housing authority of the city of charlotte financial march 3… · basic financial statements ......

Housing Authority of the City of Charlotte Comprehensive Annual Financial Report Charlotte, NC Fiscal Year Ended March 31, 2015

A. Fulton Meachem Jr. CEO/President

Issued by the Finance Department

Housing Authority of the City of Charlotte Comprehensive Annual Financial Report Charlotte NC Fiscal Year Ended March 31, 2015

TableofContents

IntroductorySection

Letter of Transmittal i GFOA Certificate of Achievement x Organizational Chart xi List of Principal Officials xii

FinancialSection

Independent Auditors’ Report 1 Management’s Discussion and Analysis (“MD&A”) 3 Basic Financial Statements

Statement of Net Position 16 Statement of Revenue, Expenses and Changes in Net Position 18 Statement of Cash Flows 20 Notes to Basic Financial Statements 24

Supplemental Information Combining Schedule of Net Position – Non-Major Funds 47 Combining Schedule of Revenue, Expenses and Changes in Net Position –

Non-Major Funds 48 Combining Schedule of Cash Flows – Non-Major Funds 49 Moving to Work Funds – Budget and Actual (Non-GAAP) 50 Central Office Cost Center– Budget and Actual (Non-GAAP) 51 Schedule of Revenue and Expenses

All HOPE VI Grants - Budget and Actual (Non-GAAP) 52 Piedmont Courts HOPE VI Grant (Seigle Point) - Budget and Actual (Non-GAAP) 53 Boulevard Homes HOPE VI / Capital Project Grant - Budget and Actual (Non-GAAP) 54 CFFP Capital Project – Budget and Actual (Non-GAAP) 55 All ROSS Grants – Budget and Actual (Non-GAAP) 56 2012 ROSS – FSSR Service Coordinators Grant – Budget and Actual (Non-GAAP) 57 2012 ROSS – FSSR Coordinator Grant – Budget and Actual (Non-GAAP) 58 2013 ROSS – FSSR Coordinator Grant – Budget and Actual (Non-GAAP) 59 2014 PH & HCV – FSS Coordinator Grant – Budget and Actual (Non-GAAP) 60 Total Capital Projects – Budget and Actual (Non-GAAP) 61 Edwin Towers Capital Project – Budget and Actual (Non-GAAP) 62 Strawn Master Plan Capital Project - Budget and Actual (Non-GAAP) 63 C.O.R.E. Programs, Inc. – Budget and Actual (Non-GAAP) 64

Horizon Acquisition Corporation – Budget and Actual (Non-GAAP) 65 LR Charlotte (Little Rock) – Budget and Actual (Non-GAAP) 66

Strawn Parktowne, LLC – Budget and Actual (Non-GAAP) Strawn Parktowne Operating Budget – Budget and Actual (Non-GAAP) 67

Strawn Parktowne Development Budget – Budget and Actual (Non-GAAP) 68 Horizon Development Properties, Inc 69 Mill Pond Charlotte, LLC 70 Total Capital / Development Projects – Budget and Actual (Non-GAAP) 71

McAlpine Terrace/Glen Cove Apartments Capital Project – Budget and Actual (Non-GAAP) 72 Seneca Woods – Budget and Actual (Non-GAAP) 73 McMullen Wood Capital Project – Budget and Actual (Non-GAAP) 74 The Lofts at Seigle Point Capital Project – Budget and Actual (Non-GAAP) 75 Hampton Creste Development Project – Budget and Actual (Non-GAAP) 76 Tall Oaks Capital Project – Budget and Actual (Non-GAAP) 77 Hall House Capital Project – Budget and Actual (Non-GAAP) 78 Park and Marsh Predevelopment Project – Budget and Actual (Non-GAAP) 79 Park and Marsh Capital Project – Budget and Actual (Non-GAAP) 80 Savanna Woods Renovation Capital Project – Budget and Actual (Non-GAAP) 81

Combining Schedule of Net Position – Business Activities and Component Units 82 Combining Schedule of Revenue, Expenses and Change in Net Position – Business Activities and Component Units 84 Combining Schedule of Cash Flows – Business Activities and Component Units 86

HUD REQUIRED SCHEDULES Financial Data Schedule 90 Program Financial Data Schedule 98 Moving to Work Financial Data Schedule 106 Asset Management Projects Detailed Financial Data Schedule 110 Statement and Certification of Capital Fund Recovery Grant Costs:

Replacement Capital Fund NC19R003501-13 203 Replacement Capital Fund NC19R003502-13 204 Replacement Capital Fund NC19R003501-14 205 Replacement Capital Fund NC19R003502-14 206

Statement and Certification of Resident Opportunities and Supportive Services Grant Costs: (ROSS) Costs NC003RFS017A012 207 (ROSS) Costs NC003RFS158SA013 208

StatisticalSection

Changes in Net Assets and Net Position by Component 214 Federal Financial Assistance by Program 217 Operating Revenue by Source – Enterprise Funds 218 Debt Outstanding and Debt Service Coverage 220

Debt Ratios 221 Employee Demographics – All Programs – All Employees 223 Demographic Statistics – Mecklenburg County 224 Principal Employers – Mecklenburg County 225 Property Listing and ACC Unit Composition 227 Property Listing and Dwelling Unit Composition 228 Public Housing Waiting List Demographics 229 Housing Choice Voucher Waiting List Demographics 230

SingleAuditSection

Schedule of Expenditures of Federal Awards 233 Note to Schedule of Expenditures of Federal Awards 234 Independent Auditors’ Report

on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 235

Independent Auditors’ Report on Compliance With Requirements Applicable to Each Major Federal Program and Internal Control Over Compliance in Accordance With OMB Circular A-133 237

Schedule of Findings and Questioned Costs 239

IntroductorySection

Housing Authority of the City of Charlotte Pagei

Board of Commissioners Housing Authority of the City of Charlotte Charlotte, North Carolina

The Housing Authority of the City of Charlotte (the “Authority”) is pleased to submit its Comprehensive Annual Financial Report (“CAFR”) for the fiscal year ended March 31, 2015. The Authority’s Finance Department prepared this report following guidelines recommended by the Government Finance Officers Association of the United States and Canada. The organization, form and contents of this report were prepared in accordance with the standards prescribed by the Governmental Accounting Standards Board, the Government Finance Officers Association of the United States and Canada, the American Institute of Certified Public Accountants, and the U.S. Department of Housing and Urban Development (“HUD”).

This report consists of four sections:

(1) Introductory Section. This section includes a transmittal letter, a chart of the Authority’s functional organization, and a list of the Authority’s principal officials.

(2) Financial Section. This section includes the Independent Auditor’s Report, Management’s Discussion and Analysis of the financial statements, audited financial statements and notes to the basic financial statements for the fiscal year ended March 31, 2015. This section also includes certain supplemental information and HUD required schedules.

(3) Statistical Section. This section includes various statements of unaudited financial, demographic and other miscellaneous data on the Authority for the past ten years.

(4) Single Audit Section. This section includes findings and recommendations and the auditor’s reports on internal control and compliance with applicable laws, regulations, contracts and grants.

The Authority’s financial statements, as required by HUD and North Carolina General Statute 159‐34, have been audited by CohnReznick, LLP, a firm of licensed certified public accountants. The data presented in this report is the responsibility of the management of the Authority. To the best of our knowledge and belief, the data as presented is accurate in all material aspects, is presented in a manner designed to fairly state the financial position and results of operations of the Authority, and all disclosures necessary have been included to enable the reader to gain an understanding of the Authority’s affairs. As required by accounting principles generally accepted in the United States of America (“GAAP”), management has provided a narrative introduction, overview, and analysis to accompany these financial statements entitled Management’s Discussion and Analysis (“MD&A”). The Authority’s MD&A can be found immediately

August 5, 2015

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following the Independent Auditor’s Report. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.

ProfileoftheAuthority Established in December 1938, the Charlotte Housing Authority is a non‐ profit real estate holding company with a public purpose. That public purpose is to provide decent, safe and affordable housing to low‐ and moderate‐income families while supporting their efforts to achieve self‐sufficiency. The Authority’s mission today is to develop, operate and provide quality housing in sustainable communities of choice for residents of diverse incomes. The Authority provides housing subsidies to families in the City of Charlotte and Mecklenburg County. The Authority’s housing portfolio is comprised of Public Housing, Housing Choice Voucher, Project‐Based Section 8, Affordable and Market rate units. In order to carry out the mission, the Authority operates three legally separate, locally incorporated entities:

Horizon Development Properties, Inc. ‐ Horizon Development Properties, Inc. (“Horizon Development”) is a non‐profit, tax exempt 501 (c)(3) subsidiary that was organized in March 2001. The mission of the organization is to provide affordable housing to all qualified families.

Horizon Acquisition Corporation ‐ Horizon Acquisition is a for profit subsidiary that was organized in March 2001. Horizon Development has 100% stock ownership. The mission of this organization is to acquire, construct, develop, operate and/or hold title to affordable housing property, interests in property, and interests in entities that own and operate affordable housing property.

C.O.R.E, Programs, Inc. ‐ CORE Programs, Inc. is a non‐profit, tax exempt 501 (c)(3) subsidiary. The entity was formerly named Gateway Supportive Services, Inc. and was organized in December 2001. The mission of the organization is to assist affordable (low income) housing residents in achieving economic independence through educational and other support services.

The Authority has a variety of funding sources; however, the major funding streams are HUD, rental income and grant awards. At the close of FY2015 the Authority was responsible for the management of:

3,375 public housing units

673 tax credit (affordable) units

5,016 Housing Choice Voucher (of which 536 are Project‐Based Section 8)

1,402 port in vouchers The Authority’s oversight is provided by a seven (7) member Board of Commissioners comprised of a resident and persons from community organizations and business entities in Charlotte‐Mecklenburg. The Commissioners are selected by the City of Charlotte’s Mayor and City Council. The day to day operations are directed by the Chief Executive Officer (CEO). The Authority had 184 employees at the conclusion of the fiscal year. The Authority also strives to maintain a secure community environment; and to encourage personal responsibility and upward mobility of residents while maintaining the fiscal integrity of the agency.

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LocalEconomy,ConditionandOutlook Charlotte is the 16th largest U.S. city with a population just under 800,000. It has been reported that Charlotte has more than six million people living within a 100‐mile radius. Considering the steady influx of new residents moving to Charlotte, this number is not expected to become stagnant. Distribution and banking continue to be the two major industries contributing to Charlotte’s economic growth and business development. Charlotte is recognized as a financial, distribution and transportation center for the urban region. In CY2014 the Charlotte Knights, a Minor League Baseball team, opened the season in their new BB&T Ball Park, an example of Charlotte’s commitment to public – private collaborations. Charlotte also used this model to develop arenas for the NBA and NFL teams that call Charlotte home, as well as a NASCAR Museum. A 2013 survey conducted by the Charlotte Chamber reported 273 firms employ 500 or more people and 151 of these firms are either regional/ U.S. or world headquarters. The Census American Community Survey (ACS)‐1 shows the median family income for Charlotte is $62,494 in 2013. The data for 2014 will be released in September 2015. While this is higher than the NC median family income and only slightly lower than the U.S. median family income, it is trending at a lower amount over both a 3 year and 1 year time period. In November 2014, the Authority received a commissioned report from IMPLAN Group, LLC on the “Economic Impacts of the Charlotte Housing Authority” for the years 2009 – 2014. In summary, the report found the Authority to be a significant contributor to the Mecklenburg County economy. Some of the direct impacts are 1) the number of employees the agency hires (offering competitive salary and benefits); 2) housing assistance payments made to private landlords through the Housing Choice Voucher program; 3) the development of mixed‐income residential properties; and 4) the rehabilitation of existing properties. The last two create affordable housing and jobs in the construction, maintenance and repair and security industries. Finally, the purchases of goods and services, utility payments, along with taxes for various aspects of the business are counted towards the financial impact on the local economy. Indirectly, the dollars spent in the community by employees and residents can be factored into the economy impact.

EconomicConditionandOutlook

The majority of the Authority’s programs depend on federal financial assistance from HUD to ensure their continued existence. Funding for the Housing Choice Vouchers (HCV), Low‐Rent Public Housing and Capital Fund programs are subject to annual appropriation by Congress. During FY 2015, the Authority received 70% of its operating revenue from HUD. The Authority has been able to continue its programs through carefully measured use of these funds, even as funding from the federal government has decreased. In October 2014, the Authority was the recipient of $249,412 in budget authority for a 12‐month term to support 40 additional Veterans Affairs Supportive Housing (VASH) vouchers. These vouchers are administered in partnership with the Salisbury VA Medical Center and serve chronically homeless veterans in the Charlotte area.

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On April 2, 2015, HUD Secretary Julián Castro held a press conference in Charlotte to announce that the Authority will receive over $2.24 million in Jobs‐Plus grant funding. Overall HUD awarded $24 million to housing authorities in nine states to help low‐income public housing residents secure higher paying jobs through the Jobs‐Plus Pilot Program. The program model will target the Authority’s Southside Homes Community. The entire development will be eligible for services to assist with employment, education and training.

FinancialManagementandOversight

The Authority’s management is responsible for establishing and maintaining an internal control structure designed to ensure the Authority’s assets are protected from loss, theft or misuse and that representation of the Authority’s assets and liabilities are accurately reflected on the agency’s financial statements, in conformance with generally accepted accounting principles. The internal control structure is designed to provide reasonable assurance that these objectives are met. The concept of reasonable assurance recognizes that the costs and benefits require estimates and the exercise of judgment by management. In August 2014, the Authority submitted a request to HUD for a change in Fiscal Year. The request was to change to a December 31 year end, starting April, 1, 2015. HUD approved the change in fiscal year which will result in a 21 month fiscal year transition period beginning April 1, 2015 and ending December 31, 2016.

FinancialConditionoftheAuthority

The Authority has numerous procedures and guidelines in place to safeguard its own financial and informational assets. By adopting a modus operandi detailing financially sound methods and practices, the Authority staff has ensured the organization can continue to provide valuable services to its residents.

MovingtoWorkDemonstrationProgramIn a country with over 3,000 housing authorities, the Authority is proud to be one of only 39 housing agencies participating in the federal demonstration program, Moving To Work (MTW). The MTW program is a unique opportunity for agencies to serve their housing needs using activities and policies that are best suited for their local community. The federal government permits MTW agencies to operate in a less restrictive regulatory environment and combine federal funds allocated for Public Housing, Housing Choice Voucher, and Capital Funds into one pool, Block Grant Funds. The purpose of the MTW program is to:

1) Reduce cost and achieve greater cost savings in federal expenditures 2) Expand housing choices for low‐income families 3) Give incentives to families with children pursuing self‐sufficiency activities

During our FY2015 (April 1, 2014 – March 31, 2015), the Authority was approved to implement three new activities 1) Streamline Project Based Voucher and Public Housing regulations; 2) Biennial Inspections of Housing Choice Voucher units; and 3) Implement a Public Housing No Assistance Termination Policy and continued ongoing MTW activities.

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Moving To Work is a necessary platform that allows the Authority to implement activities that positively impact:

The employment rate for able‐bodied heads of households and other family members;

The number of family members in training and/or education programs;

The increase in average and median income of families (all sources and earned income) (excluding seniors and disabled families);

The amount of funds leveraged in the community for production of affordable housing and the provision of supportive services;

The number of children who enter post‐secondary education;

The percent increase in the number of the Authority’s students that enter the Charlotte Housing Authority Scholarship Fund (CHASF);

The number of housing units in mixed‐income environments; and

The distribution of housing units and housing opportunities for (a) Section 9 and (b) Project‐Based Section 8

MTW flexibility is needed in order for the Authority to carry out its short and long term strategic plans because the Demonstration program allows considerable flexibility in how Federal funds are able to be utilized and permits exemption from many existing Public Housing and Housing Choice Voucher program rules found in the United States Housing Act of 1937.

RealEstateThe Authority has begun a tradition of self‐development from the initial concept to land acquisition, design, approval, construction and lease‐up, as well as self‐managing our tax‐credit developments. Current projects include both The Vistas @ 707 and Park and Marsh. Additional partnerships are being explored and/or established with local city government, developers, banks, private lenders, housing finance agencies and HUD to expand this strategy. The self‐development, self‐management and mixed‐use development are part of the agency’s long‐term sustainability plan.

RentalAssistanceDemonstration(RAD)Program

In December of 2013 the Authority submitted its plan to HUD for the Rental Assistance Demonstration (RAD) conversion of 3,279 public housing dwelling units to the Project Based Voucher (PBV) platform in three phases. The Authority was offered a Conditional Housing Assistance Payment (CHAP) contract on March 26, 2015. The next step is to submit financing plans for approval. This will be done in three phases, with Phases I & II scheduled for completion by December of 2016. The Phase III completion date has yet to be determined, but will be beyond 2016.

TallOaks

The Tall Oaks Demolition Plan was submitted to the Special Applications Center at HUD in May 2015. The rezoning for the site has been approved by City Council. After HUD’s approval for demolition, next steps are to secure a low income housing tax credit allocation and resident relocation. The tax credit application has been submitted, with awards to be announced by September 2015.

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ParkandMarsh

Park and Marsh vacant land will be used for the construction of 92 one bedroom Project–Based Section 8 units in a mid rise apartment complex for seniors. Tax Credits and local Housing Trust Fund dollars have been awarded for this development and construction is slated to begin in the fall of 2015.

HallHouse

The Authority is finalizing a strategy to redevelop the entire 2.2 acre Hall House site into a thriving mixed‐use development comprised of residential and commercial space that offers the highest and best opportunity for long‐term sustainability.

StrawnCottages

The Authority has identified the Strawn site located at 1301 South Boulevard, Charlotte, NC 28203 as a candidate for demolition and disposition. This 16.2 acre property contains the Authority’s former administrative offices, an activity center and 122 residential cottages that have been identified as obsolete and is underutilized. The Strawn Master Plan proposes to replace the existing affordable housing units in a mixed‐use and mixed‐income community on the same site. The City Council has rezoned this site and the Authority recently received authorization from the Special Applications Center at HUD to demolish the 122 residential cottages, activity center and former administrative office.

CharlottetownTerraceOutparcel

The Charlottetown Terrace outparcel consists of a 12‐ story apartment building currently occupied by Section 9 (Public Housing) handicapped and disabled residents. Situated on 5.54 +/‐ acres, the Authority intends to create two (2) outparcels to redevelop as part of the Authority’s 5‐Year Strategic Plan. The intended use will be a mixed‐income and mixed‐use development.

ParktowneOutparcel

The Parktowne Outparcel is 1.6 +/‐ acres of vacant land adjacent to a six‐story senior apartment complex that houses Section 9 residents. The outparcel is zoned for mixed‐use development.

HOPEVI/Renaissance

The second phase of The Residences at Renaissance is completed. An additional 74 units of rental housing for families was leased in FY2015. The third phase is 15% underway and will provide an additional 150 units at completion. The residential buildings proposed include three story apartment buildings, two story direct access apartment buildings and two story townhomes, configured in one to three bedroom units. The Revitalization Plan is based on collaboration with neighboring institutions, with an emphasis on early childhood development. The onsite redevelopment creates an educational village and includes both senior residential and multifamily communities in addition to a Child Development Center, Community Center and new K‐8 charter school. HUD’s funding award followed an extensive two‐year planning process with

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residents, educational institutions, City and County agencies, community groups and non‐profit and civic organizations committed to changing the former Boulevard Homes neighborhood and the West Boulevard corridor into a vibrant, education‐centered, mixed‐income community.

TheVistas@707(formerlytheLoftsatSeiglePoint)

The Vistas @ 707 is the final on‐site component of the Seigle Point HOPE VI redevelopment of the former Piedmont Courts. However, HOPE VI funding is not included in this project. The Authority broke ground on the development in December 2012. The project was 91% completed as of March 2015. The project will include 190 units of which 80% will be for lease to families at 80% AMI and below and 20% will be affordable to those at 50% AMI. The overall Seigle Point community has a 10,000 square foot community building, 204 tax credit apartments, 31 market rate townhomes, and an amenity

area with a playground, tennis & basketball courts, greenway, and shelter area.

RentalAssistancePrograms

Housing Choice Voucher Program ‐ The Authority offers rental assistance programs to individuals and families under Section 8 of the Federal Housing and Community Development Act of 1974. This program is also known as the Housing Choice Voucher (“HCV”) program. HCV participants receive vouchers from the Authority that they in turn use to help subsidize rental payments at privately owned housing units. Local landlords accept these subsidies as a portion of the renter’s monthly payment. The Authority also administers special purpose vouchers. Collaborative Partnership ‐ The Authority joined with the City of Charlotte and Mecklenburg County to form a collaborative partnership to accept proposals for Supportive Housing Developments and/or Supportive Housing Programs. The coordinated effort includes funds for rental assistance, supportive services and housing development. The City of Charlotte’s Neighborhood and Business Services Department allocated up to a $1 million for development from the Housing Trust Fund. The Authority set‐aside fifty (50) Project‐Based Housing Choice Vouchers and Mecklenburg County apportioned up to $800,000 for supportive services.

ResidentPrograms A variety of programs are available for residents living in the Authority’s communities. One such program, Resident Advisory Council (RAC), gives the Authority’s residents a voice in their community through planning programs, such as Tenant Patrols, supporting community police officers, planning social events and by helping to make the Authority’s communities safer, friendlier and more responsive to resident needs. A variety of on‐site, after‐school, and year‐round programs for children and youth are offered by the Authority in collaboration with agencies and nearby colleges, such as the Bethlehem Center, the Salvation Army, Boys & Girls Clubs, YWCA, Central Piedmont Community College and the University of North Carolina at Charlotte. These programs provide homework assistance, cultural enrichment and sports activities to

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actively engage the Authority’s youth and to prepare them for the future. The Authority also offers computer education in several of its communities. Basic computer instruction and internet training is provided to youth and adults.

Self‐SufficiencyPrograms

The Authority’s Self‐Sufficiency Program is designed to assist residents in gaining the necessary skills for success. The program goal is to help families become financially stable and decrease their dependence on a housing subsidy. Case managers work with families to identify barriers and coordinate resources to address these barriers. These barriers may include lack of childcare, transportation, or money needed for education or training.

ScholarshipProgram

The Charlotte Housing Authority Scholarship Fund (the “Fund”) was established 30 years ago by former Youth Services Coordinator John T. Crawford, who recruited several community leaders and representatives to assist in raising nearly $65,000 to start the Fund. Later, it was established as an endowment fund with Foundation for the Carolinas, in a working partnership with the Authority. The scholarship fund’s mission is to make certain that every child living in our public housing communities has both the opportunity for and expectation of a college education. The program offers financial aid and guidance to any young resident under the age of 21 who has been accepted to an accredited institution of higher learning. The Fund receives no government contributions. It exists through donations and contributions from individuals, businesses, churches, foundations and other groups, including Authority residents and employees. A committee raises scholarship funds while another sets the guidelines, with the direction and administrative support of the respective organizations.

CenterforEmploymentServices

The Center for Employment Services (the “Center”), owned by the Authority, provides space to local service providers to bring career development opportunities to the area. Current partners residing at the Center include: Charlotte Works, Jacob’s Ladder Job Center West, The Benefit Bank, Charlotte‐Mecklenburg Workforce Development Board, and City Dive, Inc. The Center for Employment Services also has a Memorandum of Agreement with Be Benevolent, (an organization that matches needs of an organization’s client with private donors who select the need they want to contribute to). In FY14‐15, the Center for Employment Services (CES) continued to extend services to communities along Charlotte’s West Boulevard corridor. The agencies at the CES perform outreach and recruitment at all of the Authority’s properties; however, the emphasis continues to be communities that do not receive structured supportive services. Services offered include help finding a job, completion of GED, basic literacy classes, as well as computer training, pre‐employment workshops, and budget management.

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During the time period of April 2014 – March 2015, CES boasts:

Job placement of 133 CHA residents

CES structured program utilization was 116 of 262 participants

Job readiness completion for 59 residents

AwardsandRecognition

CertificateofAchievement

The Government Finance Officers Association of the United States and Canada (“GFOA”) awarded a Certificate of Achievement for Excellence in Financial Reporting to the Authority for its comprehensive annual financial report for the fiscal year March 31, 2014. This is the tenth consecutive year that the Authority has achieved this prestigious award. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

GreenGala/SustainableBusinessAward

The U.S. Green Building Council, Charlotte Regional Chapter awarded the Talking Walls Award in the Non‐Profit category to Parktowne Terrace during the Green Gala in September 2015. This award recognizes building designs that recognize a successful integration for sustainability and LEED certification standards.

Acknowledgements The preparation of this report was accomplished through the dedicated service of the Finance Department, along with important contributions of other departments within the Authority, as well as the audit staff of CohnReznick, LLP. Each contributor has our sincere appreciation for their work in the preparation of this document. We would also like to thank the members of the Board and in particular the members of the Finance and Audit Committee, for their continued support of its mission.

Respectfully Submitted, Heather Franklin, CPA Chief Financial Officer

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Human Resources/

Risk Management

Management Information

Systems

Larry Padilla

Chief Operating Officer

Heather Franklin

Chief Financial Officer

Troy A. Drawz

Chief Development Officer

Procurement / Contract

Development

A. Fulton Meachem, Jr.

President / Chief Executive

Officer

7 Member Board of Commissioners

2 Appointed By Mayor

5 Appointed by City Council

Resident Safety

Communications

Client

Services

HOPE VI Revitalization

Real Estate Development &

Acquisition Initiatives

Organizational Chart

General Counsel

Operations Real Estate DevelopmentFinance / Administration

Executive

Housing Choice

Voucher Program

Property and Asset

Management

Relocation

Capital Assets/ Modernization

Compliance

Kenya Hester Special Assistant to

the Executive Office

Harriet Huell Chief Council

Shaunté Evans

Chief Administrative Officer

Accounting

Budget

MTW

Coordination

Administration

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Housing Authority of the City of Charlotte

List of Principal Officials

March 31, 2015

Board of Commissioners

Geraldine Sumter, Chairperson Sheila Jones, Vice Chairperson Commissioners Appointed by City Council: Name District Appt Date Reappt Date Term Expir. Date William Scurry 4 11/12/2012 ---------------- 3 yrs 12/17/2015

Lucy Brown 5 07/22/2013 ---------------- Unexp 12/17/2015

Shirley Fulton 2 04/14/2014 ---------------- Unexp 12/17/2015

Sheila Jones 6 06/23/2014 ---------------- 3 yrs 12/17/2017

Dimple Ajmera 4 01/26/2015 ---------------- Unexp 12/17/2016

Commissioners Appointed by the Mayor: Name District Appt Date Reappt Date Term Expir. Date Nancy Crown 1 10/03/2012 05/27/2015 3 yrs 12/17/2017

Geraldine Sumter 2 01/11/2010 12/14/2012 3 yrs 12/17/2015

Selected Administrative Officials A. Fulton Meachem, Jr. Chief Executive Officer Heather Franklin Chief Financial Officer Larry Padilla Chief Operating Officer Troy Drawz Chief Development Officer Shaunté Evans Chief Administrative Officer

FinancialSection

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Independent Auditor’s Report

To the Board of Commissioners The Housing Authority of the City of Charlotte, North Carolina

Report on the Financial Statements

We have audited the accompanying major funds and aggregate remaining fund information for the Housing Authority of the City of Charlotte, North Carolina (the “Authority”) as of and for the year ended March 31, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Authority’s preparation and fair presentation of the financial statements in order design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of each major fund and the aggregate remaining fund information of the Housing Authority of the City of Charlotte, North Carolina as of March 31, 2015, and the respective changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 3 through 14 be presented to supplement the basic financial statements.

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Such information, although not a required part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Authority’s basic financial statements. The introductory section, combining and individual nonmajor fund financial statements and other schedules, listed in the table of contents as supplemental information, the HUD required schedules, statistical section, and schedule of expenditures of federal awards, as required by U.S. Office of Management and Budget Circular A-133, Audits of State and Local Governments and Non-Profit Organizations, are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The combining and individual nonmajor fund financial statements and other schedules, listed in the table of contents as supplemental information, the HUD required schedules, and schedule of expenditures of federal awards are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and other schedules, listed in the table of contents as supplemental information, the HUD required schedules, and schedule of expenditures of federal awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated August 5, 2015 on our consideration of the Authority’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grants agreements, and other matters. The purpose of the report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority’s internal control over financial reporting and compliance.

Charlotte, North Carolina August 5, 2015

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MANAGEMENT’S DISCUSSION AND ANALYSIS (“MD&A”)

Dedication of “The Dr. John T. Crawford Renaissance Center”

The Authority Leadership Team

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HOUSING AUTHORITY OF THE CITY OF CHARLOTTE

Management’s Discussion and Analysis

March 31, 2015

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This section of the Housing Authority of the City of Charlotte’s (the “Authority”) annual financial report presents management’s discussion and analysis of the Authority’s financial performance during the fiscal year ended March 31, 2015. Management’s discussion and analysis is designed to assist the reader in focusing on significant financial issues, provide an overview of the Authority’s financial activity, identify changes in the Authority’s financial position and identify individual fund issues or concerns. Since the Management’s Discussion and Analysis (“MD&A”) is designed to focus on the current year’s activities, resulting changes and currently known facts, we encourage readers to consider the information presented here in conjunction with the Authority’s financial statements, which follow this section. OVERVIEW OF THE HOUSING AUTHORITY OF THE CITY OF CHARLOTTE The Authority was created pursuant to the North Carolina Housing Authorities Law (Article 1 of Chapter 157 of the General Statutes of North Carolina), as amended, by a resolution of the City Council of the City of Charlotte, North Carolina adopted on December 7, 1938 and was organized under the laws of the State of North Carolina on June 14, 1939. The Authority’s purpose is to provide and promote safe and sanitary housing for low-income persons residing in Charlotte, North Carolina. The Authority is a public body corporate and politic, governed by a seven-member Board of Commissioners, appointed by the Mayor and City Council of the City of Charlotte. REQUIRED FINANCIAL STATEMENTS The Authority’s financial statements are presented on the fund basis. The fund financial statements provide a more detailed look at the Authority’s most significant activities by focusing on the individual activities of the major funds. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The focus is on the activities of the major funds, and not on the type of fund. The Authority maintains several different funds based on their activities as required by HUD and for accountability and control. All of the funds are Enterprise Funds that use the full accrual basis of accounting and account for the Authority’s activities in a manner similar to a for-profit business. The Statement of Net Position includes all of the Authority’s assets and liabilities and provides information about the amounts invested in capital assets and the obligations to creditors. It also provides a basis of assessing the liquidity and financial flexibility of the Authority. The Statement of Revenue, Expenses and Changes in Net Position accounts for the current year’s revenues and expenses. This statement measures the success of the Authority’s operations over the past fiscal year. The Statement of Cash Flows is to provide information about the Authority’s cash receipts and disbursements during the reporting period. The statement reports net changes in cash resulting from operations. USING THIS ANNUAL REPORT The focus of the Authority’s financial statements is on both the Authority as a whole (Authority-wide) and the major individual funds. Both perspectives (Authority-wide and major fund) allow the user to address relevant questions, broaden a basis for comparison (year-to-year or Authority-to-Authority) and enhance the Authority’s accountability.



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FINANCIAL HIGHLIGHTS

• The Authority’s unrestricted net position increased $11.3 million (or 24%) during 2015. Because the Authority engages only in business-type activities, the increase is all in the category of business-type unrestricted net position. Unrestricted Net Position was $58,179,322 and $46,829,441 for FY 2015 and 2014, respectively. This change is primarily due to the additions of capital assets during the current year related to the Lofts, LLC and Edwin Towers as well as additions to debt for the Lofts, LLC.

• The business-type activities operating revenues increased by $2.5 million (or 3%) during 2015, and were $89,658,928 and $87,127,713 for FY 2015 and 2014, respectively. This increase is primarily due to the recognition of unearned revenue from previous years related to the VASH and FUP programs during the year and an increase in revenue related to portables.

• Total operating expenses of all the Authority’s programs increased by $3.2 million (or 4%) during 2015 and were $88,218,385 and $85,008,456 for FY 2015 and 2014, respectively. This increase is due to an increase in housing assistance payments to landlords and an increase in maintenance.

• Total non-operating revenues increased by $3.6 million (or 390%) and were $4,563,951 and $932,095 for FY 2015 and 2014, respectively. This increase is primarily due to the gain on transaction of disposal of the former maintenance operations facility during the year.

• In 2010, the Authority was awarded a HOPE VI grant for Boulevard Homes in the amount of $20,900,000. Plans for the revitalized site, as well as off site replacement units are well under way. Construction of The Retreats at Renaissance (the Seniors Building) as well as the necessary infrastructure began in 2012 and opened in October 2013. The first phase of the family development opened in February 2014. Construction of the second phase of the family development is currently underway and scheduled for occupancy in late 2015.

• In December 2012 The Lofts, LLC closed on a $22,809,700 HUD 221(d)4 loan. This community will consist of 190 units serving residents at or below 80% of AMI. Construction is being finalized, with occupancy starting in July 2015. The property has been renamed The Vistas @ 707.

Authority-Wide Financial Statements The Authority-wide financial statements (see pages 16 - 23) are designed to be corporate-like in that all business-type activities are consolidated for the entire Authority. These Statements include a Statement of Net Position, which is similar to a Balance Sheet. The Statement of Net Position reports all financial and capital resources for the Authority. The statement is presented in the format where assets and deferred outflows of resources, minus liabilities and deferred inflows of resources, equal “Net Position”, formerly known as equity or net assets. Assets and liabilities are presented in order of liquidity, and are classified as “Current” (convertible into cash within one year) or “Non-current”. Net Position is reported in three broad categories:

Net Investment in Capital Assets: This component of Net Position consists of all Capital Assets, reduced by the outstanding balances of any bonds, mortgages, notes or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. The Authority uses these capital assets to provide and promote safe and sanitary housing for low-income citizens; consequently, these assets are not available for future spending. The Net Investment in Capital Assets amounted to $145,378,107 at March 31, 2015. Restricted for Contract Obligations: This component of Net Position consists of restricted assets, when constraints are placed on the asset by creditors (such as debt covenants), grantors, contributors, laws, regulations, and other external restrictions. The Restricted for Contract Obligations amounted to $70,993,659 at March 31, 2015.



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Unrestricted: This component of Net Position is for items that do not meet the definition of “Net Investment in Capital Assets” or “Restricted”. The Unrestricted amounted to $58,179,322 at March 31, 2015.

The Authority-wide financial statements also include a Statement of Revenue, Expenses and Changes in Net Position (similar to an Income Statement). This Statement includes Operating Revenue, such as rental income, excess utilities and late fees, and Operating Expenses, such as administrative, utilities, maintenance, and depreciation, and Non-Operating Revenue and Expenses, such as grant revenue, investment income and gain on sale of capital assets. The focus of the Statement of Revenue, Expenses and Changes in Net Position is the “Change in Net Position”, which is similar to Net Income or Loss.

A Statement of Cash Flows is included, which discloses net cash provided or used by operating activities, non-capital financing activities, capital and related financing activities, and investing activities.

Finally, the financial statements also include notes that explain some of the information in the financial statements and provide more detailed data (see pages 24-45). A section is also included with combining statements that provides details about non-major governmental funds, and business activities and component units, each of which are totaled and presented in single columns in the basic financial statements. This section (see pages 47-87) also includes detailed budgetary information required by North Carolina General Statutes.

Fund Financial Statements

The Authority consists exclusively of enterprise funds. Enterprise funds utilize the full accrual basis of accounting. The Enterprise method of accounting is similar to accounting used by the private sector.

Many of the funds maintained by the Authority are required by HUD. Others are segregated to enhance accountability and control.

The Authority’s Funds:

Asset Management Projects – Asset Management Projects combine the Low Rent Public Housing Program (operations), and the Capital Fund (capital) into one column. The Authority rents units that it owns to low-income households. The Asset Management Projects are operated under an Annual Contributions Contract (“ACC”) with HUD, and HUD provides Operating Subsidy and Capital Grant funding to enable the Authority to provide the housing at a rent that is based upon 30% of household income.

HOPE VI Program – This grant program is funded by HUD to demolish and/or revitalize severely distressed public housing. The former Earle Village, Dalton Village, Fairview Homes, and Piedmont Courts properties have been transformed into the mixed income, mixed finance communities of First Ward, Arbor Glen, Park at Oaklawn and Seigle Point, respectively. The Authority finalized off-site replacement units and spent all remaining HOPE VI funds for these grants in FY2010. The remaining activities of the grants are funded by program income. In June 2010, the Authority received a new grant to revitalize Boulevard Homes. This property is now being transformed into the Renaissance Community which includes housing for seniors and families, as well as a community center, K-8 school and child development center. This final grant will be fully expended in the fall of 2015.

Central Office Cost Center (“COCC”) – This fund is the internal business unit within the Authority which performs overhead/management services for Authority programs and properties. It generates revenue by charging internal fees for management services. This fund includes the non-restricted business activities of the Authority, and therefore is defederalized.



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Moving To Work (MTW) Demonstration Program – This fund includes the revenue for all HUD funding eligible to be block granted with single budgetary authority, as well as all related expenditures eligible under the approved MTW annual plan, including the Housing Choice Voucher Program.

Housing Choice Voucher Program – Under the Housing Choice Vouchers Program, the Authority administers contracts with independent landlords who own the property. The Authority subsidizes the family’s rent through a Housing Assistance Payment made to the landlord. The program is administered under an ACC with HUD. HUD provides Annual Contributions Funding to enable the Authority to structure a lease that sets the participants’ rent at 30% of household income.

Business Activities and Component Units – This fund includes all other business-type activities of the Authority, such as affordable housing properties, and the operation of a recreational center. Business Activities includes the Carole Hoefener Center. Component Units include Horizon Development Properties, Inc., Horizon Acquisition Corp., LLC, Strawn Parktowne, LLC, and C.O.R.E. Programs, Inc. Other Non-Major Funds – In addition to the major funds above, the Authority also maintains the following non-major funds. Non-major funds are defined as funds that have assets, liabilities, revenues, or expenses of less than 10% of the Authority’s total assets, liabilities, revenues or expenses:

Veterans Assisted Housing Program (“VASH”) – These voucher units and funding increments are available and provided under the HUD-Veterans Affairs Supportive Housing (HUD-VASH) program administered by local public housing agencies that have partnered with local Veterans Affairs medical centers. Program funding provides rental assistance under a supportive housing program for homeless veterans through the Section 8 program. These vouchers are not a part of our MTW vouchers, and must therefore be reported in the Housing Choice Vouchers column. Family Unification Program (“FUP”) – These voucher units are available for families whose inadequate housing is the primary factor in the separation or near separation from their children. The vouchers help reunite foster children with their parents or prevent them from ever entering the foster care system. In addition, FUP vouchers provide stable housing for young adults (ages 18-21) who left or are aging out of the foster care system, preventing them from becoming homeless. Resident Opportunities and Self Sufficiency Program Grants – a grant program funded by HUD that encourages economic self sufficiency, along with job training, among the Authority’s residents. It also provides supportive services to seniors and disabled residents.

CONDENSED FINANCIAL INFORMATION The following table reflects the condensed Statement of Net Position compared to the prior year. The Authority is engaged only in Business-Type Activities.



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2015 2014 VarianceCurrent Assets 88,888,360 $ 82,508,690 $ 6,379,670 $ 8 %Capital Assets, Net of Depreciation 183,778,237 176,574,245 7,203,992 4 Other Assets 99,674,531 96,739,866 2,934,665 3

Total Assets 372,341,128 355,822,801 16,518,327 5

Current Liabilities 10,652,180 16,108,096 (5,455,916) (34) Long-Term Liabilities 58,761,278 47,594,488 11,166,790 23

Total Liabilities 69,413,458 63,702,584 5,710,874 9

Deferred Inflows of Resources 28,376,582 24,929,953 3,446,629 14 Total Deferred Inflows 28,376,582 24,929,953 3,446,629 14

Net Position:Net investment in Capital Assets 145,378,107 150,763,406 (5,385,299) (4) Restricted 70,993,659 69,597,417 1,396,242 2 Unrestricted 58,179,322 46,829,441 11,349,881 24

Total Net Position 274,551,088 $ 267,190,264 $ 7,360,824 $ 3 %

Table 1

Fiscal Year End Percent ofChange

Statements of Net Position

Major Factors Affecting the Statement of Net Position Current assets increased by $6.4 million, while current liabilities decreased by $5.5 million. The sale of the former maintenance operations facilities is the main reason for the increase in current assets. Current liabilities decreased primarily due to the mortgage for Hampton Creste being refinanced during the current year. Other assets also changed, increasing from $96.7 million to $99.7 million. The $2.9 million increase is primarily due to the accrual of interest on outstanding notes receivable. Long-term liabilities increased by $11 million. This is primarily due to mortgage additions for the construction of the Lofts at Seigle Point and the refinance of the mortgage for Hampton Creste. Deferred inflows of resources increased by $3.4 million, which is primarily due to the increase in deferred interest on long term notes receivables.



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Unrestricted April 1, 2014

Results of operationsAdjustments:

Depreciation (1)Reduction in long-term debtAdditions to capital debtCapital asset additionsNet demolition/disposition of assetsConversion of capital assets to notes receivableChange in restricted assetsBuilding elimination

Unrestricted March 31, 2015

Unrestricted Net Position.

7,360,824

(1) Depreciation is treated as an expense and reduces the results of operations but does not have an impact on

(18,701,765)

46,829,441 $

Table 2

Change in Unrestricted Net Position

8,860,025 (305,034)

7,704,325

(1,396,242)

2,027,346

58,179,322 $ 5,190,000

610,402

While the results of operations are a significant measure of the Authority’s activities, the analysis of the changes in Unrestricted Net Position provides a clearer change in financial well being. The following schedule compares the revenues and expenses for the current and previous fiscal year. The Authority is engaged only in Business-Type Activities.

2015 2014 VarianceOperating Revenue:

Tenant revenue - rents and other 12,562,858 $ 11,777,047 $ 785,811 $ 7 %Operating grants and subsidies 62,844,116 62,297,686 546,430 1 Other 14,251,954 13,052,980 1,198,974 9

Total operating revenue 89,658,928 87,127,713 2,531,215 3 Non-Operating Revenue:

Investment and interest income 1,156,947 1,037,315 119,632 12 Other 3,407,004 (105,220) 3,512,224 100

Total non-operating revenue 4,563,951 932,095 3,631,856 390 Total revenue 94,222,879 $ 88,059,808 $ 6,163,071 $ 7

(Continued)

Fiscal Year EndChange

Table 3

Statements of Revenue, Expenses and Changes in Net Position

Percent of



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(Continued)

2015 2014 VarianceOperating Expenses:

Administrative 13,207,554 $ 12,497,053 $ 710,501 $ 6 %Asset management fees 24,383 13,750 10,633 77 Tenant services 2,947,482 4,071,120 (1,123,638) (28) Utilities 4,525,343 4,407,936 117,407 3 Maintenance 9,100,919 7,680,098 1,420,821 19 Protective services 1,132,148 1,086,720 45,428 4 General 5,545,353 4,431,096 1,114,257 25 Casualty loss 40,395 - 40,395 - Housing assistance payments 42,782,377 41,541,876 1,240,501 3 Depreciation and amortization 8,912,431 9,278,807 (366,376) (4)

Total operating expenses 88,218,385 85,008,456 3,209,929 4 Non-Operating Expenses:

Interest expense 1,239,275 1,430,335 (191,060) (13) Total non-operating expenses 1,239,275 1,430,335 (191,060) (13) Total expenses 89,457,660 86,438,791 3,018,869 3

Capital grantsOther government - 1,204,124 (1,204,124) To component units (77,449) (4,237) (73,212) (100) Capital contributions - 2,712,265 (2,712,265) (100) HUD 2,673,054 3,771,875 (1,098,821) (29)

Total capital grants, net 2,595,605 7,684,027 (5,088,422) (66) Net increase in net position 6,507,934 12,886,237 (6,378,303) (50) %

Net Position, Beginning of Year 267,190,264 257,885,220 9,305,044 4

Net Position, End of Year 274,551,088 $ 268,190,264 $ 6,360,824 $ 2

Statements of Revenue, Expenses and Changes in Net Position

Fiscal Year EndChange

Percent of

Major Factors Affecting the Statement of Revenue, Expenses and Changes in Net Position In the Asset Management Projects, overall spending levels stayed approximately the same in all expense categories, with the exception of General Expenses, Tenant Services and Maintenance. General Expenses increased due to the subsidy transfers to The Retreats and McMullen Wood. Tenant Services decreased due to a change in the case management methodology and approach of the programs which reduced the cost of the programs. Maintenance increased due to several large site improvement projects that occurred during the year. In the MTW Fund, Other Operating Revenue increased by $1.6 million. This number continues to increase as the number of incoming portable vouchers to the agency continues to increase. Spending levels stayed approximately the same except for housing assistance payments which increased due to an increase in payments to landlords.



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In the HOPE VI fund, HUD operating and capital revenues decreased as redevelopment of the former Boulevard Homes site begins to reach completion. All remaining funds will be utilized in the final phase. In the Component Units, Other Operating Expenses increased as a result of an increase in new predevelopment expenses related to projects currently being pursued for future development. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets At March 31, 2015, the Authority had $184 million invested in a variety of capital assets as reflected in the following schedule, which represents a net increase (additions, deductions and depreciation) of $7.2 million, or 4% from the previous year.

2015Land and land rights 46,219,209 $ Buildings, leasehold improvements 226,002,471 Furniture, equipment and machinery 3,506,615 Leasehold improvements 1,263,456 Accumulated depreciation (121,127,545) Construction in progress 27,914,031

Total 183,778,237 $

Table 4

Capital Assets at Year-End(Net of Accumulated Depreciation)

Business-Type Activities2014

176,574,245 $ 27,362,187

43,978,089 $ 213,272,031

3,692,435

(112,993,953) 1,263,456

The following reconciliation summarizes the change in capital assets, which is presented in detail in Note 7 of the notes to basic financial statements.

Beginning BalanceAdditionsTransfer of notes receivableRetirements, net of depreciationDepreciation

Ending Balance

(Continued)

18,701,765

(2,027,346) (8,860,025)

183,778,237 $

Change in Capital Assets

(610,402)

Table 5

ActivitiesBusiness-Type

176,574,245 $



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(Continued)

This year's major additions are:Equipment purchasesCarol Hoefener CenterEdwin Towers rehabilitationSavanna Woods rehabilitationHorizon Development properties rehabilitationRenaissance developmentStrawn and Parktowne rehabilitationThe Vistas @ 707Miscellaneous capital improvements

Total

9,060 $

18,701,765 $ 160,823

9,337,245

128,752 6,178,438

553,834

Change in Capital Assets

Business-TypeActivities

54,486

109,513 2,169,614

Long-Term Debt Outstanding At March 31, 2015, the Authority had $54.3 million in total long-term debt outstanding compared to $43.8 million the previous year, a $10.5 million increase.

2015Business-Type Activities:

Energy program -$ 36,363 $ Bonds 17,190,000 18,085,000 Component unit mortgages 38,400,130 30,964,476

Total 55,590,130 49,085,839 Less current portion (1,337,144) (5,284,868)

Total Net 54,252,986 $ 43,800,971 $

2014

Outstanding Debt, at Year-End

Table 6

See Note 13 of the notes to basic financial statements for additional information. ECONOMIC FACTORS As of March 2015, the unemployment rate for the Charlotte-Concord-Gastonia metropolitan area was 5.3%, compared to 6.3% at March 2014 based on data from the Bureau of Labor Statistics. This compares to the national unemployment rates of 5.5% and 6.8%, respectively.



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The real estate market in the Charlotte area continues to improve. Many apartment buildings are either in the process of construction, or will begin construction soon; however most of these will not be an affordable option for those who so desperately need it. The Authority has begun the planning and predevelopment phases of several projects and hopes to be able to better contribute to this need in the near future. The down side to the market increase is the effect on cost. With the number of construction projects in the area, we have seen a rise in construction costs, including both a high demand and competition for skilled workers. We are working through these challenges, and will continue to ensure our limited funding is used in the most efficient and effective way. REQUEST FOR INFORMATION This financial report is designed to provide a general overview of the Authority’s accountability for all those interested. If you should have additional questions regarding the financial information, you can contact our office in writing at the following address:

Charlotte Housing Authority Attn: Chief Financial Officer

P.O. Box 36795 Charlotte, NC 28236-6795

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BASIC FINANCIAL STATEMENTS

First Ward Place

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Asset Moving To WorkManagement Demonstration

Projects ProgramCurrent Assets

Cash and cash equiv alents 13,430,309 $ 18,791,560 $ Inv estments 2,499,425 21,224,705 Deposits - restricted 889,805 - Accounts receiv able - HUD - 2,100,862 Accounts receiv able - other 91,001 694,635 Mortgages receiv able - current - - Notes receiv able - current - - Interest receiv able 525 17,973 Prepaid ex penses 74,764 8,273 Interprogram due from 1,227,916 96,949

Total current assets 18,213,745 42,934,957

Noncurrent AssetsCapital assets

Land 26,307,924 1,519,150 Buildings and improv ements 132,432,532 - Furniture, equipment and machinery - dw elling - - Furniture, equipment and machinery - admin. 1,333,886 337,249 Leasehold improv ements 537,269 - Construction in progress 553,854 -

161,165,465 1,856,399 Less: Accumulated depreciation (96,489,856) (323,387)

Total capital assets 64,675,609 1,533,012

Other assetsMortgage receiv able - - Notes receiv able - net of current portion 45,231,305 24,577,220 Other assets - - Inv estments in real estate v entures 49 - Total other assets 45,231,354 24,577,220

Total noncurrent assets 109,906,963 26,110,232

Total Assets 128,120,708 69,045,189

Current LiabilitiesAccounts pay able 1,686,595 768,062 Accrued ex penses 441,768 30,730 Accrued interest pay able 161,403 - Unearned rev enue 129,277 - Long-term liabilities - current portion - - Bonds pay able - current portion 910,000 - Tenant security deposits 271,048 - Interprogram due to - 1,160,547

Total current liabilities 3,600,091 1,959,339

Long-Term LiabilitiesMortgage pay able - net of current portion - - Bonds pay able - net of current portion 16,280,000 - Accrued interest pay able - - Trust deposit liabilities 1,095,187 2,146,231 Accrued compensated absences - net of current portion 261,893 137,058

Total long-term liabilities 17,637,080 2,283,289

Total Liabilities 21,237,171 4,242,628

Deferred Inflows of ResourcesDeferred land lease rev enue 2,156,232 - Deferred gain 5,190,000 - Deferred loan interest rev enue 3,159,853 772,034

Total deferred inflows of resources 10,506,085 772,034

Net PositionNet inv estment in capital assets 64,675,609 1,533,012 Restricted for contract obligations 26,232,960 23,805,186 Unrestricted 5,468,883 38,692,329

Total Net Position 96,377,452 $ 64,030,527 $

The Notes to the Basic Financial Statements are an integral part of this statement.


Statement of Net Position

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Business ActivitiesCentral Office and Non-Major Interfund

HOPE VI Cost Center Component Units Funds Eliminations TOTAL

3,770,417 $ 6,564,903 $ 13,234,990 $ 41,123 $ -$ 55,833,302 $ - - - - - 23,724,130 - - 1,942,553 - - 2,832,358

633,572 - - 41,461 - 2,775,895 188,592 954,320 1,581,548 15,959 (131,194) 3,394,861

- 14,433 - - - 14,433 - 8,540 - - - 8,540 - - - - - 18,498

3,531 165,949 33,826 - - 286,343 - 616,258 170,000 108,051 (2,219,174) -

4,596,112 8,324,403 16,962,917 206,594 (2,350,368) 88,888,360

4,051,835 2,605,077 11,735,223 - - 46,219,209 3,934,815 9,551,617 86,473,557 - (6,390,050) 226,002,471

- - 569,779 - - 569,779 25,390 978,946 261,365 - - 2,936,836

- - 726,187 - - 1,263,456 8,607,607 - 18,752,570 - - 27,914,031

16,619,647 13,135,640 118,518,681 - (6,390,050) 304,905,782 (137,508) (2,546,150) (21,630,644) - - (121,127,545)

16,482,139 10,589,490 96,888,037 - (6,390,050) 183,778,237

524,825 1,817,747 - - - 2,342,572 14,149,089 67,252,764 1,842,700 - (59,040,496) 94,012,582

- - 1,516,298 - - 1,516,298 - - 1,803,030 - - 1,803,079

14,673,914 69,070,511 5,162,028 - (59,040,496) 99,674,531

31,156,053 79,660,001 102,050,065 - (65,430,546) 283,452,768

35,752,165 87,984,404 119,012,982 206,594 (67,780,914) 372,341,128

301,667 150,359 751,852 8,999 - 3,667,534 315,554 311,493 3,854,519 3,623 (417,420) 4,540,267

- - 76,934 - - 238,337 51,296 8,200 114,653 - - 303,426

- - 427,144 - - 427,144 - - - - - 910,000 - - 294,424 - - 565,472

3,101 365,312 680,526 9,688 (2,219,174) - 671,618 835,364 6,200,052 22,310 (2,636,594) 10,652,180

- 8,013,855 87,065,631 - (57,106,500) 37,972,986 - - - - - 16,280,000 - - 1,927,840 - (1,597,435) 330,405 - - 27,569 40,388 - 3,309,375

7,527 347,180 89,785 25,069 - 868,512 7,527 8,361,035 89,110,825 65,457 (58,703,935) 58,761,278

679,145 9,196,399 95,310,877 87,767 (61,340,529) 69,413,458

- - - - - 2,156,232 - - - - (5,190,000) -

1,902,731 20,712,403 502,351 - (829,022) 26,220,350 1,902,731 20,712,403 502,351 - (6,019,022) 28,376,582

16,482,139 2,575,635 9,395,262 - 50,716,450 145,378,107 16,541,600 52,065,191 11,270,391 118,827 (59,040,496) 70,993,659

146,550 3,434,776 2,534,101 - 7,902,683 58,179,322 33,170,289 $ 58,075,602 $ 23,199,754 $ 118,827 $ (421,363) $ 274,551,088 $

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Projects ProgramOperating Revenue

Tenant revenue 3,808,435 $ -$ HUD operating grants and subsidies 1,931,644 56,807,934 Other government operating grants - - Other revenue 516,911 11,113,264

Total Operating Revenue 6,256,990 67,921,198

Operating ExpensesAdministrative 3,367,033 4,130,559 Asset management fees 633,285 1,003,129 Tenant services 2,260,012 259,325 Utilities 3,120,497 - Ordinary maintenance and operations 5,504,215 60,414 Protective services 869,629 189,367 General expenses 4,494,779 85,039 Casualty loss 40,395 - Housing assistance payments - 39,932,003 Depreciation and amortization 4,712,134 11,625

Total Operating Expenses 25,001,979 45,671,461

Operating Income (Loss) (18,744,989) 22,249,737

Non-Operating Revenue (Expenses)Interest income - notes 270,953 - Interest income - cash investments 24,287 97,024 Interest expenses (651,864) - Gain (loss) on disposal of capital assets - -

Total Non-Operating Revenue, net (356,624) 97,024

Capital grants - to component units - (77,449) Capital grants - Interprogram - (961,688) Capital grants - HUD - 1,189,432

Total Capital Grants, net - 150,295

Transfer in (out) 20,724,327 (20,181,208)

Change in Net Position 1,622,714 2,315,848

Net Position, Beginning of Year 94,754,738 61,714,679

Net Position, End of Year 96,377,452 $ 64,030,527 $



Statement of Revenue, Expenses and Changes in Net Position

For the Year Ended March 31, 2015

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BusinessActivities and

Central Office Component Non-Major InterfundHOPE VI Cost Center Units Funds Eliminations TOTAL

-$ -$ 8,754,423 $ -$ -$ 12,562,858 $ 308,032 - - 3,328,635 - 62,376,245

430 - 467,441 - - 467,871 570,286 5,829,218 2,109,242 10,813 (5,897,780) 14,251,954 878,748 5,829,218 11,331,106 3,339,448 (5,897,780) 89,658,928

851,956 4,332,464 3,941,195 - (3,415,653) 13,207,554 - - 217,584 10,008 (1,839,623) 24,383

1,686 - 58,416 368,043 - 2,947,482 - 125,002 1,279,844 - - 4,525,343

8,597 586,967 3,338,693 - (397,967) 9,100,919 - 73,152 - - - 1,132,148

21,604 194,688 920,177 - (170,934) 5,545,353 - - - - - 40,395 - - - 2,850,374 - 42,782,377

137,508 360,479 3,690,685 - - 8,912,431 1,021,351 5,672,752 13,446,594 3,228,425 (5,824,177) 88,218,385

(142,603) 156,466 (2,115,488) 111,023 (73,603) 1,440,543

182,792 558,955 - - - 1,012,700 5,347 11,046 6,543 - - 144,247

- - (872,079) - 284,668 (1,239,275) - 1,772,042 1,634,962 - - 3,407,004

188,139 2,342,043 769,426 - 284,668 3,324,676

- - - - - (77,449) - - 961,688 - - -

1,483,622 - - - - 2,673,054 1,483,622 - 961,688 - - 2,595,605

141,538 1,377,130 (2,061,787) - - -

1,670,696 3,875,639 (2,446,161) 111,023 211,065 7,360,824

31,499,593 54,199,963 25,645,915 7,804 (632,428) 267,190,264

33,170,289 $ 58,075,602 $ 23,199,754 $ 118,827 $ (421,363) $ 274,551,088 $

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Projects ProgramCash flows from operating activities

Tenant receipts 3,826,635 $ 94,610 $ Operating subsidy and grant receipts 1,931,644 57,450,064 Other income receipts 459,702 11,065,546 Payments to vendors (14,700,462) (1,742,650) Payments to employees (4,350,994) (2,722,996) Housing assistance payments - (40,008,847) Other receipts (payments) (1,674,924) (1,303,638)

Net cash provided (used) by operating activities (14,508,399) 22,832,089

Cash flows from noncapital financing activitiesTransfer from other funds 21,982,249 58,639,496 Transfer to other funds (1,257,922) (78,820,704) Interprogram due from other funds 1,049,629 108,051 Interprogram due to other funds (638,084) (1,412,053)

Net cash provided (used) by non-capital financing activities 21,135,872 (21,485,210)

Cash flows from capital and related financing activitiesCapital grants - 1,189,432 Other government capital grants - (77,449) Proceeds from sale of capital assets - - Interprogram capital grants - (961,688) Interprogram capital loans (303,931) 3,019,628 Purchases of capital asset (6,732,292) (9,060) Proceeds from capital debt - - Loan repayments (931,363) - Interest paid on capital debt (655,059) -

Net cash provided (used) by capital and related financing activities (8,622,645) 3,160,863

Cash flows from investing activities Purchase of investments (2,499,290) (28,942,426) Redemption of investments 107,002 26,000,000

Interest received 207,616 30,494 Note and mortgage repayments - -

Net cash provided (used) by investing activities (2,184,672) (2,911,932)

Net increase (decrease) in cash and cash equivalents (4,179,844) 1,595,810

Cash and Cash Equivalents, beginning 17,610,153 17,195,750 Cash and Cash Equivalents, ending 13,430,309 $ 18,791,560 $

(Continued)


Statement of Cash Flows


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Page 1 of 2

BusinessCentral Activities andOffice Component Non-Major

HOPE VI Cost Center Units Funds TOTAL

-$ (25,664) $ 8,681,295 $ -$ 12,576,876 $ 876,154 - 467,441 2,353,951 63,079,254 500,232 5,626,350 2,818,264 6,497 20,476,591

(751,713) (1,595,476) (6,048,167) (6,186) (24,844,654) (137,387) (3,734,813) (2,492,227) (362,549) (13,800,966)

- - - (2,848,642) (42,857,489) (1,027,122) (16,769) 478,669 6 (3,543,778)

(539,836) 253,628 3,905,275 (856,923) 11,085,834

216,228 3,753,443 138,976 - 84,730,392 (74,690) (2,376,313) (2,200,763) - (84,730,392) 275,000 271,486 - (108,051) 1,596,115

3,101 (9,688) 450,921 9,688 (1,596,115) 419,639 1,638,928 (1,610,866) (98,363) -

1,483,622 - - - 2,673,054 - - - - (77,449) - 1,900,000 3,534,354 - 5,434,354 - - 961,688 - - - (3,534,962) 819,265 - -

(1,602,509) - (11,557,953) - (19,901,814) - - 8,617,803 - 8,617,803 - - (268,671) - (1,200,034) - - (1,221,910) - (1,876,969)

(118,887) (1,634,962) 884,576 - (6,331,055)

- - - - (31,441,716) - - - - 26,107,002

188,139 649,995 6,819 - 1,083,063 299,460 61,039 - - 360,499 487,599 711,034 6,819 - (3,891,152)

248,515 968,628 3,185,804 (955,286) 863,627

3,521,902 5,596,275 10,049,186 996,409 54,969,675 3,770,417 $ 6,564,903 $ 13,234,990 $ 41,123 $ 55,833,302 $

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Projects ProgramReconciliation of operating income (loss) to net cash

provided by operating activities:Operating income (loss) (18,744,989) $ 22,249,737 $ Adjustments to reconcile operating income (loss) to net cash

provided (used) by operating activities:Depreciation 4,712,134 11,625 Write off of deferred financing fees - - (Increase) decrease in assets:

Accounts receivable - HUD - 642,130 Accounts receivable - other (5,776) 72,657 Prepaid expenses (59,282) (3,493) Other assets - -

Increase (decrease) in liabilities:Accounts payable - other (572,762) (239,024) Accrued expenses 98,104 98,457 Unearned revenue 74,373 - Tenant security deposits (10,201) -

Net cash provided (used) by operating activities (14,508,399) $ 22,832,089 $



Statement of Cash Flows (Continued)


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Page 2 of 2

Business ActivitiesCentral Office and Non-Major

HOPE VI Cost Center Component Units Funds TOTAL

(142,603) $ 156,466 $ (2,115,488) $ 111,023 $ 1,514,146 $

137,508 360,479 3,638,279 - 8,860,025 - - 52,406 - 52,406

568,122 - - (29,284) 1,180,968 (70,854) (231,732) 699,227 (4,316) 459,206

(3,531) 42,987 (22,508) - (45,827) - - 7,550 - 7,550

(652,820) (25,433) 328,069 4,793 (1,157,177) (376,028) (52,339) 1,279,198 6,261 1,053,653

370 3,200 14,567 (945,400) (852,890) - - 23,975 - 13,774

(539,836) $ 253,628 $ 3,905,275 $ (856,923) $ 11,085,834 $


Notes to Basic Financial Statements

For the year ended March 31, 2015

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Note 1 - Summary of Organization, Reporting Entity and Significant Accounting Policies

A. Organization The Housing Authority of the City of Charlotte (the “Authority”) was created pursuant to the North Carolina Housing Authorities Law (Article 1 of Chapter 157 of the General Statutes of North Carolina), as amended, by a resolution of the City Council of the City of Charlotte, North Carolina adopted on December 7, 1938 and was organized under the laws of the State of North Carolina by the City of Charlotte (the “City”) on June 14, 1939. It is a public body and a body corporate and politic organized to provide safe and sanitary low rent housing for qualified individuals of the City of Charlotte in accordance with the rules and regulations prescribed by the Department of Housing and Urban Development (“HUD”) and other Federal Agencies. The accompanying financial statements of the Authority have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as applied to governmental units.

B. Reporting Entity The Authority is reported as a related organization in the notes to the City’s financial statements because the governing board’s seven-member Board of Commissioners of the Authority are appointed to three-year terms by the mayor of the City and by the City Council, and the City has the ability to remove the appointed board members for cause. However, the Authority is not a component unit of the financial reporting entity of the City because it designates its own management, approves its own budget, and maintains its own accounting system. In addition, the City provides no financial support to the Authority, is not obligated for the Authority’s debts or entitled to any surpluses of the Authority. The City is not financially accountable for the Authority because it cannot impose its will on the Authority, and there is no potential for the Authority to provide financial benefit to or impose financial burdens on the City. In determining how to define the reporting entity, management has considered all potential component units. The decision to include a component unit in the reporting entity was made by applying the criteria set forth in Section 2100 and 2600 of the Governmental Accounting Standards Board (“GASB”) Codification and GASB Statement 61, Financial Reporting Entity: Omnibus—an amendment of GASB Statements No. 14 and No. 34. These criteria include: financial accountability; appointment of a voting majority; imposition of will; financial benefit to or burden on a primary organization; financial accountability as a result of fiscal dependency; potential for dual inclusion; and organizations included in the reporting entity although the primary organization is not financially accountable. The Authority’s Major Funds are -

Asset Management Projects – Asset Management Projects combine the Low Rent Public Housing Program (operations), and the Capital Fund (capital) into one column. The Authority rents units that it owns to low-income households. The Asset Management Projects are operated under an Annual Contributions Contract (“ACC”) with HUD, and HUD provides Operating Subsidy and Capital Grant funding to enable the Authority to provide the housing at a rent that is based upon 30% of household income. Investments in joint ventures include First Ward Place, LLC, Fairview Multifamily, LLC, New Dalton IA, LLC, and Seigle 60, LLC. HOPE VI Program – This grant program is funded by HUD to demolish and/or revitalize severely distressed public housing. The former Earle Village, Dalton Village, Fairview Homes, and Piedmont Courts properties have been transformed into the mixed income, mixed finance communities of First Ward, Arbor Glen, Park at Oaklawn and Seigle Point, respectively. The Authority finalized off-site replacement units and spent all remaining HOPE VI funds for these grants in FY2010. The remaining activities of these grants are funded by program income. In June 2010, the Authority received a new grant to revitalize Boulevard Homes. This property is now being transformed into the Renaissance




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Community which includes housing for seniors and families, as well as a community center, K-8 school and child development center. This fund includes the operation of the Crawford Center. Central Office Cost Center (“COCC”) – This fund is the internal business unit within the Authority which performs overhead/management services for Authority programs and properties. It generates revenue by charging internal fees for management services. This fund includes the non-restricted business activities of the Authority, therefore, it is defederalized. Moving To Work (MTW) Demonstration Program – This fund includes the revenue for all HUD funding eligible to be block granted with single budgetary authority, as well as all related expenditures eligible under the approved MTW annual plan, including the Housing Choice Voucher Program.

Housing Choice Voucher Program – Under the Housing Choice Voucher Program, the Authority administers contracts with independent landlords who own the property. The Authority subsidizes the family’s rent through a Housing Assistance Payment made to the landlord. The program is administered under an ACC with HUD. HUD provides Annual Contributions Funding to enable the Authority to structure a lease that sets the participants’ rent at 30% of household income.

Business Activities and Component Units – This fund includes all other business-type activities of the Authority, such as affordable housing properties, and the operation of a recreational center. Business Activities includes the Carole Hoefener Center. Component Units include Horizon Development Properties, Inc. (“Horizon Development”), Horizon Acquisition Corp. (“Horizon Acquisition”), C.O.R.E. Programs, Inc. (“CORE”), and Strawn Parktowne, LLC.

Horizon Development is a non-profit corporation created by the Authority to provide affordable housing to qualified individuals. Horizon Development is a wholly owned entity of the Authority. It has no employees, and all functions are provided by employees of the Authority and then recorded in the appropriate entity. The Authority Board of Commissioners also serves as the Board for Horizon Development. Investments in joint ventures include Arbor Glen III, LLC and Boulevard Phase II, LLC. Horizon Development is included in the accompanying basic financial statements as a blended component unit.

Mill Pond Charlotte, LLC is a manager-managed limited liability company formed by Horizon Development for the purpose of operating a 168-unit multifamily apartment community. Mill Pond Charlotte, LLC has a December 31 year end and is included in the Horizon Development column.

The Lofts, LLC is a single purpose entity and its sole purpose is the acquisition, development and operation of an apartment complex consisting of 190 units which will be operated as The Vistas at 707. The Lofts, LLC has a December 31 year end and is included in the Horizon Development column. Horizon Acquisition is a for-profit corporation created to acquire, construct, develop, operate and/or hold title to affordable housing property. Horizon Acquisition is a wholly owned entity of Horizon Development. It has no employees, and all functions are provided by employees of the Authority and then recorded in the appropriate entity. The Authority Board of Commissioners also serves as the Board for Horizon Acquisition. Investments in joint ventures include 940 Brevard, LLC, Arbor Glen II, LLC, Live Oak Apartments, LLC, LR Charlotte, LP, Mayfield Terrace, LLC, Montgomery Gardens, LLC, New Boulevard LLC, Prosperity Seniors, LLC, Seigle Point, LLC, South Park Seniors, LLC, Springfield Gardens, LLC, and Steele Creek Seniors, LLC. Horizon Acquisition is included in the accompanying basic financial statements as a blended component unit.




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Horizon Acquisition entered into a limited liability corporation with TRG I South, LLC to form Strawn Parktowne, LLC. The low-income housing tax credit properties owned are Strawn Tower and Parktowne Terrace which combine for 333 units. Strawn Parktowne, LLC has a December 31 year end and is reported as a component unit of the Authority.

CORE is a non-profit corporation created to assist residents of public housing facilities in Mecklenburg County in achieving economic independence. CORE is a wholly owned entity of the Authority. It has no employees, and all functions are provided by employees of the Authority and then recorded in the appropriate entity. The Authority Board of Commissioners also serves as the Board for CORE. CORE is included in the accompanying basic financial statements as a blended component unit.

. In addition, the Authority’s non-major funds are:

Veterans Assisted Housing Program (“VASH”) –These voucher units and funding increments are available and provided under the HUD–Veterans Affairs Supportive Housing (HUD–VASH) program administered by local public housing agencies that have partnered with local Veterans Affairs medical centers. Program funding provides rental assistance under a supportive housing program for homeless veterans through the Section 8 program. These vouchers are not a part of our MTW vouchers, and must therefore be reported in the Housing Choice Voucher column.

Family Unification Program (“FUP”) – These voucher units are available for families whose inadequate housing is the primary factor in the separation or near separation from their children. The vouchers help reunite foster children with their parents or prevent them from ever entering the foster care system. In addition, FUP vouchers provide stable housing for young adults (ages 18-21) who left or are aging out of the foster care system, preventing them from becoming homeless. Resident Opportunities and Self Sufficiency Program Grant (“ROSS”) – a grant program funded by HUD that encourages economic self sufficiency, along with job training, among the Authority’s residents. It also provides supportive services to seniors and disabled residents.

C. Programs Administered by the Authority The Authority administers annual contribution contracts to provide low-income housing with primary financial support from HUD and develops and manages affordable properties. Programs administered by the Authority are as follows:

Asset Management Projects – The Authority owns, operates and maintains 3,375 total ACC units of Public Housing in 47 communities throughout the City. Under the Asset Management Projects program, low-income tenants pay monthly rents, which are determined by their need for assistance. Revenue consists primarily of rents and other fees collected from tenants and a transfer from MTW Funds. Both operational and capital activities undertaken at the properties are included. Housing Assistance Payments – Section 8 of the Housing and Community Development Act of 1974, provides Housing Assistance Payments on behalf of lower-income families to participating housing owners. Under this program, the landlord-tenant relationship is between a housing owner and a family, rather than the Authority and a family as in the Public Housing program. For existing housing, and in some cases in new construction and substantial rehabilitation, HUD contracts with the Authority to enter into contracts with owners to either make assistance payments or to pay the difference between the approved contract rent and the actual rent paid by the lower-income




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families. Housing Assistance Payments made to landlords and some participants are funded through ACC, as well as the administrative cost of managing the program, up to a per unit limit established in the contracts. At March 31, 2015, the Authority administered 5,016 tenant-based vouchers authorized by Section 8 (including 283 VASH and 200 FUP Vouchers), of which 4,480 (89%) were utilized. The Authority has obtained approval from HUD to project base many of these vouchers at specific properties from within our existing voucher count. As of March 31, 2015, 536 of the vouchers were project based vouchers. The Authority also administered 1,402 Portable Vouchers as of March 31, 2015. Affordable Housing – The Authority, or one of its component units, owns 673 additional units of housing in twelve communities that are not under the Public Housing Program or Project Based Section 8 Program. All properties were acquired using various funding sources. Asset Managers for these properties include the Authority, WRH Realty and Riverstone Residential Group.

D. Basis of Presentation and Accounting 1. Basis of Presentation and Accounting The accounts of the Authority are organized and operated on a fund basis. A fund is an independent fiscal and accounting entity with a self-balancing set of accounts recording its assets, deferred outflows of resources, liabilities, deferred inflows of resources, net position, revenues and expenses. The Authority reports as a special purpose government engaged only in business-type activities (enterprise funds). Enterprise funds are accounted for on the flow of economic resources measurement focus and the accrual basis of accounting. In this type of fund, revenues are recorded when earned and expenses are recorded at the time the liabilities are incurred, regardless of when the related cash flow takes place. All funds of the Authority are maintained on the modified accrual basis during the year; however, the financial statements for the Authority have been reported on the accrual basis. Under this basis, revenues are recorded when earned and expenses are recorded when incurred. In converting from the modified accrual basis to the full accrual basis, the changes required may include adjustments for unpaid interest, depreciation, prepaid tenant rents, payments of principal on outstanding debt, and capital outlay. 2. MTW Flexibility As part of the signed MTW agreement with HUD, the Authority has block grant funding capability for the Asset Management Projects (Operating and Capital) and Housing Choice Voucher program. To maximize flexibility and functionality, all of the funds received from these programs are deposited into the MTW program. The money is then spent on MTW eligible items, which includes the funding of these programs. Funds are transferred to each AMP for Operating Subsidy and to cover any specific initiatives at the AMPs, to the Housing Choice Voucher Program to cover all expenses, and to the AMP Capital Projects as needed to cover all capital related items.

E. Accounting Changes New Accounting Pronouncements In fiscal year 2015 the Authority implemented the following new accounting standard issued by the GASB: Statement 67, Financial Reporting for Pension Plans; an amendment of GASB Statement No. 25 This GASB replaces the requirements of Statements No. 25, Financial Reporting for Defined Benefit Pension Plans and Note Disclosures for Defined Contribution Plans, and No. 50, Pension Disclosures, as they relate to pension plans that are administered through trusts or equivalent arrangements (hereafter




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jointly referred to as trusts) that meet certain criteria. The requirements of Statements 25 and 50 remain applicable to pension plans that are not administered through trusts covered by the scope of this Statement and to defined contribution plans that provide postemployment benefits other than pensions. The adoption of this statement had no material or significant effect on the Authority in the current year. Statement No. 69, Government Combinations and Disposals of Government Operations This GASB Statement establishes accounting and financial reporting standards related to government combinations and disposal of government operations. The adoption of this statement had no material or significant effect on the Authority in the current year.

Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees This GASB statement establishes accounting standards when a government extends a nonexchange financial guarantee. The adoption of this statement had no material or significant effect on the Authority in the current year.

F. Inter-Program Receivables and Payables Inter-program receivables/payables are all classified as either current assets or current liabilities and are primarily the result of the use of the COCC as the common paymaster for shared costs of the Authority. Deposits are held in the COCC to cover the estimated monthly payments. Cash settlements are made semi-monthly and all inter-program balances are reconciled. These inter-program receivables and payables have been eliminated in the preparation of the basic financial statements. In some cases the AMP’s operating funds help cover capital expenditures of the properties when the COCC is low on funds due to outstanding receivables from HUD, other governments, and other inter-program receivables.

G. Cash and Investments All deposits of the Authority are made in board-designated official depositories and are secured as required by HUD and North Carolina state regulations. The Authority may designate as an official depository any bank or savings and loan association that is authorized to do business in North Carolina. Also, the Authority may establish time deposit accounts such as NOW and Super NOW accounts, money accounts and certificates of deposit. Section 401(e) of the federal annual contribution contract authorizes the Authority to invest excess federal funds in instruments issued by or guaranteed by the federal government. The Authority practices this policy for all invested funds, regardless of source.

As included in the Authority’s MTW Plan, HUD approved the adoption of an alternate investment policy. This approval allowed the Authority to adopt investment policies consistent with state law to the extent such policies are in compliance with applicable OMB circulars and other federal laws. The Authority will invest only in securities authorized under state law that will allow the flexibility to invest productively and efficiently. State law [G.S. 159-30(c)] authorizes local governments to invest in obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States; obligations of the State of North Carolina; bonds and notes of any North Carolina local government or public authority; obligations of certain non-guaranteed federal agencies; certain high quality issues of commercial paper and bankers’ acceptances and the North Carolina Capital Management Trust (“NCCMT”). The securities of the NCCMT – Cash Portfolio, a SEC-registered (2a-7) money market mutual fund, are valued at fair value, which is the NCCMT’s share price.




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For purposes of the statement of cash flows, cash equivalents include certificates of deposits with original maturities of three months or less.

H. Accounts Receivable – HUD and Accounts Receivable – Other

Accounts receivable – HUD are amounts due from HUD for current year program operating and housing assistance subsidies earned but not received at year-end. Accounts receivable – other are amounts due from parties other than HUD. All account, note and mortgage receivable balances are reviewed to determine whether they are collectible. Allowance account estimates are established for receivable amounts when collection is questionable.

I. Notes Receivable

The Authority records its notes receivable at cost, which approximates fair value at the statement of net position date. The Authority estimates its allowance for doubtful accounts based on a combination of historical and current information as it relates to individual accounts. The Authority has determined that no allowance for doubtful accounts is necessary at March 31, 2015. The Authority determines past-due status on notes receivable based on the contractual terms of the loan.

J. Prepaid Expenses Payments made to vendors for services that will benefit periods beyond the fiscal year-end are recorded as prepaid expenses.

K. Restricted Assets

Certain assets may be classified as restricted assets on the statement of net position because their use is restricted for capital projects, HOPE VI programs, tenant security deposits, land sales proceeds, notes receivable, and family self-sufficiency program escrows, among others.

L. Capital Assets and Depreciation Capital assets are carried at historical cost. Donated capital assets are recorded at fair market value on the date of the donation. Maintenance and repairs are charged to current period operating expenses and improvements are capitalized. The Authority defines capital assets as assets with an initial, individual cost of more than $3,000 and a useful life greater than one year. Depreciation of capital assets is computed using the straight-line method over the estimated useful lives of the assets, which are as follows:

YearsBuildings 30Improvements 10Furniture, equipment and machinery 5 - 7

M. Impairment of Capital Assets GASB Statement 42, Accounting and Financial Reporting for Impairment of Capital Assets and Insurance Recoveries, establishes accounting and financial reporting standards for impairment of capital assets. A capital asset is considered impaired when its service utility has declined significantly and unexpectedly. The Authority is required to evaluate prominent events or changes in circumstances. No such events or circumstances were encountered as of March 31, 2015.

N. Deferred outflows/inflows of resources In addition to assets, the statement of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial element, Deferred Outflows of Resources, represents a




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consumption of net position that applies to a future period and so will not be recognized as an expense until then. The Authority does not have any items that currently meet this criterion. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflows of resources. This separate financial element, Deferred Inflows of Resources, represents an acquisition of net position that applies to a future period and so will not be recognized as revenue until then. The Authority has three items that meet the criterion for this category – deferred loan interest revenue associated with certain notes receivable, deferred gain associated with a real estate note that is subordinate to other notes and only paid from cash flow, and deferred land lease revenue associated with certain land lease notes receivable.

O. Investment in Joint Ventures The Authority and its Component Units account for their ownership interest in real estate ventures using a straight-line basis. The investment cannot be reduced below zero.

P. Compensation for Future Absences In accordance with GASB Statement No. 16, Accounting for Compensated Absences, the Authority has accrued a liability for future absences, recognizing the obligation relating to compensation for absences attributable to services already rendered. Regular, full-time employees receive compensation for vacations, holidays, illness and certain other qualifying absences. The number of days compensated for annual and sick leave is based on the length of service to the Authority. It is the policy of the Authority to accumulate earned but unused annual leave benefits, which will be paid to employees upon separation from Authority service. A maximum of 240 hours of unused annual leave time may be carried forward annually by each employee. The Authority’s sick leave policy provides for an unlimited accumulation of earned sick leave. Upon separation from Authority service, an employee may receive a payment for 25% of their accrued sick leave, provided that the employee has participated for a minimum of five (5) continuous years in the retirement plan, and the separation was not involuntary. Compensated absences, which have been earned but not paid, have been accrued in the accompanying financial statements.

Q. Other Noncurrent Liabilities The Authority’s other noncurrent liabilities are unearned credits comprised primarily of family self-sufficiency and MTW incentive escrow accounts.

R. Net Position Net position is classified into three parts; investment in capital assets, restricted, and unrestricted. Net position is reported as restricted when constraints placed on net position use is either externally imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments, imposed by law through constitutional provisions or enabling legislation.

S. Operating Revenue and Expenses Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the Authority are charges to customers for rents. Operating expenses include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.




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Subsidies received from HUD or other grantor agencies, for operating purposes, are recorded as operating revenue in the operating statement while capital grant funds are added below non-operating revenue/expenses.

T. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

U. Risk Management The Authority is exposed to various risks of losses related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. Claims liabilities are reported when it is probable that a loss has occurred and the amount of that loss can be reasonably estimated. There were no claims in excess of commercial coverage during the previous three years. These losses include an estimate of claims that have been incurred but not reported. At March 31, 2015, there were no liabilities to be reported. The primary technique used for risk financing is the purchase of insurance policies from commercial insurers that include a large deductible amount. The use of a large deductible clause reduces the cost of insurance, but, should losses occur, the portion of the uninsured loss is not expected to be significant with respect to the financial position of the Authority. The Authority secures required insurance coverage through the competitive bid process. In accordance with G.S. 159-29, the Authority’s employees that have access to $100 or more at any given time of the Authority’s funds are performance bonded through a commercial surety bond. The chief financial officer is individually bonded for $50,000. The remaining employees that have access to funds are bonded under a blanket bond for $500,000.

V. Related Party Transactions The Authority is reported as a related organization in the notes to the City’s financial statements. Certain transactions have occurred between the City and the Authority. The City has given a notice of intent to fund $8.943 million in land and infrastructures cost in support of HOPE VI grants to the Authority. These funds are reimbursed to the Authority after the Authority disburses the monies and bills the City. To date the Authority has spent $8,774,506 in total, of which $430 was for the current year, and the Authority has recorded unearned revenue of $50,496 for funds received in advance. Horizon Development, as developer, has been awarded a grant from the City’s Community Development Block Grant Program monies for dwelling structure rehabilitation and special needs at Savanna Woods Apartments in the amount of $1,465,200. These funds are reimbursed to the Authority after the Authority disburses the monies and bills the City. To date the Authority has paid $467,441 in total, all in the current year. As of March 31, 2015, none has been received and a receivable from the City has been recorded. Horizon Development has been sub-awarded loans from the City Neighborhood Stabilization Program (“NSP”) grants for dwelling structure rehabilitation at Hampton Creste Apartments in the amount of $1,300,000. No amounts were received during the current year and the Authority is still waiting for the close out of the grant from the City. The Authority makes PILOT (payment in lieu of taxes) payments to the City and Mecklenburg County, North Carolina (the “County”) under an inter-local agreement between the three entities. The agreement calls for




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the Authority to make annual payments, which are then repaid to the Authority for purposes called for in the agreement. At March 31, 2015, the Authority had made the required payments of $71,536 for the previous year, and $71,692 is recorded in accounts receivable as PILOT refunds due to the Authority (see Note 6 of the notes to basic financial statements). In addition, at March 31, 2015, the Authority reported $71,692 in accounts payable to the City and the County related to PILOT (see Note 11 of the notes to basic financial statements).

Note 2 – Budgetary Compliance

The Authority maintains budgetary controls over all funds, as required by the North Carolina General Statutes and the terms of the Authority’s Annual Contributions Contract with HUD. An annual budget is adopted for all funds, except for Capital Projects, Development projects, and the HOPE VI Grant, which are multi-year capital projects, and the ROSS grants, which are multi-year grant funds. A multi-year budget is adopted for these funds. Expenditures may not legally exceed appropriations at the functional level for the annual budget or at the HUD Budget Line Item (“BLI”) level for the capital projects and other grant funds. The management of the Authority may not transfer appropriations between functions of an annual fund or the HUD BLI level of grants without approval. The budgets are prepared on the modified accrual basis of accounting, as required by the Local Government Budget and Fiscal Control Act.

Note 3 – Supplemental Information – Statutory Basis

Supplemental information, including budget versus actual comparisons, has been prepared on the basis of accounting prescribed by HUD. This information is presented for use by HUD program personnel.

Note 4 – Stewardship, Compliance and Accountability

A. Deficit in Net Position There were no deficit net position balances in any of the Authority’s programs.

B. Expenses Over Budget

No Amounts in the Authority were over budget in any of the Authority’s programs. Amounts over budget in Component Unit budgets include:

Contract costs in the C.O.R.E. Programs, Inc. fund exceeded the budgeted amount by the $1,030. Ordinary Maintenance and Operation in LR Charlotte LP exceeded the budgeted amount by $62,285. Utilities in the Strawn and Parktowne LLC exceeded the budgeted amount by $6,283. Utilities in Horizon Development Properties, Inc. exceeded the budgeted amount by $8,994.

Note 5 – Cash and Investments

A. Cash All deposits of the Authority are collateralized as required by HUD and North Carolina General Statutes. North Carolina General Statutes additionally require Housing Authorities to utilize the Dedicated Method of collateralization. Under the Dedicated Method, all deposits that exceed the federal depository insurance coverage level are collateralized with securities held by the Authority’s agents in the Authority’s name. It is the Authority’s policy for deposits to be 110% secured by collateral valued at market or par, whichever is lower, less the amount of the Federal Deposit Insurance Corporation (“FDIC”) insurance. At March 31, 2015, the Authority’s cash and cash equivalents had a carrying amount of $55,833,302 and a bank balance of $55,607,247. Of the bank balance, $250,000 was covered by federal depository insurance and the remaining balance was covered by collateral held under the Dedicated Method.




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Cash and cash equivalents consisted of the following at March 31, 2015:

Carrying BankBalance Balance

Cash and cash equivalents - unrestricted 31,928,542 $ 32,379,851 $ Cash and cash equivalents - restricted 23,904,760 23,227,396

Total cash and cash equivalents 55,833,302 $ 55,607,247 $

Cash is restricted due to constraints placed by creditors, grantors (HUD), tenant security deposits, other grantors, contributors, law, regulations, and other external restrictions.

The bank balance and carrying balance of restricted deposits consisted of the following at March 31, 2015:

Carrying BankBalance Balance

Deposit - Restricted:Lofts Construction Escrow 1,942,553 $ 1,942,553 $ CFFP Bond Fund 111,146 111,146 CFFP Debt Reserves Fund 778,659 778,659

Total cash and cash equivalents 2,832,358 $ 2,832,358 $

B. Investments Investing is performed in accordance with HUD regulations and North Carolina Statutes. State law [G.S. 159-30(c)] authorizes local governments to invest in obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States; obligations of the State of North Carolina; bonds and notes of any North Carolina local government or public authority; obligations of certain non-guaranteed federal agencies; certain high quality issues of commercial paper and bankers’ acceptances and the North Carolina Capital Management Trust (“NCCMT”).

The Authority’s investments are carried at fair value as determined by quoted market prices. The securities of the NCCMT Cash Portfolio, an SEC-registered (2a-7) money market mutual fund, are valued at fair value, which is the NCCMT’s share price.

As of March 31, 2015, the Authority had the following investments and maturities:

Less ThanInvestment Type Fair Value 12 Months 1 - 7 Years Bonds, Freddie Mac & Fannie Mae 6,623,039 $ 2,997,990 $ 3,625,049 $ Commercial Paper 14,978,000 14,978,000 - NC Capital Management Trust - Cash Portfolio 2,123,091 2,123,091 -

Total investments 23,724,130 $ 20,099,081 $ 3,625,049 $

In accordance with the Authority’s Investment Policy, the amounts deposited or invested by the Authority are restricted as follows:

i. Commercial bank account – unlimited if adequately collateralized. ii. Commercial paper – no more than 25% of portfolio and no more than $5 million in one issuer. iii. Bankers Acceptances – no more than 25% of portfolio and no more than $5 million in one issuer. iv. North Carolina Capital Management Trust – no more than 50% of portfolio.




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v. Agencies – unlimited on fixed security with no more than 20% of portfolio in a single agency ($5 million if portfolio under $25 million) – no more than 20% in non-fixed securities.

vi. Treasuries – unlimited with no more than 20% of portfolio in a single maturity issue ($5 million if portfolio under $25 million).

vii. No more than 50% of the portfolio may be in ii, iii, and iv at any one time combined.

Interest Rate Risk- Interest Rate Risk is the risk that changes in interest rates will adversely affect the fair value of the investment. This exposure is managed by investments having maturities less than 12 months. Credit Risk- Credit risk is the risk that the issuer or other counterparty will not meet its obligations. This credit risk is measured by the credit quality rating of investments in debt securities as rated by a nationally recognized rating agency. The Authority has no policy regarding credit risk. The NCCMT’s Cash Portfolio carries a credit rating of AAA by Standard and Poor’s. Custodial Risk- For an investment, custodial risk is the risk that in the event of the failure of the counterparty, the Authority will not be able to recover the value of its investments. As of March 31, 2015, none of the investments were exposed to custodial credit risk. Concentration of Credit Risk- Concentration of credit risk is the risk of loss that may occur due to the amount of investments in a single issuer (not including investments issued or guaranteed by the U.S. government). Since the Authority’s investments are primarily investments issued or guaranteed by the U.S. government, there is no concentration of credit risk.

Note 6 - Accounts Receivable

Accounts receivable at March 31, 2015, consisted of the following:

Tenants 173,338 $ Portables 337,998 Fraud recovery 109,296 HUD 2,775,895 Community Development Block Grant 467,441 Developer fee 478,020 PILOT 71,692 Asset management/bond monitoring fees 612,368 Program income 792,004 Other 352,704

Total 6,170,756 $

The tenant receivable is net of allowance for doubtful accounts of $130,737, and the fraud recovery receivable is net of allowance for doubtful accounts of $287,725 at March 31, 2015.




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Note 7 - Capital Assets

The following is a summary of changes in the capital assets during the fiscal year ended March 31, 2015:

Balance at Transfers/ Balance at03/31/2014 Additions Dispositions Adjustments 03/31/2015

Capital assets, not being depreciated:Land 43,978,089 $ 1,212,705 $ (1,334,083) $ 2,362,498 $ 46,219,209 $ Construction in progress 27,362,187 15,885,453 - (15,333,609) 27,914,031

Total capital assets,not being depreciated 71,340,276 17,098,158 (1,334,083) (12,971,111) 74,133,240

Capital assets, being depreciated:Buildings and improvements 213,272,031 1,565,606 (1,239,203) 12,404,037 226,002,471 Leasehold improvements 1,263,456 - - - 1,263,456 Furniture, equipment and

machinery - dwelling 560,630 6,746 - 2,403 569,779 Furniture, equipment and

machinery - administrative 3,131,805 31,255 (180,493) (45,731) 2,936,836 Total capital assets,being depreciated 218,227,922 1,603,607 (1,419,696) 12,360,709 230,772,542

Less accumulated depreciation for:

Buildings and improvements (110,173,129) (8,481,249) 545,940 - (118,108,438) Leasehold improvements (210,080) (91,266) - - (301,346) Furniture, equipment and

machinery - dwelling (77,786) (54,150) - - (131,936) Furniture, equipment and

machinery - administrative (2,532,958) (233,360) 180,493 - (2,585,825) Total accumulateddepreciation (112,993,953) (8,860,025) 726,433 - (121,127,545) Total capital assets,being depreciated, net 105,233,969 (7,256,418) (693,263) 12,360,709 109,644,997 Net capital assets 176,574,245 $ 9,841,740 $ (2,027,346) $ (610,402) $ 183,778,237 $

Substantially all land, buildings and improvements are rental assets. Note 8 - Mortgages Receivable

In accordance with the HOPE VI Homeownership Program, the Authority provided partial financing for homeownership units at First Ward Place, Arbor Glen, Park at Oaklawn, Seigle Point and other offsite locations. At March 31, 2015, the mortgages receivable balance is $2,357,005. All of the mortgages receivable are considered to be long-term, with the exception of $14,433 which is considered short-term. Interest on the mortgages does not begin to accrue until ten years after issuance, at which time the mortgages will bear interest at 3% per annum with monthly payments commencing the first day of the month following the 10th year of the note. There are up to twenty-six (26) second mortgages that require monthly payments of principal and interest.

Note 9 - Notes Receivable

Notes receivable are comprised of the following: A. Mixed Income Financing Construction Loans

The Authority advances loans to third-party developers in conjunction with multi-lender mixed income financing arrangements for new construction. The developer agrees to designate a specific number of units for public housing, for which the Authority maintains 40 year lease rights. A lump-sum payment of principal and interest, if applicable is due at maturity, which is 40 years. Mixed financing construction loans are secured by a mortgage lien on the subject real property.




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B. Interest Income

Due to uncertainty created by the length of time preceding payment of interest, and due to provisions of certain notes that interest payment is contingent upon the existence of surplus cash, interest earned on notes and mortgages receivable has been deferred and is included in the deferred inflow of resources section on the Statements of Net Position. To the extent that interest is currently due pursuant to the terms of the loan and has been received, interest income is recognized. For the year ended March 31, 2015, the cumulative amounts of such deferred interest income were $26,220,350.

C. Allowances

At March 31, 2015, Notes Receivable totaled $94,021,122. The balance includes amounts for Mixed Income Financing Construction Loans as described above. No allowance for uncollectible amounts is deemed necessary against these receivables at March 31, 2015. All notes are non-recourse loans supported by loan agreements and are collateralized by the respective properties. These loans are due upon maturity in 40 years and no facts are currently known that would lead the Authority to believe that default on these loans is probable. The debt may be satisfied through repayment in full or by transfer of the low-income designated units to the Authority. An allowance for a loss contingency has not been recorded as both of the following criteria have not been met: 1.) Information available prior to the issuance of the financial statements indicates that it is probable that an asset had been impaired or a liability had been incurred at the date of the financial statements. It is implicit in this condition that it must be probable that one or more future events will occur confirming the fact of the loss. 2.) The amount of the loss can be reasonably estimated. In addressing collectability, the Authority also considers the viability and going concern of respective developers. In addition, the Authority considers the continuing service utility of the collateral real estate and improvements. Notes receivable at March 31, 2015 consisted of the following:

Deferred BalancePrincipal Interest March 31, 2015

Construction loans 67,800,772 $ 26,220,350 $ 94,021,122 $

Total 67,800,772 $ 26,220,350 $ 94,021,122 $

Note 10 – Investments in Real Estate Ventures

A. 940 Brevard, LLC

Horizon Acquisition Corp. has a .0018% ownership interest in 940 Brevard LLC, a 100-unit residential apartment development located in Charlotte.

B. Arbor Glen II, LLC

Horizon Acquisition Corp. has a .005% ownership interest in Arbor Glen II, LLC, a 91-unit residential apartment development located in Charlotte.

C. Arbor Glen III, LLC

Horizon Development has a .005% ownership interest in Arbor Glen III, LLC, a 23-unit residential apartment development located in Charlotte.

D. Boulevard Phase II, LLC

Horizon Development has a .0045% ownership interest in Boulevard Phase II, LLC, a 74-unit residential low income housing tax credit apartment development located in Charlotte. .




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E. Fairview Multifamily, LLC

The Authority has a .0001% ownership interest in Fairview Multifamily, LLC, a 178 unit residential apartment development located in Charlotte.

F. First Ward Place, LLC

The Authority has a .5% ownership interest in First Ward Place, LLC, a 282-unit residential apartment development located in Charlotte.

G. Live Oak Apartments, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in Live Oak Apartments LLC, a 176-unit residential apartment development located in Charlotte.

H. LR Charlotte, LP Horizon Acquisition Corp. has a .1% ownership interest in LR Charlotte, LP, a 242-unit residential apartment development located in Charlotte.

I. Mayfield Terrace, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in Mayfield Terrace LLC, an 81-unit residential apartment development located in Charlotte.

J. Montgomery Gardens, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in Montgomery Gardens, LLC, a 76-unit residential apartment development located in Charlotte.

K. New Boulevard, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in New Boulevard LLC, a 110-unit residential apartment development located in Charlotte.

L. New Dalton IA, LLC

The Authority has a .001% ownership interest in New Dalton IA, LLC, a 144-unit residential apartment development located in Charlotte.

M. Prosperity Seniors, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in Prosperity Seniors, LLC, a 168-unit residential apartment development located in Charlotte.

N. Seigle 60, LLC

The Authority has a .49% ownership interest in Seigle 60, LLC, a 60 unit residential apartment development located in Charlotte.

O. Seigle Point, LLC

Horizon Acquisition Corp. has a .00045% ownership interest in Seigle Point LLC, a 204-unit residential apartment development located in Charlotte.




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P. South Park Seniors, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in South Park Seniors LLC, a 50-unit residential apartment development located in Charlotte.

Q. Springfield Gardens, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in Springfield Gardens LLC, an 86-unit residential apartment development located in Charlotte.

R. Steele Creek Seniors, LLC

Horizon Acquisition Corp. has a .0045% ownership interest in Steele Creek Seniors LLC, a 120-unit residential apartment development located in Charlotte. Copies of financial statements for each Investment in Joint Venture can be obtained by a written request to: Housing Authority of the City of Charlotte, Attn: Chief Financial Officer, P.O. Box 36795, Charlotte, NC 28236.

Note 11 - Accounts Payable, Accrued Liabilities and Tenant Security Deposits

Accounts payable, accrued liabilities and tenant security deposits at March 31, 2015 consisted of the following:

Accounts PayableVendors and contractors 2,985,045 $ City of Charlotte/Mecklenburg County 91,562 HCV Portables- other housing authorities 590,927

Total 3,667,534 $

Accrued ExpensesAccrued payroll and compensated absences- current 329,460 $ Retainage 2,253,342 Other current liabilities 1,957,465

Total 4,540,267 $

Accrued Interest Payable 238,337 $

Tenant Security Deposits 565,472 $

Note 12 - Unearned Revenue

Unearned revenue at March 31, 2015 consisted of the following:

Carol Hoefener Center - prepaid rents 10,370 $ Tenant prepaid rents 234,360 City of Charlotte/Mecklenburg County 50,496 Other 8,200

Total 303,426 $




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Note 13 - Long-Term Liabilities

A summary of changes in long-term liabilities is as follows: Outstanding Outstanding Due Within03/31/2014 Additions Reductions 03/31/2015 One Year

McAlpine/Glen Cove - City of Charlotte Mortgage 44,867 $ -$ (42,413) $ 2,454 $ 2,454 $ McAlpine Terrace HTF Mortgage 712,467 - - 712,467 - Glen Cove HTF Mortgage 1,309,831 - - 1,309,831 - Seneca - City of Charlotte Mortgage 640,000 - - 640,000 - Seneca - NCHFA Mortgage 300,000 - - 300,000 - Seneca - HTF Mortgage 750,000 - - 750,000 - Fairmarket - City of Charlotte Mortgage 1,275,000 - - 1,275,000 - Hampton Creste - UCB Mortgage 4,167,193 - (81,419) 4,085,774 145,293 Hampton Creste - NSP Mortgage 1,300,000 - - 1,300,000 - McMullen Wood - City of Charlotte Mortgage 1,836,000 - - 1,836,000 - McMullen Wood - NCHFA Mortgage 239,342 - - 239,342 - Woodlawn House - NSP Mortgage 1,500,000 - - 1,500,000 - Mill Pond - Berkadia Commercial Mortgage 9,310,273 - (144,839) 9,165,434 149,359 Lofts at Seigle Point - Berkadia Mortgage 7,579,503 7,704,325 - 15,283,828 130,038 Energy Conservation Note 36,363 - (36,363) - - Strawn and Parktowne - CFFP Bonds 18,085,000 - (895,000) 17,190,000 910,000

Total Outstanding Debt 49,085,839 7,704,325 (1,200,034) 55,590,130 1,337,144 Trust Deposit Liabilities 2,657,330 1,271,243 (619,198) 3,309,375 - Loan Interest Payable 317,605 12,800 - 330,405 - Accrued Compensated Absences 925,060 34,211 (28,833) 930,438 61,926

Total Long Term Liabilities 52,985,834 $ 9,022,579 $ (1,848,065) $ 60,160,348 $ 1,399,070 $

A. Mortgages Payable

Principal and interest payments due on all mortgages payable in each of the following years are as follows: Year ending March 31, Principal Interest Total2016 427,144 $ 801,703 $ 1,228,847 $ 2017 623,407 1,166,885 1,790,292 2018 644,050 1,142,211 1,786,261 2019 665,000 1,121,215 1,786,215 2020 686,639 1,099,527 1,786,166 2021-2025 6,813,421 5,264,748 12,078,169 2026-2030 8,729,364 4,127,383 12,856,747 2031-2035 6,734,064 3,384,466 10,118,530 2036-2040 4,613,020 2,693,130 7,306,150 2041-2045 5,411,409 1,897,766 7,309,175 2046-2050 3,052,612 365,161 3,417,773

Total Mortgages Payable 38,400,130 $ 23,064,195 $ 61,464,325 $

A Horizon Development mortgage note payable to the City of Charlotte on McAlpine Terrace and Glen Cove Apartments, collateralized by the properties, with an interest rate of 7.5%. Principal and interest payments of $3,695 are due monthly. Final maturity is April 1, 2015. The total outstanding balance of the loan and interest as of March 31, 2015 is $2,454.




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A $720,081 Horizon Development second mortgage note payable to the City of Charlotte on McAlpine Terrace, collateralized by the property with an interest rate of 1%. An interest payment of $7,201 is due annually. The maturity date is February 28, 2028. Total outstanding balance of the loan and interest as of March 31, 2015 is $712,467. A $1,335,375 Horizon Development mortgage note payable to the City of Charlotte on Glen Cove Apartments, collateralized by the property with an interest rate of 1%. An interest payment of $13,354 is due annually. The maturity date is February 28, 2028. Total outstanding balance of the loan and interest as of March 31, 2015 is $1,309,831. A $640,000 Horizon Development second mortgage note payable to the City of Charlotte on Seneca Woods, collateralized by the property, with an interest rate of 2%. No principal payments are required until maturity unless the project is sold or refinanced. The maturity date is February 24, 2049. The total outstanding balance of the loan as of March 31, 2015, is $640,000. The total deferred interest as of March 31, 2015 is $313,530. A $300,000 Horizon Development third mortgage note payable to the North Carolina Housing Finance Agency on Seneca Woods, collateralized by the property. The note is interest free if compliance with loan and regulatory agreements is maintained. The maturity date is December 31, 2048. The total outstanding balance of the loan as of March 31, 2015 is $300,000. A $750,000 Horizon Development fourth mortgage note payable to the City of Charlotte on Seneca Woods, collateralized by the property with an interest rate of 1%. An interest payment of $7,500 is due annually beginning January 2011. The maturity date is February 24, 2049. The total outstanding balance of the loan as of March 31, 2015 is $750,000. A $1,275,000 Horizon Development mortgage note payable to the City of Charlotte on Fairmarket Square, collateralized by the property. The note is interest free. No principal payments are required until maturity unless the project is sold or refinanced. The maturity date is August 18, 2028. The total outstanding balance of the loan as of March 31, 2015, is $1,275,000. A $4,440,000 Horizon Development mortgage note payable to United Community Bank on Hampton Creste Apartments, collateralized by the property with a 5.8% interest rate. Interest only payments were required monthly through December 15, 2010. Commencing on January 15, 2011 monthly payments $28,067 were required. The loan was refinanced on January 28, 2015 for $4,097,849 with United Community Bank collateralized by the property with an interest rate of LIBOR plus 1.49%. Commencing on March 15, 2015 monthly payments of principal and interest are due. The maturity date is January 28, 2022. The total outstanding balance of the loan as of March 31, 2015, is $4,085,774. A $1,300,000 Horizon Development mortgage note payable to the City of Charlotte on Hampton Creste Apartments, collateralized by the property. The note is interest free. The maturity date is July 16, 2030. The total outstanding balance of the loan as of March 31, 2015 is $1,300,000. A $1,836,000 Horizon Development mortgage note payable to the City of Charlotte on McMullen Wood Apartments, collateralized by the property, with a .5% interest rate. Interest only payments are required monthly. The maturity date is March 31, 2030. The total outstanding balance of the loan as of March 31, 2015, is $1,836,000. A $250,000 Horizon Development mortgage note payable to the North Carolina Housing Finance Agency on McMullen Wood Apartments, collateralized by the property. The note is interest free. No principal




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payments are required until maturity unless the project is sold or refinanced. The maturity date is February 1, 2030. The total outstanding balance of the loan as of March 31, 2015, is $239,342. A $1,500,000 Horizon Development mortgage note payable to the City of Charlotte on Woodlawn House Apartments, collateralized by the property with a 1% interest rate. Interest only payments are required annually. The maturity date is May 12, 2030. The total outstanding balance of the loan as of March 31, 2015 is $1,500,000. A $9,562,200 Horizon Development mortgage note payable to Berkadia Commercial Mortgage on Mill Pond Charlotte, LLC, collateralized by the property with a 3.73% interest rate. Principal and interest payments of $40,804 are due monthly. The maturity date is February 1, 2047. The total outstanding balance of the loan as of December 31, 2014, is $9,165,434. A $22,809,700 Horizon Development mortgage note payable to Berkadia Commercial Mortgage on Lofts, LLC, collateralized by the property, with a 2.88% interest rate. Principal and interest payments of $80,626 are due monthly, beginning August 1, 2015. The maturity date is January 1, 2055. The total outstanding balance of the loan as of December 31, 2014, is $15,283,828. A Horizon Development Line of Credit up to $8,000,000 or margined collateral, whichever is less, payable to Fifth Third Bank. The interest rate is 1.5 percentage points over the one-month LIBOR. No amount remains outstanding as of March 31, 2015.

B. Note Payable The Authority received a loan of $1,994,568 from Fifth Third Bank with a 4.78% interest rate to implement an Energy Conservation Plan. The plan consisted of installation of energy saving measures at dwelling and non-dwelling sites to conserve water and electricity usage. Principal and interest payments of $18,157 were due monthly. No amount remains outstanding as of March 31, 2015.

C. Bonds Payable In December 2011, the Authority issued $19,900,000 in Capital Fund Program Revenue Bonds. The Tax Exempt Series 2011 Bonds were issued to partially finance the Strawn and Parktowne Rehabilitation Project. The Authority executed a $19,900,000 loan agreement with Strawn Parktowne, LLC at the same time. The serial bonds totaling $6,325,000 have interest rates ranging from .5% to 2.85% and mature semiannually beginning June 1, 2012 through December 1, 2018. The term bonds totaling $13,575,000 have interest rates ranging from 3.25% to 4.55% and mature on December 1, 2021, December 1, 2026, and December 1, 2031. Interest on the serial and term bonds is payable semiannually. The bonds are repayable from Capital Fund Program moneys, including Replacement Housing Factor Funds received by the Authority from HUD. The balance outstanding on these bonds at March 31, 2015 was $17,190,000.




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The future maturity schedule for the bonds payable is as follows at March 31, 2015:

Year ending March 31, Principal Interest Total2016 910,000 $ 641,517 $ 1,551,517 $ 2017 925,000 623,948 1,548,948 2018 945,000 603,247 1,548,247 2019 835,000 580,026 1,415,026

2020 825,000 555,687 1,380,687 2021-2025 4,560,000 2,325,814 6,885,814 2026-2030 5,580,000 1,302,831 6,882,831 2031-2032 2,610,000 150,150 2,760,150

Total Bonds Payable 17,190,000 $ 6,783,220 $ 23,973,220 $

D. Line of Credit

Horizon Development has a revolving Line of Credit (“the Line”) with Fifth Third Bank for the lesser of $8 million or margined collateral. The purpose of the Line is to acquire affordable housing properties that will be operated by Horizon Development and to support general corporate purposes and temporary working capital needs. The interest rate is 1.5 percentage points over the one-month LIBOR. Maturity date is October 31, 2015. There is no amount outstanding as of March, 31, 2015. The Authority is not obligated in any manner for the repayment of the Line.

Note 14 - Employee Retirement Plans

As of March 31, 2015, the Authority has one retirement plan currently in place. It is for current, eligible full-time employees. A previous retirement plan contributed to by the Authority and its employees prior to the new plan was terminated during the year. A. Defined Benefit Pension Plan

Plan Description. The Authority contributes to the statewide Local Government Employees Retirement System (“LGERS”), a cost-sharing multiple-employer defined pension plan administered by the State of North Carolina. LGERS provides retirement and disability benefits to plan members and beneficiaries. Article 3 of G.S. Chapter 128 assigns the authority to establish and amend benefit provisions to the North Carolina General Assembly. The LGERS is included in the Comprehensive Annual Financial Report (“CAFR”) for the State of North Carolina. The State’s CAFR includes financial statements and required supplementary information for LGERS. That report may be obtained by writing to the North Carolina Office of the State Controller, Accounting and Financial Reporting Section, 1410 Mail Service Center, Raleigh, North Carolina 27699-1410, or by calling (919) 981-5454.

Funding Policy. Plan members are required to contribute six percent of their annual covered salary. The Authority is required to contribute at an actuarially determined rate. For the Authority, the current rate is 7.07% of annual covered payroll starting in July 2013. The contribution requirements of members and of the Authority are established and may be amended by the North Carolina General Assembly. The Authority’s contributions to LGERS for the years ended March 31, 2015, 2014, and 2013 were $670,172, $647,833, and $657,050, respectively. The contributions made by the Authority equaled the required contributions for the year. The plan’s provisions and the contributions to it are authorized by the Authority’s Board of Commissioners.




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The Authority entered the plan on October 1, 2009. All full-time employees at that time were given the option to opt out of the LGERS plan. All full-time employees hired after that time are required to participate effective immediately upon hire. There is a five year vesting period.

B. Defined Contribution Retirement Plan

Verisight Trust Company administered the defined contribution retirement plan, previously contributed to by the Authority and its employees. The trustee was AST Trust Company. The plan’s provisions and the contributions to it were authorized by the Authority’s Board of Commissioners.

A defined contribution employee retirement plan provides retirement benefits in return for services rendered, provides an individual account for each participant, and specifies how contributions to the individual’s account are to be determined instead of specifying the amount of benefits the individual is to receive. Under a defined contribution retirement plan, the benefits a participant will receive depend solely on the amount contributed to the participant’s account, the returns earned on investments of those contributions, and forfeitures of other participants’ benefits that may be allocated to such participant’s account.

Under this previous retirement plan, all full time employees of the Authority were required to participate in the retirement plan beginning six months after hire date. A total of 11% of employee base salary was contributed by the Authority toward retirement and life insurance. As determined by plan provisions, each employee was required to contribute 5.5% of his or her base annual salary, and the Authority was required to also contribute 5.5% of each employee’s base annual salary. Contributions to this plan were discontinued from both employees and the Authority on September 30, 2009. Effective October 1, 2014 the plan was terminated and all of the assets were distributed.

Note 15 – Deferred Inflows of Resources

Deferred inflows of resources at year-end is comprised of the following:

Deferred land lease revenue 2,156,232 $ Deferred loan interest revenue 26,220,350

Total 28,376,582 $

Note 16 – Investment in Joint Venture Amortization

Horizon Acquisition has an investment as a general partner in LR Charlotte, Limited Partnership, which qualified for low-income housing tax credits. The investment is being amortized on a straight-line basis over 30 years. As of December 31, 2014, the investment was $2,914,927.

Note 17 – Conduit Debt Issuance

The Authority issued tax-exempt multifamily housing revenue bonds on behalf of various properties for the assistance in acquisition, construction, and equipping of all units. These bonds are secured by a deed of trust, security agreement and assignment of revenues from the project. Neither the Authority, the State nor any political subdivision thereof, is obligated in any manner for the repayment of these bonds. Accordingly, the outstanding bonds at March 31, 2015 are not reported as liabilities in the accompanying basic financial statements.




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Property Issue Date # of Units March 31, 2015 March 31, 2014

Mecklenburg Mills September 2013 48 5,850,542$ 6,750,000$ Sandlewood Apartments December 2011 151 6,535,000 6,680,000 Live Oak Apartments December 2007 176 18,120,000 18,375,000 South Oak Crossing December 2006 192 8,605,000 8,605,000 Oak Park at Nations Ford September 2005 202 7,500,000 7,500,000 Stonehaven East September 2005 240 9,050,000 9,050,000 Rocky Branch II March 2004 192 - 8,705,000 CP-CHA Roseland December 1998 500 10,733,575 10,733,575

Total Revenue Bonds 66,394,117$ 76,398,575$

Note 18 – Commitments and Contingencies

A. Commitments Construction Commitments. The Authority has active construction projects as of March 31, 2015 for building additions and improvements. The Authority is subject to possible examinations made by federal regulators who determine compliance with terms, conditions, laws and regulations governing grants given to the Authority in the current and prior years. These examinations may result in required refunds by the Authority to federal grantors and/or program beneficiaries. At year-end the Authority’s commitments with contractors are as follows:

Incurred-to- RemainingProject Date CommitmentClaremont renovation 196,917 $ 261,854 $ Edwin Towers renovation 9,232,354 236,727 Leafcrest siding project 356,717 58,338 The Vistas @ 707 16,083,266 4,892,280 McAlpine Terrace Re-roofing 124,200 13,800 Meadow Oaks renovation 290,268 369,988 Renaissance Phase III and Infrastructure 270,932 15,497,581 Renaissance Infrastructure B 3,443,509 227,133 Renaissance Community Center 2,708,076 412,065 Savanna Woods renovation 386,200 1,387,394 Victoria Square renovation 163,752 526,098

Total commitments and contingencies 33,256,191 $ 23,883,258 $

Loan Commitments. The Authority has entered into financing agreements with private developers to construct new mixed-income properties. The agreements require the Authority to provide loans from certain funds made available from HUD to private developers to assist in the construction of new dwelling units, of which a specified number will be designated as public housing. The total loan commitments outstanding as of March 31, 2015, were $1.3 million.

B. Contingencies At March 31, 2015, the Authority was a defendant to various lawsuits. In the opinion of the Authority's management and the Authority’s attorney, the ultimate effect of these legal matters will not have a material adverse effect on the Authority's financial position.




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C. Self-funded Worker’s Compensation

The Authority operates a self-funded worker’s compensation. Through this self-funded worker’s compensation program, the Authority obtains worker’s compensation coverage up to the statutory limits, with no deductible. The worker’s compensation program is administered by the Authority and utilizes a third party administrator to process claims and maintain compliance. The fund is reinsured through a North Carolina licensed excess insurance company for single occurrence losses of $300,000 for all employees. The claims liability for the year ended March 31, 2015 is $26,461. This reported claims liability is based on the requirements of Government Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated.

End of Year2015 516$ 109,291$ (83,346)$ 26,461$

Claims

Payments

Claims and

Changes in

Estimates

Beginning

of Year

Note 19 – Economic Dependency

The Authority is economically dependent upon annual contributions and grants from HUD. For the year ended March 31, 2015, HUD provided approximately 70% of the Authority’s operating revenue.

Note 20 – Issued But Not Effective Professional Standards

The GASB has issued several statements not yet implemented by the Authority. The statements that will have an effect on the Authority are as follows: GASB Statement No. 68, Accounting and Financial Reporting for Pensions- an amendment of GASB Statement No. 27, will be effective for the Authority for the fiscal year beginning April 1, 2015. This statement replaces the requirements of Statements No. 27 and No. 50 related to pension plans that are administered through trusts or equivalent arrangements. GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date- an amendment of GASB Statement No. 68, will be effective for the Authority for the fiscal year beginning April 1, 2015. This statement addresses an issue regarding application of the transition provisions of Statement No. 68. GASB Statement No. 72, Pension Fair Value Measurement and Application, will be effective for the Authority for the fiscal year beginning June 15, 2015. This statement addresses accounting and financial reporting issues related to fair value measurements and provides guidance for determining a fair value measurement for financial reporting purposes. Management has not yet completed its assessment of the above statements but does not believe that these statements will have a material effect on the financial statements of the Authority.

Note 21 – Change in Fiscal Year

In August 2014, the Authority submitted a request to HUD for a change in Fiscal Year. The request was to change to a December 31 year end, starting April, 1, 2015. HUD approved the change in fiscal year, which will result in a 21 month transition fiscal year beginning April 1, 2015 and ending December 31, 2016.

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SUPPLEMENTAL INFORMATION

75 Acts of Kindness

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Combining Schedule of Net Position - Non-Major Funds

March 31, 2015

Housing FamilyChoice Unification ROSS

Vouchers Program Grant14.871 14.880 14.870 TOTAL

Current AssetsCash and cash equivalents -$ 41,123 $ -$ 41,123 $ Accounts receivable - HUD - - 41,461 41,461 Accounts receivable - other 5,544 10,415 - 15,959 Interprogram due from 108,051 - - 108,051

Total current assets 113,595 51,538 41,461 206,594

Total Assets 113,595 51,538 41,461 206,594

Current LiabilitiesAccounts payable 4,930 988 3,081 8,999 Accrued expenses - - 3,623 3,623 Interprogram due to - - 9,688 9,688

Total current liabilities 4,930 988 16,392 22,310

Long-Term LiabilitiesTrust deposit liabilities - 40,388 - 40,388 Accrued compensated absences -

net of current portion - - 25,069 25,069 Total long-term liabilities - 40,388 25,069 65,457

Total Liabilities 4,930 41,376 41,461 87,767

Net PositionRestricted 108,665 10,162 - 118,827

Total Net Position 108,665 $ 10,162 $ -$ 118,827 $

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Combining Schedule of Revenue, Expenses and Changes in Net Position - Non-Major Funds




Operating RevenueHUD operating subsidy

and grant revenue 1,447,448 $ 1,507,796 $ 373,391 $ 3,328,635 $ Other revenue 3,277 2,876 4,660 10,813

Total operating revenue 1,450,725 1,510,672 378,051 3,339,448

Operating ExpensesAsset Management Fee - - 10,008 10,008 Tenant services - - 368,043 368,043 Housing assistance payments 1,343,422 1,506,952 - 2,850,374

Total operating expenses 1,343,422 1,506,952 378,051 3,228,425

Operating income 107,303 3,720 - 111,023

Change in net position 107,303 3,720 - 111,023

Net Position, Beginning of Year 1,362 6,442 - 7,804 Net Position, End of Year 108,665 $ 10,162 $ -$ 118,827 $

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Cash flows from operating activitiesOperating subsidy and grant receipts 1,098,755 $ 911,089 $ 344,107 $ 2,353,951 $ Other income receipts 130 1,707 4,660 6,497 Payments to vendors - - (6,186) (6,186) Payments to employees - - (362,549) (362,549) Housing assistance payments (1,339,527) (1,509,115) - (2,848,642) Payments to others - 10,014 (10,008) 6

Net cash provided (used) by by operating activities (240,642) (586,305) (29,976) (856,923)

Cash flows from non-capital financing activitiesInterprogram due from other funds (108,051) - - (108,051) Interprogram due to other funds - - 9,688 9,688

Net cash provided (used) by non-capital financing activities (108,051) - 9,688 (98,363)

Net increase (decrease) in cash (348,693) (586,305) (20,288) (955,286) and cash equivalents

Cash and cash equivalents, beginning 348,693 627,428 20,288 996,409 Cash and cash equivalents, ending -$ 41,123 $ -$ 41,123 $

Reconciliation of operating income to net cash provided by operating activities:Operating income 107,303 $ 3,720 $ -$ 111,023 $ Adjustments to reconcile operating income to

net cash provided (used) by operating activities:(Increase) decrease in assets:

Accounts receivable - HUD - - (29,284) (29,284) Accounts receivable - other (3,147) (1,169) - (4,316)

Increase (decrease) in liabilities:Accounts payable 3,895 (2,163) 3,061 4,793 Accrued expenses - 10,014 (3,753) 6,261 Unearned revenue (348,693) (596,707) - (945,400)

Net cash provided (used) by by operating activities (240,642) $ (586,305) $ (29,976) $ (856,923) $


Combining Schedule of Cash Flows - Non-Major Funds


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Moving To Work Funds - Budget and Actual (Non-GAAP)


Variance

Favorable/

Budget Actual (Unfavorable)

Revenue and Other Sources

Revenue

Tenant Rental Rev enue 4,214,702 $ 3,640,525 $ (574,177) $

Public Housing Operating Subsidies 10,665,179 10,828,668 163,489

HCV Rev enue 48,501,701 49,515,566 1,013,865

Portable HAP Rev enue 10,480,000 10,357,828 (122,172)

Capital Fund 4,522,748 1,571,270 (2,951,478)

Other Rev enue 1,886,505 1,516,521 (369,984)

Total revenue 80,270,835 77,430,378 (2,840,457)

Other Sources

Operating Transfer In 313,779 308,567 (5,212)

Proceeds from Notes, Loans and Bonds 100,000 100,000 -

Fund Balance Appropriated 17,035,361 - (17,035,361)

Total other sources 17,449,140 408,567 (17,040,573)

Total revenue and other sources 97,719,975 77,838,945 (19,881,030)

Expenditures

Salaries and Benefits 4,280,339

Sundry 3,326,322

Total administrative 8,777,803 7,606,661 1,171,142

Tenant and Social Serv ices

Salaries and Benefits 733,615

Sundry 3,508,885

Total tenant and social services 6,372,511 4,242,500 2,130,011

Utilities

Water 336,767

Electricity 1,709,778

Gas 674,989

Sew er 445,270

Total utilities 3,301,015 3,166,805 134,210

Ordinary Maintenance and Operation


Materials 542,527

Contract costs 3,628,425

Total ordinary maintenance and operation 7,674,820 5,668,847 2,005,973

Protectiv e Serv ices


Sundry 547,253

Total protective services 1,109,906 1,031,769 78,137

General Ex penditures

Insurance 340,496

Other General Ex penses 1,393,004

Total general expenditures 5,157,700 1,733,500 3,424,200

Casualty Losses - Non-Capitalized 40,395

Housing Assistance Pay ments to Landlords 42,762,889

Public Housing Subsidy Transfer 3,724,960

Total other expenses 46,603,049 46,528,244 74,805

Other Uses

Operating Transfer Out - Capital Projects 483,914

Loans to Others 6,134,023

Total other uses 18,162,171 6,617,937 11,544,234

Capitalized items 561,000 137,812 423,188

Total expenditures and other uses 97,719,975 76,734,075 20,985,900

Excess of revenue and other

sources over expenditures -$ 1,104,871 $ 1,104,871 $


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Central Office Cost Center - Budget and Actual (Non-GAAP)


Variance

Favorable/

Budget Actual (Unfavorable)

Revenue and Other Sources

Property Management Fees - COCC 1,508,856 $ 1,304,021 $ (204,835) $

Asset Management Fees - COCC 1,332,311 1,269,543 (62,768)

Bookkeeping/IT Fee - COCC 744,652 696,593 (48,059)

Front Line Serv ice Fees 381,839 420,973 39,134

Mix ed Finance Fees 352,276 676,276 324,000

Capital Fund Fee Income 382,713 381,839 (874)

MTW Management Fees 205,656 178,233 (27,423)

Other Income 1,218,789 1,471,741 252,952

Total 6,127,092 6,399,219 272,127

Other Sources

Fund Balance Appropriated-COCC 200,000 - (200,000)

Fund Balance Appropriated-Park@Oaklaw n 77,084 - (77,084)

Fund Balance Appropriated-First Ward 25,151 - (25,151)

Total other sources 302,235 - (302,235)

Total revenue and other sources 6,429,327 6,399,219 (30,108)

Expenditures

Administrativ e


Sundry 939,963

Total administrative 4,964,390 4,344,604 619,786

Utilities

Water 15,738

Electricity 91,954

Gas 12,033

Sew er 5,277

Total utilities 129,613 125,002 4,611

Ordinary Maintenance and Operation


Materials 46,483

Contract costs 233,721

Total ordinary maintenance and operation 620,993 586,966 34,027

Protectiv e Serv ices

Sundry 73,152

Total protective services 77,384 73,152 4,232

General Ex penditures

Insurance 37,843

Other General Ex penses 156,844

Total general expenditures 202,031 194,687 7,344

Other Uses

Operating Transfers Out - First Ward Interest 232,681

Operating Transfer Out - COCC 25,151

Loans to Others 100,000

Total other uses 434,916 357,832 77,084

Total expenditures and other uses 6,429,327 5,682,243 747,084

Excess of revenue and other

sources over expenditures -$ 716,976 $ 716,976 $


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Grants Prior Current Total to RemainderAuthorized Years Year Date of Grants

RevenueFederal Grant - HOPE VI 40,900,000 $ 29,983,301 $ 2,155,444 $ 32,138,745 $ 8,761,255 $ Local Grant - City of Charlotte 5,660,000 5,565,166 - 5,565,166 94,834 Other Grants 900,000 400,000 - 400,000 500,000 Program Income 4,773,934 7,849,829 315,855 8,165,684 (3,391,750) Transfer - MTW 9,000,000 275,000 161,538 436,538 8,563,462 Transfer - Horizon Development 45,010 45,010 - 45,010 -

Total revenue 61,278,944 44,118,306 2,632,837 46,751,143 14,527,801

ExpendituresManagement Improvements 4,453,179 3,453,179 - 3,453,179 1,000,000 Administration 5,987,267 4,529,038 305,022 4,834,060 1,153,207 Fees and Costs 2,549,023 2,542,762 - 2,542,762 6,261 Site Acquisition - Local Grant 1,291,329 1,197,236 - 1,197,236 94,093 Site Improvement 2,742,459 2,742,459 - 2,742,459 - Site Improvement - Local Grant 4,460,000 4,367,930 - 4,367,930 92,070 Dwelling Structures 11,547,727 11,119,785 - 11,119,785 427,942 Dwelling Structures - Local Grant 900,000 400,000 - 400,000 500,000 Dwelling Equipment - Nonexpendable 47,191 47,191 - 47,191 - Nondwelling Structures 875,000 875,000 - 875,000 - Demolition 1,424,232 1,424,232 - 1,424,232 - Relocation Costs 341,037 341,037 - 341,037 - Program Income Transfer 360,500 353,024 - 353,024 7,476 Capitalized Items 21,300,000 6,073,454 1,956,992 8,030,446 13,269,554 MTW Crawford Community Center Reserve 2,000,000 - 61,538 61,538 1,938,462 Restricted Donation 1,000,000 965,520 - 965,520 34,480

Total expenditures 61,278,944 40,431,847 2,323,552 42,755,399 18,523,545 Excess of revenueover expenditures -$ 3,686,459 $ 309,284 $ 3,995,743 $ (3,995,743) $

Actual



Schedule of Revenue and Expenses - Budget and Actual (Non-GAAP)HOPE VI - URD

All HOPE VI Grants

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Grant Prior Current Total to RemainderAuthorized Years Year Date of Grant

RevenueFederal Grant - HOPE VI 20,000,000 $ 20,000,000 $ -$ 20,000,000 $ -$ Local Grant - City of Charlotte 5,660,000 5,565,166 - 5,565,166 94,834 Other Grants 900,000 400,000 - 400,000 500,000 Program Income 4,773,934 7,849,829 315,855 8,165,684 (3,391,750) Transfer - Horizon Development 45,010 45,010 - 45,010 -

Total revenue 31,378,944 33,860,005 315,855 34,175,860 (2,796,916)

ExpendituresManagement Improvements 1,353,179 1,353,179 - 1,353,179 - Administration 3,487,267 3,409,711 6,570 3,416,281 70,986 Fees and Costs 2,549,023 2,542,762 - 2,542,762 6,261 Site Acquisition - Local Grant 1,291,329 1,197,236 - 1,197,236 94,093 Site Improvement - Federal Grant 2,742,459 2,742,459 - 2,742,459 - Site Improvement - Local Grant 4,460,000 4,367,930 - 4,367,930 92,070 Dwelling Structures 11,547,727 11,119,785 - 11,119,785 427,942 Dwelling Structures - Other Grants 900,000 400,000 - 400,000 500,000 Dwelling Equipment - Nonexpendable 47,191 47,191 - 47,191 - Nondwelling Structures 875,000 875,000 - 875,000 - Demolition 1,424,232 1,424,232 - 1,424,232 - Relocation Costs 341,037 341,037 - 341,037 - Program Income Transfer 360,500 353,024 - 353,024 7,476

Total expenditures 31,378,944 30,173,546 6,570 30,180,116 1,198,828 Excess of revenueover expenditures -$ 3,686,459 $ 309,284 $ 3,995,743 $ (3,995,743) $

Actual




Piedmont Courts Grant (Seigle Point)

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RevenueFederal Grant - HOPE VI 20,900,000 $ 9,983,301 $ 2,155,444 $ 12,138,745 $ 8,761,255 $ Operating Transfer In - MTW 9,000,000 275,000 161,538 436,538 8,563,462

Total revenue 29,900,000 10,258,301 2,316,982 12,575,283 17,324,717

ExpendituresManagement Improvements 3,100,000 2,100,000 - 2,100,000 1,000,000 Administration 2,500,000 1,119,327 298,452 1,417,779 1,082,221 Restricted Donations - HOPE VI Grant 1,000,000 965,520 - 965,520 34,480 MTW Crawford Community Center Reserve 2,000,000 - 61,538 61,538 1,938,462 Capitalized Items 21,300,000 6,073,454 1,956,992 8,030,446 13,269,554

Total expenditures 29,900,000 10,258,301 2,316,982 12,575,283 17,324,717 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



Boulevard Homes HOPE VI / Capital Project Grant


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Revenue City Housing Trust Funds 1,000,000 $ 1,000,000 $ -$ 1,000,000 $ -$ Tax Exempt Bonds (CFFP) 19,900,000 19,648,633 89,803 19,738,436 161,564 Land Sales Proceeds 1,000,000 113,576 - 113,576 886,424 EECBG Grant 250,000 167,209 - 167,209 82,791

Total revenue 22,150,000 20,929,418 89,803 21,019,221 1,130,779

Expenditures Debt Service Reserves 854,000 - - - 854,000 Fifth Third Loan Paydown (EPC) 146,000 113,576 - 113,576 32,424 Loans To Others - HTF 1,000,000 1,000,000 - 1,000,000 - Loans To Others - Bond Proceeds 19,900,000 19,648,633 89,803 19,738,436 161,564 Loans To Others - EECBG 250,000 167,209 - 167,209 82,791

Total expenditures 22,150,000 20,929,418 89,803 21,019,221 1,130,779 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



Schedule of Revenue and Expenses - Budget and Actual (Non-GAAP)CAPITAL GRANTS

CFFP Capital Project

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Grants Prior Current Total to RemainderAuthorized Years Year Date of Grants

RevenueFederal Grant 971,289 $ 60,228 $ 373,567 $ 433,795 $ 537,494 $

ExpendituresProgram Coordinator 863,289 58,855 343,375 402,230 461,059 Training Costs 18,000 - 3,081 3,081 14,919 Administrative & Other Costs 90,000 1,373 27,111 28,484 61,516

Total expenditures 971,289 60,228 373,567 433,795 537,494 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



Schedule of Revenue and Expenses - Budget and Actual (Non-GAAP)ROSS GRANTS

All ROSS Grants

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RevenueFederal Grant 729,000 $ 37,561 $ 245,455 $ 283,016 $ 445,984 $

ExpendituresCoordinator Salary & Benefits 621,000 36,188 215,263 251,451 369,549 Training Costs 18,000 - 3,081 3,081 14,919 Administrative & Other Costs 90,000 1,373 27,111 28,484 61,516


Actual



2012 ROSS - FSSR Service Coordinators Grant


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RevenueFederal Grant 65,000 $ 22,667 $ 42,333 $ 65,000 $ -$

ExpendituresProgram Coordinator 65,000 22,667 42,333 65,000 -

Total expenditures 65,000 22,667 42,333 65,000 - Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual




2012 ROSS - FSSR Coordinator Grant

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RevenueFederal Grant 65,000 $ -$ 65,000 $ 65,000 $ -$

ExpendituresProgram Coordinator 65,000 - 65,000 65,000 -

Total expenditures 65,000 - 65,000 65,000 - Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual




2013 ROSS - FSSR Coordinator Grant

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RevenueFederal Grant 112,289 $ -$ 20,779 $ 20,779 $ 91,510 $

ExpendituresFSS Program Coordinators 112,289 - 20,779 20,779 91,510

Total expenditures 112,289 - 20,779 20,779 91,510 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



2014 PH & HCV - FSS Coordinator Grant


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VariancePrior Current Total to Favorable/

Budget Years Year Date (Unfavorable)Revenue

City Housing Trust Funds 649,313 $ 649,312 $ -$ 649,312 $ 1 $ Operating Transfer In - MTW 11,522,714 4,252,585 5,455,891 9,708,476 1,814,238 Operating Transfer In - LSP 1,337,656 - 1,186,572 1,186,572 151,084

Total revenue 13,509,683 4,901,897 6,642,463 11,544,360 1,965,323

ExpendituresCapitalized Items 13,509,683 4,901,897 6,642,463 11,544,360 1,965,323




Total Capital Projects - Budget and Actual (Non-GAAP)

Actual

Schedule of Revenue and Expenses - Budget and Actual (Non-GAAP)

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City Housing Trust Funds 649,313 $ 649,312 $ -$ 649,312 $ 1 $ Operating Transfer In - MTW 9,564,188 4,206,960 5,183,446 9,390,406 173,782 Operating Transfer In - LSP 1,337,656 - 1,186,572 1,186,572 151,084

Total revenue 11,551,157 4,856,272 6,370,018 11,226,290 324,867

ExpendituresCapitalized Items 11,551,157 4,856,272 6,370,018 11,226,290 324,867

Total expenditures 11,551,157 4,856,272 6,370,018 11,226,290 324,867 Excess of revenueover expenditures -$ -$ -$ -$ -$


Actual



Edwin Towers Capital Project

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MTW Funds - Predevelopment 1,958,526 $ 45,625 $ 272,445 $ 318,070 $ 1,640,456 $

Total revenue 1,958,526 45,625 272,445 318,070 1,640,456

ExpendituresCapitalized Items 1,958,526 45,625 272,445 318,070 1,640,456

Total expenditures 1,958,526 45,625 272,445 318,070 1,640,456 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



Strawn Master Plan Predevelopment Project


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C.O.R.E. Programs, Inc. - Budget and Actual (Non-GAAP)


VarianceFavorable/

Budget Actual (Unfavorable)Revenue and Other SourcesRevenue

Other Revenue -$ 2,071 $ 2,071 $ Total Revenue - 2,071 2,071

Other SourcesFund Balance Appropriated 288,186 - (288,186)

Total Other Sources 288,186 - (288,186)

Total Revenue and Other Sources 288,186 2,071 (286,115)

ExpendituresAdministrative Sundry 1,350 Total Administrative 5,000 1,350 3,650

Tenant and Social ServicesTenant Education / T raining 13,680 Other Tenant Expenses 1,508

Total Tenant and Social Services 149,743 15,188 134,555

Ordinary Maintenance and OperationContract Costs 1,030

Total Ordinary Maintenance and Operation - 1,030 (1,030)

Other UsesOperating Transfers Out - First Ward Case Manager 133,443 27,402 106,041

Total Other Uses 133,443 27,402 106,041

Total expenditures and other uses 288,186 44,970 243,216 Excess of revenue and othersources over expenditures -$ (42,899) $ (42,899) $

C.O.R.E. Programs, Inc.

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Horizon Acquisition - Budget and Actual (Non-GAAP)

For the Year Ended December 31, 2014

VarianceFavorable/


Developer Fees Earned 125,000 $ -$ (125,000) $ Property Management Fees 175,000 285,813 110,813

Total Revenue 300,000 285,813 (14,187)

Other SourcesFund Balance Appropriated 300,000 - (300,000)

Total Other Sources 300,000 - (300,000) Total Revenue and Other Sources 600,000 285,813 (314,187)

ExpendituresAdministrative

Sundry 293,698 Total Administrative 300,000 293,698 6,302

Other UsesLoan to Others -

Total Other Uses 300,000 - 300,000

Total expenditures and other uses 600,000 293,698 306,302

Excess of revenue and other sources over expenditures -$ (7,885) $ (7,885) $

Horizon Acquisition Corp

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Little Rock - Budget and Actual (Non-GAAP)


VarianceFavorable/

Budget Actual (Unfavorable)Revenue and Other SourcesRevenue Tenant Rents 212,914 $ 246,746 $ 33,832 $ Subsidy 1,906,776 1,856,009 (50,767) Other Revenue 18,000 30,651 12,651

Total Revenue 2,137,690 2,133,406 (4,284) Expenditures

AdministrativeSalaries and Benefits 180,428 Sundry 297,765

Total Administrative 509,654 478,193 31,461 Utilities

Water 38,405 Electricity 32,942 Gas 982 Sewer 93,601

Total Utilities 173,381 165,931 7,450 Ordinary Maintenance and Operation

Salaries and Benefits 139,896 Materials 90,321 Contract Costs 285,994

Total Ordinary Maintenance and Operation 453,926 516,211 (62,285) General Expenditures

Insurance 128,415 Reserve Deposits 60,500 Debt Service Principle 663,795 Other General Expenses 21,302

Misc. Taxes 98,514 Total General Expenditures 1,000,729 972,526 28,203

Total expenditures 2,137,690 2,132,860 4,830 Excess of revenue over expenditures -$ 546 $ 546 $

LR Charlotte, LP

67 | P a g e

Strawn Parktowne - Budget and Actual (Non-GAAP)


VarianceFavorable/

Budget Actual (Unfavorable)Revenue and Other SourcesRevenue Tenant Rents 856,971 $ 892,070 $ 35,099 $ Public Housing Subsidy 635,159 954,584 319,425 Other Revenue 94,516 44,308 (50,208)

Total Revenue 1,586,646 1,890,962 304,316


Salaries and Benefits 158,312 Sundry 273,216

Total Administrative 444,599 431,528 13,071

Tenant and Social ServicesSundry 2,115

Total Tenant and Social Services 26,721 2,115 24,606

UtilitiesWater 23,195 Electricity 282,702 Sewer 41,757

Total Utilities 341,370 347,653 (6,283)

Ordinary Maintenance and OperationSalaries and Benefits 211,344 Materials 49,253 Contract Costs 212,162

Total Ordinary Maintenance and Operation 522,157 472,759 49,398

General Expenditures Insurance 65,349 Payments in Lieu of Taxes 53,688 Reserve Deposits 120,033 Bad Debt - Tenant A/R 8,409

Total General Expenditures 251,799 247,478 4,321

Total expenditures 1,586,646 1,501,533 85,113 Excess of revenueover expenditures -$ 389,429 $ 389,429 $

Strawn Parktowne, LLC

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HTF Loan 1,000,000 $ 1,000,000 $ -$ 1,000,000 $ -$ CHA-MTW Loan 2,050,000 298,579 236,815 535,394 1,514,606 Tax Exempt Bonds Loan 19,900,000 19,738,436 35,206 19,773,642 126,358 Tax Exempt Tail Loan 1,100,000 1,100,000 - 1,100,000 - Equity (LIHTC) 13,700,000 10,311,470 9,617 10,321,087 3,378,913 Purchase Money Note 5,200,000 5,190,000 - 5,190,000 10,000 EECBG Loan 250,000 167,209 - 167,209 82,791

Total revenue 43,200,000 37,805,694 281,638 38,087,332 5,112,668

ExpendituresCapitailized 43,200,000 37,805,694 281,638 38,087,332 5,112,668

Total expenditures 43,200,000 37,805,694 281,638 38,087,332 5,112,668 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual


Strawn Parktowne LLC


Strawn Parktowne Development Project

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Horizon Development - Budget and Actual (Non-GAAP)

VarianceFavorable/


Net tenant rental revenue 5,138,535 $ 4,542,310 $ (596,225) $ Other Income 2,757,922 1,896,800 (861,122)

Total Revenue 7,896,457 6,439,110 (1,457,347) Other Sources

Fund Balance Appropriated-Horizon Development-Fairmarket 49,900 - (49,900) Fund Balance Appropriated-Real Estate 44,280 - (44,280) Fund Balance Appropriated-McAlpine 65,835 - (65,835) Operating Transfers In - Other 153,664 59,014 (94,650) Operating Transfer In-COCC 102,235 25,151 (77,084)

Total Other Sources 415,914 84,165 (331,749) Total Revenue and Other Sources 8,312,371 6,523,275 (1,789,096)



Total Administrative 2,143,038 1,861,291 281,747 Tenant and Social Services

Sundry 142,052 Total Tenant and Social Services 318,065 142,052 176,013

UtilitiesWater 251,704 Electricity 251,711 Gas 35,286 Sewer 245,186

Total Utilities 774,893 783,887 (8,994) Ordinary Maintenance and Operation

Salaries and Benefits 746,149 Materials 365,373 Contract Costs 1,181,724

Total Ordinary Maintenance and Operation 2,445,578 2,293,247 152,331 General Expenditures

Insurance 146,411 Other General Expenses 475,919

Total General Expenditures 1,007,703 622,330 385,373 Operating Transfers Out-Capital Projects -

Total Other Uses 1,601,367 - 1,601,367

Capitalized Items 21,727 16,900 4,827

Total expenditures and other uses 8,312,371 5,719,706 2,592,665 Excess of revenue and other sources over expenditures -$ 803,569 $ 803,569 $

Horizon Development Properties, Inc.


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Mill Pond - Budget and Actual (Non-GAAP)


VarianceFavorable/

Budget Actual (Unfavorable)Revenue and Other SourcesRevenue Tenant Rents 1,461,141 $ 1,451,395 $ (9,746) $ Other Revenue 87,647 98,306 10,659

Total Revenue 1,548,788 1,549,701 913



Total Administrative 411,981 305,661 110,604

UtilitiesWater 62,089 Electricity 44,692

Total Utilities 108,265 106,781 1,484

Ordinary Maintenance and OperationSalaries and Benefits 94,111 Materials 65,019 Contract Costs 149,427

Total Ordinary Maintenance and Operation 314,412 308,557 5,855

General Expenditures Insurance 81,997 Reserve Deposits 53,200 Debt Service Principle 489,203

Misc. Taxes 281 Total General Expenditures 714,130 624,681 89,449

Total expenditures 1,548,788 1,345,681 203,107 Excess of revenue over expenditures -$ 204,020 $ 204,020 $

Mill Pond Charlotte, LLC

71 | P a g e



City of Charlotte Loan 2,755,400 $ 2,755,400 $ -$ 2,755,400 $ -$ City Housing Trust Fund Loan 2,805,456 2,779,912 - 2,779,912 25,544 City of Charlotte - NSP Loan 1,300,000 1,300,000 - 1,300,000 - City of Charlotte CDBG Funds 1,465,200 - 508,051 508,051 957,149 NCHFA Loan 539,342 539,342 - 539,342 - United Community Bank Loan 4,440,000 4,440,000 - 4,440,000 - HUD 221(d)(4) Loan 22,809,700 9,838,977 7,888,641 17,727,618 5,082,082 Land Sales Proceeds Loan 2,775,278 2,617,216 158,062 2,775,278 - MTW Loan 9,507,094 8,070,935 494,361 8,565,296 941,798 HOPE VI Loan 2,349,809 2,247,573 102,236 2,349,809 - CHA RHF Funds Grant 1,401,800 1,401,800 - 1,401,800 - Habitat for Humanity Contribution 100,000 - - - 100,000 Proceeds from Line of Credit 2,678,732 2,271,551 - 2,271,551 407,181 Restricted Donations - Hope VI 1,000,000 965,520 - 965,520 34,480 Operating Transfer In - MTW 3,746,522 105,442 779,061 884,503 2,862,019 Operating Transfer In - Horizon 216,307 214,893 - 214,893 1,414

Total revenue 59,890,640 39,548,561 9,930,412 49,478,973 10,411,667

ExpendituresGeneral and Administrative 3,368,232 2,284,837 304,714 2,589,551 778,681 Capitalized Items 56,522,408 37,263,724 9,625,698 46,889,422 9,632,986



Total Capital / Development Projects - Budget and Actual (Non-GAAP)


Actual

72 | P a g e



City of Charlotte Loan 279,400 $ 279,400 $ -$ 279,400 $ -$ Land Sales Proceeds Loan 2,125,278 2,066,345 58,933 2,125,278 - City Housing Trust Fund Loan 2,055,456 2,029,912 - 2,029,912 25,544 HOPE VI Loan 1,149,809 1,124,658 25,151 1,149,809 - Operating Transfer In - Horizon 216,307 214,893 - 214,893 1,414

Total revenue 5,826,250 5,715,208 84,084 5,799,292 26,958

ExpendituresCapitalized Items 5,826,250 5,715,208 84,084 5,799,292 26,958

Total expenditures 5,826,250 5,715,208 84,084 5,799,292 26,958 Excess of revenueover expenditures -$ -$ -$ -$ -$

McAlpineTerrace /Glen Cove Apartments Capital Project


Actual



73 | P a g e



City of Charlotte Loan 640,000 $ 640,000 $ -$ 640,000 $ -$ Land Sales Proceeds Loan 650,000 550,871 99,129 650,000 - City Housing Trust Fund Loan 750,000 750,000 - 750,000 - NCHFA Loan 300,000 300,000 - 300,000 - HOPE VI Loan 1,200,000 1,122,915 77,085 1,200,000 -

Total revenue 3,540,000 3,363,786 176,214 3,540,000 -

ExpendituresGeneral and Administrative 189,500 13,286 176,214 189,500 - Capitalized Items 3,350,500 3,350,500 - 3,350,500 -

Total expenditures 3,540,000 3,363,786 176,214 3,540,000 - Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual




Seneca Woods Capital Project

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MTW Loan 1,278,732 $ 1,126,618 $ 128,500 $ 1,255,118 $ 23,614 $ NCHFA Loan 239,342 239,342 - 239,342 - City of Charlotte Loan 1,836,000 1,836,000 - 1,836,000 - Proceeds from Line of Credit 1,278,732 871,551 - 871,551 407,181 Restricted Donations - Hope VI 1,000,000 965,520 - 965,520 34,480

Total revenue 5,632,806 5,039,031 128,500 5,167,531 465,275

ExpendituresGeneral 1,278,732 871,551 128,500 1,000,051 278,681 Capitalized Items 4,354,074 4,167,480 - 4,167,480 186,594


Actual



McMullen Wood Apartments Capital Project


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HUD 221(d)(4) Loan 22,809,700 $ 9,838,977 $ 7,888,641 $ 17,727,618 $ 5,082,082 $ MTW Grant 5,000,000 3,968,941 112,875 4,081,816 918,184

Total revenue 27,809,700 13,807,918 8,001,516 21,809,434 6,000,266

ExpendituresGeneral and Administrative 500,000 - - - 500,000 Capitalized Items 27,309,700 13,807,918 8,001,516 21,809,434 5,500,266


Actual



The Lofts at Seigle Point Capital Project


76 | P a g e



United Community Bank Loan 4,440,000 $ 4,440,000 $ -$ 4,440,000 $ -$ MTW Loan 3,228,362 2,975,376 252,986 3,228,362 - CHA RHF Funds Grant 1,401,800 1,401,800 - 1,401,800 - City of Charlotte - NSP Loan 1,300,000 1,300,000 - 1,300,000 - Habitat for Humanity Contribution 100,000 - - - 100,000 Proceeds from Line of Credit 1,400,000 1,400,000 - 1,400,000 -

Total revenue 11,870,162 11,517,176 252,986 11,770,162 100,000

ExpendituresGeneral 1,400,000 1,400,000 - 1,400,000 - Capitalized Items 10,470,162 10,117,176 252,986 10,370,162 100,000


Actual



Hampton Creste Development Project


77 | P a g e



MTW Funds - Predevelopment 606,653 $ 407 $ 92,027 $ 92,434 $ 514,219 $

Total revenue 606,653 407 92,027 92,434 514,219

ExpendituresCapitalized Items 606,653 407 92,027 92,434 514,219

Total expenditures 606,653 407 92,027 92,434 514,219 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



Tall Oaks Predevelopment Project


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MTW Funds - Predevelopment 487,669 $ 78,640 $ 279,321 $ 357,961 $ 129,708 $

Total revenue 487,669 78,640 279,321 357,961 129,708

ExpendituresCapitalized Items 487,669 78,640 279,321 357,961 129,708


Actual



Hall House Predevelopment Project


79 | P a g e



MTW Funds - Predevelopment 586,500 $ 26,395 $ 339,861 $ 366,256 $ 220,244 $

Total revenue 586,500 26,395 339,861 366,256 220,244

ExpendituresCapitalized Items 586,500 26,395 339,861 366,256 220,244


Actual



Park and Marsh Predevelopment Project


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Bank Loan 1,007,251 $ -$ -$ -$ 1,007,251 $ City of Charlotte Loan 1,380,000 - - - 1,380,000 CHA Land Note 1,500,000 - - - 1,500,000 State Tax Credits 1,009,523 - - - 1,009,523 Federal Tax Credits 7,993,226 - - - 7,993,226 Bridge Loan - MTW 1,300,000 - - - 1,300,000

Total revenue 14,190,000 - - - 14,190,000

ExpendituresCapitalized Items 12,890,000 - - - 12,890,000 Bridge Loan Repayment 1,300,000 - - - 1,300,000

Total expenditures 14,190,000 - - - 14,190,000 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



Park and Marsh Development Project


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City of Charlotte CDBG Funds 1,465,200 $ -$ 508,051 $ 508,051 $ 957,149 $ Operating Transfer In - MTW 2,065,700 - 67,852 67,852 1,997,848

Total revenue 3,530,900 - 575,903 575,903 2,954,997

ExpendituresCapitalized Items 3,530,900 - 575,903 575,903 2,954,997

Total expenditures 3,530,900 - 575,903 575,903 2,954,997 Excess of revenueover expenditures -$ -$ -$ -$ -$

Actual



Savanna Woods Renovation Capital Project


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Page 1 of 2

Carole Strawn HorizonHoefener Horizon Parktowne LLC Acquisition Combining

Center CORE Development 12/31/2014 12/31/2014 Entry TOTALAssetsCurrent Assets

Cash:Cash - unrestricted 346,209 $ -$ 3,929,249 $ 884,217 $ 400,827 $ -$ 5,560,502 $ Cash - other restricted - 1,317,772 6,256,662 - - - 7,574,434 Cash - restricted for payment of current liabilities - - 100,054 - - - 100,054

Total cash 346,209 1,317,772 10,285,965 884,217 400,827 - 13,234,990

Accounts and notes receivables:Accounts receivable - other government - - 539,133 - - - 539,133 Accounts receivable - miscellaneous - - 148,823 79,709 704,143 - 932,675 Accounts receivable - dwelling rents - - 156,733 15,491 - - 172,224 Allowance for doubtful accounts - dwelling rents - - (62,484) - - - (62,484)

Total receivables - net - - 782,205 95,200 704,143 - 1,581,548

Other current assets:Investments - restricted - - 1,942,553 - - - 1,942,553 Prepaid expenses and other assets 3,775 1,108 28,943 - - - 33,826 Interprogram - due from - - 170,000 - - - 170,000

Total current assets 349,984 1,318,880 13,209,666 979,417 1,104,970 - 16,962,917

Noncurrent AssetsCapital assets:

Land 1,146,219 - 10,589,004 - - - 11,735,223 Buildings 3,708,416 - 47,518,478 35,246,663 - - 86,473,557 Furniture, equipment and machinery - dwelling - - 41,019 528,760 - - 569,779 Furniture, equipment and machinery - administration 31,457 - 229,908 - - - 261,365 Leasehold improvements - - 24,600 701,587 - - 726,187 Accumulated depreciation (1,893,713) - (17,934,687) (1,802,244) - - (21,630,644) Construction in progress - - 18,752,570 - - 18,752,570

Total capital assets - net 2,992,379 - 59,220,892 34,674,766 - - 96,888,037

Notes and mortgages rec. - noncurrent - - 912,936 - 929,764 - 1,842,700 Other assets - - 186,883 1,329,415 - - 1,516,298 Investments in real estate ventures - - 3,500,000 - 1,803,030 (3,500,000) 1,803,030

Total noncurrent assets 2,992,379 - 63,820,711 36,004,181 2,732,794 (3,500,000) 102,050,065

Total Assets 3,342,363 $ 1,318,880 $ 77,030,377 $ 36,983,598 $ 3,837,764 $ (3,500,000) $ 119,012,982 $

(Continued)


Combining Schedule of Net Position - Business Activities and Component Units

March 31, 2015

83 | P a g e

Carole Strawn HorizonHoefener Horizon Parktowne LLC Acquisition Combining

Center CORE Development 12/31/2014 12/31/2014 Entry TOTALLiabilitiesCurrent Liabilities

Accounts payable < 90 days 103,760 $ -$ 510,937 $ 133,840 $ -$ -$ 748,537 $ Accrued wage/payroll taxes payable 654 - 8,434 8,731 - - 17,819 Accrued compensated absences 26 - 5,419 1,623 - - 7,068 Accrued interest payable - - 76,934 - - - 76,934 Accounts payable - other government - - 3,315 - - - 3,315 Tenant security deposits - - 221,919 72,505 - - 294,424 Unearned revenue 10,370 - 67,727 12,946 23,610 - 114,653 Current portion of L-T debt - capital projects - - 427,144 - - - 427,144 Other current liabilities 19,988 - 1,586,477 - - - 1,606,465 Accrued liabilities - other - - 744,772 1,243,355 235,040 - 2,223,167 Interprogram - due to - 20,209 660,317 - - - 680,526

Total current liabilities 134,798 20,209 4,313,395 1,473,000 258,650 - 6,200,052

Noncurrent LiabilitiesLong-term debt, net of current - capital projects 97,501 - 60,177,281 26,790,849 - - 87,065,631 Noncurrent liabilities - other - - 1,444,842 510,567 - - 1,955,409 Accrued compensated absences - noncurrent 372 - 76,934 12,479 - - 89,785

Total noncurrent liabilities 97,873 - 61,699,057 27,313,895 - - 89,110,825

Total Liabilities 232,671 20,209 66,012,452 28,786,895 258,650 - 95,310,877

Deferred inflow of resources - - 206,464 - 295,887 - 502,351

Net PositionNet investment in capital assets 2,894,878 - (1,383,533) 7,883,917 - - 9,395,262 Restricted - 1,298,671 10,738,926 - 2,732,794 (3,500,000) 11,270,391 Unrestricted 214,814 - 1,456,068 312,786 550,433 - 2,534,101

Total Net Position 3,109,692 1,298,671 10,811,461 8,196,703 3,283,227 (3,500,000) 23,199,754

Total Liabilities and Net Position 3,342,363 $ 1,318,880 $ 77,030,377 $ 36,983,598 $ 3,837,764 $ (3,500,000) $ 119,012,982 $

Page 2 of 2 Housing Authority of the City of Charlotte

Combining Schedule of Net Position - Business Activities and Component Units (Continued)

March 31, 2015

84 | P a g e

Page 1 of 2

Carole Strawn HorizonHoefener Horizon Parktowne LLC Acquisition CombiningCenter CORE Development 12/31/2014 12/31/2014 Entry TOTAL

RevenueNet tenant rental revenue -$ -$ 6,737,327 $ 1,846,654 $ -$ -$ 8,583,981 $ Tenant revenue - other - - 155,282 15,160 - - 170,442

Total tenant revenue - - 6,892,609 1,861,814 - - 8,754,423 HUD PHA grants - - - - - - - Other government grants - - 467,441 - - - 467,441 Investment income - unrestricted 404 - 2,973 877 - - 4,254 Fraud recovery - - - - - - - Other revenue 471,835 - 2,255,574 57,708 285,813 - 3,070,930 Gain/loss on sale of fixed assets - - 1,634,962 - - - 1,634,962 Investment income - restricted - 2,071 - 218 - - 2,289

Total revenue 472,239 2,071 11,253,559 1,920,617 285,813 - 13,934,299

ExpensesAdministrative salaries 74,222 - 893,159 120,123 - - 1,087,504 Auditing fees 555 - 21,922 24,499 - - 46,976 Management fees - - 417,105 203,780 - - 620,885 Bookkeeping fees - - 30,121 - - - 30,121 Advertising and marketing 1,767 - 58,178 1,398 - - 61,343 Employee benefits - administrative 25,999 - 243,207 37,736 - - 306,942 Office expenses 5,360 1,350 124,463 61,792 - - 192,965 Legal expense - - 28,207 7,751 - - 35,958 Travel 745 - 21,301 5,844 - - 27,890 Other operating - administrative 8,689 - 1,227,196 1,029 293,697 - 1,530,611

Total administrative expense 117,337 1,350 3,064,859 463,952 293,697 - 3,941,195 -

Asset management fee 50,647 - 156,073 10,864 - - 217,584

Tenant serv ices - salaries - - - - - - - Relocation costs - - 6,649 1,000 - - 7,649 Employee benefits - tenant serv ices - - - - - - - Other tenant serv ices - 15,188 35,178 401 - - 50,767

Total tenant services - 15,188 41,827 1,401 - - 58,416 Water 4,985 - 313,793 24,563 - - 343,341 Electricity 33,480 - 296,403 282,702 - - 612,585 Gas 5,987 - 35,286 - - - 41,273 Other utilities expense 1,913 - 235,678 45,054 - - 282,645

Total utilities expense 46,365 $ -$ 881,160 $ 352,319 $ -$ -$ 1,279,844 $

Combining Schedule of Revenue, Expenses and Change in Net Position - Business Activities


(Continued)


and Component Units

85 | P a g e

Page 2 of 2

Carole Strawn Horizon

Hoefener Horizon Parktowne LLC Acquisition CombiningCenter CORE Development 12/31/2014 12/31/2014 Entry TOTAL

Labor -$ -$ 642,319 $ 165,519 $ -$ -$ 807,838 $ Materials and other 9,930 - 453,571 55,868 - - 519,369 Ordinary maintenance contracts - trash 7,737 - 7,194 15,109 - - 30,040 Ordinary maintenance contracts - heating & cooling 11,180 - 88,797 704 - - 100,681 Ordinary maintenance contracts - snow removal - - - - - - - Ordinary maintenance contracts - elevator - - 31,378 27,508 - - 58,886 Ordinary maintenance contracts - landscape 14,997 - 248,399 17,632 - - 281,028 Ordinary maintenance contracts - unit turnaround - - 138,152 14,290 - - 152,442 Ordinary maintenance contracts - electrical 755 - 6,827 1,100 - - 8,682 Ordinary maintenance contracts - plumbing 1,801 - 51,863 2,592 - - 56,256 Ordinary maintenance contracts - extermination 1,110 - 33,995 59,943 - - 95,048 Ordinary maintenance contracts - janitorial 30,548 - 2,875 18,879 - - 52,302 Ordinary maintenance contracts - routine 6,667 - 420,355 12,326 - - 439,348 Ordinary maintenance contracts - misc 32,803 1,030 418,215 54,026 - - 506,074 Employee benefit contributions 29 - 184,845 45,825 - - 230,699

Total ordinary maintenance and operation 117,557 1,030 2,728,785 491,321 - - 3,338,693 Protective serv ices - contract costs - - - - - - -

Total protective services - - - - - - - Insurance premiums - property 11,395 - 171,877 59,111 - - 242,383 Insurance premiums - liability 4,728 - - 5,405 - - 10,133 Insurance premiums - workman's comp 1,371 - - - - - 1,371 Insurance premiums - other - - 5,442 832 - - 6,274 Other general expense - - 505,720 53,688 - - 559,408 Compensated absences (1,267) - - - - - (1,267) Bad debt - tenant rents - - 93,466 8,409 - - 101,875 Interest expense - - 713,012 159,067 - - 872,079

Total general expenses 16,227 - 1,489,517 286,512 - - 1,792,256 Total operating expenses 348,133 17,568 8,362,221 1,606,369 293,697 - 10,627,988 Excess operating revenue over expenses 124,106 (15,497) 2,891,338 314,248 (7,884) - 3,306,311

Depreciation expense 127,485 - 2,539,612 1,023,588 - - 3,690,685 Total other expenses 127,485 - 2,539,612 1,023,588 - - 3,690,685 Total expenses 475,618 17,568 10,901,833 2,629,957 293,697 - 14,318,673

Other financing sources (uses)Operating transfers in (100,000) - 84,165 154,811 - - 138,976 Operating transfers out 100,000 (27,402) (2,118,550) (154,811) - - (2,200,763)

Total other financing sources (uses) - (27,402) (2,034,385) - - - (2,061,787) Excess (deficit) of revenue over expenses (3,379) (42,899) (1,682,659) (709,340) (7,884) - (2,446,161)

Required annual debt principal payments - - - - - - - Beginning net position 3,113,071 1,341,570 12,494,120 8,906,043 3,291,111 (3,500,000) 25,645,915

Unit months available - - 4,696 - - - 4,696 Number of unit months leased - - - - - - -

Ending net position 3,109,692 $ 1,298,671 $ 10,811,461 $ 8,196,703 $ 3,283,227 $ (3,500,000) $ 23,199,754 $

Combining Schedule of Revenue, Expenses and Change in Net Position - Business Activities



and Component Units (continued)

86 | P a g e

Page 1 of 2

Carole Strawn HorizonHoefener Horizon Parktowne LLC Acquisition

Center CORE Development 12/31/2014 12/31/2014 TOTALCash flows from operating activities

Tenant receipts -$ -$ 6,800,107 $ 1,857,578 $ 23,610 $ 8,681,295 $ Operating subsidy and grant receipts - - 467,441 - - 467,441 Other income receipts 477,885 - 2,120,403 (21,587) 241,563 2,818,264 Payments to vendors (120,382) (18,676) (4,644,557) (799,061) (465,491) (6,048,167) Payments to employees (102,792) - (2,018,428) (371,007) - (2,492,227) Other receipts (payments) (48,015) - 1,057,537 (757,863) 227,010 478,669

Net cash provided (used) by operating activities 206,696 (18,676) 3,782,503 (91,940) 26,692 3,905,275

Cash flows from noncapital financing activitiesTransfer from other funds (100,000) - 84,165 154,811 - 138,976 Transfer to other funds 100,000 (27,402) (2,118,550) (154,811) - (2,200,763) Interprogram due to other funds - 20,209 430,712 - - 450,921

Net cash provided (used) by non-capital financing activities - (7,193) (1,603,673) - - (1,610,866)

Cash flows from capital and related financing activitiesProceeds from sale of assets - - 3,534,354 - - 3,534,354 Interprogram capital grants - - 961,688 - - 961,688 Interprogram capital loans - - 484,412 334,853 - 819,265 Purchases of capital asset (128,753) - (11,346,758) (82,442) - (11,557,953) Proceeds from capital debt 97,501 - 7,704,325 815,977 - 8,617,803 Principal paid on capital debt - - (268,671) - - (268,671) Interest paid on capital debt - - (682,514) (539,396) - (1,221,910)

Net cash provided (used) by capital and related financing activities (31,252) - 386,836 528,992 - 884,576

Cash flows from investing activitiesInterest received 404 2,071 3,249 1,095 - 6,819

Net cash provided by investing activities 404 2,071 3,249 1,095 - 6,819 Net increase (decrease) in cash and cash equivalents 175,848 (23,798) 2,568,915 438,147 26,692 3,185,804

Cash and cash equivalents, beginning 170,361 1,341,570 7,717,050 446,070 374,135 10,049,186 Cash and cash equivalents, ending 346,209 $ 1,317,772 $ 10,285,965 $ 884,217 $ 400,827 $ 13,234,990 $

(Continued)


Combining Schedule of Cash Flows - Business Activities and Component Units


87 | P a g e

Page 2 of 2

Carole Strawn HorizonHoefener Horizon Parktowne LLC Acquisition

Center CORE Development 12/31/2014 12/31/2014 TOTAL

Reconciliation of operating income (loss) to net cash

provided by operating activities:

Operating income (loss) (3,783) $ (17,568) $ (1,534,885) $ (551,368) $ (7,884) $ (2,115,488) $

Adjustments to reconcile operating income (loss) to

net cash provided by operating activities:

Depreciation 127,485 - 2,539,612 971,182 - 3,638,279

Write-off of financing fees - - - 52,406 - 52,406

(Increase) decrease in assets:

Accounts receivable - other 760 - 821,174 (78,457) (44,250) 699,227

Prepaid expenses (3,775) (1,108) (17,625) - - (22,508)

Other assets - - 7,550 - - 7,550

Increase (decrease) in liabilities:

Accounts payable - other 81,896 - 361,982 55,985 (171,794) 328,069

Accrued expenses (1,177) - 1,598,388 (545,023) 227,010 1,279,198

Unearned revenue 5,290 - (14,747) 414 23,610 14,567

Tenant security deposits - - 21,054 2,921 - 23,975

Net cash provided (used) by

operating activities 206,696 $ (18,676) $ 3,782,503 $ (91,940) $ 26,692 $ 3,905,275 $

Combining Schedule of Cash Flows - Business Activities and Component Units (Continued)



88 | P a g e

89 | P a g e

HUD REQUIRED SCHEDULES

CHA Graduates

90 | P a g e

Line Project ProgramItem # Totals Totals

AssetsCurrent Assets

Cash:111 Cash - unrestricted 10,425,816 $ 5,560,502 $ 113 Cash - other restricted 2,731,704 11,385,974 114 Cash - tenant security deposits 272,789 - 115 Cash - restricted for payment of current liabilities - 100,054 100 Total cash 13,430,309 17,046,530

Accounts and notes receivables:122 Accounts receivable - HUD - other projects - 675,033 124 Accounts receivable - other government - 539,133 125 Accounts receivable - miscellaneous 53,067 1,133,016 126 Accounts receivable - dwelling rents 106,187 172,224

126.1 Allowance for doubtful accounts - dwelling rents (68,253) (62,484) 127 Notes receivable - current - - 128 Fraud recovery - 13,917

128.1 Allowance for doubtful accounts - fraud recovery - (9,707) 129 Accrued interest receivable 525 - 120 Total receivables - net 91,526 2,461,132 131 Investments - unrestricted 2,499,425 - 132 Investments - restricted 889,805 1,942,553

Other current assets142 Prepaid expenses and other assets 74,764 37,357 144 Interprogram - due from 1,227,916 278,051 150 Total current assets 18,213,745 21,765,623

Noncurrent AssetsFixed Assets

161 Land 26,307,924 15,787,058 162 Buildings 132,432,532 90,408,372 163 Furniture, equipment and machinery - dwelling - 569,779 164 Furniture, equipment and machinery - administration 1,333,886 286,755 165 Leasehold improvements 537,269 726,187 167 Construction in progress 553,854 27,360,177 166 Accumulated depreciation (96,489,856) (21,768,152) 160 Total fixed assets - net 64,675,609 113,370,176 171 Notes, loans and mortgages receivable - non-current 45,231,305 16,516,614 174 Other assets - 1,516,298 176 Investments in real estate ventures 49 1,803,030 180 Total noncurrent assets 109,906,963 133,206,118 190 Total assets 128,120,708 $ 154,971,741 $


Financial Data Schedule

March 31, 2015

(Continued)

91 | P a g e

Page 1 of 4

Central Moving ToOffice Cost Work GRAND

Center Program Subtotal Elimination TOTAL

2,857,819 $ 13,084,405 $ 31,928,542 $ -$ 31,928,542 $ 3,707,084 5,707,155 23,531,917 - 23,531,917

- - 272,789 - 272,789 - - 100,054 - 100,054

6,564,903 18,791,560 55,833,302 - 55,833,302

- 2,100,862 2,775,895 - 2,775,895 20,508 337,998 897,639 - 897,639

908,148 251,551 2,345,782 (131,194) 2,214,588 25,664 - 304,075 - 304,075

- - (130,737) - (130,737) 22,973 - 22,973 - 22,973

- 383,104 397,021 - 397,021 - (278,018) (287,725) - (287,725) - 17,973 18,498 - 18,498

977,293 2,813,470 6,343,421 (131,194) 6,212,227 - 21,224,705 23,724,130 - 23,724,130 - - 2,832,358 - 2,832,358

165,949 8,273 286,343 - 286,343 616,258 96,949 2,219,174 (2,219,174) -

8,324,403 42,934,957 91,238,728 (2,350,368) 88,888,360

2,605,077 1,519,150 46,219,209 - 46,219,209 9,551,617 - 232,392,521 (6,390,050) 226,002,471

- - 569,779 - 569,779 978,946 337,249 2,936,836 - 2,936,836

- - 1,263,456 - 1,263,456 - - 27,914,031 - 27,914,031

(2,546,150) (323,387) (121,127,545) - (121,127,545) 10,589,490 1,533,012 190,168,287 (6,390,050) 183,778,237 69,070,511 24,577,220 155,395,650 (59,040,496) 96,355,154

- - 1,516,298 - 1,516,298 - - 1,803,079 - 1,803,079

79,660,001 26,110,232 348,883,314 (65,430,546) 283,452,768 87,984,404 $ 69,045,189 $ 440,122,042 $ (67,780,914) $ 372,341,128 $

92 | P a g e


Liabilities and EquityLiabilitiesCurrent Liabilities

312 Accounts payable < 90 days 1,598,348 $ 1,059,203 $ 321 Accrued wage/payroll taxes payable 30,189 20,393 322 Accrued compensated absences - current portion 18,455 9,363 325 Accrued interest payable 161,403 76,934 331 Accounts payable - HUD PHA programs - - 333 Accounts payable - other government 88,247 3,315 341 Tenant security deposits 271,048 294,424

342.1 Unearned revenue - Operating Subsidy - - 342.3 Unearned revenue - other 129,277 165,949 343 Current portion of L-T debt - capital projects 910,000 427,144 345 Other current liabilities 390,976 1,920,773 346 Accrued liabilities - other 2,148 2,223,167 347 Interprogram - due to - 693,315 310 Total current liabilities 3,600,091 6,893,980

Noncurrent Liabilities351 Long-term debt, net of current - capital projects 16,280,000 87,065,631 353 Noncurrent liabilities - other 1,095,187 1,995,797 354 Accrued compensated absences - non-current 261,893 122,381 350 Total noncurrent liabilities 17,637,080 89,183,809

300 Total liabilities 21,237,171 96,077,789

400 Deferred inflow of resources 10,506,085 2,405,082

Net Position508.4 Net investment in capital assets 64,675,609 25,877,401 511.4 Restricted net position 26,232,960 27,930,818 512.4 Unrestricted net position 5,468,883 2,680,651 513 Total equity/net position 96,377,452 56,488,870 600 Total liabilities, deferred inflows & net position 128,120,708 $ 154,971,741 $

March 31, 2015


Financial Data Schedule (Continued)

(Continued)

93 | P a g e

Page 2 of 4

Central Moving ToOffice Cost Work


150,359 $ 177,135 $ 2,985,045 $ -$ 2,985,045 $ 200,128 16,824 267,534 - 267,534

24,454 9,654 61,926 - 61,926 - - 238,337 - 238,337 - - - - - - 590,927 682,489 - 682,489 - - 565,472 - 565,472 - - - - -

8,200 - 303,426 - 303,426 - - 1,337,144 - 1,337,144 - - 2,311,749 (5,737) 2,306,012

86,911 4,252 2,316,478 (411,683) 1,904,795 365,312 1,160,547 2,219,174 (2,219,174) - 835,364 1,959,339 13,288,774 (2,636,594) 10,652,180

8,013,855 - 111,359,486 (57,106,500) 54,252,986 - 2,146,231 5,237,215 (1,597,435) 3,639,780

347,180 137,058 868,512 - 868,512 8,361,035 2,283,289 117,465,213 (58,703,935) 58,761,278

9,196,399 4,242,628 130,753,987 (61,340,529) 69,413,458

20,712,403 772,034 34,395,604 (6,019,022) 28,376,582

2,575,635 1,533,012 94,661,657 50,716,450 145,378,107 52,065,191 23,805,186 130,034,155 (59,040,496) 70,993,659

3,434,776 38,692,329 50,276,639 7,902,683 58,179,322 58,075,602 64,030,527 274,972,451 (421,363) 274,551,088 87,984,404 $ 69,045,189 $ 440,122,042 $ (67,780,914) $ 372,341,128 $

94 | P a g e


703 Net tenant rental revenue 3,434,690 $ 8,583,981 $ 704 Tenant revenue - other 373,745 170,442 705 Total tenant revenue 3,808,435 8,754,423 706 HUD PHA grants 1,931,644 3,636,667

706.1 Capital grants - 1,483,622 707.1 Management fee - - 707.2 Asset management fee - - 707.3 Bookkeeping fee - - 707.4 Front line serv ice fee - - 707.5 Other fees - - 708 Other government grants - 467,871 711 Investment income - unrestricted 22,852 4,254 712 Mortgage interest income 270,953 182,792 713 Proceeds from disposition of assets held for sale - -

713.1 Cost of Sale of Assets - - 714 Fraud recovery - 6,153 715 Other revenue 516,911 3,645,876 716 Gain or loss on sale of fixed assets - 1,634,962 720 Investment income - restricted 1,435 7,636 700 Total revenue 6,552,230 19,824,256

Expenses911 Administrative salaries 1,343,645 1,196,191 912 Auditing fees 25,155 46,976

913.0 Management fees 1,044,978 623,073 913.1 Bookkeeping fee 150,895 30,121 914 Advertising and marketing 14,587 63,694 915 Employee benefits - administrative 406,607 331,728 916 Office expenses 223,616 204,628 917 Legal expense 68,349 70,096 918 Travel 21,972 27,926 919 Other 67,229 2,198,718

Total administrative expense 3,367,033 4,793,151 920 Asset management fee 633,285 227,592 921 Tenant serv ices - salaries 484,970 268,996 922 Relocation costs 63,882 9,335 923 Employee benefits - tenant serv ices 137,530 89,800 924 Other tenant serv ices 1,573,630 60,014

Total tenant services 2,260,012 428,145 931 Water 331,782 343,341 932 Electricity 1,676,358 612,585 933 Gas 669,001 41,273 938 Other utilities expense 443,356 282,645

Total utilities expense 3,120,497 $ 1,279,844 $

(Continued)




95 | P a g e

Page 3 of 4

Central Moving ToOffice Cost Work


-$ -$ 12,018,671 $ -$ 12,018,671 $ - - 544,187 - 544,187 - - 12,562,858 - 12,562,858 - 56,807,934 62,376,245 - 62,376,245 - 1,189,432 2,673,054 - 2,673,054

1,518,013 - 1,518,013 (1,314,029) 203,984 1,829,615 - 1,829,615 (1,829,615) -

696,593 - 696,593 (696,593) - 420,973 - 420,973 (397,967) 23,006 472,292 - 472,292 - 472,292

- - 467,871 - 467,871 6,268 79,329 112,703 - 112,703

558,955 - 1,012,700 (73,602) 939,098 1,900,000 - 1,900,000 - 1,900,000 (127,958) - (127,958) - (127,958)

- 49,117 55,270 - 55,270 891,732 11,064,147 16,118,666 (2,547,662) 13,571,004

- - 1,634,962 - 1,634,962 4,778 17,695 31,544 - 31,544

8,171,261 69,207,654 103,755,401 (6,859,468) 96,895,933

2,682,061 1,839,277 7,061,174 - 7,061,174 9,171 8,290 89,592 - 89,592

- - 1,668,051 (1,304,021) 364,030 - 515,580 696,596 (696,593) 3

27,977 42,010 148,268 - 148,268 711,113 600,315 2,049,763 (185,913) 1,863,850 400,833 556,599 1,385,676 - 1,385,676 170,982 25,654 335,081 - 335,081 96,445 55,579 201,922 - 201,922

233,882 487,255 2,987,084 (1,229,126) 1,757,958 4,332,464 4,130,559 16,623,207 (3,415,653) 13,207,554

1,003,129 1,864,006 (1,839,623) 24,383 - 76,303 830,269 - 830,269 - - 73,217 - 73,217 - 25,553 252,883 - 252,883 - 157,469 1,791,113 - 1,791,113 - 259,325 2,947,482 - 2,947,482

10,415 - 685,538 - 685,538 91,954 - 2,380,897 - 2,380,897 12,033 - 722,307 - 722,307 10,600 - 736,601 - 736,601

125,002 $ -$ 4,525,343 $ -$ 4,525,343 $

96 | P a g e


941 Ordinary maintenance and operation - labor 1,132,250 $ 807,838 $ 942 Ordinary maintenance and operation - materials and other 524,829 524,969

943.01 Ordinary maintenance contracts - trash 394,824 30,285 943.02 Ordinary maintenance contracts - heating & cooling 180,634 100,681 943.03 Ordinary maintenance contracts - snow removal - - 943.04 Ordinary maintenance contracts - elevator 80,607 59,013 943.05 Ordinary maintenance contracts - landscape 452,475 283,166 943.06 Ordinary maintenance contracts - unit turnaround 294,872 152,442 943.07 Ordinary maintenance contracts - electrical 42,212 8,682 943.08 Ordinary maintenance contracts - plumbing 53,624 56,256 943.09 Ordinary maintenance contracts - extermination 190,607 95,048 943.10 Ordinary maintenance contracts - janitorial 51,690 52,500 943.11 Ordinary maintenance contracts - routine 358,392 439,372 943.12 Ordinary maintenance contracts - misc 1,402,967 506,339

945 Employee benefit contributions - ordinary maintenance 344,232 230,699 Total ordinary maintenance and operation 5,504,215 3,347,290

951 Protective serv ices - labor 267,728 - 952 Protective serv ices - other contract costs 494,822 - 953 Protective serv ices - other 18,513 - 955 Employee benefit contributions - protective serv ices 88,566 -

Total protective services 869,629 - 961.1 Insurance premiums - property 253,321 245,875 961.2 Insurance premiums - liability 29,561 11,365 961.3 Insurance premiums - workman's comp 59,611 1,371 961.4 Insurance premiums - other 33,493 6,274 962 Other general expense 3,939,473 576,288

962.1 Compensated absences 69,429 (1,267) 963 Payments on lieu of taxes 71,692 - 964 Bad debt - tenant rents 38,199 101,875 967 Interest expense 651,864 872,079

Total general expenses 5,146,643 1,813,860 969 Total operating expenses 20,901,314 11,889,882 970 Excess operating revenue over operating expenses (14,349,084) 7,934,374 973 Housing assistance payments - 2,850,374

973.5 HAP portability -in - - 974 Depreciation expense 4,712,134 3,828,193

Total other expenses 4,752,529 6,678,567 900 Total expenses 25,653,843 18,568,449

1001 Operating transfers in 21,982,249 455,204 1002 Operating transfers out (1,257,922) (2,375,453)

1009.1 Inter AMP excess cash transfer In 1,632,138 - 1009.2 Inter AMP excess cash transfer out (1,632,138) - 1010 Total other financing sources (uses) 20,724,327 (1,920,249) 1000 Excess (deficit) of revenue over expenses 1,622,714 (664,442) 1102 Required annual debt principal payments 931,359 - 1103 Beginning equity 94,754,738 57,153,312 1104 Prior period adjustments, equity transfer - - 1120 Unit months available 43,950 10,108 1121 Number of unit months leased 43,482 4,596

Ending equity 96,377,452 $ 56,488,870 $




97 | P a g e

Page 4 of 4

Central Moving To

Office Cost WorkCenter Program Subtotal Elimination TOTAL

233,688 $ -$ 2,173,776 $ -$ 2,173,776 $ 46,483 7,767 1,104,048 - 1,104,048 55,187 - 480,296 (280,602) 199,694 26,456 - 307,771 - 307,771 3,359 - 3,359 - 3,359 2,528 - 142,148 - 142,148

47,692 - 783,333 - 783,333 - - 447,314 - 447,314 - - 50,894 - 50,894

380 - 110,260 (24,443) 85,817 3,435 - 289,090 - 289,090

54,283 - 158,473 - 158,473 - - 797,764 - 797,764

40,402 52,647 2,002,355 (92,922) 1,909,433 73,074 - 648,005 - 648,005

586,967 60,414 9,498,886 (397,967) 9,100,919 - 90,556 358,284 - 358,284

73,152 63,594 631,568 - 631,568 - 2,719 21,232 - 21,232 - 32,498 121,064 - 121,064

73,152 189,367 1,132,148 - 1,132,148 (13,221) 3 485,978 - 485,978 37,575 5 78,506 - 78,506

139,263 34,771 235,016 - 235,016 13,489 7,992 61,248 - 61,248 17,582 1,039,137 5,572,480 (1,132,622) 4,439,858

- 16,503 84,665 - 84,665 - - 71,692 - 71,692 - 25,765 165,839 - 165,839 - - 1,523,943 (284,668) 1,239,275

194,688 1,124,176 8,279,367 (1,417,290) 6,862,077 5,312,273 6,766,970 44,870,439 (7,070,533) 37,799,906 2,858,988 62,440,684 58,884,962 211,065 59,096,027

- 29,432,491 32,282,865 - 32,282,865 - 10,499,512 10,499,512 - 10,499,512

360,479 11,625 8,912,431 - 8,912,431 360,479 39,943,628 51,735,203 - 51,735,203

5,672,752 46,710,598 96,605,642 (7,070,533) 89,535,109 3,753,443 58,639,496 84,830,392 (2,997,073) 81,833,319

(2,376,313) (78,820,704) (84,830,392) 2,997,073 (81,833,319) - - 1,632,138 - 1,632,138 - - (1,632,138) - (1,632,138)

1,377,130 (20,181,208) - - - 3,875,639 2,315,848 7,149,759 211,065 7,360,824

- - 931,359 - 931,359 54,199,963 61,714,679 267,822,692 (632,428) 267,190,264

- - - - - 54,396 108,454 - 108,454 - 50,273 98,351 - 98,351

58,075,602 $ 64,030,527 $ 274,972,451 $ (421,363) $ 274,551,088 $

98 | P a g e

Housing FamilyChoice Unification

Line Vouchers ProgramItem # 14.871 14.880


Cash:111 Cash - unrestricted -$ -$ 113 Cash - other restricted - 41,123 115 Cash - restricted for payment of current liabilities - - 100 Total cash - 41,123

Accounts and notes receivables:122 Accounts receivable - HUD - other projects - - 124 Accounts receivable - other government - - 125 Accounts receivable - miscellaneous 2,565 9,184 126 Accounts receivable - dwelling rents - -

126.1 Allowance for doubtful accounts - dwelling rents - - 128 Fraud recovery 8,130 5,787

128.1 Allowance for doubtful accounts - Fraud recovery (5,151) (4,556) 120 Total receivables - net 5,544 10,415

Other current assets132 Investments - restricted - - 142 Prepaid expenses and other assets - - 144 Interprogram - due from 108,051 - 150 Total current assets 113,595 51,538


161 Land - - 162 Buildings - - 163 Furniture, equipment and machinery - dwelling - - 164 Furniture, equipment and machinery - administration - - 165 Leasehold Improvements - - 167 Construction in progress - - 166 Accumulated depreciation - - 160 Total fixed assets - net - - 171 Notes, loans and mortgages receivable - non-current - - 174 Other assets - - 176 Investments in real estate ventures - - 180 Total noncurrent assets - - 190 Total assets 113,595 $ 51,538 $


Program Financial Data Schedule

March 31, 2015

(Continued)

99 | P a g e

Page 1 of 4

ROSSHOPE VI Grant Business Component

14.866 14.870 Activities Units TOTAL

-$ -$ 346,209 $ 5,214,293 $ 5,560,502 $ 3,770,417 - - 7,574,434 11,385,974

- - - 100,054 100,054 3,770,417 - 346,209 12,888,781 17,046,530

633,572 41,461 - - 675,033 - - - 539,133 539,133

188,592 - - 932,675 1,133,016 - - - 172,224 172,224 - - - (62,484) (62,484) - - - - 13,917 - - - - (9,707)

822,164 41,461 - 1,581,548 2,461,132

- - - 1,942,553 1,942,553 3,531 - 3,775 30,051 37,357

- - - 170,000 278,051 4,596,112 41,461 349,984 16,612,933 21,765,623

4,051,835 - 1,146,219 10,589,004 15,787,058 3,934,815 - 3,708,416 82,765,141 90,408,372

- - - 569,779 569,779 25,390 - 31,457 229,908 286,755

- - - 726,187 726,187 8,607,607 - - 18,752,570 27,360,177 (137,508) - (1,893,713) (19,736,931) (21,768,152)

16,482,139 - 2,992,379 93,895,658 113,370,176 14,673,914 - - 1,842,700 16,516,614

- - - 1,516,298 1,516,298 - - - 1,803,030 1,803,030

31,156,053 - 2,992,379 99,057,686 133,206,118 35,752,165 $ 41,461 $ 3,342,363 $ 115,670,619 $ 154,971,741 $

100 | P a g e

Housing FamilyChoice Unification

Line Vouchers ProgramItem # 14.871 14.880


312 Accounts payable < 90 days 4,930 $ 988 $ 321 Accrued wage/payroll taxes payable - - 322 Accrued compensated absences - current portion - - 325 Accrued interest payable - - 333 Accounts payable - other government - - 341 Tenant security deposits - - 342 Unearned revenue - - 343 Current portion of L-T debt - capital projects - - 345 Other current liabilities - - 346 Accrued liabilities - other - - 347 Interprogram - due to - - 310 Total current liabilities 4,930 988

Noncurrent Liabilities351 Long-term debt, net of current - capital projects - - 353 Noncurrent liabilities - other - 40,388 354 Accrued compensated absences - non-current - - 350 Total noncurrent liabilities - 40,388

300 Total liabilities 4,930 41,376

400 Deferred inflow of resources - -

Net Position508.1 Invested in capital assets, net of related debt - - 511.1 Restricted 108,665 10,162 512.1 Unrestricted - - 513 Total net position 108,665 10,162 600 Total liabilities and net position 113,595 $ 51,538 $


Program Financial Data Schedule (Continued)

March 31, 2015

(Continued)

101 | P a g e

Page 2 of 4

ROSSHOPE VI Grant Business Component


301,667 $ 3,081 $ 103,760 $ 644,777 $ 1,059,203 $ 716 1,858 654 17,165 20,393 530 1,765 26 7,042 9,363

- - - 76,934 76,934 - - - 3,315 3,315 - - - 294,424 294,424

51,296 - 10,370 104,283 165,949 - - - 427,144 427,144

314,308 - 19,988 1,586,477 1,920,773 - - - 2,223,167 2,223,167

3,101 9,688 - 680,526 693,315 671,618 16,392 134,798 6,065,254 6,893,980

- - 97,501 86,968,130 87,065,631 - - - 1,955,409 1,995,797

7,527 25,069 372 89,413 122,381 7,527 25,069 97,873 89,012,952 89,183,809

679,145 41,461 232,671 95,078,206 96,077,789

1,902,731 - - 502,351 2,405,082

16,482,139 - 2,894,878 6,500,384 25,877,401 16,541,600 - - 11,270,391 27,930,818

146,550 - 214,814 2,319,287 2,680,651 33,170,289 - 3,109,692 20,090,062 56,488,870 35,752,165 $ 41,461 $ 3,342,363 $ 115,670,619 $ 154,971,741 $

102 | P a g e

Housing Family

Choice Unification

Line Vouchers Program

Item # 14.871 14.880

703 Net tenant rental revenue -$ -$

704 Tenant revenue - other - -

705 Total tenant revenue - -

706 HUD PHA grants 1,447,448 1,507,796

706.1 Capital grants - -

708 Other government grants - -

711 Investment income - unrestricted - -

712 Mortgage interest income - -

714 Fraud recovery 3,277 2,876

715 Other revenue - -

716 Gain or loss on sale of fixed assets - -

720 Investment income - restricted - -

700 Total revenue 1,450,725 1,510,672

Expenses

911 Administrative salaries - -

912 Auditing fees - -

913.1 Management fees - -

913.2 Bookkeeping fees - -

914 Advertising and marketing - -

915 Employee benefits - administrative - -

916 Office expenses - -

917 Legal expense - -

918 Travel - -

919 Other - -

Total administrative expense - -

920 Asset management fee - -

921 Tenant serv ices - salaries - -

922 Relocation costs - -

923 Employee benefits - tenant serv ices - -

924 Other tenant serv ices - -

Total tenant services - -

931 Water - -

932 Electricity - -

933 Gas - -

938 Other utilities expense - -

Total utilities expense -$ -$

(Continued)




103 | P a g e

Page 3 of 4

ROSS

HOPE VI Grant Business Component


-$ -$ -$ 8,583,981 $ 8,583,981 $

- - - 170,442 170,442

- - - 8,754,423 8,754,423

308,032 373,391 - - 3,636,667

1,483,622 - - - 1,483,622

430 - - 467,441 467,871

- - 404 3,850 4,254

182,792 - - - 182,792

- - - - 6,153

570,286 4,660 471,835 2,599,095 3,645,876

- - - 1,634,962 1,634,962

5,347 - - 2,289 7,636

2,550,509 378,051 472,239 13,462,060 19,824,256

108,687 - 74,222 1,013,282 1,196,191

- - 555 46,421 46,976

2,188 - - 620,885 623,073

- - - 30,121 30,121

2,351 - 1,767 59,576 63,694

24,786 - 25,999 280,943 331,728

11,663 - 5,360 187,605 204,628

34,138 - - 35,958 70,096

36 - 745 27,145 27,926

668,107 - 8,689 1,521,922 2,198,718

851,956 - 117,337 3,823,858 4,793,151

- 10,008 50,647 166,937 227,592

- 268,996 - - 268,996

1,686 - - 7,649 9,335

- 89,800 - - 89,800

- 9,247 - 50,767 60,014

1,686 368,043 - 58,416 428,145

- - 4,985 338,356 343,341

- - 33,480 579,105 612,585

- - 5,987 35,286 41,273

- - 1,913 280,732 282,645

-$ -$ 46,365 $ 1,233,479 $ 1,279,844 $

104 | P a g e

Housing Family

Choice Unification

Line Vouchers Program

Item # 14.871 14.880

941 Ordinary maintenance and operation - labor -$ -$ 942 Ordinary maintenance and operation - materials and other - - 943 Ordinary maintenance contracts - - 945 Employee benefit contributions - ordinary maintenance - -

Total ordinary maintenance and operation - - 952 Protective serv ices - contracts - -

Total protective services - - 961.1 Insurance premiums - property - - 961.2 Insurance premiums - liability - - 961.3 Insurance premiums - workman's comp - - 961.4 Insurance premiums - other - - 962 Other general expense - -

962.1 Compensated absences - - 964 Bad debt - tenant rents - - 967 Interest expense - - 968 Severance expense - -

Total general expenses - - 969 Total operating expenses - - 970 Excess operating revenue over operating expenses 1,450,725 1,510,672 972 Casualty losses - non-capitalized - - 973 Housing assistance payments 1,343,422 1,506,952 974 Depreciation expense - -

Total other expenses 1,343,422 1,506,952 900 Total expenses 1,343,422 1,506,952 1001 Operating transfers in - - 1002 Operating transfers out - - 1010 Total other financing sources (uses) - - 1000 Excess (deficit) of revenue over expenses 107,303 3,720 1103 Beginning equity 1,362 6,442 1104 Prior period adjustments, equity transfer - - 1120 Unit months available 3,012 2,400 1121 Number of unit months leased 2,481 2,115

Ending equity 108,665 $ 10,162 $




105 | P a g e

Page 4 of 4

HOPE VI ROSS

URD Grant Business Component


-$ -$ -$ 807,838 $ 807,838 $ 5,600 - 9,930 509,439 524,969 2,997 - 107,598 1,673,189 1,783,784

- - 29 230,670 230,699 8,597 - 117,557 3,221,136 3,347,290

- - - - - - - - - -

3,492 - 11,395 230,988 245,875 1,232 - 4,728 5,405 11,365

- - 1,371 - 1,371 - - - 6,274 6,274

16,880 - - 559,408 576,288 - - (1,267) - (1,267) - - - 101,875 101,875 - - - 872,079 872,079 - - - - -

21,604 - 16,227 1,776,029 1,813,860 883,843 378,051 348,133 10,279,855 11,889,882

1,666,666 - 124,106 3,182,205 7,934,374 - - - - - - - - - 2,850,374

137,508 - 127,485 3,563,200 3,828,193 137,508 - 127,485 3,563,200 6,678,567

1,021,351 378,051 475,618 13,843,055 18,568,449 216,228 - - 238,976 455,204 (74,690) - - (2,300,763) (2,375,453) 141,538 - - (2,061,787) (1,920,249)

1,670,696 - (3,379) (2,442,782) (664,442) 31,499,593 - 3,113,071 22,532,844 57,153,312

- - - - - - - 4,696 10,108 - - - - 4,596

33,170,289 $ -$ 3,109,692 $ 20,090,062 $ 56,488,870 $

106 | P a g e

Housing Authority of the City of Charlotte Page 1 of 3

Moving To Work Financial Data Schedule

March 31, 2015

MTW MTW MTWDemonstration Demonstration Demonstration Moving

Program for Program for Program for to WorkLine HCV Program Capital Fund Low Rent Demonstration

Item # 14.HCV 14.CFP 14.OPS 14.881 TOTALAssets

Current AssetsCash:

111 Cash - unrestricted -$ -$ -$ 13,084,405 $ 13,084,405 $ 113 Cash - other restricted - - - 5,707,155 5,707,155 100 Total cash - - - 18,791,560 18,791,560

Accounts and notes receivables:122 Accounts receivable - HUD - other projects 2,100,862 - - - 2,100,862 124 Accounts receivable - other government - - - 337,998 337,998 125 Accounts receivable - miscellaneous - - - 251,551 251,551 128 Fraud recovery - - - 383,104 383,104

128.1 Allowance for doubtful accounts - fraud recovery - - - (278,018) (278,018) 129 Accrued interest receivable - - - 17,973 17,973 120 Total receivables - net 2,100,862 - - 712,608 2,813,470 131 Investments - unrestricted - - - 21,224,705 21,224,705

Other current assets142 Prepaid expenses and other assets - - - 8,273 8,273 144 Interprogram - due from - - - 96,949 96,949 150 Total current assets 2,100,862 - - 40,834,095 42,934,957


161 Land - - - 1,519,150 1,519,150 164 Furniture, equipment and machinery - administration - - - 337,249 337,249 166 Accumulated depreciation - - - (323,387) (323,387) 160 Total fixed assets - net - - - 1,533,012 1,533,012

171 Notes, loans and mortgages receivable - non-current - - - 24,577,220 24,577,220 180 Total noncurrent assets - - - 26,110,232 26,110,232

190 Total assets 2,100,862 $ -$ -$ 66,944,327 $ 69,045,189 $

(Continued)

107 | P a g e

Page 2 of 3

MTW MTW MTWDemonstration Demonstration Demonstration Moving

Program for Program for Program for to WorkLine HCV Program Capital Fund Low Rent Demonstration

Item # 14.HCV 14.CFP 14.OPS 14.881 TOTALLiabilities and Equity

LiabilitiesCurrent Liabilities

312 Accounts payable < 90 days -$ -$ -$ 177,135 $ 177,135 $ 321 Accrued wage/payroll taxes payable - - - 16,824 16,824 322 Accrued compensated absences - current portion - - - 9,654 9,654 333 Accounts payable - other government - - - 590,927 590,927 346 Accrued liabilities - other - - - 4,252 4,252 347 Interprogram - due to 78,053 - - 1,082,494 1,160,547 310 Total current liabilities 78,053 - - 1,881,286 1,959,339

Noncurrent Liabilities353 Noncurrent liabilities - other - - - 2,146,231 2,146,231 354 Accrued compensated absences - non-current - - - 137,058 137,058 350 Total noncurrent liabilities - - - 2,283,289 2,283,289

300 Total liabilities 78,053 - - 4,164,575 4,242,628

400 Deferred inflow of resources - - - 772,034 772,034

Net Position508.1 Invested in capital assets, net of related debt - - - 1,533,012 1,533,012 511.1 Restricted - - - 23,805,186 23,805,186 512.1 Unrestricted 2,022,809 - - 36,669,520 38,692,329 513 Total net position 2,022,809 - - 62,007,718 64,030,527

600 Total liabilities and net position 2,100,862 $ -$ -$ 66,944,327 $ 69,045,189 $


Moving To Work Financial Data Schedule (Continued)

March 31, 2015

(Continued)

108 | P a g e

Page 3 of 3

MTW MTW MTW

Demonstration Demonstration Demonstration Moving

Program for Program for Program for to Work

Line HCV Program Capital Fund Low Rent Demonstration

Item # 14.HCV 14.CFP 14.OPS 14.881 TOTAL

703 Net tenant rental revenue -$ -$ -$ -$ -$ 706 HUD PHA grants 43,776,280 - 10,828,668 - 54,604,948

706.1 Capital grants - 1,189,432 - - 1,189,432 706.2 Ongoing administrative fees earned 2,167,420 - - - 2,167,420

706.32 FSS coordinator 35,566 - - - 35,566 711 Investment income - unrestricted - - - 79,329 79,329 714 Fraud recovery - - - 49,117 49,117 715 Other revenue - - - 11,064,147 11,064,147 720 Investment income - restricted - - - 17,695 17,695 700 Total revenue 45,979,266 1,189,432 10,828,668 11,210,288 69,207,654

Expenses911 Administrative salaries - - - 1,839,277 1,839,277 912 Auditing fees - - - 8,290 8,290

913.2 Bookkeeping fees - - - 515,580 515,580 914 Advertising and marketing - - - 42,010 42,010 915 Employee benefits - administrative - - - 600,315 600,315 916 Office expenses - - - 556,599 556,599 917 Legal expense - - - 25,654 25,654 918 Travel - - - 55,579 55,579 919 Other - - - 487,255 487,255

Total administrative expense - - - 4,130,559 4,130,559 920 Asset management fee - - - 1,003,129 1,003,129 921 Tenant serv ices - salaries - - - 76,303 76,303 923 Employee benefits - tenant serv ices - - - 25,553 25,553 924 Other tenant serv ices - - - 157,469 157,469

Total tenant services - - - 259,325 259,325 942 Ordinary maintenance and operation - materials and other - - - 7,767 7,767

943.12 Ordinary maintenance contracts - misc - - - 52,647 52,647 Total ordinary maintenance and operation - - - 60,414 60,414

951 Protective serv ices - labor - - - 90,556 90,556 952 Protective serv ices - contracts - - - 63,594 63,594 953 Protective serv ices - other - - - 2,719 2,719 955 Employee benefit contributions - protective serv ices - - - 32,498 32,498

Total protective services - - - 189,367 189,367 961.1 Insurance premiums - property - - - 3 3 961.2 Insurance premiums - liability - - - 5 5 961.3 Insurance premiums - workman's comp - - - 34,771 34,771 961.4 Insurance premiums - other - - - 7,992 7,992 962 Other general expense - - - 1,039,137 1,039,137

962.1 Compensated absences - - - 16,503 16,503 964 Bad debt - tenant rents - - - 25,765 25,765

Total general expenses - - - 1,124,176 1,124,176 969 Total operating expenses - - - 6,766,970 6,766,970 970 Excess operating revenue over operating expenses 45,979,266 1,189,432 10,828,668 4,443,318 62,440,684 973 Housing assistance payments - - - 29,432,491 29,432,491

973.5 HAP portability -in - - - 10,499,512 10,499,512 974 Depreciation expense - - - 11,625 11,625

Total other expenses - - - 39,943,628 39,943,628 900 Total expenses - - - 46,710,598 46,710,598

1001 Operating transfers in - - 58,639,496 58,639,496 1002 Operating transfers out (46,699,449) (1,189,432) (10,828,668) (20,103,155) (78,820,704) 1010 Total other financing sources (uses) (46,699,449) (1,189,432) (10,828,668) 38,536,341 (20,181,208) 1000 Excess (deficit) of revenue over expenses (720,183) - - 3,036,031 2,315,848 1103 Beginning equity 2,742,992 - - 58,971,687 61,714,679 1120 Unit months available - - - 54,396 54,396 1121 Number of unit months leased - - - 53,272 53,272

Ending equity 2,022,809 $ -$ -$ 62,007,718 $ 64,030,527 $


Moving To Work Financial Data Schedule (Continued)


109 | P a g e

110 | P a g e

Line Southside First Ward Edwin TowersItem # NC003000003 NC003000005 NC003000006


Cash:111 Cash - unrestricted 1,054,244 $ 501,312 $ 517,348 $ 113 Cash - other restricted 51,477 235,318 9,059 114 Cash - tenant security deposits 63,164 - 26,886 100 Total cash 1,168,885 736,630 553,293

Accounts and notes receivables:124 Accounts receivable - other government - - - 125 Accounts receivable - miscellaneous 281 8,987 136 126 Accounts receivable - dwelling rents 22,197 - 2,366

126.1 Allowance for doubtful accounts - dwelling rents (10,816) - (198) 127 Notes receivable - current - - - 129 Accrued interest receivable 84 105 - 120 Total receivables - net 11,746 9,092 2,304 131 Investments - unrestricted 399,908 499,885 - 132 Investments - restricted - - - 142 Prepaid expenses and other assets 13,423 556 7,561 144 Interprogram - due from - 20,209 55,843 150 Total current assets 1,593,962 1,266,372 619,001


161 Land 496,948 4,386,944 540,261 162 Buildings 31,908,708 5,468,299 15,335,234 164 Furniture, equipment and machinery - administration 175,497 - 31,233 165 Leasehold improvements 74,203 - - 166 Accumulated depreciation (27,269,190) (2,984,979) (4,479,352) 167 Construction in progress - - - 160 Total fixed assets - net 5,386,166 6,870,264 11,427,376 171 Notes, loans and mortgages receivable - non-current - 54,052 - 176 Investment in joint ventures - - - 180 Total noncurrent assets 5,386,166 6,924,316 11,427,376 190 Total assets 6,980,128 $ 8,190,688 $ 12,046,377 $

Asset Management Projects Detailed Financial Data Schedule

March 31, 2015


(Continued)

111 | P a g e

Page 1 of 46

Leafcrest

Cedar KnollStrawn Arbor Glen 50 Arbor Glen I Boulevard Dillehay Mallard Ridge

NC003000007 NC003000009 NC003000010 NC003000011 NC003000012 NC003000016

-$ 42,753 $ 339,842 $ 387,613 $ 599,742 $ 294,311 $ - 24,221 17,108 - 18,114 47,283 - - - - 22,257 25,744 - 66,974 356,950 387,613 640,113 367,338

- - - - - - - - 1,890 - 105 103 - - - 3,021 25,339 10,217 - - - (3,021) (21,920) (5,020) - - - - - - - - - 173 - - - - 1,890 173 3,524 5,300 - - - 824,810 - - - - - - - - - 526 - 811 5,516 5,085 - - - - - - - 67,500 358,840 1,213,407 649,153 377,723

- 2,588,200 1,392,817 3,289,477 374,380 218,738 - - - - 4,396,211 12,132,946 - - - 52,174 117,377 191,606 - - - - 41,487 152,468 - - - (52,174) (4,513,936) (10,864,640) - - - - - - - 2,588,200 1,392,817 3,289,477 415,519 1,831,118

474,161 - - - - - - 49 - - - - 3,062,361 1,392,866 3,289,477 415,519 1,831,118 -$ 3,129,861 $ 1,751,706 $ 4,502,884 $ 1,064,672 $ 2,208,841 $

112 | P a g e

Tall Oaks

Tarlton HillsLine Charlottetown Parktowne Savanna Woods

Item # NC003000018 NC003000019 NC003000020Assets

Current AssetsCash:

111 Cash - unrestricted 171,443 $ -$ 22,950 $ 113 Cash - other restricted 3,890 - 30,745 114 Cash - tenant security deposits 34,249 - 21,824 100 Total cash 209,582 - 75,519

Accounts and notes receivables:124 Accounts receivable - other government - - - 125 Accounts receivable - miscellaneous 127 - 116 126 Accounts receivable - dwelling rents 5,333 - 8,523 126 Allowance for doubtful accounts - dwelling rents (1,806) - (5,331) 127 Notes receivable - current - - - 129 Accrued interest receivable - - - 120 Total receivables - net 3,654 - 3,308 131 Investments - unrestricted - - - 132 Investments - restricted - - - 142 Prepaid expenses and other assets 6,855 - 6,775 144 Interprogram - due from - - 467,441 150 Total current assets 220,091 - 553,043


161 Land 119,247 - 482,398 162 Buildings 18,507,483 - 7,180,157 164 Furniture, equipment and machinery - administration 148,447 - 130,254 165 Leasehold improvements - - 100,802 166 Accumulated depreciation (9,523,684) - (7,181,811) 167 Construction in progress - - 553,854 160 Total fixed assets - net 9,251,493 - 1,265,654 171 Notes, loans and mortgages receivable - non-current - - - 176 Investment in joint ventures - - - 180 Total noncurrent assets 9,251,493 - 1,265,654 190 Total assets 9,471,584 $ -$ 1,818,697 $


March 31, 2015

Asset Management Projects Detailed Financial Data Schedule (Continued)

(Continued)

113 | P a g e

Page 2 of 46

Gladedale

Meadow Oaks Sunridge The Park at Rocky BranchAutumn Place Wallace Woods Robinsdale Oaklawn (Rivermere) Arbor Glen IINC003000022 NC003000025 NC003000028 NC003000030 NC003000031 NC003000032

97,993 $ 110,327 $ 157,912 $ 356,677 $ 55,371 $ 245,612 $ 9,459 14,897 11,281 70,382 24,973 41,272

12,097 23,510 14,010 - - - 119,549 148,734 183,203 427,059 80,344 286,884

- - - - - - 53 100 57 - - -

529 7,950 4,729 - - - (268) (5,856) (2,757) - - -

- - - - - - - - - 53 - -

314 2,194 2,029 53 - - - - - 249,943 - - - - - - - -

3,469 5,121 2,709 - 124 - - 198,994 - - - -

123,332 355,043 187,941 677,055 80,468 286,884

510,419 605,598 215,707 3,104,934 - 559,404 5,639,891 7,416,085 6,139,138 - - -

23,888 171,387 138,477 - - - - 127,173 22,511 - - -

(2,940,974) (6,226,171) (5,108,131) - - - - - - - - -

3,233,224 2,094,072 1,407,702 3,104,934 - 559,404 - - - - - - - - - - - -

3,233,224 2,094,072 1,407,702 3,104,934 - 559,404 3,356,556 $ 2,449,115 $ 1,595,643 $ 3,781,989 $ 80,468 $ 846,288 $

114 | P a g e

Mayfield Terrace Seigle 60Line (Nia Point) Arbor Glen III (McAden Park)


Current AssetsCash:

111 Cash - unrestricted 166,697 $ 49,494 $ 153,990 $ 113 Cash - other restricted 33,771 19,298 37,738 114 Cash - tenant security deposits - - - 100 Total cash 200,468 68,792 191,728

Accounts and notes receivables:124 Accounts receivable - other government - - - 125 Accounts receivable - miscellaneous - - - 126 Accounts receivable - dwelling rents - - -

126.1 Allowance for doubtful accounts - dwelling rents - - - 127 Notes receivable - current - - - 129 Accrued interest receivable - - - 120 Total receivables - net - - - 131 Investments - unrestricted - - - 132 Investments - restricted - - - 142 Prepaid expenses and other assets - - - 144 Interprogram - due from - - - 150 Total current assets 200,468 68,792 191,728


161 Land 87,689 282,143 - 162 Buildings - - - 164 Furniture, equipment and machinery - administration - - - 165 Leasehold improvements - - - 166 Accumulated depreciation - - - 167 Construction in progress - - - 160 Total fixed assets - net 87,689 282,143 - 171 Notes, loans and mortgages receivable - non-current - - 1,402,831 176 Investment in joint ventures - - - 180 Total noncurrent assets 87,689 282,143 1,402,831 190 Total assets 288,157 $ 350,935 $ 1,594,559 $



March 31, 2015

(Continued)

115 | P a g e

Page 3 of 46

Montgomery South Oak SpringfieldStonehaven Gardens Prosperity Creek Crossing Gardens 940 Brevard

NC003000038 NC003000039 NC003000040 NC003000041 NC003000042 NC003000044

64,013 $ 147,587 $ 410,932 $ 84,250 $ 54,822 $ 176,207 $ 41,971 23,428 46,535 26,821 14,979 -

- - - - - - 105,984 171,015 457,467 111,071 69,801 176,207

- - - - - - - 12 150 20,339 - - - - - - - - - - - - - - - - - - - - - - - - - - - 12 150 20,339 - - - - - - - - - - - - - -

124 - - 124 124 371 - - - - - -

106,108 171,027 457,617 131,534 69,925 176,578

- 735,000 1,600,690 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 735,000 1,600,690 - - - - - - - - - - - - - - - - 735,000 1,600,690 - - -

106,108 $ 906,027 $ 2,058,307 $ 131,534 $ 69,925 $ 176,578 $

116 | P a g e

Springcroft at Line Seigle Point Ashley Park McAlpine Terrace


Current AssetsCash:

111 Cash - unrestricted 204,417 $ 64,431 $ 52,161 $ 113 Cash - other restricted 196,589 - - 114 Cash - tenant security deposits - - - 100 Total cash 401,006 64,431 52,161


126.1 Allowance for doubtful accounts - dwelling rents - - - 127 Notes receivable - current - - - 129 Accrued interest receivable - - - 120 Total receivables - net - - - 131 Investments - unrestricted - - - 132 Investments - restricted - - - 142 Prepaid expenses and other assets - - 371 144 Interprogram - due from - - - 150 Total current assets 401,006 64,431 52,532


161 Land - - - 162 Buildings - - - 164 Furniture, equipment and machinery - administration - - - 165 Leasehold improvements - - - 166 Accumulated depreciation - - - 167 Construction in progress - - - 160 Total fixed assets - net - - - 171 Notes, loans and mortgages receivable - non-current 1,051,129 - - 176 Investment in joint ventures - - - 180 Total noncurrent assets 1,051,129 - - 190 Total assets 1,452,135 $ 64,431 $ 52,532 $


March 31, 2015

Asset Management Project Detailed Financial Data Schedule (Continued)

(Continued)

117 | P a g e

Page 4 of 46

Glen Cove Fairmarket Square McCreesh Seneca Woods Ashley Square Hampton CresteNC003000049 NC00300050 NC0030000051 NC00300052 NC003000053 NC003000054

25,597 $ 33,767 $ 187,687 $ 29,992 $ 26,351 $ 126,761 $ 4,298 17,027 - 5,591 43,069 -

- - - - - - 29,895 50,794 187,687 35,583 69,420 126,761

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

124 124 - 124 124 - - - - - - -

30,019 50,918 187,687 35,707 69,544 126,761

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,455,920 - - - - - - - - - - - 2,455,920 -

30,019 $ 50,918 $ 187,687 $ 35,707 $ 2,525,464 $ 126,761 $

118 | P a g e

Line Moore Place Steele Creek WoodlawnItem # NC003000055 NC003000056 NC003000057


Cash:111 Cash - unrestricted 136,847 $ 307,301 $ 179,524 $ 113 Cash - other restricted - - 3,627 114 Cash - tenant security deposits - - - 100 Total cash 136,847 307,301 183,151

Accounts and notes receivables:124 Accounts receivable - other government - - - 125 Accounts receivable - miscellaneous - 148 - 126 Accounts receivable - dwelling rents - - -

126.1 Allowance for doubtful accounts - dwelling rents - - - 127 Notes receivable - current - - - 129 Accrued interest receivable - - - 120 Total receivables - net - 148 - 131 Investments - unrestricted - - - 132 Investments - restricted - - - 142 Prepaid expenses and other assets - - - 144 Interprogram - due from - - - 150 Total current assets 136,847 307,449 183,151


161 Land - 1,059,709 - 162 Buildings - - - 164 Furniture, equipment and machinery - administration - - - 165 Leasehold improvements - - - 166 Accumulated depreciation - - - 167 Construction in progress - - - 160 Total fixed assets - net - 1,059,709 - 171 Notes, loans and mortgages receivable - non-current - 2,148,705 - 176 Investment in joint ventures - - - 180 Total noncurrent assets - 3,208,414 - 190 Total assets 136,847 $ 3,515,863 $ 183,151 $

(Continued)



March 31, 2015

119 | P a g e

Page 5 of 46

The Retreats Claremont Residences atStrawn Cottages McMullen Wood at Renaissance Hall House Victoria Square Renaissance I

NC003000058 NC003000059 NC003000060 NC003000061 NC003000062 NC003000063

408,559 $ 25,854 $ 77,560 $ 112,035 $ 43,940 $ 13,187 $ 2,328 - - 335 80,695 -

15,247 - - - 13,801 - 426,134 25,854 77,560 112,370 138,436 13,187

- - - - - - 248 19,828 - 144 243 - 830 - - 4,619 10,108 -

- - - (4,619) (6,215) - - - - - - - - - - - - -

1,078 19,828 - 144 4,136 - - - - - - - - - - - - -

2,621 - - 7,304 4,387 - - - - - 485,429 -

429,833 45,682 77,560 119,818 632,388 13,187

- - - 1,211,369 853,608 - 3,616,972 - - 7,531,370 7,160,038 -

3,032 - - 13,372 65,572 - - - - - 18,625 -

(3,575,093) - - (7,438,980) (4,246,530) - - - - - - -

44,911 - - 1,317,131 3,851,313 - - - - - - - - - - - - -

44,911 - - 1,317,131 3,851,313 - 474,744 $ 45,682 $ 77,560 $ 1,436,949 $ 4,483,701 $ 13,187 $

120 | P a g e

Residences atLine Strawn Tower Parktowne Terrace Renaissance II


Current AssetsCash:

111 Cash - unrestricted 660,507 $ 670,699 $ -$ 113 Cash - other restricted 239,443 11,999 - 114 Cash - tenant security deposits - - - 100 Total cash 899,950 682,698 -


126.1 Allowance for doubtful accounts - dwelling rents - - - 127 Notes receivable - current - - - 129 Accrued interest receivable 110 - - 120 Total receivables - net 110 - - 131 Investments - unrestricted 524,879 - - 132 Investments - restricted 414,920 474,885 - 142 Prepaid expenses and other assets 206 105 - 144 Interprogram - due from - - - 150 Total current assets 1,840,065 1,157,688 -


161 Land 135,414 226,330 - 162 Buildings - - - 164 Furniture, equipment and machinery - administration 59,146 12,424 - 165 Leasehold improvements - - - 166 Accumulated depreciation (57,187) (27,024) - 167 Construction in progress - - - 160 Total fixed assets - net 137,373 211,730 - 171 Notes, loans and mortgages receivable - non-current 13,616,680 18,324,666 - 176 Investment in joint ventures - - - 180 Total noncurrent assets 13,754,053 18,536,396 - 190 Total assets 15,594,118 $ 19,694,084 $ -$



March 31, 2015

(Continued)

121 | P a g e

Page 6 of 46

TOTALOther AMP PROJECTS

775,197 $ 10,425,816 $ 1,272,683 2,731,704

- 272,789 2,047,880 13,430,309

- - - 53,067

426 106,187 (426) (68,253)

- - - 525 - 91,526 - 2,499,425 - 889,805 - 74,764 - 1,227,916

2,047,880 18,213,745

1,230,500 26,307,924 - 132,432,532 - 1,333,886 - 537,269 - (96,489,856) - 553,854

1,230,500 64,675,609 5,703,161 45,231,305

- 49 6,933,661 109,906,963 8,981,541 $ 128,120,708 $

122 | P a g e

Line Southside First Ward Edwin TowersItem # NC003000003 NC003000005 NC003000006


312 Accounts payable < 90 days 84,962$ 215,559$ 48,652$ 321 Accrued wage/payroll taxes payable 3,658 877 4,453 322 Accrued compensated absences - current portion 3,609 830 2,081 325 Accrued interest payable - - - 333 Accounts payable - other government 20,955 - 1,706 341 Tenant security deposits 63,307 - 26,583 342 Unearned revenue - other 8,579 - 4,258 343 Current portion of L-T debt - capital projects - - - 345 Other current liabilities - - 236,727 346 Accrued liabilities - other 212 - 207 347 Interprogram - due to - - - 310 Total current liabilities 185,282 217,266 324,667

Noncurrent Liabilities351 Long-term debt, net of current - capital projects - - - 353 Noncurrent liabilities - other 55,549 164,924 8,864 354 Accrued compensated absences - non-current 51,203 11,790 29,550 350 Total noncurrent liabilities 106,752 176,714 38,414

300 Total liabilities 292,034 393,980 363,081

400 Deferred inflow of resources - - -

Net Position508.4 Net investment in capital assets 5,386,166 6,870,264 11,427,376 511.4 Restricted net position - 130,420 - 512.4 Unrestricted net position 1,301,928 796,024 255,920 513 Total equity/net position 6,688,094 7,796,708 11,683,296 600 Total liabilities, deferred inflows & net position 6,980,128$ 8,190,688$ 12,046,377$


March 31, 2015

(Continued)


123 | P a g e

Page 7 of 46

Leafcrest

Cedar KnollStrawn Arbor Glen 50 Arbor Glen I Boulevard Dillehay Mallard Ridge

NC003000007 NC003000009 NC003000010 NC003000011 NC003000012 NC003000016

-$ 18,902$ 36,515$ 50,509$ 41,403$ 80,155$ - 135 53 259 2,010 2,241 - 5 12 121 1,422 1,127 - - - - - - - - - - 1,326 8,680 - - - - 22,255 25,892 - - - - 75,855 4,781 - - - - - - - - - - - 39,635 - - - - 73 61 - - - - - - - 19,042 36,580 50,889 144,344 162,572

- - - - - - - 24,408 17,108 - 19,074 49,467 - 69 166 1,724 20,176 15,994 - 24,477 17,274 1,724 39,250 65,461

- 43,519 53,854 52,613 183,594 228,033

- - - - - -

- 2,588,200 1,392,817 3,289,477 415,519 1,831,118 - 474,161 - - - - - 23,981 305,035 1,160,794 465,559 149,690 - 3,086,342 1,697,852 4,450,271 881,078 1,980,808 -$ 3,129,861$ 1,751,706$ 4,502,884$ 1,064,672$ 2,208,841$

124 | P a g e

Tall Oaks

Tarlton HillsLine Charlottetown Parktowne Savanna Woods

Item # NC003000018 NC003000019 NC003000020Liabilities and Equity


312 Accounts payable < 90 days 16,007$ -$ 279,051$ 321 Accrued wage/payroll taxes payable 2,389 - 2,733 322 Accrued compensated absences - current portion 2,151 - 1,211 325 Accrued interest payable - - - 333 Accounts payable - other government 23,006 - 2,230 341 Tenant security deposits 34,245 - 20,258 342 Unearned revenue - other 6,625 - 2,040 343 Current portion of L-T debt - capital projects - - - 345 Other current liabilities - - 42,911 346 Accrued liabilities - other 85 - 185 347 Interprogram - due to - - - 310 Total current liabilities 84,508 - 350,619

Noncurrent Liabilities351 Long-term debt, net of current - capital projects - - - 353 Noncurrent liabilities - other 4,891 - 33,877 354 Accrued compensated absences - non-current 30,520 - 17,177 350 Total noncurrent liabilities 35,411 - 51,054

300 Total liabilities 119,919 - 401,673

400 Deferred inflow of resources - - -

Net Position508.4 Net investment in capital assets 9,251,493 - 1,265,654 511.4 Restricted net position - - - 512.4 Unrestricted net position 100,172 - 151,370 513 Total equity/net position 9,351,665 - 1,417,024 600 Total liabilities, deferred inflows & net position 9,471,584$ -$ 1,818,697$


March 31, 2015

(Continued)


125 | P a g e

Page 8 of 46

Gladedale

Hall House Meadow Oaks Sunridge The Park at Rocky BranchAutumn Place Wallace Woods Robinsdale Oaklawn (Rivermere) Arbor Glen IINC003000022 NC003000025 NC003000028 NC003000030 NC003000031 NC003000032

16,230$ 112,325$ 6,130$ 40,358$ 8,869$ 17,525$ 660 2,740 1,212 74 32 32 398 1,955 851 17 20 8 - - - - - -

6,190 1,258 2,112 - - - 12,096 23,058 14,009 - - - 1,326 2,377 1,565 3,750 - -

- - - - - - - 31,629 - - - - 49 176 100 - - -

- - - - - - 36,949 175,518 25,979 44,199 8,921 17,565

- - - - - - 10,285 19,632 14,028 61,074 26,961 41,330 5,642 27,739 12,076 246 286 111

15,927 47,371 26,104 61,320 27,247 41,441

52,876 222,889 52,083 105,519 36,168 59,006

- - - - - -

3,233,224 2,094,072 1,407,702 3,104,934 - 559,404 - - - 11,504 - -

70,456 132,154 135,858 560,032 44,300 227,878 3,303,680 2,226,226 1,543,560 3,676,470 44,300 787,282 3,356,556$ 2,449,115$ 1,595,643$ 3,781,989$ 80,468$ 846,288$

126 | P a g e

Mayfield Terrace Seigle 60Line (Nia Point) Arbor Glen III (McAden Park)



312 Accounts payable < 90 days 13,866 $ 4,895 $ 18,472 $ 321 Accrued wage/payroll taxes payable 26 11 53 322 Accrued compensated absences - current portion 6 2 12 325 Accrued interest payable - - - 333 Accounts payable - other government - - - 341 Tenant security deposits - - -

342.3 Unearned revenue - other - - - 343 Current portion of L-T debt - capital projects - - - 345 Other current liabilities - - - 346 Accrued liabilities - other - - - 347 Interprogram - due to - - - 310 Total current liabilities 13,898 4,908 18,537

Noncurrent Liabilities351 Long-term debt, net of current - capital projects - - - 353 Noncurrent liabilities - other 33,821 19,689 38,084 354 Accrued compensated absences - non-current 80 33 166 350 Total noncurrent liabilities 33,901 19,722 38,250


400 Deferred inflow of resources - - 105,858

Net Position508.4 Net investment in capital assets 87,689 282,143 - 511.4 Restricted net position - - 1,296,973 512.4 Unrestricted net position 152,669 44,162 134,941 513 Total equity/net position 240,358 326,305 1,431,914 600 Total liabilities, deferred inflows & net position 288,157 $ 350,935 $ 1,594,559 $

(Continued)


March 31, 2015


127 | P a g e

Page 9 of 46

Montgomery South Oak SpringfieldStonehaven Gardens Prosperity Creek Crossing Gardens 940 Brevard

NC003000038 NC003000039 NC003000040 NC003000041 NC003000042 NC003000044

9,489 $ 8,695 $ 8,732 $ 10,057 $ 9,469 $ 5,618 $ 38 16 - 32 35 63 24 4 24 20 22 40 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

9,551 8,715 8,756 10,109 9,526 5,721

- - - - - - 43,120 23,430 - 27,069 17,539 -

343 55 344 286 314 572 43,463 23,485 344 27,355 17,853 572

53,014 32,200 9,100 37,464 27,379 6,293

- - - - - -

- 735,000 1,600,690 - - - - - 46,535 - - -

53,094 138,827 401,982 94,070 42,546 170,285 53,094 873,827 2,049,207 94,070 42,546 170,285

106,108 $ 906,027 $ 2,058,307 $ 131,534 $ 69,925 $ 176,578 $

128 | P a g e

Springcroft at Line Seigle Point Ashley Park McAlpine Terrace



312 Accounts payable < 90 days 44,140 $ 1,929 $ 3,509 $ 321 Accrued wage/payroll taxes payable 85 - 41 322 Accrued compensated absences - current portion 20 - 26 325 Accrued interest payable - - - 333 Accounts payable - other government - - - 341 Tenant security deposits - - -

342.3 Unearned revenue - other - - - 343 Current portion of L-T debt - capital projects - - - 345 Other current liabilities - - - 346 Accrued Liabilities - other - - - 347 Interprogram - due to - - - 310 Total current liabilities 44,245 1,929 3,576

Noncurrent Liabilities351 Long-term debt, net of current - capital projects - - - 353 Noncurrent liabilities - other 124,641 - - 354 Accrued compensated absences - non-current 282 - 372 350 Total noncurrent liabilities 124,923 - 372


400 Deferred inflow of resources 208,129 - -

Net Position508.4 Net investment in capital assets - - - 511.4 Restricted net position 920,876 - - 512.4 Unrestricted net position 153,962 62,502 48,584 513 Total equity/net position 1,074,838 62,502 48,584 600 Total liabilities, deferred inflows & net position 1,452,135 $ 64,431 $ 52,532 $

(Continued)



March 31, 2015

129 | P a g e

Page 10 of 46

Glen Cove Fairmarket Square McCreesh Seneca Woods Ashley Square Hampton CresteNC003000049 NC00300050 NC003000051 NC003000052 NC00300053 NC003000054

5,542 $ 7,931 $ 5,959 $ 8,519 $ 11,554 $ 16,800 $ 16 25 - 27 57 52 10 16 - 17 36 12 - - - - - - - - - - - - - - - - - - - - - - 1,954 - - - - - - - - - - - - - - - - - - - - - - - -

5,568 7,972 5,959 8,563 11,647 18,818

- - - - - - 5,673 19,408 - 13,338 44,310 -

143 229 - 243 515 166 5,816 19,637 - 13,581 44,825 166

11,384 27,609 5,959 22,144 56,472 18,984

- - - - 684,765 -

- - - - - - - - - - 1,771,155 -

18,635 23,309 181,728 13,563 13,072 107,777 18,635 23,309 181,728 13,563 1,784,227 107,777 30,019 $ 50,918 $ 187,687 $ 35,707 $ 2,525,464 $ 126,761 $

130 | P a g e

Line Moore Place Steele Creek WoodlawnItem # NC003000055 NC003000056 NC003000057


312 Accounts payable < 90 days 4,289 $ 6,668 $ 3,093 $ 321 Accrued wage/payroll taxes payable - - - 322 Accrued compensated absences - current portion - 41 - 325 Accrued interest payable - - - 333 Accounts payable - other government - - - 341 Tenant security deposits - - -

342.3 Unearned revenue - other - - - 343 Current portion of L-T debt - capital projects - - - 345 Other current liabilities - - - 346 Accrued Liabilities - other - - - 347 Interprogram - due to - - - 310 Total current liabilities 4,289 6,709 3,093

Noncurrent Liabilities351 Long-term debt, net of current - capital projects - - - 353 Noncurrent liabilities - other - - 4,683 354 Accrued compensated absences - non-current - 586 - 350 Total noncurrent liabilities - 586 4,683


400 Deferred inflow of resources - 1,446,694 -

Net Position508.4 Net investment in capital assets - 1,059,709 - 511.4 Restricted net position - 702,011 - 512.4 Unrestricted net position 132,558 300,154 175,375 513 Total equity/net position 132,558 2,061,874 175,375 600 Total liabilities, deferred inflows & net position 136,847 $ 3,515,863 $ 183,151 $



March 31, 2015

(Continued)

131 | P a g e

Page 11 of 46

The Retreats Claremont Residences at

Strawn Cottages McMullen Wood at Renaissance Hall House Victoria Square Renaissance INC003000058 NC003000059 NC003000060 NC003000061 NC003000062 NC003000063

19,845 $ 2,838 $ 8,621 $ 2,000 $ 212,458 $ 5,774 $ 4,397 - - - 1,657 -

885 - - 695 725 - - - - - - -

10,319 - - 6,794 3,671 - 15,245 - - - 14,100 - 14,646 - - - 1,521 -

- - - - - - - - - - 40,074 -

161 - - - 55 - - - - - - -

65,498 2,838 8,621 9,489 274,261 5,774

- - - - - - 6,121 - - 2,530 90,516 -

12,561 - - 9,840 10,294 - 18,682 - - 12,370 100,810 -

84,180 2,838 8,621 21,859 375,071 5,774

- - - - - -

44,911 - - 1,317,131 3,851,313 - - - - - - -

345,653 42,844 68,939 97,959 257,317 7,413 390,564 42,844 68,939 1,415,090 4,108,630 7,413 474,744 $ 45,682 $ 77,560 $ 1,436,949 $ 4,483,701 $ 13,187 $

132 | P a g e

Residences atLine Strawn Tower Parktowne Terrace Renaissance II



312 Accounts payable < 90 days 34,679 $ 29,755 $ -$ 321 Accrued wage/payroll taxes payable - - - 322 Accrued compensated absences - current portion - - - 325 Accrued interest payable 80,298 81,105 - 333 Accounts payable - other government - - - 341 Tenant security deposits - - -

342.3 Unearned revenue - other - - - 343 Current portion of L-T debt - capital projects 448,250 461,750 - 345 Other current liabilities - - - 346 Accrued Liabilities - other 4 780 - 347 Interprogram - due to - - - 310 Total current liabilities 563,231 573,390 -

Noncurrent Liabilities351 Long-term debt, net of current - capital projects 8,098,875 8,181,125 - 353 Noncurrent liabilities - other 18,585 11,158 - 354 Accrued compensated absences - non-current - - - 350 Total noncurrent liabilities 8,117,460 8,192,283 -

300 Total liabilities 8,680,691 8,765,673 -

400 Deferred inflow of resources 2,759,238 3,306,067 -

Net Position508.4 Net investment in capital assets 137,373 211,730 - 511.4 Restricted net position 5,874,714 10,024,360 - 512.4 Unrestricted net position (1,857,898) (2,613,746) - 513 Total equity/net position 4,154,189 7,622,344 - 600 Total liabilities, deferred inflows & net position 15,594,118 $ 19,694,084 $ -$



March 31, 2015

(Continued)

133 | P a g e

Page 12 of 46

TOTALOther AMP PROJECTS

-$ 1,598,348 $ - 30,189 - 18,455 - 161,403 - 88,247 - 271,048 - 129,277 - 910,000 - 390,976 - 2,148 - - - 3,600,091

- 16,280,000 - 1,095,187 - 261,893 - 17,637,080

- 21,237,171

1,995,334 10,506,085

1,230,500 64,675,609 4,980,251 26,232,960

775,456 5,468,883 6,986,207 96,377,452 8,981,541 $ 128,120,708 $

134 | P a g e

LineItem # Total Operations Capital

703 Net tenant rental revenue 825,036 $ 825,036 $ -$ 704 Tenant revenue - other 102,549 102,549 - 705 Total tenant revenue 927,585 927,585 -

706 HUD PHA grants 82,935 - 82,935 706.1 Capital grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 2,269 2,269 - 712 Mortgage Interest Income - - - 713 Proceeds from disposition of assets held for sale - - - 715 Other revenue 12,168 12,124 44 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 101 101 - 700 Total revenue 1,025,058 942,079 82,979

Expenses911 Administrative salaries 219,006 215,320 3,686 912 Auditing fees 5,458 5,458 - 913 Management fees 236,846 236,846 -

913.1 Bookkeeping fees 34,200 34,200 - 914 Advertising and marketing 2,427 2,427 - 915 Employee benefits - administrative 62,517 61,677 840 916 Office expenses 24,061 24,061 - 917 Legal expense 13,142 13,142 - 918 Travel 3,564 3,564 - 919 Other operating - administrative 12,429 12,429 -

Total administrative expense 613,650 609,124 4,526

920 Asset management fee 130,215 47,280 82,935

921 Tenant services - salaries 28,533 28,533 - 922 Relocation costs - - - 923 Employee benefits - tenant services 7,608 7,608 - 924 Other tenant services 16,847 16,847 -

Total tenant services 52,988 52,988 -

931 Water 70,939 70,939 - 932 Electricity 355,468 355,468 - 933 Gas 223,382 223,382 - 938 Other utilities expense 81,139 81,139 -

Total utilities expense 730,928 $ 730,928 $ -$

(Continued)




NC003000003 - Southside Homes

135 | P a g e

Page 13 of 46

Total Operations Capital Total Operations Capital

-$ -$ -$ 114,283 $ 114,283 $ -$ - - - 1,457 1,457 - - - - 115,740 115,740 -

- - - 36,847 - 36,847 - - - - - - - - - - - -

1,538 1,538 - 801 801 - - - - - - - - - - - - -

2,249 2,249 - 43,681 43,209 472 - - - - - - - - - 11 11 -

3,787 3,787 - 197,080 159,761 37,319

- - - 96,404 57,396 39,008 - - - 2,425 2,425 - - - - 106,061 106,061 - - - - 15,315 15,315 - - - - 993 993 - - - - 23,828 16,538 7,290

276 276 - 11,997 11,997 - - - - 126 126 - - - - 422 422 - 6 6 - 1,624 1,624 -

282 282 - 259,195 212,897 46,298

33,946 33,946 - 57,847 21,000 36,847

96,950 96,950 - 8,971 8,971 - - - - - - -

31,942 31,942 - 2,300 2,300 - 98,575 98,575 - 8,373 8,373 -

227,467 227,467 - 19,644 19,644 -

- - - 7,334 7,334 - - - - 93,227 93,227 - - - - 21,815 21,815 - - - - 13,451 13,451 - -$ -$ -$ 135,827 $ 135,827 $ -$

NC003000006 - Edwin TowersNC003000005 - First Ward Place

136 | P a g e


941 Ordinary maintenance and operation - labor 183,851 $ 183,851 $ -$ 942 Ordinary maintenance and operation - materials and other 207,952 135,062 72,890 943 Ordinary maint & operations - contract costs 459,227 377,769 81,458 945 Employee benefit contributions- ordinary maintenance 65,883 65,883 -

Total ordinary maintenance and operation 916,913 762,565 154,348 951 Protective services - labor 58,200 58,200 - 952 Protective services - other contract costs 14,174 14,174 - 953 Protective services - other 4,024 4,024 - 955 Employee benefit contributions - protective services 19,252 19,252 -

Total protective services 95,650 95,650 -

961.1 Insurance premiums - property insurance 55,645 55,645 - 961.2 Insurance premiums - liability 7,165 7,165 - 961.3 Insurance premiums - workmen's compensation 10,090 10,090 - 961.4 Insurance premiums - misc 4,582 4,582 - 962 Other general expense 97,003 97,003 -

962.1 Compensated absences 8,459 8,459 - 963 Payments on lieu of taxes 17,202 17,202 - 964 Bad debt - tenant rents 8,966 8,966 - 967 Interest expense 24 24 -

Total general expenses 209,136 209,136 - 969 Total operating expenses 2,749,480 2,507,671 241,809 970 Excess operating revenue over operating expenses (1,724,422) (1,565,592) (158,830) 971 Extraordinary maintenance - - - 972 Casualty losses - non-capitalized - - - 974 Depreciation expense 1,310,891 828,156 482,735

Total other expenses 1,310,891 828,156 482,735 900 Total expenses 4,060,371 3,335,827 724,544

1001 Operating transfers in 2,254,466 2,199,780 54,686 1002 Operating transfers out - - -

1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out (690,724) (690,724) - 1010 Total other financing sources (uses) 1,563,742 1,509,056 54,686 1000 Excess (deficit) of revenue over expenses (1,471,571) (884,692) (586,879) 1102 Required annual debt principal payments 10,497 10,497 - 1103 Beginning equity 8,159,665 4,798,318 3,361,347 1104 Prior period adjustments, equity transfer - - - 1120 Unit months available 4,469 4,469 - 1121 Number of unit months leased 4,457 4,457 - 1127 Excess cash 714,749 714,749 -

11620 Building purchases - - - 11640 Furniture & equipment - administrative purchases - - -

Ending equity 6,688,094 $ 3,913,626 $ 2,774,468 $



(Continued)


NC003000003 - Southside Homes

137 | P a g e

Page 14 of 46

Total Operations Capital Total Operations Capital-$ -$ -$ 45,839 $ 45,839 $ -$ - - - 23,944 23,944 - - - - 107,779 101,779 6,000 - - - 10,449 10,449 - - - - 188,011 182,011 6,000 - - - 15,848 15,848 - - - - 31,293 31,293 - - - - 1,576 1,576 - - - - 5,098 5,098 - - - - 53,815 53,815 -

- - - 2,979 2,979 - - - - 377 377 -

1,868 1,868 - 2,411 2,411 - - - - 1,608 1,608 -

374,244 374,244 - - - - 488 488 - 27,224 27,224 -

- - - - - - - - - 198 198 - - - - 6 6 -

376,600 376,600 - 34,803 34,803 - 638,295 638,295 - 749,142 659,997 89,145

(634,508) (634,508) - (552,062) (500,236) (51,826) - - - - - - - - - - - -

182,277 182,277 - 348,229 19,305 328,924 182,277 182,277 - 348,229 19,305 328,924

820,572 820,572 - 1,097,371 679,302 418,069 611,286 611,286 - 6,643,944 650,406 5,993,538

- - - - - - 20,040 20,040 - - - -

(224,635) (224,635) - - - - 406,691 406,691 - 6,643,944 650,406 5,993,538

(410,094) (410,094) - 5,743,653 130,865 5,612,788 - - - 2,553 2,553 -

8,206,802 8,206,802 - 5,939,643 925,226 5,014,417 - - - - - -

1,584 1,584 - 727 727 - 1,556 1,556 - 671 671 -

260,156 260,156 - 215,286 215,286 - - - - 6,178,438 - 6,178,438 - - - - - -

7,796,708 $ 7,796,708 $ -$ 11,683,296 $ 1,056,091 $ 10,627,205 $

NC003000006 - Edwin TowersNC003000005 - First Ward Place

138 | P a g e


703 Net tenant rental revenue -$ -$ -$ 704 Tenant revenue - other - - - 705 Total tenant revenue - - -

706 HUD PHA grants - - - 708 Other government grants - - - 711 Investment income - unrestricted - - - 712 Mortgage Interest Income - - - 715 Other revenue - - - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted - - - 700 Total revenue - - -

Expenses911 Administrative salaries - - - 912 Auditing fees - - - 913 Management fees - - -

913.1 Bookkeeping fees - - - 914 Advertising and marketing - - - 915 Employee benefits - administrative - - - 916 Office expenses - - - 917 Legal expense - - - 918 Travel - - - 919 Other operating - administrative - - -

Total administrative expense - - -

920 Asset management fee - - -

921 Tenant services - salaries - - - 922 Relocation costs - - - 923 Employee benefits - tenant services - - - 924 Other tenant services - - -

Total tenant services - - -

931 Water - - - 932 Electricity - - - 933 Gas - - - 938 Other utilities expense - - -

Total utilities expense -$ -$ -$




NC003000007 - Strawn Tower

(Continued)

139 | P a g e

Page 15 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - -

134 134 - 517 517 - - - - - - -

1,791 1,791 - 50,075 50,075 - - - - - - - - - - - - -

1,925 1,925 - 50,592 50,592 -

13,069 13,069 - - - - - - - - - - - - - - - - - - - - - - - - - - - -

8,585 8,585 - - - - 3,803 3,803 - - - -

- - - - - - - - - - - - - - - - - -

25,457 25,457 - - - -

- - - - - -

2,434 2,434 - 5,837 5,837 - - - - - - -

594 594 - 1,440 1,440 - 61,786 61,786 - 53,058 53,058 - 64,814 64,814 - 60,335 60,335 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC003000009 - Arbor Glen 50 NC003000010 - Arbor Glen I

140 | P a g e


941 Ordinary maintenance and operation - labor -$ -$ -$ 942 Ordinary maintenance and operation - materials and other - - - 943 Ordinary maint & operations - contract costs - - - 945 Employee benefit contributions- ordinary maintenance - - -

Total ordinary maintenance and operation - - -

951 Protective services - labor - - - 952 Protective services - other contract costs - - - 953 Protective services - other - - - 955 Employee benefit contributions - protective services - - -

Total protective services - - - 961.1 Insurance premiums - property insurance - - - 961.2 Insurance premiums - liability - - - 961.3 Insurance premiums - workmen's compensation - - - 961.4 Insurance premiums - misc - - - 962 Other general expense - - -

962.1 Compensated absences - - - 963 Payments on lieu of taxes - - - 964 Bad debt - tenant rents - - - 967 Interest expense - - -

Total general expenses - - - 969 Total operating expenses - - - 970 Excess operating revenue over operating expenses - - - 974 Depreciation expense - - -

Total other expenses - - - 900 Total expenses - - -

1001 Operating transfers in - - - 1002 Operating transfers out - - -

1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) - - - 1000 Excess (deficit) of revenue over expenses - - - 1102 Required annual debt principal payments - - - 1103 Beginning equity 3,679,634 1,850,347 1,829,287 1104 Prior period adjustments, equity transfer (3,679,634) (1,850,347) (1,829,287) 1120 Unit months available - - - 1121 Number of unit months leased - - - 1127 Excess cash - - -


Ending equity -$ -$ -$

(Continued)





141 | P a g e

Page 16 of 46

Total Operations Capital Total Operations Capital-$ -$ -$ -$ -$ -$ - - - - - -

8,581 8,581 - - - - - - - - - -

8,581 8,581 - - - -

- - - - - - 1,872 1,872 - - - -

- - - - - - - - - - - -

1,872 1,872 - - - - - - - - - - - - - - - -

298 298 - 112 112 - - - - - - -

81,511 81,511 - 134,284 134,284 - - - - 82 82 - - - - - - - - - - - - - - - - - - -

81,809 81,809 - 134,478 134,478 - 182,533 182,533 - 194,813 194,813 -

(180,608) (180,608) - (144,221) (144,221) - - - - - - - - - - - - -

182,533 182,533 - 194,813 194,813 - 96,013 96,013 - 157,454 157,454 -

- - - (5,226) (5,226) - 85,232 85,232 - - - -

- - - - - - 181,245 181,245 - 152,228 152,228 -

637 637 - 8,007 8,007 - - - - - - -

3,085,705 3,085,705 - 1,689,845 1,689,845 - - - - - - -

300 300 - 720 720 - 288 288 - 705 705 -

8,500 8,500 - 288,918 288,918 - - - - - - - - - - - - -

3,086,342 $ 3,086,342 $ -$ 1,697,852 $ 1,697,852 $ -$

NC003000009 - Arbor Glen 50 NC003000010 - Arbor Glen I

142 | P a g e



706 HUD PHA grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 1,610 1,610 - 712 Mortgage Interest Income - - 713 Proceeds from disposition of assets held for sale - - - 715 Other revenue 583 583 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted - - - 700 Total revenue 2,193 2,193 -


913.1 Bookkeeping fees - - - 914 Advertising and marketing - - - 915 Employee benefits - administrative - - - 916 Office expenses - - - 917 Legal expense - - - 918 Travel - - - 919 Other operating - administrative 155 155 -

Total administrative expense 155 155 -




931 Water - - - 932 Electricity 1 1 - 933 Gas - - - 938 Other utilities expense - - -

Total utilities expense 1 $ 1 $ -$

(Continued)




NC003000011 - Boulevard Homes

143 | P a g e

Page 17 of 46


236,241 $ 236,241 $ -$ 350,296 $ 350,296 $ -$ 64,265 64,265 - 46,044 46,044 -

300,506 300,506 - 396,340 396,340 -

28,638 - 28,638 27,798 - 27,798 - - - - - -

846 846 - 214 214 - - - - - - - - - - -

5,844 5,844 - 9,665 9,665 - - - - - - - 34 34 - 40 40 -

335,868 307,230 28,638 434,057 406,259 27,798

123,056 123,056 - 116,066 116,066 - 1,885 1,885 - 1,845 1,845 -

82,740 82,740 - 81,494 81,494 - 11,948 11,948 - 11,768 11,768 -

1,346 1,346 - 1,202 1,202 - 38,082 38,082 - 32,205 32,205 - 15,724 15,724 - 27,701 27,701 - 12,712 12,712 - 11,670 11,670 -

3,615 3,615 - 1,362 1,362 - 7,559 7,559 - 7,121 7,121 -

298,667 298,667 - 292,434 292,434 -

44,958 16,320 28,638 43,638 15,840 27,798

9,857 9,857 - 39,021 39,021 - 188 188 - 836 836 -

2,628 2,628 - 9,969 9,969 - 9,561 9,561 - 48,369 48,369 -

22,234 22,234 - 98,195 98,195 -

36,495 36,495 - 33,091 33,091 - 127,460 127,460 - 214,701 214,701 - 113,000 113,000 - 26,994 26,994 -

60,157 60,157 - 44,452 44,452 - 337,112 $ 337,112 $ -$ 319,238 $ 319,238 $ -$

NC003000016 - Leafcrest / Cedar Knoll / Mallard RidgeNC003000012 - Dillehay Court

144 | P a g e



Total ordinary maintenance and operation - - - 951 Protective services - labor - - - 952 Protective services - other contract costs - - - 953 Protective services - other - - - 955 Employee benefit contributions - protective services - - -

Total protective services - - - 961.1 Insurance premiums - property insurance - - - 961.2 Insurance premiums - liability - - - 961.3 Insurance premiums - workmen's compensation 563 563 - 961.4 Insurance premiums - misc - - - 962 Other general expense - - -

962.1 Compensated absences 1,480 1,480 - 963 Payments on lieu of taxes - - - 964 Bad debt - tenant rents (502) (502) - 967 Interest expense 12 12 -

Total general expenses 1,553 1,553 - 969 Total operating expenses 318,255 318,255 - 970 Excess operating revenue over operating expenses (316,062) (316,062) - 971 Extraordinary maintenance - - - 972 Casualty losses - non-capitalized - - - 974 Depreciation expense - - -

Total other expenses - - - 900 Total expenses 318,255 318,255 -

1001 Operating transfers in 265,470 265,470 - 1002 Operating transfers out - - -

1009.1 Inter AMP excess cash transfer In 247,440 247,440 - 1009.2 Inter AMP excess cash transfer out (696,779) (696,779) - 1010 Total other financing sources (uses) (183,869) (183,869) - 1000 Excess (deficit) of revenue over expenses (499,931) (499,931) - 1102 Required annual debt principal payments 5,465 5,465 - 1103 Beginning equity 4,950,202 4,950,202 - 1104 Prior period adjustments, equity transfer - - - 1120 Unit months available - - - 1121 Number of unit months leased - - - 1127 Excess cash 310,376 310,376 -


Ending equity 4,450,271 $ 4,450,271 $ -$



(Continued)


NC003000011 - Boulevard Homes

145 | P a g e

Page 18 of 46


128,272 $ 128,272 $ -$ 134,556 $ 134,556 $ -$ 55,341 55,341 - 36,420 36,420 -

253,168 253,168 - 621,980 188,018 433,962 38,792 38,792 - 38,267 38,267 -

475,573 475,573 - 831,223 397,261 433,962 20,105 20,105 - 19,491 19,491 - 14,365 14,365 - 27,274 27,274 -

1,390 1,390 - 1,348 1,348 - 6,651 6,651 - 6,448 6,448 -

42,511 42,511 - 54,561 54,561 - 22,253 22,253 - 18,674 18,674 -

2,550 2,550 - 2,513 2,513 - 5,285 5,285 - 5,695 5,695 - 2,712 2,712 - 3,549 3,549 -

27,263 27,263 - 29,404 29,404 - 15,651 15,651 - (6,229) (6,229) -

- - - 7,402 7,402 - 17,177 17,177 - 1,089 1,089 -

- - - 5 5 - 92,891 92,891 - 62,102 62,102 -

1,313,946 1,285,308 28,638 1,701,391 1,239,631 461,760 (978,078) (978,078) - (1,267,334) (833,372) (433,962)

- - - - - - 25,000 25,000 - - - - 19,958 19,958 - 637,726 637,726 - 44,958 44,958 - 637,726 637,726 -

1,358,904 1,330,266 28,638 2,339,117 1,877,357 461,760 1,023,732 1,023,732 - 1,114,731 849,858 264,873

- - - - - - - - - 182,167 182,167 -

(20,000) (20,000) - - - - 1,003,732 1,003,732 - 1,296,898 1,032,025 264,873

(19,304) (19,304) - (608,162) (439,073) (169,089) 149 149 - 2,305 2,305 -

900,382 900,382 - 2,588,970 2,588,970 - - - - - - -

1,584 1,584 - 1,584 1,584 - 1,568 1,568 - 1,569 1,569 -

371,684 371,684 - 21,000 21,000 - - - - - - - - - - - - -

881,078 $ 881,078 $ -$ 1,980,808 $ 2,149,897 $ (169,089) $

NC003000016 - Leafcrest / Cedar Knoll / Mallard RidgeNC003000012 - Dillehay Court

146 | P a g e



706 HUD PHA grants 33,907 - 33,907 708 Other government grants - - - 711 Investment income - unrestricted 105 105 - 712 Mortgage Interest Income - - - 715 Other revenue 15,696 15,696 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 54 54 - 700 Total revenue 450,357 416,450 33,907

Expenses911 Administrative salaries 111,768 111,768 - 912 Auditing fees 2,245 2,245 - 913 Management fees 100,036 100,036 -

913.1 Bookkeeping fees 14,445 14,445 - 914 Advertising and marketing 1,792 1,792 - 915 Employee benefits - administrative 40,433 40,433 - 916 Office expenses 22,300 22,300 - 917 Legal expense 3,463 3,463 - 918 Travel 3,175 3,175 - 919 Other operating - administrative 5,333 5,333 -

Total administrative expense 304,990 304,990 -




931 Water 16,142 16,142 - 932 Electricity 143,578 143,578 - 933 Gas 174 174 - 938 Other utilities expense 19,315 19,315 -




(Continued)


NC003000018 - Charlottetown Terrace

147 | P a g e

Page 19 of 46


-$ -$ -$ 314,429 $ 314,429 $ -$ - - - 52,006 52,006 - - - - 366,435 366,435 -

- - - 31,388 - 31,388 - - - - - - - - - 524 524 - - - - - - - - - - 5,452 5,236 216 - - - - - - - - - 33 33 - - - - 403,832 372,228 31,604

- - - 135,016 116,443 18,573 - - - 2,066 2,066 - - - - 91,466 91,466 - - - - 13,208 13,208 - - - - 1,056 1,056 - - - - 42,492 38,358 4,134 - - - 21,582 21,582 - - - - 4,005 4,005 - - - - 1,599 1,599 - - - - 6,041 6,041 - - - - 318,531 295,824 22,707

- - - 49,268 17,880 31,388

- - - 20,071 20,071 - - - - - - - - - - 4,867 4,867 - - - - 13,157 13,157 - - - - 38,095 38,095 -

- - - 60,457 60,457 - - - - 141,654 141,654 - - - - 126,980 126,980 - - - - 55,546 55,546 - -$ -$ -$ 384,637 $ 384,637 $ -$

NC003000019 - Parktowne / Live Oak NC003000020 - Tarlton Hills / Tall Oaks / Savanna

148 | P a g e


941 Ordinary maintenance and operation - labor 105,896 $ 105,896 $ -$ 942 Ordinary maintenance and operation - materials and other 37,092 37,092 - 943 Ordinary maint & operations - contract costs 206,058 182,642 23,416 945 Employee benefit contributions- ordinary maintenance 31,968 31,968 -

Total ordinary maintenance and operation 381,014 357,598 23,416 951 Protective services - labor 23,805 23,805 - 952 Protective services - other contract costs 66,225 66,225 - 953 Protective services - other 1,646 1,646 - 955 Employee benefit contributions - protective services 7,876 7,876 -

Total protective services 99,552 99,552 - 961.1 Insurance premiums - property insurance 29,061 29,061 -

961.2 Insurance premiums - liability 3,350 3,350 - 961.3 Insurance premiums - workmen's compensation 5,493 5,493 - 961.4 Insurance premiums - misc 2,820 2,820 - 962 Other general expense - - -

962.1 Compensated absences 3,491 3,491 - 963 Payments on lieu of taxes 21,251 21,251 - 964 Bad debt - tenant rents (257) (257) - 967 Interest expense 11 11 -

Total general expenses 65,220 65,220 - 969 Total operating expenses 1,174,057 1,116,734 57,323 970 Excess operating revenue over operating expenses (723,700) (700,284) (23,416) 971 Extraordinary maintenance - - - 972 Casualty losses - non-capitalized 1,950 1,950 - 974 Depreciation expense 1,107,177 451,935 655,242

Total other expenses 1,109,127 453,885 655,242 900 Total expenses 2,283,184 1,570,619 712,565

1001 Operating transfers in 552,369 528,953 23,416 1002 Operating transfers out - - -

1009.1 Inter AMP excess cash transfer In 111,617 111,617 - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 663,986 640,570 23,416 1000 Excess (deficit) of revenue over expenses (1,168,841) (513,599) (655,242) 1102 Required annual debt principal payments 4,734 4,734 - 1103 Beginning equity 10,520,506 5,649,971 4,870,535 1104 Prior period adjustments, equity transfer - - - 1120 Unit months available 1,932 1,932 - 1121 Number of unit months leased 1,926 1,926 - 1127 Excess cash 27,000 27,000 -

11620 Building purchases - - 11640 Furniture & equipment - administrative purchases - - -

Ending equity 9,351,665 $ 5,136,372 $ 4,215,293 $ (Continued)



NC003000018 - Charlottetown Terrace


149 | P a g e

Page 20 of 46


-$ -$ -$ 90,021 $ 90,021 $ -$ - - - 24,195 24,195 - - - - 161,590 161,590 - - - - 31,410 31,410 - - - - 307,216 307,216 - - - - 22,007 22,007 - - - - 29,690 29,690 - - - - 1,522 1,522 - - - - 7,280 7,280 - - - - 60,499 60,499 - - - - 26,378 26,378 - - - - 2,848 2,848 - - - - 4,992 4,992 - - - - 3,667 3,667 - - - - 23,086 23,086 - - - - 7,052 7,052 - - - - 777 777 - - - - 2,544 2,544 - - - - 7 7 - - - - 71,351 71,351 - - - - 1,229,597 1,175,502 54,095 - - - (825,765) (803,274) (22,491) - - - - - - - - - - - - - - - 155,656 155,656 - - - - 155,656 155,656 - - - - 1,385,253 1,331,158 54,095

- - - 1,343,369 813,112 530,257 - - - - - - - - - - - - - - - - - - - - - 1,343,369 813,112 530,257 - - - 361,948 (145,818) 507,766 - - 2,927 2,927 -

7,546,833 6,513,984 1,032,849 1,055,076 1,055,076 - (7,546,833) (6,513,984) (1,032,849) - - -

- - - 1,687 1,687 - - - - 1,672 1,672 - - - - 62,438 62,438 - - - - 553,854 - 553,854 - - - - - - -$ -$ -$ 1,417,024 $ 909,258 $ 507,766 $

NC003000019 - Parktowne / Live Oak NC003000020 - Tarlton Hills / Tall Oaks / Savanna

150 | P a g e


703 Net tenant rental revenue 180,599 $ 180,599 $ -$ 704 Tenant revenue - other 975 975 - 705 Total tenant revenue 181,574 181,574 -

706 HUD PHA grants 14,319 - 14,319 708 Other government grants - - - 711 Investment income - unrestricted - - - 712 Mortgage Interest Income - - 715 Other revenue 6,047 6,047 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 18 18 - 700 Total revenue 201,958 187,639 14,319

Expenses911 Administrative salaries 40,977 40,977 - 912 Auditing fees 942 942 - 913 Management fees 42,175 42,175 -

913.1 Bookkeeping fees 6,090 6,090 - 914 Advertising and marketing 936 936 - 915 Employee benefits - administrative 12,996 12,996 - 916 Office expenses 9,010 9,010 - 917 Legal expense 669 669 - 918 Travel 1,126 1,126 - 919 Other operating - administrative 1,726 1,726 -



921 Tenant services - salaries 4,923 4,923 - 922 Relocation costs 183 183 - 923 Employee benefits - tenant services 1,313 1,313 - 924 Other tenant services 15,249 15,249 -






NC003000022 - Autumn Place / Hall House


(Continued)

151 | P a g e

Page 21 of 46


238,750 $ 238,750 $ -$ 149,798 $ 149,798 $ -$ 39,189 39,189 - 24,405 24,405 -

277,939 277,939 - 174,203 174,203 -

27,186 - 27,186 15,579 - 15,579 - - - - - -

199 199 - 253 253 - - -

6,953 6,805 148 4,891 4,891 - - - - - - - 40 40 - 22 22 -

312,317 284,983 27,334 194,948 179,369 15,579

135,664 117,164 18,500 71,850 71,850 - 1,789 1,789 - 1,026 1,026 -

78,429 78,429 - 44,876 44,876 - 11,325 11,325 - 6,480 6,480 -

1,054 1,054 - 632 632 - 34,204 30,169 4,035 24,282 24,282 - 30,128 30,128 - 13,835 13,835 -

7,450 7,450 - 5,959 5,959 - 1,030 1,030 - 731 731 -

12,492 11,142 1,350 3,713 3,713 - 313,565 289,680 23,885 173,384 173,384 -

42,666 15,480 27,186 24,459 8,880 15,579

9,345 9,345 - 5,368 5,368 - 28,798 458 28,340 - - -

2,492 2,492 - 1,431 1,431 - 13,445 13,445 - 3,235 3,235 - 54,080 25,740 28,340 10,034 10,034 -

27,461 27,461 - 13,044 13,044 - 140,612 140,612 - 114,405 114,405 -

61,661 61,661 - 10,411 10,411 - 38,852 38,852 - 20,774 20,774 -

268,586 $ 268,586 $ -$ 158,634 $ 158,634 $ -$

NC003000025 - Meadow Oaks / Gladedale / Wallace Woods

NC003000028 - Sunridge / Robinsdale

152 | P a g e


941 Ordinary maintenance and operation - labor 26,511 $ 26,511 $ -$ 942 Ordinary maintenance and operation - materials and other 15,689 12,207 3,482 943 Ordinary maint & operations - contract costs 271,125 77,401 193,724 945 Employee benefit contributions- ordinary maintenance 7,708 7,708 -

Total ordinary maintenance and operation 321,033 123,827 197,206 951 Protective services - labor 10,040 10,040 - 952 Protective services - other contract costs 71,066 71,066 - 953 Protective services - other 694 694 - 955 Employee benefit contributions - protective services 3,321 3,321 -

Total protective services 85,121 85,121 - 961.1 Insurance premiums - property insurance 14,843 14,843 - 961.2 Insurance premiums - liability 1,266 1,266 - 961.3 Insurance premiums - workmen's compensation 1,591 1,591 - 961.4 Insurance premiums - misc 1,389 1,389 - 962 Other general expense - - -

962.1 Compensated absences 3,840 3,840 - 963 Payments on lieu of taxes 5,527 5,527 - 964 Bad debt - tenant rents (931) (931) - 967 Interest expense - - -

Total general expenses 27,525 27,525 - 969 Total operating expenses 723,058 511,533 211,525 970 Excess operating revenue over operating expenses (521,100) (323,894) (197,206) 974 Depreciation expense 197,208 197,208 -

Total other expenses 197,208 197,208 - 900 Total expenses 920,266 708,741 211,525


1009.1 Inter AMP excess cash transfer In 116,667 116,667 - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 617,907 420,701 197,206 1000 Excess (deficit) of revenue over expenses (100,401) (100,401) - 1102 Required annual debt principal payments - - - 1103 Beginning equity 4,896,979 4,896,979 - 1104 Prior period adjustments, equity transfer (1,492,898) (1,492,898) - 1120 Unit months available 816 816 - 1121 Number of unit months leased 812 812 - 1127 Excess cash 13,200 13,200 -


Ending equity 3,303,680 $ 3,303,680 $ -$ (Continued)

NC003000022 - Autumn Place / Hall House




153 | P a g e

Page 22 of 46


132,829 $ 132,829 $ -$ 70,730 $ 70,730 $ -$ 42,590 42,590 - 13,856 13,856 -

580,621 154,254 426,367 70,891 70,891 - 40,634 40,634 - 22,391 22,391 -

796,674 370,307 426,367 177,868 177,868 - 19,061 19,061 - 10,949 10,949 - 28,593 28,593 - 17,753 17,753 -

1,318 1,318 - 757 757 - 6,305 6,305 - 3,622 3,622 -

55,277 55,277 - 33,081 33,081 - 20,082 20,082 - 10,207 10,207 -

2,438 2,438 - 1,396 1,396 - 5,401 5,401 - 2,924 2,924 - 3,534 3,534 - 2,418 2,418 -

35,310 35,310 - 1,353 1,353 - 7,171 7,171 - - - -

- - - 1,391 1,391 - 2,818 2,818 - (1,510) (1,510) -

4 4 - 1 1 - 76,758 76,758 - 18,180 18,180 -

1,607,606 1,101,828 505,778 595,640 580,061 15,579 (1,295,289) (816,845) (478,444) (400,692) (400,692) -

229,058 98,925 130,133 224,043 96,102 127,941 229,058 98,925 130,133 224,043 96,102 127,941

1,836,664 1,200,753 635,911 819,683 676,163 143,520 1,272,683 801,197 471,486 399,525 399,525 -

- - - - - - 20,000 20,000 - - - -

- - - - - - 1,292,683 821,197 471,486 399,525 399,525 - (231,664) (94,573) (137,091) (225,210) (97,269) (127,941)

1,694 1,694 - 596 596 - 2,457,890 1,349,011 1,108,879 5,913,729 4,781,683 1,132,046

- - - (4,144,959) (4,100,410) (44,549) 1,446 1,446 - 856 856 - 1,438 1,438 - 856 856 -

25,541 25,541 - 98,335 98,335 - - - - - - - - - - - - -

2,226,226 $ 1,254,438 $ 971,788 $ 1,543,560 $ 584,004 $ 959,556 $

NC003000025 - Meadow Oaks / Gladedale / Wallace Woods

NC003000028 - Sunridge / Robinsdale

154 | P a g e



706 HUD PHA grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 718 718 - 712 Mortgage Interest Income - - 715 Other revenue 22,611 22,611 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted - - - 700 Total revenue 23,329 23,329 -









(Continued)




NC003000030 - Park at Oaklawn

155 | P a g e

Page 23 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - -

102 102 - 390 390 - - - - - 55 55 - 36,050 36,050 - - - - - - - - - - - - -

157 157 - 36,440 36,440 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

3,444 3,444 - 3,890 3,890 - - - - - - -

944 944 - 960 960 - 41,798 41,798 - 24,755 24,755 - 46,186 46,186 - 29,605 29,605 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC003000032 - Arbor Glen I INC003000031 - Rocky Branch (Rivermere)

156 | P a g e




Total protective services - - - 961.1 Insurance premiums - property insurance - - - 961.2 Insurance premiums - liability - - - 961.3 Insurance premiums - workmen's compensation 166 166 - 961.4 Insurance premiums - misc - - - 962 Other general expense 206,025 206,025 -


Total general expenses 206,191 206,191 - 969 Total operating expenses 370,511 370,511 - 970 Excess operating revenue over operating expenses (347,182) (347,182) - 974 Depreciation expense - - -



1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 347,526 347,526 - 1000 Excess (deficit) of revenue over expenses 344 344 - 1102 Required annual debt principal payments - - - 1103 Beginning equity 3,676,126 3,676,126 - 1104 Prior period adjustments, equity transfer - - - 1120 Unit months available 1,068 1,068 - 1121 Number of unit months leased 1,055 1,055 - 1127 Excess cash 281,655 281,655 -


Ending equity 3,676,470 $ 3,676,470 $ -$



(Continued)


NC003000030 - Park at Oaklawn

157 | P a g e

Page 24 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 69 69 - 75 75 - - - - - - -

53,977 53,977 - 109,978 109,978 - 27 27 - 55 55 - - - - - - - - - - - - - - - - - - -

54,073 54,073 - 110,108 110,108 - 100,259 100,259 - 139,713 139,713 -

(100,102) (100,102) - (103,273) (103,273) - - - - - - - - - - - - -

100,259 100,259 - 139,713 139,713 - 101,845 101,845 - 98,115 98,115 -

- - - (7,110) (7,110) - - - - - - - - - - - - -

101,845 101,845 - 91,005 91,005 - 1,743 1,743 - (12,268) (12,268) -

- - - - - - 42,557 42,557 - 799,550 799,550 -

- - - - - - 240 240 - 480 480 - 236 236 - 473 473 -

38,095 38,095 - 216,404 216,404 - - - - - - - - - - - - -

44,300 $ 44,300 $ -$ 787,282 $ 787,282 $ -$

NC003000032 - Arbor Glen I INC003000031 - Rocky Branch (Rivermere)

158 | P a g e








921 Tenant services - salaries 2,878 2,878 - 922 Relocation costs - - - 923 Employee benefits - tenant services 704 704 - 924 Other tenant services 51,327 51,327 -




(Continued)




NC003000033 - Mayfield Terrace (Nia Point)

159 | P a g e

Page 25 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - - 62 62 - 215 215 - - - -

5,765 5,765 - 75 75 - - - - - - - - - - - - -

5,827 5,827 - 290 290 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

1,121 1,121 - 5,720 5,720 - - - - - - -

281 281 - 1,422 1,422 - 22,619 22,619 - 73,673 73,673 - 24,021 24,021 - 80,815 80,815 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC003000037 - Seigle 60 (McAden Park)NC003000035 - Arbor Glen I I I

160 | P a g e









1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 107,109 107,109 - 1000 Excess (deficit) of revenue over expenses (13,685) (13,685) - 1102 Required annual debt principal payments - - - 1103 Beginning equity 254,043 254,043 - 1120 Unit months available 348 348 - 1121 Number of unit months leased 337 337 - 1127 Excess cash 140,452 140,452 -


Ending equity 240,358 $ 240,358 $ -$



(Continued)


NC003000033 - Mayfield Terrace (Nia Point)

161 | P a g e

Page 26 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 22 22 - 112 112 - - - - - - -

36,277 36,277 - 77,567 77,567 - 16 16 - 130 130 - - - - - - - - - - - - - - - - - - -

36,315 36,315 - 77,809 77,809 - 60,336 60,336 - 158,624 158,624 -

(54,509) (54,509) - (158,334) (158,334) - - - - - - - - - - - - -

60,336 60,336 - 158,624 158,624 - 53,071 53,071 - 145,457 145,457 -

- - - - - - - - - - - - - - - - - -

53,071 53,071 - 145,457 145,457 - (1,438) (1,438) - (12,877) (12,877) -

- - - - - - 327,743 327,743 - 1,444,791 147,818 1,296,973

144 144 - 360 360 - 139 139 - 345 345 -

39,558 39,558 - 122,234 122,234 - - - - - - - - - - - - -

326,305 $ 326,305 $ -$ 1,431,914 $ 134,941 $ 1,296,973 $

NC003000037 - Seigle 60 (McAden Park)NC003000035 - Arbor Glen I I I

162 | P a g e



706 HUD PHA grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 459 459 - 712 Mortgage Interest Income - - 715 Other revenue 66 66 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted - - - 700 Total revenue 525 525 -











NC003000038 - Stonehaven

(Continued)


163 | P a g e

Page 27 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - -

235 235 - 603 603 - - - - - -

26,607 26,607 - 27,571 27,571 - - - - - - - - - - - - -

26,842 26,842 - 28,174 28,174 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

1,985 1,985 - 16,282 16,282 - - - - - - -

486 486 - 5,287 5,287 - 33,062 33,062 - 2,250 2,250 - 35,533 35,533 - 23,819 23,819 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC003000039 - Montgomery Gardens NC003000040 - Prosperity Creek

164 | P a g e





962.1 Compensated absences 32 32 - 963 Payments on lieu of taxes - - - 964 Bad debt - tenant rents - - - 967 Interest expense - - -






Ending equity 53,094 $ 53,094 $ -$ (Continued)

NC003000038 - Stonehaven




165 | P a g e

Page 28 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 37 37 - 300 300 - - - - - - -

54,028 54,028 - 114,978 114,978 - - - - 309 309 - - - - - - - - - - - - - - - - - - -

54,065 54,065 - 115,587 115,587 - 89,598 89,598 - 139,406 139,406 -

(62,756) (62,756) - (111,232) (111,232) - - - - - - - - - - - - -

89,598 89,598 - 139,406 139,406 - 59,310 59,310 - 144,715 144,715 -

- - - - - - - - - - - - - - - - - -

59,310 59,310 - 144,715 144,715 - (3,446) (3,446) - 33,483 33,483 -

- - - - - - 877,273 877,273 - 2,015,724 2,015,724 -

240 240 - 864 864 - 226 226 - 861 861 -

131,418 131,418 - 390,709 390,709 - - - - - - - - - - - - -

873,827 $ 873,827 $ -$ 2,049,207 $ 2,049,207 $ -$

NC003000039 - Montgomery Gardens NC003000040 - Prosperity Creek

166 | P a g e














NC003000041 - South Oak Crossing

(Continued)


167 | P a g e

Page 29 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - - 58 58 - 258 258 - - - - -

27,320 27,320 - 110 110 - - - - - - - - - - - - -

27,378 27,378 - 368 368 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

3,914 3,914 - 7,121 7,121 - - - - - - -

1,055 1,055 - 1,917 1,917 - 34,807 34,807 - 20,446 20,446 - 39,776 39,776 - 29,484 29,484 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC003000042 - Springfield Gardens NC003000044 - 940 Brevard

168 | P a g e















NC003000041 - South Oak Crossing

169 | P a g e

Page 30 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 76 76 - 138 138 - - - - - - -

65,958 65,958 - 56,658 56,658 - 29 29 - 53 53 - - - - - - - - - - - - - - - - - - -

66,063 66,063 - 56,849 56,849 - 105,839 105,839 - 86,333 86,333 - (78,461) (78,461) - (85,965) (85,965) -

- - - - - - - - - - - -

105,839 105,839 - 86,333 86,333 - 74,454 74,454 - 98,134 98,134 -

- - - - - - - - - - - - - - - - - -

74,454 74,454 - 98,134 98,134 - (4,007) (4,007) - 12,169 12,169 -

- - - - - - 46,553 46,553 - 158,116 158,116 -

264 264 - 480 480 - 261 261 - 475 475 -

36,476 36,476 - 163,292 163,292 - - - - - - - - - - - - -

42,546 $ 42,546 $ -$ 170,285 $ 170,285 $ -$

NC003000042 - Springfield Gardens NC003000044 - 940 Brevard

170 | P a g e



706 HUD PHA grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 368 368 - 712 Mortgage Interest Income - 715 Other revenue 127 127 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 219 - 219 700 Total revenue 714 495 219











NC003000045 - Seigle Point

(Continued)


171 | P a g e

Page 31 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - -

105 105 - 76 76 - - - - - - - - 71 71 - - - - - - - - - - - - -

105 105 - 147 147 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

- - - 4,631 4,631 - - - - - - - - - - 1,247 1,247 -

238 238 - 13,541 13,541 - 238 238 - 19,419 19,419 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC003000046 - SpringCroft at Ashley Park NC003000048 - McAlpine

172 | P a g e






Total general expenses 293,453 293,453 - 969 Total operating expenses 467,925 467,925 - 970 Excess operating revenue over operating expenses (467,211) (467,430) 219 974 Depreciation expense - - -



1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 412,888 412,888 - 1000 Excess (deficit) of revenue over expenses (54,323) (54,542) 219 1102 Required annual debt principal payments - - - 1103 Beginning equity 1,129,161 222,905 906,256 1120 Unit months available 1,224 1,224 - 1121 Number of unit months leased 1,179 1,179 - 1127 Excess cash 121,178 121,178 -


Ending equity 1,074,838 $ 168,363 $ 906,475 $ (Continued)

NC003000045 - Seigle Point




173 | P a g e

Page 32 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 90 90 - - - - - - -

23,555 23,555 - 35,453 35,453 - - - - 398 398 - - - - - - - - - - - - - - - - - - -

23,555 23,555 - 35,941 35,941 - 23,793 23,793 - 55,360 55,360 -

(23,688) (23,688) - (55,213) (55,213) - - - - - - - - - - - - -

23,793 23,793 - 55,360 55,360 - 31,113 31,113 - 60,588 60,588 -

- - - - - - - - - - - - - - - - - -

31,113 31,113 - 60,588 60,588 - 7,425 7,425 - 5,375 5,375 -

- - - - - - 55,077 55,077 - 43,209 43,209 -

216 216 - 1,356 1,356 - 216 216 - 1,343 1,343 -

60,519 60,519 - 43,972 43,972 - - - - - - - - - - - - -

62,502 $ 62,502 $ -$ 48,584 $ 48,584 $ -$

NC003000046 - SpringCroft at Ashley Park NC003000048 - McAlpine

174 | P a g e

Line NC003000049 - Glen CoveItem # Total Operations Capital




913.1 Bookkeeping fees - - - 914 Advertising and marketing - - - 915 Employee benefits - administrative - - - 916 Office expenses 1 1 - 917 Legal expense - - - 918 Travel - - - 919 Other operating - administrative - - -

Total administrative expense 1 1 -






(Continued)




175 | P a g e

Page 33 of 46

NC003000051 - McCreeshTotal Operations Capital Total Operations Capital

-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - - 37 37 - 296 296 - - - - - - 44 44 - - - - - - - - - - - - - - - - 81 81 - 296 296 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

2,905 2,905 - - - - - - - - - -

776 776 - - - - 9,222 9,222 - 805 805 -

12,903 12,903 - 805 805 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC00300050 - Fairmarket Square

176 | P a g e

Line NC003000049 - Glen CoveItem # Total Operations Capital

941 Ordinary maintenance and operation - labor 7 $ 7 $ -$ 942 Ordinary maintenance and operation - materials and other - - - 943 Ordinary maint & operations - contract costs - - - 945 Employee benefit contributions- ordinary maintenance - - -

Total ordinary maintenance and operation 7 7 - 951 Protective services - labor - - - 952 Protective services - other contract costs - - - 953 Protective services - other - - - 955 Employee benefit contributions - protective services - - -












177 | P a g e

Page 34 of 46

NC003000051 - McCreeshTotal Operations Capital Total Operations Capital

11 $ 11 $ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - 11 11 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 55 55 - - - - - - - - - -

53,139 53,139 - 60,935 60,935 - - - - - - - - - - - - - - - - - - - - - - - - -

53,194 53,194 - 60,935 60,935 - 66,108 66,108 - 61,740 61,740 -

(66,027) (66,027) - (61,444) (61,444) - - - - - - - - - - - - -

66,108 66,108 - 61,740 61,740 - 77,870 77,870 - 84,360 84,360 -

- - - - - - - - - - - - - - - - - -

77,870 77,870 - 84,360 84,360 - 11,843 11,843 - 22,916 22,916 -

- - - - - - 11,466 11,466 - 158,812 158,812 -

720 720 - 756 756 - 718 718 - 739 739 -

20,286 20,286 - 176,583 176,583 - - - - - - - - - - - - -

23,309 $ 23,309 $ -$ 181,728 $ 181,728 $ -$

NC00300050 - Fairmarket Square

178 | P a g e

Line NC003000052 - Seneca WoodsItem # Total Operations Capital














(Continued)

179 | P a g e

Page 35 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - - 36 36 - 212 212 - - - - - 99 99 - 75 75 - - - - - - - - - - - - -

135 135 - 287 287 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

6,413 6,413 - 5,884 5,884 - - - - - - -

1,726 1,726 - 1,255 1,255 - 59,769 59,769 - 867 867 - 67,908 67,908 - 8,006 8,006 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC00300053 - Ashley Square NC00300054 - Hampton Creste

180 | P a g e

Line NC003000052 - Seneca WoodsItem # Total Operations Capital

941 Ordinary maintenance and operation - labor 11 $ 11 $ -$ 942 Ordinary maintenance and operation - materials and other - - - 943 Ordinary maint & operations - contract costs - - - 945 Employee benefit contributions- ordinary maintenance - - -

Total ordinary maintenance and operation 11 11 - 951 Protective services - labor - - - 952 Protective services - other contract costs - - - 953 Protective services - other - - - 955 Employee benefit contributions - protective services - - -






1009.1 Inter AMP excess cash transfer In 47,909 47,909 - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 92,051 92,051 - 1000 Excess (deficit) of revenue over expenses 2,990 2,990 - 1102 Required annual debt principal payments - - - 1103 Beginning equity 10,573 10,573 - 1120 Unit months available 588 588 - 1121 Number of unit months leased 568 568 1127 Excess cash 14,001 14,001 -


Ending equity 13,563 $ 13,563 $ -$



(Continued)


181 | P a g e

Page 36 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

124 124 - 112 112 - - - - - - -

48,370 48,370 - 228,771 228,771 - 48 48 - 82 82 - - - - - - - - - - - - - - - - - - -

48,542 48,542 - 228,965 228,965 - 116,450 116,450 - 236,971 236,971 -

(116,315) (116,315) - (236,684) (236,684) - - - - - - - - - - - - -

116,450 116,450 - 236,971 236,971 - 60,534 60,534 - 234,964 234,964 -

- - - - - - 25,029 25,029 - - - -

- - - - - - 85,563 85,563 - 234,964 234,964 -

(30,752) (30,752) - (1,720) (1,720) - - - - - - -

1,814,979 43,825 1,771,154 109,497 109,497 - 264 264 - 2,556 2,556 - 260 260 - 2,522 2,522 -

5,000 5,000 - 88,194 88,194 - - - - - - - - - - - - -

1,784,227 $ 13,073 $ 1,771,154 $ 107,777 $ 107,777 $ -$

NC00300053 - Ashley Square NC00300054 - Hampton Creste

182 | P a g e



706 HUD PHA grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 206 206 - 712 Mortgage Interest Income - - - 715 Other revenue - - - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted - - - 700 Total revenue 206 206 -





921 Tenant services - salaries - - - 922 Relocation costs - - - 923 Employee benefits - tenant services - - - 924 Other tenant services 449 449 -

Total tenant services 449 449 -



NC00300055 - Moore Place

(Continued)




183 | P a g e

Page 37 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - -

453 453 - 271 271 - - - - -

89,896 89,896 - - - - - - - - - - - - - - - -

90,349 90,349 - 271 271 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

26,506 26,506 - - - - - - - - - -

9,122 9,122 - - - - 22,277 22,277 - 4,378 4,378 - 57,905 57,905 - 4,378 4,378 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC00300056 - Steele Creek NC00300057 - Woodlawn House

184 | P a g e




Total protective services - - - 961.1 Insurance premiums - property insurance - - - 961.2 Insurance premiums - liability - - - 961.3 Insurance premiums - workmen's compensation - - - 961.4 Insurance premiums - misc - - - 962 Other general expense 51,452 51,452 -





1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 90,058 90,058 - 1000 Excess (deficit) of revenue over expenses 38,363 38,363 - 1102 Required annual debt principal payments - - - 1103 Beginning equity 94,195 94,195 - 1120 Unit months available 408 408 - 1121 Number of unit months leased 403 403 - 1127 Excess cash 128,233 128,233 -


Ending equity 132,558 $ 132,558 $ -$




(Continued)

NC00300055 - Moore Place

185 | P a g e

Page 38 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

510 510 - - - - - - - - - -

101,806 101,806 - 59,420 59,420 - 525 525 - - - -

- - - - - - - - - - - - - - - - - -

102,841 102,841 - 59,420 59,420 - 160,746 160,746 - 63,798 63,798 - (70,397) (70,397) - (63,527) (63,527) -

- - - - - - - - - - - -

160,746 160,746 - 63,798 63,798 - 126,753 126,753 - 88,365 88,365 -

- - - - - - - - - - - - - - - - - -

126,753 126,753 - 88,365 88,365 - 56,356 56,356 - 24,838 24,838 -

- - - - - - 2,005,518 1,412,842 592,676 150,537 150,537 -

720 720 - 1,236 1,236 - 717 717 - 1,223 1,223 -

287,345 287,345 - 171,115 171,115 - - - - - - - - - - - - -

2,061,874 $ 1,469,198 $ 592,676 $ 175,375 $ 175,375 $ -$

NC00300056 - Steele Creek NC00300057 - Woodlawn House

186 | P a g e



706 HUD PHA grants 25,698 - 25,698 706.1 Capital grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 576 576 - 712 Mortgage Interest Income - - 715 Other revenue 4,225 4,225 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 27 27 - 700 Total revenue 249,709 224,011 25,698


913.1 Bookkeeping fees 7,478 7,478 - 914 Advertising and marketing 795 795 - 915 Employee benefits - administrative 22,137 22,137 - 916 Office expenses 8,206 8,206 - 917 Legal expense 1,332 1,332 - 918 Travel 1,824 1,824 - 919 Other operating - administrative 2,075 2,075 -





931 Water 8,564 8,564 - 932 Electricity 89,074 89,074 - 933 Gas 131 131 - 938 Other utilities expense 12,924 12,924 -


NC00300058 - Strawn Cottages

(Continued)




187 | P a g e

Page 39 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

- - - - - - - - - - - - - - - - - - - - - 43 43 - - - - - -

19,828 19,828 - - - - - - - - - - - - - - - -

19,828 19,828 - 43 43 -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

- - - - - - - - - - - - - - - - - - 93 93 - 938 938 - 93 93 - 938 938 -

- - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC00300059 - McMullen Wood NC00300060 - The Retreats at Renaissance

188 | P a g e


941 Ordinary maintenance and operation - labor 60,641 $ 60,641 $ -$ 942 Ordinary maintenance and operation - materials and other 17,041 17,041 - 943 Ordinary maint & operations - contract costs 65,940 65,940 - 945 Employee benefit contributions- ordinary maintenance 20,234 20,234 -

Total ordinary maintenance and operation 163,856 163,856 - 951 Protective services - labor 18,018 18,018 - 952 Protective services - other contract costs 182 182 - 953 Protective services - other 1,246 1,246 - 955 Employee benefit contributions - protective services 5,960 5,960 -

Total protective services 25,406 25,406 - 961.1 Insurance premiums - property insurance 10,111 10,111 - 961.2 Insurance premiums - liability 577 577 - 961.3 Insurance premiums - workmen's compensation 3,622 3,622 - 961.4 Insurance premiums - misc 1,843 1,843 - 962 Other general expense - - -

962.1 Compensated absences - - - 963 Payments on lieu of taxes 10,319 10,319 - 964 Bad debt - tenant rents (410) (410) - 967 Interest expense - - -

Total general expenses 26,062 26,062 - 969 Total operating expenses 546,037 520,339 25,698 970 Excess operating revenue over operating expenses (296,328) (296,328) - 974 Depreciation expense 15,973 15,973 -



1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 458,709 458,709 - 1000 Excess (deficit) of revenue over expenses 146,408 146,408 - 1102 Required annual debt principal payments - - - 1103 Beginning equity 244,156 244,156 - 1120 Unit months available 997 997 - 1121 Number of unit months leased 997 997 - 1127 Excess cash 313,883 313,883 -


Ending equity 390,564 $ 390,564 $ -$




(Continued)

NC00300058 - Strawn Cottages

189 | P a g e

Page 40 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

26,820 26,820 - 118,932 118,932 - - - - - - - - - - - - - - - - - - - - - - - - -

26,820 26,820 - 118,932 118,932 - 26,913 26,913 - 119,870 119,870 - (7,085) (7,085) - (119,827) (119,827) -

- - - - - - - - - - - -

26,913 26,913 - 119,870 119,870 - 21,929 21,929 - 180,258 180,258 -

- - - - - - 28,000 28,000 - - - -

- - - - - - 49,929 49,929 - 180,258 180,258 - 42,844 42,844 - 60,431 60,431 -

- - - - - - - - - 8,508 8,508 -

660 660 - 2,710 2,710 - 660 660 - 2,686 2,686 -

12,602 12,602 - 58,950 58,950 - - - - - - - - - - - - -

42,844 $ 42,844 $ -$ 68,939 $ 68,939 $ -$

NC00300059 - McMullen Wood NC00300060 - The Retreats at Renaissance

190 | P a g e

LineItem # Total Operations Capital Fund


706 HUD PHA grants 40,246 - 40,246 708 Other government grants - - - 711 Investment income - unrestricted 86 86 - 712 Mortgage Interest Income - - - 715 Other revenue 6,507 6,507 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 28 28 - 700 Total revenue 281,791 241,545 40,246


913.1 Bookkeeping fees 11,460 11,460 - 914 Advertising and marketing 869 869 - 915 Employee benefits - administrative 29,110 29,110 - 916 Office expenses 15,182 15,182 - 917 Legal expense 176 176 - 918 Travel 2,044 2,044 - 919 Other operating - administrative 4,041 4,041 -







NC00300061 - Hall House

(Continued)




191 | P a g e

Page 41 of 46


186,418 186,418 $ -$ -$ -$ -$ 26,993 26,993 - - - -

213,411 213,411 - - - -

17,298 - 17,298 - - - - - - - - -

161 161 - - - - - - - - - -

3,636 3,399 237 - - - - - - - - - 29 29 - - - -

234,535 217,000 17,535 - - -

110,860 72,755 38,105 - - - 1,137 1,137 - - - -

49,707 49,707 - - - - 7,178 7,178 - - - - 1,485 1,485 - - - -

35,736 28,223 7,513 - - - 19,810 19,810 - - - -

7,645 7,645 - - - - 1,480 1,480 - - - - 2,914 2,914 - - - -

237,952 192,334 45,618 - - -

27,138 9,840 17,298 - - -

21,769 21,769 - - - - 33,877 - 33,877 - - -

4,412 4,412 - - - - 42,089 42,089 - - - -

102,147 68,270 33,877 - - - -

24,723 24,723 - - - - 72,422 72,422 - - - - 45,580 45,580 - - - - 41,000 41,000 - - - -

183,725 $ 183,725 $ -$ -$ -$ -$

NC00300062 - Claremont / Victoria Square NC00300063 - Residences at Renaissance I

192 | P a g e


941 Ordinary maintenance and operation - labor 96,913 $ 96,913 $ -$ 942 Ordinary maintenance and operation - materials and other 17,946 17,946 - 943 Ordinary maint & operations - contract costs 106,183 106,183 - 945 Employee benefit contributions- ordinary maintenance 18,870 18,870 -

Total ordinary maintenance and operation 239,912 239,912 - 951 Protective services - labor 38,077 38,077 - 952 Protective services - other contract costs 47,372 47,372 - 953 Protective services - other 2,153 2,153 - 955 Employee benefit contributions - protective services 12,742 12,742 -

Total protective services 100,344 100,344 - 961.1 Insurance premiums - property insurance 29,992 29,992 - 961.2 Insurance premiums - liability 3,555 3,555 - 961.3 Insurance premiums - workmen's compensation 3,999 3,999 - 961.4 Insurance premiums - misc 2,692 2,692 - 962 Other general expense 1,091 1,091 -

962.1 Compensated absences - - - 963 Payments on lieu of taxes 4,951 4,951 - 964 Bad debt - tenant rents 4,609 4,609 - 967 Interest expense 11 11 - 968 Severance expense - - -

Total general expenses 50,900 50,900 - 969 Total operating expenses 920,784 880,538 40,246 970 Excess operating revenue over operating expenses (638,993) (638,993) - 971 Extraordinary maintenance - - - 972 Casualty losses - non-capitalized 13,445 13,445 - 974 Depreciation expense 19,143 19,143 -



1009.1 Inter AMP excess cash transfer In 159,557 159,557 - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 593,773 593,773 - 1000 Excess (deficit) of revenue over expenses (77,808) (77,808) - 1102 Required annual debt principal payments 4,883 4,883 - 1103 Beginning equity - - - 1104 Prior period adjustments, equity transfer 1,492,898 1,492,898 - 1120 Unit months available 1,025 1,025 - 1121 Number of unit months leased 1,025 1,025 - 1127 Excess cash 25,958 25,958 -


Ending equity 1,415,090 $ 1,415,090 $ -$

NC00300061 - Hall House




193 | P a g e

Page 42 of 46

Total Operations Capital Total Operations Capital56,162 $ 56,162 $ -$ -$ -$ -$ 32,763 32,763 - - - -

578,311 130,423 447,888 - - - 17,626 17,626 - - - -

684,862 236,974 447,888 - - - 12,127 12,127 - - - - 17,775 17,775 - - - -

839 839 - - - - 4,011 4,011 - - - -

34,752 34,752 - - - - 13,096 13,096 - - - -

1,526 1,526 - - - - 2,892 2,892 - - - - 2,679 2,679 - - - -

- - - 28,958 28,958 - (1,564) (1,564) - - - - 2,872 2,872 - - - - 4,456 4,456 - - - -

- - - - - - - - - - - -

25,957 25,957 - 28,958 28,958 - 1,296,533 751,852 544,681 28,958 28,958 -

(1,061,998) (534,852) (527,146) (28,958) (28,958) - - - - - - - - - - - - -

260,877 252,777 8,100 - - - 260,877 252,777 8,100 - - -

1,557,410 1,004,629 552,781 28,958 28,958 - 1,136,546 482,205 654,341 16,331 16,331 -

- - - - - - 150,000 150,000 - 20,040 20,040 -

- - - - - - 1,286,546 632,205 654,341 36,371 36,371 -

(36,329) (155,424) 119,095 7,413 7,413 - - - - - - - - - - - - -

4,144,959 4,100,410 44,549 - - - 834 834 - 363 363 - 833 833 - 363 363 -

165,001 165,001 - 5,000 5,000 - - - - - - - - - - - - -

4,108,630 $ 3,944,986 $ 163,644 $ 7,413 $ 7,413 $ -$

NC00300062 - Claremont / Victoria Square NC00300063 - Residences at Renaissance I

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706 HUD PHA grants 778,777 - 778,777 708 Other government grants - - - 711 Investment income - unrestricted 1,388 1,388 - 712 Mortgage Interest Income - - - 715 Other revenue 3 3 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 135 103 32 700 Total revenue 780,303 1,494 778,809





921 Tenant services - salaries - - - 922 Relocation costs - - - 923 Employee benefits - tenant services - - - 924 Other tenant services 3,076 3,076 -







(Continued)


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Page 43 of 46


-$ -$ -$ -$ -$ -$ - - - - - - - - - - - -

771,028 - 771,028 - - - - - - - - -

1,472 1,472 - - - - 27,197 27,197 - - - -

22 22 - - - - - - - - - -

134 106 28 - - - 799,853 28,797 771,056 - - -

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

- - - - - -

- - - - - - - - - - - - - - - - - -

17,121 17,121 - - - - 17,121 17,121 - - - -

- - - - - - - - - - - - - - - - - - - - - - - - - -$ -$ -$ -$ -$ -$

NC00300066 - Residences at Renaissance I INC00300065 - Parktowne Terrace

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941 Ordinary maintenance and operation - labor -$ -$ -$ 942 Ordinary maintenance and operation - materials and other - - - 943 Ordinary maint & operations - contract costs 1,650 - 1,650 945 Employee benefit contributions- ordinary maintenance - - -

Total ordinary maintenance and operation 1,650 - 1,650 951 Protective services - labor - - - 952 Protective services - other contract costs 63,594 63,594 - 953 Protective services - other - - - 955 Employee benefit contributions - protective services - - -

Total protective services 63,594 63,594 - 961.1 Insurance premiums - property insurance - - - 961.2 Insurance premiums - liability - - - 961.3 Insurance premiums - workmen's compensation - - - 961.4 Insurance premiums - misc - - - 962 Other general expense 466,169 466,169 -

962.1 Compensated absences - - - 963 Payments on lieu of taxes - - - 964 Bad debt - tenant rents (48) (48) - 967 Interest expense 327,536 - 327,536

Total general expenses 793,657 466,121 327,536 969 Total operating expenses 861,977 532,791 329,186 970 Excess operating revenue over operating expenses (81,674) (531,297) 449,623 971 Extraordinary maintenance - - - 972 Casualty losses - non-capitalized - - - 974 Depreciation expense 3,918 3,918 -



1009.1 Inter AMP excess cash transfer In 171,000 171,000 - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) 560,147 558,497 1,650 1000 Excess (deficit) of revenue over expenses 474,555 23,282 451,273 1102 Required annual debt principal payments 445,263 445,263 - 1103 Beginning equity - - - 1104 Prior period adjustments, equity transfer 3,679,634 1,850,347 1,829,287 1120 Unit months available 2,040 2,040 - 1121 Number of unit months leased 2,039 2,039 - 1127 Excess cash 25,555 25,555 -


Ending equity 4,154,189 $ 1,873,629 $ 2,280,560 $





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Page 44 of 46


-$ -$ -$ -$ -$ -$ - - - - - -

9,800 - 9,800 - - - - - - - - -

9,800 - 9,800 - - - - - - - - -

63,594 63,594 - - - - - - - - - - - - - - - -

63,594 63,594 - - - - - - - - - - - - - - - - - - - - - - - - - - - -

457,739 457,739 - - - - - - - - - - - - - - - - - - - - - -

324,247 - 324,247 - - - 781,986 457,739 324,247 - - - 872,501 538,454 334,047 - - - (72,648) (509,657) 437,009 - - -

- - - - - - - - - - - - - - - - - - - - - - - -

872,501 538,454 334,047 - - - 339,757 329,957 9,800 - - -

(439,038) (439,038) - - - - 247,440 247,440 - - - -

- - - - - - 148,159 138,359 9,800 - - -

75,511 (371,298) 446,809 - - - 450,293 450,293 - - - -

- - - - - - 7,546,833 6,513,984 1,032,849 - - -

1,956 1,956 - - - - 1,953 1,953 - - - -

24,601 24,601 - - - - - - - - - - - - - - - -

7,622,344 $ 6,142,686 $ 1,479,658 $ -$ -$ -$

NC00300065 - Parktowne Terrace NC00300066 - Residences at Renaissance I I

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706 HUD PHA grants - - - 708 Other government grants - - - 711 Investment income - unrestricted 3,516 3,516 - 712 Mortgage Interest Income 243,756 219,981 23,775 715 Other revenue 33,974 33,974 - 716 Gain or loss on sale of fixed assets - - - 720 Investment income - restricted 510 - 510 700 Total revenue 281,756 257,471 24,285





921 Tenant services - salaries - - - 922 Relocation costs - - - 923 Employee benefits - tenant services - - - 924 Other tenant services - - -

Total tenant services - - - -



(Continued)




OTHER AMP - (Piedmont / Belvedere)

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Page 45 of 46

Total Operations Capital

3,434,690 $ 3,434,690 $ -$ 373,745 373,745 -

3,808,435 3,808,435 -

1,931,644 - 1,931,644 - - -

22,852 22,852 - 270,953 247,178 23,775 516,911 515,794 1,117

- - - 1,435 646 789

6,552,230 4,594,905 1,957,325

1,343,645 1,225,773 117,872 25,155 25,155 -

1,044,978 1,044,978 - 150,895 150,895 -

14,587 14,587 - 406,607 382,795 23,812 223,616 223,616 -

68,349 68,349 - 21,972 21,972 - 67,229 65,879 1,350

3,367,033 3,223,999 143,034

633,285 251,446 381,839

484,970 484,970 - 63,882 1,665 62,217

137,530 137,530 - 1,573,630 1,573,630 - 2,260,012 2,197,795 62,217

331,782 331,782 - 1,676,358 1,676,358 -

669,001 669,001 - 443,356 443,356 -

3,120,497 $ 3,120,497 $ -$

GRAND TOTAL

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Total protective services - - - 961.1 Insurance premiums - property insurance - - - 961.2 Insurance premiums - liability - - - 961.3 Insurance premiums - workmen's compensation - - - 961.4 Insurance premiums - misc - - - 962 Other general expense - - -


Total general expenses - - - 969 Total operating expenses - - - 970 Excess operating revenue over operating expenses 281,756 257,471 24,285 971 Extraordinary maintenance - - - 972 Casualty losses - non-capitalized - - - 974 Depreciation expense - - -

Total other expenses - - - 900 Total expenses - - -

1001 Operating transfers in - - - 1002 Operating transfers out (806,548) (806,548) -

1009.1 Inter AMP excess cash transfer In - - - 1009.2 Inter AMP excess cash transfer out - - - 1010 Total other financing sources (uses) (806,548) (806,548) - 1000 Excess (deficit) of revenue over expenses (524,792) (549,077) 24,285 1102 Required annual debt principal payments - - - 1103 Beginning equity 7,510,999 7,016,385 494,614 1104 Prior period adjustments, equity transfer - - - 1120 Unit months available - - - 1121 Number of unit months leased - - - 1127 Excess cash 775,456 775,456 -


Ending equity 6,986,207 $ 6,467,308 $ 518,899 $

OTHER AMP - (Piedmont / Belvedere)




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Page 46 of 46

Total Operations Capital1,132,250 $ 1,132,250 $ -$

524,829 448,457 76,372 3,502,904 1,878,639 1,624,265

344,232 344,232 - 5,504,215 3,803,578 1,700,637

267,728 267,728 - 494,822 494,822 -

18,513 18,513 - 88,566 88,566 -

869,629 869,629 - 253,321 253,321 -

29,561 29,561 - 59,611 59,611 - 33,493 33,493 -

3,939,473 3,939,473 - 69,429 69,429 - 71,692 71,692 - 38,199 38,199 -

651,864 81 651,783 5,146,643 4,494,860 651,783

20,901,314 17,961,804 2,939,510 (14,349,084) (13,366,899) (982,185)

- - - 40,395 40,395 -

4,712,134 2,979,059 1,733,075 4,752,529 3,019,454 1,733,075

25,653,843 20,981,258 4,672,585 21,982,249 13,780,996 8,201,253 (1,257,922) (1,257,922) - 1,632,138 1,632,138 -

(1,632,138) (1,632,138) - 20,724,327 12,523,074 8,201,253

1,622,714 (3,863,279) 5,485,993 931,359 931,359 -

94,754,738 71,343,705 23,411,033 - - -

43,950 43,950 - 43,482 43,482 -

6,648,444 6,648,444 - 6,732,292 - 6,732,292

- - - 96,377,452 $ 67,480,426 $ 28,897,026 $

GRAND TOTAL

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1. The Actual Replacement Capital Fund Grant Costs of NC19R003501-13 were:

Funds Approved 118,796 $ Funds Expended 118,796

Excess of Funds Approved -$

Funds Advanced 118,796 $ Funds Expended 118,796

Excess of Funds Advanced -$

2. Audit period additions were $118,796. See Independent Auditor's Report on page 1 of the CAFR.

3. The distribution of costs by major cost accounts as shown on the Annual Statement of Performance Evaluation Report, supported by the Actual Modernization Cost Certificate submitted to HUD for approval is in agreement with the PHA's records.

4. All Capital Fund grant costs have been paid and all related liabilities have been discharged through payment.


Statement and Certification of Capital Fund Grant CostsFor the Year Ended March 31, 2015

Annual Contributions Contract A-4156

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Funds Approved 563,105 $ Funds Expended 563,105


Funds Advanced 563,105 $ Funds Expended 563,105




4. All Capital Fund grant costs have been paid and all related liabilities have been discharged through payment.




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Funds Approved 110,745$ Funds Expended 110,745


Funds Advanced 110,745$ Funds Expended 110,745




4. All Capital grant costs have been paid and all related liabilities have been discharged through payment.




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1. The Actual Replacement Capital Fund Grant Costs of NC19R003502-14were:







4. All Capital grant costs have been paid and all related liabilities have been discharged through payment.




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1. The Actual Resident Opportunities and Supportive Services Grant Costs of NC003RFS017A012 were:







4. All Resident Opportunities and Supportive Services grant costs have been paid and all related liabilities have been discharged through payment.


Statement and Certification of Resident Opportunities and Supportive Services Grant CostsFor the Year Ended March 31, 2015


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1. The Actual Resident Opportunities and Supportive Services Grant Costs of NC003RFS158A013 were:







4. All Resident Opportunities and Supportive Services grant costs have been paid and all related liabilities have been discharged through payment.


Statement and Certification of Resident Opportunities and Supportive Services Grant CostsFor the Year Ended March 31, 2015


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Statistical Section

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STATISTICAL SECTION

The statistical section of the Authority’s comprehensive annual financial report presents detailed information as a context for understanding what the information presented in the financial statements, note disclosures, and required supplementary information say about the Authority’s overall financial health. The following are the categories of the various schedules that are included in this Section: Financial Trends

This schedule contains trend information to assist the reader in understanding how the Authority’s financial performance and condition have changed over time.

Revenue Capacity These schedules contain information to help the reader assess the Authority’s most significant revenue sources.

Debt Capacity This schedule presents information to help the reader assess the affordability of the Authority’s current level of outstanding debt and the Authority’s ability to issue additional debt in the future.

Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the Authority’s financial activities take place.

Operating Information These schedules contain specific Authority data to assist the reader in understanding how the information in the Authority’s financial report relates to the communities and services the Authority provides and the population it serves.

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Schedule of Financial Trends

Business-Type Activ ities 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Operating Revenue

Tenant revenue 5,575,978 $ 6,185,205 $ 7,165,546 $ 7,362,313 $ 8,209,837 $ 9,756,648 $ 9,255,449 $ 10,118,584 $ 11,777,047 $ 12,562,858 $ HUD operating grants and subsidies 49,039,107 48,763,361 56,025,458 56,201,189 72,932,414 67,731,795 63,490,575 62,449,902 62,214,353 62,376,245 Other government operating grants - - - 3,201,677 365,818 545,143 73,994 19,076 83,333 467,871 Other revenue 2,808,813 2,775,917 3,498,123 6,409,570 6,699,406 5,815,836 12,112,887 13,541,439 13,052,980 14,251,954

Total Operating Revenue 57,423,898 57,724,483 66,689,127 73,174,749 88,207,475 83,849,422 84,932,905 86,129,001 87,127,713 89,658,928

Operating ExpensesAdministration 8,200,079 8,758,203 9,263,077 11,572,280 12,795,506 14,046,042 13,172,975 13,653,194 12,497,053 13,207,554 Asset management fees - - - - - 10,440 6,974 10,969 13,750 24,383 Tenant serv ices 2,248,358 1,897,844 2,218,182 2,125,461 3,190,198 4,991,776 5,422,952 4,699,156 4,071,120 2,947,482 Utilities 4,059,715 3,780,734 4,003,668 4,240,345 4,470,423 4,386,066 3,790,026 4,076,791 4,407,936 4,525,343 Ordinary maintenance and operations 5,003,738 4,993,682 6,428,639 6,780,777 8,072,506 9,438,512 9,305,461 8,434,811 7,680,098 9,100,919 Protective serv ices 217,833 225,641 265,455 627,800 1,184,609 1,120,890 1,190,064 1,157,752 1,086,720 1,132,148 General expenses 1,434,572 2,258,724 3,779,210 6,508,888 3,724,456 1,011,950 3,771,894 3,954,443 4,431,096 5,545,353 Casualty loss 2,355 - - - - - 29,843 1,125 - 40,395 Extraordinary maintenance - - - - - 902,595 - - - - Housing assistance payments 32,626,165 30,306,260 27,749,837 30,114,184 30,898,419 35,923,631 41,027,217 41,789,060 41,541,876 42,782,377 Depreciation 5,680,976 5,686,178 6,584,708 6,141,314 6,499,309 6,137,671 7,125,735 8,343,488 9,278,807 8,912,431

Total Operating Expenses 59,473,791 57,907,266 60,292,776 68,111,049 70,835,426 77,969,573 84,843,141 86,120,789 85,008,456 88,218,385

Operating Income (Loss) (2,049,893) (182,783) 6,396,351 5,063,700 17,372,049 5,879,849 89,764 8,212 2,119,257 1,440,543

Table 1

Last Ten Fiscal Years

Housing Authority of the City of CharlotteChanges in Net Assets andNet Position by Component

(Accrual Basis of Accounting)

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Business-Type Activ ities 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Non-Operating Revenue (Expenses)

Other governmental grants 2,290,289 5,143,978 4,412,016 - - - - - - - Other revenue 2,335,691 - - - - - - - - - Interest income - notes 1,071,529 1,922,621 1,893,884 2,900,104 4,099,064 733,914 875,418 809,723 935,716 1,012,700 Interest income - cash investments 908,107 890,430 1,421,099 707,430 1,012,518 248,817 185,384 87,058 101,599 144,247 Interest expenses (109,683) (112,241) (149,479) (168,171) (265,943) (473,179) (696,285) (1,297,919) (1,430,335) (1,239,275) Impairment of investment in real estate (366,240) (366,240) (366,240) (366,249) (366,249) (366,238) - - - - Gain (loss) on sale/demolition/swap of

capital assets 1,034,678 (2,025,651) 4,799,074 183,567 4,925 (295,937) 940,315 3,851,343 (105,220) 3,407,004 Total Non-Operating Revenue, Net 7,164,371 5,452,897 12,010,354 3,256,681 4,484,315 (152,623) 1,304,832 3,450,205 (498,240) 3,324,676

Extraordinary item, net gain - - - 593,641 - - (2,419,789) - - - Capital grants 9,899,221 17,572,074 12,393,046 16,956,058 3,234,247 7,626,846 7,205,688 9,696,211 7,684,027 2,595,605 Equity transfers - - - - - - - 2,362,015 - -

Change in Net Assets 5,114,478 $ 5,270,114 $ 18,406,705 $ 8,320,381 $ 21,856,364 $ 5,727,226 $ 1,394,596 $ 5,820,432 $ 9,305,044 $ 7,360,824 $

Net investment in capital assets 80,527,624 $ 86,433,835 $ 82,295,036 $ 84,123,663 $ 85,868,351 $ 100,022,393 $ 107,762,629 $ 141,295,860 $ 150,763,406 $ 145,378,107 $ Unrestricted 48,458,627 65,387,342 100,310,336 117,401,359 139,490,352 126,917,469 54,506,000 46,769,985 46,829,441 58,179,322 Restricted 500,000 507,361 522,917 7,473,347 8,730,277 9,248,220 80,099,948 69,819,375 69,597,417 70,993,659

Total Net Position 129,486,251 $ 152,328,538 $ 183,128,289 $ 208,998,369 $ 234,088,980 $ 236,188,082 $ 242,368,577 $ 257,885,220 $ 267,190,264 $ 274,551,088 $

Source: Housing Authority of the City of Charlotte records.

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Schedules of Revenue Capacity

Table 2

Section 8Low Rent Housing Comp / MiscHousing Section 8 Assistance Capital Fund HOPE VI ROSS Federal

Fiscal Year Program Vouchers Program Cluster Program Program Grants Grants Total

2006 8,285,610 $ 35,293,674 $ 1,563,391 $ 2,596,456 $ 11,019,384 $ 179,813 $ -$ 58,938,328 $ 2007 8,388,013 35,500,743 1,585,129 8,292,374 12,329,054 140,122 100,000 66,335,435 2008 10,852,985 42,143,843 856,054 3,908,307 10,086,496 374,785 - 68,222,470 2009 10,869,389 38,851,291 217,516 7,095,818 13,505,902 296,557 - 70,836,473 2010 11,738,706 43,763,709 220,727 16,463,516 2,249,443 306,065 55,909 74,798,075 2011 12,425,991 45,463,972 222,048 12,640,138 1,045,575 395,250 885,240 73,078,214 2012 13,129,796 43,917,325 106,941 9,132,699 1,677,570 385,915 983,533 69,333,779 2013 10,277,011 44,746,971 - 4,705,647 2,857,816 288,165 1,475,465 64,351,075 2014 10,046,259 47,621,749 - 1,897,931 5,080,438 290,533 1,049,318 65,986,228 2015 10,828,668 47,426,714 - 1,189,432 1,791,654 373,391 1,507,796 63,117,655


Federal Financial Assistance by Program



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Table 3

Fiscal Year Amount % of Total Amount % of Total Amount % of Total Amount % of Total

2006 5,575,978 $ 10% 2,808,813 $ 5% 49,039,107 $ 85% 57,423,898 $ 100%

2007 6,185,205 11% 2,775,917 5% 48,763,361 84% 57,724,483 100%

2008 7,165,546 11% 3,498,123 5% 56,025,458 84% 66,689,127 100%

2009 7,362,313 10% 9,611,247 13% 56,201,189 77% 73,174,749 100%

2010 8,209,837 9% 7,065,224 8% 72,932,414 83% 88,207,475 100%

2011 9,756,648 11% 6,360,979 8% 67,731,795 81% 83,849,422 100%

2012 9,255,449 11% 12,186,881 14% 63,490,575 75% 84,932,905 100%

2013 10,118,584 12% 13,560,515 15% 62,449,902 73% 86,129,001 100%

2014 11,777,047 14% 13,136,313 15% 62,214,353 71% 87,127,713 100%

2015 12,562,858 14% 14,719,825 16% 62,376,245 70% 89,658,928 100%


Total Operating Revenue and SubsidiesTenant Revenue Other Revenue


Enterprise Funds

Operating Revenue by Source


HUD Operating Grants

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Schedule of Debt Capacity

Table 4

Business-Type Activities 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Mortgages 315,445 $ 1,989,907 $ 2,033,380 $ 4,926,482 $ 26,152,518 $ 23,480,697 $ 14,323,047 $ 24,851,788 $ 30,964,476 $ 38,400,130 $ Notes 1,906,685 1,408,753 1,255,070 1,093,734 924,545 747,000 447,672 246,908 36,363 - Capital leases 161,973 85,380 - - - - - - - - Bonds - - - - - - 19,950,001 19,970,000 18,085,000 17,190,000

Total 2,384,103 $ 3,484,040 $ 3,288,450 $ 6,020,216 $ 27,077,063 $ 24,227,697 $ 34,720,720 $ 45,068,696 $ 49,085,839 $ 55,590,130 $

Debt service requirements: Principal 294,571 $ 351,611 $ 266,039 $ 1,591,599 $ 14,822,127 $ 9,920,620 $ 1,301,020 $ 2,362,501 $ 5,284,868 $ 1,337,144 $ Interest 89,881 95,000 78,475 65,131 464,522 462,122 894,954 1,273,735 1,379,476 1,443,220

Total 384,452 $ 446,611 $ 344,514 $ 1,656,730 $ 15,286,649 $ 10,382,742 $ 2,195,974 $ 3,636,236 $ 6,664,344 $ 2,780,364 $

Debt service coverage 6.20 7.80 9.55 3.63 1.77 2.33 15.81 12.39 7.37 19.99



Debt Outstanding and Debt Service Coverage


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Table 5

Debt toTotal Capital Capital Asset Total Debt to

Fiscal Year Debt Assets Ratio Units Unit

2006 2,384,103 $ 82,535,596 $ 2.89% 3,126 762.67 $ 2007 3,484,040 89,917,876 3.87% 3,382 1,030.17 2008 3,288,450 85,583,486 3.84% 3,481 944.69 2009 2,020,216 89,814,445 2.25% 3,721 542.92 2010 27,077,063 112,945,414 23.97% 5,739 4,718.08 2011 24,227,697 124,250,090 19.50% 5,613 4,316.35 2012 34,720,720 122,533,348 28.34% 5,983 5,803.23 2013 45,068,696 166,394,556 27.09% 5,957 7,565.67 2014 49,085,839 176,574,245 27.80% 6,041 8,125.45 2015 55,590,130 183,778,237 30.25% 6,041 9,202.14



Debt Ratios


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Schedules of Demographic and Economic Information

Table 6


Demographic ReportEmployee Demographics - All Programs - All Employees

As of March 31, 2015

Categories Number Percent Categories Number Percent

Less than 3 years 39 21% Asian 1 1%3 to 5 years 44 24% Black 128 69%6 to 9 years 35 19% Hispanic 15 8%10 to 19 years 56 30% White 40 22%20 to 29 years 9 5%30 to 39 years 1 1%

Total 184 100% Total 184 100%

Categories Number Percent Categories Number Percent

18 to 29 years 2 1% Female 114 62%30 to 39 years 46 25% Male 70 38%40 to 49 years 53 28%50 to 59 years 56 31%60 years and over 27 15%

Total 184 100% Total 184 100%


Seniority of Employees Racial Composition

Age Composition Gender

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Table 7

Total

Personal Per Capita Unemployment

Year Population Income Income Rate

2005 791,473 20,127,796,478 $ 25,431 $ 5.0%

2006 815,218 20,933,932,894 25,679 4.3%

2007 842,674 21,657,699,496 25,701 4.5%

2008 869,954 21,920,959,643 25,198 6.1%

2009 893,892 22,365,015,000 25,020 11.5%

2010 919,628 23,046,007,500 25,060 11.2%

2011 938,020 23,109,445,000 24,636 11.1%

2012 966,160 22,605,735,000 23,398 9.9%

2013 999,060 22,270,607,500 22,292 9.4%

2014 1,027,034 23,708,977,500 23,085 6.8%

Source: Mecklenburg County CAFR, FY 06/30/14(1) Current year data is unavailable at the time of the preparation of the CAFR.


Demographic Statistics for Mecklenburg County, North Carolina

Last Ten Years

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Table 8

Employer Employees Rank Employees Rank

Carolinas HealthCare System 32,500 1 6.97 % 17,665 2 4.32 %

Wells Fargo 22,000 2 4.72 19,181 1 4.69

Charlotte-Mecklenburg Schools 18,143 3 3.89 - - -

Wal-Mart Stores, Inc. 16,100 4 3.45 8,140 6 1.99

Bank of America Corporation 15,000 5 3.22 13,000 3 3.18

Lowe's Companies 12,960 6 2.78 4,062 12 0.93

Presbyterian Healthcare/Novant Health 11,000 7 2.36 6,850 8 1.68

American Airlines 10,600 8 2.27 5,749 9.00 1.41

Harris Teeter 8,239 9 1.77 - - -

Duke Energy Corporation 7,800 10 1.67 9,000 4 2.20

State of North Carolina 7,684 11 1.65 - - -

Food Lion, Inc. 6,900 12 1.48 8,658 5 2.12

City of Charlotte 6,000 13 1.29 - - -

U.S. Government 4,800 14 1.15 - - -

Source: Mecklenburg County CAFR, FY 06/30/14(1) Current year data is unavailable at the time of the preparation of the CAFR.

Percentage of

Total County

Employment

Percentage of

Total County

Employment


Principal Employers for Mecklenburg County, North Carolina

Current Year and Nine Years Ago (1)

2014 2005

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Schedules of Operating Information

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Table 9

Low-Income Public Housing SitesAMP Const. Bedroom Composition Non-Dwell.No. Development Address Date Zero One Two Three Four Five Total Units

3 SOUTHSIDE HOMES GRIFFITH STREET 1952 - 65 220 85 10 - 380 14

5 FIRST WARD PLACE EAST 7TH STREET 1999 - 8 68 43 12 1 132 -

6 EDWIN TOWERS WEST 10TH STREET 1967 63 95 17 - - - 175 -

9 ARBOR GLEN 50 CLANTON ROAD 1970 - 4 6 13 2 - 25 4

10 ARBOR GLEN I SPRING FOREST DRIVE 2002 - 42 12 6 - 60 -

12 DILLEHAY COURTS NORTH PINE STREET 1974 - 12 67 48 8 135 1

16 LEAFCREST LEAFCREST LANE 1979 - 4 16 24 4 - 48 -

16 CEDAR KNOLL GREEN NEEDLES COURT 1979 - 5 14 25 5 - 49 -

16 MALLARD RIDGE AXMINISTER COURT 1982 - 6 12 12 5 - 35 -

18 CHARLOTTETOWN TERRACE BAXTER STREET 1977 125 36 - - - 161 19

20 TALL OAKS (29@Frazier; 50@Cherry) BALDWIN AVENUE 1985 - 14 26 25 13 - 78 -

20 SAVANNA WOODS LEASIDE LANE 1983 - 9 17 17 6 - 49 -

20 TARLTON HILLS FRAZIER AVENUE 1985 - 2 8 8 3 - 21 1

22 AUTUMN PLACE NORTH DAVIDSON STREET 1997 - 65 3 - - - 68 -

25 MEADOW OAKS FLORENCE AVENUE 1979 - 2 12 16 2 - 32 -

25 GLADEDALE OLDE PROVIDENCE ROAD 1983 - 9 18 16 6 - 49 -

25 WALLACE WOODS WALLACE WOOD 1989 - - 12 35 - - 47 1

28 SUNRIDGE SUNRIDGE LANE 1979 - 4 14 22 4 - 44 -

28 ROBINSDALE MARGIE ANN DRIVE 1985 - - 9 20 - - 29 1

30 PARK AT OAKLAWN STROUD PARK COURT 2003 - - 46 39 4 - 89 -

31 RIVERMERE DUNN COMMONS PARKWAY 2004 - - 12 8 - - 20 -

32 ARBOR GLEN II CLANTON DRIVE 2004 - - 27 13 - - 40 -

33 NIA POINT MAYFIELD TERRACE DRIVE 2006 - - 16 13 - - 29 -

35 ARBOR GLEN III CARONIA STREET 2005 - - 8 4 - - 12 -

37 MCADEN PARK SEIGLE AVENUE 2006 - 3 18 9 - - 30 -

38 STONEHAVEN EAST FERNWOOD DRIVE 2005 - 6 16 2 - - 24 -

39 MONTGOMERY GARDENS MONTGOMERY GARDENS DRIVE 2006 - - 14 6 - - 20 -

40 PROSPERITY CREEK PROSPERITY CHURCH ROAD 2007 - 72 - - - - 72 -

41 SOUTH OAK CROSSING KINGS RIDGE DRIVE 2008 - - 10 10 - - 20 -

42 SPRINGFIELD GARDENS SPRINGFIELD GARDEN DRIVE 2007 - - 11 11 - - 22 -

44 940 BREVARD BREVARD STREET 2008 - 40 - - - - 40 -

45 SEIGLE POINT APT HOMES SEIGLE AVENUE 2008 - 6 42 54 - - 102 -

46 SPRINGCROFT AT ASHLEY PARK ASHLEY PARK 2008 - 18 - - - - 18 -

48 MCALPINE TERRACE PINEBURR ROAD 1990 - 26 - - - - 26 -

49 GLEN COVE APARTMENTS PINEBURR ROAD 1990 - - 5 5 - - 10 -

50 FAIRMARKET SQUARE FAIRMARKET PLACE 1990 - - 8 8 - - 16 -

51 MCCREESH PLACE NORTH DAVIDSON STREET 2003 - 63 - - - - 63 -

52 SENECA WOODS SENECA PLACE 1990 - - 8 9 - - 17 -

53 ASHLEY SQUARE AT SOUTH PARK ASHLEY SQUARE 2010 - - 22 - - - 22 -

54 HAMPTON CRESTE NORTH WENDOVER ROAD 1965 - 8 44 8 - - 60 -

55 MOORE PLACE LUCENA STREET 2011 - 34 - - - - 34 -

56 STEELE CREEK SENIORS BRANCH BEND LANE 2011 - 60 - - - - 60 -

57 WOODLAWN HOUSE E WOODLAWN ROAD 2009 - 34 18 - - - 52 -

58 STRAWN COTTAGES SOUTH CALDWELL STREET 1971 82 40 - - - - 122 -

59 MCMULLEN WOODS WALSH BOULEVARD 1992 - - 11 10 - - 21 -

60 THE RETREATS AT RENAISSANCE BROOKSVALE STREET 2013 - 70 - - - - 70 -

61 HALL HOUSE NORTH TRYON STREET 1983 60 130 1 - - - 191 -

62 CLAREMONT COLISEUM DRIVE 1984 - 10 20 14 5 - 49 1

62 VICTORIA SQUARE CLARKSON STREET 1984 - 4 14 9 4 - 31 1

64 STRAWN TOWER SOUTH CALDWELL STREET 1971 120 50 - - - - 170 -

65 PARKTOWNE TERRACE PARK ROAD 1978 131 32 - - - - 163 -

Totals 581 1,076 867 666 133 9 3,332 43

Note: Non-dwelling units that are included in the ACC unit count have been included in the unit distribution and unit totals.


Property Listing and ACC Unit Composition


Table 10


Property Listing and Dwelling Unit Composition

Horizon Development Properties, Inc

Acquisition Breakdown of UnitsSite # Development Address Date Public Housing Tax Credits PB Section 8 Market Rate Off-Line Totals

85 GROVE PLACE WT HARRIS BOULEVARD 1989 - - - 36 - 36

86 OAK VALLEY McRAE STREET 1989 - - - 50 - 50

87 VALLEY VIEW HICKORY VALLEY COURT 1989 - - - 49 1 50

9 ARBOR GLEN 50 CLANTON ROAD 2005 25 25 - - 4 54

52 SENECA WOODS SENECA PLACE 2006 17 32 - - 1 50

48 MCALPINE TERRACE PINEBURR ROAD 2006 26 - - 87 - 113

50 FAIRMARKET SQUARE FAIRMARKET PLACE 2008 16 - - 44 - 60

54 HAMPTON CRESTE NORTH WENDOVER ROAD 2009 60 - - 153 - 213

MILL POND LAUREL MILL ROAD 2008 - - 51 117 - 168

59 MCMULLEN WOOD WALSH BLVD 2010 21 - - 34 - 55

57 WOODLAWN HOUSE E WOODLAWN ROAD 2009 52 - 52 - - 104

49 GLEN COVE APARTMENTS PINEBURR ROAD 2006 10 - - 40 - 50

Stock Totals 227 57 103 610 6 1,003

Investment in Joint Venture Properties

Construction Breakdown of UnitsSite # Development Address Date Public Housing Tax Credits PB Section 8 Market Rate Totals

9 ARBOR GLEN I (NEW DALTON) SPRING FOREST DRIVE 2002 60 84 - - 144

32 ARBOR GLEN II CLANTON DRIVE 2004 40 51 - - 91

35 ARBOR GLEN III CARONIA STREET 2005 12 11 - - 23

53 ASHLEY SQUARE AT SOUTH PARK ASHLEY SQUARE 2010 22 - 14 140 176

5 FIRST WARD PLACE EAST 7TH STREET 1999 132 58 - 92 282

LITTLE ROCK (LR CHARLOTTE LP) LEAKE STREET 1970 - - 240 2 242

37 MCADEN PARK (SEIGLE 60) SEIGLE AVENUE 2006 30 - 30 - 60

39 MONTGOMERY GARDENS MONTGOMERY GARDENS DRI 2006 20 56 - - 76

33 NIA POINT (MAYFIELD TERRACE) MAYFIELD TERRACE DRIVE 2006 29 52 - - 81

44 940 BREVARD BREVARD STREET 2008 40 - 60 - 100

30 PARK AT OAKLAWN (FAIRVIEW MULTIFAMILY) STROUD PARK COURT 2003 89 89 - - 178

65 PARKTOWNE TERRACE (STRAWN PARKTOWNE) FAIRVIEW ROAD 2012 163 - - - 163

40 PROSPERITY CREEK SENIORS PROSPERITY CHURCH ROAD 2007 72 - 84 12 168

60 THE RETREAT AT RENAISSANCE (NEW BOULEVARDNEW RENAISSANCE WAY 2013 70 20 20 - 110

31 RIVERMERE ( ROCKY BRANCH) DUNN COMMONS PARKWAY 2004 20 80 - 92 192

45 SEIGLE POINT APARTMENTS SEIGLE AVENUE 2008 102 84 18 - 204

41 SOUTH OAK CROSSING KINGS RIDGE DRIVE 2008 20 80 - 92 192

46 SPRINGCROFT AT ASHLEY PARK ASHLEY PARK 2008 18 14 18 - 50

42 SPRINGFIELD GARDENS SPRINGFIELD GARDEN DRIVE 2007 22 64 - - 86

38 STONEHAVEN EAST FERNWOOD DRIVE 2005 24 - 48 168 240

64 STRAWN TOWER (STRAWN PARKTOWNE) S.CALDWELL ST 2012 170 - - - 170

56 STEELE CREEK SENIORS BRANCH BEND LANE 2011 60 - 60 - 120

Stock Totals 1,215 743 592 598 3,148


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Table 11Housing Authority of the City of Charlotte

Demographic ReportPublic Housing Waiting List Demographics


Head ofCategories Household Percent Categories Total Percent

Elderly 248 7% White 198 8%Near Elderly 306 12% Black 2,367 89%Disabled 789 15% American Indian 11 0%Domestic Violence 46 2% Unknown 82 3%Homeless 291 6% Asian 11 0%Non-Single 989 58%

Total 2,669 100% Total 2,669 100%

Categories Total Percent

Unknown 419 16%Disabled 712 27%Elderly 296 11%Family 1,242 46%

Total 2,669 100%


By Preference Racial Composition

Household Composition

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Table 12Housing Authority of the City of Charlotte

Demographic ReportHousing Choice Voucher Waiting List Demographics


Head of Head ofCategories Household Percent Categories Household Percent

Elderly 1 0% White 1,241 4%Domestic Violence 1,230 4% Black 28,876 91%Family 21,282 67% American Indian 104 1%Near Elderly 4,203 13% Unknown 1,375 4%Disabled 2 0% Asian 57 0%Supportive Services 4,970 16% Other 15 0%

Total 31,688 100% Total 31,668 100%

Categories Total Percent

Single 5,466 17%Disabled 5,871 19%Family 18,708 59%Elderly 1,623 5%

Total 31,668 100%


By Preference Racial Composition

Household Composition

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Single Audit Section

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Schedule of Expenditures of Federal Awards

FederalCFDA # Expenditures

U. S. Department of Housing and Urban DevelopmentRevitalization of Severely Distressed Public Housing (HOPE VI) 14.866 1,791,654 $

Resident Opportunity and Supportive Services 14.870 373,391

Moving To Work Demonstration Program 14.881 57,997,366

Capital Fund Program 14.872 1,931,644

Housing Choice Voucher Cluster

Housing Choice Vouchers 14.871 1,447,448

Family Unification Program 14.880 1,507,796 Total Housing Choice Voucher Cluster 2,955,244

Total Federal Awards 65,049,299 $

See Note to Schedule of Expenditures of Federal Awards.



Note to Schedule of Expenditures of Federal Awards

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Note 1 – Basis of Presentation

The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of The City of Charlotte and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.

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Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements

Performed in Accordance with Government Auditing Standards


We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, the major funds and aggregate remaining fund information of the Housing Authority of the City of Charlotte, North Carolina (the “Authority”), as of and for the year ended March 31, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements, and have issued our report thereon August 5, 2015.

Internal Control over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Authority’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Authority’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control, that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Authority’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

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Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Authority’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.


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Independent Auditor's Report on Compliance for Each Major Program and on Internal Control Over Compliance

Required by OMB Circular A-133


Report on Compliance for Each Major Federal Program

We have audited the Housing Authority of the City of Charlotte, North Carolina (the “Authority”)’s compliance with the types of compliance requirements described in the Office of Management and Budget (OMB) Circular A-133 Compliance Supplement that could have a direct and material effect on each of the Authority’s major federal programs for the year ended March 31, 2015. The Authority’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the Authority’s major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the Authority’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Authority’s compliance.

Opinion on Each Major Federal Program

In our opinion, the Authority complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended March 31, 2015.

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Report on Internal Control over Compliance

Management of the Authority is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Authority’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose.


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I. Summary of Auditor's Results

Financial Statements

Type of auditor's report issued: Unmodified

Internal control over financial reporting:• Material weakness(es) identified? Yes X No• Significant deficiency(ies) identified that are

not considered to be material weakness(es)? Yes X None ReportedNoncompliance material to financial statements noted? Yes X No

Federal Awards

Internal control over major programs:• Material weakness(es) identified? Yes X No• Significant deficiency(ies) identified that are

not considered to be material weakness(es)? Yes X None Reported

Type of auditor's report issued on compliance for major programs: Unmodified

Any audit findings disclosed that are required to bereported in accordance with section 510(a) ofCircular A-133? Yes X No

Identification of major programs:

CFDA Number(s)14.881 Moving to Work Demonstration program14.871 Housing Choice Vouchers14.880 Family Unification Program

Dollar threshold used to distinguish between type A and type B programs 1,951,479 $

Auditee qualified as low risk auditee? X Yes No


Schedule of Findings and Questioned CostsYear Ended March 31, 2015

Name of Federal Program or Cluster

(Continued)

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II. Financial Statement Findings

None

III. Findings and Questioned Costs for Federal Awards

None

Schedule of Findings and Questioned Costs (Continued)Year Ended March 31, 2015

Housing Authority of The City of Charlotte

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Summary Schedule of Prior Audit FindingsYear Ended March 31, 2014

None

housing authority of the city of charlotte financial march 3… · basic financial statements ......

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