FCHC Annual Report 2016

FCHC Portfolio Asset Management

OPERATIONS AT WINTER HILL AND VIRGINIA VILLAGE continued to be very stable in 2016. Both Winter Hill and Virginia Village were virtually 100% occupied for the past year with minimal turnover—the 2016 annual vacancy loss was less than 1%. The projected net cash flow after debt service for 2016 will be $281,000. Both properties continue to be professionally managed by NDC Management. The City of Falls Church remains very supportive of our mission and properties. At Winter Hill, three noteworthy projects were completed in Fiscal Year 2016 using Community Development Block Grants (CDBG) funding: In March 2016, an emergency heating and cooling generator was installed in the Congressman James Moran Community Center at Winter Hill Apartments. Working with Emergency Manager–Fire Official Tom Polera and the rest of the city team, we realized the community center could provide an important emergency resource for seniors and those with disabilities. Power outages during extreme hot and cold weather conditions can threaten the health and safety of Falls Church citizens, particularly those with limited resources and health challenges. The total cost of the project was $155,643. Of this total, $54,401 was paid by a CDBG grant and the balance was paid from property operating funds. By working together and purchasing a natural gas generator for the Community Center, there is now a known respite from the dangers of extreme temperatures during emergency conditions. We are proud to say the Center is now officially incorporated into the Emergency Operations Plan for the City of Falls Church. Another project was to install a high-efficiency boiler. The total cost of this project was $49,750, of which $49,000 was covered by a CDBG grant with the balance paid by property operating funds. The new boiler will result in future energy savings.

Winter Hill and Virginia Village are both projected to have stable operations in 2017.

Winter Hill Emergency Heating & Cooling Center Ribbon Cutting Ceremony, April 12, 2016

FCHC Fiscal Year 2016 Annual Report

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