TRAVAUX INC. BOARD OF DIRECTORS

TRAVAUX INC. Board of Directors — Feb 26, 2026: Mission review, LLC audit explanations, project and budget updates

Meeting called to order at 3:07 p.m.; minutes from the January 22, 2026 meeting were approved. The board reviewed a compiled synopsis of Travaux’s vision, mission, lines of business and purposes and discussed a planned strategic planning and organizational structure review. Staff summarized responses to questions on Merrill Park LLC and Holton Terrace LLC audit reports (cash-flow and receivable explanations); HACM reported it has contracted BDO to assist with updating Finance Policies and Procedures and to provide oversight for finance staff and the LLC program. Construction and portfolio updates included College Court elevator modernization (first two elevators complete; power shutdown required for turnover), Westlawn Gardens park land vacation returned to HACM pending Department of Neighborhood Services permits, Hillside Terrace balcony modernization underway, a free lighting-replacement program pilot in two high-rises with plans to expand, CFP budget drawdown status (2020 expended; working to spend 2022 funds before May 11 deadline with HUD concurrence), Highland Buyout showing a negative project budget with landscaping still to be bid, and generally low occupancy rates for affordable and market-rate housing. Meeting adjourned at 4:40 p.m.