NRHA Board Approves FY 2015 Capital and Operating Budget

For More Information: 

Jenn White jewhite@nrha.us 757.314.2009

For Immediate Release
Release Date: 
Mon, 06/30/2014

Norfolk Redevelopment and Housing Authority Board of Commissioners  approved an $84.56 million capital and operating budget for FY 2015, which represents a 6.35 percent reduction from the FY 2014 budget of $91.3 million.

The budget covers neighborhood revitalization initiatives as well as assisted-rental communities and Housing Choice Voucher (HCV) program city-wide.

According to a study by the William and Mary Mason School of Business, NRHA generates $121.5 million annually for the city’s economy, in addition to 1,148 jobs, with an average wage of $46,434. Along with its neighborhood revitalization efforts, NRHA enables over 7,000 Norfolk households to reside in better quality housing than they otherwise could afford. These households included a total of 17,600 people, or 7.25% of Norfolk’s total population.

NRHA Chief Executive Officer, Shurl Montgomery, said the FY 2015 budget “represents NRHA’s commitment to quality affordable housing that is accountable to onsite management, while also supporting our residents with ample educational and workforce training opportunities through our partner organizations.”

NRHA’s FY2015 budget funds programs from July 1, 2014, through June 30, 2015.

Additional information on 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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