Title
Resolution to Approve the FY19 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 FY19 (July 1, 2018 thru June 30, 2019).
The FY19 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 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.
* When Swift Lane converts under RAD from Public Housing to RAD Project-Based Vouchers in the fall of 2018, 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.
* When Swift Lane converts to RAD PBV then Broadway, Oakwood and W Washington will convert to AAHC Project-Based Vouchers and will be moved to the legal entity Colonial Oaks, which is a subsidiary of the Ann Arbor Housing Development Corporation and is included in the annual 990 with the AAHDC. Therefore, East and West Public Housing were not included in the FY...
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