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CDA places Beloit Road Senior Apartments audit on file, staff warns of underlying operating pressures
Summary
The authority accepted an audit prepared by Baker Tilly for Beloit Road Senior Apartments LLC and placed it on file; staff said the audit was clean but highlighted ongoing expense pressures, deferred maintenance and constrained cash flow at the 104‑unit project‑based voucher property.
The West Allis Community Development Authority received and placed on file an audit of Beloit Road Senior Apartments LLC prepared by Baker Tilly, U.S. LLP. The authority approved the audit for the record; staff said the audit itself contains no findings but that there are significant underlying operating pressures that require attention.
Patrick, a housing authority staff member, said the audited “loss” is largely an accounting matter tied to payments the authority would waive in exchange for property return, and that Baker Tilly’s written audit contained no material weaknesses. He said staff has identified maintenance and capital needs across the 1940s‑era property, including two roofs, drywall and deteriorating railings, and that contractors are addressing sewer laterals and other deferred work.
Staff described the property as project‑based voucher housing that currently has a calculated rental rate the authority approves; the meeting record includes a discussion that the payment standard used at Beloit Road was increasing (the transcript cited figures that staff read aloud), but staff stressed that rising expenses—insurance, snow removal, ongoing repairs and vacancies—are squeezing cash flow. Staff said the authority’s operating reserves (described in the meeting as roughly “300 and some thousand”) are limited, and that a recent tax assessment appeal reduced the assessed value by about $17,000. Patrick said the authority is discussing long‑term options, including sale to a nonprofit buyer, but noted tax‑credit compliance requires the property remain affordable for an additional 15 years if sold under current agreements.
During discussion, board members asked for unit counts and unit types; staff said there are 104 units, primarily one‑bedroom units configured for single occupancy as required by the project‑based voucher terms. A motion to accept and place the audit on file was moved and seconded; the authority voted “Aye” and the audit was placed on file. Staff said no immediate action is required beyond the record placement and ongoing property management follow‑up with the tax‑credit investor.
Staff asked Ogden and finance staff (including Chris Moen) to prepare a property‑level list of capital and maintenance needs so the authority can prioritize work and discuss options with its tax‑credit investor.
No vote tally was recorded in the public transcript for the audit acceptance beyond the board verbally approving the item.
