Title
Resolution to Approve the Amended FY24 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 FY23 (July 1, 2023 thru June 30, 2024).
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 on the right side of the budget sheet. The AAHDC, Lurie Terrace, Siller Terrace and Colonial Oaks are affiliated entities and they are reported on the AAHC's audit, but the tax credit properties called Maple Tower, River Run, Swift Lane and West Arbor 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 a significant increase in funding due to the Affordable Housing Millage funding of over $7 million, County Mental Health Millage rebate funding over $1 million, City Marijuana Excise Tax Rebate for over $1 million, an $800,000 State grant secured by Representative Morgan and Senator Irwin and a $3 million federal grant secured by Representative Dingell's office.
This budget amendment reflects all of these new funding sources to the AAHDC.
Staff
Created and Approved by Jennifer Hall, Executive Director, Ann Arbor Housing Commission
Body
WHEREAS, the Housing Commission's fiscal year begins July 1st and ends June 30th of each year; and
WHEREAS, the Commission has prepared an initial agency wide operating budget for FY24 (July 1, 2023 thru June 30, 2024); and
WHEREAS, the Board adopted this budget in May 2023; and
WHER...
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