Title
Resolution to Approve the FY25 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 FY25 (July 1, 2024 thru June 30, 2025).
The proposed budget document includes all of the HUD program cost centers for the AAHC on the left side of the budget spreadsheet (in light blue background). The budget also includes the AAHC's affiliated business entities on the right side of the budget sheet. The AAHDC (in darker blue background), Lurie Terrace, Siller Terrace and Colonial Oaks (with yellow background) are affiliated entities and they are reported on the AAHC's audit, but the tax credit properties called Maple Tower, River Run, West Arbor and Swift Lane (with green background) are audited separately as separate legal entities.
* The Ann Arbor Housing Development Corporation (AAHDC) is a separate legal entity from the AAHC and the AAHDC Board must adopt the AAHDC budget. HUD considers the AAHDC an affiliated business entity of the AAHC so it is included in the AAHC budget and audit even though it also must file a 990 as a separate 501c3.
* The AAHDC budget includes $6.9 million of Affordable Housing Millage, $1.2 million of County Mental Health Millage, $885,000 of Marijuana Rebate funding as well as miscellaneous grant funding from HUD, MSHDA and the DDA.
* The Ann Arbor Affordable Housing Corporation, DBA Lurie Terrace, is a separate legal entity from the AAHC and the AAAHC Board must adopt the AAAHC budget. HUD considers the AAAHC an affiliated business entity of the AAHC so it is included in the AAHC budget and audit even though it also must file a 990 as a separate 501c3.
* The federal government has adopted the federal FY24 budget, which covers July to Dec 2024 of the AAHC's budget. This budget reflects the budget information provided by HUD.
* The Board already app...
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