Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Housing topic
No spam. Unsubscribe anytime.
Housing authority reports positive balance but says 21 vouchers remain unissued due to funding limits
Summary
Sheridan Housing Authority reported a year-to-date net income and positive cash balances for March and April but said 21 vouchers are unused because HUD funding per voucher does not cover current rents; staff also described an FSS escrow balance held for participants.
Housing Authority staff briefed the council that the Housing Choice Voucher program finished March with a cash balance of $156,875 and April with $178,032, and that year-to-date net income stood near $25,000. "This is good news because it means we're receiving more money from HUD than we're spending in the HCV program," staff said.
Staff explained that HUD’s per-voucher funding has not kept pace with local rent increases, so the authority cannot issue roughly 21 available vouchers even though they hold the allocation. "We don't have the funding to issue those," staff said, noting that higher local rents and fixed HUD subsidy amounts produce a funding shortfall for some vouchers. About 20–21 vouchers are currently not leased because of that funding gap or because recipients have ported out of jurisdiction.
The manager also described a Family Self-Sufficiency (FSS) operating cash balance (escrow) of about $295,000 held for participants as they progress through the program; those funds are paid out to participants who meet graduation milestones from the FSS program. Staff said HUD is closely monitoring spending and that the authority is using a two-year projection tool to avoid shortfalls.
Council moved to approve the program report; the motion was seconded and passed. No new vouchers were issued at the meeting and staff said they would not pull new applicants from the waiting list while funding is constrained.
