Delivering On Our
Commitment
There is a management phrase gaining a lot of traction of late in the business community—”proof of concept.” In a nutshell, “proof of concept” requires evidence that a strategic direction or business initiative is feasible. In reading about our accomplishments, I hope you will agree that NHPF has met the “proof of concept” as we expanded our business in 2016. We have continued to deliver on our commitment to provide high quality, affordable housing through new construction or significant rehabilitation of properties recently acquired. During the year, we added eight (8) new acquisitions. I am particularly pleased that the acquisition of these properties increased the number of NHPF affordable housing owned assets in 2016 by 1,374 residential units, as all of these properties will be renovated and preserved as safe, clean affordable housing for the residents. Details are highlighted in the pages that follow. In 2016, we worked hard to make our properties more energy efficient and sustainable. By acquiring two single room occupancy properties in downtown Chicago, we are addressing the needs of the homeless population there. Access to public transportation is always an important consideration when underwriting new investments, and as we expand our work with public housing agencies, we are able to correct years of under-capitalized maintenance and repairs. Everything we do is based upon our mission to provide living units that are affordable to low and moderate income Americans. Our ability to achieve these milestones is a direct result of the dedication and hard work of our talented employees. They are experts in all aspects of affordable housing development, redevelopment, management and reporting. A few of our 30 employees are profiled in this report. In reviewing the sections of this 2016 report, you will see how NHPF has experienced growth. We have continued to create and preserve affordable units; carefully manage our portfolio of assets; enter into new partnerships through our Affiliate Program; and expand the life-enriching services provided to NHPF’s residents through Operation Pathways. I hope you share in my view that all of our work in 2016 provides “proof of concept” that we are delivering on the commitment we set forth in our vision and mission statements.
Richard F. Burns NHPF President & Chief Executive Officer
NHPF Fiscal Year 2016 Annual Report 1
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