Westhab Brochure

community
development
youth
home
westhab.
2008-09 REPORT TO THE COMMUNITY
westhab community development youth home westhab community development youth home westhab community development
board of directors
executive staff
Thomas Brock
Chairman
Kimberlie Jacobs
Treasurer
Paul Norton
Director
Robert Miller
President and CEO
Robert Miller
President
Nancy Argento
Director
Nicholas Wolff
Director
Kenneth Belfer
Vice President,
Administration
Patricia Vitelli
Controller
Rev. John Duffell
Vice Chairman
Jason Blake
Director
.............................
Robert Sanborn
Vice President, Real Estate
Eugene Conroy
Secretary
William Frey
Director
Charles Weinberg
Emeritus
Helen Rosenberg
General Counsel
our funders
westhab’s mission is to provide safe, affordable housing and supportive services as
Ken Wray
Vice President, Housing
and Services
needed, to help people improve their quality of life; and to help create secure
communities in under-served neighborhoods.
president's message
2008-09
Dear Friends,
It will come as no surprise to you, I am sure, to hear that the recession has hit
Westhab hard, just as it has hit so many people, agencies and businesses. Last
year at this time, I wrote… “Increasing community opposition (to affordable
housing development) and the political nature of land use approvals, weakening
credit markets, and increasing construction costs all seem to be converging to
create the perfect (housing) storm.” Little did I know what was still to come.
Westchester County Department
of Social Services
•••••••••••••
United States Department of Housing
& Urban Development
United States Department of Justice
United States Department of
Veterans Affairs
•••••••••••••
New York State Department of Labor
New York State Division of Criminal
Justice Services
New York State Homeless Housing
and Assistance Corporation
New York State Division of Housing
and Community Renewal
New York State Housing Trust Fund
Corporation
New York State Office of Mental Health
New York State Office of Temporary
and Disability Assistance
•••••••••••••
Westchester County Department of
Community Mental Health
Westchester County Department of
Information Technology
- Westchester Access Program
•••••••••••••
City of Mount Vernon
City of New Rochelle
City of Yonkers
White Plains City School District
•••••••••••••
All New York Title Agency
Argento & Sons
Arts Westchester (Westchester Arts Council)
Benchmark Title Agency
Bank of America
Broadway Westchester
Capital One Foundation
Capital One Services
Carlson Family Foundation
Citi Foundation
Citigroup
Citizens Bank Charitable Foundation
Frederick Clark Associates
Community Housing Management Corp
Community Preservation Corp
James Coogan Family Foundation
DelBello Donnellan Weingarten Wise
& Wiederkehr
Eileen Fisher
EK & Hospitality
Elias Foundation
Emblem Health Services
Enterprise Community Partners
The Flanders Group
Fleet Mechanical Systems
Food Bank for Westchester
GHI
Glickenhaus Foundation
Goldman Sachs & Co.
Gutman Mintz Baker & Sonnenfeldt
Hitachi America Ltd.
Hitachi Foundation
Home Depot Foundation
HSBC Bank
Hub International
Hudson City Savings
Interior Resources
JP Morgan Chase
Lettire Construction
M&T Bank
M&T Charitable Foundation
Mack-Cali Realty
Magnusson Architecture & Planning
MasterCard Worldwide
Mazur Family Foundation
Thomas G. and Andrea Mendell Foundation
National Cristina Foundation
North Star Fund
Patrina Foundation
Patriot National Bank
Pepsico
Perkins Eastman Architects
Petrocelli Financial Services
Presbyterian Women of the Irivington
Presbyterian Church
Price Family Foundation
Proftech
Readers Digest Association
Readers Digest Foundation
Reformed Church of Bronxville
Ronald McDonald House Charities
Saccardi & Schiff
St. Faith's House Foundation
Sarah Lawrence College
Service Directions
SLCE Architects
Curtis Spacavento Landscaping
T&A Electric
TD Banknorth Charitable Foundation
Tirschwell & Loewy
Tudor Foundation
Urban Architectural Initiatives
US Alliance Federal Credit Union
Wal-Mart Foundation
Washington Mutual
Webster Bank
Weis Security & Communications
Westchester Community Foundation
Westchester Reform Temple
WithumSmith+Brown
Women's Sports Foundation
•••••••••••••
Anonymous (2)
Nan Beer
Ken Belfer
Neil and Andrea Bernstein
Jason Blake
Tom and Susan Brock
James Coogan
Lloyd Coppedge
Betty and Stuart Cotton
William Doescher
Gladys Field
Kenneth Francella
Norman Freidman
Sam Gaccione
William Gallagher
JoAnne and Alan Ganek
Jon Gruenberg
Andrew and Phyllis Herz
Shirley Kass
Sarah Khedouri
Fitimtar Lala
Tracy and Marc McCarthy
Rochelle Leiber-Miller and Robert Miller
Robert LePre
Enzo Leva
Judith and Michael Margulies
Sarah McKeown-Singman
Robert Petrocelli
Mark and Claudia Pfaff
Elizabeth Pforzheimer
Andrea and Andrew Potash
Paul Saltzman
Brian Shepherd
Arun Soni
James Stern
Brian Sullivan
John Van Bomel
Susan Wayne
Charles and Judy Weinberg
Milton and Jeffrey Zelekowitz
thank you
Always generous, employees at New York Life's Sleepy Hollow
Campus, led by Tina Thomas (second from right), went above and
beyond in their support of Westhab this year, raising money as a
racing team at our Grand Prix fundraiser and spending Saturdays
doing community service work with teens from the Coachman
Family Center.
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DESIGN: Randi Press • EDITING: Judy Zendell, Helen Chananie • PHOTOGRAPHY: Brandon Bonner, Helen Chananie, Matthew Scheer, Judy Zendell
Westhab benefits from many government, corporate, institutional, and individual sources of financial support. We gratefully
acknowledge the following major contributors for the year 2008:
Our “pain” is the direct result of our most ambitious development plans ever. With 500 units in development in 13
different projects in the Fall of 2008, Westhab had borrowed heavily to acquire sites and conduct predevelopment
activities (appraisals, architectural and engineering studies, borings, fees, etc.). The process of borrowing to acquire
sites and conduct predevelopment activities is standard procedure for us; what was unusual was the amount of work
we were undertaking. When the economy and banking industry then went into a tailspin, it became much more
difficult to “close” projects, as banks became increasingly conservative and other sources of financing became
increasingly scarce. That left Westhab with a lot of land bought with short-term borrowing, and no short-term solutions.
As of this writing, we have worked through the most difficult short-term problems with the help and understanding
of our banking partners at M&T, Bank of America and the Westchester Bank. Now, as stimulus funds begin to flow
and credit markets begin to adjust, we are committed to completing these projects using creative solutions to
build what is more important than ever—quality affordable housing.
And although real estate development may be moving slowly at the moment, the pages in this Report are a testament
to the fact that we are not letting that stop us from continuing to improve and expand our work in our other fields of
dreams—providing services for the homeless, community building, and youth and employment services.
As always, we value your interest and support for our work and appreciate your taking the time to read this Report
to the Community.
Sincerely,
Robert L. Miller
President & CEO
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ELM STREET COMMUNITY RESOURCE CENTER
In its first year, the Elm Street Community Resource Center in the Nodine
Hill neighborhood of Southwest Yonkers has developed a network of
partners who provide free onsite services and programs to help us help
residents of Nodine Hill improve the quality of their daily lives and future
well-being.
building
community
The Center offers:
• Family, individual and couples counseling
• Eat Smart NY! cooking and nutrition classes
• Family Story Power: a reading and writing program for children and
their families
• Emergency food
• Food stamp assistance workshops
• Financial literacy workshops
• Immigration law workshops
• Employment workshops
• Child Safety programs
• Holiday workshops for families
• Domestic violence workshops
• Workshops for women immigrants
• Affordable health insurance workshops
• Pain management and wellness workshops
• Blood pressure monitoring
• Reproductive health education
• HIV testing
• Neighborhood clean-up day
Making substantial and lasting quality of life improvements requires an
investment from all community stakeholders. Westhab is working in
Nodine Hill, Yonkers, to bring together residents, young people,
landlords, business owners, and government—including the City’s
Planning, Public Works and Police Departments. Together we are
identifying problems and taking action for change in areas such as
public safety and neighborhood services that help people achieve
personal successes and help strengthen the community as a whole.
▼A
sampling of SPRING 2009 ACTIVITIES at the Elm Street Community Resource Center
▼
1 • 12 • 13 • 14 • 15 • 16 • 17 • 18 • 19 • 20 • 21 • 22 • 23 • 24 • 25 • 26 • 27 • 28 • 29 • 30 MAY 1 • 2 • 3 • 4 • 5 • 6 • 7 • 8 • 9 • 10 • 11 • 12 • 13 • 14 • 15 • 16 • 17 • 18 • 19 • 20 • 21 • 22 • 23 • 24 • 25 • 26 • 27 • 28 • 29 •
For all of the above, we are grateful to:
MAY 4TH - MAY 8TH
APRIL 21ST
APRIL 28TH
Immigration workshop
taught by an attorney
from the Westchester
Hispanic Coalition
Planned Parenthood
workshop on
women's health
Westhab’s Community Organizer,
Kenyatta Mines attended a
"Community Capacity Builders
Forum" in Phoenix with Sumi
Hernandez-Moss, community resident
and longtime Nodine Hill Community
Initiative (NHCI) leader. The forum's
theme was building communities
from the inside out. Since the forum,
the two women, along with another
NHCI leader, Metta Cantlo, have
been strategizing about revitalizing
grassroots efforts to build a strong
resident-led organization.
APRIL 15TH
Yonkers Partners in Education's Family
Story Power began its first six-week
session. Families come together for
dinner, then read and talk about stories,
and learn to tell their own stories.
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MAY 22ND
MAY 18TH
Fidelis workshop on affordable
health care options
Food Bank
Emergency Food Pantry
for Westchester
workshop on applying
for food stamps
MAY 16TH
APRIL 22ND
Cornell Cooperative Extension of
Westchester's nutrition workshops
began a new eight-week series
APRIL 30TH
Spring Community Health Fair:
Over 100 families attended, for free
services and information ranging
from a Westchester County Child
Safety photo ID program to pain
management and stress relief advice
from Ren Dao Wellness Center.
MAY 12TH
Westhab hosted
our monthly
community meeting
at next-door neighbor
Good Shepherd
Presbyterian Church.
These meetings give
residents a chance to
voice their concerns,
brainstorm solutions,
and work to enhance
the quality of life in
the neighborhood.
The Yale Westchester Alumni Association devoted a day
of service to the Community Resource Center’s
Neighborhood Cleanup
• Family Services of Westchester
• Cornell Cooperative Extension
• Yonkers Partners in Education
• Food Bank for Westchester
• Chase Bank
• Primerica
• Silverman, Bikkal
& Sandelbert LLP
• V.I.P. Healthcare
• NY Healthcare, Inc.
• Yonkers Police Department
• Westchester County Dept.
of Public Safety
• North Yonkers Preservation
and Development Corp.
• Andrus Children's Center
• My Sisters Place
• Hispanic Coalition of
Westchester
• Affinity Health Plan
• Fidelis Care
• Healthfirst
• Ren Dao Wellness Center
• Hudson Health Plan
• Pro Med
• Planned Parenthood
• Yale Westchester Alumni
Association
JP Morgan Chase is committed to
helping us build a strong community
in Nodine Hill. It has provided us a
second year's funding support for our
Elm Street CRC and Elm Street
Neighborhood (Youth) Center. Cathie
A. Schaffer, Division Manager, Chase
Middle Market Banking, and Dennis
McDermott, Vice President, Northeast
Region Community Relations, seen here
with Westhab President Bob Miller,
are great supporters of our work in
the neighborhood.
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westhab community development youth home westhab community development youth home westhab community development
creating homes
Four years ago, when Paula Custis was searching for
an affordable apartment in a calm, quiet building in
Yonkers, a friend suggested that she get in touch with
Westhab. Custis initially balked at the idea, saying,
“I’m not homeless!”
Karena Larrequi was one of the first tenants to move into one of
Westhab’s newest buildings in Yonkers. She had lived previously
in a New York City Housing Authority property in the Bronx and
describes the move as “a pleasant change,” adding that since
relocating to her new home, things in her life “have definitely
gotten better.”
Kingsley Mpamugo moved into Westhab’s newest building, our first
mixed-income residence, in New Rochelle, in early 2009. He says that
he was impressed by the speed and thoroughness with which the
maintenance and security staff responded to any and all questions and
concerns as the “new building kinks” worked themselves out that
first month.
Mpamugo is pleased that Westhab agrees that open communication
between residents and management is key to creating a positive
living environment for all. He is enthusiastic about holding regular
tenant meetings, where residents exchange ideas with one another
and Westhab staff, in order to build a community that serves and
respects the needs of all its members.
Larrequi lives with her two children, and credits Westhab’s
management and security personnel for creating a positive
and welcoming environment for her family. She describes the
building as “very peaceful, very
well kept, and always very quiet,”
and explains, “The fact that I can
come into my building and not
worry—it’s thanks to the security. I
feel very safe here with my kids.”
“It’s been a blessing,” Larrequi
says of life in our building over the
last three years. “I thank Westhab
for the opportunity.”
COACHMAN FAMILY CENTER
Westhab operates the Coachman Family Center
(CFC) as a “normative” community, in which
100 homeless resident families and staff share
positive values, decision-making, and opportunities
for personal growth.
In the last year Julie West, Westhab’s Director
of Family Services, has kicked this all up a
few notches.
These days:
Families entering the shelter for the first time
receive a handbook, compiled by West with input
from current residents, that describes life at the
CFC. They also meet a peer "buddy" who has
volunteered to help them get oriented. In addition, they attend a "New Residents Welcome," led
weekly by West, at which she asks for their input right from the start.
As in the past, monthly Town Hall meetings involve everyone in the building, to highlight
accomplishments and provide a forum for information sharing. At ongoing weekly floor meetings,
residents and staff air concerns related to daily living and work together to resolve them. In
order to emphasize service delivery and resident empowerment, case managers now routinely
visit clients in their rooms for one-on-one meetings, rather than having the clients come to the
administrative offices.
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VAUGHN GLANTON
EMPLOYMENT RESIDENCE
“I only knew about the Coachman then,” she recalls. “I
didn’t realize that Westhab ran all these apartment
buildings.” But she took her friend’s advice and moved
into one of the first apartment buildings Westhab built
from the ground up. She and her two sons have been
living there ever since, and Custis says she has yet to
find a single thing to complain about.
Custis describes the building as very quiet and clean –
exactly the type of home environment she was hoping
to find. “The neighbors are all respectful and help
each other out when there are problems.” Westhab’s
Derrick Nichols, who is in charge of the building’s
maintenance, earns her highest praise. “He does a
great job keeping
the building clean and running smoothly. . . the one time I
ever had a problem in my apartment, he was over two
minutes after I’d called him.”
Custis is so pleased with the building that she urged her
daughter to move in with her two children. They did, six
months ago, to Custis’ great delight. “I am very comfortable
and happy here,” she says. “I think this is the best place I’ve
ever lived.”
And new for CFC women this year: After
outreach from West, the NYC nonprofit, A
More Perfect Union, provided its Circle of
Women program at the CFC—the first time
the program has taken place in Westchester
County. It works to enable women to
articulate, validate and strengthen their
life goals. Its diverse group of women
volunteers made a great fit with the caring
culture of the CFC. Once formed, the
partnership between the volunteers and the
CFC became ongoing.
When a staff position opens at the CFC, the
only applicants who are considered for hiring
are those who demonstrate a willingness and
ability to work in the normative model of
sharing power with residents, and who believe
that, given appropriate opportunities and
support, people can make lasting changes.
New staff receive a substantial orientation on
how the normative model plays out in daily
life. All staff receive ongoing training.
Feedback from residents and staff on all of
the innovations of this last year has been
enormously positive.
The homeless single men living at
the Vaughn Glanton Employment
Residence in Mount Vernon work
daily to grow their abilities to gain
and maintain employment with the
goal of moving to their own
apartments. In warm months they
also grow flower and vegetable
gardens. For many of the residents,
who grew up in urban apartments,
it's their first experience of
gardening, observing how food
grows, and eating homegrown
vegetables. Neighbors come by
and admire the gardens, just as the
neighbors in Greenburgh used to
when the shelter was located there,
and its first director, for whom it is
now named, introduced residents
to gardening.
WESTHAB IN NEW ROCHELLE
Westhab in New Rochelle, Inc. is
Westhab's newest not-for-profit
community development affiliate.
Incorporated in 2008, it has been
designated by the City of
New Rochelle as a Community
Housing Development Organization.
Its goal is to build, rehab and
manage homeownership and
affordable rental housing in the
City, and to undertake other
community-building activities.
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westhab community development youth home westhab community development youth home westhab community development
youth services
This is our fourth year of a weekly
chess program for kids at the
Coachman Family Center, taught
by former National Junior Chess
Champion of Hungary, Renata Kelly.
As
added
inspiration,
Reni
sometimes lines up groups of
children and staff and plays them
all simultaneously.
The arts are thriving and the kids are thriving through the arts at all of our Youth Services
programs. The Westchester County Department of Social Services, White Plains City School
District, Westchester Chamber Orchestra and ArtsWestchester make it possible for our young
people to learn, perform, and exhibit, in the areas of dance, music, theater, visual arts and
videography, throughout the year.
Teens in current Westhab youth programs, alums, and
Rich Nightingale, Director of Youth and Community
Services, presented a panel, "Empowering At-Risk Youth
to Become Community Leaders" at the New York State
School Social Workers' annual conference this year.
With new funding from the Yonkers
Workforce Investment Board,
Westhab launched Achieve this
year, a unique program that is
enabling a motivated group of
older teens and young adults in
Yonkers to identify and pursue their
education and employment goals.
Here, Achieve participant Chase
Coleman interns with Westhab's
Housing Specialist Nilson Rosario,
a first step in his preparation for a
career in real estate.
8
employment services
From November 2008 through June 2009, volunteers
from New York Life's Sleepy Hollow campus and teens
from the Coachman Family Center spent many Saturdays
together performing community service throughout
Westchester County. They cut invasive vines that are
choking trees along the County's parkways, spruced up
an animal shelter, and (seen here) helped temporarily
relocate the Ronald McDonald House at Maria Fareri
Children's Hospital while it undergoes renovations.
Westhab and the Yonkers Police
Department (YPD) held our
fourth cycle of the Youth and
Police Initiative (YPI) for 15 young
people and 15 officers in the
4th Police Precinct. To date,
40 young people and 40 police
officers have completed this
innovative program, which works
to build awareness, trust,
and improved communications
between the two groups.
Westhab and YPD are committed
to continuing the program and
are working collaboratively with
our training partner, the North
American Family Institute to pilot
a level II leadership academy for
YPI graduates.
Westhab’s increasingly strong
relationships with a growing
number of local employers
enabled us to place Employment
Services clients in available
positions quickly this year. We
boosted successful collaborations
with over 50 employers by hosting
and attending 36 job fairs, and
through their positive experiences
with our job retention services
and rapid placement of workers.
The 156 clients we placed in jobs
this year—residents of our
transitional housing or “walk-ins”
to our community resource
centers in Mt. Vernon and
Yonkers—had average starting
salaries of $10/hour.
WE LOVE
SUCCESS STORIES.
Here’s one from this year that comes
out of the employment program
that Westhab provides at the
Westchester County Department of
Social Services office in Yonkers:
Eileen Ford, at VIP Health Care, says, “Westhab provides our agency with great trainees and
candidates, both at job fairs held on location, as well as recognizing the strengths we need
and sending appropriate candidates to our office in between. Westhab's job coaches follow
up with the candidates and break down any obstacles, keeping them on their way to
successful placement. I look forward to continuing our relationship with Westhab.”
Many clients express their gratitude to us. Here’s a small recent sampling:
• “During my involvement in Westhab’s employment program I successfully kept
my job, through sickness and other problems. With my worker's help and
encouragement I also started going back to school for my GED and am still
attending. If it wasn't for her help I wouldn't be on my way to earning my degree.”
• Westhab staff provided me with tools and support to deal with my past in obtaining
employment. I worked very intensely with the Job Developer to address employment
barriers and despite several rejections I finally landed employment . . . Westhab has
helped to equip me to meet the challenges that life offers. Today I focus on priorities
and set reachable goals.”
• I had trouble getting work after coming out of prison, but with Westhab’s help I was
able to get a job at New Roc City. Westhab staff even helped me with getting suits
and ties for interviews. I have been working for almost a year now and am expecting
to be promoted.”
A 31-year-old mother of two came to
the office. She had an Associate’s
Degree from Westchester Community
College. She had just lost her job as
a paralegal and was in the process of
a divorce. The transition to a single
parent household, coupled with the
loss of her job had forced her to
apply for public assistance. Reluctant
about asking for help and frustrated
her life had taken such a turn, she
nevertheless readily accepted our
help with her on-going job search.
She upgraded her resumé and
diligently extended her search.
Within one month, she got a new
full-time job as an assistant in an
accounting firm; within two months
she was off of public assistance.
We've recently learned that she has
since completed her BA in Business,
taken and passed the NYS CPA
Certification Exam, and is working
as a CPA in the same firm that
she found her job with while in
our program.
It is Westhab’s good fortune this year to have two exceptional
young people— Helen Chananie and John Parsinnen—
volunteering a year of service to us through AmeriCorps*VISTA.
We would be quite satisfied if they were simply doing their
full-time jobs with the competence, dedication, and enthusiasm
that they do. But they go far beyond their job descriptions,
volunteering their out-of-work time to our youth programs and
community development work several times a week, every
week. We are grateful to the Corporation for National and
Community Service for supporting Helen and John’s year of
service, and to the two of them for serving us with such grace.
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WESTHAB, INC. & AFFILIATES
westhab inc. & affiliates
FINANCIAL SUMMARY
SOURCES OF REVENUE
• The 2008 audited financial statements present
the financial results of Westhab and its Low Income
Housing Tax Credit affiliates (Tax Credit Entities) in
accordance with GAAP. Westhab’s financial results
parallel the turbulence that affected the national real
estate and banking industries during this period. On a
consolidated basis Westhab and its affiliates had a loss
of $708,928 in 2008.
Balance Sheet - December 31, 2008
ASSETS
Cash
Receivables and Other Assets
Due from/Investment in Affiliates
Property, Plant and Equipment
Property under Development
Assets Restricted to Use
TOTAL ASSETS
WESTHAB
TAX CREDIT
ENTITIES
ELIMINATIONS
CONSOLIDATED
TOTAL
$1,109,823
1,665,708
7,932,152
16,650,376
9,184,512
2,006,323
$85,341
1,196,138
(7,091,064)
29,111,306
1,775,970
909,816
$25,289
(841,088)
(2,414,150)
(831,846)
$1,195,164
2,887,135
0
43,347,532
10,128,636
2,916,139
38,548,894
25,987,507
(4,061,795)
60,474,606
■
■
■
Housing Income - 67%
Contracts for Service - 19%
Fees, Contributions
& Other Income - 14%
revenue
LIABILITIES
Lines of Credit
Trade and Other Current Payables
Notes and Other Long-Term Payables
TOTAL LIABILITIES
9,433,785
3,876,011
14,123,091
1,361,775
15,104,670
(235,439)
(500,000)
9,433,785
5,002,347
28,727,761
27,432,887
16,466,445
(735,439)
43,163,893
6,987,356
676,429
7,663,785
4,813,168
6,302,839
2,533,706
(4,002,785)
3,344,089
6,302,839
11,116,007
2,533,706
(4,002,785)
9,646,928
$38,548,894
$25,987,507
($4,061,795)
$60,474,606
Limited Partners' Capital
NET ASSETS
Unrestricted
Temporarily Restricted
TOTAL NET ASSETS
TOTAL LIABILITIES AND NET ASSETS
WESTHAB
TAX CREDIT
ENTITIES
ELIMINATIONS
■
■
■
■
■
$12,820,874
4,061,178
3,481,021
$1,211,977
21,094
($498,202)
$14,032,851
4,061,178
3,003,913
TOTAL
20,363,073
1,233,071
(498,202)
21,097,942
18,961,799
2,299,766
94,432
2,499,410
148,476
(1,177,453)
(186,489)
20,283,756
2,261,753
94,432
21,355,997
2,647,886
(1,363,942)
22,639,941
(992,924)
(1,414,815)
865,740
(1,541,999)
1,077,332
(244,261)
833,071
($337,483)
$621,479
($708,928)
TOTAL
Change in Net Assets before
allocation to limited partners
Change Attributable to Limited Partners
CHANGE IN NET ASSETS
10
Housing & Services - 60%
Shelter Operations - 24%programs
Employment Services - 6%
Real Estate Development - 7%
Social Enterprise - 3%
CONSOLIDATED
TOTAL
REVENUES
Housing Income
Contracts for Services
Fees, Contributions and Other Revenue
EXPENSES
Program Services
General and Administrative
Fundraising
• The Tax Credit Entities, although separate companies,
must be included in Westhab’s financial statements
because we have a controlling interest in them. In
consolidation, all inter-company transactions between
Westhab and the Tax Credit Entities are eliminated. This
primarily includes developer fees, management fees and
investments. In addition, any surplus or shortfall in the
Tax Credit Entities is proportionately shared between
Westhab and the limited partner equity investors in
each project.
PROGRAM EXPENSES
Statement of Activities - January 1 to December 31, 2008
For a copy of Westhab, Inc.’s complete audited financial statements, please send your written request to
Westhab's Controller, Patricia Vitelli, Westhab, Inc., 85 Executive Boulevard, Elmsford, NY 10523
• Construction was completed for our latest Tax Credit
Entity, Clinton Place New Housing LLC, and the 25 units
of affordable housing were occupied in the fall of 2008.
The project achieved full occupancy and reached
breakeven operations within three months of
completion. Efforts to restrain costs and enhance rent
rolls will improve the performance of the other Tax Credit
Entities in 2009.
• As of FYE 2008 Westhab had over $10,000,000 in property
under development. Westhab is carrying a high level of
debt in the form of loans and lines of credit for these
affordable housing projects. We are working diligently
to move these projects forward, so that the short-term
debt can be retired through government grants, equity
investment, and long-term property mortgages.
% OF ADMINISTRATIVE EXPENSE
admin
($992,924)
• There were two factors contributing to the 2008
operating losses. We were unable to close on funding
for any of the new construction projects scheduled for
2008. Therefore, we did not earn any of the $1.7 million
budgeted developer fees, while still incurring substantial
expenses for our real estate development activities. The
financial performance of two of our Tax Credit Entities
also contributed to our consolidated operating loss.
■
■
■
Program Services - 89.6%
General & Administrative - 10%
Fundraising - 0.4%
• Housing income related to provision of affordable
housing, housing for special needs populations, and
concomitant supportive services continues to be
Westhab’s primary source of revenue and largest service
program. Other contracts for services have continued to
increase through 2008.
• Westhab continues to operate efficiently, with only
10% of total expenses used for administrative costs. This
enables us to spend 90% of our revenue performing
our mission.
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CALL US FOR ASSISTANCE WITH:
• Affordable housing development
• Property management
• Supportive services for special needs
• Youth programs
• Community development
VISIT US AT OUR WEBSITE:
www.westhab.org
85 Executive Boulevard Elmsford, New York 10523
Phone: 914-345-2800 Fax: 914-345-3139