Green Bay Housing Authority approves 2024 audit, discusses Mason Manor RAD conversion and local housing projects

The Green Bay Housing Authority voted to approve its 06/30/2024 audit and spent much of its Feb. 20 meeting reviewing Mason Manor’s ongoing Rental Assistance Demonstration (RAD) conversion, related accounting entries and the authority’s role in a range of downtown and neighborhood housing projects.

The audit approval allows the authority to finalize its HUD submittal, the housing authority director said, and board members moved and seconded the measure; the motion passed after the board answered no further questions. The director told the board the authority’s net assets exceeded liabilities by about $20,000,000 on the audit largely because Mason Manor was removed from the authority’s books and placed into an LLC structure, and that the housing authority now shows interest-bearing, deferred loans from the LLC as assets tied to those buildings.

Why it matters: the accounting changes are linked to the authority’s RAD conversion for Mason Manor and reflect long-term structural changes to how the authority holds and finances those properties. The director said the loans “will not ... they’re loans that will never be paid,” explaining the authority can call the loans at the end of the period of affordability and reclaim buildings if necessary. The audit also records two HUD findings…