|Notice of Funding Decrease|
Dear Friends of the Grundy County Housing Authority:
On February 27, 2013, we were notified by the United States Department of Housing and Urban Development it will lower
our operating subsidy to an "unprecedented" 19% below what HUD has calculated local public housing authorities need to
be well run. As used here, "well run" is a term of art used by HUD in to describe 100% of the amount necessary to
effectively operate our public housing program. This disturbing news is exacerbated by two things:
We are evaluating the effect this reduction in funding will have on our ability to provide safe, decent, affordable homes in Grundy County, and will keep you posted with additional information as it becomes available. You will find copies of the correspondence we received below.
Very truly yours,
T. Brent Newman, C.E.O.