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File #: 15-1310    Version: 1 Name: River Run FY16 Budget Adoption
Type: Resolution Status: Filed
File created: 10/21/2015 In control: Housing Commission
On agenda: 10/21/2015 Final action: 10/21/2015
Enactment date: Enactment #:
Title: Resolution to Approve the FY16 River Run Operating Budget (Jan - Dec 2016)
Attachments: 1. River Run FY16 Budget analysis.pdf, 2. River Run Budget FY16.pdf

Title

Resolution to Approve the FY16 River Run Operating Budget (Jan - Dec 2016)

 

Memorandum

 

The River Run project was created to apply for and receive Low-Income Housing Tax Credits from MSHDA. It includes Baker Commons, Hikone and Green-Baxter Court. River Run has a separate legal entity, River Run Ann Arbor LDHA, LP, a separate budget and a separate audit. However, the RAD PIH Notice 2012-32 Revised, requires the AAHC Board to Approve the Annual Operating Budget for all RAD converted properties. This budget must be presented to Redstone Equity Partners by November 1 of each year.

Low Income Housing Tax Credit projects have a January - December fiscal year. The attached budget for FY16 runs from January - December 2016.

...Staff

 

Prepared and Approved by: Jennifer Hall, Executive Director

 

Body

 

WHEREAS, HUD requires the AAHC Board to approve the annual River Run project budget, which is attached;

NOW THEREFORE BE IT RESOLVED THAT, the Ann Arbor Housing Commission Board approves the FY 16 annual operating budget for the River Run project.