Chicago Housing Authority passes 2012 budget
The Chicago Housing Authority passed an $881 million budget on Tuesday.
The 2012 budget is slightly up from last year. But the public housing agency continues to cope with cuts from Washington, D.C.
Officials said the Chicago Housing Authority has faced $91 million in unrealized federal funding over several years. CHA is in the midst of a multi-year, massive overhaul of its housing stock. Next year, the agency plans to rehab or redevelop 200 fewer units than this year.
"We are aware of what the tenor coming out of Congress is for a number of years so we plan accordingly to make sure we minimize the impact here in Chicago," said Kellie O’Connell-Miller, a spokeswoman for CHA.
She said the reduction isn't in one fell swoop.
"The immediate impact is minimal because we do have carryover funding from 2011. Over the next couple of years we’ll continue to advocate for fully funding CHA’s operations to better serve the low-income Chicagoans in the city," O'Connell-Miller said.
O’Connell-Miller said CHA was able to pull from different funding streams to fill financial gaps.
Standard & Poor’s has taken notice of the federal climate. This month it reduced CHA’s bond rating from AA to AA-. One of the reasons cited was due to reduced appropriations of capital fund program money from Congress.