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Housing Authority outlines FY2024 savings, voucher programs and a potential HUD offset shortfall
Summary
Finance staff reported FY2024 savings tied to delayed IT modernization and tenant services, described HAP funding ($394 million) and warned that two HUD offsets (one for $10 million and another for $5 million) could create a small shortfall, with staff appealing and working with HUD on reconciliation.
The Housing Authority provided a fiscal-year review and a warning about federal funding offsets that could create a small shortfall for housing-assistance payments.
Finance presentation: staff reported that FY2024 revenues for the Housing Choice Voucher (HCV) program were in line with the approved budget and that expenses produced roughly $3 million in savings largely because IT modernization and some tenant services were deferred to FY2025. The Authority said some savings will be spent on planned IT modernization and tenant…
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