DuPage County Home Advisory Group met July 11.
Here is the minutes provided by the Group:
1. Call to Order
11:30 am meeting was called to order by Chairman Tim Elliott at 11:35 am.
11:30 am or Immediately Following Development Committee
2. Roll Call
Chairman Elliott called the meeting to order at 11:35 am.
Present: Anderson, Berley, Chaplin, Chrisse, Elliott, Tornatore, Wiley (Remote)
Absent: Bastian, Broder, Chassee, Grasso, Grill, Krucek
Tornatore made the motion, seconded by Chrisse, for Wiley to participate via phone while on Military duty. On a voice vote, motion passed.
Staff Present: Mary Keating, Community Services Director; Jennifer Chan, Community Development Administrator; Christine Pedersen, Senior Acccount/Community Services Manager; Christopher Ragona, Community Development Manager; Julie Hamlin, Sr. Community Development Specialist; Barb Temborius, Community Development Specialist; Therese Witkus, Community Development Specialist; Christopher Donovan, Community Development Specialist; Dorin Fera Community Development Specialist; Tom Schwertman, Community Development Specialist; Nicole Rashan, Principal Account Clerk and Anthony Mistretta, Community Development Intern.
State’s Attorney - Patrick Collins.
Others Present: Margo Matthew - Bridge Communities; Beth Demes - Alden Foundation; Joseph Schullo - Alden Foundation; Karen Ayala - DuPage County Health Department; Dennis Brennan - DuPage County Health Department; Carol Simler DuPage P.A.D.S.
3. Public Comment
Beth Demes, Executive Director of the Alden Foundation, thanked the Committee for considering Alden’s request to restructure the HOME loan repayment, received through the County, in order to recapitalize the housing development with a larger first mortgage. Alden Horizon at Waterford is the second affordable Senior Housing Development built by Alden. It is located in Aurora, near the City of Naperville and consists of 98 units dispersed throughout 7 buildings; 6 single story villas and a 68 unit apartment building. Noted was that this is a tax credit project and also a limited partnership arrangement. A year and a half ago, Alden took over the limited partner’s interest and both the limited and general partnership are owned by the Alden Foundation. The mission is to keep the development affordable for seniors forever. Alden has also restructured its first tax credit development in a similar manner.
There was no other public comment.
4. Approval of Minutes
A. Home Advisory Group - Regular Meeting - May 2, 2017 11:30 am
There was no disucssion. On a voice vote, the motion passed.
Result: Accepted [Unanimous]
Mover: Elizabeth Chaplin, District 2
Seconder: Janice Anderson, District 5
Ayes: Anderson, Berley, Chaplin, Chrisse, Elliott, Tornatore, Wiley Absent: Bastian, Broder, Chassee, Grasso, Grill, Krucek
5. Action Items
A. Action Item -- Recommendation for approval of a Fourth Modification and Third, Six- month Time Extension with Bridge Communities for Project Number HM15-05 to January 31, 2018 for the rehabilitation of 26 rental units.
There were no questions or discussion.
Result: Approved [Unanimous]
Mover: Sam Tornatore, District 1
Seconder: Elizabeth Chaplin, District 2
Ayes: Anderson, Berley, Chaplin, Chrisse, Elliott, Tornatore, Wiley
Absent: Bastian, Broder, Chassee, Grasso, Grill, Krucek
B. Action Item -- Recommendation for approval of a RLURA Modification for Project Number HM00-01 Alden Horizon at Waterford, lengthening the Affordability period to September 11, 2021. Chan stated that this was a necessary revision to the Regulatory Land Use Restriction Agreement with Alden that had no bearing on Alden's loan restructuring request.
There was no discussion.
On a voice vote, the motion passed.
Result: Approved [Unanimous]
Mover: John Berley, Addison Asst Village Mngr/Community Dev Di
Seconder: Elizabeth Chaplin, District 2
Ayes: Anderson, Berley, Chaplin, Chrisse, Elliott, Tornatore, Wiley
Absent: Bastian, Broder, Chassee, Grasso, Grill, Krucek
C. Action Item -- Recommendation for approval of Alden's request to re-structure the HOME program loan for Project Number HM00-01, Alden Horizon at Waterford.
Chan stated that in the first paragraph of the memo, line 8; "...set to expire in 2022", should read "... set to expire in 2021".
Staff recommended extension of the affordability of the Aurora project, adding the capital improvements to the project and increasing the reserves will help with maintenance over the long term. The rents have not increased comparable to the operating expenses. Operating expenses have gone up a great deal including the taxes.
Demes stated that Alden Foundation has engaged a law firm to annually appeal the assessed values on all of their properties. Financial statements are provided to the firm, and in conjunction with property appraisals, are used to appeal the affordable housing property tax assessment. The assessed value is as low as the law will allow. However tax rates keep increasing.
Chan pointed out to the Committee with the restructuring, there will be an increase in reserves per-unit, per-year to allow for appropriate property maintenance for the additional 20 years, thus revising the debt/coverage ratio to an acceptable level.
On a voice vote, the motion passed.
Result: Approved [Unanimous]
Mover: Janice Anderson, District 5
Seconder: Sam Tornatore, District 1
Ayes: Anderson, Berley, Chaplin, Chrisse, Elliott, Tornatore, Wiley
Absent: Bastian, Broder, Chassee, Grasso, Grill, Krucek
6. Other Business
There was no other business.
7. Adjournment
The meeting adjourned at 11:43 am.
8. Next Meeting Date - August 1, 2017
http://dupage.iqm2.com/Citizens/FileOpen.aspx?Type=15&ID=6070&Inline=True
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