DRAFT - 2018 Annual Report

FINANCE/BUDGET
CHA started the year with nearly $154
million in reserves. Through its aggressive
approach to the development of
housing and support for community assets,
in 2016 CHA invested $109 million
of reserve funds in housing and community
anchors in neighborhoods across
the city.
CHA continued to benefit from Rental
Assistance Demonstration program
(RAD), for use in the building and rehab
of Lathrop Homes, Fannie Emanuel and
Caroline Hedger Apartments, among
others. This program will help CHA plan
for the long-term viability of its portfolio
of apartments.
CHA closed out the year with reserves of roughly $77 million, all of which will be expended by the end of 2017,
bringing the reserves to the level that HUD sets for a public agency of this size. Every allocated
dollar has not only been spent, but has leveraged even more investment for better housing and stronger
neighborhoods.
The Authority’s 2016 financial statements have been audited by Ernst & Young LLP, a firm of licensed certified
public accountants. The purpose of the independent audit is to provide reasonable assurance that the financial
statements of the Authority for the fiscal year ended December 31, 2016 are free of any material misstatements.
The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements, assessing the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. The financial statements are included in
the annual Comprehensive Annual Financial Report or CAFR, which includes the HUD-required Financial Data
Schedule (FDS) created to standardize financial information reported by Public Housing Authorities (PHAs).
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CHICAGO HOUSING AUTHORITY | ANNUAL REPORT