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NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
MEMORANDUM
DATE: December 10, 2025
TO: Board of Commissioners
FROM: Lysandra M. Shaw, Executive Director ger
SUBJECT: Public Housing and Central Office Cost Center Budgets
Attached for your review and approval are the public housing budgets and Central
Office Cost Center (COCC) budget. The budgets are based on an estimated 98.78% of
our eligible subsidy from HUD, consistent with the proration available to the Authority for
2025.
REVENUE
The projected total housing revenue for the year is $7,346,577, an estimated overall
decrease of $92,302 from last year. The projected net operating subsidy of $4,240,963
makes up the bulk of our total revenue and is down $441,344 from last year, due to the
demolition of 88 housing units at Marshall Courts and we received the final installment
of the Asset Repositioning Fee for Ridley Place in 2025. The net rental revenue
collected from tenants projected for this fiscal year is $2,435,342. This is overall,
$390,778 more than last year due to more accurate rent forecasting utilizing our current
average rents rolls, which is based on current household income. All properties are
projected to have occupancy rates of 97-99%.
Projected investment income is up significantly due to increased earnings on the
VML/VACO Net Asset Value Stable Fund Investments. The current dividend rate
averages around 4.09%.
The total revenue for all Asset Managed Projects (AMPs) is $7,346,577. This is less
than CY25 ($92,302 or 1.2%) mainly because the Authority removed 88 public housing
units from inventory.
OPERATING COSTS
The total estimated operating expense of our public housing properties is $6,853,562
which is an increase of $332,302 over last year鈥檚 budget. We continue to experience
increases in the purchase of all goods and services.
Expenses for utilities for public housing properties are projected to increase overall by
$184,000 which is 10.02% more than last year. This increase is due to increases inJump to an indexed page (66 of 66)