Financial Performance

The year 2012, was a very successful year for the Housing Authority of the Town of Greenwich (HATG). Here are some highlights:

High Performer

For the sixth year in a row HATG was awarded High Performer status by HUD; only eight housing authorities in the State are ranked High Performers. HATG was named high performer for the second year in a row for the Section 8 Management Assessment Program.

Residents

HATG provides housing for approximately 2,600 residents of this Town in safe, healthy apartments fully serviced by maintenance staff at affordable rents which are regulated and established by State and Federal Authorities.

No Town Budget Support

The Town provides no budget support to HATG; operations of HATG are completely self-sufficient. The Town has deeded or leased land to HATG which is critical to our mission, and once (Parsonage Cottage) the town made a market-rate loan to HATG.

Financial Results

All residences and programs operated with positive cash flow and HATG realized $1,495,000 of positive cash flow; that means revenue in excess of expenses except for depreciation.

Occupancy Rate

For Residences owned and operated by HATG occupancy was 98%; for Section 8 vouchers budgeted by HUD occupancy rate was 100%. Collection of rent due was 97% in 2012 (despite the distressed economy and high unemployment).

Tenant Satisfaction

As judged by the survey conducted by HUD confidentially and directly with tenants (no participation by HATG), tenant satisfaction with housing and services provided by HATG was rated 9 out of 10, a tribute to our staff and facilities. HATG has sponsored annual back to school and block parties for the residents at most of our developments.

Maintenance

Our Maintenance Department does a superb job and performs general maintenance at all of our facilities.

Safety

The safety of our residents is paramount. With the support of the Greenwich Police Department, diligent property management and a law abiding population our residences have been free of serious crime. To that end, HATG has installed a state of the art security system at Wilbur peck court and Agnes Morley which are accessible by the Greenwich Police Department.

Capital Improvements

In 2012 HATG managed more than $3,000,000 of capital improvements at our residences, especially at Wilbur Peck Court, Armstrong Court and Adams Garden.