FY2027 Adopted Budget

In March of 2026 Johnson County conveyed the property at 1102 Hollywood Blvd to the City following a process to find a local partner to provide affordable housing at the site. The property is a 15 2-bedroom multi-family building that will be managed by the Housing Authority. The City will sell the property to Iowa City Affordable Housing Inc., a PHA instrumentality, to enable the use of HUD VASH project-based vouchers for veterans experiencing homelessness. The Housing Authority will partner with the VA to provide ongoing housing support services. It is expected that leasing will start fall of 2026.

The Iowa City Property Management Fund accounts for the operations of the City-owned rental units in these eight developments.

Fund Balance: The fiscal year 2027 ending fund balance is projected at $146,369. The reduced fund balance is due to repairs at the Peninsula Apartments.

Revenues: Revenue is projected at $539,000 in fiscal year 2027, a decrease of 17.2% from fiscal year 2026. This is due to a contribution/donation received in fiscal year 2026 for property acquisition, which is partially offset by rent revenue from Valor Pointe.

Expenditures: Expenditures are budgeted to decrease by $1,114,550 or 62.1% in fiscal year 2027 primarily due to property acquisition in fiscal year 2026.

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