FISCAL YEAR 2013 ANNUAL REPORT
Our Mission
As an affordable housing provider in northern Virginia FCHC’s mission is to preserve and increase more affordable multi-family rental housing: • Serving unmet needs • Promoting the Commonwealth of Virginia • Helping to ensure that the low- to moderate-income people who work in Virginia have housing they can afford
VIRGINIA VILLAGE
WINTER HILL APARTMENTS
Falls Church Housing Corporation (FCHC): A Year of Positive Transition and Growth
2013 WAS A NOTEWORTHY YEAR of sustaining accomplishments in FCHC’s history. This annual report highlights the ways we have moved forward in that mission with your help. Transition in Leadership The year was off to a great start with the appointment of Jaymar Joseph as FCHC’s new Executive Director, who has been warmly welcomed by the FCHC family. With more than 15 years of experience in steering community development projects for local governments, nonprofit corporations, and faith-based organizations, he is the perfect fit for bringing affordable housing to underserved Virginia communities. Our Partnership with the City of Falls Church We remain grateful for the positive and effective relationship we have with the City of Falls Church. The City’s funding through the Community Development Block Grant (CDBG) program and the Community Services Fund are tangible and valued examples of the essential municipal support FCHC receives for the benefit of the residents in the Winter Hill Apartment Community and Virginia Village. Strategic Management and Growth The refinancing of Winter Hill and the sale of the CC South Housing building in 2013 were key to FCHC’s increased cash flow. Combined with ongoing management fee revenues and reduced operating expenses, these strategic steps put FCHC in a good position to reach its 2014 goals. As FCHC grows, we will continue to seek potential acquisitions and partnerships throughout Virginia to extend our mission as broadly as possible. Moving Forward with your Help Our successes could not be achieved without the help of the Financial Partners listed in this report. Please ask your friends and colleagues to support our work so their names can be added to that list.
Richard Burns President, Falls Church Housing Corporation
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Financial Partners AS OF DECEMBER 31, 2013 The Falls Church Housing Corporation is deeply appreciative of your generosity.
IN-KIND Panera Bread Temple Rodef Shalom Jenn Fay, Guided Meditation Instructor DC Food Bank John Yang GRANT FUNDING City of Falls Church CDBG City of Falls Community Service Fund
MEMBERS Donald Beyer Judy & Joseph Bracken Marilyn & Paul Bugg Neal Matthew Callender
Sarita Gopal & David Chavern Rosemary & Richard Condit Janet Alyne Droge Leslie & Phillip Duncan Elizabeth & William D. Dunn Adrienne Elrod Ellen & Richard Flaherty Wendy Frieman Edith Holmes Snyder Gwen Infante David Johnson Dana & Marsha Kaufman
Korte Realty Cynthia Kuhn Theodore Lutz
Martha & Richard Meserve Christine & Brad O’Connor Kevin Ogle Betty & C. Robert Pitera Grace & Harry Rissetto Melissa Teates Jon Wiant Rosemary Ziskind
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Annual Report from the Executive Director
IT HAS BEEN AN EXCITING FIRST YEAR for me as the executive director of the Falls Church Housing Corporation (FCHC). In 2013, FCHC completed the much anticipated refinance of the Winter Hill Apartment Community, which provided an additional $3.1M in operating cash, as well as an additional $300K in management fees and cash flow from the operations of Winter Hill Apartments and Virginia Village. Also, FCHC completed the sale of the 350 S. Washington Street (CC South building), which netted $50K in proceeds. The proceeds from the Winter Hill refinance and sale of the CC South building creates a sustainable level of working capital to shore our internal operations and position the organization to preserve more affordable housing stock and truly compete in the real estate marketplace for properties, increasing the supply of affordable housing. Although FCHC experienced a transition in leadership, the financial contributions and overall financial position were not diminished. The annual contributions have stayed relatively the same from the previous year, in which our friends, patrons, and benefactors contributed $119,624 in monetary gifts. Additionally, we received grant funds from the City of Falls Church through the Community Development Block Grant (CDBG) program and the Community Services Fund. FCHC anticipates a continued level of contributions from its members and patrons, as well as CDBG funding to complete our capital expenditure plan for the Winter Hill Heating and Cooling Center for the community of Falls Church. FCHC was able to increase the operating efficiency at both properties during the year, in which, the operating costs were reduced by $200K. Next year, FCHC anticipates a break even point, in which net operating income surpasses expenses, which will allow for even greater operating cash flow for future development activities. At the end of the year, FCHC renewed key partnerships with elected officials from the City of Falls Church and community stakeholders through a year-end celebration. The leadership of FCHC is profoundly grateful for all of the support from its residents, the surrounding community stakeholders, and financial partners for a successful year. FCHC looks forward to an even better 2014 filled with new affordable housing development opportunities and continued partner relationships within the City of Falls Church and throughout the Commonwealth of Virginia.
Sincerely,
Jaymar G. Joseph Executive Director, Falls Church Housing Corporation
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FALLS CHURCH HOUSING CORPORATION 330-B.S. Virginia Avenue, Suite 2, Falls Church, VA 22046 • 703.241.5402
www. fchccdc .org
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