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HomeMy WebLinkAbout2007_10_18 Housing Authority Minutes © Town of Mamaroneck Housing Authority ("Authority") Minutes of October 18, 2007 Board of Directors' Meeting Present: Also present: Richard Cherry Bram Fierstein, Salvadore Iaconno Gramatan Management Susan Sidel Robert Cammer David Fishman, Mam'k Town Council member & liaison to the Authority Mr. Cherry, presiding, called the meeting to order at approximately 7:30 p.m. General Comment: Mr. Cherry had prepared a detailed agenda for the meeting including with annexed extracts from the June 6, 2007 proceedings and resolution of the Mamaroneck Town Council (copies of which are attached and made part of these minutes) which those present thereupon discussed in detail. Highlights to Financial Report: Messrs. Iaconno in his role as Treasurer and Fierstein noted that, by reason of various IRS and related considerations, Mr. Abner Dyke, who individually or through his individually owned service company has long been acting in "independent contractor" status as the Authority's superintendent at the Authority's premises, had become a full-time employee of the Authority but without any associated material adverse alteration in net expense to the Authority. Messrs. Iaconno and Cherry suggested and, after discussion, it was the unanimous sense of the Board, that the Authority retain the successor by merger to the auditing firm that has been acting as the Authority's outside auditors, at least for the 2008 fiscal year, providing that it furnishes Mr. Iaconno with an engagement letter in a form he deems sufficient and/but that Mr. Iaconno in consultation with Mr. Cherry shall undertake also to solicit competitive proposals from other com- parable such firms. C Financial Status and Related Operational Report: Mr. Fierstein noted that cash reserves have been slightly diminished but only as o-result-ofexpenses-associated-with-ne-w-boiler—installations and-related-capital improvements. He further confirmed that a total of seventeen new boilers are on-line with the remainder to be installed as/when weather and related conditions make most practicable re. which he suggested, and the Board members present after further discussion unanimously agreed, that Messrs. byke and Fierstein be authorized to solicit and, providing at comparable expense consistent with past experience in this connection, recommend supplementary or alternative contractors for that purpose. Future Rental Rates and Income Guidelines: Sharing in substance Mr. Cherry's on-going interest in maximizing the afforda- bility of housing for the Authority's tenants, both for their sake, in particular, and also to attempt to vindicate "affordable housing" goals, in general insofar as consistent with the Authority's mandate, Board members then discussed the on- going desirability of, on the one hand, continuing to try to provide for the Authority's operations as much as practicable out of income for preservation-of- • reserves/capital purposes and also with a view towards enabling the making of further "in kind" payments to the Town of Mamaroneck (re. which see annexed resolution) and, on the other hand, to review rental rates to try to maximize "affordable housing" goals. Mr. Fierstein said in this connection that, historically viewed, one of the aims of the Authority's establishment and operation, i.e., making available cost-effective residences for employees of the Town or Mamaroneck or of associated municipali- ties, has perhaps not been fully realized because there have been lengthy periods during which no such employees had applied for tenancy, albeit the sense of the Board in this connection was also to the effect whether/how to make vacancies known to such persons is an issue warranting further consideration in connection with the below summarized review. Mr. Fierstein also noted that, more generally based on his experience, the Authority's rental rates particularly for non-Section 8 tenants appear to be more or less in the "middle range" for comparable Westchester County housing and wondered whether, depending on how to define Town of Mamaroneck Housing Authority ("Authority") • Minutes of October 18, 2007 Board of Directors' Meeting p. 2 of 3 �01 "affordable" in these contexts, it may become necessary or at least desirable to reduce affected rental rates by from +/- 10%/15%. Mr. Iaconno noted,too, tit y reason o tie passage 6f -time since the Autho- rity's creation and the opening of Hommocks Apartments, Westchester County no longer had any mandatory role with respect to the Authority. Noting, too, that the word "heretofore" as used in the annexed June 8, 2007 Town Board resolution's reference to "income guidelines that have heretofore been in effect" implicitly because necessarily reflects that the Authority's rental guidelines have always been subject to change by the Authority from time to time in light of the over-all purposes for which the it was established and has been operating Hommocks Apartments, it was the consensus of all present that the Board solicit the advice of Ms. Anna Danoy, the recently retained but also by now Town -knowledgeable Section 8 housing officer employed by the Town of Mamaroneck, re. suggested income and related economic standards and rental rates; and on motion made, seconded, and voted unanimously, the Board therefore resolved to invite Ms. Danoy to its next meeting. Capital Assessment Evaluation: Messrs. Ioconno and Cherry suggested that interests of prudency, in general, and to help prove a factually/economically informed basis to achieve the above summarized goals including what if any further "in kind" payments ought be made warranted authorizing Mr. Iaconno to retain a structural engineering firm suitable to him to evaluate the probable capital and related operational needs of Hommocks Apartments; whereupon, on motion duly made, seconded, and voted unanimously, the Board authorized him to do so. There being no further business, by unanimous consent the meeting was adjourned at approximately 9:15 p.m. with a view towards arranging for the Board's next meeting preferably by no later than early-Januray 2008 at which Ms. Danoy would be present. © Town of Mamaroneck Housing Authority ("Authority") Minutes of October 18, 2007 Board of Directors' Meeting p.3of3 TOWN OF MAMARONECK HOUSING AUTHORITY • MANAGEMENT AGENDA 10/18/07 1. Cash Position: HVB Operating Account $ 6,950.67 Merrill Lynch L/T Reserve $ 779,986.00 Merrill Lynch S/T Reserve $ 123,537.00 Total $ 910,473.67* *Between payment for the boilers and insulation, approximately $200,000 has,been drawn from the L/T Reserve. 2. Income Guidelines: Attached is the resolution passed by the Town Board regarding the income guidelines for the Hommocks Apartments. Currently we have been using 80% of the median income of the Town of Mamaroneck as the maximum income level for residents. Based on information from the Town last year the median income was $119,741 which translates into a maximum income of$95,792. Does the Board want to continue to use this income guideline or consider other options? There has been some discussion of the possibility of setting aside apartments for volunteer firefighters at below market rents. Sal Ioconno has been asked to explore this with management. Interestingly,two fireman have recently rented apartments in the complex. 3. Capital Needs Assessment: Mr. Cherry and Mr. Iaconno have discussed updating the "capital needs assessment"for the Hommocks. This information would be used to more accurately calculate the size of the L/T Reserve Fund. In turn this could then help calculate the level of rents,potential rent subsidies, PILOT payments, etc. FYI, currently $75,000 is allocated to the L/T reserve and $13,200 to the S/T reserve on an annual basis. Management contacted the engineering firm of Antonucci and Associates and they submitted a proposal in the neighborhood of$20,000 for this type of report. 4. Project Updates: Boilers: Ten Boilers have been installed although based on CEC's oversite, final payment has not been given to the contractor because there are still open punch list items. This brings to 17 the number of boilers replaced. Based on the experience with the current contractor Abner is suggesting that we find a different contractor for the next set of replacement boilers. Insulation: CEC has completed this project. • EXTRACT FROM THE MINUTES OF THE REGULAR MEETING OF THE TOWN BOARD OF THE TOWN OF MAMARONECK HELD JUNE 6,AT 8:15 PM IN THE ell COURT ROOM OF THE TOWN CENTER 740 W. BOSTON POST ROAD, MAMARONECK, NEW YORK. loin motion of Councilman Winick seconded by Supervisor O'Keeffe the following was animously approved; WHEREAS,the Town of Mamaroneck formed the Town of Mamaroneck Housing Authority(the"TMHA")and developed the Hommocks Park Apartments as affordable housing; and' WHEREAS, during the initial development and construction of the Hommocks Park Apartments,the Town of Mamaroneck secured certain grants from Westchester County that were conditioned upon the TM1HA maintaining a stipulated 20 percent of the apartments at the Hommocks Park Apartments in the Federal Section 8 housing program and applying certain income guidelines to the non-Section 8("Market Rate") units (the"Grants") and WHEREAS, during the period of operation of the Hommocks Park Apartments from inception to date the participation of units in the Federal Section 8 program and the application of • income guidelines to the non-Section 8 units has resulted in the HPA providing a significant benefit to residents of the Town and the Villages of Larchmont and Mamaroneck(collectively,the "Villages)in the form of rental housing at below market rents; and WHEREAS,the requirements in the Grants of participation of apartment units at Hommocks Park Apartments in the Section 8 program and the application of income guidelines to Market Rate units have expired; and WHEREAS,there is a continuing need in the Town and Villages for rental housing at below market rates. NOW THEREFORE, IT IS Resolved by The Town Board as gg follows: 1. The TMHA should continue to make at least twenty percent of the apartment units at the Hommocks Park Apartments available for rental to participants in the Federal Section 8 program in accordance with the past practice of the TMHA; and 2. The TMHA should continue to rent all apartment units at Hommocks Park Apartments that are not rented under the Federal Section 8 program under the income guidelines that have heretofore been in effect; and 3. From time to time the Town Board may determine that the income guidelines applicable to market rate apartments may require amendment or modification to meet particular needs within the Town and Villages.The TMHA should apply such modification to the income guidelines as the Town Board may approve by majority vote.