CHA earns prestigious financial reporting award from Government Finance Officers Association

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By CHA -

CHA responsibly allocated excess reserve to support construction, rehab and acquisition of housing

CHICAGO (Oct. 23, 2017): – (RealEstateRama) — The Chicago Housing Authority (CHA) announced today that it has been awarded the prestigious Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association (GFOA) in recognition of outstanding accounting and financial reporting and management.

The Certificate of Achievement is the highest form of recognition in the area of government accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

The recognition is based on CHA preparing an award-winning Comprehensive Annual Financial Report (CAFR) and demonstrates CHA’s commitment to transparency in financial reporting.

“We are extremely pleased to receive this recognition by the GFOA for outstanding accounting and financial reporting and management,” said CHA CEO Eugene Jones, Jr. “This is a testament to the hard work from our entire CHA team as we forge ahead to further strengthen the Chicago Housing Authority.”

The CAFR details how CHA used public resources to accomplish its goals, build communities and enhance the lives of Chicagoans everywhere.

“The CAFR has been judged by an impartial panel to meet the high standards of the program, which includes demonstrating a constructive ‘spirit of full disclosure’ to clearly communicate its financial story and motivate potential users and user groups to read the CAFR,” the GFOA said in a statement.

Beyond the transparency in financial reporting, CHA has also demonstrated its commitment to sound fiscal management. The Authority has spent down its excess reserves by $77 million in 2017, and all of the excess reserves will be expended by Dec. 31, 2017.

CHA will continue fostering important partnerships that help build strong, vibrant communities, ensuring even more opportunities for housing, economic prosperity and family security throughout Chicago.

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Press contacts:

Office of Communications – Chicago Housing Authority
Molly Sullivan: (312) 786-3344; msullivan (at) thecha (dot) org
Matthew Aguilar: (312) 935-2646; maguilar (at) thecha (dot) org

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The Chicago Housing Authority provides homes to more than 50,000 families and individuals, while supporting healthy communities in neighborhoods throughout the city. CHA has utilized the flexibility of the Moving To Work agreement to test innovative, locally-designed strategies that use federal dollars to more efficiently help residents become self-sufficient and to increase housing choices for low-income families. As a result, CHA families are more successful than ever before. In 2000, 15% of work-eligible heads-of-household were employed. Now more than 58% are employed. Also, the annual income of employed heads-of-household has doubled to more than $19,000 a year.

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