2010 Annual Report
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Transcript of 2010 Annual Report
Annual Report 2010
“I consider Meridian Manor my home – and for a long time I felt like I’d never have one”. - Eunice Smith, Resident, Meridian Manor
Meridian Manor—Northgate Neighborhood
“Security House is wonderful. The place is clean. I live in a nice one bedroom apartment and I can afford the rent. I really enjoy my apartment. I like everyone in the building. I like being able to walk down the street and say hello to my neighbors.” - Robert Duprey, Resident
Message From the PresidentMessage From the PresidentMessage From the President
Sarah Rick Lewontin Executive Director
Tory Laughlin Taylor Deputy Director
Vaughn McLeod Director of Facilities & Construction
Leadership TeamLeadership TeamLeadership Team
Dear Friends,
Our region continues to struggle economically,
impacting many organizations doing good work. I am
pleased to report that our financial strength persists.
In 2010 Housing Resources Group maintained a solid
balance sheet and actually increased its reserves! We
are grateful for an Incredibly focused staff and
board, as well as many committed investors, donors
and lenders who see us as a high-value partner. Together we’re able to
fulfill our mission of providing excellent affordable apartments for individu-
als, families and seniors in Seattle.
Housing Resources Group is dedicated to creating great places to
live. We believe that everyone should be able to afford rent and still have
enough left over for the basics. Equally important, they should be able to
live somewhere safe, clean and well-maintained. In 2010, Housing Re-
sources Group made significant strides in creating more great places to call
home, which will preserve and add 174 apartments with affordable rents for
Seattle residents. We also invested in major maintenance projects that
lengthen the lives of our buildings and create healthier more sustainable
living environments, which is important to us and our residents.
We are committed to working with the community to expand afford-
able housing everywhere. After 30 years, we’ve amassed expertise in the
development, construction and financing of affordable housing. Every year
we help other nonprofits with this sometimes-precarious process and share
what we know about successful property management. In 2010, thanks to
the MacArthur Foundation and the City of Seattle, we completed a new
evaluation and reporting tool that makes property management more effi-
cient and effective. We are excited to share this widely with organizations
managing affordable housing. We believe this kind of collaboration and
sharing is essential to maintaining affordable rents for working people in the
region.
On behalf of all of us at Housing Resources Group, thank you for your
support, commitment and continued collaboration.
Jim Lovell
President
Board of Directors
2010 Board 2010 Board 2010 Board of DirectorsDirectorsDirectors
Marilyn Sherron
AT&T Mobility
Karen Lane
Cedar River Group
Pat Leach
HomeStreet Capital
Brent Lower
Washington Real Estate
President
James H. Lovell
Opus Law Group
Vice President
Tom Martineau
US Bank
Secretary
Virginia Anderson
Community Volunteer
Treasurer
Bryan Friend
Union Bank
Douglas Daley
Harbor Properties
Quentin Kuhrau
Unico Properties
José Quintana
Plum Creek Timber Co.
Ellen Sas
Community Volunteer
Sue Selman Director of Property Management
Susan Williams Director of Human Resources
Shelley Farber Director of Finance
Security House
Located in Belltown
“It’s not just an apartment house, it’s a
home.”
- David Sessoms Sr., Resident
HRG SnapshotHRG SnapshotHRG Snapshot
Established
1980
Since 1980 we have:
Developed
3,092 Apartments
In 2010 we:
Provided Housing to
3,037 People
Connected Services to
86 households
Managed
1,781 Apartments
We are Developing:
271 Apartments
2010 Was Another Great Year2010 Was Another Great Year2010 Was Another Great Year
John Winthrop Apartments
Located on First Hill
Housing Resources Group continues its record of success despite a challenging economy.
While some affordable housing and nonprofit organizations cut back staff and services, Housing
Resources Group maintained its strong position. Thanks to our amazing employees, board and
financial partners we ended 2010 on a high note:
95% annual average occupancy rate (97% occupancy rate on 12/30/2010)
Net cash flow for the year exceeded budgeted expectations
We provided valuable consulting services to help others expand affordable housing in Seattle. We worked with two excellent organizations: Downtown Emergency Service Center (DESC) and Mt. Baker Housing Association.
We guided DESC in the development and completion of a
new 83-unit apartment building in Seattle’s Cascade
neighborhood, where DESC will provide housing and ser-
vices to previously homeless individuals with multiple chal-
lenges, such as mental illness and addiction.
We supported Mt. Baker Housing Association in the pur-
chase and rehabilitation of a 35-unit apartment building in
Skyway,to maintain affordable rents for working people.
We delivered on our commitment to provide well-maintained, healthy homes. Our residents
should be able to live in safe, clean, well-maintained buildings. It’s what they want, and it
lengthens the life of our portfolio.
2011 will be smoke free! In 2010, we started the process to convert all of our properties
to 100% smoke-free buildings.
We managed the successful clean-up of contaminated soil at the Rose Street site, before
beginning construction. We created a sustainable living environment that will protect
ground water from future contamination.
We installed new siding and completed replacement of old windows in Security House, a
107-unit apartment building for low-income seniors in Belltown.
We completed the $1.8 million rehabilitation to increase energy efficiency and environ-
mental sustainability of Meridian Manor, which provides 109 apartments for low-income
seniors in Seattle’s Northgate neighborhood.
We expanded our portfolio, paving the way for more affordable
apartments at a time of increasing need.
With funding secure, we began construction of Rose Street
Apartments in Rainier Beach, adding 71 units to the
neighborhood in April 2011
We assumed management of the UFCW Local 21’s Sunset
House, an 82-unit HUD apartment building for seniors and
people with disabilities. HRG will purchase the building in
2011.
We identified property on Dexter Ave., suitable for about 70
apartments, which we plan to purchase in 2011.
David Sessoms Sr. has lived at
the John Winthrop apartments
since 2004. He’s been retired
since 2001 but spent many
years as a janitor at Virginia
Mason. He is an avid biker and
rides every day unless it’s
raining too hard. In 2010 he
road a total of 1,828 miles. His
goal for 2011 is to top 1,900 miles! David says, “It’s a
blessing to have affordable housing. I can afford the rent
and live in a neighborhood that has everything.”
1% 7%
9%
8%
75%
1% 2% 7%3%
87%
Revenue & Support
Expenditures
Contributions 89,800
Restricted Gifts & Grants 365,500
Development, Construction
& Property Management Fees 1,256,474
Interest & Other 555,500
Rental Income 15,614,900
Total Revenue $17,882,174
Fundraising 184,800
Administration 1,272,700
Program Expenses 1,601,900
Capital Expenditures &
Mortgage Payments 1,417,300
Building Operations 13,106,800
Total Expenses $17,583,500
As a result of our rigorous financial and property management practices, we entered 2011 in a solid financial position. In 2010 we took
steps that will contribute to our historic financial strength and provide Housing Resources Group with capital to invest in new affordable
housing units or maintain those we have:
We refinanced two properties—Graham/Terry and Vine Court—making more than $1.2 million available to preserve and im-
prove our aging apartment buildings, and to buy property.
We refined our asset management tools to improve our buildings physically and financially. We’re sharing this information
through the Housing Development Consortium, Office of Housing at City of Seattle and the Housing Partnership Network.
We remained an active advocate for affordable housing. Every year we monitor for issues and opportunities at the City and State
levels where we can advance the growth of affordable housing. In 2010 we urged the State of Washington to:
Retain the Housing Trust Fund in the very tightly restricted State budget—the State allocated $50 million for the fund.
Pass legislation exempting nonprofits from paying B&O tax on the wages of their employees working in buildings that are owned
by for-profit entities—the legislation passed in 2011 and will save HRG $15,000 per year.
“I never expected to be able to afford living in Seattle so soon. My plans for the
future have changed a lot over the years. Right now, I am excited to be where I am
and about the options that are available to me.”
- Joel M., Cascade Court
2010 HRG Financial Highlights2010 HRG Financial Highlights2010 HRG Financial Highlights
201020102010———Building on a Foundation of StrengthBuilding on a Foundation of StrengthBuilding on a Foundation of Strength
To learn more about giving to Housing Resources Group, please visit us
online at www.hrg.org or contact Sarah Rick Lewontin, Executive Director, at [email protected]
Lifelong AIDS Alliance
Lighthouse for the Blind
Sound Mental Health
SouthEast Effective Development
Washington Families Fund
Wellspring Family Services
YMCA of Greater Seattle—Young Adult Services
YWCA of Seattle – King County - Snohomish County
Asian Counseling and Referral Service
Bill & Melinda Gates Foundation
Building Changes
Catholic Housing Services of Western Washington
Downtown Emergency Service Center
Harborview Mental Health Services
HomeStep (Church Council of Greater Seattle)
King County Developmental Disabilities Division
JPMorgan Chase
Key Foundation
The Leonard Leiberman Family Foundation
Nicholas & Diane Lovejoy
The Norcliffe Foundation
Puckett & Redford PLLC
2010 Major Contributors Thanks to the following corporations, foundations and businesses for helping us
create communities that work!
2010 Collaborative Partners
Our work is made possible through our many partners – thank you!
BioClean Inc.
Enterprise
Froula Alarm Systems
GGLO Architects
HomeStreet Bank
HRG Board & Staff
Interland Design
Rafn Company
SMR Architects
The Seattle Foundation
Union Bank
US Bancorp Foundation
Wells Fargo Foundation
“The affordability of the apartment has allowed me to live simply… to pay my
living expenses and have some leftover to enjoy this diverse city we live in. I am
able to spend some money in the neighborhood and downtown... This makes me
happier and healthier which makes me a better neighbor, employee, and parent.”
- Karen Adamson, Bellevue/Olive Apartments
Cambridge Apartments
Located on Capitol Hill
Looking forward to 2011Looking forward to 2011Looking forward to 2011
Rose Street is a new mixed-use building in the Rainier
Beach neighborhood, with 71 one– and two– bed-
room apartments for low-income individuals and
families. People living here can catch a bus in front of
the building for a straight ride to downtown Seattle.
Sunset House, located in Belltown, is an 82-unit HUD
apartment building for seniors and people with dis-
abilities. HRG will purchase the building from UFCW
Local 21 and begin rehabilitation in 2011.
Our mission is to provide excellent affordable apartments that enable low-wage working people,
their families and low-income seniors to live independently throughout their lives.
This report is printed on 15% recycled paper from post-consumer and mill waste.
When Kisha-Marie Jones moved
to Seattle, she had a difficult time
finding housing and employment.
In 2008, after living south of
Seattle for a few years, Kisha-
Marie moved into her apartment
at the Cambridge. Thanks to HRG,
she is able to live in the city close
to her job on Capitol Hill. Kisha-
Marie says, “HRG housing is
preventative. Without HRG there
would be a whole bunch of us on
the street, twiddling our thumbs. Or, we would not be able to
live in Seattle because we couldn’t afford it.”
“I feel like I am a part of the community now, putting in as much as I’m taking out.” - Kisha-Marie Jones, Resident