DESPITE ECONOMIC CHALLENGES from increased operating costs due to the harsh winter in the northeast, NHPF’s affordable multi-family portfolio enjoyed another successful and stable year in 2014. The portfolio maintained a physical occupancy of 95.7% throughout the year with an overall portfolio debt service coverage ratio of 1.47. NHPF’s properties collectively distributed in excess of $1.2 million to help fund NHPF operations. During 2014, the NHPF portfolio grew by a net of 449 units, adding properties in Houston, Texas and Toledo, Ohio. Atlantic City Townehouse in Atlantic City, New Jersey was sold in December. Approximately 25% of our portfolio receives project-based HUD Section 8 rent subsidies and 15% of the portfolio is designated for low-income seniors. The rehabilitations of 252 affordable multi- family units in Glassboro, NJ and 88 units in the Bronx, New York were ongoing, with completion of both properties expected in 2015. We are planning on starting the rehabilitation of approximately 700 units in the Fourth Quarter of 2015.
NHPF F I SCAL YEAR 20 1 4 ANNUAL REPORT
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