Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing Finance topic
No spam. Unsubscribe anytime.
Jefferson Square posts positive year‑to‑date performance; Yahara River Housing balance and unit availability discussed
Summary
Staff reported Jefferson Square revenues and expenses were both under budget through May, resulting in a net positive position year‑to‑date; Yahara River Housing checking balance and a newly‑designated repair‑and‑replacement reserve were noted, and staff said an imminent property sale could affect reserves. Occupancy updates show recent move‑ins and management changes at some properties.
Housing and redevelopment staff updated the Community Development Authority on July 10 with financial and occupancy reports.
Jefferson Square: Staff reported that through the end of May the property’s revenues were slightly under budget and expenses were also below projection, producing a net positive result against a budgeted loss of about $45,000. Staff cautioned that refurbishment and unit‑turn timing later in the year could change the outcome, reporting that expected refurbishment expenses had not yet occurred for the year.
Yahara River Housing and reserves: Staff said Yahara River Housing had roughly $42,000 in checking and that a repair‑and‑replacement reserve of about $33,000 is now being shown on balance reports to begin setting aside funds for future repairs. Staff noted a likely property sale with a closing expected next week, which would change reserve needs and ownership assumptions.
Occupancy and management: All available units at Jefferson Square have been spoken for and move‑ins are scheduled. Staff noted Attic Angel will take on more direct management and contractor oversight in some cases to accelerate unit turns. The 509 building still had two available units; staff reported the team lowered rent to $925 to test leasing demand.
Redevelopment holdings: Fund 910 now includes buildings under capital assets because the CDA has purchased buildings, including 109 West North, which currently produces tenant revenue but has added utility expenses.
Board members asked questions and staff said they would circulate more detail as items progress.
