FCHC Annual Report 2019

FCHC Community Engagement

Housing Commission FCHC continues to serve as a liaison to the Falls Church Housing Commission. FCHC’s liaison role provides not-for-profit private sector experience to the Housing Commission and advice on issues related to housing, urban development, and affordable housing. Summer Internship We are proud to continue building on our successful Housing Intern Program, now in its fifth year, by sponsoring Thomas Scott, the 2019 intern for the City of Falls Church Housing and Human Services Division (“HHSD”). Thomas is a resident of Virginia and a graduate student at the Biden School of Public Policy at the University of Delaware who displayed a strong work ethic and a keen interest in housing policy. Thomas began his internship with an in-depth report on the status of Low Income Housing Tax Credit (“LIHTC”) properties in the towns and cities surrounding Falls Church. This report provided members of the City Council and Housing Commission with valuable information regarding the potential impact and suitability of the LIHTC program in the City of Falls Church. Thomas’s continued interest in housing policy led him to conduct substantial research regarding the City of Falls Church’s tax and revenue policies, and how further incremental tax revenue could be specifically earmarked to an affordable housing fund. The Mission of FCHC: A Virginia Community Development Corporation At the annual Board of Directors meeting, the mission of FCHC was expanded to better reflect the organization’s widening efforts to support affordable housing in the Washington, D.C. metropolitan area. The mission of FCHC now reads as follows:

FCHC Virginia Community Development Corporation is a not-for-profit real estate organization dedicated to expanding and improving opportunities for low- and moderate- income households in the Washington, D.C. metro area, including providing loans for the predevelopment and acquisition of affordable housing properties.

Supporting Affordable Housing in the Washington, DC Metropolitan Area Per the expansion of the mission statement, FCHC functions as a lending institution, concentrating on establishing returns from socially responsible investments in the region’s affordable housing stock. In 2019, FCHC’s investments in affordable housing (via the advancement of predevelopment and bridge loans) helped facilitate the construction of 814 units at four properties in the District of Columbia and two properties in Maryland. FCHC will continue to evaluate meaningful projects in which to invest, and which further the crucial mission of the organization in expanding the stock of valuable affordable housing in the region. FCHC Portfolio Asset Management (CDBG) Operations at Winter Hill continued to be very stable in 2019. Winter Hill was virtually 100% occupied in 2019 with minimal turnover, and annual vacancy loss was less than 1.5%. Projected 2019 net cash flow at Winter Hill after debt service is $123,000.

FCHC | Fiscal Year 2019 Annual Report


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