NRHA Board Approves $90.2 Million Budget for FY14

For More Information: 

Jenn White jewhite@nrha.us 757.314.2009

For Immediate Release
Release Date: 
Mon, 06/10/2013

Norfolk Redevelopment and Housing Authority Board of Commissioners approved a $90.2 million capital and operating budget for FY2014. Adopted following a June 4 public hearing, the budget represents a one percent increase over FY2012. The budget reflects declining federal funding levels and strict cost containment measures.

The budget was “the result of significant deliberations and difficult choices by the board and senior management that better positions NRHA for long-term financial sustainability,” said Board Chairman W. Sheppard Miller III.

“The current model to use NRHA reserve funds to fill the funding gap is not a sustainable option for the organization” noted Chairman Miller, “Demand for our programs and services continue to grow while funding declines.”

Miller noted that, “NRHA’s A+ credit rating from Standards & Poor’s and high remarks from a groundbreaking study by the William and Mary Mason School of Business demonstrate that the authority provides a very high return on public investment.”

The budget specifies that NRHA will:

• Develop and implement a transition plan for the entire housing division
• Continue to provide a full range of development and housing programs to Norfolk citizens and neighborhoods;
• Eliminate 12 full-time positions (3 filled, 9 unfilled);
• Use $4.3 million from operating reserve accounts to close funding gaps created by reductions in federal financial support.
NRHA’s FY2014 budget funds programs from July 1, 2013, through June 30, 2014.

Additional information of NRHA’s budget can be found at: http://www.nrha.us/nrha/aboutnrha/budget

About NRHA: 

Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA plays a key role in making Norfolk the city of choice to build, work, live and play.

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