Irvington Housing Authority (IHA), NJ

Challenge: 

In 2023, HUD placed IHA under federal receivership due to chronic financial mismanagement, noncompliance with HUD standards, and operational breakdowns. 

Solution: 

IBS was engaged as the contracted management agent. We implemented immediate financial triage, subsidy recalculations, compliance restoration, and capacity building. 

Key actions included: 

• Monthly financial statement preparation and internal control reestablishment 
• Section 8 and Public Housing program compliance 
• PIC/EIV data cleanup 
• Board and community engagement strategy 

Impact:  

• On-track to return to local control by 2025 
• Dramatically improved financial transparency 
• Clean audit submissions and restored HUD confidence