MHP 2008 Annual Report - Montgomery Housing Partnership
MHP 2008 Annual Report - Montgomery Housing Partnership
MHP 2008 Annual Report - Montgomery Housing Partnership
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Tomorrow<br />
Building Today for a Stronger<br />
<strong>Montgomery</strong> <strong>Housing</strong> <strong>Partnership</strong><br />
<strong>2008</strong> <strong>Annual</strong> <strong>Report</strong>
President & Chairman’s Message<br />
Weathering the Economic Storm<br />
The downturn in the economy in <strong>2008</strong> took many off their guard. For the first time in decades, the <strong>Montgomery</strong> County<br />
area was hit hard by high unemployment, falling real estate prices, and rising foreclosures. Hardest hit were many of the<br />
low and moderate income families in our communities. Their need for affordable housing and educational programs has<br />
never been greater as they struggle to make ends meet.<br />
Fortunately, <strong>MHP</strong> has been able to weather these downturns and had an extremely productive year in <strong>2008</strong>. <strong>MHP</strong><br />
completed renovations in 94 units, acquired a vacant 35- unit apartment building for renovation in 2010, and purchased<br />
11 Moderately Priced Dwelling Units (MPDUs). Our future looks bright as we were selected by <strong>Montgomery</strong> County as<br />
one of the developers of a 32 acre site in Olney, MD to build 117 homes, creating wonderful new ownership opportunities.<br />
In the past year, we expanded our Community Life Programs and Neighborhood Revitalization efforts in many communities<br />
hit hard by the recession and foreclosures.<br />
While the economy is creating much hardship, it also provides opportunities to purchase properties at lower prices.<br />
<strong>MHP</strong> is working to take advantage of these opportunities to create affordable housing for years to come. As we look to 2009,<br />
we will use the government tools included in the stimulus package, as well as other tools, to acquire, expand, and preserve<br />
affordable housing in <strong>Montgomery</strong> County. Our families deserve a bright future. Thank you for your continued support!<br />
Sincerely,<br />
Charles “Chip” Bay<br />
Chairman of the Board<br />
Robert Goldman<br />
President<br />
Our Mission<br />
The mission of <strong>Montgomery</strong> <strong>Housing</strong> <strong>Partnership</strong> is to<br />
preserve and expand quality affordable housing in <strong>Montgomery</strong><br />
County. To accomplish this mission, <strong>MHP</strong>, directly<br />
or through its subsidiaries: 1) acquires, rehabilitates, builds<br />
and manages quality affordable housing; 2) enhances the<br />
vitality of the neighborhoods in which affordable housing<br />
is located; and 3) develops and implements community life<br />
programs in those neighborhoods.
Real Estate Accomplishments<br />
u<br />
u<br />
u<br />
Completed the extensive renovation of 75 units, in four<br />
buildings, at three sites in Takoma Park, known as the<br />
Takoma Park Preservation Project.<br />
Acquired Maple Towers, a vacant, blighted, 35-unit project<br />
in Takoma Park. Maple Towers has been awarded federal low<br />
income housing tax credits valued at $3.7 million.<br />
Completed the renovation of Silver Spring/Nolte, a 19-unit<br />
property that has been in the <strong>MHP</strong> portfolio for eight years.<br />
u<br />
u<br />
u<br />
Awarded $1,524,340 over 10 years in Low Income <strong>Housing</strong><br />
Tax Credits for extensive renovations at Gilbert Highlands<br />
Apartments, a 21-unit property in Takoma Park that had 160<br />
code violations before <strong>MHP</strong> purchased it.<br />
Purchased 11 Moderately Priced Dwelling Units (MPDUs);<br />
nine for resale and two as rental properties.<br />
Entered into a Development and Purchase Agreement with<br />
<strong>Montgomery</strong> County regarding the land for Bowie Mill, a<br />
proposed 117-unit mixed income for-sale development in Olney.<br />
Neighborhood Revitalization Accomplishments<br />
u<br />
u<br />
u<br />
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Assisted in forming and building capacity for the new, thriving<br />
Greater Glenmont Civic Association (GGCA) where there have<br />
been large amounts of foreclosures and other neighborhood<br />
issues. <strong>MHP</strong> helped plan and sponsor the GGCA spring festival<br />
in 2009.<br />
Assisted <strong>Montgomery</strong> County government to better understand<br />
conditions in neighborhoods in the Wheaton and<br />
Glenmont metro station area by providing technical reports,<br />
including a comprehensive housing market analysis and a<br />
demographic analysis.<br />
Developed an in-house GIS system to track, analyze, and<br />
graphically map county neighborhood data.<br />
In conjunction with the Latino Economic Development<br />
Commission, sponsored a foreclosure prevention and counseling<br />
seminar assisting 20 homeowners with foreclosure concerns.<br />
Helped Wheaton High School plan a Hispanic Outreach Night,<br />
a community building event which drew over 150 participants.<br />
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Created a neighborhood resource manual to assist<br />
New Hampshire Estates Civic Association residents<br />
in identifying public and private services and<br />
procedures for accessing them.<br />
The Apartment Assistance Program (AAP) held<br />
4 seminars in <strong>2008</strong> and a Building Trade Expo<br />
in 2009 featuring topics useful to owners of small<br />
apartment buildings.
Community Life Accomplishments<br />
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u<br />
u<br />
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Community Life had a total of 14 programs including five<br />
homework clubs, three preschool programs, two teen programs,<br />
two English as a Second Language (ESOL) classes,<br />
and two computer classes. These programs served over 700<br />
residents at selected sites including Amherst Square, Blair<br />
Park, Glenville, Greenwood Terrace, Great Hope Homes,<br />
and Pembridge Square.<br />
Community Life added a second preschool program at Pembridge<br />
Square, bringing the total number of preschool programs<br />
to four and total number of students at all sites to 45.<br />
Staff developed and implemented several innovative programs<br />
for teens, including an arts program at Greenwood<br />
Terrace and a drama program at Amherst Square.<br />
Through the generosity of the community and our partners,<br />
<strong>MHP</strong> was able to expand the number of sites where toys are<br />
distributed during the holidays from 4 to 18, handing out<br />
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over 2,000 toys. Children at seven sites enjoyed holiday parties<br />
sponsored by community partners.<br />
The English As a Second Language (ESOL) program has<br />
a new conversational and computerized component to help<br />
students reach their employment and language goals. A new<br />
ESOL class was added at Greenwood Terrace in addition to<br />
existing classes offered at Pembridge Square and Amherst<br />
Square Apartments.<br />
Residents participated in several events including the Help<br />
the Homeless mini-walk, community festivals, health workshops,<br />
and parenting classes.<br />
The Backpacks To School program provided school supplies<br />
and backpacks to 146 children.<br />
The overall Grade Point Average of students enrolled in <strong>MHP</strong><br />
programs in <strong>2008</strong> increased by 10% over the previous year.<br />
20th <strong>Annual</strong> Golf Tournament<br />
THE NORMAN L. CHRISTELLER CLASSIC – <strong>2008</strong><br />
Platinum Sponsor<br />
Reznick Group<br />
Gold Sponsor<br />
Enterprise<br />
Bronze Sponsors<br />
The Bozzuto Group<br />
EDG Architects<br />
Equity Management, Inc.<br />
Lime Rock Contractors<br />
PNC Bank<br />
Charles Tini &<br />
Associates, LLC<br />
Media Sponsors<br />
Comcast<br />
The Gazette<br />
Gift Sponsor<br />
Trammell Crow<br />
Program Sponsor<br />
Provident Bank<br />
Award Sponsor<br />
Main Street Homes, LLC<br />
Host Sponsor<br />
BB&T<br />
Hole/Green<br />
Package Sponsors<br />
Bank of America<br />
The Bozzuto Group<br />
Gutschick, Little & Weber<br />
M.A. + Associates<br />
Mitchell & Best Home<br />
Builders LLC<br />
NeighborWorks America<br />
C.M. Parker & Sons<br />
The Traffic Group<br />
Hole Green Sponsors<br />
Bocarsly Emden Cowan<br />
Esmail Parker &<br />
Arndt, LLC<br />
Building Consultants, Inc.<br />
Chen, Walsh, Tecler<br />
& McCabe<br />
C.B. Richard Ellis<br />
Elm Street Development<br />
Flaherty Group Inc.<br />
Hessel & Aluise, P.C.<br />
Holland & Knight, LLP<br />
Landmark Engineering<br />
Linowes & Blocher LLP<br />
Loiederman & Soltesz<br />
Associates<br />
Macris, Hendricks &<br />
Glascock, PA<br />
Rodgers Consulting, Inc.<br />
Transwestern – Institutional<br />
Multifamily Group<br />
VIKA, Inc.<br />
Special Thanks to Walnut Spring Nursery for providing the centerpieces.
Financials<br />
Summary of Combined Financial <strong>Report</strong>s<br />
BALANCE SHEET<br />
STATEMENT OF ACTIVITIES<br />
December 31, <strong>2008</strong> For 12 Months Ended December 31, <strong>2008</strong><br />
ASSETS<br />
REVENUES (Unrestricted)<br />
Cash and cash equivalents (unrestricted) $5,464,435 Rental revenue (net) $11,608,501<br />
Cash (restricted) 323,413 Grants 427,198<br />
Investments, Short-Term 3,384,247 Cash Donations 258,881<br />
Accounts receivable 257,772 Development fees 1,204,935<br />
Restricted project reserves 4,525,379 Special events 60,793<br />
Deposits, Escrows and tenants’ security 913,212 Gain from debt forgiveness 212,005<br />
Prepaid expenses and development in process 6,063,582 Interest and investment income 227,583<br />
Property, equipment, less $15,826,310 depreciation 81,937,589 Non-controlling interest-<strong>Partnership</strong>s 428,462<br />
Loan costs & tax credit fees less $535,102 amortization 1,911,829 Other income 383,296<br />
TOTAL ASSETS $104,781,458 TOTAL REVENUES $14,811,654<br />
LIABILITIES & NET ASSETS<br />
EXPENSES<br />
Accounts payable and accrued expenses $1,475,171 Program services<br />
Secured notes payable – current maturities 1,749,634 Properties in management $11,565,460<br />
Accrued interest payable 370,980 Community Life program 552,553<br />
Prepaid rents 98,240 Other development/management 1,001,566<br />
Tenant security deposits held 458,137 Supporting services<br />
Accrued interest payable – long-term 540,364 Management and general 667,937<br />
Secured notes payable – long-term 82,273,998 Lobbying —<br />
Unsecured notes payable – long-term 2,677,929 Fundraising 185,129<br />
TOTAL LIABILITIES 89,644,453 TOTAL EXPENSES 13,972,645<br />
Non-controlling interest in partnerships 9,681,972 Increase in Unrestricted Net Assets $839,009<br />
Unrestricted Net Assets $3,058,958 Changes in Restricted Net Assets<br />
Temporarily Restricted Net Assets 59,971 Temporarily restricted —<br />
Permanently Restricted Net Assets 2,336,104 Permanently restricted 150,000<br />
Total Net Assets 5,455,033<br />
TOTAL LIABILITIES & NET ASSETS $104,781,458 ANNUAL INCREASE IN NET ASSETS $989,009<br />
Board of Directors & Staff<br />
Charles “Chip” Bay<br />
Chair<br />
Trammell Crow Residential<br />
Stacy Plotkin Silber<br />
Vice Chair<br />
Holland & Knight LLP<br />
Lois Fried<br />
Treasurer<br />
Urban Atlantic<br />
Cynthia Rubenstein<br />
Secretary<br />
Passion for Learning, Inc.<br />
Faten Alajmi<br />
Community Volunteer<br />
Maryam Balbed<br />
Community Volunteer<br />
Samuel Marein Efron<br />
Community Volunteer<br />
Juan Holcomb<br />
Resource Consultants, Inc.<br />
(RCI)<br />
Rhonda Cunningham<br />
Holmes<br />
Chevy Chase Bank, F.S.B.<br />
Richard Lawch<br />
RSL Ventures, LLC<br />
Sheila Maith<br />
Community Volunteer<br />
Robert Mitchell<br />
Mitchell & Best Home Builders<br />
Richard Perlmutter<br />
Argo Investment Company<br />
Gail Scott-Parizer<br />
Charles Drew<br />
Elementary School<br />
Alazne (Ali) Solis<br />
Enterprise Community<br />
Partners<br />
Mark Tucker<br />
Blank Rome LLP<br />
Gina Williams<br />
Regina Solis Williams<br />
CPA, PC<br />
<strong>MHP</strong> Staff<br />
Robert Goldman<br />
President<br />
Jill E. Goodrich<br />
Vice President of Operations<br />
S. Marlowe Mentzer<br />
Vice President of Finance<br />
Rosa Aleman<br />
Staff Accountant<br />
Tara Bacote<br />
Asset Manager<br />
Greg Baker<br />
Community Planning<br />
Manager<br />
Gloria Castro<br />
Community Life<br />
Program Manager<br />
Angela Diaz<br />
Assistant Director of<br />
Community Life<br />
Estela Giron<br />
Site Coordinator<br />
Julian Hargrove<br />
AmeriCorps Intern<br />
Prajakta Kasbekar<br />
Project Manager<br />
Sidd Kashyap<br />
Real Estate<br />
Development Intern<br />
Richard Lawrence<br />
Real Estate<br />
Development Intern<br />
Sandy Lombardo<br />
Controller<br />
Aida Mora<br />
MPDU/IDA Coordinator<br />
Nora Ortiz<br />
Community Life Site<br />
Coordinator<br />
Cleydi Pacheco<br />
Community Life Site<br />
Coordinator<br />
Patty Reed<br />
Director of Fundraising<br />
Stephanie Roodman<br />
Project Manager/<br />
Legal Counsel<br />
Maureen Sarver<br />
Program Manager<br />
Michael Scheidt<br />
Office Administrator<br />
Stephen Sprecher<br />
Director of Real Estate &<br />
Neighborhood Development<br />
Maureen Sweeney Smith<br />
Communications Manager<br />
Sulema Middleton Stewart<br />
Director of Community<br />
Life Programs/Human<br />
Resources Specialist
Donors<br />
C O R P O R A T E S P O N S O R S<br />
PLATINUM<br />
Reznick Group<br />
GOLD<br />
Enterprise<br />
The <strong>MHP</strong> Circle of Builders is a giving club<br />
made up of donors who are committed to helping<br />
low income families attain the next level of<br />
stability by ensuring they have access to quality,<br />
affordable housing and supportive services<br />
that empower them to build a stronger future.<br />
Members make annual gifts at the Circle Level,<br />
the Stepping Stone Level, and the Foundation<br />
Level. Inaugurated in 2007, the group had 31<br />
members by year’s end.<br />
Circle of Builders members participated in two<br />
informative breakfasts with guest speakers<br />
during <strong>2008</strong> and a dessert reception during<br />
the summer.<br />
Foundation Level<br />
($5,000 & up)<br />
Laura and Chip* Bay<br />
Gina* and James Williams<br />
BRONZE<br />
The Bozzuto Group<br />
The CT Group<br />
EDG Architects<br />
Equity Management<br />
Lime Rock Contractors<br />
PNC Bank<br />
Circle of<br />
Builders<br />
Stepping Stone Level<br />
($2,500 - $4,999)<br />
Mike A. Withers*<br />
Circle Level<br />
($1,000 - $2,499)<br />
Leon W. Andris<br />
James A.* and<br />
Marian F. Brodsky<br />
Nancy Bushwick-Malloy<br />
John H. Carman<br />
Lois M. Christeller<br />
David Flanagan*<br />
Lois Fried*<br />
Juan Holcomb*<br />
Rhonda Cunningham Holmes*<br />
Teuntje Goldman<br />
<strong>Montgomery</strong> <strong>Housing</strong> <strong>Partnership</strong><br />
12200 Tech Road, Suite 250<br />
Silver Spring, MD 20904-1983<br />
PH (301) 622-2400<br />
FX (301) 622-2800<br />
www.mhpartners.org<br />
Sam and Lucy Keker<br />
Richard Lawch*<br />
Phyllis* and Ira Lieberman<br />
Sheila Maith*<br />
Williams and<br />
Laurel Kinn Martin<br />
Robert L. Mitchell*<br />
S. Bruce Pascal<br />
Richard Perlmutter*<br />
Patty Reed<br />
Ken Rehfuss<br />
Peter and Sally Roman<br />
Robert Rosenfeld<br />
Gail Scott-Parizer*<br />
Barbara Sears<br />
Stacy Plotkin Silber*<br />
Jackie Simon*<br />
John* and Mary Slidell<br />
Ali Solis*<br />
James Soltesz<br />
January 1, <strong>2008</strong> to December 31, <strong>2008</strong><br />
Corporate, Foundation<br />
and Government Donors<br />
Blechman-Morenoff<br />
Foundation<br />
The Bozzuto Group<br />
C.M. Parker & Company, Inc.<br />
Charles Tini & Associates, LLC<br />
Coldwell Banker Residential<br />
Brokerage Cares<br />
Community Foundation for the<br />
National Capital Region<br />
EDG Architects, LLC<br />
Enterprise<br />
Equity Management, Inc.<br />
Evelyn Bushwick Family<br />
Charitable Trust<br />
Fidelity Charitable Gift Fund<br />
Giant Food Store #336<br />
J. E. Kelly & Associates, LLC<br />
Jackie Simon, Realtor<br />
Keker Family Foundation<br />
Lime Rock Contractors<br />
Loiederman Soltesz<br />
Associates, Inc.<br />
Margot and Paul Zimmerman<br />
Fund of the Community<br />
Foundation for the National<br />
Capital Region<br />
Maryland DHCD<br />
<strong>Montgomery</strong> Coalition for Adult<br />
English Literacy<br />
<strong>Montgomery</strong> County DHCA<br />
Nancy & Raymond Schoenke<br />
Charitable Foundation<br />
NeighborWorks America<br />
Reznick Group, PC<br />
Richard and Lee Ann Lawch<br />
Family Fund<br />
Rosenfeld Investment, LLC<br />
Rosenfeld Realty Company<br />
Safeway Inc., Eastern Division<br />
Schwab Charitable Fund<br />
Shoppers-Wheaton/Glenmont<br />
Shopping Center<br />
Skip Johnson Charitable<br />
Foundation<br />
The Jim and Carol Trawick<br />
Foundation<br />
Unique & Value Village Thrift Store<br />
United Way of the National<br />
Capital Area<br />
Individual and<br />
Organization Donors<br />
Fran Abrams<br />
Robert* and Charlotte Abrams<br />
Bruce T. Adams<br />
Leon W. Andris<br />
Ashton United Methodist Church<br />
Ken Auerbach<br />
Calvin B. and<br />
Elizabeth Baldwin, Jr.<br />
Arthur A. Bardos<br />
Linna M. Barnes<br />
Susan R. Baron *<br />
Michael and Lynda Basset<br />
Laura and Chip* Bay<br />
Bethesda United Church<br />
of Christ<br />
Dorothy P. Boerner †<br />
David Bowers<br />
James A.* and<br />
Marian F. Brodsky<br />
Guy and Lucie Campbell<br />
John H. Carman<br />
Lois M. Christeller<br />
Tara Clifford<br />
Dorothy Cockrell<br />
Marva Crews<br />
Mary Rose Curtis<br />
Jeffrey Donahue<br />
Parker S. and Janet E. Dorman<br />
Craig Emden<br />
Carla Evans<br />
James and Gwyn Fields<br />
David Flanagan*<br />
Larry Ford<br />
Lois Fried*<br />
Stephen Giddings<br />
Daniel Goldman<br />
Teuntje Goldman<br />
Kirsten Green<br />
Joseph Guggenheim<br />
Gordon L. and Page B. Hawk<br />
Judith B. Heimann*<br />
Kevin Hessman* †<br />
Ferdinand Hoefner<br />
Juan Holcomb*<br />
Ira and Rhonda*<br />
Cunningham Holmes<br />
<strong>Housing</strong> Association of<br />
Nonprofit Developers<br />
Praj and Amol Kasbekar<br />
Louise Kauffmann †<br />
Richmond M. and Gail C. Keeney<br />
William Kominers*<br />
Glenn R. Kreger<br />
Judith Lapping<br />
Leadership <strong>Montgomery</strong><br />
Jean Lutterman<br />
Sheila Maith*<br />
Leslie Marks*<br />
Maryland State Bar Association<br />
Family and Juvenile Law †<br />
William McCamey<br />
David McMillion<br />
Camilla McRory<br />
Daniel Meijer<br />
S. Marlowe Mentzer<br />
Berhane Mesfin<br />
Robert L.* and<br />
Marlene C. Mitchell<br />
Ryland L. Mitchell, III<br />
Wylie Mitchell<br />
<strong>Montgomery</strong> Alliance for<br />
Community Giving<br />
Judith B. Morenoff<br />
John T. Morgan/Rita Morgan<br />
Charitable Trust<br />
Jeffrey Mosley*<br />
Allen Mushinsky<br />
NeighborWorks America<br />
Stephen Oesch<br />
S. Bruce Pascal<br />
Kelly Pelz<br />
Neale and Karen Perl<br />
Laurence Platt*<br />
Patricia V. Plunkett<br />
Patty Reed<br />
J. Robert Reeder<br />
Ken Rehfuss<br />
Donald B. and<br />
Marion O. Robertson<br />
John M. and Patricia Robinson<br />
Jacqueline H. Rogers<br />
Lawrence Rogers<br />
Peter and Sally Roman<br />
Lawrence N. and<br />
Jody Rosenblum<br />
Cynthia Rubenstein*<br />
Saint Mark Presbyterian Church<br />
Carolyn Salisbury<br />
Robert L. and<br />
Netta Smith Saloschin<br />
Gail Scott-Parizer*<br />
David and Nancy Scull<br />
Barbara Sears<br />
Tara Seeley*<br />
Joyce B. Siegel †<br />
Stacy Plotkin Silber*<br />
Rutledge Simmons<br />
John* and Mary Slidell<br />
Maureen Sweeney Smith<br />
The Honorable Rueben Snipper<br />
Ali Solis*<br />
Robert and Nancy Soreng<br />
John D. and Elizabeth Spencer<br />
Lois O. Stoner<br />
Anne B. Tenney<br />
Rodrigo Tobon<br />
Brian Tracey<br />
Jody Leigh Tracey<br />
Unitarian Universalist<br />
Church of Rockville<br />
Mary S. Von Euler<br />
Martha Waddy<br />
Christian Wagley in honor of<br />
Jennifer and Eric Cheadle<br />
Thomas and Carolyn Waller in<br />
memory of Norm Christeller<br />
Frederick H. Walton<br />
James and Gina Williams*<br />
We participate<br />
in the Following<br />
Giving Programs<br />
America’s Charities<br />
Just Give<br />
Local Independent Charities<br />
of America<br />
Maryland Charity Campaign<br />
United Way of Central Maryland<br />
* Current or past Board Member<br />
† in memory of Pat Heinaman<br />
<strong>MHP</strong>’s work is made possible by the generous<br />
donors listed above who made contributions from<br />
January 1 to December 31, <strong>2008</strong>. If we omitted<br />
your name, please contact the fundraising department<br />
at X22.
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