2023-12-04-LEXHAB-min - Laserfiche WebLink

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lot of pro bono work too. Cindy Arens has been very helpful trying to access other rebates for the building. Rentable in the Spring. Needs to go through SHI process. Min Rent Policy- Russ • After our board votes 2 meetings ago, we have had conversations with Liz Rust about our proposal and have since made some changes to meet some of her questions. • Conversation today is regarding new tenants only- will need to follow with a plan for existing residents. • Russ shared some spreadsheets to compare • These votes will override those we took before • VOTE #1— Determination of Calculation of Minimum rents- All initial lease ups – minimum rents will be based on spending 30% towards gross income pegged to a 35% AMI Level. Rents will be based on 1.5 persons per one bedroom, 3 persons per two bedroom units, 4 persons per 3 bedrooms and 5 persons per 4 bedrooms. Vote taken- all approved. • VOTE #2 -% of a household’s income that is charged for rent – All initial leases on all units will have their rent determined by using 33% of their household income to determine the gross rent provided this policy is reviewed by RHSO and LexHab counsel. This policy shall not override any underlying regulation or deed restriction that is to the contrary. Vote taken- all approved. • VOTE #3 – Utility Allowances- All initial leases on all units LexHab owns will have a gross rent and utility allowances deducted to the extent applicable for that unit. Vote taken- all approved • VOTE #4- Determination of Minimum Qualifying Income – At initial lease up all units will have a minimum qualifying income that is based on the applicant household paying 35% of their gross income towards gross rent. Vote taken- all approved. Solar- Henry • Solar—Discussion about how to treat solar panels and electric bills. Determined that tenants will not have a utility allowance on those buildings as LexHab pays the electric bills. Consistent with decisions made under new rent policies for new units. • EVs – illegal to submeter. Question about how to deal with safety or pest concerns. Cindy Arens (guest) says 110 outlet is not a concern. Cindy argues to try to be more inclusive and know that people are moving to having more EV windows. Electrician should look at and make a recommendation. We may also reserve the right to review electric bills- although we may have the right to do that across all units already. Treasurer’s Report- Henry • Discussion on 2024 budget- discussed showing depreciation or funding replacement reserves, discussion of repairs and maintenance