DATE: October 22, 2019
TO: Members of the Housing & Redevelopment Authority
FROM: Janine Atchison, Housing Coordinator
Title
3rd Quarter Rental Property Report
Body
SUMMARY AND ACTION REQUESTED:
The Housing & Redevelopment Authority (HRA) to review 3rd quarter report of expenses and income for rental properties.
BACKGROUND:
The HRA owns and operates 5 rental units in 4 properties. Two units are rented to the Community Action Center for the homeless prevention program, 1 unit is rented to Ruth’s House of Hope for their women in transition program and 2 are rented to families at or below 80% of area median income.
ANALYSIS:
Rents collected are just above annual budget expectations and expenses are below annual budget expectations.
• Rents collected are at 79% of the annual total budget.
• Expenses for insurance and utilities are at 64% of annual total budget.
• Repairs, taxes, lawn maintenance, snow removal are at 48% of annual total budget.
RECOMMENDATION:
No recommendations at this time.