Ann Arbor logo
File #: 18-2170    Version: 1 Name: River Run FY19 Budget Adoption
Type: Resolution Status: Filed
File created: 12/15/2018 In control: Housing Commission
On agenda: 12/19/2018 Final action: 12/19/2018
Enactment date: Enactment #:
Title: Resolution to Approve the FY19 River Run Operating Budget (Jan - Dec 2019)
Attachments: 1. 2019 Budget - River Run.pdf

Title

Resolution to Approve the FY19 River Run Operating Budget (Jan - Dec 2019)

 

Memorandum

 

The River Run project was created to apply for and receive Low-Income Housing Tax Credits from MSHDA. It includes Baker Commons, Hikone and Green-Baxter Court. River Run has a separate legal entity (River Run Ann Arbor Limited Dividend Housing Association, Limited Partnership), a separate budget and a separate audit. However, the RAD PIH Notice 2012-32 Revised, requires the AAHC Board to Approve the Annual Operating Budget for all RAD converted properties. This budget must be presented to Redstone Equity Partners by November 1 of each year.

Low Income Housing Tax Credit projects have a January - December fiscal year. The attached budget for FY19 runs from January - December 2019.

...Staff

 

Prepared and Approved by: Jennifer Hall, Executive Director

 

Body

 

WHEREAS, HUD requires the AAHC Board to approve the annual River Run project budget, which is attached;

NOW THEREFORE BE IT RESOLVED THAT, the Ann Arbor Housing Commission Board approves the FY 19 annual operating budget for the River Run project for January - December 2019.