BUFFALO, N.Y. (WKBW) — The Buffalo Municipal Housing Authority is projecting a bright financial future, thanks to higher rents and increased public housing subsidies from Washington.
The BMHA's Four-Year Plan, which was presented to its board of commissioners Thursday, projects cash flow to increase by 237 percent - from $587,270 budgeted for this fiscal year to almost $2 million by June 2023.
Revenues are projected to increase to $50.3 million in that time, a nearly six percent jump. That would outpace expenses, which are expected to rise three percent over the same period.
The authority says it will bring in more revenue, in part, by increasing the rent of residents as their personal incomes rise.
The BMHA, which operates approximately 30 properties across the city, ended the 2018-19 fiscal year with a surplus of $4.1 million.