FINANCIAL STATEMENT OVERVIEW
(The Fund), we acquired interests in Alpha Towers, a 165-unit property located in Toledo Ohio. NHPF has nearly completed the rehabilitation of Hollybush Gardens, 252 units in Glassboro, NJ and is also nearing completion of the renovation of Plaza Borinquen, 88 units in the Bronx, NY. Already in 2015, NHPF has acquired Parkchester Apartments, a 94-unit building in Washington, DC and signed a deal to acquire and rehabilitate 95 units in Maryland and, through The Fund, purchased a 92-unit property, Lancaster Club, located in Lancaster, OH. Through our Affiliate Program, we have entered into an agreement with a local nonprofit to be co-developer of a 9% LIHTC, new construction, affordable apartment complex in Chicago, Illinois. NHPF has also entered into a new workforce housing joint venture with Urban Atlantic and has closed a $10 million revolving line of credit with the Low Income Investment Fund to initiate the activities of the joint venture. This joint venture will focus on acquiring multi- family properties where the majority of tenants earn up to 80% of the Area Median Income. We continue to aggressively seek new opportunities to rehabilitate and preserve affordable housing and currently have several exciting prospects, some located in Washington DC, Texas, Tennessee and Connecticut. Operation Pathways, NHPF’s resident services program, continues as strong as ever, offering programs in health and wellness, education and financial literacy among many others. While these programs receive generous support from many funders, it is important to note that NHPF contributed $838,000 to fund resident services programs during 2014. We remain committed to the continued success of the program and to helping our many residents achieve a full and rewarding life.
NHPF’S AUDITED FINANCIAL STATEMENTS are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). NHPF had a strong 2014, ending the year with total assets of $291 million including cash and cash equivalents of nearly $19.2 million. NHPF ended the year with net income of approximately $3.3 million (excluding a net loss of $6.2M attributable to non-controlling interests). NHPF’s real estate portfolio performed extremely well in 2014, ending the year with an occupancy rate of 95.7% and has continued to be strong in 2015 with an occupancy rate at the end of April 2015 of 96.6%. Our asset management team continues its aggressive oversight of the companies that manage our properties. We have continued our efforts to evaluate energy and water use at all our properties. NHPF has taken measures to reduce water consumption at 7 of our properties, representing about 1,700 units. Based on initial results, NHPF anticipates that water saving measures at just these 7 properties will cut water consumption by 70 million gallons annually. NHPF recently completed a major rehabilitation of a 200-unit property that has resulted in a 30% decrease in gas usage, a 42% decrease in water usage and a 27% decrease in electricity usage. Additionally a 94-unit new development in Washington DC achieved the Enterprise Green Communities Certification. We believe green is good. NHPF continues to focus its efforts on creating, rehabilitating and preserving multi-family affordable housing. During 2014 we acquired Cleme Manor, a 284-unit affordable housing property located in Houston Texas. Through The NHP Foundation-Urban Atlantic Fund I, our joint venture with a major bank and Urban Atlantic
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NHPF F I SCAL YEAR 20 1 4 ANNUAL REPORT
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