HomeMy WebLinkAboutReport - Mail Packet - 4/8/2014 - Letter From Cathy Mathis & Julie Brewen, Fort Collins Housing Authority, Re: 2013 Year In Review (Annual Report)(970) 416-2910 www.fchousing.com
Just as a house is built upon a solid foundation, the
Fort Collins Housing Authority is built upon its mission:
To create vibrant, sustainable communities
throughout Fort Collins.
1715 W. Mountain Avenue, Fort Collins, CO 80521
FCHA Year in Review 2013 Page 1
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Since 1971, Fort Collins Housing Authority has offered sustainable, long-term solutions, and
now we serve over 2,151 households (nearly 5,000 individuals) per year. Employing innovative
programs and resident support systems, FCHA offers critical tools and resources that families
need to maintain safe, affordable housing and economic opportunity. We are a progressive hous-
ing provider and developer, offering permanent solutions that move people out of homelessness,
stabilize families, and partner with community agencies to help improve lives.
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Just as a house is built upon a solid foundation, the Fort Collins Housing Authority is built upon
its mission: To create vibrant, sustainable communities throughout Fort Collins.
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To achieve this mission, all FCHA functions are operated with attention paid to a triple bottom
line:
• Maintaining the fiscal viability of the organization.
• Achieving a social goal through the provision of affordable housing and supportive ser-
vices.
• Achieving environmental sustainability.
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Through our day-to-day operations as well as when striving to attain our long-term goals,
FCHA’s core values are prevalent in our work in the manner in which we serve our community.
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FCHA Year in Review 2013 Page 2
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Based upon 2010 U.S. Census estimates, the City of Fort Collins has a population of 143,986.
Fort Collins is now the fourth largest city in Colorado. The city witnessed strong population
growth throughout the 1990s. However, in early 2000 to present, Fort Collins has registered a
significant slowdown in population growth. Although the population is expected to continue to
grow during this decade, growth is expected to be at a slower rate than in previous years. The
rental market has tightened considerably in the past two years and rents continue to increase. The
market currently has a vacancy rate of approximately 3%.
Over the past ten years, the total assets owned and managed by the Fort Collins Housing Au-
thority have grown in an attempt to meet the needs of the community.
Housing Authority Growth Charts over Time
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The Fort Collins Housing Authority federally subsidized Public Housing program consists of 154
units owned by the Authority. Operating subsidy allows the program to serve families earning
virtually no income, but regulations authorize serving families earning up to 80% of area median
income. Attachment A provides 2013 demographics.
For 2013, Fort Collins Public Housing had an average vacancy
rate of 0.5%, which is simply a function of turnover. The annual
turnover rate was 8%, meaning 12 of the 154 units had a family
move out during the year. This number is down from a 10% turn-
over rate the previous year. Numerous factors contribute to such
changes, including availability of Housing Choice Vouchers,
availability of affordable housing in the market and stability of the
families served. The federal regulations for waiting list selection are quite stringent and create a
challenge. There are currently 1,551 applicants on the Fort Collins Public Housing waiting list,
many of these being for one-bedroom units. At this time, the anticipated length of wait is over
two years, longer for one-bedroom units since there are very few of them in the portfolio.
FCHA Year in Review 2013 Page 3
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The Fort Collins Housing Authority manages the Wellington Housing Authority through an inter-
governmental agreement. The Board of Commissioners meets on a quarterly basis to review ac-
tivities, set policy and prepare and authorize budgets and capital improvement plans. The
Wellington Housing Authority consists of 42 Public Housing units. As of December 2013, there
were 709 applicants on the Wellington Public Housing waiting list.
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The Fort Collins Housing Authority administers approximately 1,109 Housing Choice Vouchers
(HCV), also known as Section 8, for Fort Collins and Larimer County. The Larimer County allo-
cation of 100 of these vouchers is administered through an intergovernmental
agreement, 65 of which are targeted specifically to people with disabilities.
Attachment A provides 2013 program demographics.
The Fort Collins Housing Authority administered $8,126,152 in Housing Assis-
tance Payments (HAP) to local landlords on behalf of participating families in
2013. This amount includes funding for 30 additional Veterans Affairs Support-
ive Housing program vouchers. A portion of this amount was funded through program reserves
since, because of sequestration, the Housing Choice Voucher program was not adequately fund-
ed. FCHA values local landlords a great deal and continues to focus on ways to continue their
satisfaction with the program. Housing assistance payments on behalf of the program recipients
are distributed to landlords in a timely manner. A brochure for landlords and program infor-
mation is readily available. FCHA is an active member of the Fort Collins Apartment Owners
Association through which staff interacts with local landlords on a regular basis.
The U.S. Department of Housing and Urban Development (HUD) grades this program through
its Section 8 Management Assessment Program (SEMAP). FCHA anticipates an “A” rating again
for 2013 and has utilized 100% of its authorized budget authority. Utilization of 100% of author-
ized vouchers is difficult to achieve due to increases or decreases during the year in subsidy
amounts or lease-up rates, and lease up time for new vouchers awarded. Congress often does not
appropriate enough funding to cover all authorized vouchers, and budget amounts are prorated.
As of December 2013, there were 15 applicants on the waiting list for the HCV program, but this
is in no way indicative of community need. The regular Housing Choice Voucher waiting list has
been closed since November of 2004 except for those eligible for a Non-Elderly Disabled (NED)
voucher, Veterans Affairs Supportive Housing (VASH) voucher, or Family Unification Program
(FUP) voucher. The families currently on the waiting list are those remaining from the applica-
tions collected the last time the list was briefly opened for the NED vouchers. The anticipated
wait is now four years or more from the date of application. A separate waiting list is adminis-
tered for people interested in the project-based voucher program. Twenty percent of the vouchers
are project-based or assigned to specific rental units. There are currently 1,273 applicants on that
list with an average wait of approximately two years, depending on bedroom size.
All units leased under the Housing Choice Voucher program must pass a Housing Quality Stand-
ards (HQS) inspection each year in order to receive subsidy. FCHA has one full-time inspector
on staff. This inspector is well trained in the inspection protocol, and FCHA utilizes a hand-held
computer which syncs to our housing management software to do these inspections.
FCHA anticipates an “A”
rating again for 2013
FCHA Year in Review 2013 Page 4
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Supportive Housing for the Homeless
All 15 beds in the Myrtle Street SRO (Homecoming I) were filled through the program year,
serving 23 residents. Of the eight residents who left the program, five moved to permanent hous-
ing destinations and three to temporary destinations.
At First Street SRO (Homecoming II) all twelve beds were filled throughout the program year,
serving nineteen residents. Of the nine residents who left the program, seven moved to perma-
nent housing destinations and two to an unknown location.
Both SRO’s provided ongoing supportive services through match including case management
and referrals to resources in the community. Resident managers at both properties organized
many opportunities for education and community building including nutrition classes, fitness
programs, and contests and celebrations around the holidays. Both properties had very produc-
tive community gardens with the assistance of the Growing Project, a local non-profit who
supports community gardens, and residents were able to donate approximately 125 pounds of
food to the Larimer County Foodbank after residents had used all they could.
In July, FCHA entered into a Memorandum of Understanding with Catholic Charities of Larimer
County. Catholic Charities agreed to provide ongoing supervision for our resident managers and
in exchange, residents who have completed the program at The Mission are given a preference
for the SRO. We are still in the first nine months of this arrangement but so far it has been meet-
ing the needs for both agencies. A new resident manager, Dan Hastay, was hired at Myrtle SRO
in August. Dan has a passion for helping the homeless population and has been a great addition
to our team.
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The Resident Services department consists of three specific programs: Public Housing Family
Self-Sufficiency program, Housing Choice Voucher Family Self-Sufficiency program, and the
Homeownership program. The resident managers at the SRO properties are included in the Resi-
dent services team in order to provide group supervision and share resources.
Homeownership Program:
With the assistance of the Fort Collins Housing Authority’s Homeownership and Family Self-
Sufficiency Programs, eight adults and twelve children became first-time home owners this year!
A total of 55 households have been assisted in homeownership since the program began.
With mortgage rates continuing at record lows, FCHA participants jumped feet first into the Fort
Collins and Larimer County real estate markets. These accomplishments were not without chal-
lenges – the entry-level home inventory was small and getting smaller, many affordable homes
were snapped up by cash-paying investors. Participants had to look at many properties and make
quick decisions on homes they liked. Even the short-lived federal government shutdown almost
short-circuited one family’s dreams – it shut down 2 days before the family was to close on their
purchase with a government-backed mortgage loan! Happily it worked out on time. The path to
homeownership is an emotional roller coaster under the best of circumstances. The support of
FCHA’s Homeownership and Family Self-Sufficiency Programs helps to smooth the ride and
make dreams come true.
FCHA Year in Review 2013 Page 5
Family Self-Sufficiency
There were a total of 21 families who graduated from the FSS program in 2013. Eighteen of the
families who graduated also accrued an escrow savings account. The total amount paid out in
escrow was $71,264. The number of participants who achieved full time employment this year
was 27 versus only 7 in the previous year and part-time employment was up to 22 versus 17 last
year.
Annual Enrollment in Self Sufficiency Programs
Households actively case managed (unduplicated count) ……………….. 165
Number of individuals that received services (unduplicated count)…….. 189
Financial Accomplishments of Self Sufficiency Participants
Number of households that increased their income……………………….. 56
Average dollar increase in annual household income…………………….. $9,965
Number of participants that obtained full-time employment.……………. 27
Number of participants that obtained part-time employment…………… 22
Number of households that experienced a reduction in TANF…………... 3
Number of households that eliminated TANF as result of increased household
income……………………………………………………………...
14
New FSS escrow accounts established………………………………………. 32
Dollar value of current FSS accounts………………………………………... $111,274
Number of participants that graduated from FSS…………………………. 21
Dollar value of FSS escrow disbursements to graduating participants….. $71,264
Number of participants that became first-time homeowners…………….. 6
Educational Attainment
Participants that obtained a GED……………………………………………. 3
Participants that enrolled in college…………………………………………. 27
Participants that completed a post-secondary degree……………………... 4
FCHA Year in Review 2013 Page 6
Family Unification Program
The Family Unification Program (FUP) is a program under which Housing Choice Vouchers
(HCVs) are provided to two different populations:
Families for whom the lack of adequate housing is a primary factor in:
a. The imminent placement of the family’s child or children in out-of-home care, or
b. The delay in the discharge of the child or children to the family from out-of-home care.
These vouchers are for youth who are at least 18 years old and not more than 21 years old who
left foster care at age 16 or older and who lack adequate housing. FCHA has 50 total FUP
vouchers and we work closely with the Department of Human Services to administer them.
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Villages, Ltd, formerly the Fort Collins Housing Corporation,
owns 296 units of affordable housing scattered throughout Fort
Collins. The Fort Collins Housing Authority is the management
agent for the Villages affordable housing portfolio. The portfolio
consists of many types of housing, from single-family detached
homes to the 95-unit Village on Plum apartment complex. In ad-
dition, Villages manages 130 units financed under the Low Income Tax Credit program; the Vil-
lage on Elizabeth and Village on Stanford. Both properties were extensively rehabilitated by the
Fort Collins Housing Authority.
A firm rental market resulted in lower vacancy loss and less turnovers than in previous years.
The average vacancy rate for the properties managed under the Villages portfolio in 2013 was
3%, down half a percent from the previous year. In 2013, a total of 128 units turned over for an
annual turnover rate of 40%. The average household income as of December 31, 2013 for all
properties in this portfolio was $19,093 in 2013. The aver-
age tenant rent was $441.00.
The Villages website was launched in 2011. In 2013 we
added a Villages Blog, which is updated twice a month. The
blog has addressed issues such as the tight rental market in
Fort Collins and the continued need for more affordable
rental housing. We have run stories on some of our residents,
who have successfully used the resources offered through
the Fort Collins Housing Authority, to improve their living
situation. We also held two door decorating competitions,
one for Halloween and one for Christmas. The participants were featured on the blog. Both con-
“The FUP has helped me out in so many ways. Financially it has helped so much; I now have a comfortable amount of
money in my savings account. I've learned budgeting and money management. I have also managed to decrease my debt
by a couple hundred dollars which is a huge weight off my shoulders. It has helped me feel like I'm responsible and
grounded in my life, which is something I've been trying to find throughout my life. I finally feel like an independent
adult and ready for the years to come. Not every day is perfect of course, but it’s manageable. Every month I learn how to
save and be even more self-sufficient. I currently have a full time job and am trying to go back to school and being inde-
pendent is making these things possible. I would just like to say thank you so much for this opportunity, I'll be forever
grateful.”
-FCHA FUP Participant
FCHA Year in Review 2013 Page 7
tests were very popular with our residents. Overall the website continues to be an effective mar-
keting tool as well as offering us new opportunities to stay in
touch with our residents and the community.
In January, 2013 we assumed management of the Village on
Cunningham Corner. This property consists of 345 apart-
ments spread between four properties. At the time we
assumed management, there were over thirty vacant apart-
ments and a number of unaddressed maintenance issues. New
staff was hired; all of the apartments were prepared and
leased. A joint effort with the Development and Maintenance
Departments addressed the maintenance issues. In 2013, a total of 218 units turned over for an
annual turnover rate of 63%. Property operations have stabilized. The average household income
as of December 31, 2013 for all Village on Cunningham Corner properties was $28,270 in 2013.
The average tenant rent was $726.
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The Fort Collins Housing Authority is the contracted management agent for the Northern Hotel
Limited Partnership. As management agent, the Authority provides all leasing functions, which
include eligibility and compliance work for all grant and funding sources. FCHA provided 47
Housing Choice Vouchers to the Northern Hotel in 2001 due to severe vacancy problems. Since
that time, the demand for apartments there has remained high; the property serves persons aged
55 and older whose incomes are well below 30% of area median income.
The average annual tenant income in 2013 was $11,863; the average tenant rent is $282. Current-
ly there are 266 applicants for this program with an approximate waiting time of one to two
years.
Efforts to engage residents in community building activities at the Northern Hotel were quite
successful throughout the year. In the fall of 2012, Harper Studios contacted the property manag-
er to ask if any of the residents would be interested in sharing their story and participating with
the photographer as she took pictures of the residents, their apartments, and told their story. Ap-
proximately 10 residents participated in the project. Those who participated were invited to the
Harper Studios location during the 1
st
Friday Art Walk in March to view the end result of the
project. On display were photos of each resident as well as a photo album of all those who partic-
ipated.
Resident services staff along with Property management facilitated three resident meetings, giv-
ing residents the opportunity to speak about any concerns they may have. These were usually
well attended. Staff also assisted with planning milestone birthday celebrations several times
throughout the year and ended the year with a holiday meal – approximately 22 residents attend-
ed which is a big increase from previous years.
FCHA Year in Review 2013 Page 8
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Property maintenance is a large part of operations, a part which is a source of pride for the organ-
ization. The Maintenance Department provides services to all 1,043 apartments and homes
managed by the Fort Collins Housing Authority. Major accomplishments and projects in 2013
for the maintenance department include the following:
• The department underwent a major reorganization. Team
Lead positions were created to direct and streamline work-
flow. Four new employees were hired in the Riverside
maintenance office. Also created was a dedicated invento-
ry/procurement position, to oversee all inventory transactions
and coordinate service agreements and other contracts with
outside companies. This position has increased our inventory
control and eliminated inventory waste.
• The acquisition of the Village on Cunningham properties added three additional mainte-
nance technician positions; additionally a Team Lead position was created to oversee the
vacancies and complete work orders for the 345 apartments located at that site. A second
maintenance warehouse was created so inventory items are readily accessible for the
team.
• New five year contracts were bid and signed for trash and landscaping services for man-
aged properties.
• The department continues to expand the use of the Yardi maintenance software module.
Two new modules were added this year, the “Make Ready” module for the coordination
of vacant apartment turnovers and the “Planned Preventive Maintenance” module to track
seasonal services, i.e. furnace filter replacements, smoke alarm test, etc.
The following numbers summarize work orders completed by maintenance staff in 2013:
• 81 emergency service calls were completed.
• 8,858 routine service calls with an average completion time of 12 days or less.
• 386 vacancy turnarounds were completed, with an average time of 21 days or less.
• 9,566 total work orders were completed, with an average completion time of 14 days or
less.
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The Fort Collins Housing Authority supports the development and preservation of affordable
housing throughout the City of Fort Collins. With funding from the City, State Division of Hous-
ing, Colorado Housing and Finance Authority, equity investors, and lenders, the Authority and
its partners combine high quality design with sustainable development principles and sound
planning to develop and maintain a vibrant and diverse affordable housing portfolio.
The Authority employs many strategies to create and preserve its stock of affordable housing for
residents. These include new construction, acquisition, rehabilitation and preservation of existing
housing to create and maintain high-quality sustainable units. This year was an exciting year of
progression as the Development Department continued to move forward new and existing pro-
jects in the development pipeline while also addressing critical capital improvements to the
existing portfolio.
FCHA Year in Review 2013 Page 9
Active Development Projects
2013 was a big year for the Redtail Ponds Permanent Supportive Housing project.
In May we celebrated a major milestone when the project received a reservation of $768,383 in
9% Low Income Housing Tax Credits (LIHTC). With the award of credits, final financing part-
ners were selected for debt and equity financing through a competitive RFP process. We were
pleased to select and partner with US Bancorp Community Development Corporation, US Bank
National Association and the Colorado Housing and Finance Authority on the tax credit equity,
construction and permanent financing. An additional funding award of $800,000 from the Colo-
rado Division of Local Affairs was also secured following the LIHTC allocation.
Throughout the year, work continued with Redtail Ponds Permanent Supportive Housing. The
development represents the Authority’s first permanent supportive housing development. The
$12.3 million, 60 unit developments will address the special housing needs of homeless individ-
uals with disabilities, homeless veterans and other low-income individuals.
Along with our dedicated supporters, we are setting a new standard for permanent supportive
affordable housing. Over the course of the year we conducted extensive public outreach. FCHA
hosted numerous neighborhood meetings to obtain input from neighboring business owners and
residents. Overall, FCHA heard support for ending homelessness in Fort Collins, and concerns
about safety and neighborhood impacts. In response to these concerns a Good Neighbor State-
ment of Operations Working Group was convened with representatives from surrounding
neighborhoods. The statement of operations was drafted and approved by the FCHA Board of
Commissioners and includes components that address community engagement and communica-
tion, property management, resident eligibility and selection process and safety and security.
Through a methodical and deliberate planning process, the Authority obtained City Planning and
Zoning Board unanimous support and approval on November 21st. This significant milestone
allowed the development team to move forward with submitting building permit and Final De-
velopment Plan applications to the City. This development is yet another example of our
collective good work to move critical affordable housing developments ahead. We look forward
to breaking ground on this exciting development in the second quarter of 2014.
FCHA Year in Review 2013 Page 10
Public Housing Disposition
The Authority has been pursuing the repositioning of 88 units in the public housing portfolio to
leverage resources for creating more efficient and effective affordable housing in the community.
There has been much work devoted to developing an appropriate justification and planned use of
proceeds explanation for a HUD Application for Disposition in 2013. The Authority held infor-
mational meetings in June 2013 to inform affected public housing residents of the planned sale
of public housing units and potential relocation. In addition, the Authority met individually with
each City Council member, and City leadership to clearly explain the need for the sale of units
and the subsequent opportunity to develop more affordable housing units in our community.
Overall, the plan for disposition was met with political support, and the Mayor signed a letter
acknowledging her awareness and support for the submittal of a disposition application. Alt-
hough a formal application has not been submitted, the Authority continues to work closely with
HUD’s Special Application Center to ensure that the final application is met with timely approv-
al. The Authority expects the disposition application to be submitted and approved in 2014 with
sale of units beginning by the end of 2014.
Housing Preservation
FCHA is committed to preserving and enhancing the existing affordable housing portfolio to sus-
tain vibrant healthy communities for the residents and neighborhoods in which they are located
and ensure that critical housing resources continue to serve the Fort Collins Community well in-
to the future. Preservation takes many forms, including acquisition of "expiring use"
developments, and rehabilitating existing affordable units.
Village on Cunningham Corner
Recognizing the potential impact of losing affordable housing units, in 2012 the Authority suc-
cessfully preserved 344 privately owned affordable units located at four properties. The portfolio
was stabilized in 2013 through minor rehabilitation to address immediate health and safety con-
cerns. Planning for Phase II, a substantial rehabilitation of the properties, is underway. To date,
$899,009 in City of Fort Collins grant funding has been secured for the planned 2015 renova-
tions. The Authority partnered with Larimer and Weld County to secure an assignment
of $12,079,060 of 2013 Private Activity Bond cap. Additional bond cap will be sought in 2014
for the project through local and state sources. Proceeds from the sale of bonds will be combined
with 4% LIHTC, owner equity, grant
funds and private financing to provide the
total resources necessary to complete
Phase II. Upon completion of the rehabili-
tation, the mixed income development will
have an affordability restriction for 50
years.
DMA Plaza
In 2013, FCHA Staff worked with the
DMA Plaza Board of Directors to develop
a vision to preserve and renovate the 127
unit apartment building that houses mostly
seniors. DMA Plaza is a single entity non-
profit financed by a HUD mortgage that will expire in 2014. The DMA board considered nu-
merous options for the future life of the property and requested FCHA’s technical expertise on
opportunities to revitalize this 1971 development. Three strategies were considered by DMA
FCHA Year in Review 2013 Page 11
Board to achieve long term sustainability of this important affordable housing asset: 1) Transfer
ownership of the property to FCHA. 2) Hire FCHA as the developer for a rehabilitation of the
property. 3) Create a joint venture between DMA Plaza and FCHA. Following extensive vision-
ing, the DMA Plaza Board of Directors elected to continue to operate the property as is. The
Authority will continue to be a resource to DMA Plaza as well as owners of other affordable
housing projects nearing the end of the use period.
Village on Plum
The development team also continued to refine the scope of work for the Village on Plum reha-
bilitation. The substantial renovation of this 95 unit property is planned for 2014 and includes
new roofs, repair to sewer lines, repair of stairs, paint, pool replacement, parking lot replacement,
clubhouse addition, and site improvements that will promote a sense of community among resi-
dents. The renovation will be financed 4% LIHTC equity and a mortgage financed with the
proceeds of the sale of private activity bonds. In anticipation of submitting a LIHTC application
in 2014, a Phase I Environmental Review, Market Study, Energy Assessment, Property Apprais-
al, ALTA Survey, and Capital Needs Assessment have been completed on the property. Private
Activity Bond cap has been secured for this project through the City of Fort Collins and Weld
County. The total project cost, including the refinance of the existing mortgage, is just over $14
million.
FCHA Year in Review 2013 Page 12
Capital Improvements
Improving and maintaining the quality, healthy livability, energy efficiency, curb appeal and
safety of all properties in the Authority’s portfolio is a key strategy to overall housing preserva-
tion in the community. During 2013, the Authority made capital improvements to several
properties throughout the public housing and Villages’ portfolio. Major work items at the prop-
erties included:
• Parking lot replacement
• Landscape enhancement
• Fencing installation
• Laundry room improvements
• Concrete repair / replacement
• Playground installation
• Stair & Deck repairs
• Air conditioning repair
• Wireless internet access
• New trash enclosures
• Community Garden
• Lighting and floor replacement
Village on Cowan
19 units
$150,000 in capital improvements
Village on Leisure
16 units
$35,000 in capital improvements
Village on Swallow
44 units
$50,000 in capital improvements
Wellington Public Housing
42 units
$35,000 in capital improvements
Ft. Collins Public Housing Units
154 units
$51,000 in capital improvements
With the aid of Capital Needs Assessments, FCHA continues to prioritize and address short and long-term
capital improvements to improve the quality and long term sustainability of the agency’s housing stock.
FCHA Year in Review 2013 Page 13
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In 2013, FCHA partnered or formally coordinated with numerous community entities through
leadership, advocacy, coordination and support. The following list is not inclusive and is in no
particular order. There are so many other informal partnerships that it is impossible to list all of
the great work being accomplished!
• Homeward 2020
• Community Dual Disorders Team
• Sister Mary Alice Murphy Center for Hope
• FortZED
• Northern Colorado Rental Association
• Larimer County Affordable Housing Coalition
• Larimer County Health and Human Services
• CARE Housing, Inc.
• Project Self Sufficiency
• Crossroads Safehouse
• Neighbor to Neighbor
• Social Services Family Response Team
• Northern Front Range Continuum of Care
• Interfaith Council
• Community Mental Health and Substance Abuse
Partnership
• Larimer County Community Corrections
• Colorado Yardi Users Group
• The Growing Project
• Eastgate Homeowners Association
• Stanford Homeowners Association
• Thunderbird Neighborhood Association
• City Manager’s Strategic Issues Team
• Housing NOW Conference
• National Association of Housing and Redevelopment
Officials: State, Regional and National*
• Colorado Coalition for the Homeless
• Larimer Home Improvement Program (LaHIP)
• Larimer County Drug Task Force
• City of Fort Collins Utilities
• Larimer County Alternative Sentencing Unit
• Longs Peak Weatherization
• United Way
FCHA Year in Review 2013 Page 14
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In late 2012, Julie Brewen, Executive Director of the Fort Collins (Colo.) Housing Authority - in
coordination with other Colorado NAHRO members - succeeded in convincing HUD to provide
some administrative relief for the Housing Choice Voucher and Public Housing programs. Their
efforts assisted in the creation of PIH notice 2013-3 implementing four of the administrative re-
lief items requested of HUD. In 2013 HUD extended Notice 2013-3 for another two years. In
addition, through National NAHRO’s efforts with Congress, some additional administrative re-
lief items were included as part of the 2014-2015 appropriations bill. The most beneficial item in
the appropriations bill was the allowance for biennial inspections of Housing Choice Voucher
units. Previously all units were required to be inspected at least annually regardless of the age or
history of the building.
For 2013 the Housing Choice Voucher and Public Housing programs both had a substantial re-
duction in funding because of the across the board cuts due to sequestration. It was necessary for
FCHA to draw heavily on their reserves to avoid termination of assistance to program partici-
pants, while at the same time not reissuing vouchers as families dropped off the Housing Choice
Voucher program.
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The Fort Collins Housing Authority strives to keep all information technology systems up-to-
date to provide the best possible service to our customers. Since individual participant eligibility
and statistical data must be transmitted electronically to the U.S. Department of Housing and Ur-
ban Development, it is vitally important that our systems are well maintained. In addition, from a
business and fiduciary perspective it is also essential that our systems allow us to track our fi-
nances in ways that are meaningful and allow us to manage our assets properly.
The primary software tool utilized by the organization is an integrated property management and
accounting product (Yardi) which allows for full integration of operational activities across all
departments. In 2013, we continued to focus on increasing the utilization of the robust tools
available in this software adding two additional modules to assist the Maintenance Department
with the make ready process and planned preventive maintenance.
Future Information Technology goals:
o Continue to refine the FCHA Web site and develop ways for the community to access
program information electronically.
o Work closely with Yardi software programmers for upcoming changes and editions
o Make use of Housing Authority Insurance Group’s RAMP tool which allows the organi-
zation discounts for safety items that are in place as well as provides recommendations to
implement.
o Focus on electronic data storage wherever possible with the long-term goal of becoming
as “paperless” as possible.
FCHA Year in Review 2013 Page 15
FFIINNAANNCCEE AA
NNDD AACCCCOOUUNN
TTIINNGG
Significant Funding and Loan Transactions
During the year many items were addressed to facilitate the ongoing operational and develop-
ment activities of the FCHA. Some of the more significant items were:
• A $2.6 million portion of the short-term debt used to purchase the Village on Cunning-
ham Corner properties was refinanced during 2013. The new loan was obtained through
the Colorado Housing Investment Fund (CHIF) administered by the State of Colorado.
Proceeds were used to pay-off a $2.5 million loan from Funding Partners for Housing So-
lutions (Fort Collins) with the remainder used to reduce the other debt on the properties.
This transaction reduced the interest rate on this portion of the debt from 6.25% to 1.0%
which translates into a savings of over $11,000 per month.
• Operating Lines of Credit:
o In 2013 the operating line of credit established for the Fort Collins Housing Au-
thority in the amount of $700,000 was used to fund pre-development and
development costs primarily on the Redtail Ponds Permanent Supportive Hosing
project.
o The $500,000 operating line of credit that has been in place for several years for
the Villages, Ltd. was renewed during 2013 for a one-year term. No funds were
used from this financing source during the year.
• A formal letter of intent (LOI) to sell the Madison Avenue Apartment complex in Love-
land, Colorado was executed in mid-2013 with a non-profit affordable housing provider
based in Denver, Colorado. The LOI was allowed to expire in December 2013 when the
non-profit was not able to acquire financing for the purchase. This property will be
placed on the market for sale in 2014.
• An equity investor and construction lender was chosen for the upcoming Redtail Ponds
Permanent Supportive Housing project during the year. Total development costs are pro-
jected to be $14.1 million. Construction is expected to begin in the 1
st
quarter of 2014.
Budget
A mid-year budget amendment was completed for all managed entities during the second quarter
of 2013. The major change was to put in place the first operating budgets for the Village on
Cunningham Corner properties that were acquired in December 2012.
2014 operating budgets for all managed entities were completed and approved by the appropriate
oversight committees/boards in November and December of 2013.
Audit
The audit firm Eide Bailly, LLP was utilized during the year for the completion of the fiscal year
2012 audits and tax work for all managed entities. All organizations received unqualified audit
opinions for the 2012 period.
FCHA Year in Review 2013 Page 16
The 2012 fiscal year was the last in a 3-year contract with Eide Bailly, LLP for all audit and tax
work. During 2013 a 2-year extension was approved to keep this firm in place for the 2013 and
2014 fiscal years.
Other Items of Note
In addition to normal operations the following items of interest occurred within the FCHA Fi-
nance and Accounting Department during 2013:
• The Housing Choice Vouchers (HCV) programs managed by the FCHA experienced a
significant decrease in funding in 2013 as a result of the federal budget process. This re-
sulted in the program reserves being reduced from $771,600 to $90,600 at year-end.
• An agreement was put in place in late 2013 to have FCHA accounting personnel provide
fee accounting services for the Longmont Housing Authority.
• In 2013 FCHA accounting staff participated in training on the requirements to prepare a
Comprehensive Annual Financial Report (CAFR). The CAFR is a comprehensive report
on the financial and operational results of an organization which exceeds the minimum
requirements for basic financial statements and audits under generally accepted account-
ing principles. It is the intent of the FCHA to submit a CAFR for the fiscal year ended
2013 to the Government Finance Officers Association (GFOA) for certification under
their Certificate of Achievement for Excellence in Financial Reporting Program.
• The partnership between the FCHA and a private developer was finalized in 2012 for the
construction of a 72-unit affordable development for seniors near downtown Fort Collins.
Construction was completed in December 2013 and final payments for the federally
funded portions of the project, which passed through the FCHA, will be made in early
2014.
FCHA Entities
The FCHA carries out its mission by managing seven separate entities, including:
1. Fort Collins Housing Authority
2. Larimer County Housing Authority (presented as a component unit within FCHA)
3. Villages, Ltd. (formerly known as Fort Collins Housing Corporation)
4. Housing Catalyst, LLC
5. Wellington Housing Authority
6. Village on Elizabeth (a tax credit funded project)
7. Village on Stanford (a tax credit funded project)
Accounting for these entities, along with contracted functions for the owners of the Northern Ho-
tel, are handled by the Finance department. The statements of financial position (Balance Sheet)
and results of operations (Income Statement) are reported in a grouped format as shown below.
The FCHA ended 2013 with over $64 million in assets under management. Overall administra-
tive costs in 2013 were 3.6% ($156,173) under budget projections as the organization worked to
be more efficient.
FCHA Year in Review 2013 Page 17
FCHA Villages WHA VOE VOS Redtail Ponds Total
Actual Actual Actual Actual Actual Actual Eliminations Actual
ASSETS
CURRENT ASSETS:
CASH
Total Unrestricted Cash 2,279,645 2,256,010 185,675 105,457 339,874 100 - 5,166,760
Total Restricted Cash 439,740 395,481 18,708 167,342 289,551 - - 1,310,822
TOTAL CASH 2,719,385 2,651,491 204,382 272,799 629,425 100 - 6,477,582
TOTAL ACCOUNTS AND NOTES RECEIVAB 445,426 124,924 957 319 2,052 (28,823) (321,119) 223,737
TOTAL OTHER CURRENT ASSETS 812,124 155,440 - 31,051 - - - 998,615
TOTAL CURRENT ASSETS 3,976,935 2,931,855 205,339 304,168 631,477 (28,723) (321,119) 7,699,933
NONCURRENT ASSETS:
TOTAL FIXED ASSETS (NET) 30,744,228 11,323,883 759,158 4,462,075 8,356,731 891,482 - 56,537,557
Total Other Assets 5,000,715 2,532,329 - - - - (6,818,859) 714,185
TOTAL NONCURRENT ASSETS 35,744,944 13,856,212 759,158 4,462,075 8,356,731 891,482 (6,818,859) 57,251,743
TOTAL ASSETS 39,721,879 16,788,067 964,498 4,766,244 8,988,208 862,759 (7,139,978) 64,951,676
LIABILITIES & EQUITY
LIABILITIES:
TOTAL CURRENT LIABILITIES 1,663,943 662,700 17,752 58,342 149,485 2,482 (321,119) 2,233,584
TOTAL NONCURRENT LIABILITIES 26,121,479 5,986,638 10,025 3,787,973 5,311,350 857,000 (6,818,859) 35,255,605
TOTAL LIABILITIES 27,785,421 6,649,339 27,777 3,846,315 5,460,834 859,482 (7,139,978) 37,489,190
EQUITY
TOTAL CONTRIBUTED CAPITAL 100 - - 2,578,893 4,919,996 - - 7,498,989
TOTAL RESERVED FUND BALANCE 1,270,500 5,675,956 - - - - - 6,946,456
RETAINED EARNINGS:
Invested in Capital Assets-Net of Debt 6,046,311 - 759,158 - - - - 6,805,469
Unrestricted Net assets 4,494,944 4,462,773 177,563 - - 3,277 - 9,138,557
Net Restricted Assets - HUD 124,602 - - - - - - 124,602
Prior Income (Loss) - - - (1,658,964) (1,392,622) - - (3,051,587)
TOTAL RETAINED EARNINGS: 10,665,857 4,462,773 936,721 (1,658,964) (1,392,622) 3,277 - 13,017,041
TOTAL EQUITY 11,936,457 10,138,728 936,721 919,929 3,527,374 3,277 - 27,462,486
TOTAL LIABILITIES AND EQUITY 39,721,879 16,788,067 964,498 4,766,244 8,988,208 862,759 (7,139,978) 64,951,676
All Property beginning in 2011 (.allpr11)
Combining Balance Sheet (Summary)
Period = Jan 2013-Dec 2013
Book = Accrual
FCHA Year in Review 2013 Page 18
FCHA Villages WHA VOE VOS Redtail Ponds Total
Actual Actual Actual Actual Actual Actual Eliminations Actual
Revenue & Expenses
INCOME
TENANT INCOME
TOTAL RENTAL INCOME 3,321,994 2,840,931 72,036 367,809 601,868 - (1,891,661) 5,312,976
TOTAL OTHER TENANT INCOME 94,137 82,581 7,343 24,308 23,392 - - 231,761
NET TENANT INCOME 3,416,131 2,923,512 79,378 392,117 625,260 - (1,891,661) 5,544,737
TOTAL GRANT INCOME 10,101,733 313,434 180,514 - - - - 10,595,682
TOTAL OTHER INCOME 2,663,571 98,939 2,348 5,890 736 3,277 (2,574,709) 200,053
TOTAL INCOME 16,181,435 3,335,885 262,241 398,007 625,997 3,277 (4,466,370) 16,340,472
EXPENSES
ADMINISTRATIVE
Total Administrative Salaries 2,334,780 239,554 45,924 19,733 48,610 - - 2,688,600
Total FSS Salaries 233,950 - - - - - - 233,950
Total Legal Expense 59,010 18,393 1,193 1,273 2,686 - - 82,555
Total Other Admin Expenses 1,119,789 420,958 35,876 68,684 106,037 - (1,540,402) 210,943
Total Miscellaneous Admin Expenses 438,371 13,562 3,012 24,327 7,964 - (32,364) 454,873
TOTAL ADMINISTRATIVE EXPENSES 4,185,899 692,467 86,005 114,017 165,298 - (1,572,766) 3,670,920
TOTAL TENANT SERVICES EXPENSES 42,437 9,060 5,681 - - - - 57,177
TOTAL UTILITY EXPENSES 385,499 268,510 55,082 35,098 38,258 - - 782,448
MAINTENANCE AND OPERATIONS
TOTAL GENERAL MAINT EXPENSE 681,790 30,477 5,052 5,261 5,618 - - 728,199
Total Materials 100,269 67,453 9,065 5,901 8,871 - - 191,558
Total Contract Costs 793,291 583,652 84,907 94,607 121,073 - (635,076) 1,042,454
Total Facility 11,850 - - - - - - 11,850
Total Vehicle Costs 36,756 - - - - - - 36,756
TOTAL MAINTENANCE EXPENSES 1,623,956 681,582 99,024 105,769 135,562 - (635,076) 2,010,817
TOTAL GENERAL EXPENSES 181,755 291,044 14,297 35,204 30,468 - (171,540) 381,229
TOTAL HOUSING ASSISTANCE PAYMENTS 8,335,325 - 3,209 - - - (1,891,661) 6,446,873
TOTAL FINANCING EXPENSES 940,593 330,962 - 172,648 219,331 - (195,327) 1,468,208
TOTAL CAPITAL FUNDS 103,200 74,640 - - - - - 177,840
TOTAL NON-OPERATING ITEMS 1,055,276 736,604 79,835 225,697 348,246 - - 2,445,657
TOTAL EXPENSES 16,853,941 3,084,870 343,132 688,433 937,164 - (4,466,370) 17,441,169
NET INCOME (672,505) 251,015 (80,891) (290,426) (311,167) 3,277 - (1,100,697)
CASH FLOW INFORMATION:
Net income (loss) (672,505) 251,015 (80,891) (290,426) (311,167) 3,277 - (1,100,697)
Add Back: Depreciation Expense 1,055,276 736,604 79,835 225,697 349,503 - - 2,446,914
Add Back: Interest and Financing Expense 940,593 330,962 - 172,648 219,331 - - 1,663,534
EBIDTA 1,323,363 1,318,582 (1,056) 107,918 257,667 3,277 - 3,009,751
Less: Cash Paid for Debt (890,407) (738,319) - (81,644) (149,592) - - (1,859,963)
Changes in Operating Assets: (187,912) (18,575) 4,611 (17,080) (761) - - (219,718)
Changes in Operating Liabilities: 409,129 (101,655) 2,383 7,145 12,532 - - 329,533
Operating Cash Flow 654,172 460,032 5,937 16,340 119,846 3,277 - 1,259,604
Add: New Debt Funding - - - - - 857,000 - 857,000
Less: Unpaid Accrued Interest Receivable (56,110) (44,164) - - - - - (100,274)
Less: Purchase of Capital Assets (46,724) (569,967) (23,304) - - (891,482) - (1,531,476)
Changes in Other Assets: (1,295,495) (103,682) - - - 28,823 - (1,370,354)
Changes in Other Liabilities: 412,346 - - (21,285) (86,394) 2,482 - 307,149
Net Cash Flow (331,810) (257,781) (17,366) (4,945) 33,452 100 - (578,351)
All Property beginning in 2011 (.allpr11)
Combining Income Statement (Summary)
Period = Jan 2013-Dec 2013
Book = Accrual
FCHA Year in Review 2013 Page 19
The two major affordable housing programs operated by the FCHA are the HUD funded Public
Housing and Voucher programs. These programs are included in the financials for the FCHA in
the reports shown above. Below are internal analysis reports on the financial operations for these
two programs in 2013.
December 2013 12
Public Housing & ROSS 154 Units
TOTAL ASSETS 6,475,717 TOTAL EQUITY 6,365,671
TOTAL LIABILITIES 110,046 Reserve for Replacements -
Restricted - HUD -
Unrestricted Cash Available for Operations 526,265 Avg. Monthly Operating Expenses (Y-T-D) 88,431
Current Assets 589,985 Cash Operating Coverage (months) 6.0
Current Liabilities 86,447 Months Expendable Fund Balance (est.) 5.7
Current Ratio 6.82 Payable to Vendors & Contractors 27,035
Short-term Debt n/a Total Debt Payments (Y-T-D) -
Long-term Debt - Avg. Monthly Debt Payments (Y-T-D) n/a
Debt Coverage Ratio (Y-T-D) n/a
M-T-D Y-T-D Y-T-D Y-T-D Y-T-D
Actual Actual Budget Variance % Variance
Rental Income 15,825 178,768 189,296 (10,528) -6%
Other Tenant Income 2,120 26,054 25,140 914 4%
Total Grant Income 55,631 784,987 772,135 12,852 2%
Total Other Income 100 4,240 1,119 3,121 279%
TOTAL INCOME 73,676 994,049 987,690 6,359 1%
Administrative Expenses 52,999 530,387 499,061 (31,326) -6%
Tenant Services Expenses 1,177 3,349 5,050 1,701 34%
Utility Expenses 16,921 134,107 126,800 (7,307) -6%
Maintenance Expenses 58,476 336,175 337,804 1,629 0%
General Expenses 2,146 43,219 41,425 (1,794) -4%
Housing Assistance Payments 1,633 13,940 13,000 (940) -7%
Financing Expenses - - - - n/a
Capital Funds Expenses (44,094) - 38,977 38,977 100%
Non-Operating Expenses 9,582 116,873 118,765 1,892 2%
TOTAL EXPENSES 98,838 1,178,050 1,180,882 2,833 0%
NET INCOME (LOSS) (25,162) (184,001) (193,192) 9,191 5%
Total OPERATING INCOME 66,902 943,180 948,713 (5,533) -1%
Total OPERATING EXPENSES 133,350 1,061,176 1,023,140 38,036 4%
Net OPERATING INCOME (66,448) (117,997) (74,427) (43,569) 59%
Per Unit Per Month (Y-T-D Averages): Per Unit Per Annum (Annualized):
Rents 97 Rents 1,161
Operating Expenses 574 Operating Expenses 6,891
Net from Operations (64) Net from Operations (766)
-
TOTAL INCOME 538 TOTAL INCOME 6,455
TOTAL EXPENSE 637 TOTAL EXPENSE 7,650
NET INCOME (100) NET INCOME (1,195)
Financial Position
Liquidity
Debt
Operating Activities
Unit Analysis
(75,000)
-
75,000
150,000
Actual vs. Budget
Net Income (Actual) Net Income (Budget) Net Operating Income
-
200,000
400,000
FCHA Year in Review 2013 Page 20
December 2013 12
FCHA Vouchers: 0 Units
TOTAL ASSETS 465,850 TOTAL EQUITY 326,542
TOTAL LIABILITIES 139,307 Reserve for Replacements -
Restricted - HUD 121,987
Unrestricted Cash Available for Operations 350,588 Avg. Monthly Operating Expenses (Y-T-D) 685,154
Current Assets 463,078 Cash Operating Coverage (months) 0.5
Current Liabilities 33,769 Months Expendable Fund Balance (est.) 0.6
Current Ratio 13.71 Payable to Vendors & Contractors (317)
Short-term Debt n/a Total Debt Payments (Y-T-D) -
Long-term Debt - Avg. Monthly Debt Payments (Y-T-D) n/a
Debt Coverage Ratio (Y-T-D) n/a
M-T-D Y-T-D Y-T-D Y-T-D Y-T-D
Actual Actual Budget Variance % Variance
Rental Income - - - - n/a
Other Tenant Income - - - - n/a
Total Grant Income 620,120 7,536,726 7,638,613 (101,887) -1%
Total Other Income (184) 7,042 6,602 440 7%
TOTAL INCOME 619,935 7,543,768 7,645,215 (101,447) -1%
Administrative Expenses 47,677 706,206 727,617 21,411 3%
Tenant Services Expenses 1,037 6,000 4,200 (1,800) -43%
Utility Expenses - - - - n/a
Maintenance Expenses - - - - n/a
General Expenses - - - - n/a
Housing Assistance Payments 615,019 7,509,636 7,354,886 (154,750) -2%
Financing Expenses - - - - n/a
Capital Funds Expenses - - - - n/a
Non-Operating Expenses 462 5,543 5,543 (0) 0%
TOTAL EXPENSES 664,195 8,227,386 8,092,246 (135,140) -2%
NET INCOME (LOSS) (44,260) (683,617) (447,031) (236,586) -53%
Total OPERATING INCOME 619,935 7,543,768 7,645,215 (101,447) -1%
Total OPERATING EXPENSES 663,733 8,221,842 8,086,703 135,139 2%
Net OPERATING INCOME (43,798) (678,074) (441,488) (236,586) 54%
Per Unit Per Month (Y-T-D Averages): Per Unit Per Annum (Annualized):
Rents n/a Rents n/a
Operating Expenses n/a Operating Expenses n/a
Net from Operations n/a Net from Operations n/a
-
TOTAL INCOME n/a TOTAL INCOME n/a
TOTAL EXPENSE n/a TOTAL EXPENSE n/a
NET INCOME n/a NET INCOME n/a
Liquidity
Debt
Operating Activities
Unit Analysis
Financial Position
((((625,600,575,550,000) 000) 000) 000)
((((525,500,475,450,000) 000) 000) 000)
((((425,400,375,350,000) 000) 000) 000)
((((325,300,275,250,000) 000) 000) 000)
((((225,200,175,150,000) 000) 000) 000)
((125,100,((75,50,000) 000) 000) 000)
(25,25,50,000) 000 000 -
100,125,150,75,000 000 000 000
175,200,225,250,000 000 000 000
275,300,325,350,000 000 000 000
375,400,000 000
Actual vs. Budget
Net Income (Actual) Net Income (Budget) Net OPERATING Income
FCHA Year in Review 2013 Page 21
AAttttaacchhmmeenn
tt AA
PUBLIC HOUSING PROGRAM 2013 DEMOGRAPHICS
Distribution by Average
Annual Income (%)
Extremely Low Income –
< 30% of median or <$22,750 for family of 4
90
Very Low Income –
50% of median or $37,900 for family of 4
10
Low Income –
80% of median or $60,650 for family of 4
0
Average
Annual Income ($)
Fort Collins Public Housing 10,399
Colorado Overall Average 12,006
Distribution by
Source of Income (%)
With any wages 35
With any welfare 18
With any SSI/SS/Pension 41
With any other income 20
Distribution by
Total Tenant Payment (%)
$0 0
$1–25 0
$26–50 17
$51–100 10
$101–200 12
$201–350 37
$351–500 16
$501+ 8
Distribution by
Family Type (%)
Elderly, no children, non-disabled 2
Elderly, with children, non-disabled 0
Non-elderly, no children, non-disabled 8
Non-elderly, with children, non-disabled 48
Elderly, no children, disabled 8
Elderly, with children, disabled 2
Non-elderly, no children, disabled 24
Non-elderly, with children, disabled 8
All female headed household with children 54
FCHA Year in Review 2013 Page 22
HOUSING CHOICE VOUCHER PROGRAM 2013 DEMOGRAPHICS
Average
Annual Income ($)
Fort Collins HCV 12,239
Colorado Overall Average 12,017
Distribution by
Source of Income (%)
With any wages 30
With any welfare 12
With any SSI/SS/Pension 55
With any other income 22
Distribution by
Total Tenant Payment (%)
$0 1
$1–25 0
$26–50 11
$51–100 7
$101–200 13
$201–350 39
$351–500 15
$501+ 13
Distribution by
Family Type (%)
Elderly, no children, non-disabled 5
Elderly, with children, non-disabled 1
Non-elderly, no children, non-disabled 7
Non-elderly, with children, non-disabled 37
Elderly, no children, disabled 11
Elderly, with children, disabled 1
Non-elderly, no children, disabled 30
Non-elderly, with children, disabled 9
All female headed household with children 39
Average Tenant Payment
by Family Type ($)
Elderly, no children, non-disabled 308
Elderly, with children, non-disabled 410
Non-elderly, no children, non-disabled 215
Non-elderly, with children, non-disabled 286
Elderly, no children, disabled 280
Elderly, with children, disabled 333
Non-elderly, no children, disabled 261
Non-elderly, with children, disabled 379
All female headed household with children 284
(100,000)
(50,000)
-
50,000
Actual vs. Budget
Net Income (Actual) Net Income (Budget) Net OPERATING Income
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
Cash Flow Overview (ROLLING 12 Months)
Cash In Cash Out Unrestricted Cash Balance
((((625,600,575,550,000) 000) 000) 000)
((((525,500,475,450,000) 000) 000) 000)
((((425,400,375,350,000) 000) 000) 000)
((((325,300,275,250,000) 000) 000) 000)
((((225,200,175,150,000) 000) 000) 000)
((125,100,((75,50,000) 000) 000) 000)
(25,25,50,000) 000 000 -
100,125,150,75,000 000 000 000
175,200,225,250,000 000 000 000
275,300,325,350,000 000 000 000
375,400,000 000
Actual vs. Budget
Net Income (Actual) Net Income (Budget) Net OPERATING Income
(150,000)
(100,000)
(50,000)
-
50,000
Actual vs. Budget
Net Income (Actual) Net Income (Budget) Net OPERATING Income
-
500,000
1,000,000
1,500,000
Cash Flow Overview (ROLLING 12 Months)
Cash In Cash Out Unrestricted Cash Balance
600,000
800,000
Cash Flow Overview (ROLLING 12 Months)
Cash In Cash Out Unrestricted Cash Balance
(100,000)
(50,000)
-
50,000
100,000
150,000
Actual vs. Budget
Net Income (Actual) Net Income (Budget) Net Operating Income
(50,000)
100,000
250,000
400,000
550,000
700,000
Cash Flow Overview (ROLLING 12 Months)
Cash In Cash Out Unrestricted Cash Balance