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
FCHC : FISCAL YEAR 2014 ANNUAL REPORT 3
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