Current Annual Report - Retirement Housing Foundation

On A National Scale• The RHF Foundation continues to be approved as aCombined Federal Campaign member, making it easierfor federal employees to make a donation to us throughpayroll deduction and/or check. RHF joined severalState Employee Charitable Campaigns, making it easierfor state employees to make a donation to us throughpayroll deduction and/or check.• We have 63 persons residing in our communities whohave celebrated 100 or more birthdays. Our oldestresident Annie Ladd passed away at 107. She lived atThe Cloisters in DeLand, Florida. She voluntarily gaveup her driver’s license at the age of 103 because shehad never had an accident and she wanted to keep thatperfect record. She believed that if she was ever in anaccident, whether it was her fault or not, she would beblamed for causing it. She was a sharp lady up to thetime of her death.• The Whittier, a 60-unit family community in LosAngeles, California, started construction in June.• Capitol Towers a 144-unit senior community inHartford, Connecticut, began rehabilitation constructionin May which was completed in December.• RHF has been refinancing and rehabbing a numberof our HUD 202 properties in Indiana. Constructionbegan on University Center, a 50-unit senior communityin Indianapolis, and Charles Major Manor, a 50-unitsenior community in Shelbyville, in April and wascompleted in July. Refinancing for The Towers atCrooked Creek (167 senior units in Indianapolis) andThe Towers at Southdale (140 senior units in Anderson)closed in April and the rehabilitation effort for these twocommunities, plus Adam and Bruce (50 senior units inFort Wayne) began in July. Construction was completedon Adam and Bruce in December.• We held a dedication ceremony in January 2012 forthe newly remodeled Horton Rehab Center at BixbyKnolls Healthcare Center. Funds for the remodel weregraciously donated by the Wesley Horton family.10• Two years ago Immanuel United Church of Christ,Evergreen Park, Illinois, proposed that RHF takeImmanuel Residences, an early HUD 202 consisting of24 apartments. Finally in November, HUD approved themerger of Immanuel Residences with The Heartland inPeoria for operational purposes. This property, which isbeing refinanced, will provide funds to rehabilitateImmanuel Residences. We expect the closing with HUDto occur in the coming year.• Pioneer Towers, Sacramento, completed a $10 millionrehabilitation in December.• In May RHF was selected to be the managing generalpartner of The Towers of Jacksonville in Jacksonville,Florida. There were five finalists competing to take onthis project, and the board selected RHF to rehabilitateand manage this 194 unit building. We expect closingto occur shortly. They said that of all the nonprofits theyconsidered, we were far and above the best, which is thereputation we want to have.• Broadwood Terrace, 89 senior units in Los Angeles, andLas Alturas, 78 senior units in Los Angeles both received9% tax credit awards in October.• RHF signed the purchase contract to acquire EssexVillage (109 senior units) and Kings Grant (156 familyunits) in North Kingston, Rhode Island, and the StateHousing Finance Agency approved financing in October.• In November RHF was selected by Peace Ministries’Board to be the managing agent of Peace Village, locatedin Palos Park, Illinois. Ground was broken for thiscommunity by Peace Memorial United Church of Christin 1987 just before I became President and CEO ofRetirement Housing Foundation.• RHF received a bond allocation and 4% credits inNovember for Congregational Tower (186 senior units),which was sponsored by First Congregational UCC,Chula Vista, California and which joined the RHF family.• We continued 50th Anniversary celebrations.• We participated in CHHSM’s 74th Annual Meeting inSt. Louis, LeadingAge’s 51st Annual Meeting in Denver,and the 51st Annual Meeting of LeadingAge California inPalm Springs.(Continue on page 12)