FY25 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, 2023 was $6,173,093, a decrease of $52,516 or .84% from the fiscal year 2022 year-end fund balance. At the end of fiscal year 2023, $1,340,537 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) FY24 – FY26 are estimates

Fiscal year 2024 revised year-end fund balance increased by 8.6% or $533,072 over the fiscal year 2023 ending balance.

In fiscal year 2025, the Housing Authority’s fund balance is projected to increase by $392,262 or 5.8%. The fiscal year 2025 increase in fund balance is also projected due to a surplus generated in the Housing Choice Voucher Program. Revenues: HUD allocations account for approximately 97.0% of ICHA revenue. ICHA is projected to receive $12,448,528 in federal funding through HUD in fiscal year 2025. This is a 4.6% increase from the fiscal year 2024 revised budget primarily due to the expansion of the Housing Choice Voucher programs.

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