Capital Fund Program- Irvington Housing Authority


	Implementation of 2004 Annual Plan which has been approved by HUD in principal but not the final funding amount

	Implementation of the Capital Leveraging Bond Issue.

	Implementation of an Energy Performance Contract

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Capital Fund Program

The Capital Coordination Department of the Housing Authority of the Township of Irvington has been charged by the Board of Commissions through the Executive Director to provide the Authority a department which oversees most of the Capital Improvements to the five property's that make up the Camptown Gardens Complex so as to provide safe, sanitary and decent housing to our residents which is our mandate by the U.S. Department of Housing and Urban Development (HUD).

Some of the key functions we provide are as follow:

	Planning and submission of the Authority's Annual and Five year Plans for capital improvements to obtain funding of our goals from HUD.
	Planning and submission of the Authority's Annual and Five Year Plans for Operations, Administrative and Management Improvements that are related to the Capital Fund Program that support the Operating Funds allocated to the Authority by HUD.
	The department implements all contracting with outside consultants, contractors and vendors in accordance with NJ State Procurement Laws as well with HUD Procurement Regulations. This is done with a close relationship with the Financial Director and the Purchasing Director
	Provides the Construction Administration and Coordination of all hard cost construction programs of the Authority that have been approved by HUD for implementation
	Consults with all executive staff with changing conditions at the properties so that changes can be made to the budgets to meet our goals and objectives and file the required changes with HUD. Housing people is ever changing, what was yesterday may not be the same today.
	Planning for the future has become a reality as funds for Capital Improvements are diminishing. The department is looking in to alternative financing to support our goals by using both HUD and private funds in this effort. We have started planning two programs which we hope will improve the Camptown Gardens Complex.

Upcoming Programs

	Continue implementation of our Annual 2003 Capital Fund Program and commencement of our Annual 2004 Capital Fund Program which has been approved and available for expenditure.
	Implementation of the Capital Leveraging Bond Issue. By leveraging 30% of our capital finds the Authority can obtain about $4,000,000 of bond proceeds to renovate two properties, that being 101 and 141 Union Ave. The application is with HUD Washington and we anticipate its approval in July. Capital Leveraging Bond Issue UPDATE: WE HAVE CLOSED
	Implementation of an Energy Performance Contract. This program will enable the Authority to do Capital Improvement Upgrades to our housing stock if they are energy related. Any savings from these improvements will result in funds to which the Authority can use for other improvements of the properties. The energy audit has been completed and we are awaiting the results to identify our potential savings and negotiate the final contractual agreement with our contractor and HUD).