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SF Housing Authority finance report: HUD recapture left $22.5M shortfall; authority used reserves and new investments
Summary
Agency finance staff told commissioners HUD recaptured reserves last year, leaving an operating shortfall of $22.5 million. Staff described investment of reserve funds in U.S. Treasury securities to earn higher yields and said reserves have been used to cover pension liabilities and site arrears.
San Francisco Housing Authority finance staff told the board that a federal recapture of Housing Assistance Payments (HAP) reserves last year produced a $22.5 million shortfall in HAP funding and that the authority is seeking recovery of those funds from the U.S. Department of Housing and Urban Development (HUD).
Roy Lobo, finance department staff, said the agency has appealed the recapture and continues to work with HUD; the housing authority has requested the $22,500,000 and is monitoring when those funds will be committed. "We are $22,500,000 in shortfall today," Lobo said, adding that the agency has taken steps to manage cash flows and contingency needs while it seeks the federal recovery.
Finance staff described how the authority has used or…
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