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File #: 22-0935    Version: 1 Name: Housing Commission Budget Resolution FY23
Type: Resolution Status: Filed
File created: 5/15/2022 In control: Housing Commission
On agenda: 5/18/2022 Final action: 5/18/2022
Enactment date: Enactment #:
Title: Resolution to Approve the FY23 Ann Arbor Housing Commission Agency-Wide Operating Budget
Attachments: 1. FY23 AAHC Budget.pdf, 2. FY22 AAHC Budget Summary.pdf, 3. HUD Budget Formm 52574.PDF
Title
Resolution to Approve the FY23 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, 2022 thru June 30, 2023).

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 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 AAHDC budget includes a significant increase in funding due to the Affordable Housing Millage funding of over $6 million, County Mental Health Millage rebate funding over $1 million and a $3 million grant from Representative Dingell's office.
* 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 FY22 budget, which covers July to Dec 2022 of the AAHC's budget. This budget reflects the budget information provided by HUD.
* The Garden property budget is included in the Colonial Oaks budget. The property is expected to transfer to Colonial Oaks during FY23.
* The ...

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