September 26, 2007

9:00 a.m.

Commissioners' Conference Room

APPROVED 12/12/2007


Commissioner Faye Stewart presided with Commissioner Bill Dwyer, Bill Fleenor, Bobby Green, Sr., Hugh Massengill, Barbara Moorehouse and Peter Sorenson present.  County Administrator Bill Van Vactor, County Counsel Teresa Wilson and Recording Secretary Melissa Zimmer were also present.












a. ORDER 07-9-26-1H/In the Matter of Adopting the 2007-2008 Budget and Making Appropriations.


Larry Abel, HACSA, reported this budget was prepared in the same format  as in the past. He indicated the budget balance is the same as last year, 80 FTE.  He stated that funding is flat.  He commented that the budget was conservative.


MOTION: to approve ORDER 07-9-26-1H.




VOTE: 7-0.


b. ORDER 07-9-26-2H/In the Matter of Approving the Public Housing Operating Budget for the Fiscal Year Ending September 30, 2008.


Abel explained this budget was different than in the past.  He said it is the first year they are required to go to project based budgeting and accounting and asset management.  He indicated this contains seven budgets for public housing.  He noted the first set are asset management projects.  He said they have six separate projects they need to track from an accounting and budgeting standpoint and they have to apply all the asset management criteria that HUD has requested.  He indicated they are in the process of preparing a packet to submit to HUD by October 15 that would include the budgets and information on how they are implementing asset management.  He added the seventh budget is what HUD had required.  He said it is an essential office cost center budget.  He said it includes all of the administrative expenses that are involved in managing public housing.  He commented that HACSA is being run as if they were a property management company.  He added it is not an effective model, but it is what HUD is requiring.


MOTION: to approve ORDER 07-9-26-2H.




Moorehouse asked how this would affect the audit.


Abel responded that it wonít affect the audit.  He said they need to have seven separate financial statements that roll into it.  He didnít anticipate any problem with the audit.


Fleenor asked why HUD was changing the process.


Abel indicated that every agency was going through the process.  He noted that all Oregon housing authorities are losing money in the transition.  He said they recalculated the formula they use to give them the operating subsidy.  He said in order to stop the loss at five percent, they need to implement all of this by October 1.


VOTE: 7-0.


c. ORDER 07-9-26-3H/In the Matter of Approving the Amended Limited Partnership Agreement for the Turtle Creek Apartments.


Jim McCoy, stated this represents a typical tax credit deal.  He indicated it consists of home funds from either the City of Eugene or the State of Oregon where they can get housing trust funds from the state.  He said they also retained some road funds to put the roads into the overall site they were developing.  He indicated the board order represents the second to the last action they will need to take on Turtle Creek Apartments.  He said this allows them to sell the tax credits that have been reserved for the project and bring the last piece of equity financing.  He said they are anticipating occupancy in late November.  He noted the project consists of 25 two bedroom units and two three bedroom units.  He said they did this project because it was next door to Walnut Park duplexes.  He noted that project was done in 1994.  He said it would enable cost sharing, it would make things more cost efficient and it would keep the rents down.  He noted the investor is a national equity fund.


MOTION: to approve ORDER 07-9-26-3H.




VOTE: 7-0.


4. EXECUTIVE SESSION as per ORS 192.660




There being no further business, Commissioner Stewart adjourned the meeting at 9:21 p.m.


Melissa Zimmer

Recording Secretary