individuals and communities within Falls Church, and the surrounding region. This is possible because FCHC functions as a Lending Institution, concentrating on establishing lucrative returns on noble investments. Community Service Funds Community Service Funds were awarded to FCHC and Winter Hill in 2017. FCHC and Winter Hill are committed to providing our residents with the tools necessary to maintain their ability to live independently, grow their capacity to socialize, preserve their cognitive functions, and combat debilitating neurological diseases. The funds provide our residents with Amazon Fire tablets to further increase their capacity to socialize and obtain mental stimulation, reducing potential factors that may influence the onset of neurological diseases. Residents were asked to take classes/training for three months, before they were able to have one of these tablets for themselves. This ensured that residents were competent and able to get the most out of this useful new technology. Smoke-Free Second-hand smoke has for years been labeled as a health hazard for people and animals, but this is especially true for seniors and individuals with existing health issues and disabilities. FCHC is proud to announce that Winter Hill
became a smoke-free community in June 2018. Residents unanimously supported this change, to better their living environment and prolong the health of themselves and their neighbors. James Moran Community Center The multipurpose Community Center continues to provide a space where seniors can interact with one another, socialize, take classes, host events, and exercise. From yoga to Vietnamese New Year celebrations, the Center acted as a vibrant hub. Additionally, the City of Falls Church and DHHS perform outreach in this location once a month, updating residents on new services, distributing educational materials and transportation coupons for taxis. The Community Center remains a refuge for residents of the city who suffer from power outages and high temperatures, as it can be utilized as an emergency cooling center. These are just a few examples of how FCHC and Falls Church work together to provide a service- enriched environment for our residents as well as to residents of Falls Church who access the space for meetings and gatherings. FCHC Portfolio Asset Management (CDBG) Operations at Winter Hill continued to be very stable in 2018. Winter Hill
was virtually 100% occupied in 2018 with minimal turnover; annual vacancy loss = <1.0%. The City of Falls Church continues to be very supportive of our mission at Winter Hill as another project using CDBG grants was completed in 2018. The property was awarded $33,008 in CDBG funds which were used to reface and repair the railings of 12 balconies. The total cost of the project was $37,313 of which $33,008 was paid by the CDBG grant. The property was also recently awarded $95,000 in CDBG funds which will be used to reface and repair the remaining railings of about 40 balconies. This project is scheduled to be completed during the second half of 2019. The permanent debt on Winter Hill was refinanced in August 2018. The variable rate loan of $6.2 million was replaced with a 10-year, $8.5 million loan with a fixed rate of 4.48%. Even with the new debt, property operations yield a very strong Debt Service Ratio of 1.80+. This transaction generated $1.5 million in loan proceeds and the release of escrows and reserves. These funds will be available for future development opportunities.
Winter Hill is projected to continue stable operations in 2019.
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