NHPF’s audited financial statements are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). NHPF had a strong 2017, ending the year with total assets of $538 million including cash and cash equivalents of nearly $44.9 million. Our total assets are up $149 million, an increase of 38.5% over 2016. During 2017 we sold two properties in Louisiana and five in Texas, which has increased our available cash dramatically, providing a stable platform for NHPF to grow our portfolio and further our mission. We have an active pipeline including properties in Brooklyn and Yonkers, both in New York, several properties in the District of Columbia, Newark, Boston and Chicago as well as Pennsylvania, Maryland, South Carolina, and Connecticut. NHPF continues to focus its efforts on creating, rehabilitating and preserving multi-family affordable housing. In 2017 we acquired Takoma Place, a 105- unit building in Washington, DC, LaSalle at Lincoln Heights, a 60 unit senior housing facility in Charlotte, NC, Nannie Helen, four parcels of land in Washington, DC that will make up the Strand residences, an 86- unit multi-family affordable housing building plus street front retail, and Columbia Heights Village Apartments, a 406-unit multi-family property in Washington, DC.
The construction of Harvest Homes in Chicago, IL, was substantially completed with leasing starting in January 2017. Also during 2017 we substantially completed the rehabilitation of Parkchester Apartments, a 94-unit affordable housing property located in Washington, DC, Ships’ Cove a 201-unit affordable housing property in Fall River, MA, Cleme Manor a 284-unit affordable housing property in Houston, TX and Benning Heights, a 148-unit multi-family building in Washington, DC. Operation Pathways, NHPF’s resident services program, continues as strong as ever, offering programs and services in health and wellness, education and financial literacy among many others. We are excited about our participation in a pilot program in cooperation with AARP and Amazon using Amazon Echo devices to help seniors stay connected and live independently. Operation Pathways, while still an affiliate of NHPF, formed a separate entity in 2015. While Operation Pathways continues to receive generous support from many funders, it is important to note that NHPF contributed a substantial portion of the funds needed to continue resident services programs during 2017. We remain committed to the continued success of the program and to helping our many residents achieve a full and rewarding life.
NHPF Fiscal Year 2017 Annual Report 21
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