NHPF’s existing affordable multi-family portfolio enjoyed another successful and stable year in 2016. In a year that saw tremendous growth, the portfolio maintained a physical occupancy of 96% with overall portfolio debt service coverage of 1.67. Our portfolio properties collectively distributed in excess of $3 million to help fund NHPF operations in 2016. The NHPF portfolio grew by eight properties consisting of 1,373 units in 2016, adding properties in New York, Chicago, Washington DC, Maryland, North Carolina, and Florida. Approximately 30% of our portfolio receives project-based HUD Section 8 rent subsidies and 12% of the portfolio is designated for low income seniors. Currently five properties consisting of 917 affordable multi-family units are being rehabilitated and 36 units of new construction in Chicago were completed in December. We are planning on starting the rehabilitation of an additional 700 units in 2017. In 2016, NHPF acquired two single-room occupancy (SRO) properties under the City of Chicago’s SRO Preservation Ordinance. This ordinance protects SRO properties from demolition and replacement with market-rate housing. We plan on rehabilitating these properties and converting the units to mini-studios so they can continue to provide housing for some of Chicago’s very low income citizens. NHPF continued our commitment to the “greening” of our portfolio in 2016 as well as our participation in HUD’s Better Buildings Challenge. NHPF’s goal
is to meet this challenge by reducing our portfolio- wide energy consumption by 20% by 2020. All of our property rehabilitations are completed according to the Enterprise Green Communities® energy efficiency standards. As part of the Better Buildings Challenge, multi- family housing partners showcase innovative strategies to boost energy efficiency, including lighting improvements, heating and cooling system upgrades, installing rooftop solar panels, and supporting new financing for energy retrofits and green construction. With our partners in the Stewards of Affordable Housing for the Future (SAHF), NHPF shares best practices and lesson learned—creating models for the broader US multi-family housing industry. As water is becoming a scarce natural resource, we remain focused on reducing consumption across our portfolio, especially on properties that have not undergone recent rehabilitations. This included regular unit inspections to detect and repair leaking faucets and toilets, retrofits of all plumbing fixtures with state-of-the-art energy efficient fixtures, and resident education regarding conservation. The results have been very favorable as water consumption has been reduced an average of 36% across our portfolio which equates to annual savings of over 64 million gallons. Looking forward, NHPF will continue to provide high quality, well-maintained, and energy-efficient affordable housing, thereby helping to address the critical shortage of this essential type of American housing.
10 NHPF Fiscal Year 2016 Annual Report
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