lowest acceptable proposal and the homeowner. A copy of each proposal must be included in the Work Contract and shall be completed within the time flame specified on the Work Contract. The HRA may grant an extension as needed. If the contractor does not begin or complete the work within the time frame specified, the work contract may be canceled and a new contractor selected. Amendment Request Certificate This form outlines all changes in the approved loan amount, either additions or subtractions, by each contractor. It must be signed by the contractor and the homeowner and approved by the HRA. Every effort will be made to keep amendment requests to a minimum; however, it is appropriate to use the amendment request as a means of dealing with unforeseeable circumstances. Sworn Construction Statement Any firm or individual contracted to perform work on the residence must submit a sworn construction statement prior to any work taking place on the property. The sworn construction statement must list all subcontractors and/or suppliers contributing to the work for which the invoice is being submitted and must be signed by the contractor holding the Work Contact. The contractor's signature must be notarized. The purpose of this form is to ensure that the contractor holding the Work Contract is liable for any failure to pay subcontractors/suppliers involved in the project. Acknowledgment of Receipt of Pre -Construction Documents The applicant's file will contain a signed and dated receipt from the applicant, acknowledging that the HUD approved information on the dangers of lead based poisoning has been received. Also this acknowledgment states applicant received a blank copy of a Work Contract, an improvement of work procedures form, a copy of the Repayment Agreement, an individual data confidentiality statement, an authorization to release information form and information on minority and women owned businesses. W Environmental Assessment This form provides information pertaining to environmental assessment, historical preservation, air quality, wetland protection, zoning classification, flood plain management, hazardous facilities, noise, farmlands, and site source aquifers. Repayment Agreement The Repayment Agreement must be included in the loan package. As specified in the provisions of the Repayment Agreement, the homeowner shall be required to notify the HRA immediately upon the sale, transfer, conveyance or cessation of residency of the property. 1. The Repayment Agreement provides that in the event that the improved property is sold, transferred, or otherwise conveyed by the homeowner within the specified time period, the homeowner would be required to pay the full amount of the loan within ten (10) years from the date from the approval date of the application, if the property ceases to be the homeowner's principal place of residence. Should the homeowner retain the property longer than 10 years but less than 20 years, he/she shall pay an amount equal to a 10% reduction each year after the 1 lth year until the 20`h year when the full amount is forgiven. The Repayment Agreement is a lien on the improved property, in favor of the HRA, as security for the loan amount. In the event of the death of the homeowner, this lien may pass to his/her heirs provided they continue to occupy the property as their principle place of residence. 2. The HRA will exercise extreme care in the execution of the Repayment Agreement document to ensure that the lien is valid. Any inaccuracy or omission may have a negative effect on the validity of the lien. Prior to the approval of the loan package the HRA must ensure that the Repayment Agreement is properly completed in as much as: a. The property description must be exactly as it appears in the property records. If the applicant owns property other than the property to be improved, only the description of the property to be improved should be included. b. The record names (the names exactly as they appear in the property records) must be used by all signatures required. The following is a brief discussion of the signatures required under particular property ownership situations: a. Any JOINT TENANCY -- signatures of all joint tenants are required. b. Property held by ONE SPOUSE --signatures of BOTH spouses are required. c. Property held in LIFE ESTATE -- signatures of the applicant (life estate holder) and all of the remaindermen. 27 d. Property being purchased on CONTRACT FOR DEED -- signatures of the applicant and all individuals who are aggregating their interest to meet the ownership requirement; and the fee title holder (and spouse or others, as applicable) of the property; and the signatures of any intervening vendees of the contract for deed. e. All required signatures must be notarized; including the "mark" of a signatory who is unable to write (such a mark must be witnessed by at least two persons other than the notary). Additional acknowledgments may be added to the Repayment Agreement form to accommodate any necessary notarizations. 4. The Repayment Agreement will show the maximum loan amount. Should less than the maximum loan be needed, the applicant will only be required to repay the actual amount expended for improvements. An amendment to the Repayment Agreement will need to be signed upon closure of the file where the exact dollar amount on the original Repayment Agreement is not the actual amount used. 5. The Repayment Agreement and any Amendments to the Agreement shall be filed with the proper recording office in such a manner as to create a valid lien against the property. It is the responsibility of the HRA to record the Repayment Agreement, 6. If any loan funds are used for purposes other than an eligible improvement upon an eligible property or if the homeowner application is found to contain a material misstatement of fact, the homeowner shall be liable for repayment of all or part of the originally approved loan funds. In addition, any fraudulent use of funds may subject the recipient to fines and/or imprisonment under the Minnesota Criminal Code. Post -Construction Documents Contractor Invoices Invoices must be obtained from each firm or individual contracted to perform work on the residence (a general contractor can submit invoices on behalf of a subcontractor). Invoices must be provided for all payments, interim or final. Invoices submitted to the HRA must be originals and not copies. Payments are typically processed the following Monday providing that the invoice was received by 4:30 pm on Wednesday. Lien Waivers A copy of all lien waivers referred to in the sworn construction statement, plus the lien waiver fiom the contractor holding the Work Contract must be included in the file. The original lien waivers, which must be secured before any payment is released, are to be passed onto the homeowner following closeout of the file. 28 Completion Certificate The homeowner, inspector, and grant administrator should sign this form when the work is completed. If the approval of more than one inspector is required, then copies of the inspection notice(s) should be attached. Complaint Record This form should be used to document any complaints brought to the attention of the HRA, pertinent to the administration/implementation of the program and the response of the HRA to the complaint Acknowledgment of Receipt of Post -Construction Documents After work has been completed, this form would be sent to the homeowner with documents such as the lien waiver(s) and copy of recorded Repayment Agreement. The homeowner would acknowledge receipt of the documents and return the form to the HRA for inclusion in client's file. THE REMAINDER OF THIS PAGE INTENTIONALY LEFT BLANK 29 PART IV: RULES Lead Based Paint Hazard Requirements The following procedure will be followed for all homeowners: A. Discussion of the Lead Based Paint (LBP) requirements will take place at the initial meeting with HRA staff as well as receipt of the Lead Hazard Information pamphlet. The Certification of Receipt of LBP information will be signed by the applicant and kept in the applicant's file. B. The Rehabilitation Inspector will perform a visual assessment during the regular rehab inspection. The Visual Assessment will identify the presence of any interior and exterior deteriorating paint. The inspector will document the presence of any deteriorated paint. C, If deteriorated paint is found in a home built before 1978 and lead hazard reduction work may be needed because painted surfaces will be disturbed during rehab, the appropriate level of lead testing and other action will be initiated. The HRA can also assume there is LBP and treat appropriately rather than test. D. If further evaluation is needed, the HRA will contract with a certified Risk Assessor to perform the necessary tests to determine if and where there is a lead hazard risk. The Assessment report identifies the presence and location of LBP and the areas that should be addressed. Costs of hiring a Risk Assessor can be rolled into the Rehab loan. E. If LBP is found, the homeowner will be notified of the presence and location of LBP by the HRA. As a condition of receiving funding, LBP hazards must be addressed and lead safe work practices will be required for all rehab work that disturbs painted surfaces. Appropriate lead hazard reduction measures must also be incorporated into the Scope of Improvements. Clearance of the unit will also be required. A copy of the clearance reports will be given to the homeowner and kept in the homeowner's file. Repayment of Assistance Repayment of the deferred payment loan shall occur upon the earliest of: Sale, transfer, or conveyance of the property The property ceases for any reason to be the loan applicant's principal place of residence. At the time of repayment, the HRA will prepare and execute a Satisfaction of Repayment. The Satisfaction of Repayment will be sent to the Title Company (if one is involved in the transaction), who will be responsible for recording the Satisfaction with the County. If a Title Company is not involved the Satisfaction of Repayment will be sent to the homeowner and it will be the Homeowner(s) responsibility to record the Satisfaction of Mortgage with the County. 30 Forgiveness of Indebtedness Indebtedness of the principal shall be forgiven at a rate of 10% of the original principal amount per year commencing at the end of the tenth year of the HRA loan. The loan will be completely forgiven after the twentieth year. At the time of the forgiveness, the HRA will prepare and execute a Satisfaction of Repayment. The Satisfaction of Repayment will be recorded with Hennepin County by the HRA and a copy of the Satisfaction will be sent to the homeowner. Subordination Policy A. The following information must be provided before a request for subordination can be considered: Current first mortgage balance, interest rate and tenn. Proposed loan amount, interest rate and tern. Reasons for new financing and use of proceeds by amount. If financing will be used for home improvements, specific information on the proposed home improvements must be provided. Good Faith Estimate Copy of appraisal Most recent assessor's market value of property Types and amounts of any other indebtedness on property. Including balance, rate and term. Date HRA loan was filed with County and document number. Household's verified income and size. Full name, address, telephone number, contact person and e-mail address of new lender. Date subordination agreement is needed (must be at least two weeks from the date of the request). B. Information provided will be analyzed to determine the appropriateness of subordination of the HRA's mortgage. All of the following criteria must be met before subordination can be approved: All current and proposed property liens, including the Housing Rehabilitation Loan, equal less than 95% of the appraised value of the property. The subordination is necessary to refinance the principle balance of existing prior liens on the property and will facilitate a rate reduction, term reduction and/or principal reduction plus any costs to finance additional eligible home improvements. No cash may be taken out as a result of refinancing. However, the fees incurred to refinance will be an allowable expense. All home improvements must be eligible under the Home Rehabilitation guidelines and the homeowner is required to submit documentation of cost for all improvements as a condition of the subordination. The uses for the new financing must be justifiable as an appropriate use of public funds to warrant subordination of the public funding. 31 The household income of the homeowner must not be greater than 125 percent of current CDBG maximum income guidelines. The borrower(s) must correct any errors and omissions relating to their loan as a condition of the HRA granting a subordination request. This requirement would include but not be limited to documents that are not signed (but the intent was to have them signed), documents with clerical errors and/or documents that are missing or destroyed. C. If the above criteria are not met, the HRA will not subordinate its mortgage. The client will then need to obtain financing that is subordinate to the HRA's mortgage, pay-off the HRA's loan as a condition of the new financing, obtain non -mortgage financing, or forgo the additional financing. D. Appeals regarding interpretation of subordination requirements may be made in writing to the HRA's Executive Director and then to the HRA Board of Commissioners. Requests for appeal, which clearly do not meet the subordination requirements, will not be considered. Targeted Funding The HRA will also set aside a portion of the budgeted rehab funds to be used for Emergency Repair Grants. The amount of funds will be set by staff based on anticipated demand for the program and balance of rehab fund. Modification and Termination of Program The Plymouth HRA may amend the Procedural Guidelines from time to time by issuance of revised pages, which shall be effective as of the date of issue, or such later date as the amendment shall specify. Administrative memoranda may also be issued which discuss policy interpretations, clarification of procedures and other administrative matters. Additional Funding Requirements/ Provisions Equity Requirement The lien identified in the Repayment Agreement must be collectable. All existing mortgages, contracts for deed, and other encumbrances, including the Repayment Agreement, must not exceed 4-00110% of the market value of the property. Market value will be determined by the most recent assessed value of the property. If the homeowner has a current appraisal, the appraisal may be used to determine the market value of the property if necessary to show sufficient equity. The equity requirement may be waived at the discretion of the HRA Executive Director. 32 Previous Rehabilitation Loans No property shall be eligible for a housing rehabilitation loan if it has been improved with a Plymouth HRA rehabilitation loan within the 10 -year period immediately preceding the date on which application for such a loan is made. An exception may be made in extraordinary circumstances from damage to the property as a result of events beyond the control of the applicant or relating to health and safety concerns, such as failure of plumbing, heating or electrical systems, or as determined by HRA staff. In such circumstances, provided that funding is available, the applicant can receive assistance limited to correcting the damaged or failed system(s) only. No other eligible work can be carried out until the fall I0 -year period has elapsed. Applicants with a previous rehab loan from over 10 years ago will be limited to essential repairs such as correcting health and safety hazards or repair of major systems, such as plumbing, electrical, or heating failure. Until the previous rehabilitation loan is forgiven, no additional work will be allowed unless it is determined by IIRA staff to be essential, Previous Foreclosures Applicants will be determined ineligible for future assistance if they had a previous Rehabilitation loan from the HRA in which the assistance they received was forfeited due to foreclosure of the property within the previous 5 years. If the foreclosure occurred over 5 years from the date of the new Rehabilitation application and the applicant has re- established their credit from a reliable first-tier mortgage company, they may be considered for eligibility to the loan program again. Total Amount of Assistance The total amount of assistance received through the Plymouth HRA for all HRA programs including the Housing Rehabilitation, First Time Homebuyer, and Emergency Repair Grant Programs cannot exceed $-340,000. Current Ownership Payments The homeowner must be current on all mortgage payments, property taxes, income taxes and homeowner's association dues. Home Maintenance and Housekeeping Homeowner must be capable of maintaining the home. Loans will not be approved if the condition of the home demonstrates that the homeowner is not able or willing to properly maintain a home. This requirement includes housekeeping problems as well as neglectful maintenance, 33 Flood Insurance The administering entity will comply with the flood insurance purchase requirements of Section 102 (a) of the Flood Disaster Protection Act of 1973, Pub. L. 93-234, 87 Statute. 975, approved December 31, 1973. Section 103 (a) requires the purchase of flood insurance in communities where such insurance is available as a condition for the receipt of any federal financial assistance for construction or acquisition purposes for use in any area that has been identified by the Secretary of the Department of Housing and Urban Development as an area having special flood hazards. The phrase "federal financial assistance" includes any form of loan, guarantee, insurance payments, rebate, subsidy, disaster assistance, loan, or any other form of direct or indirect federal assistance. Local Codes Each improvement must be made in compliance with all applicable health, fire prevention, building and housing codes and standards. However, no application for a loan shall be denied solely because the improvements will not bring the property into full compliance with all such codes and standards. Further, when work is done on any system within the house, upon completion of the work, that entire system must meet applicable codes and standards. The entire structure may still contain other systems that are not up to applicable codes and standards, on the condition that no work was done on these systems. Federal, State and Local Regulations Nothing in the Procedural Guide shall be construed in such a manner as to conflict with, alter, or amend any Federal, State and Local regulations. Certificntions 1. The HRA is legally authorized and constituted to administer the Housing Rehabilitation Loan Program in the State of Minnesota. 2. No payments, fees or remuneration of any type whatsoever have been solicited or received from any applicants or qualified homeowners. 3. After reasonable inspection, the HRA has no knowledge that any improvement covered by the loan is in violation of any applicable zoning law or regulation. 4. Any employee of the City of Plymouth who is authorized to sign or countersign checks, drafts or to certify vouchers shall be covered by a surety bond of not less than 1,000,000; such an employee must be an authorized signatory as evidenced by a written instrument of the governing body. 5. The HRA shall maintain documentation accounting for all funds received through the collection of liens as prescribed in the Repayment Agreement. Prohibition of Service Fee Charges No applicant shall be charged any application, processing, or other fee. 34 Cost Reasonableness Standards 1. To ensure that cost reasonableness standards as outlined in OMB Circular A-87 are complied with, all proposed work will be described in a Scope of Improvements (see page 22) in such detail that competitive bids may be readily obtained. The Scope of Improvements will specify brand, type, and/or quality of the materials to be used as appropriate. 2. The HRA Inspector will use the Scope of Improvements when making inspections to determine compliance with the Scope and City codes. Additional Counseling/ Training Requirements Credit Counseling Those clients in need of credit counseling will be referred to Community Action Partnership of Suburban Hennepin (CAPSH) in Hopkins. CAPSH is a non-profit 501c 3) community action agency serving Plymouth and a number of other west suburban communities. Homeowners who appear eligible for one of MHFA's programs, but who indicate they have a mortgage delinquency or other credit problems, will first be encouraged to participate in a credit counseling program. After credit problems have been satisfactorily resolved, the deferred loan applications can be forwarded to Hennepin County Housing, Community Works and Transit for eligibility assessment of MHFA programs. Applicants for MHFA's Fix -Up Fund and Deferred Loan Program will be referred to a local lender. All applications rejected for MHFA funding may be eligible for City assistance according to CDBG guidelines. IIomeowners unwilling to pursue counseling assistance or who are unwilling to resolve existing credit issues independently will find City funding restricted to certain essential improvements. Funding for these applicants would be limited to the following repairs in the priority given; 1. Emergency health and safety. 2. Public sewer and water hook-up. 3. Major structural work, where the home's structural integrity (i.e. foundation, beams, walls and roof) is compromised and is in need of prompt repair to prevent fiirther damage or deterioration to the home. 4. Major internal systems (i.e. plumbing, heating, water, electrical) that are functional but need replacement or upgrading under current code requirements. Other code violations 35 Home Maintenance and Weatherization Training Clients in need of this training will be urged to attend, as classes are available. Funding may be restricted to the essential improvements sited above for clients who are unwilling to attend these or other workshops sponsored by Community Action Partnership of Suburban Hennepin (CAPSH). Human Service Counseliniz Clients in need of counseling will be referred to appropriate human service agencies for assistance. If the client refuses the referral and staff determines counseling is required in order to allow the rehab to proceed, no further assistance will be allowed. THE REMAINDER OF THIS PAGE INTENTIONALY LEFT BLANK 36 APPENDIX A: DEFINITIONS Accessibility Improvements Improvements to a dwelling, designed to enable a disabled person to function independently in a residential setting, such as provisions for adequate space for maneuvering, access and egress, (both in exterior and interior spaces), and installation of equipment to facilitate ease of use. Applicant An individual or household submitting an application for a loan Application The form used to request assistance for the City of Plymouth's Housing Rehabilitation funds. Assets Cash, bank accounts, bonds and cash value of insurance policies, cash value of recreational vehicles and any other personal property excluding automobiles, clothing and furniture. Calculation of Need The calculation derived by dividing the total of fixed monthly expenses by the gross monthly income. If greater than 55% the homeowner is eligible for a Housing Rehabilitation Deferred Loan. Calculation of Need Form The form based on similar information and calculations as developed by the Minnesota Housing Finance Agency in the use of their Rehab Loan Program and funding guidelines. CASPH Community Action Partnership of Suburban Hennepin. A non-profit agency working in all of Suburban Hennepin County to assist low-income people with services to individuals through outreach, energy assistance programs, homeownership services and financial counseling. CDBG The Community Development Block Grant Program, an annual entitlement program provided to the City of Plymouth through the U.S. Department of Housing and Urban Development (HUD) City The City of Plymouth CEE The Center for Energy and Environment, a non-profit agency that administers Reliant's Weatherization Assistance Program. 37 Date of Loan Approval The date all required parties sign the repayment agreement. Disabled Person A person who has a permanent physical condition which substantially impairs the ability to function independently in a residential setting, or which substantially limits the ability to become employed or to participate in the community. A person with a condition such as chronic emphysema, arthritis, heart disease and other "invisible" conditions not requiring the use of devices to increase mobility shall not be deemed a handicapped person, unless a licensed physician verifies in writing that a particular condition does substantially limit the ability to function independently in a residential setting, to become employed or to participate in the community. Elevated Blood Level A lead content of 10 ug/dl (micrograms per deciliter) with a lead content of 20 ug/dl micrograms per deciliter) in one test triggering an inspection. Emergency Situation A condition requiring immediate and urgent attention, which threatens or imperils the health and/or safety of the applicant household, such as the failure of plumbing, heating and elechical systems or a system being "red flagged" by a utility company. The written opinion of the City Building or Housing Inspector detailing a code or safety violation or violations may, at the discretion of the Housing Specialist, be an acceptable definition of an emergency situation. Guidelines The set of standards, criteria, and specifications to be used in administering the Program. Hennepin County Housing, Community Works and Transit The Hennepin County Housing, Community Works and Transit; a Hennepin County agency that processes MHFA housing. rehabilitation loans. Household All persons residing in one housing unit; which may include one or more families, a single person, a married couple, or two or more unrelated persons. Household Gross Income The annual income of all residents of the applicant's household, as determined in accordance with these guidelines. Housing Rehabilitation Deferred Loan The commitment of funds on behalf of qualified homeowners for the purpose of making eligible improvements to eligible properties. HRA The Housing and Redevelopment Authority in and for the City of Plymouth, Minnesota; which administers Plymouth's Housing Rehabilitation Program. 38 E UD The United States Department of Housing and Urban Development. The principal Federal agency responsible for implementing certain federal housing and community development programs. Lead Based Paint Any paint surface with lead content greater than, or equal to, 1 mg/cm2, 0.5% by weight, or 5,000 parts per million. Loan Process Consists of all applicable documents listed as follows: Homeowner Application for Deferred Loan Authorization to Release Information Individual Data Confidentiality Lead -Based Paint Poisoning Notification (if applicable) Federal Income Tax Returns for the two previous years Income Verification Asset Verification Recent Bank Statements Mortgage Status Verification (if applicable) Association Dues Status Verification (if applicable) Title Verification Property Inspection Report Scope of Improvements/Work Proposal Contractor Bids Work Contract Amendment Request Certificate (if applicable) Contractor Bills Sworn Construction Statement Lien Waivers Completion Certificate Data on Individual Loans Repayment Agreement MHFA The Minnesota Housing Finance Agency; a Minnesota State agency that administers a variety of housing rehabilitation loan programs. Mortgage The conveyance of an interest in real property given as security for the payment of a loan. Program The HRA's Housing Rehabilitation Program 39 Homeowner (borrower) An individual or household meeting the requirements of the Eligible Recipients section who receives a loan. Repayment Agreement A document that places a lien against borrower properties improved with program funds. The precise terms of the lien are spelled out in the Repayment Agreement. Resident A person, other than a renter, living in the household for at least nine months of the year. Satisfaction of Repayment A document releasing a Mortgage lien, indicating the borrower has paid the debt in full. Work Contract A program document executed by the borrower and the contractor which establishes the terms and conditions under which program funded work will be carried out. The IIRA is NOT a party to the contract.