Title
Resolution to Approve the FY17 Ann Arbor Housing Commission Agency-Wide Operating Budget
Memorandum
The Housing Commission's fiscal year begins July 1st and ends June 30th of each year; and the Commission has prepared an initial Ann Arbor Housing Commission operating budget for FY17 (July 1, 2016 thru June 30, 2017).
The FY17 Budget has several changes from previous year's budgets primarily due to the RAD conversion process. As properties convert from public housing to project-based vouchers, they are removed from the East and West AMPS as public housing units and moved to new cost centers based on their funding.
* Miller Manor and S. Maple (Maple Towers) are now a separate legal entity with a Jan - Dec budget which was previously approved by the AAHC board.
* Baker, Hikone and Green-Baxter (River Run) are now a separate legal entity with a Jan - Dec budget which was previously approved by the AAHC board.
* Main, Pennsylvania, Upper Platt and 7th (Colonial Oaks) are a separate legal entity in FY17 because they converted under RAD in July 2015. Because these are not LIHTC properties, they will continue to have a July to June fiscal year but as a separate legal entity, and are included in the AAHC's consolidated budget.
* N. Maple Estates and N. Maple Duplexes (West Arbor) converted under RAD in August of 2015 and is now a separate legal entity under the LIHTC regulations, with a Jan - Dec budget. The Board approved the West Arbor budget previously.
* The East and West AMPS will continue to track the properties that will not convert until FY17.
* The cash-flow from the LIHTC properties are restricted and not included in the net-income admin line item. Some of the cash-flow will go to the AAHC, however, not until the end of each tax credit fiscal year. After the audit is complete for these properties, the cash-flow will be distributed as agreed to in the development agreement with the equity investor.
* The Ann Arbor Housing Development Cor...
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