Durham Housing Authority PROPOSED BUDGET For the year ending December 31, 2013

Transcription

1 Durham Housing Authority PROPOSED BUDGET For the year ending December 31, 2013 Presented to the Board of Commissioners December 19,

2 Contents Transmittal Letter... 4 Funding Decisions By Others... 5 Strategic Planning and FY2013 Goals/Objectives... 5 Process... 6 Summary... 6 Positions and Organization... 7 Schedule of Positions... 7 Organizational Chart of Cost Centers... 8 Summary... 9 Major Assumptions... 9 Operating Summary By Major Program Area Comparison Sources of Chart Expenses by Object Chart Asset Management Properties Summary Information AMP Summary AMP Scattered Sites AMP JJ Henderson AMP Forest Hills Heights AMP Cornwallis AMP Laurel Oaks AMP McDougald Terrace AMP Birchwood Estates AMP Edgemont Elms PH Units AMP Morreene Road AMP Damar Court AMP Oldham Towers AMP Liberty Street AMP Hoover Road AMP Oxford Manor AMP Club Blvd AMP Main Street AMP Morning Glory AMP Calvert Place FY2013 DHA Page 2 of 93

3 AMP Holman Homes Housing Choice Voucher Program Summary Information HCV Program - Administration HCV Program - HAP Central Office Cost Center Summary Information Summary COCC Board of Commissioners COCC CEO Office COCC CFP Administration COCC Development & Real Estate Strategies COCC Human Resources COCC Technical Services COCC Accounting COCC Information Technology COCC Procurement Development Ventures Incorporated Summary Information Summary DVI Administration DVI Lincoln Apartments Edgemont Elms Housing, Inc Edgemont Elms Non-PH Units Preiss-Steel Place Housing, Inc Preiss-Steele Place Learning Assistance, Inc Learning Assistance FY2013 DHA Page 3 of 93

4 330 E. Main Street P.O. Box 1726 Durham, NC (919) FAX: (919) TDD/TTY: (800) ext. 774 durhamhousingauthority.org A Commitment to Quality Living December 19, Transmittal Letter Board of Commissioners Durham Housing Authority 330 East Main Street Durham, NC To the Board of Commissioners: I am pleased to present the Durham Housing Authority's proposed budget for fiscal year The purpose of this document is to provide the Board, Authority management and staff, and other Authority stakeholders with a comprehensive guide to the Authority's fiscal goals and objectives for the upcoming year. The FY2013 budget totals (before eliminations) $35,760,791, a decrease of $390,306 (-1%) compared to the FY budget. The Authority budget is composed of four (4) primary service areas the Low Rent Public Housing program, the Housing Choice Voucher (HCV) program, the Central Office Cost Center (COCC), and affordable housing properties. The FY2013 budget is expected to yield an operating surplus of $651,100. The Central Office Cost Center, Development Ventures Incorporated, Preiss-Steele Place Housing, Inc., and Learning Assistance, Inc., are all projected to experience a deficit for FY2013. The projected surpluses and deficits are shown in Table 1 - Cost Center Surplus/(Deficit) Summary. We have been very conservative in forecasting and developing this budget. Congress has currently authorized a continuing resolution that provides funding through March 31, 2013 at the same level as during FY. However, major expenditure cuts are anticipated to occur on or about January 1, 2013, due to previous actions taken by Congress. It is not clear at this time what the extent of the expenditure changes will be Table 1: Cost Center Surplus/(Deficit) Summary Fund/Cost Center or how they may impact the Authority. We have assumed what we think is a worst case scenario for these government funding projections when guidance was not available from HUD. In an attempt to maintain the Authority's strong financial position, some key decisions are noteworthy. These include: Funding for raises averaging 3.0% for Authority employees has been included in the budget; The creation of 2.5 full-time equivalent positions in the Development department; Surplus/(Deficit) AMPs (Consolidated) $ 307,235 HCV HAP 132,032 HCV Administration 794 Central Office Cost Center (37,293) Development Ventures Incorporated (1,150) Edgemont Elms Housing, Inc. 95,281 Preiss-Steele Place Housing, Inc. (116,357) Learning Assistance, Inc. (6,766) Total Surplus $ 373,776 Due to funding shortfalls from the U.S. Department of Housing and Urban Development (HUD), the HCV Program administration is unable to pay full management fees to the Central Office Cost Center. For the FY2013 budget, a management fee of $4.98 per unit month leased will be charged. Staff continue their efforts to explore measures to reduce costs, improve efficiency, and improve services. The FY2013 DHA Page 4 of 93

5 financial impact of these many decisions vary in budgetary impact and require an ongoing analysis of operations. Funding Decisions By Others One area that has a significant impact on the Authority's budget and financial position are funding decisions made at the Federal government level. For several years the Authority has struggled with funding shortfalls from the Federal government. These funding shortfalls are created when eligibility exceeds appropriated amounts, forcing HUD to prorate funding for operating subsidies to housing authorities. Based on information available, it appears HUD is continuing into 2013 using the same methodology for the calculation of operating subsidy eligibility as this past year. Given the uncertain nature of funding availability, the Authority has budgeted operating subsidy at a 90% proration level. At the Authority level, significant improvement has been made during the past year in improving the occupancy rate at the public housing properties. However, there has been a concurrent decrease in average rent at the majority of the communities. This negatively impacts net rental income. At the Federal level, HUD started prorating HCV Program administrative fees in FY2008 and continued this through subsequent years. This reduced funding level is anticipated to continue through FY2013. During FY, the projected proration of HCV administrative fees is approximately 82%. For the FY2013 budget, management used a projected proration of 80% pending Congressional budget action. In addition to the funding shortfall, the HCV Program has experienced a decline in unit utilization, dropping to approximately 97%. This reduced utilization negatively impacts the programs ability to pay the management fee as the fee is based on vouchers leased. This funding shortfall has resulted in the HCV Program Administration not having sufficient operating funds available to be able to pay management and bookkeeping fees to the Central Office Cost Center. The maximum amount that could be charged is $19.00 per unit month leased, which would yield in excess of $600,000 in management fees for the Central Office Cost Center. During FY these fees were originally budgeted at $5.42 per unit month leased. For FY2013, we are proposing to reduce the management fee to $4.98 per unit month leased. At this level, the Central Office Cost Center is losing in excess of $400,000 in potential management fees. Strategic Planning and FY2013 Goals/Objectives The Authority has implemented a balanced scorecard to provide guidance to operations in an effort to ensure initiatives and projects are aligned with strategic goals and objectives. According to the balanced scorecard, named the Blueprint for Success, the following strategic objectives have been established for the Authority: Customers/Stakeholders Perspective Increase Customer Satisfaction Improve Customer Service Improve Partner Relationships Business Processes Perspective Increase Resident Self-Sufficiency Improve Communication Improve Cost Controls Improve Operational Efficiency Increase Marketing Increase Decrease Expenses Financial Perspective Organization Capacity Perspective Improve Housing Assets, Infrastructure and Fleet Increase Housing Opportunities Improve Recruitment, Selection and Retention Improve Knowledge, Skills and Abilities Enhance Technology Tools In addition to the strategic objectives identified in the Blueprint for Success, additional objectives may manifest FY2013 DHA Page 5 of 93

6 themselves from time to time. Currently, the Authority is working on major development projects like the Goley Pointe project, a rehabilitation of Preiss-Steele Place, a Choice Neighborhood Initiative grant planning process in the area of McDougald Terrace, and implementation of a Rental Assistance Demonstration (RAD) program at Morreene Road. Process The budget process for the Authority is one that occurs throughout the year. Once a budget is adopted, staff members continue to monitor expenditures against the budget and make adjustments as deemed appropriate. The process of producing a proposed budget for the Board's consideration and approval is a subset of the larger process and covers a period of time about four (4) months in length. The Timeline (see Illustration 1) summarizes the budget calendar that was used to develop the FY2013 budget. Summary Hopefully the information presented in this summary has provided the Board members and other stakeholders in the Authority's budget with a good overview of the Authority's plans for FY2013 and how available financial resources will be used to achieve those plans. We believe the budgeting process has been conservative and completed in a responsible manner in light of the Authority's challenges, internal realities, and the external environment. The annual budget, the Blueprint for Success, and the Authority's policies are some of the most important policy statements the Authority has to guide decisions and keep citizens, residents, and other stakeholders aware of our goals and objectives. They help to set forth the vision for the Authority's future and how that vision will be reached. This budget proposal is respectfully submitted for your careful attention and consideration. I believe your decisions regarding the budget will provide an important stepping stone for the Authority to continue moving forward and upward. As I close, I would like to recognize the hard work, effort and commitment of all Authority staff who were involved in the development of this budget proposal. The entire staff stands ready to assist you during your review and discussion. Respectfully submitted, /s/ Dallas J. Parks Chief Executive Officer FY2013 DHA Page 6 of 93

7 Positions and Organization Schedule of Positions Durham Housing Authority 2013 Proposed Schedule of Positions By Cost Center Cost Center Operations (AMPs and Affordable Housing) Senior Property Managers Team Team Team Team Team Team Team Resident Selection Team PH Recertification Team Sub-total Operations Central Office Cost Center Chief Executive Officer Capital Fund Program Admin Corporate Communications Human Resources Accounting Procurement Information Technology Asset Management Technical Services Development Sub-total Central Office Resident Services Housing Choice Voucher HOPE VI Total Positions Total Positions FY2013 DHA Page 7 of 93

8 Organizational Chart of Cost Centers FY2013 DHA Page 8 of 93

9 Summary Major Assumptions In preparing the FY2013 proposed budget, staff had to make certain assumptions and estimates. The list below outlines some of the decisions that were made: 1. Average 3% pay increases will be provided for employees during FY HCV administrative fees are based on FY rate levels prorated at 80% of projected eligibility and assume a 97% unit utilization rate for the program. 3. HCV housing assistance payments have been calculated using a formula provided by HUD that is based on actual performance and data for. 4. The proration level for the operating subsidy for AMPs is based on 90% of eligibility and rent rolls from the period of July 2011 through June. 5. Public housing units at Edgemont Elms will be placed in operation as of January. 6. The occupancy rate at Preiss-Steele Place has been established at 75%. 7. The number of positions for FY will be which represents a decrease of nine tenths of one position (0.9) compared to the FY budget. FY2013 DHA Page 9 of 93

10 Operating Summary By Major Program Area Durham Housing Authority Operating Summary FY2013 Low Rent Public Housing Central Office Cost Center HCV Program Development Ventures Incorporated Learning Assistance, Inc. Preiss-Steele Place Housing, Inc. Edgemont Elms Housing, Inc. Total Dwelling Rental Gross Rent $ 3,608,287 $ - $ - $ - $ - $ 583,848 $ 346,500 $ 4,538,635 Less: Vacancy Loss (104,094) (148,824) (6,900) (259,818) Net Rental Income 3,504, , ,600 4,278,817 Non Dwelling Rental 56, ,697 Management Fees - 1,605,658 1,705, ,311,250 Technical Services Fees - 884, ,005 CFP Admin Fees - 225, ,539 Fraud Recovery , ,500 Excess utilities 79, ,628 HUD Operating Subsidy 8,823, ,823,249 CFP Grant Capital 200, ,220 CFP Grant Mgmt Imp. 160, ,862 Other HUD Grants ,650, ,650,000 Interest Income - - 1, ,900 Other Income 123, ,694-1,000 26,000 3, ,582 Other Inc Maint. Charges 70, , ,473 Other Income Late Fees 67, ,500 2,118 70,669 Net Income Washers/Dryers 18, ,000-24,500 Expenses Total 13,104,438 3,112,896 19,377,092 1,350 26, , ,341 36,411,891 Administrative Salaries 1,217,891 1,352, , ,074 20,542 3,413,263 Other Administrative 567, , ,600 8,000 1,000 26,547 12,275 1,684,480 Management Fees 1,851, ,452 23,772 1,905,623 Resident Services 284,348-59,391-10, ,702 Utilities 3,027,744 36,859 13, ,850 29,533 3,182,500 Maintenance Salaries 1,058, , ,500-1,352,945 Maintenance Materials 364,528 32, ,570 6, ,070 Maintenance Contracts 2,980,243 70,402 32,430 18, ,888 66,883 3,309,846 Protective Services 45, ,500-5,500 10,800 81,700 General Expenses 1,414, ,075 17,845,840 5,000 20, ,844 78,033 20,054,662 Total Expenses 12,811,734 2,935,189 19,244,266 50,500 32, , ,060 35,760,791 Net Operating Income/(Loss) 292, , ,826 (49,150) (6,767) 8,499 95, ,100 Transfers In , ,000 Transfers Out - (215,000) (215,000) Debt - Principal Payments (125,098) - (125,098) Appropriated Retained Earnings 14,531 37,293-1,150 6, , ,340 Net Income/(Loss) $ 307,235 $ - $ 132,826 $ - $ - $ - $ 95,281 $ 535,342 FY2013 DHA Page 10 of 93

11 Comparison Durham Housing Authority Comparison FY2013 and FY Change % Change 2013 Request Dwelling Rental Gross Rent 4,459,551 $ 4,538,635 79,084 2% Less: Vacancy Loss (297,399) (259,818) 37,581-13% Net Rental Income 4,162,152 4,278, ,665 3% Non Dwelling Rental 64,763 56,697 (8,066) -12% Management Fees 3,157,230 3,311, ,020 5% Technical Services Fees 721, , ,426 23% CFP Admin Fees 252, ,539 (27,412) -11% Fraud Recovery 16,200 20,500 4,300 27% Excess utilities 49,128 79,628 30,500 62% HUD Operating Subsidy 8,842,422 8,823,249 (19,173) 0% CFP Grant Capital 200, , % CFP Grant Mgmt Imp. 275, ,862 (114,536) -42% Other HUD Grants 18,574,680 17,650,000 (924,680) -5% Interest Income 2,500 1,900 (600) -24% Other Income 219, , , % Other Inc Maint. Charges 68,605 72,473 3,868 6% Other Income Late Fees 90,967 70,669 (20,298) -22% Net Income Washers/Dryers 24,339 24, % Expenses Total 36,722,355 36,411,891 (310,464) -1% Administrative Salaries 3,281,090 3,413, ,173 4% Other Administrative 1,295,023 1,684, ,457 30% Management Fees 2,029,893 1,905,623 (124,270) -6% Resident Services 292, ,702 61,975 21% Utilities 3,331,372 3,182,500 (148,872) -4% Maintenance Salaries 1,306,324 1,352,945 46,621 4% Maintenance Materials 440, ,070 (19,771) -4% Maintenance Contracts 2,979,825 3,309, ,021 11% Protective Services 20,450 81,700 61, % General Expenses 21,173,552 20,054,662 (1,118,890) -5% Total Expenses 36,151,097 35,760,791 (390,306) -1% Net Operating Income/(Loss) 571, ,100 79,842 14% Transfers In - 48,000 48,000 Transfers Out - (215,000) (215,000) Debt - Principal Payments (110,568) (125,098) (14,530) 13% Appropriated Retained Earnings , , % Net Income/(Loss) $ 461,433 $ 535,342 $ 73,909 16% FY2013 DHA Page 11 of 93

12 Sources of Chart FY2013 Sources of Net Rental Income 12% Management Fees 12% Other Income Sources 51% Capital Fund Grants 1% HUD Operating Subsidy (PH & HCV HAP) 24% Expenses by Object Chart FY2013 Operating Expenses Administrative Salaries 10% Other Administrative 5% Management Fees 5% Resident Services 1% General Expenses 56% Utilities 9% Maintenance Salaries 4% Maintenance Materials 1% Protective Services 0% Maintenance Contracts 9% FY2013 DHA Page 12 of 93

13 Asset Management Properties Summary Information The Authority operates several communities pursuant to HUD's Public Housing program. There are fifteen developments owned and operated by the Authority and four developments that were constructed pursuant to a HOPE VI Grant. The HOPE VI communities are managed by a partner. For the Public Housing program, HUD determines an allowable amount for the operation of a housing community, factors in the amount the Authority may be able to collect from tenants for rent they pay, and HUD then provides a subsidy to housing authorities to make up that difference. According to the asset management model mandated by HUD, each AMP is treated as a separate project for budgeting and accounting purposes. Although we present information and discuss budget changes for the AMPs on a consolidated basis, each AMP's budget stands on its own. Consolidated, budgeted expenses for the AMPs for the FY2013 are $12,811,734, an increase of $249,470 (2%) from FY. At the same time, budgeted revenues are $13,104,438, a decrease of $84,301 (1%). This is projected to yield a surplus of $307,235. In addition, each individual AMP is projected to experience a surplus or to break even except for Hoover Road. The following information provides additional detail regarding the projections of revenues and expenses for the AMPs. s: 1. Dwelling Rental income for FY2013 is budgeted based on the July 2011 June rent rolls. These were used to determine average occupancy rates and average rent amounts for the AMPs. The table below shows the projected occupancy rates by community: AMP # of Units Occupancy FY2013 DHA Page 13 of 93 Rate Average Rent Occupancy Rate Average Scattered Sites % $ % $ JJ Henderson % % Forest Hill Heights % % Cornwallis % % Laurel Oaks % % McDougald Terrace % % Birchwood Estates % % Edgemont Elms PH Units 16 n/a n/a 95.0% Morreene Road % % Damar Court % % Oldham Towers % % Liberty Street % % Hoover Road % % Oxford Manor % % Club Blvd % % Reference Only FY FY2013 Main Street % % Morning Glory % % Calvert Place % % Holman Homes % % Net rental income is projected to increase during FY2013 compared with the FY budget by 2% ($66,208). Rent

14 2. The Operating Subsidy for FY is estimated at $8,823,249, an increase of $16,115 (less than 1%) For budgetary purposes, a 90% proration rate is assumed. 3. Other revenue items are increasing or decreasing by various amounts based on an analysis of actual and historical results. Overall, consolidated AMP revenues are projected to be almost 1% less than FY. Expenses: 1. Administrative Salaries are slightly lower for FY2013. For the AMPs and related departments, no changes in personnel are planned for FY Overall expenses are decreasing by $27, All individual AMPs are budgeted to at least break even except for Hoover Road, which will use an allocation of unrestricted net assets in order to balance the budget. General Expenses 11% Protective Services 0% FY2013 AMP Expenses - Consolidated Administrative Salaries 10% Other Administrative 4% Maintenance Contracts 23% Management Fees 15% Resident Services 2% Maintenance Materials 3% Maintenance Salaries 8% Utilities 24% Other Tenant Services 0% Consolidated AMP Expenses - Annual Comparison $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $ FY2013 DHA Page 14 of 93

15 AMP Summary Public Housing AMPs - Consolidated FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 3,488,347 $ 3,555,342 $ 3,620,455 $ 3,608,287 $ 52,945 1% Less: Vacancy Loss - (117,357) - (104,094) 13,263-11% Net Rental Income 3,488,347 3,437,985 3,620,455 3,504,193 66,208 2% Non-Dwelling Rental Income 64,588 64,763 58,812 56,697 (8,066) -12% Fraud Recovery - 1, (700) -58% Excess Utilities 81,068 49,128 70,349 79,628 30,500 62% HUD Operating Subsidy 8,650,695 8,807,134 9,254,226 8,823,249 16,115 0% CFP Grant - Capital 250, , , , % CFP Grant - Mgmt Improvements 255, , , ,862 (114,536) -42% Interest Income (700) Other Income 131, , , ,015 (56,304) -31% Other Income - Maintenance Charges 18,367 67,975 72,249 70,523 2,548 4% Other Income - Late Fees 83,262 85,587 58,495 67,051 (18,536) -22% Washer/Dryer Income 14,795 20,250 17,363 18,500 (1,750) -9% Total 13,038,039 13,188,739 13,749,121 13,104,438 (84,301) -1% Expenses Administrative Salaries 1,089,014 1,184,790 1,100,401 1,217,891 33,101 3% Other Administrative 644, , , ,142 31,614 6% Management Fees 1,784,241 1,826,434 1,774,309 1,851,399 24,965 1% Resident Services 208, , , ,348 3,498 1% Other Tenant Services 4,916-20, Utilities 3,153,772 3,135,872 2,911,573 3,027,744 (108,128) -3% Maintenance Salaries 1,170,419 1,067, ,756 1,058,523 (9,438) -1% Maintenance Materials 421, , , ,528 (18,622) -5% Maintenance Contracts 3,224,211 2,724,032 2,768,950 2,980, ,211 9% Protective Services 8,493 17,950 1,228 45,900 27, % General Expenses 1,604,816 1,405,697 1,219,530 1,414,016 8,319 1% Total Expenses 13,318,766 12,562,264 11,989,796 12,811, ,470 2% Operating Income/(Loss) (280,727) 626,475 1,759, ,704 (333,771) -53% Appropriated Retained Earnings ,531 14,531 Net Income/(Loss) $ (280,727) $ 626,475 $ 1,759,325 $ 307,235 $ (319,240) -51% FY DHA Page 15 of 93

16 AMP Scattered Sites General Information The proposed budget for FY2013 for the Scattered Sites AMP is essentially unchanged compared to the FY. Total revenues are expected to decrease by approximately 7%. The AMP is still expected to operate at a surplus of $14,656. Scattered Sites is composed of 50 units. For FY2013, the projected occupancy rate is 99.6% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to Scattered Sites: Administrative Senior Property Manager 1 Senior Property Manager 2 Housing Manager Assistant Housing Manager Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Site Laborer Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager Scattered Sites $350,000 $339,961 $300,000 $301,895 $295,181 $315,612 $300,458 $300,956 $250, Expense FY DHA Page 16 of 93

17 Financial Information Scattered Sites FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 152,658 $ 153,600 $ 155,369 $ 150,600 $ (3,000) -2% Less: Vacancy Loss - (3,072) - (1,506) 1,566-51% Net Rental Income 152, , , ,094 (1,434) -1% Non-Dwelling Rental Income Fraud Recovery Excess Utilities HUD Operating Subsidy 140, , , ,588 (19,566) -11% CFP Grant - Capital 3,450 2,760 3,450 2,760-0% CFP Grant - Mgmt Improvements 3,531 3,801 2,775 2,220 (1,581) -42% Interest Income Other Income 2,060 3,853 2,938 2,370 (1,483) -38% Other Income - Maintenance Charges % Other Income - Late Fees (526) -95% Washer/Dryer Income Total 301, , , ,612 (24,349) -7% Expenses Administrative Salaries 27,622 28,040 26,403 29,425 1,385 5% Other Administrative 13,290 15,005 9,732 14,015 (990) -7% Management Fees 40,506 41,031 41,489 40,918 (113) 0% Resident Services 3,281 3,984 3,377 3,911 (73) -2% Other Tenant Services Utilities 84,988 95,000 77,798 71,428 (23,572) -25% Maintenance Salaries 30,439 29,199 29,978 31,031 1,832 6% Maintenance Materials 6,522 4,975 7,787 9,450 4,475 90% Maintenance Contracts 54,786 47,421 41,943 55,019 7,598 16% Protective Services - 1, ,500 3, % General Expenses 33,607 34,203 26,912 40,259 6,056 18% Total Expenses 295, , , , % Operating Income/(Loss) 6,714 39,503 93,547 14,656 (24,847) -63% Appropriated Retained Earnings Net Income/(Loss) $ 6,714 $ 39,503 $ 93,547 $ 14,656 $ (24,847) -63% FY DHA Page 17 of 93

18 AMP JJ Henderson General Information The proposed budget for FY2013 for the JJ Henderson AMP is 2% higher than the FY. Total revenues are expected to decrease by approximately 2%. The AMP is expected to operate at a surplus of $14,852. JJ Henderson is composed of 178 units. For FY2013, the projected occupancy rate is 98.6% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to JJ Henderson: Administrative Senior Property Manager 1 Senior Property Manager 2 Housing Manager Assistant Housing Manager Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Site Laborer Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager $1,100,000 JJ Henderson $1,056,524 $1,050,000 $1,030,100 $1,000,000 $998,109 $973,273 $1,005,426 $990,574 $950,000 $900, Expense FY DHA Page 18 of 93

19 Financial Information JJ Henderson FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 455,282 $ 459,240 $ 460,018 $ 463,512 $ 4,272 1% Less: Vacancy Loss - (5,160) - (7,812) (2,652) 51% Net Rental Income (455,282) (454,080) 460, ,700 1, % Non Dwelling Rental 13,069 13,000 13,617 7,081 (5,919) -46% Fraud Recovery Excess Utilities HUD Operating Subsidy 481, , , ,401 (11,222) -2% CFP Grant - Capital 12,250 9,800 12,250 9,800-0% CFP Grant - Mgmt Improvements 12,539 13,494 9,853 7,705 (5,789) -43% Interest Income Other Income 8,210 12,735 14,163 9,614 (3,121) -25% Other Income - Maintenance Charges 2,349 3, ,350 (966) -29% Other Income - Late Fees 1,275 1, ,275 (278) -18% Washer/Dryer Income 11,479 13,499 14,247 14,500 1,001 7% Total 998,109 1,030,100 1,080,542 1,005,426 (24,674) -2% Expenses Administrative Salaries 93,348 94,641 90,714 98,787 4,146 4% Other Administrative 43,507 36,779 34,743 38,368 1,589 4% Management Fees 142, , , ,447 (747) -1% Resident Services 11,129 13,759 12,866 13, % Other Tenant Services - - 3, Utilities 259, , , ,019 (23,293) -9% Maintenance Salaries 108,239 99, , ,197 7,016 7% Maintenance Materials 55,227 26,235 34,229 33,200 6,965 27% Maintenance Contracts 221, , , ,514 13,552 8% Protective Services ,500 3,500 General Expenses 121, , , ,624 4,414 3% Total Expenses 1,056, , , ,574 17,301 2% Operating Income/(Loss) (58,415) 56, ,253 14,852 (41,975) -74% Appropriated Retained Earnings Net Income/(Loss) $ (58,415) $ 56,827 $ 107,253 $ 14,852 $ (41,975) -74% FY DHA Page 19 of 93

20 AMP Forest Hills Heights General Information The proposed budget for FY2013 for the Forest Hills Heights AMP is 4% higher than the FY. Total revenues are expected to increase by approximately 3%. The AMP is expected to operate at a surplus of $8,527. Forest Hills Heights is composed of 55 units. For FY2013, the projected occupancy rate is 99.9% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to Forest Hills Heights: Administrative Senior Property Manager 1 Senior Property Manager 2 Housing Manager Assistant Housing Manager Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Site Laborer Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager Forest Hills Heights $350,000 $318,753 $310,697 $327,903 $315,240 $336,790 $328,263 $300,000 $250, Expense FY DHA Page 20 of 93

21 Financial Information Forest Hills Heights FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 158,102 $ 156,420 $ 161,434 $ 159,720 $ 3,300 2% Less: Vacancy Loss - (2,844) - (1,452) 1,392-49% Net Rental Income 158, , , ,268 4,692 3% Non Dwelling Rental Fraud Recovery Excess Utilities HUD Operating Subsidy 148, , , ,498 7,149 4% CFP Grant - Capital 3,775 3,020 3,775 3,020-0% CFP Grant - Mgmt Improvements 3,864 4,158 3,036 2,429 (1,729) -42% Interest Income Other Income 3,000 3,174 3,071 2,500 (674) -21% Other Income - Maintenance Charges (75) -13% Other Income - Late Fees (225) -75% Washer/Dryer Income 1,375 1,751 1,604 1,500 (251) -14% Total 318, , , ,790 8,887 3% Expenses Administrative Salaries 27,482 27,888 26,330 29,392 1,504 5% Other Administrative 13,992 10,701 10,676 11,993 1,292 12% Management Fees 44,690 45,211 41,436 45,022 (189) 0% Resident Services 3,524 4,244 3,933 4, % Other Tenant Services Utilities 95, ,286 87,572 90,750 (14,536) -14% Maintenance Salaries 33,172 31,159 31,590 32, % Maintenance Materials 9,814 6,375 11,541 7, % Maintenance Contracts 67,192 44,121 62,178 65,564 21,443 49% Protective Services General Expenses 14,615 40,255 31,213 41,457 1,202 3% Total Expenses 310, , , ,263 13,023 4% Operating Income/(Loss) 8,056 12,663 41,655 8,527 (4,136) -33% Appropriated Retained Earnings Net Income/(Loss) $ 8,056 $ 12,663 $ 41,655 $ 8,527 $ (4,136) -33% FY DHA Page 21 of 93

22 AMP Cornwallis General Information The proposed budget for FY2013 for the Cornwallis AMP is 2% higher than the FY. Total revenues are expected to decrease by approximately 4%. The AMP is expected to operate at a surplus of $14,773. Cornwallis is composed of 200 units. For FY2013, the projected occupancy rate is 96.4% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to Cornwallis: Administrative Senior Property Manager 1 Housing Manager Assistant Housing Manager Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager Cornwallis $1,800,000 $1,750,000 $1,759,672 $1,700,000 $1,673,177 $1,650,000 $1,600,000 $1,550,000 $1,603,197 $1,562,425 $1,614,482 $1,599,709 $1,500,000 $1,450, Expense FY DHA Page 22 of 93

23 Financial Information Cornwallis FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 361,386 $ 384,696 $ 392,411 $ 393,600 $ 8,904 2% Less: Vacancy Loss - (13,464) - (15,744) (2,280) 17% Net Rental Income 361, , , ,856 6,624 2% Non-Dwelling Rental 11,400 11,400 7,255 11,400-0% Fraud Recovery Excess Utilities 14,140 8,381 10,931 8,381-0% HUD Operating Subsidy 1,101,631 1,166,240 1,271,726 1,124,272 (41,968) -4% CFP Grant - Capital 39,350 31,480 39,350 31,480-0% CFP Grant - Mgmt Improvements 40,279 43,348 31,650 25,320 (18,028) -42% Interest Income Other Income 14,261 18,740 12,664 18,740-0% Other Income - Maintenance Charges 6,328 8,033 5,576 8,033-0% Other Income - Late Fees 14,422 14,323 8,917 9,000 (5,323) -37% Washer/Dryer Income Total 1,603,197 1,673,177 1,780,480 1,614,482 (58,695) -4% Expenses Administrative Salaries 143, , , , % Other Administrative 85,383 78,078 61,689 69,532 (8,546) -11% Management Fees 157, , , ,120 (800) -1% Resident Services 31,962 44,187 39,427 44, % Other Tenant Services 560-1, Utilities 420, , , ,182 39,592 10% Maintenance Salaries 121, , , ,147 4,493 4% Maintenance Materials 70,049 63,490 59,316 60,390 (3,100) -5% Maintenance Contracts 557, , , ,051 7,473 2% Protective Services General Expenses 171, , , ,210 (2,872) -2% Total Expenses 1,759,672 1,562,425 1,524,085 1,599,709 37,284 2% Operating Income/(Loss) (156,475) 110, ,395 14,773 (95,979) -87% Appropriated Retained Earnings Net Income/(Loss) $ (156,475) $ 110,752 $ 256,395 $ 14,773 $ (95,979) -87% FY DHA Page 23 of 93

24 AMP Laurel Oaks General Information The proposed budget for FY2013 for the Laurel Oaks AMP is 4% less than the FY. Total revenues are expected to decrease by approximately 5%. The AMP is expected to operate at a surplus of $4,358. Laurel Oaks is composed of 30 units. For FY2013, the projected occupancy rate is 98.8% and average rent is projected to be $96.89 per unit per month. The following personnel (either in whole or a partial allocation) are assigned to Cornwallis: Administrative Senior Property Manager 1 Housing Manager Assistant Housing Manager Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager $300,000 Laurel Oaks $250,000 $267,586 $258,804 $261,064 $255,289 $248,398 $244,040 $200, Expense FY DHA Page 24 of 93

25 Financial Information Laurel Oaks FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 40,100 $ 48,478 $ 42,905 $ 34,920 $ (13,558) -28% Less: Vacancy Loss - (1,616) - (1,164) % Net Rental Income 40,100 46,862 42,905 33,756 (13,106) -28% Non Dwelling Income Fraud Recovery Excess Utilities 3,751 2,700 6,095 2,700-0% HUD Operating Subsidy 191, , , ,743 3,781 2% CFP Grant - Capital 6,200 4,960 6,200 4,960-0% CFP Grant - Mgmt Improvements 6,346 6,830 4,988 3,989 (2,841) -42% Interest Income Other Income 7,667 2,500 2,388 2,500-0% Other Income - Maintenance Charges % Other Income - Late Fees 2,670 2,000 1,522 1,500 (500) -25% Washer/Dryer Income Total 258, , , ,398 (12,666) -5% Expenses Administrative Salaries 23,235 25,884 24,765 26, % Other Administrative 20,303 19,317 15,002 15,034 (4,283) -22% Management Fees 23,944 24,622 22,538 24,387 (235) -1% Resident Services 5,657 6,959 6,226 7, % Other Tenant Services Utilities 72,993 85,150 70,946 76,397 (8,753) -10% Maintenance Salaries 19,641 18,308 19,871 18, % Maintenance Materials 5,232 4,778 8,917 5, % Maintenance Contracts 59,048 37,864 43,317 39,604 1,740 5% Protective Services General Expenses 37,441 32,407 32,149 30,527 (1,880) -6% Total Expenses 267, , , ,040 (11,249) -4% Operating Income/(Loss) (8,782) 5,775 32,873 4,358 (1,417) -25% Appropriated Retained Earnings Net Income/(Loss) $ (8,782) $ 5,775 $ 32,873 $ 4,358 $ (1,417) -25% FY DHA Page 25 of 93

26 AMP McDougald Terrace General Information The proposed budget for FY2013 for the McDougald Terrace AMP is 1% more than the FY. Total revenues are expected to increase by approximately 2%. The AMP is expected to operate at a surplus of $50,306. McDougald Terrace is composed of 344 units (note 16 units are classified for rehabilitation and do not factor for occupancy calculations). For FY2013, the projected occupancy rate is 92.8% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to McDougald Terrace: Administrative Senior Property Manager 1 Housing Manager Assistant Housing Manager (x2) Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Maintenance Technician Maintenance Technician Site Laborer Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager McDougald Terrace $2,850,000 $2,800,000 $2,790,594 $2,750,000 $2,700,000 $2,650,000 $2,600,000 $2,550,000 $2,544,400 $2,583,221 $2,568,740 $2,643,516 $2,593,210 $2,500, Expense FY DHA Page 26 of 93

27 Financial Information McDougald Terrace FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 506,580 $ 552,614 $ 520,929 $ 540,768 $ (11,846) -2% Less: Vacancy Loss - (53,726) - (39,300) 14,426-27% Net Rental Income 506, , , ,468 2,580 1% Non-Dwelling Rental Income Fraud Recovery Excess Utilities 12,064-13,932 15,000 15,000 HUD Operating Subsidy 1,885,766 1,901,748 2,073,760 1,977,193 75,445 4% CFP Grant - Capital 61,775 49,420 61,775 49,420-0% CFP Grant - Mgmt Improvements 63,234 68,051 49,686 39,749 (28,302) -42% Interest Income Other Income 16,606 20,114 23,426 26,650 6,536 32% Other Income - Maintenance Charges (23,438) 20,692 18,489 19,670 (1,022) -5% Other Income - Late Fees 21,813 24,308 14,833 14,366 (9,942) -41% Washer/Dryer Income Total 2,544,400 2,583,221 2,776,830 2,643,516 60,295 2% Expenses Administrative Salaries 234, , , ,377 (138) 0% Other Administrative 147, , , ,247 19,430 19% Management Fees 273, , , ,460 5,694 2% Resident Services 49,766 69,359 62,087 70, % Other Tenant Services 979-1, Utilities 645, , , ,149 (40,651) -7% Maintenance Salaries 240, , , ,803 (811) 0% Maintenance Materials 81,625 92,915 52,318 54,246 (38,669) -42% Maintenance Contracts 702, , , ,473 56,432 9% Protective Services - 5, ,000 10, % General Expenses 413, , , ,277 12,364 4% Total Expenses 2,790,594 2,568,740 2,365,463 2,593,210 24,470 1% Operating Income/(Loss) (246,194) 14, ,367 50,306 35, % Appropriated Retained Earnings Net Income/(Loss) $ (246,194) $ 14,481 $ 411,367 $ 50,306 $ 35, % FY DHA Page 27 of 93

28 AMP Birchwood Estates General Information The proposed budget for FY2013 for the Birchwood Estates AMP is 48% less than the FY. Total revenues are expected to increase by approximately 31%. The AMP is expected to operate at a surplus of $4,648. Birchwood Estates is composed of 4 units. For FY2013, the projected occupancy rate is 100.0% and average rent is projected to be $ per unit per month. No personnel are allocated to Birchwood Estates. Birchwood Estates $10,000 $5,439 $6,680 $7,970 $8,756 $2,913 $4,108 $ Expense FY DHA Page 28 of 93

29 Financial Information Birchwood Estates FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 5,915 $ 6,372 $ 5,376 $ 8,496 $ 2,124 33% Less: Vacancy Loss Net Rental Income 5,915 6,372 5,376 8,496 2,124 33% Non Dwelling Rental Income Fraud Recovery Excess Utilities HUD Operating Subsidy CFP Grant - Capital CFP Grant - Mgmt Improvements Interest Income Other Income (747) Other Income - Maintenance Charges % Other Income - Late Fees (210) -78% Washer/Dryer Income Total 5,439 6,680 5,640 8,756 2,076 31% Expenses Administrative Salaries Other Administrative - 1, (1,431) -88% Management Fees Resident Services Other Tenant Services Utilities % Maintenance Salaries Maintenance Materials % Maintenance Contracts 1,343 4, ,100 (2,520) -55% Protective Services General Expenses 1,482 1,482 1,344 1,408 (74) -5% Total Expenses 2,913 7,970 2,495 4,108 (3,862) -48% Operating Income/(Loss) 2,526 (1,290) 3,145 4,648 5, % Appropriated Retained Earnings Net Income/(Loss) $ 2,526 $ (1,290) $ 3,145 $ 4,648 $ 5, % FY DHA Page 29 of 93

30 AMP Edgemont Elms PH Units General Information The proposed budget for FY2013 for the Edgemont Elms AMP is a new budget and therefore no comparison to previous years is available. The AMP is expected to operate at a surplus of $17,638. Edgemont Elms PH Units is composed of 16 units. For FY2013, the projected occupancy rate is 95.0% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to Edgemont Elms PH Units: Administrative Senior Property Manager 1 Senior Property Manager 2 Resident Services Resident Services Director Resident Services Program Manager Edgemont Elms PH Units $150,000 $100,000 $121,255 $103,617 $50,000 $- $- $- $- $ Expense FY DHA Page 30 of 93

31 Financial Information Edgemont Elms FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ - $ - $ 13,509 $ 38,400 $ 38,400 Less: Vacancy Loss (2,400) (2,400) Net Rental Income ,509 36,000 36,000 Non-dwelling rental income - - Fraud Recovery Excess Utilities HUD Operating Subsidy ,489 83,489 CFP Grant - Capital CFP Grant - Mgmt Improvements Interest Income Other Income Other Income - Maintenance Charges Other Income - Late Fees Washer/Dryer Income Total , , ,255 Expenses Administrative Salaries ,733 8,733 Other Administrative ,415 4,415 Management Fees - - 4,515 12,950 12,950 Resident Services ,338 1,338 Other Tenant Services Utilities - - 1,940 22,354 22,354 Maintenance Salaries Maintenance Materials ,658 3,658 Maintenance Contracts - - 1,767 31,938 31,938 Protective Services ,200 4,200 General Expenses ,031 14,031 Total Expenses - - 8, , ,617 Operating Income/(Loss) - - 4,783 17,638 17,638 Appropriated Retained Earnings Net Income/(Loss) $ - $ - $ 4,783 $ 17,638 $ 17,638 FY DHA Page 31 of 93

32 AMP Morreene Road General Information The proposed budget for FY2013 for the Morreene Road AMP is 3% more than the FY. Total revenues are expected to be essentially unchanged compared to the current year. The AMP is expected to operate at a surplus of $77,917. Morreene Road is composed of 224 units. For FY2013, the projected occupancy rate is 99.3% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to Morreene Road: Administrative Senior Property Manager 1 Senior Property Manager 2 Housing Manager Assistant Housing Manager Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager Morreene Road $1,350,000 $1,300,000 $1,250,000 $1,200,000 $1,150,000 $1,100,000 $1,050,000 $1,000,000 $950,000 $1,297,494 $1,270,162 $1,272,768 $1,194,851 $1,161,523 $1,096, Expense FY DHA Page 32 of 93

33 Financial Information Morreene Road FY2013 Proposed 2013 Change % Change 2011 Projected Annual Request Dwelling Rent Gross Rent $ 511,004 $ 510,129 $ 521,205 $ 516,096 $ 5,967 1% Less: Vacancy Loss - (4,555) - (4,608) (53) 1% Net Rental Income 511, , , ,488 5,914 1% Non Dwelling Rental Income 40,119 40,363 37,940 38,216 (2,147) -5% Fraud Recovery Excess Utilities 7,282 4,000 2,528 4,000-0% HUD Operating Subsidy 692, , , ,740 5,232 1% CFP Grant - Capital 17,600 14,080 17,600 14,080-0% CFP Grant - Mgmt Improvements 18,016 19,388 14,156 11,325 (8,063) -42% Interest Income Other Income 2,031 4,522 8,353 5, % Other Income - Maintenance Charges 2,531 2,561 3,536 3,703 1,142 45% Other Income - Late Fees 6,511 6,166 5,155 6, % Washer/Dryer Income Total 1,297,494 1,270,162 1,020,900 1,272,768 2,606 0% Expenses Administrative Salaries 96, , , ,574 3,195 3% Other Administrative 61,931 46,866 48,542 51,379 4,513 10% Management Fees 181, , , ,781 (155) 0% Resident Services 16,167 19,774 18,248 20, % Other Tenant Services 606-3, Utilities 222, , , ,637 39,497 17% Maintenance Salaries 95,436 79,765 71,547 91,456 11,691 15% Maintenance Materials 26,350 32,559 22,495 27,794 (4,765) -15% Maintenance Contracts 267, , , ,425 12,399 4% Protective Services - 6, ,500 (600) -10% General Expenses 128, , , ,305 (32,674) -22% Total Expenses 1,096,719 1,161,523 1,047,362 1,194,851 33,328 3% Operating Income/(Loss) 200, ,639 (26,462) 77,917 (30,722) -28% Appropriated Retained Earnings Net Income/(Loss) $ 200,775 $ 108,639 $ (26,462) $ 77,917 $ (30,722) -28% FY DHA Page 33 of 93

34 AMP Damar Court General Information The proposed budget for FY2013 for the Damar Court AMP is 3% less than the FY. Total revenues are expected to decrease by 10% compared to FY. The AMP is expected to operate at a surplus of $2,643. Damar Court is composed of 102 units. For FY2013, the projected occupancy rate is 98.6% and average rent is projected to be $ per unit per month. The following personnel (either in whole or a partial allocation) are assigned to Damar Court: Administrative Senior Property Manager 1 Senior Property Manager 2 Housing Manager Assistant Housing Manager Housing Clerk Accountant I Crime Prevention Manager Resident Selection (Administrative) Lead Housing Specialist Housing Specialist (x3) Housing Clerk Recertification (Administrative) Recertification Manager Recertification Specialist (x3) Maintenance Maintenance Supervisor Maintenance Technician Maintenance Technician Site Laborer Resident Services Resident Services Director Resident Services Program Manager Community Services Coordinator Educational Program Manager Youth Parenting Specialist Resident Initiatives Manager Damar Court $850,000 $800,000 $796,968 $833,421 $825,026 $750,000 $758,014 $741,295 $738,652 $700,000 $650, Expense FY DHA Page 34 of 93