The financial standing for the Highlands Residential Service and its two low income housing entities.
Executive Director Dow Harris said the organization earned over $240,000 in operating income for July, about $30,000 more than what was budgeted.
“We have been blessed over the years to be in good financial standing with all of our three major entities,” Harris said. “Of course, Highlands Residential Services is the cooperate entity and Walnut Village has been blessed financially certainly and Willow Heights,too.”
Highlands also dissolved its partnership with Willow Heights and Judge O.K. Holiday Homes saving about $23,000. When Willow Heights was established through tax credits, a partnership with a third party investor was required. The 15-year compliance period has since expired.
“We are still paying the partnership, and they are benefiting from a management fee and our insurance is higher on the property,” Harris said. “So, we can basically dissolve the partnership and save the housing authority $23,000 to $25,000 of cash flow.”