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Description
Housing Improvement Area presentation. Staff from the City of Bloomington (MN) Housing and Redevelopment Authority provide a 30 min presentation about the Housing Improvement Area program, which provides financing for common area improvements for homeowner associations
A
Well,
good
evening,
everyone
I'd
like
to
welcome
you
and
thank
you
for
coming
out
tonight.
The
purpose
of
tonight's
presentation
is
to
provide
more
information
about
the
city's
housing
improvement
area
program
or
hia,
so
housing
improvement
areas
were
created
by
the
state,
the
state
of
minnesota,
to
allow
cities
to
provide
homeowner
associations
with
the
source
of
rehabilitation
financing
and
last
year
2014,
the
bloomington
city
council
authorized
the
housing
and
redevelopment
authority
to
administer
its
housing
improvement
area
program
in
the
city
of
bloomington.
A
The
bloomington
housing
authority
is
a
division
of
the
city
of
bloomington
and
we're
joined
also
tonight
by
michaela
hewitt
who's,
the
city's
finance
advisor
from
springstead,
so
the
powerpoint
presentation
tonight
is
going
to
take
around
30
minutes,
maybe
a
little
less.
Most
of
the
information
we
cover
tonight
is
on
our
website
and
we're
going
to
put
our
website
address
on
the
presentation.
A
It's
on
the
screen
a
little
bit
later,
we're
going
to
leave
plenty
of
time
at
the
end
of
the
presentation.
If
you'd
like
to
ask
as
many
questions
as
you'd
like
about
housing,
improvement
areas
and
the
process
involved
with
setting
one
up
so
with
that
just
a
quick
couple
of
quick
notes,
there
are
actually
we
believe
over
a
hundred
association
communities
in
the
city
of
bloomington.
So
the
city
council
and
the
housing
and
redevelopment
authority
board
thought
it
would
be
worthwhile
to
at
least
set
a
program
like
this
up.
A
So
we
can
provide
it
to
any
interested
hia
committee,
hia
communities
that
or
association
communities
that
may
be
interested
in
or
may
have
a
need
for
it
and
there
we
think
over
4
000
units
in
the
city
of
bloomington
that
are
considered
as
part
of
an
association
or
a
common
interest
community.
So
there
certainly
are
quite
a
few
developments
that
have
been
built
with
homeowner
associations
over
the
years
in
the
city
of
bloomington.
B
Evening,
everybody-
I
am
brian
hartman,
I'm
the
program
manager
for
the
housing
and
redevelopment
authority
here
in
the
city
of
bloomington,
and
I'm
excited
to
bring
to
you
tonight.
This
presentation,
brian
derwachter
of
our
staff,
will
also
be
participating
in
the
presentation.
We'll
do
a
little
tag
team
effort
here.
B
These
are
an
hia
would
be
set
up
for
an
association,
a
condo
or
townhouse
association
who
is
unable
to
afford
obtain
financing
from
another
source,
whether
it
be
a
bank
or
other
type
association
would
approach
the
city
because
it
cannot
obtain
financing
to
do
major
improvements
and
brian
derwac
is
going
to
go
over.
What
type
of
major
improvements
would
qualify
for
an
hia.
B
The
ability
to
create
an
hia
is
provided
in
state
statute
if
you're
looking
for
something
to
do
some
late
night
having
trouble
to
sleep
here.
Are
this
you
can
google
the
statutes
here
and
give
them
a
read,
but
this
is
what
our
program
is
based
upon.
This
gives
the
city
the
authority
to
establish
the
establishing
an
hia
program.
B
B
The
period
will
be
set
by
the
type
of
improvements
that
are
made
for
the
for
the
hia,
so
this
is
really
a
key
feature
to
the
program.
You
know
that,
having
that
assessment
based
right
on
the
property
allows
us
to
collect
payments
in
a
very
safe
and
fashion,
it's
not
like
a
typical
loan,
where
you're
making
monthly
payments
it's
just
rolled
into
your
property
tax
amount,
which
usually
is
rolled
into
your
mortgage
payment
in
most
cases.
B
One
of
the
key
features
of
the
program
is
that
the
bonds
that
will
be
issued
for
the
financing
will
be
based
on
the
city's
credit
rating,
not
the
associations,
and
so
the
city
has
a
very
good
credit
rating
and
can
obtain
financing
for
a
very
inexpensive
amount.
So
you
in
a
way
that
you
can't
an
interest
rate
that
you
couldn't
beat
in
the
private
market.
The
improvements
that
hia
can
be
used
for
at
the
townhouse
or
condominium
association
are
for
common
elements
only.
B
C
My
name
is
brian
deerwacker,
I'm
a
program
specialist
2
with
bloomington
hra
and
I've
been
involved
with
many
types
of
rehab
programs
for
many
years,
and
I
have
not
been
directly
involved
with
an
hia.
So
I
think
it's
a
it
sounds
like
a
wonderful
program
and
I
think
it's
worked
for
several
other
cities,
so
I'm
on
a
learning
curve
too,
but
I
do
understand
the
eligible
improvements
and
I'd
like
to
just
run
over
those.
Briefly
with
you.
C
Those
are
eligible
for
the
most
part,
and
if
we
look
for
the
next
slide
here,
we
give
you
some
examples
that
may
be
eligible
windows.
Siding
roofing
parking
lot
resurfacing:
common
entry,
doors,
hvac
elevators,
that's
not
completely
all-inclusive,
but
that's
a
pretty
good
start.
As
far
as
what
can
be
eligible
now,
we
say
may
be
eligible
because
of
the
the
governing
document
thing.
If
it's
something
that
is
a
responsibility
of
the
individual
unit,
then
it's
not
going
to
be
eligible.
C
Let's
see
if
we
look
at
what
isn't
eligible
we're
looking
at
those
items
that
are
the
responsibility
of
the
homeowners
and
the
memberships
individual
units.
So
if
you're
looking
at
an
owner
of
an
individual
unit,
you
can
also
apply
for
the
city's
housing
rehabilitation
loan
program.
It's
a
single
family,
rehab
loan
that
you
do
not
make
payments
on
until
you
sell
the
property
transfer
title
or
no
longer
live
in
the
home.
That
program
is
completely
separate
from
an
hia.
I
want
to
make
that
distinction.
They
are
totally
separate
and
it's
also
available
anytime.
C
We
have
funding
available
for
unit
owners,
so
if
you
can
pass
that
on
to
your
membership,
we
would
appreciate
that
too,
because
there's
ample
funding
available
right
now
and
it
is
a
very
good
program.
The
financing
itself
is,
we
call
it
deferred
or
delayed
payment
loan.
So
you,
if
you're
income
eligible
and
you
have
equity,
you
can
use
this
funding
to
make
the
improvements
and
not
pay
it
back
till
you
sell,
sell
the
property.
So
what
to
consider
for
an
h,
I
a
designation,
I
guess
there.
B
Is
considered
hra,
we
have
some
things
that
you
need
to
think
about
what
the
needed
improvements
are,
and
most
often
you'll
see
this
completed
through
a
reserve
study.
A
reserve
study
is
a
required
document
that
each
association
should
have
that
should
lay
out
the
capital
improvements
that
are
going
to
be
needed
by
the
association
for
the
common
area
elements
over
a
period
of
time,
typically
20
or
30
years.
B
A
reserve
study
will
help
identify
those
items
that
are
either
in
need
of
a
repair
at
present
that
haven't
been
addressed
or
when
they're
going
to
be
scheduled
to
be
repaired.
So
maybe
your
elevator
needs
to
be
replaced
in
15
years
or
your
parking
lots
do
to
be
resurfaced
in
10.
Those
will
help
identify
those
items
and
also
will
then
back
into
what
your
reserve
amount
is
that
you
presently
have
and
whether
there's
enough
there
to
cover
those
needed
improvements
and
also
based
on
the
amount
of
dues
that's
coming
into
that
reserve
fund.
B
So
what
will?
If
what
could
happen
is
that
the
reserve
study
will
identify
a
shortage
or
a
need
in
that
there's
no
other
way
to
fund
that
the
association
does
not
have
the
ability
to
pass
a
large
assessment
because
of
the
amount
of
work
that
needs
to
be
done
and
they
would
like
to
stretch
it
over
time.
So
that's
where
an
hia
would
really
fit
well.
The
reserve
study
will
help
identify
what
the
costs
of
the
needed
improvements
are
before
you
go
down
the
road
of
applying
some
things
for
you
to
consider.
B
B
The
hia
is
designed
for
situations
where
the
association
has
no
other
means
of
financing
the
improvements,
so
we
want
to
be
the
lender
of
last
resort.
Sixty
percent
of
the
owners
must
approve
of
the
hia
financing,
so
you'll
need
to
take
a
sniff
test,
basically
of
your
association
members,
maybe
an
informal
poll
to
see
if
there
is
that
amount
of
support,
or
maybe
there's
some
education.
That
needs
to
be
done.
B
That
sort
of
thing,
because
it
will
have
to
be
at
some
point
what
we
call
a
petition
so
you'll
petition,
a
petition
will
be
circulated
amongst
your
homeowners
by
the
the
board
asking
for
signatures
to
make
sure
they
get
to
a
60
percent
level
of
the
homeowners
to
go
forward.
If
you're
unable
to
reach
that
60
threshold,
then
the
hia
would
not
be
pro
approved
by
the
city
and
it
would
not
go
forward
so
again.
The
process
for
distribut
process
for
establishing
hia
is
determined
to
level
homeowner
support.
B
That's
that
60
level
that
we
have
an
application
that
will
be
posted
on
our
website.
That
will
explain
all
the
details
and
all
the
information
and
paperwork
that
needs
to
be
submitted
with
that
we'll
need
copies
of
your
bylaws,
we'll
need
copies
of
audited
financial
statements,
so
every
every
three
years,
I
believe,
is
the
requirement
that
association
must
have
their
finances
audited.
So
we
need
the
most
recent
copy
of
that.
There
is
a
fee
for
the
application.
It's
500
that
would
need
to
be
included
with
the
application
itself.
B
We
will
require
the
reserve
study
to
be
submitted
to
the
the
housing
authority
for
review,
along
with
our
financial
advisor
springstead.
We'll
need
evidence
that
you
have
approached
banks
or
other
financial
institutions
that
and
have
been
turned
down,
so
we're
going
to
be
again
be
the
last
lender
of
last
resort.
For
you
we'll
need
a
submission
of
the
project
scope.
We
need
to
know
what
you
are
planning
to
do,
whether
it's
roofs
windows
siding
all
elevators
whatever.
What
are
the?
What
are
the
elements
that
you
need
to
defund
through
the
hia?
B
We'll
also
need
to
receive
the
petition
and
that's
a
formal
legal
document,
and
that
would
include
all
of
the
signatures
that
you
need
in
order
to
hit
that
sixty
percent
threshold.
Eventually,
if
your
project
is
moving
forward,
you'll
have
to
get
competitive
bids
for
the
work.
That's
going
to
be
completed
because
this
is
public
financing
through
the
city.
B
We
need
to
make
sure
that
the
that
it's
a
good
price
that
is
going
to
be
paid
for
the
work
so
there'll
be
a
competitive
bidding
process
that
brian
derwachter
would
oversee,
submit
the
final
scope
and
cost
the
hra.
Once
you
get
your
bids,
there
is
a
formal
development
agreement
that
will
be
drafted
between
the
city
and
association.
So
this
is
the
formal
legal
document
that
will
allow
for
the
financing
to
happen.
B
There
will
be
a
public
hearing
in
front
of
the
city
council,
so
the
city
council
has
to
approve
the
financing,
and
so
a
hearing
will
be
conducted
where
the
project
and
project
scope
will
be
explained,
and
then
they
would
take
testimony
who
from
anybody
residents
or
the
other
member
of
the
public.
Who
would
like
to
speak
to
the
eight
at
the
hearing
about
the
hia.
If,
once
it's
approved
by
the
council,
then
we
would
execute
the
agreement
between
the
hra
and
the
association.
B
The
housing
authority
has
been
charged
by
the
city
council
with
implementing
this
program
on
behalf
of
the
city.
Once
that's
all
done,
the
bonds
are
sold,
then
we
receive
the
funds
and
then
they
can
be
released
to
the
association
for
the
rehab.
To
begin
at
this
point,
we're
going
to
turn
it
back
to
doug
and
he's
going
to
kind
of
wrap
up
for
us
and
go
over
the
key
points
of
the
program.
A
A
So
I'm
going
to
repeat
some
of
the
things
that
either
of
the
brians
had
just
stated
during
the
the
presentation,
the
petition
that
come
the
petition
actually
comes
later
so
this
year
it
would
be
in
the
summer
later
in
the
summer,
but
60
percent
of
the
voting
members
of
your
association
need
to
approve
an
hia,
and
so
one
of
the
things
that
we
encourage
associations
to
do
is
have
a
meeting.
You
know
ask
you
know
the
members
of
your
association.
A
There
have
been
examples
of
that,
where
it's
taken
a
a
few
years
for
associations
to
decide
to
do
a
housing
improvement
area,
but
get
a
good
idea
early
on
of
what
the
residents
think
about
a
housing
improvement
area
and
do
a
straw
poll
just
just
count
and
see
how
many
are
in
favor
or
opposed
whether
that's
going
door-to-door
having
a
meeting
and
discussing
it.
We
would
certainly
be
at
some
point
willing
to
come
out
to
a
membership
meeting.
If
that
would
be
something
that
would
interest
you.
A
If
you
don't
have
a
reserve
study,
you
should
get
one.
I
think,
as
brian
mentioned
it's
something
that
is
required
under
state
law,
I
think
they
have
to
be
updated
every
three
years.
Is
that
correct?
So
if
you
have
a
reserve
study
great,
if
you
don't,
we
would
strongly
encourage
you
to
go
and
get
one.
That's
what
we're
going
to
look?
A
So
there's
a
public
hearing
that
takes
place.
That
brian
had
just
mentioned
this
whole
process
if
it
starts,
and
if
the
petition
is
successful
ultimately
would
go
to
the
bloomington
city
council
for
final
approval.
So
brian
said,
the
financing
that
we
talk
about
is
through
bonds
and
the
city
of
bloomington
has
the
best
bond
rating
you
can
have
as
a
public
entity.
I
think
there's
only
you
know
a
few
dozen
governments
around
the
united
states
that
have
a
bond
rating
this
good.
A
So
we
have
to
get
approval
from
the
city
council,
ultimately
to
do
a
housing
improvement
area
and
that
would
be
usually
typically
in
the
fall
before
the
city
issues,
its
annual
bond
funds,
and
this
is
an
interest.
This
veto
period
is
an
interesting
aspect
of
the
program.
So
after
the
city
council
approves
us
assuming
they
approve
the
housing
improvement
area
for
your
association.
A
At
the
city
council,
meeting
a
veto
period
begins
that
lasts
45
days.
That
provides
the
residents
of
your
development
with
the
opportunity
to
essentially
veto
or
stop
the
hia
from
occurring,
and
I
believe
the
threshold
number
is
45
percent,
correct,
michaela,
45
of
the
residents
or
the
voting
members.
A
The
bonds
that
are
issued
to
do
the
rehab
for
your
association
are
going
to
be
paid
back
through
an
assessment
process.
Just
like
property
taxes
be
paid
alongside
of
your
property
taxes
and
a
fee
will
be
assigned
to
the
homeowners
depending
on
what
the
governing
documents
of
your
association
state,
it
could
be,
every
household
pays
an
even
amount,
or
it
could
be.
The
the
square
footage
determines
what
your
percentage
of
the
improvement
debt
service
repayment
is
going
to
be.
It
just
all
depends
on
how
your
association
is
set
up,
but
it
is
a.
A
A
If
10
percent
of
the
the
residents
in
your
association
want
to
do
this,
and
and
50
don't
and
and
the
other
40
percent
don't
care,
it
could
be
an
uphill
battle
to
get
so
spend
some
time
finding
out
whether
it's
something
that
the
residents
of
your
association
are
interested
in,
but
it
is
a
unique
financing
source.
I
was
talking
to
someone
from
a
management
company
a
little
bit
earlier
city
of
oakdale.
A
Does
this
city
of
st
louis
park,
several
other
communities,
probably
a
dozen
or
so
communities
around
the
just
around
the
metro
that
do
housing
improvement
areas
for
associations?
So
it's
it's
a
tool
that
we
want
to
have
here
in
the
case
that
an
association
does
have
serious
capital
needs
that
they
just
can't
afford
to
pay
for
in
any
other
way.
So
that
was
behind
the
thinking
of
both
the
housing
and
redevelopment
authority
and
the
city
council
when
this
program
was
created.
A
Another
key
point
is
how
much
will
each
unit
be
responsible
to
pay
and
for
how
long?
How
much
are
you
borrowing
and
what's
what's
the
individ
individual
debt
service
for
each
unit
going
to
be
in
the
repayment?
Of
that
I
mean
you
don't
want
to
borrow
more
than
you
need,
but
can
your
residents
do,
you
feel
afford
to
pay
the
debt
service
back
on
a
per
unit
basis
or
per
square
footage
basis?
A
However,
they're
assessed
important
thing
to
consider
and
that's
information
that
once
we
know
the
scope
of
the
project
and
roughly
what
it'll
cost
we
can
provide
some
some
data
on
that
our
minimum
project
size
250
000,
because
it
is
such
a
process
and
most
of
this
is
in
statute.
I
mean
some
of
it.
We've
created
internally,
but
most
of
what
we
have
to
go
through
is
required
by
state
statute.
A
A
There's
no
maximum,
I
should
say,
but
I
think
every
association
will
have
their
own
governor
to
determine
how
much
they
feel
that
they
can
afford
to
pay
back
and
it's
based
on
what
you
legitimately
need
to
do.
As
far
as
the
renovation,
it's
a
competitive
application
process
in
that
to
meet
the
city's
bonding
timeline,
which
they
issue
bonds
every
fall.
A
We
have
a
lot
of
stuff
to
do
in
a
short
amount
of
time
to
do
it,
so
we
usually
this
year
we're
going
to
stop
accepting
applications
at
may
15th
and
we're
going
to
take
a
look
at
the
applications
that
come
in
and
review
them,
and
the
application
that
we
feel
can't
it
you
know
is
most
realistic
is
most
realistic
in
terms
of
being
able
to
be
accomplished
within
the
year.
Things
like
that
60
percent
threshold
will
be
important,
but
we're
going
to
do
the
project
that
meets
the
goals
of
the
the
policy.
A
The
hia
policy
that
we
have
established
in
the
city
that
the
hra
board
and
city
council
have
approved
and
that
we
feel
just
has
the
best
chance
of
happening.
So
we're
going
to
we're
going
to
look
at
a
lot
of
different
factors
when
we're
waiting
these
applications
when
we
receive
them
or
we
might
not
receive
any.
I
think
it's
going
to
it's
going
to
vary
year
to
year.
This
is
the
first
year
that
we've
done
this,
so
we
don't
really
have
any
historical
perspective.
A
The
due
date,
as
I
had
mentioned
previously,
is
may
15th
of
this
year
and
we
say
applications.
The
application
is
pretty
pretty
simple.
I
think
it's
two
pages
and
there's
some
supplementary
information
that
we
require
too
that
be
submitted,
but
it's
not
a
lot
of
information
and
you
can
certainly
go
ahead
and
submit
an
application
and
then
find
out
during
the
summer
later
in
the
summer,
when
we
go
through
the
petition
process,
you
don't
have
60
of
your
your
membership
willing
to
do
this.
A
You
can't
get
60
of
the
the
voting
members
to
vote
in
favor.
That's
okay,
I
mean
the
application
fee
is,
is
relatively
small.
It
gets
500
which
goes
in
with
the
application,
but
we
would
encourage
you
then,
to
if
you
feel
it's
still
a
worthwhile
initiative
that
you'd
like
to
do
for
your
community.
You
can
come
back
and
apply
again
next
year
and
just
keep
working
to
get
to
that
that
sixty
percent,
so
you
certainly
can
apply
and
decide
not
to
do
it
later
in
the
process.
A
A
And
if
you
go
to
that
website,
we're
a
division
of
the
city
just
type
in
housing
authority
you
can
type
in
hra.
That's
our
acronym
and
you'll
find
our
website
the
housing
and
redevelopment
authority
website.
We've
got
an
area
of
our
website
that
we're
going
to
use
to
kind
of
pool
all
of
our
hia
information
housing
improvement
area.
You
could
also
just
go
to
the
city's
website
and
type
in
h.
I
a
and
that'll
take
you
right
to
this
specific
section
for
housing
improvement
areas.
It's
almost
set
up.
The
website
is
there.
A
We
don't
have
all
of
the
documents
onto
it
yet,
but
we
expect
to
by
next
week
so
feel
free
to
go
and
take
an
early
look
at
it
by
next
week.
The
application
and
everything
else
will
be
on
there.
We
also
brought
some
applications
tonight
in
case
anybody
wants
to
just
look
it
over
if
you're
interested,
but
you
know
just
speaking
from
our
our
opinions.
A
What
we
would
counsel
is
that
all
associations
that
are
considering
this
you
know
take
take
a
good,
long,
hard
kind
of
introspective
look
at
what
needs
to
be
done
in
your
ability
to
pay
for
that.
If
you
have
some
serious
and
defined
you
know,
capital
improvement
needs
and
you
just
don't
have
the
funds
to
pay
for
it.
A
A
I
mean
we're
talking
hundreds
of
thousands,
you
know,
potentially
in
the
low
millions
of
dollars
that
might
be
needed,
so
we
feel
we
can
do
one
or
two
in
the
course
of
a
year
we
have
the
the
staffing
to
do
that
and
the
wherewithal,
as
far
as
just
the
money
to
finance
those
through
the
bonding
cycle
in
the
future,
maybe
more
but
back
to
the
point
on
research.
Please
you
know
read:
if
read
the
state
statute,
it's
out
there
read
our
hia
policy,
which
is
on
our
website,
which
explains
how
we
operate
the
program.
A
You
can
do
a
internet
search
and
just
look
at
other
communities
that
have
done
this.
This
program,
there's
some
newspaper
articles
actually
that
have
been
written
about
communities
that
have
gone
through
the
housing
improvement
area
process
to
make
needed
improvements.
It's
a
lot
of
information
out
there
and
you
know
if
you're
willing
and
committed
to
go
through
the
process.
A
A
So
at
this
point
of
the
meeting,
we've
talked
enough
we're
here
to
answer
any
questions
that
you
might
have
for
us
regarding
the
housing
improvement
area
program.
It's
set
up
now.
You
know
we're
going
to
start
doing
hia
loans-
probably
this
year,
if
there's
interest,
so
we
have
sent
applications
out
to
every
association
in
the
city
and
to
the
manage
the
relevant
management
companies
for
those
associations
if
they're,
not
self-managed,
and
so
as
with
all
programs.
A
Sometimes
you
have
a
small
start,
but
we'll
see
how
it
goes
so
right
now
we
are
planning
to
use
the
city's.
You
know
bond
capacity
to
finance
this
issue
bonds
and
we
use
those
funds
to
to
make
the
hia
alone
in
the
future.
We
may
decide
that
we're
going
to
self-finance,
meaning
we'll
we'll
identify
a
source
of
funds
through
the
housing
and
redevelopment
authority
and
make
we'll
be
the
direct
lender.
That
way,
that's
that's
not
in
place
now,
but
it
could
be.
You
know,
certainly,
for
you
know,
2016
or
beyond.
A
So
that's
one
point.
The
other
point
I
was
going
to
mention
that
we
didn't
really
touch
on
tonight
was
that,
as
we
review
the
financial
situation
of
every
association,
that
applies
we're
going
to
take
a
look
at
the
reserve
study
and
we're
going
to
look
at
the
association
fees
and
if
the
the
the
problems
of
deferred
maintenance
or
capital
improvements
have
been
created
by
the
fact
that
there's
just
not
enough
money
coming
in
to
the
escrows,
we'll
probably
identify
that
and
we'll
ask
the
association
to
raise
them.
A
Now
we
don't
want
to
run
anybody
or
you
know,
cause
anybody
to
lose
the
affordability
of
their
home,
but
if
they've
been
too
low
for
too
long,
certainly
at
least
need
a
plan
to
begin
raising
them
to
whatever
level
they
need
to
be.
So
you
have
a
source
of
financing
in
the
future
that
you
can
use
to
cover
your
capital
needs.
Reserve
studies
will
likely
identify
that,
but
that
is
another
thing
as
we
look
at
the
financial
statements
for
the
individual
associations,
we'll
certainly
look
at.
D
You
know,
I
think,
as
you
heard,
the
purpose
of
the
hia
financing.
It
is
the
last
resort
and
essentially,
what
we
see
are
associations
that
have,
for
whatever
reason,
their
their
capital.
Maintenance
costs
have
been
deferred,
their
association
fees
are
too
low
and,
as
a
result,
they're
in
a
they're
in
a
pickle
where
they
can't
get
financing
they're,
not
able
to
finance
these
improvements
in
a
cost,
effective
manner.
D
The
point
of
the
reserve
study
and
all
the
analysis
that
goes
into
it
is
that,
at
the
end
of
the
day,
you've
got
your
improvements
that
have
been
deferred,
financed
and
hopefully
a
cost-effective
means
for
the
the
homeowners
and
you
have
a
financing
plan
moving
forward
that
in
in
20
years
from
now,
you're
not
coming
back
in
the
same
position.
So
it
is
trying
to
balance
and
understand
that's
kind
of
a
painful
period,
because
you're
trying
to
go
backwards
and
finance
improvements
that
weren't
done,
plus
you
need
to
plan
for
the
future
improvements.