Title
Resolution to Approve the FY18 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 FY18 (July 1, 2017 thru June 30, 2018).
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. The budget includes all of the HUD program cost centers for the AAHC on the left side of the budget spreadsheet. The budget also includes the AAHC's affiliated business entities in the middle of budget sheet and all of the separate legal entities on the right side of the budget sheet. The AAHDC, 1508 Broadway, New Platt and Colonial Oaks are affiliated entities and they are reported on the AAHC's audit, but Maple Tower, River Run and West Arbor are audited separately as separate legal entities.
* 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 ...
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