It is with great pleasure that I, once again, report on the financial status of the Hoboken Housing Authority. Our executive director, Carmelo Garcia, has worked tirelessly to lead our agency, its management team and finance dept. to bring the HHA to a place of excellence with our financials & asset portfolio.
Last year, I was able to report that we were stabilizing our costs and the audit showcased this while HUD was still cutting our funding and we were feeling the pain. Now I am happy to report that our asset management model has been implemented effectively to reduce costs and increase revenues through efficiency and the creation of additional revenue streams. We continue to allocate our funds correctly and are repositioning our assets during a time when HUD is continuing to cut our funding; the agency audit acknowledges that our plans on investing funds to provide a better quality of life were spent fittingly and proficiently.
We have been working to execute our goal of having 100 percent occupancy. We are happy to report we are currently at 97 percent occupancy, and all units that are off line are currently being renovated and should be rented in the coming months therefore providing the low to moderate income families and our elderly/disabled residents with housing.
The authority has managed to reduce its administrative costs by nearly $300,000 and increase its revenue by more than $600,000 to make our properties sustainable.
Our HUD required annual audit was performed by the firm of Hymanson, Parness and Giampaolo. The findings were that there was nothing to improve upon, not even one recommendation other than staying the course.
Throughout the year, we have used our capital funds to upgrade mechanical systems, replace elevators, lighting, add security cameras, recondition units, hallways, replace kitchens and build entirely new parks. Our residents are enjoying upgraded facilities in a time when other agencies are struggling simply to stay afloat.
With new managers in place, an effective staff and our action driven visionary leader Executive Director Garcia, I am confident that we will be able to keep to this new standard of financial excellence and continue to help the residents in our community who need us most.
Chairwoman, Hoboken Housing Authority