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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