NRHA Board of Commissioners Approve $95.3 Million Budget for FY 2012

For More Information: 

LaRhesa Christmas
lchristmas@nrha.us
757.314.1682

For Immediate Release
Release Date: 
Wed, 06/08/2011

Norfolk Redevelopment & Housing Authority’s (NRHA) Board of Commissioners approved today a $95.3 million consolidated operating and capital budget for FY 2012, an $8.2 million (7.9%) decrease from the FY 2011 budget of $103 million.

The decrease is attributed to the completion of Federal stimulus funded activities from prior years, the stalled housing market, slower than anticipated economic recovery and diminished local and federal revenue sources.

The authority will reduce expenses and generate new, recurring funding by:

• Implementing retirement incentive programs to employees who qualify for full, unreduced service retirement. Nineteen employees elected to retire under two incentive programs, both of which had a June 6 deadline. These were one-time offers.
• Restructuring efforts that include a review of programs, services and positions.
• Pursuing new grant opportunities and partnerships to provide continued support for programs and services.

A public hearing on NRHA’s budget was held May 25 at Ruffner Middle School.

The budget is available at here.
 

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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