MANSFIELD - The Tioga County Housing Authority got some news in regard to its funding from the department of Housing and Urban Development, finance officer Charlie Bourque announced Monday.
"HUD has altered its funding mechanism to quarterly rather than annually, so that will be good for us, as any increase in need we experience will be reflected six months later rather than 12 months later," he said.
"We won't have to worry about reducing the level of service. That is excellent news, HUD has done a nice job of structuring the program so it addresses the changing needs," he added.
HUD is only requiring the authority to spend 8.5 percent of its reserves over the first nine months of the year in order to be fully funded by the agency for Section 8 Housing from October on to the end of the year, Bourque said.
"In October we will be funded at 100 percent. For January we have 8.5 percent more than we need in reserve for rental payments, so once we spend that we will be 100 percent funded and we will get to that point by the end of 2012," he explained.
"The lowest will be $24,000 and that is still very safe," he said of the reserves that will be left.
Bourque said that the information from HUD enables the authority to "remain in a healthy position to sustain what we have."
November's financial statement continues on the "healthy" side, Bourque said.
"We are exceeding budgeted income due to the higher rents, though HUD income was about 6.4 percent below budget," he said.
As of the end of 2011, the monthly amount received for Section 8 housing from HUD was $39,427, with expenses running at $47,925, causing the authority to spend $8,498 more than the monthly allocation, and eating into the authority's reserves.
In other business, the authority directors:
Elected Jody Thomas to another term as chairwoman and Peter Lupkowski as vice chairman of the board.
Heard from Executive Director Kelley Cevette that there continue to be no vacancies in any of the authority's housing units, with 364 people on the waiting list for rental assistance for 198 units in the county.
Approved renewal of a contract for elevator maintenance with Port Elevator, of Williamsport, for $9,840, $150 more than last year.
Approved a contract with PM Associates to witness elevator testing, as required by law, for $1,350.
