The San Diego City Council, which sits as the Housing Authority, recently approved SDHC's budget for Fiscal Year 2008. Here are a few facts about the agency's budget:

• This year's budget totals $231.3 million, with funds from 70 different sources of which 79% are federal, 1% are state, and 20% are locally generated. SDHC does not receive any monies from the City's General Fund.
• 78% of the agency's revenues are "restricted," which means funds are earmarked for specific uses determined by the funding source (e.g., Section 8).
• The agency continues to maintain low overhead, with administrative costs at 7%.
• SDHC continues to face decreased federal funding to operate the agency's Public Housing and Section 8 Rental Assistance programs. As such, the agency is proactively seeking opportunities to increase revenues and reduce expenses. This is reflected in an innovative Public Housing proposal, as well as restructuring the Section 8 Rental Assistance department.
• The agency is increasing its unobligated reserves, which have grown from 1.5% in Fiscal Year 2007 to 2.5% in this fiscal year. Reserves of 5% are ideal.

• Learning Opportunity Centers Youth Testing Program (pictured right), a new system for monitoring academic progress of Public Housing youth
• Aspire Asset-Building Program, a financial fitness and savings match program sponsored by US Bank for Public Housing residents working toward self-sufficiency
• Fairbanks Ridge, an affordable apartment complex that exemplifies the success of San Diego's inclusionary housing program
• Jean C. McKinney Manor, an affordable apartment community for seniors in Encanto
• SDHC's new office building, a model of smart growth

Read the news release.