Title
Resolution to Approve the FY27 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 FY27 (July 1, 2026 thru June 30, 2027).
The proposed budget document includes all of the HUD program cost centers for the AAHC on the left side of the budget spreadsheet (in light blue background). The budget also includes the AAHC's affiliated business entities on the right side of the budget sheet. The AAHDC (in darker blue background), Lurie Terrace, Siller Terrace and Colonial Oaks (with yellow background) are affiliated entities. AAHDC's financial results are consolidated into the AAHC's audit, but the other affiliated entities (Lurie Terrace, Siller Terrace and Colonial Oaks, as well as all of the tax credit properties called Maple Tower, River Run, West Arbor, Swift Lane and the new Dunbar Tower property (with green background) 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 $3.7 million of Affordable Housing Millage, $1.2 million of County Mental Health Millage, $300,000 of Marijuana Rebate funding, $400,000 in Opioid Settlement funds, about $1 million in developer fees, $5 million in development reimbursement expenses, $375,000 in investment income as well as miscellaneous grant funding from HUD and MEDC for a total of $18.3 million.
* Colonial Oaks and Siller Terrace are wholly owned by AAHDC. They are audited separately but are included as disregarded entities in AAHDC's Form 990.
* The Ann Arbor Affordable Housing Corporatio...
Click here for full text