FISCAL YEAR 2014 ANNUAL REPORT
Our Mission As an affordable housing provider in northern Virginia, FCHC’s mission is to preserve and increase affordable rental housing, serve unmet needs, and help to ensure that low- to moderate- income people who live and work in northern Virginia have housing they can afford.
Falls Church Housing Corporation (FCHC): Making a Bigger Impact Together
For the past 34 years, FCHC a Virginia Community Development Corporation, formerly the Falls Church Housing Corporation (FCHC), has been dedicated to improving the lives of people who suffer from a lack of affordable housing. Our commitment to low- and moderate-income seniors and disabled residents has helped define building community as serving regardless of means. In 2014, FCHC’s work accelerated, improving operations and the financial stability of our existing portfolio. Along with these accomplishments and growth insight, we realize we cannot do this work without the help of financial partners, like those we are recognizing with gratitude in this annual report. FCHC remains concerned that an unmet need for affordable housing still exists in the community we serve. Going forward, we will work hard with the partnerships we have developed, and strive to build new ones—making a bigger impact together! Please ask your friends and colleagues to join in with our vital work so they can be counted in making a difference.
Richard Burns President, FCHC a Virginia Community Development Corporation
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Financial Partners AS OF DECEMBER 31, 2014 FCHC a Virginia Community Development Corporation is deeply appreciative of your generosity. We are committed to expanding our partner relationships and building on your foundation of support.
Grant Funding City of Falls Church CDBG City of Falls Community Service Fund
Quan V. Pham and Hong Van Thi Robert Grille Rosemary and Richard R. Condit Ruth K. Kaufman Sara J. Fitzgerald and Walter Wurfel Sheri L. H. Link Sherry S. and Donald S. Beyer Shirley W. Camp Stephen Sprague Susan F. and Daniel L. Larcamp Vesta S. Downer Virginia Felix Long Wendy Frieman and Dr. David E. Johnson Willa J. and Theodore C. Lutz
2014 Members Alphonse M. Nguyen
Ann E. O’Neil and Lennox H. Shelton Carol Ann Sicilianota and Kevin L. Ogle Christine M. and Brian M. O’Connor Constance E. R. and Peter R. Corbino Cynthia J. and Robert E. Donaldson
Diana R. and Stephen R. Ruth Dulin United Methodist Church Edith Holmes Snyder Elizabeth and William D. Dunn Ellen I. and Carl A. Salsbury Glenda L. and Dr. Steven Rogers
Volunteers Ellen Matthid Mary Ann Parker National Massage Institute Diep Le Lien Carey Ngoc Nhu Nguyen Diane Tran Mary Parker Thanh Vo
Grace and Harry Rissetto Hannah and Jeffrey Jordan Janet A. Drodge and Neal M. Callander
Janet R. and Richard T. Qualters Jeanne M. and Edward A. Trott John Pitas Jon A. Waint
Judy W. and Joseph M. Bracken Kathleen and Dennis Szymanski Kurtis A. and Robert S. Day Larry A. McNickle Laurene A. and Ian C. Graig Linda G. and Northmore W. Hamill Lucinda L. Mester Madalyn B. Cafruny and Jeffrey J. Tarbert Martha and Richard Meserve Mary Ann Mahoney Mary Ellen and John C. Gannon Mary Nga T. Dinh Melissa Teates Merni Fitzgerald O. Jane and Ronald P. Brousseau Paula B Clary and Stephen Buttock, Jr.
Thanh Dao Thi Nguyen James Brooks
In-Kind Contributions Panera Bread Temple Rodef Shalom Jenn Fay, Guided Meditation Instructor DC Food Bank John Yang Capitol Area Food Bank Diem Phan Knights of Columbus Dinner McLean Baptist Church
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Annual Report from the Executive Director
FCHC a Virginia Community Development Corporation (FCHC) began 2014 in a good and stable position. The proceeds from the earlier refinancing of the Winter Hill Apartments and the sale of the 350 S. Washington Street (CC South building) created a sustainable level of working capital we have used to optimize internal operations. It gives us the strength to be competitive buyers and developers as opportunities arise, thereby increasing the community’s supply of affordable housing. As we continue to build the groundwork necessary for future mission- driven accomplishments, FCHC’s financial contributions and overall financial position have remained steady. We sincerely thank our friends, partners, and members who contributed $1,405,826 in financial support in 2014. We were also extremely thankful to receive renewed and essential grant funding from the City of Falls Church through the Community Development Block Grant (CDBG) program and the Community Services Fund. In 2014, FCHC was able to increase the operating efficiency at both Winter Hill Apartments and Virginia Village, creating a growing cash flow position for future development activities. FCHC President Richard Burns wrote his letter for this annual report under the headline “Making a Bigger Impact Together.” That is such an apt description for the goals we can accomplish thanks to the relationships we have built. We are so grateful for the strong ties we have developed with elected officials from the City of Falls Church, stakeholders from the surrounding communities, our financial partners, and the residents of FCHC communities—together—making possible another successful year. Together, we can preserve and grow new affordable housing development opportunities that will have a bigger impact for those whose unmet needs we strive to address. Thomas Vaccaro Executive Director, FCHC
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FCHC A VIRGINIA COMMUNITY DEVELOPMENT CORPORATION AN AFFILIATE OF THE NHP FOUNDATION 330-B.S. Virginia Avenue, Suite 2, Falls Church, VA 22046 703.241.5402 • www.fallschurchhousing.orgPage 1 Page 2 Page 3 Page 4 Page 5 Page 6
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