AGENCY FINANCIAL REPORT FISCAL YEAR 2011
ABOUT THIS REPORT
The Department of Housing and Urban Development (HUD) has chosen to produce both an Agency Financial Report (AFR) and an Annual Performance Report (APR). HUD will include its Fiscal Year (FY) 2011 APR with its Congressional Budget Justification and will post it on the Department's website by February 2012. This AFR provides financial and summary performance information to the President, the Congress, and the American people. The report allows readers to assess HUD's performance relative to its mission, priority goals and objectives, and stewardship of pubic resources. The AFR is divided into three sections:
- Section I: Management Discussion and Analysis (MDA)
- Section II: Financial Information
- Section III: Other Accompanying Information
- Appendix: Acronyms
I am honored to present the U.S. Department of Housing and Urban Development's Agency Financial Report for Fiscal Year 2011. This report is an alternative to the Performance and Accountability Report, in accordance with OMB Circular
A-136, Financial Reporting Requirements. It describes HUD's financial results for the fiscal year and performance results as of the 3rd quarter. During FY 2011, we continued the fight to restore financial stability and economic opportunity, focusing on helping families and neighborhoods recover from the economic crisis, while pursuing innovative ways to ensure that every family and community can be a part of winning the future.
In HUD's Strategic Plan for FY 2010-2015, our mission to create strong, sustainable, inclusive communities and quality, affordable homes for all is reflected in our five strategic goals, as explained later in this report. Beginning in FY 2010, we identified and designated four Priority Goals that are essential to achieving this mission. These are generally 2-year goals, and our results through June 30, 2011, include:
- Assisting over 2.4 million homeowners at risk of losing their homes due to foreclosure.
- Serving 5.38 million families to meet the growing need for affordable rental homes.
- Reducing the number of homeless veterans by almost 20,000 with our partners at the Department of Veterans Affairs.
- Completing the cost-effective energy and green retrofits of more than 145,000 public, assisted, and other HUD-supported affordable homes. Read more...