Dec. 12, 2012 — According to State Auditor Adam Edelen’s new website spotlighting special districts in Kentucky, the Olive Hill Housing Authority has not been responsive to inquiries about its finances.
Paul Hensley, the authority’s director, cited oversight from the U.S. Department of Housing and Urban Development (HUD) as the reason that his organization did not submit financial data.
“HUD monitors everything we do and requires annual audits of our finances,” he added. “We have no taxing authority and receive no support from local government.”
When asked about state of the authority’s finances, Hensley stated that the economic downturn has impacted the amount of subsidy funds that HUD has been providing to local housing agencies.
“For the most part, we didn’t get funds from HUD last year because we had too much money in the bank,” Hensley said. “With all the budget cutbacks, HUD decided to hold off on subsidies to those of us with enough money on hand to cover operating expenses.”
The housing authority was awarded a HUD capital funds grant of $27,000 for purposes of modernization but no operating funds.
According to Hensley, OHHA’s expenses last year totaled $291,818 and the organization had revenues of $101,153, derived mostly from rent income.
The housing authority is supervised by a board consisting of Patty Frasier, Jane Qualls, Eldon Littleton and Mary Jordan.
The Journal-Times is examining all seven special districts in Carter County in a series of weekly articles. Featured next week will be the Cooperative Extension District.
Joe Lewis can be reached at email@example.com or by telephone at 286-4201.