NHPF Annual Report 2010

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E F F E C T I N G C H A N G E

F I S C A L Y E A R 2 0 1 0 A N N UA L R E P O R T

CHANGE THAT STRENGTHENS . . .

2010 WAS A PIVOTAL YEAR FOR THE NHP FOUNDATION. New staff and board members provided the ideas, insights, and expertise needed to help this seasoned affordable housing organization respond to a shifting economic landscape.

Effecting change meant focusing attention on improving all aspects of our operations. Practically speaking, this meant ensuring that:

• our real estate portfolio performed well • our properties were managed carefully • marketing to future residents was effective • resident services were well-executed

Equally important was the re-balancing of our real estate portfolio. To better concentrate our assets, a few properties were sold while a number of properties were rehabilitated to meet the affordable housing needs of the residents we serve. In the course of 2010, NHPF proved that it could continue to be a vibrant and effective player in the development, rehabilitation, and management of affordable housing for low- to moderate-income families and seniors. We are committed to making changes that will allow us to continue creating and maintaining affordable housing properties that are broadly accessible to low- to moderate-income families and seniors. We invite you to join us in seeking out opportunities to create vibrant communities.

Richard F. Burns Chief Executive Officer

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preservation

CLIPPER COVE, FLORIDA

THE WORK OF THE NHP FOUNDATION (NHPF)

IS ABOUT PRESERVATION.

Whether through development, rehabilitation, or acquisition,

our mission is to provide safe, clean, and affordable housing for

low- to moderate-income families and seniors.

NHPF BELIEVES WHERE YOU LIVE MATTERS!



AT THE START OF 2010, our new CEO, Richard F. Burns, laid out his holistic approach to providing affordable housing. He put emphasis on

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residents, teamwork, accountability, and transparency:

• Residents —because without NHPF’s affordable properties, residents would likely spend more than half their income on housing. •  Teamwork —because it is crucial to creating a new system of delivery. •  Accountability —because it is important that we take full responsibility for our results in order to ensure that we can execute our mission. •  Transparency —because we need openness, accountability, and communication to accomplish our goals.

clients,

teamwork,

accountability,

transparency

FOREST PARK, LOUISIANA

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growth

SHIPS COVE, MASSACHUSETTS

TO EXPLORE AREAS FOR GROWTH, a New Business Development team was formed. With the addition of Neal T. Drobenare, whose career

has centered on real estate development, and Frank P. Cerbini, whose

career includes the preservation and development of affordable housing

nationwide, the search for fresh opportunities began.

In New York, NHPF was named a Qualified Developer, allowing it to

participate in the New York City Housing Preservation and Development

Multifamily Program. In Washington, DC, NHPF formed a partnership with

Vision of Victory Community Development Corporation to serve as a

general partner, co-developer, and co-owner of Alabama Avenue Senior

Housing: a 91-unit new construction high-rise for low-income seniors.

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THE GROVE AT TRINITY MILLS, TEXAS

TO IMPROVE THE OPERATING PERFORMANCE of NHPF’s portfolio, Fred C. Mitchell, whose career includes over 25 years of property and

asset management in all 50 states and Puerto Rico, joined the NHPF

team to begin a significant reorganization of the Foundation’s asset

management. The portfolio was divided into regions and new full-service

property management firms were brought in to manage each region:

Hallkeen in Connecticut and Massachusetts; Latter & Blum in Louisiana;

maximizing

performance,

WASHINGTON DODD APARTMENTS, NEW JERSEY

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The Lynd Company for Texas and Florida; and Village Green for New Jersey,

Pennsylvania, and Missouri. To ensure the stability and scalability of the

new property management, Tax Credit Asset Management (TCAM), a core

asset management and advisory firm, was selected to provide unified asset

monitoring, owner representation, risk mitigation, compliance, and reporting.

This new team approach to asset management has stabilized the operations

and positioned the properties both financially and operationally.

stabilizing

operations

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three major rehabilitation projects underway

ST. LUKE’S PLAZA, MISSOURI

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FOXWOOD MANOR, PENNSYLVANIA

NHPF PROPERTIES are a source of pride and accomplishment. 2010 saw three major rehabilitation projects completed:

FOXWOOD MANOR, IN LEVITTOWN, PENNSYLVANIA, with 304 units, received a full upgrade of its mechanical infrastructure,

significant interior improvements, and five percent of its units were made

accessible to those with disabilities. Total project cost: $35,841,000

ST. LUKE’S PLAZA, IN ST. LOUIS, MISSOURI, with 216 units, began a $24,010,000 historic rehabilitation.

WASHINGTON DODD APARTMENTS IN ORANGE, NEW JERSEY, with 300 units, began a $45,211,000 rehabilitation.

WASHINGTON DODD APARTMENTS, NEW JERSEY

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enriching community through resident services

FOREST PARK, LOUISIANA

TO ENRICH THE LIVES OF THE FAMILIES AND SENIORS we serve with NHPF’s Resident Services Division, Operation Pathways’ 2010

accomplishments include providing programs and services to over 2,000

unduplicated individuals, the grand opening of the new community

and fitness center at the Walnut Square Apartments in New Orleans,

Louisiana, the opening of the new community center at the Magnolia Trace

Apartments in Baton Rouge, Louisiana, and a KaBOOM! playground built at

Forest Park Apartments with the help of 232 community volunteers.

Through lessons learned from the pilot program funded by the Freddie

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Mac Foundation in New Orleans, NHPF expanded its Pathway to Healthy

Living program across all of our sites with initiatives including:

• after-school and adult education

• health and wellness

• financial literacy

Our after-school and teen programs were included in the latest edition

of Creating Opportunities for Families through Resident Services:

A Practitioner’s Manual . The African American Museum of Art in Dallas,

Texas invited our Dallas Metroplex after-school programs to exhibit over

100 pieces of children’s artwork. In Atlantic City, New Jersey, Pathways

implemented its 10th Annual Health Fair for Seniors.

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THE GROVE AT TRINITY MILLS, TEXAS

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WALNUT SQUARE, LOUISIANA

Richard F. Burns Chief Executive Officer / Trustee

Charlene L. Brisco Senior Accountant

Joseph P. Wiedorfer Senior Vice President Acquisitions and Secretary Thomas G. Vaccaro Vice President Institutional Advancement & Communications and Assistant Secretary

Claude C. Chow Accounting Manager

Stephen E. Craver, Jr. Project Manager

Justin S. Haines Staff Accountant

Glenn F. Hopps Vice President, Treasurer & Controller

Lisa T. Hounshell Transactions & Asset Coordinator

Patrick J. Fry Vice President Acquisitions

Paul A. Mhoon Office Coordinator

Fred C. Mitchell Vice President Asset Management

Dawn M. Vincelli Administrative Director

Neal T. Drobenare Vice President New Business Development

Frank P. Cerbini Vice President Acquisitions

Kenneth D. White Managing Director Resident Services

OUR BOARD OF TRUSTEES welcomed two new members:

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Christopher Glenn Sawyer , a partner with Alston & Bird whose expertise and legal career includes growth and management, financial structuring,

acquisition and disposition of assets, risk assessment, and strategic and

business planning, and Robert A. Abrams , the founding director of the Program in Real Estate at Cornell University, and the Founder and Former

President of Abrams Benisch Riker, Inc.

Thomas A. Carr / Chairman Principal / Federal Capital Partners

Robert H. Abrams Director and Founder, Program in Real Estate, Retired Cornell University Founder and Former President / Abrams Benisch Riker, Inc. Ralph F. Boyd, Jr. Executive Vice President of Community Relations / Freddie Mac Corporation Chairman and Chief Executive Officer / Freddie Mac Foundation

Richard F. Burns Chief Executive Officer / The NHP Foundation

David M. Childs Consulting Partner / Skidmore, Owings, & Merrill

Patricia Diaz Dennis Senior Vice President & Assistant General Counsel, Retired AT&T

Christopher Glenn Sawyer Partner / Alston & Bird

ATLANTIC CITY, NEW JERSEY

CHANGE THAT LEADS . . .

OVER THE PAST YEAR, we have thought a lot about our slogan, “Where you live matters.” Each of us on the Board and staff know that this is true. We expend a great deal of energy to maintain an effective business model that addresses both operational and mission driven needs. In 2010, the NHP Foundation’s leadership team was expanded to meet that challenge. It created a more efficient organization—financially-disciplined, but nimble enough to take advantage of opportunities to create quality properties and services for thousands of our residents. Our holistic approach, which combines affordable housing with active resident service programs, leads to stable communities for low- to moderate-income families and seniors. We are committed to developing and preserving even more affordable housing in the coming year and to providing families with safe, quality places to live and gain financial stability. I hope that you will join NHPF in effecting change that makes a difference. By joining forces we can, and will, make more affordable housing available in the months and years ahead.

Thomas Carr Chairman, Board of Trustees

THE NHP FOUNDATION 122 East 42nd Street, Suite 3500, New York, NY 10168 T: 646.336.4940 • F: 646.336.4941 1090 Vermont Avenue, NW, Suite 400, Washington, DC 20005 T: 202.789.5300 • F: 202.789.1990

www.nhpfoundation.org

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