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HomeMy WebLinkAbout2025/12/05 - ADMIN - Agenda Packets - Housing Authority - Regular Housing Authority of St. Louis Park Meeting date: December 10, 2025 Housing Authority, St. Louis Park, Minnesota Wednesday, December 10, 2025, 5 p.m. Community room, first floor Agenda 1. Call to order - roll call 2. Approval of Minutes for November 2025 3. Hearings: a. None 4. Presentation a. None 5. Unfinished Business a. None 6. New Business a. Approval Housing Authority budget for fiscal year ending Dec. 31, 2026, Resolution No. 783 b. Approval of collateral assignment for Beltline development, Resolution No. 784 c. Approval of Family Self-Sufficiency Program (FSS) contract amendment with St. Louis Park Emergency Program (STEP), Resolution No. 785 d. Approval of update to Housing Authority administrative policies, capitalization policy, Resolution No. 786 e. Public Housing and Housing Choice Voucher program collection loss write-off, Resolution No. 787 f. Contract amendment for CEE loan programs 7. Communications a. Claims Lists: November 2025 b. Financials: October 2025 c. Communications: Legal compliance representation form for auditor 8. Other: Next scheduled meeting: January 14, 2026 9. Adjournment Auxiliary Aides for those with disabilities are available upon request. To make arrangements please call the Housing Authority office at 952-924-2579 (TDD 952-924-2668) at least 96 hours in advance of meeting. 1 2 Unofficial Minutes Housing Authority meeting St. Louis Park, Minnesota November 12, 2025 1. Call to order: The meeting was called to order at 5:00 p.m. Roll call: Members present: Shelby Conway, Catherine Courtney, Thom Miller, Jolene Tanner (arrived at 5:04) and Val Upsher Members absent: none Staff present: Marney Olson, Nicole Randall and Angela Nelson 2. Approval of Minutes – Minutes for the October board meeting were reviewed. It was moved by Commissioner Courtney, seconded by Commissioner Upsher to approve the October 2025 minutes as presented. Motion passed 4-0. 3. Hearings - None 4. Presentation - None 5. Unfinished Business – None 6. New Business a. Approval of Utility Allowances for Housing Choice Voucher and Public Housing programs, No. 782. Ms. Randall presented the Housing Choice Voucher and Public Housing utility allowances effective January 1, 2026. The natural gas and water rates are required to be adjusted since they have increased greater than 10% since the last time they were adjusted. Responding to commissioners’ questions, Ms. Randall explained that the rates must be analyzed on an annual basis. An adjustment must be made if there is more than a 10% change since the last time the rate was adjusted. It was moved by Commissioner Conway, seconded by Commissioner Courtney to approve the Utility Allowances for Housing Choice Voucher and Public Housing programs, Resolution No. 782. Motion passed 5-0. b. 2025 Publicly Owned Housing Program (POHP) Funding Aware. Staff’s report was for information purposes only. Ms. Olson shared that the Housing Authority is still going through its due diligence for a POHP award of $583,900 which will be used to address fire safety issues at Hamilton House. The loan will be a zero-interest deferred construction loan with a 20-year term and a compliance period of 35 years. The property must remain public housing for 20 years. 3 Unofficial Minutes 2 Housing Authority November 12, 2025 c. St. Louis Park deferred home improvement loan. Ms. Olson explained that the deferred home improvement loan program in the past used CDBG federal funds, distributed by the county, and additional funds provided by the city. In 2026, Hennepin county is consolidating the funding pool and will no longer be able to use city funds for the program. Staff recommend contracting with CEE to administer the city funds for a deferred home improvement loan. A city deferred home improvement loan will mirror the loan specifications of the CDBG deferred loan, except that the city loan will be forgivable after 20 years. CEE will do a pre- inspection of the property for safety items. Commissioners said they would like to see an eligibility limit based on the value of the property and prioritize funds going to properties with lower values in order to preserve affordable housing. Ms. Olson will research the eligibility requirements in other cities and the median home value for St. Louis Park. Commissioners agreed with a 20-year term and a $30,000 maximum loan amount. 7. Communications 8. Other 9. Adjournment It was moved by Commissioner Tanner, seconded by Commissioner Conway, to adjourn the meeting. Motion passed 5-0. The meeting was adjourned at 5:54 p.m. Respectfully submitted, ______________________________ Jolene Tanner, Secretary 4 Housing Authority of St. Louis Park Meeting date: December 10, 2025 Agenda item: 6a Title: Approval of Public Housing operating budget fiscal year ending December 31, 2026, Resolution No. 783 Recommended action: Staff recommends the Housing Authority (HA) Board of Commissioners approve Resolution No. 783 adopting the Public Housing (PH) Operating Budget for Fiscal Year Ending (FYE) December 31, 2026. Policy consideration: HUD regulations require the HA to develop and adopt an operating budget annually to support the operation of the Public Housing (PH) program. The budget must be for a period of operation covering the Fiscal Year (FY). The HA’s FY period is January 1 through December 31. The HA’s FY coincides with HUD’s funding cycle and the city’s budgeting cycle. Operating budgets are not required by HUD for other programs such as the HCV program or other non-HUD programs; however, the development and approval of operating budgets is recommended as a best practice and our HUD portfolio management specialist requests we submit the entire HA budget no later than Dec. 31. HUD allocates PH Operating Subsidy annually on a twelve-month calendar year period. The operating subsidy allocation is based on a formula calculation that considers the HA’s rent revenue and operational expenses for administering the public housing program. The operating subsidy estimate for 2026 budget is based on the calculation from HUD form 52573 which was submitted to HUD in October 2025 and is $316,000 for 2026. This is $20,000 less than 2025 which was nearly $100,00 less than 2024. The revenues and expenses listed in the PH operating budget are for the HA owned PH units only. In accordance with the regulatory agreement between the City of St. Louis Park and the PPL Louisiana Court Limited Partnership, the HA provides annual operating subsidy to PPL in an amount equal to expenses minus revenues for the operation of the twelve Metropolitan Housing Opportunity Program (MHOP) units. The regulatory agreement caps the amount of subsidy provided to ensure that the PPL units do not receive a disproportionate amount of the subsidy the HA receives from HUD. Subsidy for the MHOP units will be reflected as a single expense entry on the budget. For FY 2026, the anticipated subsidy contribution is approximately $25,000. PPL submits an annual budget and monthly financial reports for the HA’s review. Summary: FY 2026 Operating Fund Proration Levels: The actual amount of operating subsidy received could be greater or less depending on any changes to HUD formula calculation as well as proration levels. Proration levels are based on total amount of operating subsidy funding available in HUD’s budget for the FY and the total amount annual subsidy requested from HAs administering PH programs. 5 Housing Authority meeting of December 10, 2025 (Item No. 6a) Page 2 Title: Approval of Public Housing operating budget fiscal year ending December 31, 2026, Resolution No. 783 Public Housing Operating Budget for FY 2026 Operating Subsidy: $316,000 HUD allocates operating subsidy on a calendar year basis. The operating subsidy calculation is formula based and considers the total number, type and bedroom mix of the PH units owned by the HA and the amount of rent revenue the HA collects annually. Utility costs are also taken into consideration. The 2026 operating subsidy eligibility calculation is $316,000. Total Revenues: $1,338,500 Total revenue including rents, interest, operating subsidy and other income is projected at $1,338,500 for FY 2026. This is a slight increase over the 2025 budget. It is estimated that the 2026 rental revenue will come in higher than the 2025 budgeted amount, but the operating subsidy is slightly lower than the amount approved in the 2025 budget. The budget for 2025 does not include any capital fund (CFP) dollars transferred into the operating fund because the PH current reserves can be accessed for operating fund purposes. HUD has issued a notice about public housing operating funds, but additional guidance is needed to understand compliance. Until the HA understands the HUD guidance staff recommend not transferring any CFP funds to public housing operating in case it negatively impacts the ability to access the operating subsidy. Total Operating Expenses: $1,418,410 Total routine operating expenditures for FY 2025 are projected at $1,418,410 which is a 3.5% increase from the 2025 budget. Salaries, benefits, utilities and insurance costs are all increasing as well as material and contract costs. Operating Income (Loss): ($79,910) This year’s budget projects a budget deficit of $79,910. Although staff typically strive to present a balanced budget, the budget presented is a reflection of anticipated decreased revenues and increased expenses for FY 2026. Current reserves for the program are within the recommended 4 -6 months of operating expense which provides adequate funding to cover the projected deficit. Although staff will continue to be fiscally conservative and identify measures to cut costs wherever possible, there is uncertainty around a HUD notice related to public housing operating funds so possibly needing to spend reserve funds for program needs will continued contributions to the reserve creating an excessive balance that could be at risk of “recapture “by HUD. Operating Reserves: $634,520 as of October 31, 2025 The operating reserve fund balance, unrestricted equity, as of October 31, 2025 is $634,520 which is approximately 5.4 years. A deficit for 2026 would still maintain a reserve balance exceeding four months. When the HA has additional guidance on HUD operating subsidy and reserves staff will reevaluate if funds should be transferred from CFP to the operating fund. 6 Housing Authority meeting of December 10, 2025 (Item No. 6a) Page 3 Title: Approval of Public Housing operating budget fiscal year ending December 31, 2026, Resolution No. 783 Housing Choice Voucher, Mainstream, Kids in the Park, Stable Home and Bring it Home Budgets Operating budgets are not required by HUD for other programs such as the HCV program or other non-HUD programs; however, the development and approval of operating budgets is recommended as a best practice. HA staff have prepared budgets for the Housing Choice Voucher, Mainstream, Kids in the Park, Stable Home and Bring it Home programs for admin only. The budget for these programs is attached. Revenue is received through admin fees for each assistance voucher that is in use. Staff will review the budget in greater detail and answer questions at the board meeting. NEXT STEPS: It is recommended that the Housing Authority Board of Commissioners adopt Resolution No. 783 approving the Public Housing Operating Budget for the Fiscal Year Ending December 31, 2026. Supporting documents: 2026 Public Housing operating budget 2026 Housing Choice Voucher, Mainstream, Kids in the Park, Stable Home and Bring it Home program admin budgets PHA Board Resolution No. 783 Prepared by: Marney Olson, housing manager Reviewed by: Blake Woxland, finance technician 7 2025 Budget 2026 Budget 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3101-00-000 Rental Income 3111-00-000 Tenant Rent 955,000 1000000 3119-00-000 Total Rental Income 955,000 1,000,000 3120-00-000 Other Tenant Income 3120-01-000 Laundry and Vending 6,000 8500 3120-03-000 Damages 9,000 3000 3120-04-000 Late Charges 0 1500 3121-02-000 Tenant Payment Agreement (TPA) Other 0 9000 3129-00-000 Total Other Tenant Income 15,000 22,000 3199-00-000 TOTAL TENANT INCOME 970,000 1,022,000 3400-00-000 GRANT INCOME 3401-00-000 HUD PHA Operating Grants/Subsidy 339,000 316000 3499-00-000 TOTAL GRANT INCOME 339,000 316,000 3600-00-000 OTHER INCOME 3610-00-000 Investment Income - Unrestricted 12,000 500 3699-00-000 TOTAL OTHER INCOME 12,000 500 3999-00-000 TOTAL INCOME 1,321,000 1,338,500 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4100-99-000 Administrative Salaries 4110-00-000 Administrative Salaries 279,385 285195 4110-03-000 Compensated Absences 5,000 5000 4110-04-000 Employee Benefit Contribution-Admin 98,040 90840 4110-99-000 Total Administrative Salaries 382,425 381035 4130-00-000 Legal Expense 4130-04-000 General Legal Expense 5,000 5000 4131-00-000 Total Legal Expense 5,000 5000 4139-00-000 Other Admin Expenses 4140-00-000 Staff Training 8,000 4000 4150-00-000 Travel 2,000 4000 4170-00-000 Accounting Fees 12,000 9000 4171-00-000 Auditing Fees 14,750 16250 4180-00-000 Office Rent 7,500 7500 2026 Public Housing Proposed Budget Page 1 of 3 2025 Budget 2026 Budget 2026 Public Housing Proposed Budget 4189-00-000 Total Other Admin Expenses 44,250 40750 4190-00-000 Miscellaneous Admin Expenses 4190-01-000 Membership and Fees 0 1000 4190-07-000 Telephone/Technology 11,500 12800 4190-12-000 Software 23,000 8600 4190-22-000 Other Misc Admin Expenses 0 19000 4191-00-000 Total Miscellaneous Admin Expenses 431,925 41,400 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 481,175 468,185 4200-00-000 TENANT SERVICES 4220-01-000 Other Tenant Svcs.200 200 4230-00-000 Tenant Services Contract Costs 200 200 4299-00-000 TOTAL TENANT SERVICES EXPENSES 400 400 4300-00-000 UTILITY EXPENSES 4310-00-000 Water 38,000 38000 4320-00-000 Electricity 65,000 69000 4330-00-000 Gas 35,000 38000 4340-00-000 Garbage/Trash Removal 55,000 60000 4390-00-000 Sewer 62,000 63000 4399-00-000 TOTAL UTILITY EXPENSES 255,000 268000 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 4400-99-000 General Maint Expense 4410-00-000 Maintenance Salaries 174,485 181000 4410-05-000 Employee Benefit Contribution-Maint.61,715 66000 4419-00-000 Total General Maint Expense 236,200 247,000 4420-00-000 Materials 4420-01-000 Maintenance Materials 30,000 34000 4420-02-000 Supplies-Appliance 12,000 12000 4429-00-000 Total Materials 42,000 46,000 4430-00-000 Contract Costs 4430-06-000 Contract-Electrical 9,000 13000 4430-07-000 Contract-Pest Control 10,000 15000 4430-09-000 Contract-Grounds 20,000 10000 4430-10-000 Contract-Janitorial/Cleaning 32,000 32000 4430-11-000 Contract-Plumbing 25,000 40000 4430-13-000 Contract-HVAC 20,000 25000 4430-17-000 Contract-Elevator Monitoring 5,000 6000 4430-18-000 Contract-Snow Removal Contract Cost 7,000 7000 4430-19-000 Unit Turnaround Contract Cost 30,000 28000 4430-99-000 Contract Costs-Other 60,000 45000 4439-00-000 Total Contract Costs 218,000 221000 Page 2 of 3 2025 Budget 2026 Budget 2026 Public Housing Proposed Budget 4499-00-000 TOTAL MAINTENANCE AND OPERATIONAL EXPENSES 496,200 514,000 4500-00-000 GENERAL EXPENSES 4510-00-000 Insurance 2,078 9000 4510-10-000 Property Insurance 41,381 51200 4510-20-000 Liability Insurance 3,325 3325 4520-00-000 Payments in Lieu of Taxes 34,630 36300 4570-00-000 Bad Debt-Tenant Rents 10,000 19000 4590-00-000 Other General Expense 26,700 25000 4599-00-000 TOTAL GENERAL EXPENSES 118,114 143825 4700-00-000 HOUSING ASSISTANCE PAYMENTS 4715-01-001 Tenant Utility Payments-Public Housing 0 4000 4715-06-000 FSS Escrow Payments 20,000 20000 4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 20,000 24000 8000-00-000 TOTAL EXPENSES 1,370,889 1,418,410 9000-00-000 NET INCOME -49,889 (79,910) Page 3 of 3 ㄰ Housing Choice Voucher Operating Revenue 2025 Budget 2026 Budget 3410-04 Port-In Admin Fees Earned 20,000.00$ 35,000.00$ 3410-02 HCV Admin Fee Income 427,518.00$ 386,000.00$ Total operating revenue 447,518.00$ 421,000.00$ Operating Expenses 4110-00 Salaries - Administration HCV 185,075.00$ 171,800.00$ 4110-04 Employee benefit contr. HCV 67,565.00$ 72,600.00$ 4130-04 Legal Expense 1,500.00$ 1,000.00$ 4140-00 Staff Training 10,000.00$ 5,000.00$ 4150-00 Travel 5,000.00$ 4,000.00$ 4190-01 Membership dues 1,000.00$ 4170-00 Accounting fee 9,000.00$ 7,100.00$ 4171-00 Audit fee 17,500.00$ 19,000.00$ 4172-00 Port out admin fees 80,000.00$ 97,000.00$ 4180-00 Office rent 7,500.00$ 7,500.00$ 4190-07 Telephone/Technology 500.00$ 4,600.00$ 4190-12 Software 35,000.00$ 16,400.00$ 4190-22 Sundry Admin Expense 10,000.00$ 3,000.00$ 4430-99 Contract costs 11,000.00$ Total operating expenses 428,640.00$ 421,000.00$ HCV operating income (loss)18,878.00$ -$ Mainstream Operating Revenue 2025 Budget 2026 Budget 3410-02 HUD Grants - Admin Fee Mainstream 26,000.00$ 24,000.00$ Total operating revenue 26,000.00$ 24,000.00$ Operating Expenses 4110-00 Salaries - Admin Mainstream 17,000.00$ 14,000.00$ 4110-04-000 Employee benefit contr. Mainstream 6,900.00$ 6,705.00$ 4190-12 Software 1,625.00$ 1,150.00$ 4430-99 Contract costs 1,210.00$ Total operating expenses 25,525.00$ 23,065.00$ MS operating income (loss)475.00$ 935.00$ 2026 Proposed Budget 11 Kids in the Park Operating Revenue 2025 Budget 2026 Budget 3425-00 Admin fee revenue 19,140.00$ $19,140 3426-00 Admin fee revenue - STEP 17,400.00$ $17,400 Total operating revenue 36,540.00$ 36,540.00$ Operating Expenses 4110-00 Salaries - Administration 10,650.00$ 11,300.00$ 4170-00 Accounting fee 2,000.00$ 1,920.00$ 4190-12 Software 1,770.00$ 1,400.00$ 4190-23 Sundry Exp - STEP 17,400.00$ 17,400.00$ 4110-04 Employee Benefits 3,800.00$ 4,520.00$ Total operating expenses 35,620.00$ 36,540.00$ KIP operating income (loss)920.00$ -$ Stable Home Operating Revenue 2025 Budget 2026 Budget 3423-00 Hennepin County Admin Revenue 48,850.00$ $37,500 Total operating revenue 48,850.00$ $37,500 Operating Expenses 4110-00 Administrative salaries 32,210.00$ 22,375.00$ 4110-04 Employee Benefits 11,470.00$ 8,300.00$ 4170-00 Accounting fee 2,000.00$ 1,920.00$ 4190-12 Software 2,050.00$ 4190-22 Sundry Admin Expense 3,000.00$ 500.00$ 4430-99 Contract costs 2,200.00$ Total operating expenses 48,680.00$ 37,345.00$ Stable Home operating income (loss)170.00$ 155.00$ 12 Bring it Home Operating Revenue 2026 Budget Admin fee revenue 73,500.00$ Total operating revenue 73,500.00$ Operating Expenses 4110-00 Salaries - Administration 45,650.00$ 4140-00 Staff Training 4,500.00$ 4170-00 Accounting fee 1,920.00$ 4190-22 Sundry Admin Expense 500.00$ 4190-12 Software 2,400.00$ 4171-00 Audit fee 1,500.00$ 4110-04-000 Employee Benefits 16,700.00$ Total operating expenses 73,170.00$ BIH operating income (loss)330.00$ 13 14 15 16 Housing Authority of St. Louis Park Meeting date: December 10, 2025 Agenda item: 6b Title: Authorization to execute a Collateral Assignment of Agreement to enter into Housing Assistance Payment Contract (AHAP), Resolution No. 784 Recommended action: Staff recommend the Housing Authority Board approve Resolution No. 784, authorization to execute a Collateral Assignment of Agreement to enter into Housing Assistance Pa yment Contract (AHAP). Policy consideration: Does the Housing Authority Board continue to support the inclusion of Project Based Vouchers (PBVs) in the Beltline Station redevelopment project? Summary: The Beltline Station developer requested and was given a preliminary award of 20 PBVs for a minimum of 20 years, subject to an additional renewal for years 21-40. In the event of non-renewal of a HAP contract after 20 years, units would be made available to households earning up to 60% AMI in years 21-40 through a separate affordable housing contract with the St. Louis Park Economic Development Authority (EDA) that reflects affordable housing commitments for all 82 affordable units at the site. HUD regulations allow housing authorities to project base up to 20% of their annual contributions contract (ACC). This means the St. Louis Park Housing Authority (SLPHA) could project base up to 82 units within St. Louis Park. Currently, there are project-based units at Wayside (16 units), Bickham Court (22 units) and Vail Place (eight units). The Code of Federal Regulations (CFR) at 24 CFR 983 provides housing authorities with discretion to establish policies on the process to award PBVs. The regulations allow a PBV award without a competitive process when a project was previously awarded other government funding that was subject to competition. The Beltline Station development was previously awarded tax credits, allowing project-based vouchers to be awarded via the non-competitive process. On June 11, 2025, the Housing Authority of St. Louis Park Board authorized entering into the AHAP with Sherman Associates in the Beltline Development Project for 20 project-based vouchers. On June 26, 2025, the project was formally selected and notified of selection. Since that time the environmental review and the subsidy layering review have commenced and both are near completion. The closing is expected in late 2025 or early 2026, with construction to begin immediately thereafter. Cedar Rapids Bank and Trust (CRBT) is providing financing for the project, and as a condition of financing, requests the Housing Authority Board approve a Collateral Assignment of the Housing Assistance Payment Contract (AHAP) and Housing Assistance Payments (HAP) contract from the redeveloper to CRBT. This request is part of the overall financial request for the Beltline project which includes EDA and city support as well as other federal, state and local sources of funds. Without the vouchers, these 20 units would not be financially feasible at this location. The proposed collateral assignment of the AHAP and HAP is similar to other such assignments the city and the EDA approve for development projects. The proposed agreement has been reviewed by both city and EDA legal counsel, who recommend its approval. 17 Housing Authority meeting of December 10, 2025 (Item No. 6b) Page 2 Title: Authorization to execute a Collateral Assignment of Agreement to enter into Housing Assistance Payment Contract (AHAP), Resolution No. 784 Execution of the collateral assignment of the AHAP, the AHAP, and the HAP contract, upon completion of construction, continuing to be contingent upon Sherman Associates meeting the requirements found at 24 CFR 983.155 and in the St. Louis Park Housing Authority (SLPHA) administrative plan. Supporting documents: Board Resolution No. 784 Resolution Collateral Assignment of Agreement to enter into AHAP Prepared by: Nicole Randall, housing assistance administrator Reviewed by: Dean Porter-Nelson, redevelopment administrator Jennifer Monson, economic development manager Marney Olson, housing manager 18 Resolution No. 784 Resolution Approving Collateral Assignment of Agreement to Enter into Housing Assistance Payments Contract WHEREAS, the St. Louis Park Housing Authority (the “Housing Authority”) administers a Housing Choice Voucher (HCV) tenant based rental assistance program, and WHEREAS, the Housing Authority has previously established a project based voucher program compliant with HUD regulations that allow housing authorities to allocate up to twenty percent of their tenant based HCV allocation for a project based program, and WHEREAS, Beltline Apartments Limited Partnership, a Minnesota limited partnership, and an affiliate of Sherman Associates (the “Developer”), intends to construct approximately 82 units of affordable multifamily rental housing together with approximately 59 underground parking spaces in the City of St. Louis Park, Minnesota (the “Project”), and WHEREAS, the Housing Authority previously provided preliminary approval for the provision of 20 vouchers of HVC rental assistance for the Project and to entering into an Agreement to Enter into Housing Assistance Payments (AHAP) Contract and a Housing Assistance Payments (HAP) Contract for the Project contingent upon the Developer meeting all requirements published in Part of 983 of the Code of Federal Regulations, which governs the voucher program, and WHEREAS, Cedar Rapids Bank and Trust, an Iowa banking corporation, in its capacity as lender, together with any other permitted co-lenders and their respective successors and/or permitted assigns (collectively, “Senior Lender”), has agreed to provide financing to the Developer (collectively, the “Senior Financing”), and WHEREAS, as a condition of providing financing, the Senior Lender has required that the Developer assign the AHAP contract and HAP Contract to the Senior Lender pursuant to a Collateral Assignment of Agreement to Enter into Housing Assistance Payments Contract (the “Assignment”), and WHEREAS, the Senior Lender has requested that the Authority sign a Consent to Assignment of Agreement to Enter into Housing Assistance Payments Contract (the “Consent”) which has been presented to the Board, and WHEREAS, the Housing Authority has determined that the execution of the Consent will help provide affordable housing in the City of St. Louis Park, Minnesota, and NOW THEREFORE BE IT RESOLVED by the Board of Commissioners of the St. Louis Park Housing Authority that, 1.01. The Board hereby approves the Assignment and Consent in substantially the forms presented to the Board contingent upon the satisfaction upon all requirements of the Code of Federal Regulations and upon the execution and delivery of the AHAP Contract, together with any related documents necessary in connection therewith, including all documents necessary for this 19 transaction and including without limitation all documents, exhibits, certifications, or consents referenced in or attached thereto (the “Assignment Documents”). 1.02. The Board hereby authorizes the Chair and Executive Director, in their discretion and at such time, if any, as they may deem appropriate, to execute the Assignment Documents on behalf of the Housing Authority, and to carry out, on behalf of the Housing Authority, the Housing Authority’s obligations thereunder when all conditions precedent thereto have been satisfied. The Assignment Documents shall be in substantially the form on file with the Housing Authority and the approval hereby given to the Assignment Documents includes approval of such additional details therein and such additional documents as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal counsel to the Housing Authority and by the officers authorized herein to execute said documents prior to their execution; and said officers are hereby authorized to approve said changes on behalf of the Housing Authority. The execution of any instrument by the appropriate officers of the Housing Authority herein authorized shall be conclusive evidence of the approval of such document in accordance with the terms hereof. This resolution shall not constitute an offer and the Assignment Documents shall not be effective until the date of execution thereof as provided herein. 1.03. In the event of absence or disability of the officers, any of the Assignment Documents authorized by this resolution to be executed may be executed without further act or authorization of the Board by any duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the city attorney, may act in their behalf. Upon execution and delivery of the Assignment Documents, the officers and employees of the Board are hereby authorized and directed to take or cause to be taken such actions as may be necessary on behalf of the Board to implement the Assignment Documents. Section 4. Effective Date. This resolution shall be effective upon approval. Adopted by the Housing Authority on December 10, 2025 ______________________________________ Thom Miller, Chair Attest: _______________________________________ Jolene Tanner, Secretary _______________________________ Karen Barton, Executive Director 20 3275367.v1 COLLATERAL ASSIGNMENT OF AGREEMENT TO ENTER INTO HOUSING ASSISTANCE PAYMENTS CONTRACT This COLLATERAL ASSIGNMENT OF AGREEMENT TO ENTER INTO HOUSING ASSISTANCE PAYMENTS CONTRACT (this “Assignment”) dated as of December __, 2025 is executed by and between BELTLINE APARTMENTS LIMITED PARTNERSHIP, a Minnesota limited partnership (“Borrower”), for the benefit of CEDAR RAPIDS BANK AND TRUST COMPANY, an Iowa banking corporation (“Lender”). RECITALS: A. Lender has agreed to purchase the Multifamily Housing Revenue Note [(Beltline Apartments Project) Series 2025A] (the “Note”) issued by the City of St. Louis Park, Minnesota (the “Issuer”) in favor of the Lender in the principal amount of [Fourteen Million One Hundred Thirty-Three Thousand One Hundred and 00/100 Dollars ($14,133,100.00)], the proceeds of which will be loaned (the “Loan”) to Borrower, pursuant to a Loan Purchase Agreement by and between Borrower and Lender of even date herewith (the “Loan Agreement”). B. The Loan and the Note are also secured by a certain Combination Mortgage, Security Agreement, Fixture Financing Statement and Assignment of Leases and Rents dated as of the date hereof (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “Mortgage”). C. Borrower entered into an Agreement to Enter into Housing Assistance Payments Contract pursuant to Section 8 of the United States Housing Act of 1937 (42 U.S.C. Section 1437f) with ________________________ (“Contract Administrator”) (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “AHAP Contract”), a copy of which is attached hereto as Exhibit A and incorporated herein by reference. D. Borrower and Contract Administrator will enter into a Housing Assistance Payments Contract pursuant to Section 8 of the United States Housing Act of 1937 (42 U.S.C. Section 1437f), after the date hereof and pursuant to the terms of the AHAP Contract (as amended, restated, replaced, supplemented or otherwise modified from time to time, the “HAP Contract”). E. As a condition to and in consideration of the making of the Loan, Lender requires that Borrower assign of all of Borrower’s right, title, and interest in and to the AHAP Contract and HAP Contract to Lender as additional collateral security for the Loan upon the occurrence and during the continuance of an Event of Default under the Loan. AGREEMENTS: NOW THEREFORE, in consideration of the mutual covenants in this Assignment and for other valuable consideration, the receipt and sufficiency of which are acknowledged, Borrower and Lender agree as follows: 1. Recitals. The recitals set forth above are incorporated herein by reference. 21 2 2. Defined Terms. Capitalized terms used and not specifically defined herein shall have the meanings given to such terms in the Loan Agreement. 3. Assignment; Payments to Borrower; Payments to Lender. a) Assignment. Upon the occurrence and during the continuance of an Event of Default under the Loan and if Lender elects to assume the AHAP Contract, Borrower absolutely, unconditionally and irrevocably transfers, conveys, sets over and assigns to Lender, all of its right, title and interest in and to the AHAP Contract, together with full power and authority, in the name of Borrower, to enforce, collect, receive and provide receipt for any and all of the foregoing. Further, upon the occurrence and during the continuance of an Event of Default under the Loan and if Lender elects to assume the AHAP Contract, it is the intention of Borrower to establish a future, absolute and irrevocable transfer and assignment to Lender of all rights under the AHAP Contract and to authorize and empower Lender to exercise all rights and remedies available under the AHAP Contract without the necessity of further action on the part of Borrower. This Assignment shall be effective immediately upon the occurrence of an Event of Default under any of the Loan Documents and if Lender elects to assume the AHAP Contract. Notwithstanding the foregoing, at such time as the Borrower and Contract Administrator enter into the HAP Contract and upon the occurrence and during the continuance of an Event of Default under the Loan and if Lender elects to assume the AHAP Contract, Borrower shall absolutely, unconditionally and irrevocably transfer, convey, set over and assign to Lender, all of its right, title and interest (including the right to receive payments due thereunder) in and to the HAP Contract, together with full power and authority, in the name of Borrower, to enforce, collect, receive and provide receipt for any and all of the foregoing. Further, upon the occurrence and during the continuance of an Event of Default under the Loan and if Lender elects to assume the AHAP Contract, it is the intention of Borrower to establish a future, absolute and irrevocable transfer and assignment to Lender of all rights under the HAP Contract and to authorize and empower Lender to exercise all rights and remedies available under the HAP Contract without the necessity of further action on the part of Borrower. This Assignment shall be effective immediately upon the occurrence of an Event of Default under any of the Loan Documents and if Lender elects to assume the AHAP Contract. On or after the effective date of the HAP Contract, Borrower shall promptly deliver a copy of the HAP Contract to the Lender and Contract Administrator’s Consent to the Assignment of HAP Contract (the “Consent”) to Lender. If the HAP Contract and Consent are not entered into and delivered to the Lender, as provided in this Section, by no later than [__], subject to extension in the event of delay by Contract Administrator, which delay shall be approved by Lender in its reasonable discretion, then it shall be an Event of Default hereunder. b) Payments to Borrower. (1) Until an Event of Default has occurred and is continuing, Borrower shall collect the payments due under the HAP Contract and shall apply the payments under the 22 3 HAP Contract first against installments of interest and principal then due and payable under the Note, and other amounts then due and payable under the Loan Documents. So long as no Event of Default has occurred and is continuing, the funds from the payments under the HAP Contract remaining after application pursuant to the preceding sentence may be retained by Borrower free and clear of Lender’s rights with respect to the payments under the HAP Contract. Further, upon the occurrence and during the continuance of an Event of Default and if Lender elects to assume the AHAP Contract, and without the necessity of Lender entering upon or taking and maintaining control of the Mortgaged Property (as defined in the Mortgage) directly, or by a receiver, Borrower’s right to collect payments under the HAP Contract shall terminate automatically, without notice to Borrower, and Lender shall be entitled to all payments under the HAP Contract as they become due and payable, including payments then due and unpaid. (2) Upon the occurrence and during the continuance of an Event of Default and if Lender elects to assume the AHAP Contract, Lender may enforce any and all rights under the AHAP Contract of the Borrower if the HAP Contract has not been executed yet, without any interference or objection from Borrower, and Borrower shall cooperate in causing the Contract Administrator to comply with all the terms and conditions of the AHAP Contract. c) Payments to Lender. (1) Upon the termination of Borrower’s right to collect payments under the HAP Contract as provided above, Borrower shall direct and pay to Lender upon demand all payments received by Borrower under the HAP Contract. Borrower also agrees that Borrower’s failure to transfer to Lender any payments received under the HAP Contract within three (3) business days after receipt of such payments from Contract Administrator shall constitute an Event of Default under the Loan Documents. Borrower shall be personally liable to the extent of the payments received by Borrower under the HAP Contract and not so transferred to Lender. (2) Upon receipt by Contract Administrator of written notice from Lender of termination of the Borrower’s rights pursuant to Section 3b)(1) above, Contract Administrator shall be entitled to make payments directly to Lender. Borrower shall not take any action or engage in any communication with Contract Administrator that is intended to delay or prohibit Contract Administrator’s payments to Lender. Contract Administrator shall not be required to consider or to make any inquiry regarding the existence of any Event of Default under the Loan Documents and may rely solely on the notice of termination of the license from Lender. 4. Compliance with AHAP Contract and HAP Contract. Borrower hereby warrants, represents, covenants and agrees to comply strictly with the terms of the AHAP Contract and HAP Contract and all other requirements of the Contractor Administrator with respect thereto, and Borrower covenants and agrees to continue to perform all of its obligations under the AHAP Contract and HAP Contract, as applicable. Borrower shall provide Lender with copies of all notices from Contractor Administrator of any default of Borrower’s obligations under the AHAP Contract and HAP Contract, as applicable, and all 23 4 certificates, reports, reviews, notices, correspondence, records and other written communications received from, or sent to, Contractor Administrator no later than five (5) days following the receipt or sending thereof by Borrower, as the case may be. 5. Perfection of Interest. Borrower hereby authorizes Lender to file any financing statements, continuation statements, termination statements and amendments as Lender may require in order to protect and preserve Lender’s lien priority and security interest in this Assignment (and to the extent Lender has filed any such financing statements, continuation statements or amendments prior to the date of this Assignment, such filings by Lender are hereby authorized and ratified by Borrower). 6. No Other Assignments. Borrower warrants, represents, covenants and agrees that (a) there have been no other assignments of the AHAP Contract or HAP Contract; (b) Borrower will not further assign, transfer, exchange, pledge or otherwise dispose of its interest in and to the AHAP Contract or HAP Contract; and (c) any such existing or further assignment, transfer, exchange, pledge or other disposition is void. 7. Obligations; Waiver. The obligations of Borrower under this Assignment shall be performed without demand by Lender and shall be unconditional irrespective of the genuineness, validity or enforceability of the Note or any other Loan Document, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of Borrower. Borrower hereby waives the benefits of any right of discharge and all other rights under any and all statutes to the fullest extent permitted by law, diligence in collecting the payments due under the HAP Contract, presentment, demand for payment, protest, all notices with respect to the Note and other Loan Documents, which may be required by statute, rule of law or otherwise to preserve Lender’s rights against Borrower under this Assignment, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default or Event of Default, notice of intent to accelerate, notice of acceleration, notice of dishonor, notice of foreclosure, notice of protest, notice of the incurring by Borrower of any obligation or indebtedness and all rights to require Lender to (a) proceed against Borrower, (b) proceed against or exhaust any collateral held by Lender to secure the repayment of the Note or the payments under the HAP Contract, or (c) if Borrower is a partnership, pursue any other remedy it may have against Borrower, or any general partner of Borrower. 8. Irrevocable Assignment; Conflicts. Borrower’s intent in executing this Assignment is to create an absolute, unconditional and irrevocable assignment of all of its right, title and interest in and to the AHAP Contract and HAP Contract to Lender. To the extent that this Assignment may conflict or otherwise be inconsistent with any other agreement signed by Borrower in connection with the assignment of the AHAP Contract and HAP Contract, the provisions of this Assignment shall govern. 24 5 9. Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the State of Minnesota. 10. Notice. All notices to be given by either party to the other hereunder shall be in writing and deemed to have been given when delivered personally or when deposited in the United States mail, registered or certified postage prepaid, addressed as follows: (a) To the Borrower at: Beltline Apartments Limited Partnership 233 Park Avenue South, Suite 201 Minneapolis, Minnesota 55415 Attn: Legal Department (b) To the Lender at: Cedar Rapids Bank and Trust Company 500 1st Avenue Northeast, Suite 100 Cedar Rapids, Iowa 52401 Attn: Joshua R. Burgett or addressed to any such party at such other address as such party shall hereafter furnish by ten (10) days advance notice to the other party. 11. Successors and Assigns Bound; Sale of Loan. This Assignment shall be binding upon and inure to the benefit of the Borrower and the Lender and their respective successors and assigns, except that the Borrower may not transfer or assign its rights hereunder without the prior written consent of the Lender. 12. Counterparts. This Assignment may be executed in any number of counterparts, each of which, when so executed and delivered, shall be an original, but such counterparts shall together constitute one and the same instrument. 13. Severability; Entire Agreement; Amendments. In the event that any provision or clause of this Assignment conflicts with applicable law, such conflict shall not affect other provisions of this Assignment which can be given effect without the conflicting provisions and to this end the provisions of this Assignment are declared to be severable. This Assignment contains the entire agreement of the parties on the matters covered herein. No other agreement, statement or promise made by any party or by any employee, officer, or agent of any party that is not in writing and signed by all the parties to this Assignment shall be 25 6 binding. No amendment of this Assignment shall be effective unless in writing executed by the Lender and the Borrower. [Remainder of Page Intentionally Blank] 26 IN WITNESS WHEREOF, the parties have signed and delivered this Assignment by their duly authorized representative. BORROWER: BELTLINE APARTMENTS LIMITED PARTNERSHIP, a Minnesota limited partnership By: BELTLINE APARTMENTS GP LLC, a Minnesota limited liability company Its: General Partner By: __________________________________ Christopher L. Sherman Its: President Signature Page to Collateral Assignment of Agreement to Enter into Housing Assistance Payments Contract [Tax-Exempt Perm Loan]. 27 LENDER: CEDAR RAPIDS BANK AND TRUST COMPANY, an Iowa banking corporation By: Joshua R. Burgett Its: Vice President Signature Page to Collateral Assignment of Agreement to Enter into Housing Assistance Payments Contract [Tax-Exempt Perm Loan]. 28 CONSENT TO ASSIGNMENT OF AGREEMENT TO ENTER INTO HOUSING ASSISTANCE PAYMENTS CONTRACT The undersigned, in its capacity as representative and contract administrator for U.S. Department of Housing and Urban Development (in such capacity, “Contract Administrator”), hereby consents to the foregoing Collateral Assignment of Agreement to Enter Into Housing Assistance Payments Contract (the “Assignment”), given by Beltline Apartments Limited Partnership, a Minnesota limited partnership (“Owner”) to and in favor of Cedar Rapids Bank and Trust Company, an Iowa banking corporation (“Assignee”). After the occurrence and during the continuance of an Event of Default under the Loan and upon receipt of written notice from Assignee, as described in the foregoing Assignment, that housing assistance payments payable pursuant to the HAP Contract should be directed to Assignee, Contract Administrator shall make such payments to Assignee instead of to Owner. In making such payments, Contract Administrator is not required to consider or make any inquiry as to the existence of a default under the Loan Documents (as defined in the Loan Agreement referred to in the Assignment), but may rely on notice by the Assignee; and any payments by Contract Administrator to Assignee shall be credited against amounts payable by Contract Administrator to Owner pursuant to the HAP Contract. [TBD] By: Name: Its: 29 EXHIBIT A TO COLLATERAL ASSIGNMENT OF HOUSING ASSISTANCE PAYMENTS CONTRACT 30 Housing Authority of St. Louis Park Meeting date: December 10, 2025 Agenda item: 6c Title: Approval of Family Self-Sufficiency program (FSS) contract amendment with St. Louis Park Emergency Program (STEP), Resolution No. 785 Recommended action: Staff recommends the Housing Authority (HA) Board of Commissioners approve Resolution No. 785 authorizing staff to amend the existing contract with St. Louis Park Emergency Program (STEP) to provide self-sufficiency coordinator case management services to the FSS program participants. The amendment will continue the FSS service coordinator services at the amount of HUD’s Family Self-sufficiency renewal grant awarded to the HA for 2026 by extending the contract for an additional year. The term of the amended contract is January 1, 2026 through December 31, 2026. Policy consideration: Does the Board support continuing to retain the services of STEP to provide FSS Coordinator services for FY 2026? Summary: The FSS program was initiated in July 1995 as an economic self-sufficiency program for participants of the Housing Choice Voucher Program and residents of Public Housing. The program helps participants prepare for, obtain and increase their employment potential, and meet other self-sufficiency goals. The program consists of two primary components, case management services and establishment of an escrowed savings account. The HA first entered into a contract with STEP in June 2018. Since that time, STEP has worked with the HA to develop a program that not only focuses on residents’ economic needs but also addresses their social needs. STEP: STEP is a nonprofit agency that was founded in 1975. STEP’s mission is to identify, address and respond to the critical and emergency needs of residents in St. Louis Park. Over the years they have served as the St. Louis Park community food shelf and social service agency. They directly provide food and clothing to residents in need, as well as advocacy, referrals, and have built a collaborative relationship with other service agencies and the city, empowering lives and restoring hope for many residents in St. Louis Park. The social workers on staff at STEP work with FSS clients to assist them in creating a plan and to set personal goals that will further their efforts to obtain and increase their employment potential and meet other self-sufficiency goals. The program is a structured program that offers services and referrals to assist households address the identified needs unique to them. 31 Housing Authority meeting of December 10, 2025 (Item No. 6c) Page 2 Title: Approval of Family Self-Sufficiency program (FSS) contract amendment with St. Louis Park Emergency Program (STEP), Resolution No. 785 FSS Program services and referrals provided include: o Employment Services including: • Career counseling • Job seeking skills • Training and other resources • Job placement • One-on-one support • Internet resources • Resource centers o Family Services including: • Parenting workshops • Parent/child enrichment activities • Family case management service o Household Financial and budget education o Homeownership education In addition to the FSS program, the city has partnered with STEP on the creation and administration of the Kids in the Park rental assistance program. STEP has also invited city staff to be a part of its strategic planning process. STEP has done a good job providing FSS coordinating services and case management and is interested in continuing the partnership with the HA. HA staff have been satisfied with the partnership and services provided by STEP and support the continuation of the FSS contract. Current Participants The goal is to have an annual program size of an average of twenty-five (25) participants. As of December 1, 2025, FSS has 24 enrolled participants with another enrollment effective January 2026. Staff monitor program utilization and continue outreach efforts in order to maintain the maximum number of participants. Participants have a maximum of five years to complete their program contract. In 2025, three participants were exited from the program earning escrow.  Participant 1: exited due to 180 days zero HAP, earned $5,184.08  Participant 2: exited due to moving to a jurisdiction that does not operate an FSS program, earned $591.26  Participant 3: exited due to 180 days zero HAP, earned $9,422.62 Supporting documents: Housing Authority Board Resolution No. 785 6th Amendment to the FSS Contract Prepared by: Nicole Randall, housing assistance administrator Reviewed by: Marney Olson, housing manager 32 RESOLUTION NO. 785 RESOLUTION OF THE HOUSING AUTHORITY OF ST. LOUIS PARK APPROVING THE EXECUTION OF THE SIXTH CONTRACT AMENDMENT TO THE FAMILY SELF-SUFFICIENCY (FSS) CONTRACT WITH STEP WHEREAS, the parties entered into an agreement for case management of FSS program participants dated June 1, 2018; and WHEREAS, the parties wish to amend and confirm two (2) of the agreement’s provisions; and WHEREAS, the term of this agreement shall be amended to January 1, 2026 through December 31, 2026, with an option for the authority to extend the agreement by providing the contractor an amendment; and WHEREAS, the fees of the agreement are amended to 12 equal monthly based on the total amount of HUD’s Family Self- sufficiency grant awarded to the HA NOW THEREFORE BE IT RESOLVED that the housing authority board is approving the execution of the sixth contract amendment to the FSS contract with STEP. Adopted by the Housing Authority on December 10, 2025 _______________________________________________ Thom Miller, Chair ______________________________________________ Jolene Tanner, Secretary ATTEST: ___________________________________ Karen Barton, Executive Director 33 Sixth Amendment to the Agreement Between the Housing Authority of St. Louis Park and St. Louis Park Emergency Program (STEP) This Sixth (6th) Amendment to the Agreement for case management of the Family Self- Sufficiency (FSS) Program participants effective the 1st day of January 2026, by and between the Housing Authority of St. Louis Park, referred to as “authority” and St. Louis Park Emergency Program (STEP), hereinafter referred to as “contractor”. Recitals A. The parties entered into an Agreement for case management of FSS program participants dated June 1, 2018. B. The parties wish to amend and confirm two (2) of the agreement’s provisions herein provided. NOW THEREFORE, it is agreed between the parties as follows: 1. Section I. Term of the agreement is amended as follows: The term of this agreement is January 1, 2026 through December 31, 2026, with an option for the authority to extend the agreement by providing the contractor an amendment. 2. Section IV. Fees of the agreement; the first paragraph is amended as follows: Funds for case management will be disbursed to the contractor on a monthly basis (12 equal payments based on the total amount of HUD’s Family Self- sufficiency grant awarded to the HA with total payments equaling the full amount of the FSS grant) for services provided during the term of this contract. Invoices for actual costs, in accordance with the annual budget and in a form acceptable to the authority, will be submitted to the Housing Authority by the 10th of each month with payment to be made to the contractor within thirty (30) days. In no event shall total amounts paid to the contractor exceed total awarded by HUD. 3. Except as herein provided, all terms, conditions and provisions of the said agreement dated June 1, 2018 shall remain in full force and effect. IN WITNESS WHEREOF, the parties hereto have executed this Sixth (6th) Amendment to the agreement for case management of FSS program participants on the day and year first above written. Housing Authority of St. Louis Park Emergency Program St. Louis Park (STEP) ___________________________ _ __________________________ Karen Barton, Executive Director Date Derek Reise, Executive Director Date 34 Housing Authority of St. Louis Park Meeting date: December 10, 2025 Agenda item: 6d Title: Approval of updated Housing Authority administrative policies, capitalization policy, Resolution 786 Recommended action: Staff recommend board approval of the updates to the Housing Authority administrative policies, capitalization policy, resolution 786. Policy consideration: Does the board agree with updating the capitalization policy to increase the minimum threshold for capitalization to $3,000? Summary: The Housing Authority’s administrative policies include the capitalization policy which addresses the policy and procedures for the control and safeguarding of physical assets. The policy establishes the accounting for the PHA’s capitalized and non-capitalized assets based on the capitalization criteria set forth in the policy. The capitalization policy provides the requirements PHAs use to account for capital assets. A PHA’s capitalization policy sets criteria that when met, the cost is recorded as capital assets, and if not met, the amount is charged to expenses when incurred. Staff consulted with the HA’s fee accountant on updating the threshold for capitalization. Based on our HA’s size and staff recommend increasing the capitalization threshold from $1,000 to $3,000. Changes to the capitalization policy are shown by a strikethrough indicating language being deleted, underline is new text. Capitalization Policy 1. Non-expendable items will include all personal property with a useful life of more than one year and having a value of $1000 $3,000 or more. Non-expendable personal property shall be capitalized for the purpose of establishing the Property Ledger preparing records for each individual item and recording the cost of each piece in the applicable development cost accounts in the 1465 and 1475 groups. 2. Expendable items purchased which have a normal useful period of more than a year, and cost less than $1000 $3,000 each, consisting of office equipment, maintenance tools, etc., shall be set up under a physical inventory method under the control of the Executive Director. 3. Materials and supplies under Section A14.1, Article 6. After the end of the initial operating period, the cost of materials and supplies purchased may be charged to expense when received. Supporting documents: Resolution 786 Prepared by: Marney Olson, housing manager Reviewed by: Angela Nelson, office assistant 35 Housing Authority meeting of December 10, 2025 (Item No. 6d) Page 2 Title: Approval of updated Housing Authority administrative policies, capitalization policy, Resolution 786 Resolution No. 786 Resolution approving amendment to the Administrative Policies, Capitalization Policy of the Housing Authority of St. Louis Park WHEREAS, to conduct business of the Housing Authority in an efficient and proper manner, the Housing Authority has established Administrative Policies, including a capitalization policy, governing its activities, and WHEREAS, the Housing Authority has deemed it appropriate to modify the capitalization policy, changing the value of non-expendable and expendable items, and WHEREAS, the Housing Authority of St. Louis Park approved the capitalization policy in 2000, NOW THEREFORE BE IT RESOLVED by the Housing Authority of St. Louis Park, Minnesota, that the administrative policies, capitalization policy of the Housing Authority be amended as follows: Capitalization Policy 1. Non-expendable items will include all personal property with a useful life of more than one year and having a value of $1000 $3,000 or more. Non-expendable personal property shall be capitalized for the purpose of establishing the Property Ledger preparing records for each individual item and recording the cost of each piece in the applicable development cost accounts in the 1465 and 1475 groups. 2. Expendable items purchased which have a normal useful period of more than a year, and cost less than $1000 $3,000 each, consisting of office equipment, maintenance tools, etc., shall be set up under a physical inventory method under the control of the Executive Director. 3. Materials and supplies under Section A14.1, Article 6. After the end of the initial operating period, the cost of materials and supplies purchased may be charged to expense when received. Adopted by the Housing Authority December 10, 2025 _____________________________ Thom Miller, Chair ______________________________ Jolene Tanner, Secretary Attest: _______________________________ Karen Barton, Executive Director 36 Housing Authority of St. Louis Park Meeting date: December 10, 2025 Agenda item: 6e Title: Public Housing and Housing Choice Voucher collection loss write-offs, Resolution 787 Recommended action: Staff recommends that the board adopt Resolution No. 787 designating collection write-offs of $16,932.79 as follows: Public housing program collection losses of $10,369.94 consisting of rent, cleaning, repairs and materials for moveouts for FYE December 31, 2025. The housing choice voucher program collection losses of $6,562.85 is due to the inability to reconcile portability payments from the Minneapolis Public Housing Authority (MPHA). Policy consideration: Does the board agree with the proposed write-offs? Summary: The operating budgets for the public housing and housing choice voucher programs include a line item to cover collection losses consisting of unpaid rent resulting from unreported income, cleaning charges, material charges, repairs, and other charges the HA has incurred from program participants. Writing off an item as a collection loss does not prevent the authority from pursuing collection. The HA will make every effort to continue to collect the balance due and recovery is currently being sought through the Minnesota Revenue Recapture Program where possible. For accounting purposes, defining collection losses removes the items from the financial accounts, makes it clearer for the annual audit, and reduces outstanding amounts that must be reported to HUD as tenant accounts receivable. The proposed write-offs below are for expenses in 2024 or prior for former program participants. Supporting documents: Resolution 787 Prepared by: Marney Olson housing manager Reviewed by: Angela Nelson, office assistant and Blake Woxland, financial technician 37 Housing Authority meeting of December 10, 2025 (Item No. 6e) Page 2 Title: Public Housing and Housing Choice Voucher collection loss write-offs, Resolution 787 Resolution No. 787 of the Housing Authority of St. Louis Park, Minnesota, designating damages, unpaid rents and other charges as collection losses for Public Housing and the Housing Choice Voucher program WHEREAS, the Housing Authority of St. Louis Park administers and operates a public housing and housing choice voucher program, and WHEREAS, as of December 2024 the Housing Authority sustained unpaid tenant charges from past residents resulting from unpaid rents, unreported income, cleaning charges, repairs and material charges, and other charges for which it has not been compensated, and WHEREAS, in the Public Housing program, security deposits applied did not cover all the unpaid tenant charges, and Housing Choice Voucher program does not collect any funds, and WHEREAS, the Housing Choice Voucher program is unable to reconcile portability payment from the Minneapolis Public Housing Authority (MPHA), and WHEREAS, in accordance with regulations, it is appropriate to identify such losses as collection losses for proper accounting purposes, and WHEREAS, the Housing Authority is unable to collect the following losses: Public Housing: Resident Description Amount t0002853 Move out charges $55.00 t0002485 Move out charges $6,923.37 t0002763 Move out charges $496.67 t0002662 Move out charges $495.12 t0002654 Move out charges $2,399.78 Public housing total $10,369.94 Housing Choice Voucher: t0002563 MPHA portability write-off t0002521 MPHA portability write-off t0002885 MPHA portability write-off Total – Housing Choice Voucher Program: $6,562.85 GRAND TOTAL: $16,932.79 NOW, THEREFORE BE IT RESOLVED that $16,932.79 for the public housing program and housing choice voucher program, be declared collection losses as of December 10, 2025. 38 Housing Authority meeting of December 10, 2025 (Item No. 6e) Page 3 Title: Public Housing and Housing Choice Voucher collection loss write-offs, Resolution 787 Adopted by the Housing Authority December 10, 2025 __________________________ Thom Miller, chair __________________________ Jolene Tanner, secretary ATTEST: Karen Barton, executive director 39 40 Housing Authority of St. Louis Park Meeting date: December 10, 2025 Agenda item: 6f Title: Contract amendments for Center for Energy and Environment loan programs Recommended action: Staff recommends the Housing Authority authorize staff to execute the 18th amendment to the agreement with the Center for Energy and Environment (CEE) for St. Louis Park home improvement programs. Policy consideration: Does the Housing Authority wish to approve authorization of the amended agreement with CEE? Summary: The Housing Authority contracts with the Center for Energy and Environment to administer the following programs outlined in the attached exhibits to the agreement: 1. Move up in the Park – deferred loan for a home expansion/addition 2. Down payment assistance – provides down payment/closing cost assistance to first- time homebuyers 3. Multi-family rental rehabilitation loan – rehab assistance to mulfi-family residential properties that agree to keep rents affordable 4. Resident Advisor Visit 5. First-generation homeownership program – down payment/closing cost assistance for first-generation homebuyers The HA has been contracting with CEE for home improvement and loan program services since 1999 and continues to monitor and evaluate the effectiveness of the contracted services and make modifications to programs as warranted. Annual updates on program utilization are included in the annual housing report. These programs continue to be utilized by St. Louis Park residents and are in line with the city’s strategic priority: “St. Louis Park is committed to providing a broad range of housing and neighborhood oriented development.” The 19th amendment updates fees and adds a new loan program, the St. Louis Park deferred home improvement loan which was discussed at the November 2025 HA board meeting. Based on feedback from the board, eligible properties must have an assessed value for the property below $445,000 which is 115% of the 2025 assessed median value for single family homes in St. Louis Park. All other sections remain unchanged from the previous amendment. Supporting documents: CEE 19th amendment Exhibit A-26 Exhibit B-26 Prepared by: Marney Olson, housing manager Reviewed by: Angela Nelson, office assistant 41 C:\Users\molson\AppData\Local\Microsoft\Windows\INetCache\Content.Outlook\21PTTZ2F\Amend 19 SLP (DRAFT).doc 12/2/2025 19th AMENDMENT to the LOAN ORIGINATION AGREEMENT Between HOUSING AUTHORITY IN AND FOR THE CITY OF ST. LOUIS PARK And CENTER FOR ENERGY AND ENVIRONMENT (St. Louis Park Home Improvement Programs The Agreement made the 6th day of May, 2004 by and between the HOUSING AUTHORITY IN AND FOR THE CITY OF ST. LOUIS PARK, with offices at 5005 Minnetonka Blvd, St. Louis Park, MN 55416, (the “Authority”), and CENTER FOR ENERGY AND ENVIRONMENT, with its offices at 212 3rd Avenue North, Suite 560, Minneapolis, Minnesota 55401 (“CEE”) is hereby amended. Section 1. Services/ Scope of Work of the agreement Exhibit A-25 shall be replaced by Exhibit A-26 and Exhibit B-25 shall be replaced by Exhibit B-26 Section 5. Term and Termination of the agreement shall read: 5.1 Unless earlier terminated as provided in the following paragraphs, this Agreement shall become effective on January 1, 2026 and continue through December 31, 2026. All other sections of the contract shall remain as written in the original and amended agreements. IN WITNESS WHEREOF, the parties hereunder set their hands as of the date written below: HOUSING AUTHORITY IN AND FOR THE CITY OF ST. LOUIS PARK CENTER FOR ENERGY AND ENVIRONMENT By ___________________________ By __________________________ Karen, Barton Community Development Director Stephanie Haddad, Chief Operating Officer Date __________________________ Date _________________________ # By___________________________ Thom Miller, Housing Authority Chair 42 St. Louis Park - EXHIBIT A-26 Program Overview Exhibit A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance Interest Rate 0%0%0% Amortization Type deferred deferred deferred Loan Amount $2,000 - $30,000 minimum $8750.00 and maximum $35,000.00 Up to $15,000 (not to exceed 5% of the purchase price). An additional $5,000 for employees of St. Louis Park businesses and/or St. Louis Park renters. An employee must: work at least 20 hrs/wk, business must be physically located in SLP, have been employeed at least 6 mths and not have used this program in the past. Owners of the business or self employed borrowers are not eligible. A renter must have been renting in St. Louis Park for at least 6 months prior to purchase. This can be verified by any of the following: Current Lease, Letter of Affidavit from the Property Owner/Manager that the renter was there for 6 months and verification of 6 months paid rent (for properties with 12+ units) or Verification of paying rent to a family member for at least 6 months, if no Lease. Page 1 of 8 #3875 43 St. Louis Park - EXHIBIT A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance Total Project Cost/Match N/A 3 : 1 match by the borrower. Example: total project cost of $40,000, the borrower will be required to provide $30,000 and the City will provide $10,000. Borrower must provide proof of matching funds prior to approval. A minimum of $3,000 must be contributed by or on behalf of the borrower. There is no contribution requirement for veterans. Acceptable contributions include: earnest money, buyer funds brought to closing, seller paid cloasing costs and gifts. A gift letter to document that the source is from a relative. Proceeds can not be from a loan or other debt instrument to meet the minimum contribution. Term 20 years.100% of the loan is due if the property is sold, transferred or no longer occupied by the borrower within 20 years of loan closing. Loan is 100% forgiven after 20 years if not sold, transferred or becoming non-owner occupied. 30 years deferred, 100% of the loan amount is due if the property is no longer owner-occupied, the sale or transfer of property if prior to 30 years. Loan is 100% forgiven after 30 years if not sold, transferred or becoming non-owner occupied. 20 years.100% of the loan is due if the property is sold, transferred or no longer occupied by the borrower within 20 years of loan closing. Loan is 100% forgiven after 20 years if not sold, transferred or becoming non-owner occupied. Eligible Borrowers All borrowers must be a US Citizen or Permanenet Legal Resident of the United States with a Social Security Number Page 2 of 8 #3875 44 St. Louis Park - EXHIBIT A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance Rent Restrictions and Requirements In-Eligible Borrowers Eligible Properties 1-2 unit owner occupied properties. Property value can NOT exceed $445,000 based on the most current estimated property tax value. 1-4 unit owner occupied properties 1-2 unit properties, townhomes or condominiums. First mortgage must be a fixed rate and not have a balloon payment. Property must not be in a flood plain. N/A Non Permanent Legal Residents and business entities Page 3 of 8 #3875 45 St. Louis Park - EXHIBIT A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance In-Eligible Properties *Non-owner occupied (aka Absentee Owned) *Dwellings with more than 2 units *Cooperatives *Manufactured homes * Properties used for commercial purposes *Non-owner occupied (aka Absentee Owned) *Dwellings with more than 4 units *Cooperatives *Manufactured homes * Properties used for commercial purposes *Non-owner occupied (aka Absentee Owned) *Dwellings with more than 2 units *Cooperatives *Manufactured homes * Properties used for commercial purposes Ownership/Occupancy Loan-to-Value 110%120%N/A Income Limits The property owner’s total household income shall not exceed 80% of the HUD Regional AMI based on household size. Income for eligibility will be determined by the adjusted gross income from the most recent tax return. If a tax return is not required to be filed the income shall be based on projected income for the next 12 months for all owner occupants of the property. 120% household of 4 for a household of 1 to 4 and then 120% for 5 or more. Income is based on the adjusted gross income from most recent federal tax return. If a tax return is not required to be filed by the borrower(s) than income will be based on projected income. If income has changed from the previous years tax return it may be reviewed on a case by case basis. 100% household of 4 for a household of 1 or 2 and 115% household of 4 for a household of 3 or more. Income is based on the adjusted gross income from most recent federal tax return. If a tax return is not required to be filed by the borrower(s) than income will be based on projected income. If income has changed from the previous years tax return it may be reviewed on a case by case basis. Debt-to-Income Ratio N/A N/A N/A Multiple Loans per Property/Borrower More than one loan per household is allowed, but the total amount borrowed is not to exceed loan maximum of $30,000.00 Only one loan per household is allowed Can only be used one time by borrower(s) Owner occupied only Page 4 of 8 #3875 46 St. Louis Park - EXHIBIT A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance Eligible Improvements / Use of funds Most permanent interior and exterior improvements, maintenance, or remodeling projects are eligible, including energy efficient improvements and accessibility projects. Loans must be used first to address health, safety, and outstanding code violations. Funds may not be used for common area improvements, work initiated prior to closing (except in emergencies), recreation or luxury projects, or non-permanent appliances. The sq. footage of the property must be increased. Eligible improvements will be limited to those improvements that are necessary to increase sq. footage. Example: If the roof comes off or an exterior wall goes down to expand or add heated livable (year round) space, then it is eligible. Funds can be used for down-payment or closing costs. The borrower cannot receive any portion of these funds in cash. Ineligible Improvements Improvements not listed in Eligible Improvements or on the Priority Inspection Report. Funds cannot be used to pay for homeowner labor or to purchase equipment needed to complete the project. Complete tear downs are NOT eligible. Work initiated before the loan has been approved and closed. Recreational items including gazebos, pools, hot tubs, saunas, lawn sprinklers, play ground equipment; Furniture and non permanent appliances; Funds used for working capital, debt management, or to refinance existing loans; Personal property items, and repairs to property used for business or trade purposes. Funds cannot be used to rent or purchase equipment needed to complete the project. N/A Page 5 of 8 #3875 47 St. Louis Park - EXHIBIT A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance Sweat Equity/Homeowner Labor Permitted Permitted N/A Property Inspection A Prioritization Inspeciton (PI) will be done by a CEE Representative to determine eligible improvements. A HES visit must be scheduled. All borrowers are required to have an audit conducted by a utility company or independent approved Home Energy Rating System (HERS) auditor. N/A Post-Install Inspection Prior to the release of loan proceeds, the property is subject to inspection by a CEE representative or, where a permit is required, work must be signed off by a City inspector. Prior to the release of loan proceeds, the property is subject to inspection by a CEE inspectorrepresentative or, where a permit is required, work must be signed off by a City inspector. N/A Contractors/ Permits All contractors must be properly licensed. Permits must be obtained where required. All contractors must be properly licensed. Permits must be obtained where required.N/A Bids Only 1 bid is required Only 1 bid is required N/A Work Completion All work must be completed within 180 days months from closing All work must be completed within 9 months from closing N/A Page 6 of 8 #3875 48 St. Louis Park - EXHIBIT A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance Underwriting Must be current on mortgage and property taxes. CEE will approve or deny loans based on a credit report, income verificationand other criteria as outlined. Must be current on mortgage and property taxes. CEE will approve or deny loans based on a credit report, income verificationand other criteria as outlined. The homebuyer(s) MUST attend a Home Strecth workshop or other valid homebuyers course offered througn an approved counseling agency by the US Department of Housing and Urban Developmnent (HUD) and provide evidence prior to closing. Disbursement of Funds Funds are held by CEE and payment is made upon completion of the work. An inspection will be performed by the City and/or CEE to verify completion of the work. The following items (and any additional as determined by CEE) must be received prior to final disbursement of funds: 1. Final invoice from contractor (or materials list from supplier) 2. Final inspection verification by CEE (if necessary) 3. Completion certificate(s) signed by borrower and contractor 4. Lien waiver for entire cost of work and 5. Evidence of required city permit, where applicable Funds are held by CEE and payent is made to upon completion of work. An inspection will be performed by the City and/or CEE to verify completion of the work. The following items (and any additional as determined by CEE) must be received prior to final disbursement of funds: 1. Final invoice from contractor (or materials list from supplier) 2. Final inspection verification by CEE (if necessary) 3. Completion certificate(s) signed by borrower and contractor 4. Lien waiver for entire cost of work and 5. Evidence of required city permit, where applicable Funds will be disbursed to the Closing Agent, for the Benefit of the Borrower, in coordination with the purchase closing. Loan Servicing CEE CEE CEE SLP Origination Fees $775 $975 $1,100 Annual Administration Fee $5,000 Page 7 of 8 #3875 49 St. Louis Park - EXHIBIT A-26 Deferred Move Up in the Park Down Payment/Closing Cost Assistance Program Set Up Fee (one time)$1,000 Borrower/Applicant Fees 1% Origination fee, Document Preparation Fee, credit report, flood, title work, all applicable mortgage filing fees and any other applicable closing cost associated with the loan. 3% Origination Fee. All applicable mortgage filing fees, title work, credit report, flood and any other applicable closing cost associated with the loan. All applicable mortgage filing fees, wire transfer fees, title work, credit report, flood and any other applicable closing cost associated with the loan. Residential Advisor Visit ("RAV"), Prioritization Inspection (PI) and Post Installation Inspections (PII) $275 per RAV and PI and $175 per PII Page 8 of 8 #3875 50 Exhibit B-26 EXHIBIT B-26 First Generation Wealth Building Homeownership Program Program summary Issue: It is recognized that historical and institutional racism has disproportionately created housing challenges and disparities for Black communities, as well as members of communities who did not identify as white, and other underserved low-income communities. Black/African American people and households have historically been prohibited from purchasing and owning a home due to redlining, block busting, racially restrictive covenants and decimation of Black neighborhoods for “public purposes” such as freeways. Additionally, the income and education gap between households of color and white households has resulted in difficulty for Black and African American people and households of color to obtain a mortgage and subsequent on- going housing stability issues. Due to this income gap and other social injustices, many households of color have poor credit or no credit, making it even harder to get a mortgage or to get a mortgage with a favorable interest rate. This program is designed to address these historic injustices and inequities, to facilitate affordable homeownership and to provide a means for wealth-building. What: The city has designed a homeownership program designed to address these historic injustices and inequities, to facilitate affordable homeownership and to provide a means for wealth-building. The goal is to address housing disparities; build power in communities most impacted by housing challenges and disparities; pilot an innovative program to address housing challenge for Black communities as well as members of communities who do not identify as white, and other low-income communities; and support inclusive and equitable communities. 2. Eligible Borrower: First generation buyer – buyer(s) and parents of buyer(s) cannot have previously owned a home.  Borrower does not currently own a home or has not previously owned a home  Borrower parents and/or legal guardian does not currently own a home, nor have they previously owned a home  Borrower spouse, if applicable, does not currently own a home and has not previously owned a home  Borrower spouse’s parents and/or legal guardian does not currently own a home, nor have they previously owned a home  Borrower(s) must sign the First Generation Homebuyer Affidavit  Must occupy this property as their primary residence.  Must be a US Citizen OR Permanent Legal Resident with a Social Security Number. 51 Exhibit B-26  The borrower’s maximum household income cannot exceed 80% of the area median income (AMI) based on a family size of four for households of 1-4. Income limits will be increased based on family size for families with more than four members. Income is calculated using paystubs W2’s, if self-employed two years tax returns, and any other documentation needed to verify projected gross income. The income of the following persons must be verified and included when calculating income: o Anyone who will have title to the subject property and signs the Mortgage Deed. o The legal spouse of the mortgagor who will also reside in the subject property. o Multi-generational buyers are allowed. Income used for mortgage eligibility; would also be included to determining income eligibility for SLP program.  No outstanding liens and judgements.  Maximum liquid assets $15,000 following closing on home, does not include retirement assets or noncash assets (i.e. cars, jewelry, vehicles, etc.) Eligible Properties: A single family (including a townhome or condominium) or duplex property located within the city limits of St Louis Park  There is no maximum purchase price.  Owner occupied dwellings only. The homebuyer must homestead and occupy the home within 60 days following the home purchase closing. Loan Terms:  The loan has a zero percent interest rate (0% APR).  There are no monthly payments.  The loan is forgiven at a prorated rate (5% per year) over a twenty-year owner occupancy period. If the homeowner ceases to occupy the home as a primary residence during the twenty-year owner occupancy period, the remaining balance of the loan must be repaid.  The mortgage may be subordinated as part of a refinance of the primary loan.  Borrower must contribute at least $1,000 to down payment or closing costs to purchase home Loan Amount:  The maximum homebuyer deferred loan amount will be based on the household’s income and the purchase price of the home up to the MHFA first time homebuyer purchase price regardless of household size. The maximum deferred loan provided will be as follows: Households of 1-4 will be based on the AMI for a household of 4. o Households with incomes at or below 50% AMI: 25% of the purchase price up to, not to exceed $75,000. o Households with incomes between 51% and 60% AMI: 20% of the purchase price, not to exceed $60,000. o Households with incomes between 61% and 80% AMI: 15% of the purchase price, not to exceed $45,000. 52 Exhibit B-26  This program may not be layered with Down Payment Assistance Program for First Time Homebuyers from the City of St. Louis Park or with the Minnesota State First Generation Down-Payment Assistance Program. Use of Funds:  Down payment costs and closing costs as needed per the restrictions listed above. Required Homebuyer Financial and Homeownership Counseling and Education: Homebuyers must complete homeownership HomeStretch™ (sponsored by the Minnesota Homeownership Center, 651-659-9336 or www.hocmn.org), Framework® (online homebuyer education available at www.hocmn.org), or the Minneapolis Urban League American Dream Program or another designated program approved by the city.  Financial wellness counseling through a designated service provider approved by the city. Buyers must have attended at least one financial counseling session before loan approval.  Certificates for homeownership education or counseling older than two years will not be accepted.  Must complete training before funds are reserved.  The city will reimburse buyers for any approved educational program costs following the closing. Eligible Primary Financing:  This loan must be a fixed interest rate. Loan Security:  The loan funds will be separately secured by a Promissory Note and Mortgage.  The loan may be secured in a subordinate lien position behind other lender resources. Application and reservation of funds:  Must complete homeownership counseling program before loan approval .  Must have attended at least one financial counseling session before loan approval.  Upon determination of approved eligibility applicant must submit confirmation of preapproval for a first mortgage at which time funds will be reserved.  Funds will be reserved for 90 days and will be extended to accommodate a scheduled closing provided a purchase agreement is in place.  One 60-day extension will be granted if applicant is actively searching for a home.  Another extension will be considered if no other applicants have applied and are waiting for a loan reservation.  If funds are not available due to prior reservations, eligible homebuyers may be placed on a waiting list. A maximum of 10 people will be placed on the waiting list. Applicants will be contacted in the order they are placed on the waiting list. 53 Exhibit B-26 Home energy squad visit  The city will pay for a Home Energy Squad Visit to be completed within the first year following purchase. Disbursement of Funds  Funds will be disbursed to the Closing Agent, for the benefit of the Borrower and in coordination with the purchase loan closing. Borrower Fees  All applicable mortgage filing fees, wire transfer fees, title work, credit report, flood and any other applicable closing costs associated with the loan City Origination Fees  $1,100 per loan closed/executed  One Time Set-Up Fee of $1,000  Annual Administration Fee shall be included as listed in Exhibit A-26 54 Agenda item 7a. 55 56 57 58 59 60 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3101-00-000 Rental Income 3111-00-000 Tenant Rent 89,028 829,408 3114-00-000 Less: Concessions 0 -350 3119-00-000 Total Rental Income 89,028 829,058 3120-00-000 Other Tenant Income 3120-01-000 Laundry and Vending 0 6,337 3120-02-000 Cleaning Fee 300 2,876 3120-03-000 Damages 173 3,182 3120-04-000 Late Charges 442 2,205 3120-06-000 NSF Charges 1 211 3120-07-000 Tenant Owed Utilities 0 118 3120-09-000 Other Income - Laundry 40 3,120 3121-00-000 Tenant Payment Agreement (TPA) Rent -264 3,326 3121-01-000 Tenant Payment Agreement (TPA) Fraud 0 -1,092 3121-02-000 Tenant Payment Agreement (TPA) Other -514 8,505 3129-00-000 Total Other Tenant Income 178 28,788 3199-00-000 TOTAL TENANT INCOME 89,206 857,846 3400-00-000 GRANT INCOME 3401-00-000 HUD PHA Operating Grants/Subsidy 63,858 290,409 3499-00-000 TOTAL GRANT INCOME 63,858 290,409 3600-00-000 OTHER INCOME 3610-00-000 Investment Income - Unrestricted 1,160 11,242 3640-00-000 Fraud Recovery 0 2,016 3699-00-000 TOTAL OTHER INCOME 1,160 13,258 3999-00-000 TOTAL INCOME 154,224 1,161,513 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4100-99-000 Administrative Salaries 4110-00-000 Administrative Salaries 34,835 247,435 4110-04-000 Employee Benefit Contribution-Admin 12,775 80,175 4110-99-000 Total Administrative Salaries 47,610 327,610 4139-00-000 Other Admin Expenses Low Income Public Housing (.ph) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 3 䅧敮摡 㘱 Period to Date Year to Date Low Income Public Housing (.ph) Income Statement Period = Oct 2025 Book = Accrual 4140-00-000 Staff Training 2,249 5,370 4170-00-000 Accounting Fees 775 6,872 4171-00-000 Auditing Fees 3,500 14,700 4180-00-000 Office Rent 1,875 5,625 4189-00-000 Total Other Admin Expenses 8,399 32,568 4190-00-000 Miscellaneous Admin Expenses 4190-01-000 Membership and Fees 0 263 4190-04-000 Office Supplies 0 191 4190-07-000 Telephone 2,759 12,286 4190-12-000 Software 0 7,561 4190-22-000 Other Misc Admin Expenses 752 14,532 4191-00-000 Total Miscellaneous Admin Expenses 51,120 362,443 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 59,519 395,011 4300-00-000 UTILITY EXPENSES 4310-00-000 Water 2,204 28,970 4320-00-000 Electricity 3,139 55,985 4330-00-000 Gas -559 26,641 4340-00-000 Garbage/Trash Removal 5,850 57,763 4390-00-000 Sewer 2,434 48,668 4399-00-000 TOTAL UTILITY EXPENSES 13,068 218,027 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 4400-99-000 General Maint Expense 4410-00-000 Maintenance Salaries 11,315 129,444 4410-05-000 Employee Benefit Contribution-Maint.3,621 45,860 4419-00-000 Total General Maint Expense 14,936 175,304 4420-00-000 Materials 4420-01-000 Maintenance Materials 6,295 31,233 4420-02-000 Supplies-Appliance 2,943 9,464 4429-00-000 Total Materials 9,238 40,697 4430-00-000 Contract Costs 4430-06-000 Contract-Electrical 520 16,244 4430-07-000 Contract-Pest Control 3,294 12,224 4430-09-000 Contract-Grounds 1,943 9,368 4430-10-000 Contract-Janitorial/Cleaning 10,450 33,800 4430-11-000 Contract-Plumbing 1,643 24,984 4430-13-000 Contract-HVAC 2,975 7,535 4430-17-000 Contract-Elevator Monitoring 1,197 5,053 4430-18-000 Contract-Snow Removal Contract Cost 0 2,400 4430-19-000 Unit Turnaround Contract Cost 1,125 16,258 4430-99-000 Contract Costs-Other 3,320 19,382 Page 2 of 3 㘲 Period to Date Year to Date Low Income Public Housing (.ph) Income Statement Period = Oct 2025 Book = Accrual 4439-00-000 Total Contract Costs 26,467 147,247 4499-00-000 TOTAL MAINTENANCE AND OPERATIONAL EXPENSES 50,641 363,247 4500-00-000 GENERAL EXPENSES 4510-00-000 Insurance 958 4,878 4510-10-000 Property Insurance 3,235 32,351 4510-20-000 Liability Insurance 277 2,771 4520-00-000 Payments in Lieu of Taxes 3,729 30,500 4570-00-000 Bad Debt-Tenant Rents 0 -237 4590-00-000 Other General Expense 0 12,691 4599-00-000 TOTAL GENERAL EXPENSES 8,199 82,954 4700-00-000 HOUSING ASSISTANCE PAYMENTS 4715-01-000 Tenant Utility Payments-Voucher 0 292 4715-01-001 Tenant Utility Payments-Public Housing 338 1,201 4715-06-000 FSS Escrow Payments 2,113 15,972 4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 2,451 17,465 5000-00-000 NON-OPERATING ITEMS 5100-01-000 Depreciation -Buildings 26,832 268,318 5999-00-000 TOTAL NON-OPERATING ITEMS 26,832 268,318 8000-00-000 TOTAL EXPENSES 160,710 1,345,022 9000-00-000 NET INCOME -6,487 -183,510 Page 3 of 3 㘳 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1110-00-000 Unrestricted Cash 1111-10-000 Cash Operating 1 854,720 1111-90-000 Petty Cash 100 1111-99-000 Total Unrestricted Cash 854,820 1112-00-000 Restricted Cash 1112-02-000 Cash Restricted-FSS Escrow 38,798 1112-99-000 Total Restricted Cash 38,798 1119-00-000 TOTAL CASH 893,618 1120-00-000 ACCOUNTS AND NOTES RECEIVABLE 1122-00-000 A/R -Tenants 33,590 1122-01-000 Allowance for Doubtful Accounts-Tenants -7,996 1122-02-000 A/R - Tenant Payment Agreement (TPA)16,014 1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVABLE 41,607 1160-00-000 OTHER CURRENT ASSETS 1162-00-000 Investments-Unrestricted 340,150 1211-00-000 Prepaid Expenses and Other Assets 15,645 1299-00-000 TOTAL OTHER CURRENT ASSETS 355,795 1300-00-000 TOTAL CURRENT ASSETS 1,291,021 1400-00-000 NONCURRENT ASSETS: 1400-01-000 FIXED ASSETS 1400-05-000 Land 655,352 1400-06-000 Buildings 3,629,598 1400-08-000 Furniture and Equipment-Admin.93,328 1400-09-000 Leasehold Improvements 655,765 1400-10-000 Site Improvement 10,568,746 1405-01-000 Accum Depreciation-Buildings -13,197,547 1410-00-000 SBITA Asset 32,684 1420-00-000 TOTAL FIXED ASSETS 2,437,926 1499-00-000 TOTAL NONCURRENT ASSETS 2,437,926 1999-00-000 TOTAL ASSETS 3,728,947 2000-00-000 LIABILITIES & EQUITY Low Income Public Housing (.ph) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 2 㘴 Current Balance Low Income Public Housing (.ph) Balance Sheet Period = Oct 2025 Book = Accrual 2001-00-000 LIABILITIES: 2100-00-000 CURRENT LIABLITIES: 2111-00-000 A/P Vendors and Contractors 283 2114-00-000 Tenant Security Deposits 43,895 2114-02-000 Security Deposit Clearing Account 374 2135-00-000 Accrued Payroll & Payroll Taxes 215,478 2137-00-000 Accrued PILOT 30,500 2145-00-000 Interprogram-Due To 1,328 2240-00-000 Tenant Prepaid Rents 10,511 2260-00-000 Accrued Compensated Absences-Current 65,863 2299-00-000 TOTAL CURRENT LIABILITIES 368,232 2300-00-000 NONCURRENT LIABILITIES: 2305-00-000 Accrued Compensated Absences-LT 10,484 2307-00-000 FSS Escrow 38,798 2310-00-000 Notes Payable - LT 255,002 2360-00-000 SBITA Liability 30,184 2399-00-000 TOTAL NONCURRENT LIABILITIES 334,468 2499-00-000 TOTAL LIABILITIES 702,701 2800-00-000 EQUITY 2809-00-000 RETAINED EARNINGS: 2809-01-000 Invested in Capital Assets-Net of Debt 2,391,727 2809-02-000 Retained Earnings-Unrestricted Net Assets 634,520 2809-99-000 TOTAL RETAINED EARNINGS:3,026,246 2899-00-000 TOTAL EQUITY 3,026,246 2999-00-000 TOTAL LIABILITIES AND EQUITY 3,728,947 Page 2 of 2 㘵 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3120-00-000 Other Tenant Income 3121-01-000 Tenant Payment Agreement (TPA) Fraud -87 -3,036 3121-02-000 Tenant Payment Agreement (TPA) Other 0 1,648 3129-00-000 Total Other Tenant Income -87 -1,388 3199-00-000 TOTAL TENANT INCOME -87 -1,388 3400-00-000 GRANT INCOME 3410-01-000 Section 8 HAP Earned 382,725 3,600,602 3410-02-000 Section 8 Admin. Fee Income 36,284 422,195 3410-04-000 Port-In Admin Fees Earned 2,684 15,807 3410-06-000 Port In HAP Earned 40,049 230,702 3499-00-000 TOTAL GRANT INCOME 461,742 4,269,306 3600-00-000 OTHER INCOME 3610-00-000 Investment Income - Unrestricted 222 2,221 3640-00-000 Fraud Recovery 87 7,824 3699-00-000 TOTAL OTHER INCOME 309 10,045 3999-00-000 TOTAL INCOME 461,964 4,277,963 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4100-99-000 Administrative Salaries 4110-00-000 Administrative Salaries 18,414 153,761 4110-04-000 Employee Benefit Contribution-Admin 7,161 54,434 4110-99-000 Total Administrative Salaries 25,575 208,195 4130-00-000 Legal Expense 4130-04-000 General Legal Expense 0 204 4131-00-000 Total Legal Expense 0 204 4139-00-000 Other Admin Expenses 4140-00-000 Staff Training 2,505 8,848 4170-00-000 Accounting Fees 555 6,768 4171-00-000 Auditing Fees 0 17,950 4172-00-000 Port Out Admin Fee Paid 5,810 53,441 4180-00-000 Office Rent 1,875 5,625 4189-00-000 Total Other Admin Expenses 10,746 92,631 HCV not including MS5 (.hcv-fin) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 2 㘶 Period to Date Year to Date HCV not including MS5 (.hcv-fin) Income Statement Period = Oct 2025 Book = Accrual 4190-00-000 Miscellaneous Admin Expenses 4190-01-000 Membership and Fees 0 263 4190-04-000 Office Supplies 0 266 4190-07-000 Telephone 1,156 3,462 4190-12-000 Software 0 16,183 4190-22-000 Other Misc Admin Expenses 839 16,281 4191-00-000 Total Miscellaneous Admin Expenses 27,570 244,648 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 38,315 337,483 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 4430-00-000 Contract Costs 4430-99-000 Contract Costs-Other 570 900 4439-00-000 Total Contract Costs 570 900 4499-00-000 TOTAL MAINTENANCE AND OPERATIONAL EXPENSES 570 900 4700-00-000 HOUSING ASSISTANCE PAYMENTS 4715-00-000 Housing Assistance Payments 312,303 3,065,957 4715-01-000 Tenant Utility Payments-Voucher 805 9,851 4715-02-000 Port Out HAP Payments 87,422 778,055 4715-04-000 Port-Out Other Expense 0 73 4715-06-000 FSS Escrow Payments 3,720 25,895 4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 404,250 3,879,831 8000-00-000 TOTAL EXPENSES 443,135 4,218,214 9000-00-000 NET INCOME 18,828 59,749 Page 2 of 2 㘷 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1110-00-000 Unrestricted Cash 1111-10-000 Cash Operating 1 471,180 1111-99-000 Total Unrestricted Cash 471,180 1112-00-000 Restricted Cash 1112-02-000 Cash Restricted-FSS Escrow 67,064 1112-03-000 Cash Restricted-HAP -45,544 1112-99-000 Total Restricted Cash 21,520 1119-00-000 TOTAL CASH 492,700 1120-00-000 ACCOUNTS AND NOTES RECEIVABLE 1122-00-000 A/R -Tenants 3,866 1122-02-000 A/R - Tenant Payment Agreement (TPA)860 1130-00-000 A/R Port Ins 20,234 1131-00-000 A/R Port In Suspense -1,083 1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVABLE 23,877 1160-00-000 OTHER CURRENT ASSETS 1162-00-000 Investments-Unrestricted 65,005 1299-00-000 TOTAL OTHER CURRENT ASSETS 65,005 1300-00-000 TOTAL CURRENT ASSETS 581,582 1400-00-000 NONCURRENT ASSETS: 1400-01-000 FIXED ASSETS 1410-00-000 SBITA Asset 94,841 1410-01-000 Accumulated Amortization -18,968 1420-00-000 TOTAL FIXED ASSETS 75,873 1499-00-000 TOTAL NONCURRENT ASSETS 75,873 1999-00-000 TOTAL ASSETS 657,455 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2100-00-000 CURRENT LIABLITIES: 2111-00-000 A/P Vendors and Contractors -2,351 2135-00-000 Accrued Payroll & Payroll Taxes 82,314 HCV not including MS5 (.hcv-fin) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 2 㘸 Current Balance HCV not including MS5 (.hcv-fin) Balance Sheet Period = Oct 2025 Book = Accrual 2240-00-000 Tenant Prepaid Rents 126 2260-00-000 Accrued Compensated Absences-Current 9,216 2299-00-000 TOTAL CURRENT LIABILITIES 89,305 2300-00-000 NONCURRENT LIABILITIES: 2305-00-000 Accrued Compensated Absences-LT 1,467 2307-00-000 FSS Escrow 67,064 2360-00-000 SBITA Liability 70,069 2399-00-000 TOTAL NONCURRENT LIABILITIES 138,600 2499-00-000 TOTAL LIABILITIES 227,905 2800-00-000 EQUITY 2807-00-000 RESERVED FUND BALANCE 2807-02-000 Reserved for Capital Activities -45,544 2808-00-000 TOTAL RESERVED FUND BALANCE -45,544 2809-00-000 RETAINED EARNINGS: 2809-02-000 Retained Earnings-Unrestricted Net Assets 475,094 2809-99-000 TOTAL RETAINED EARNINGS:475,094 2899-00-000 TOTAL EQUITY 429,550 2999-00-000 TOTAL LIABILITIES AND EQUITY 657,455 Page 2 of 2 㘹 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3400-00-000 GRANT INCOME 3410-01-000 Section 8 HAP Earned 4,000 207,350 3410-02-000 Section 8 Admin. Fee Income 2,270 19,171 3499-00-000 TOTAL GRANT INCOME 6,270 226,521 3999-00-000 TOTAL INCOME 6,270 226,521 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4100-99-000 Administrative Salaries 4110-00-000 Administrative Salaries 1,898 7,213 4110-04-000 Employee Benefit Contribution-Admin 738 2,833 4110-99-000 Total Administrative Salaries 2,636 10,047 4139-00-000 Other Admin Expenses 4172-00-000 Port Out Admin Fee Paid 294 5,015 4189-00-000 Total Other Admin Expenses 294 5,015 4190-00-000 Miscellaneous Admin Expenses 4190-12-000 Software 0 1,113 4190-22-000 Other Misc Admin Expenses 0 32 4191-00-000 Total Miscellaneous Admin Expenses 2,636 11,191 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 2,930 16,207 Mainstream 5 (ms5) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 2 㜰 Period to Date Year to Date Mainstream 5 (ms5) Income Statement Period = Oct 2025 Book = Accrual 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 4700-00-000 HOUSING ASSISTANCE PAYMENTS 4715-00-000 Housing Assistance Payments 13,985 144,523 4715-01-000 Tenant Utility Payments-Voucher 0 2 4715-02-000 Port Out HAP Payments 3,518 69,184 4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 17,503 213,709 8000-00-000 TOTAL EXPENSES 20,433 229,916 9000-00-000 NET INCOME -14,163 -3,395 Page 2 of 2 㜱 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1110-00-000 Unrestricted Cash 1111-10-000 Cash Operating 1 20,517 1111-99-000 Total Unrestricted Cash 20,517 1112-00-000 Restricted Cash 1112-03-000 Cash Restricted-HAP -6,359 1112-99-000 Total Restricted Cash -6,359 1119-00-000 TOTAL CASH 14,158 1300-00-000 TOTAL CURRENT ASSETS 14,158 1400-00-000 NONCURRENT ASSETS: 1999-00-000 TOTAL ASSETS 14,158 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2100-00-000 CURRENT LIABLITIES: 2111-00-000 A/P Vendors and Contractors -940 2135-00-000 Accrued Payroll & Payroll Taxes 7,253 2299-00-000 TOTAL CURRENT LIABILITIES 6,313 2499-00-000 TOTAL LIABILITIES 6,313 2800-00-000 EQUITY 2807-00-000 RESERVED FUND BALANCE 2807-02-000 Reserved for Capital Activities -6,359 2808-00-000 TOTAL RESERVED FUND BALANCE -6,359 2809-00-000 RETAINED EARNINGS: 2809-02-000 Retained Earnings-Unrestricted Net Assets 14,204 2809-99-000 TOTAL RETAINED EARNINGS:14,204 2899-00-000 TOTAL EQUITY 7,845 2999-00-000 TOTAL LIABILITIES AND EQUITY 14,158 Mainstream 5 (ms5) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 1 㜲 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3400-00-000 GRANT INCOME 3428-00-000 FSS Income 5,245 47,203 3499-00-000 TOTAL GRANT INCOME 5,245 47,203 3999-00-000 TOTAL INCOME 5,245 47,203 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4190-00-000 Miscellaneous Admin Expenses 4190-23-000 Sundry Exp - STEP 5,245 47,203 4191-00-000 Total Miscellaneous Admin Expenses 5,245 47,203 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 5,245 47,203 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 8000-00-000 TOTAL EXPENSES 5,245 47,203 9000-00-000 NET INCOME 0 0 (fssgrant) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 1 㜳 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1400-00-000 NONCURRENT ASSETS: 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2800-00-000 EQUITY (fssgrant) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 1 㜴 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3400-00-000 GRANT INCOME 3427-00-000 ROSS Revenue 7,562 63,354 3499-00-000 TOTAL GRANT INCOME 7,562 63,354 3999-00-000 TOTAL INCOME 7,562 63,354 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4190-00-000 Miscellaneous Admin Expenses 4190-22-000 Other Misc Admin Expenses 260 4,143 4191-00-000 Total Miscellaneous Admin Expenses 260 4,143 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 260 4,143 4200-00-000 TENANT SERVICES 4210-02-000 Project Coordinator 7,303 59,211 4299-00-000 TOTAL TENANT SERVICES EXPENSES 7,303 59,211 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 8000-00-000 TOTAL EXPENSES 7,562 63,354 9000-00-000 NET INCOME 0 0 (rosssvc) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 1 㜵 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1400-00-000 NONCURRENT ASSETS: 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2800-00-000 EQUITY (rosssvc) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 1 㜶 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3400-00-000 GRANT INCOME 3422-00-000 Hennepin County Rev 46,861 441,327 3423-00-000 Hennepin County Admin Rev 4,179 41,989 3499-00-000 TOTAL GRANT INCOME 51,040 483,316 3999-00-000 TOTAL INCOME 51,040 483,316 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4100-99-000 Administrative Salaries 4110-00-000 Administrative Salaries 3,638 27,982 4110-04-000 Employee Benefit Contribution-Admin 1,415 10,457 4110-99-000 Total Administrative Salaries 5,053 38,439 4130-00-000 Legal Expense 4130-04-000 General Legal Expense 0 222 4131-00-000 Total Legal Expense 0 222 4139-00-000 Other Admin Expenses 4140-00-000 Staff Training 46 46 4170-00-000 Accounting Fees 160 1,595 4189-00-000 Total Other Admin Expenses 206 1,641 4190-00-000 Miscellaneous Admin Expenses 4190-12-000 Software 0 2,000 4190-22-000 Other Misc Admin Expenses 0 288 4191-00-000 Total Miscellaneous Admin Expenses 5,053 40,727 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 5,259 42,590 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 4700-00-000 HOUSING ASSISTANCE PAYMENTS 4715-00-000 Housing Assistance Payments 48,692 440,868 4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 48,692 440,868 8000-00-000 TOTAL EXPENSES 53,951 483,458 9000-00-000 NET INCOME -2,911 -142 Stable Home (stablehm) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 2 㜷 Period to Date Year to Date Stable Home (stablehm) Income Statement Period = Oct 2025 Book = Accrual Page 2 of 2 㜸 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1110-00-000 Unrestricted Cash 1111-10-000 Cash Operating 1 109,831 1111-99-000 Total Unrestricted Cash 109,831 1119-00-000 TOTAL CASH 109,831 1120-00-000 ACCOUNTS AND NOTES RECEIVABLE 1122-02-000 A/R - Tenant Payment Agreement (TPA)2,492 1129-00-000 A/R -Other 64,378 1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVABLE 66,870 1300-00-000 TOTAL CURRENT ASSETS 176,701 1400-00-000 NONCURRENT ASSETS: 1400-01-000 FIXED ASSETS 1410-00-000 SBITA Asset 5,836 1410-01-000 Accumulated Amortization -1,167 1420-00-000 TOTAL FIXED ASSETS 4,669 1499-00-000 TOTAL NONCURRENT ASSETS 4,669 1999-00-000 TOTAL ASSETS 181,370 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2100-00-000 CURRENT LIABLITIES: 2111-00-000 A/P Vendors and Contractors -11 2135-00-000 Accrued Payroll & Payroll Taxes 16,697 2145-00-000 Interprogram-Due To 134,357 2260-00-000 Accrued Compensated Absences-Current 1,524 2299-00-000 TOTAL CURRENT LIABILITIES 152,567 2300-00-000 NONCURRENT LIABILITIES: 2305-00-000 Accrued Compensated Absences-LT 243 2360-00-000 SBITA Liability 4,312 2399-00-000 TOTAL NONCURRENT LIABILITIES 4,555 2499-00-000 TOTAL LIABILITIES 157,122 Stable Home (stablehm) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 2 㜹 Current Balance Stable Home (stablehm) Balance Sheet Period = Oct 2025 Book = Accrual 2800-00-000 EQUITY 2809-00-000 RETAINED EARNINGS: 2809-02-000 Retained Earnings-Unrestricted Net Assets 24,248 2809-99-000 TOTAL RETAINED EARNINGS:24,248 2899-00-000 TOTAL EQUITY 24,248 2999-00-000 TOTAL LIABILITIES AND EQUITY 181,370 Page 2 of 2 㠰 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3101-00-000 Rental Income 3112-00-000 50059 HAP Subsidy 17,836 185,585 3119-00-000 Total Rental Income 17,836 185,585 3199-00-000 TOTAL TENANT INCOME 17,836 185,585 3400-00-000 GRANT INCOME 3425-00-000 Admin Fee Revenue 1,595 16,545 3426-00-000 Admin Fee Revenue- to STEP 1,450 15,030 3499-00-000 TOTAL GRANT INCOME 3,045 31,575 3999-00-000 TOTAL INCOME 20,881 217,160 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4100-99-000 Administrative Salaries 4110-00-000 Administrative Salaries 1,315 9,954 4110-04-000 Employee Benefit Contribution-Admin 511 3,757 4110-99-000 Total Administrative Salaries 1,826 13,711 4139-00-000 Other Admin Expenses 4140-00-000 Staff Training 46 46 4170-00-000 Accounting Fees 160 1,595 4189-00-000 Total Other Admin Expenses 206 1,641 4190-00-000 Miscellaneous Admin Expenses 4190-12-000 Software 0 1,323 4190-22-000 Other Misc Admin Expenses 0 96 4190-23-000 Sundry Exp - STEP 4,500 13,450 4191-00-000 Total Miscellaneous Admin Expenses 6,326 28,581 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 6,532 30,222 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 4700-00-000 HOUSING ASSISTANCE PAYMENTS 4715-00-000 Housing Assistance Payments 17,836 185,585 4799-00-000 TOTAL HOUSING ASSISTANCE PAYMENTS 17,836 185,585 8000-00-000 TOTAL EXPENSES 24,368 215,807 Kids in the Park (kidspark) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 2 㠱 Period to Date Year to Date Kids in the Park (kidspark) Income Statement Period = Oct 2025 Book = Accrual 9000-00-000 NET INCOME -3,487 1,353 Page 2 of 2 㠲 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1110-00-000 Unrestricted Cash 1111-10-000 Cash Operating 1 46,368 1111-99-000 Total Unrestricted Cash 46,368 1119-00-000 TOTAL CASH 46,368 1120-00-000 ACCOUNTS AND NOTES RECEIVABLE 1129-00-000 A/R -Other 20,881 1149-00-000 TOTAL ACCOUNTS AND NOTES RECEIVABLE 20,881 1300-00-000 TOTAL CURRENT ASSETS 67,249 1400-00-000 NONCURRENT ASSETS: 1400-01-000 FIXED ASSETS 1410-00-000 SBITA Asset 4,377 1410-01-000 Accumulated Amortization -875 1420-00-000 TOTAL FIXED ASSETS 3,502 1499-00-000 TOTAL NONCURRENT ASSETS 3,502 1999-00-000 TOTAL ASSETS 70,751 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2100-00-000 CURRENT LIABLITIES: 2111-00-000 A/P Vendors and Contractors 2,115 2135-00-000 Accrued Payroll & Payroll Taxes 6,039 2145-00-000 Interprogram-Due To 44,342 2260-00-000 Accrued Compensated Absences-Current 571 2299-00-000 TOTAL CURRENT LIABILITIES 53,067 2300-00-000 NONCURRENT LIABILITIES: 2305-00-000 Accrued Compensated Absences-LT 90 2360-00-000 SBITA Liability 3,234 2399-00-000 TOTAL NONCURRENT LIABILITIES 3,324 2499-00-000 TOTAL LIABILITIES 56,392 Kids in the Park (kidspark) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 2 㠳 Current Balance Kids in the Park (kidspark) Balance Sheet Period = Oct 2025 Book = Accrual 2800-00-000 EQUITY 2809-00-000 RETAINED EARNINGS: 2809-02-000 Retained Earnings-Unrestricted Net Assets 14,359 2809-99-000 TOTAL RETAINED EARNINGS:14,359 2899-00-000 TOTAL EQUITY 14,359 2999-00-000 TOTAL LIABILITIES AND EQUITY 70,751 Page 2 of 2 㠴 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3600-00-000 OTHER INCOME 3610-00-000 Investment Income - Unrestricted 972 11,677 3611-00-000 Investment Income - Restricted 46 463 3699-00-000 TOTAL OTHER INCOME 1,018 12,140 3999-00-000 TOTAL INCOME 1,018 12,140 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4139-00-000 Other Admin Expenses 4170-00-000 Accounting Fees 170 1,350 4189-00-000 Total Other Admin Expenses 170 1,350 4190-00-000 Miscellaneous Admin Expenses 4190-20-000 Bank Fees 155 1,373 4191-00-000 Total Miscellaneous Admin Expenses 155 1,373 4199-00-000 TOTAL ADMINISTRATIVE EXPENSES 325 2,723 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 8000-00-000 TOTAL EXPENSES 325 2,723 9000-00-000 NET INCOME 693 9,416 Cocc - interco (cocc) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 1 㠵 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1110-00-000 Unrestricted Cash 1111-10-000 Cash Operating 1 210,450 1111-99-000 Total Unrestricted Cash 210,450 1119-00-000 TOTAL CASH 210,450 1160-00-000 OTHER CURRENT ASSETS 1162-00-000 Investments-Unrestricted 285,096 1162-10-000 Investments-Restricted 13,540 1295-00-000 Interprogram-Due From 180,027 1299-00-000 TOTAL OTHER CURRENT ASSETS 478,662 1300-00-000 TOTAL CURRENT ASSETS 689,113 1400-00-000 NONCURRENT ASSETS: 1999-00-000 TOTAL ASSETS 689,113 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2800-00-000 EQUITY 2807-00-000 RESERVED FUND BALANCE 2807-01-000 Reserved for Operating Activities 13,540 2808-00-000 TOTAL RESERVED FUND BALANCE 13,540 2809-00-000 RETAINED EARNINGS: 2809-02-000 Retained Earnings-Unrestricted Net Assets 675,573 2809-99-000 TOTAL RETAINED EARNINGS:675,573 2899-00-000 TOTAL EQUITY 689,113 2999-00-000 TOTAL LIABILITIES AND EQUITY 689,113 Cocc - interco (cocc) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 1 㠶 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3400-00-000 GRANT INCOME 3420-00-000 Capital Fund Grants 0 119,168 3499-00-000 TOTAL GRANT INCOME 0 119,168 3999-00-000 TOTAL INCOME 0 119,168 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 9000-00-000 NET INCOME 0 119,168 (cfp2024) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 1 㠷 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1400-00-000 NONCURRENT ASSETS: 1400-01-000 FIXED ASSETS 1400-10-000 Site Improvement 331,715 1420-00-000 TOTAL FIXED ASSETS 331,715 1499-00-000 TOTAL NONCURRENT ASSETS 331,715 1999-00-000 TOTAL ASSETS 331,715 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2800-00-000 EQUITY 2809-00-000 RETAINED EARNINGS: 2809-02-000 Retained Earnings-Unrestricted Net Assets 331,715 2809-99-000 TOTAL RETAINED EARNINGS:331,715 2899-00-000 TOTAL EQUITY 331,715 2999-00-000 TOTAL LIABILITIES AND EQUITY 331,715 (cfp2024) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 1 㠸 Period to Date Year to Date 2999-99-999 Revenue & Expenses 3000-00-000 INCOME 3100-00-000 TENANT INCOME 3400-00-000 GRANT INCOME 3420-00-000 Capital Fund Grants 0 29,890 3499-00-000 TOTAL GRANT INCOME 0 29,890 3999-00-000 TOTAL INCOME 0 29,890 4000-00-000 EXPENSES 4100-00-000 ADMINISTRATIVE EXPENSES 4400-00-000 MAINTENANCE AND OPERATIONAL EXPENSES 9000-00-000 NET INCOME 0 29,890 (cfp2025) Income Statement Period = Oct 2025 Book = Accrual Page 1 of 1 㠹 Current Balance 0999-99-000 All 1000-00-000 ASSETS 1001-00-000 CURRENT ASSETS 1100-00-000 CASH 1400-00-000 NONCURRENT ASSETS: 2000-00-000 LIABILITIES & EQUITY 2001-00-000 LIABILITIES: 2100-00-000 CURRENT LIABLITIES: 2145-00-000 Interprogram-Due To -29,890 2299-00-000 TOTAL CURRENT LIABILITIES -29,890 2499-00-000 TOTAL LIABILITIES -29,890 2800-00-000 EQUITY 2809-00-000 RETAINED EARNINGS: 2809-02-000 Retained Earnings-Unrestricted Net Assets 29,890 2809-99-000 TOTAL RETAINED EARNINGS:29,890 2899-00-000 TOTAL EQUITY 29,890 (cfp2025) Balance Sheet Period = Oct 2025 Book = Accrual Page 1 of 1 㤰