FCHC Annual Report 2022

Fiscal Year 2022 Annual Report Expanding our Mission

We remain so proud of the efforts that the Falls Church Housing Corporation, a Virginia Community Development Corporation (FCHC) continues to make in the affordable housing arena. By definition a housing corporation is “an organization that focuses on building, managing and renting good quality housing with an affordable rent for people

Our Mission FCHC’s mission is to preserve and increase service enriched affordable rental housing, serve unmet needs, and help to ensure that people of low to moderate income have housing they can afford.

Richard F. Burns

Thomas G. Vaccaro

with a limited income (social housing). Housing corporations often manage large parts of a city through their development and maintenance of large quantities of houses.” FCHC is no exception. The Falls Church Housing Corporation began in the early 1980s when community leaders, trying to help a single mother remain in Falls Church, were struck by the absence of adequate housing options in the City. Inspired to take action, its founders became dedicated to creating and preserving further housing choices and resources for people who could not otherwise afford to live, continue to live, or retire here. In 1981, the Falls Church Housing Corporation was established as a nonprofit, tax-exempt, 501(c)(3) corporation operating in the Commonwealth of Virginia. And for the past 42 years, the corporation has remained true to its mission, weathering the devastating storm of Covid, caring for residents and keeping operations healthy and robust. This past year saw the FCHC continuing to maintain a very successful affordable housing community at Winter Hill, adding new programming, training and health initiatives drawing residents regularly. At the same time the corporation has continued to provide bridge funding to help create and preserve more much-needed affordable housing. As of 2022 FCHC has helped finance more than 1,000 affordable rental apartments. At FCHC, we are all about expanding our mission to ensure a future where affordable housing needs are always met and often exceeded.

Richard F. Burns President, FCHC

Thomas G. Vaccaro

Executive Director & Chief Operating Officer, FCHC

Expanding our Mission

Emerging from the COVID-19 pandemic, 2022 was a banner year for FCHC and its mission to preserve and increase service enriched affordable housing. The organization’s current portfolio of affordable housing continued to show strength in operations, while new opportunities to invest in the expansiSon of affordable housing will ensure the organization’s continued significance in the community. FCHC, a Virginia Community Development Corporation, has continued its primary focus on the operation and maintenance of Winter Hill Apartments. Winter Hill is an 83-unit, 55+ community reporting 97% occupancy in 2022. Operations at Winter Hill continued to be very stable throughout 2022 reporting a debt service coverage ratio (“DSCR”) of 1.53. The property was awarded $36,000 in Community Development Block Grant (“CDBG”) funding which was used to replace storm doors and repair door frames across the property. The City of Falls Church continues to be very supportive of FCHC’s mission at Winter Hill. In-house supportive services and the City of Falls Church collaborated throughout the year to offer special services to our residents, such as health screenings and haircuts free of charge. Management will continue to run an efficient operation which allows them to offer excellent services to our residents. Operation Pathways, The NHP Foundation’s resident services subsidiary, continued to offer a rich catalogue of programming for the residents of Winter Hill. A focus on lifelong learning and skill enhancement resulted in popular senior technology classes and trainings. These classes allowed residents of Winter Hill to expand their knowledge of email, smartphones, and other modern communications technology in order to better connect with friends and family. A focus on the mental and physical well-being of residents was also on show in 2022. On-site exercise programs, yoga classes, and healthy meal deliveries sought to keep residents fit and happy, while community gardening activities evidenced the pride that residents have in their home. Flu shots and COVID-19 vaccination boosters were offered to all residents on site, ensuring that these seniors can continue to feel safe and healthy. FCHC continued to expand its mission to preserve and increase service enriched affordable housing via the affordable housing lending program. In 2022, NHPF helped preserve and sustain an additional 217 units.

FCHC | Fiscal Year 2022 Annual Report


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