Asset Management
NHPF experienced tremendous growth in 2017, with its existing affordable multi-family portfolio enjoying another successful and stable year. The portfolio maintained a physical occupancy of 96% throughout the year with overall portfolio debt service coverage of 1.60. NHPF’s properties collectively distributed in excess of $4M in 2017 to help fund Foundation operations. During 2017, the NHPF portfolio grew by six properties consisting of 975 units, adding properties in Washington, DC, North Carolina, and Connecticut. Approximately 30% of our portfolio receives project- based HUD Section 8 rent subsidies and 15% of the portfolio is designated for low-income seniors. Currently four properties consisting of 633 affordable multi-family units are being rehabilitated and we are planning on starting the rehabilitation of an additional 400 units in 2018. In 2017, NHPF continued our commitment to the “greening” of our portfolio and continued our participation in HUD’s Better Buildings Challenge. NHPF’s goal is to meet this challenge by reducing our energy consumption across our portfolio 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.
practices and lessons learned—creating models for the broader US multi-family housing industry. We remain focused on reducing water and energy consumption across our portfolio, especially on properties that have not undergone recent rehabilitations. Since 2014, water-retrofit programs have been implemented in 2,300 units which have reduced water usage by 156 million gallons or $1.816M dollars in cost reduction. These savings are used to help fund other property improvements such as security systems and resident programs. In 2017, we executed water-retrofit programs in 165 units which are expected to reduce water usage approximately 21–26%. Portfolio water consumption in 2017 was 2% below 2016 and 22% below 2014 levels. In 2017, we also completed rehabilitation of approximately 800 units that included upgrades to Energy Star appliances and HVAC systems, water- efficient plumbing fixtures, solar panels in two locations that will generate electricity for the common areas, and window replacements. Asset Management also partnered with energy providers in Connecticut to execute a $500,000 boiler- replacement program on a 200-unit property. The new boiler is projected to save 20% of that property’s annual natural gas consumption. NHPF looks forward to continuing our mission of providing high quality, well-maintained, and energy- efficient affordable housing to help address the critical shortage of this housing across the country.
With our partners in the Stewards of Affordable Housing for the Future (SAHF) NHPF shares best
NHPF Fiscal Year 2017 Annual Report 9
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