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 related to the Capital Fund Program (CFP): HUD instructed the authority to draw down CFP funds and the authority did not expend all funds within a 14-day window HUD required, producing a finding and a large journal entry that the director said technically misstated the financial statements without the corrective entry.

Board action and next steps - The board approved the 06/30/2024 audit so staff can complete the final HUD submittal. The director asked for approval so the audit could be finalized; board members moved, seconded and approved the report during the meeting.

Mason Manor renovation, tenant relocation and art program The meeting included program updates on Mason Manor’s phased renovation. The authority reported it expects to occupy the third quadrant of renovated units in March; of that quadrant, 14 units will be filled by residents relocating from outside the immediate community, and after the third-quadrant moves the authority will proceed to quadrant four, with occupancy of quadrant four expected in mid-June to early July or the first week in August, depending on construction progress.

The authority said it has allowed a buffer of vacancies to manage relocations and tax-credit paperwork, and staff described the relocation process as complex because of tax-credit documentation requirements. Board members and staff noted relocation has been a particular challenge in coordination with the development team.

On project amenities, the authority is hiring a project coordinator for Mason Manor’s public-art program and will engage tenants in collaborative art installations in stairwells where historic tax-credit rules prevent altering interior red brick walls, the director said. The authority reported receiving a reimbursement for insurance proceeds related to a policy cancellation in November 2023, which increased Mason Manor-related balances in the financial reports.

Local development pipeline In the director’s report the authority outlined a pipeline of local projects that could affect housing supply downtown and nearby neighborhoods: Ford on Broadway (opened Feb. 1 and reported as more than 200 units, mixed market and affordable), a 55-unit market-rate conversion above a U.S. Bank branch, a 225-unit market-rate Shipyard development, a combined fire station with affordable apartments at the Badger Sheet Metal site (pending county funding decisions), the Under North Monroe site (proposed 48 rental units and 27 townhomes with remediation and design in progress), a JBS workforce housing project of about 95 units, and other infill projects including work by Habitat Homestead. The authority said developers submitted revised plans for the Bosses Building (now listed at 71 units) and that Newland is under construction across the street from that site.

Community land trust work Board members said the mayor and NeighborWorks are convening a panel to design a community land trust intended to create a renewable source of financing to help low- and moderate-income buyers purchase homes. The authority said it may contribute a small number of single-family lots from existing JBS sites to seed the trust; the initiative remains in development with consultant support and stakeholders including Habitat for Humanity, NeighborWorks, lenders and realtors.

Financial and program implications The director said privatization of some assets and the RAD conversion has freed capital that could be used to acquire or subsidize additional affordable housing in the future, including the possibility the authority could issue bonds or use existing capital to fill development financing gaps. The authority also noted the departure of two HUD representatives who had supported the authority, which staff said could affect future technical assistance and follow-up work with the agency.

Ending Board members set the next meeting for March 20, 2025, and adjourned after routine business.