FY2022

HOUSING AUTHORITY FUND The Housing Authority Fund is an enterprise fund that accounts for the public housing programs operated by the Iowa City Housing Authority (ICHA) including the rental assistance programs and the City-owned public housing units. These programs are primarily funded through Federal funds from the U.S. Department of Housing and Urban Development (HUD). The Housing Authority Fund’s total fund balance on June 30, 2020 was $7,828,046, an increase of $488,956 or 6.66% from the fiscal year 2019 year-end fund balance. The increase in fiscal year 2020 was primarily due to an increase in Housing Voucher Program grant revenue and administration fees. At the end of fiscal year 2020, $3,342,188 in fund balance was restricted for maintenance and development of Public Housing units and the development of affordable homeownership opportunities. Fund balance history and projections are as follows:

(1) FY21 – FY23 are estimates

Fiscal year 2021 revised year-end fund balance decreased by 23.72% or $1,856,639 under the fiscal year 2020 ending balance. The fiscal year 2021 decrease is due to the purchase of low- income housing units in the Chauncey Building and the Augusta Place. Fiscal year 2022 budgeted fund balance is expected to increase from fiscal year 2021 by $214,443 or 3.59%. This projected increase is also due to a surplus generated in the Housing Voucher Program. Revenues: HUD allocations account for approximately 96% of ICHA revenue. ICHA is projected to receive $10,221,509 in federal funding through HUD in fiscal year 2022. This is a 2.87% percent decrease from the fiscal year 2021 revised budget due to the City receiving $559,936 in CARES Act Housing Voucher Program grants in fiscal year 2021.

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