HB5551 Summary

• Requires housing authorities in municipalities with fewer than 1,000,000 inhabitants to present detailed financial statements in their annual reports showing expenditures and disbursements for each housing project.

• Housing authorities in municipalities with more than 1,000,000 inhabitants must compile required information under federal Department of Housing and Urban Development regulations and make it available to the public upon request.

• Removes requirement that housing authorities submit financial statements to city councils within 3 months after the close of their fiscal year.

• Modifies public access procedures for housing authority annual reports to comply with the federal Freedom of Information Act.

• Repeals Section 8.11 of the Housing Authorities Act and becomes effective immediately upon passage.