NHP Annual Report 2023: Dynamic Growth: Past is Prologue

Letter from the CEO

ONE OF NHPF’S PROUDEST ACCOMPLISHMENTS IN 2023 was earning Standard & Poor’s (S&P) AA– “stable” rating, the highest rating to be obtained by not-for-profit “social housing” providers, potentially offering NHPF access to increased sources of funding to fulfill our mission, helping to ensure a future with abundant affordable housing options. This recognition led to the receipt of a $75 million social bond issuance, underwritten by Morgan Stanley, to fund affordable housing projects that fulfill the organization’s goals of providing safe, clean affordable housing with a robust array of resident services, while reducing the carbon footprint of our residential buildings. Yet, as welcome as this news was, challenges abound in the affordable housing industry, from restrictive zoning policies, to shortages in skilled labor and higher construction costs, to higher interest rates, and dramatic increases in insurance costs. In 2023, at our 7th annual NHPF Symposium, we enlisted a gathering of intergenerational experts to see what initiatives will need to be implemented to ensure a robust and reliable future for affordable housing in the U.S. Our research has revealed a shared desire for change across generations. From Gen Z to Baby Boomers, there is a recognition of the need for affordable housing and a willingness ato act. Their collective willpower, combined with strategic initiatives, can pave the way for a stronger base of support for change. Additionally, we must safeguard and expand the Low Income Housing Tax Credit (LIHTC), a proven tool for financing affordable homes. Bipartisan support for initiatives like the Affordable Housing Credit Improvement Act underscores the widespread recognition of LIHTC’s importance. By expanding funding for LIHTC, we can address the growing demand for affordable housing, revitalizing communities across the country. But our efforts cannot stop there. We must embrace innovative approaches to construction to expedite the building process and reduce costs. By leveraging technology and automation, we can further streamline development and meet the evolving needs for future cost containment. We must expand skills-based training programs. We must also create pathways to homeownership and economic stability for all Americans. As we embark on this journey, let us remember that the future of affordable housing depends on our collective action. By co-creating solutions that prioritize inclusivity, sustainability, and innovation, we can build and preserve more, much needed, affordable housing. 2023 provided an excellent blueprint, where NHPF laid the groundwork for myriad types of affordable housing, and with your support, we look forward to increasing our output in 2024 and beyond. Our 8th annual Symposium will examine “Adapting Affordable Housing to the New Realities.” Richard F. Burns, Chief Executive Officer

RICHARD F. BURNS, CEO

THE NHP FOUNDATION | FISCAL YEAR 2023 ANNUAL REPORT 3

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