Title
Resolution to Approve the FY20 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 FY20 (July 1, 2019 thru June 30, 2020).
The FY20 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 on the right side of the budget sheet. The AAHDC 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 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 federal government has not yet adopted the federal FY20 budget. This budget assumes level funding with FY19.
* Swift Lane converted under RAD from Public Housing to RAD Project-Based Vouchers in February 2019 which removed all the remaining units from the East AMP and the West AMP. Lower Platt and White State & Henry will be demolished and newly constructed as the Swift Lane tax credit entity with its own financials and audit. Lower Platt will be renamed Creekside Court and WSH will be renamed State Crossing.
* When Swift Lane converted to RAD PBV, Broadway, Oakwood and W Washington converted t...
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