FY2024 Proposed Budget

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, 2022 was $6,225,607, an increase of $300,009 or 5.06% from the fiscal year 2021 year-end fund balance. At the end of fiscal year 2022, $1,292,924 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) FY23 – FY25 are estimates

Fiscal year 2023 revised year-end fund balance increased by .01% or $361 over the fiscal year 2022 ending balance. In fiscal year 2024, the Housing Authority’s fund balance is projected to increase by $533,071 or 8.6%. The fiscal year 2024 increase in fund balance is also projected due to a surplus generated in the Housing Choice Voucher Program. Revenues: HUD allocations account for approximately 97% of ICHA revenue. ICHA is projected to receive $11,901,251 in federal funding through HUD in fiscal year 2024. This is an 13.7% increase from the fiscal year 2023 revised budget primarily due to the expansion of the Housing Choice Voucher programs.

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