title
Authorization to approve and submit to HUD the Chicago Housing Authority’s $1.5 Billion Budget for 2027.
presenter
Presenter: David Zimmer, Interim Chief Financial Officer
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Recommendation
The Chief Executive Officer (“CEO”) recommends that the Board of Commissioners of the Chicago Housing Authority (“CHA”) authorize the approval of the Chicago Housing Authority’s $ 1.5 billion budget.
The requested action complies in all material respects with all applicable federal, state, and local laws, and Chicago Housing Authority board policies.
Background
The Chicago Housing Authority is required to submit for approval by the Board, a balanced annual Comprehensive Budget detailing each of its funding sources (MTW Fund, Section 8 Non-MTW fund, and Other Funds) and the use of budgeted funds.
The Chicago Housing Authority’s Comprehensive Budget totaling $1.5 billion includes the following fund categories:
MTW Fund. Total sources for 2027 are $1,303.9 million. The MTW Fund combines the Low-Rent, Capital and Section 8 programs into a block grant as allowed by HUD under the Amended and Restated MTW agreement. Total MTW Fund revenues consist of Housing Assistance Subsidy, Capital Grant Funds, Operating Subsidy, Block Grant, Dwelling Rental Income, Interest Income and Other Income
Section 8 Fund (Non-MTW). Total sources for this program are $115.4 million. Total Section 8 (non-MTW) fund revenues consist of approximately $88.9 million from RAD vouchers, $17.3 million from Veteran's Affairs Supportive Housing (VASH) vouchers and $3.8 million from Mod Rehab vouchers for housing assistance. This fund also includes $5.4 million other income sources related to RAD properties.
Other Funds. Total sources are $53.2 million. Approximately $34.9 million of proceeds from the $325 million bond issue that closed in September 2018 will be used to fund capital maintenance and repairs at CHA properties and provide loans to mixed-income developments. Additionally, $5.1 million fro...
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