Asian Community Development Corporation Annual Report 2013

ANNUAL building homes, building communities Asian Community Development Corporation serves the Asian American community of Greater Boston with an emphasis on preserving and revitalizing Boston’s Chinatown.

38 Oak Street Boston, MA 02111 617.482.2380 asiancdc.org

REPORT

2013

Greetings from the Board President and Executive Director 2013 was a year of reflection, reaffirmation, and growth. Innovative partnerships and community-led planning and development are hallmarks of how we work at ACDC. These traits will continue to be the foundation in which we grow to serve our regional Asian American community, neighborhood by neighborhood. The Board revised our mission to better reflect our comprehensive approach to community development. We highlighted what we do best, building community -driven housing, and emphasized an expansion of our wrap-around services to stabilize families and foster new leaders amongst youth and residents. Our staff grew this year to allow us to deepen our commitment to Chinatown by both kicking off construction of our One Greenway project as well as launching a new preservation campaign with the acquisition of Tremont Village for renovation. Additionally, proceeds from our new gourmet Dim Sum breakfast event helped us expand our programmatic reach to nearly triple the number of students in our first-time homebuyer class. Finally, we launched our Community Advisory Boards (CAB) in Malden and Quincy to reaffirm and inform our investments into improving the quality of life of residents in these cities. This has truly been a year for growth. Thank you for your support.

Board President Executive Director

About Asian Community Development Corporation Asian Community Development Corporation (ACDC) is committed to serving the Asian American community of Greater Boston with an emphasis on preserving and revitalizing Boston’s Chinatown. Founded in 1987, it has built over $110 million of new mixedincome, mixed-use real estate developments that are home to more than 800 people. First-time homebuyer workshops as well as youth programs and community organizing and planning keep the community engaged in improving their lives where they work, live, and play.

2013 Highlights Construction for ONE GREENWAY began in Fall 2013. It is a new large scale, mixed-use, mixed-income, transit-oriented development located at the corner of Hudson and Kneeland Streets. One Greenway is the only new, significant large mixed-use housing project to be developed in Chinatown in the past 10 years. When completed, the development will provide 363 units of housing (40% affordable with 95 rental and 51 homeowner units) in the heart of downtown Boston.

TREMONT VILLAGE is ACDC’s 1st preservation project and plays a key role in

maintaining opportunities for families in the Chinatown area. ACDC was chosen by the Massachusetts Department of Housing and Community Development to undertake significant renovations primarily to make the building safer and energy efficient. This is the 5th property in ACDC’s real estate portfolio.

ACDC implemented a building-wide smoke-free policy at 6 FORT STREET APARTMENTS and OAK TERRACE that included a smoke-free lease addendum.

Stovetop firestop devices were installed in all units in October 2013 to reduce the risk of kitchen-related fires.

ACDC was certified as a COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO) by the City of Boston.

ACDC launched its first COMMUNITY ADVISORY BOARD (CAB) meeting in Malden, October 2013, to advise the growth of services and programs for the AsianAmerican residents of Malden, as well as strategically plan for appropriate initiatives in housing, economic development, and civic engagement for this population. ACDC followed up with a CAB launch in Quincy in December.

Our COMPREHENSIVE HOUSING OPPORTUNITIES PROGRAM (CHOP) graduated 497 students from its first-time homebuyer class. This was more than three times last year’s total with a completion rate of 81% and included 53% Asian students. There were 261 students mortgage ready within six months. At least 62 graduates purchased their first home with assistance from ACDC’s one-on-one housing counseling.

The ASIAN VOICES of ORGANIZED YOUTH for COMMUNITY EMPOWERMENT (A-VOYCE) summer youth leadership academy builds a pipeline of young leaders who advocate for our community. They lead placemaking activities to improve the quality of life for those who seek services in Chinatown as well as their respective neighborhoods. There were 16 high school aged youth who gained valuable information and experiences through career development workshops and the guest speaker series. The program culminated with a graduation celebration where the youth presented their own speech about the program’s impact. The youth returned in September to produce ACDC’s annual kung fu film festival, Films at the Gate ACDC’s CHINATOWN WALKING TOUR led 20 tours to over 200 participants that included more than 50% youth. As tour guides, A-VOYCE youth add their own personal stories about Chinatown and its impact on their lives.

2013 Financial Information Program Earned income 3.6%

REVENUE

Grants, Contributions, & Fundraising

$361,300

52.8%

Real Estate Earned Income.

$290,850

42.5%

Program Earned Income

$24,418

3.6%

Interest & Miscellaneous

$7,854

1.1%

$684,420

100.0%

$211,193

23.6%

Real Estate

$350,482

39.3%

Fundraising

$211,462

23.7%

Administration

$119,722

13.4%

Total Revenue

Interest & Miscellaneous 1.1%

Grants, Contributions & Fundraising 52.8%

Real Estate Earned Income 42.5%

EXPENSES

Community Programs.

Total Expenses

$892,859

100.0%

Administration 13.4%

Fundraising 23.7%

Community Programs 23.6% Real Estate

TOTAL ASSETS

$2,141,930

LIABILITIES

$135,659

NET ASSETS

$2,006,271

39.3%

Board Paul W. Lee Terry Kwan

President Vice President Treasurer

Jeffrey Wong Geoffrey Why

Vice Treasurer

Michael S. Greco

Clerk

Nick Chau Yongmei Chen Amy Cheung Chong Chow Marilyn Shen DePetro Soni Gupta Eugene Ho Harvey Leong Zena Lum Peter Madsen Brian Moy

Staff

Volunteers

Janelle J. Chan Executive Director

Greg Armistead Boston Latin Wolfpack Theo Belizario Kathy Chang Hong Gao Chen Katie Chen George Cheng Kwan Cheung Jason Chou Leah Driska Kathy Hawkins Hua He Philip Huang Lydia Jing Shu Qi Ke Clara Kong Khang Li Zhang Li Angela Liang Bihua Liang Monica Liang Meisu Liu

Blyss Cleveland Operations Manager Denise Lau Director of Resource Development & Communications Lee Lin Housing Counseling Coordinator Angie Liou Director of Real Estate May Lui Housing Outreach Coordinator Jean Quintal Resource Development Manager Vivien Wu Director of Programs

Thatsada Sethaphong Michael Tow

Interns Sharon Liu Max Lok Jean Lukitsh Cara Miller Monique NguyenBelizario Mike Nuell Tom Phong William Quan Lorraine See Gavin Tan April Thwin Angela Wong Chaiwen Wong Deanna Wong Wendy Wong Cankang Wu Shanshan Wu Xian Bin Wu Kevin Ye Sherry Zou & many more

Junlong Bu Christine Chong Gabriel Lara Sandy Liang Likai Peng Vincent Shiau Tom Stack Jamie Si Jing Wang Jessica Wong

Partners and Supporters Our work towards healthy, vibrant communities is made possible with the support of individuals, corporations, foundations, and government. $5,000 + Barr Foundation Boston Private Bank & Trust Co Boston Public Health Commission Citibank City of Boston Eastern Bank Charitable Foundation

KVAssociates Paul W. & Mary Y. Lee Massachusetts Department of Housing & Community Development Maloney Properties

National Coalition for Asian Pacific American Community Development Saffron Circle State Street Foundation TD Charitable Foundation

Tai Tung Pharmacy United Way of Massachusetts Bay & Merrimack Valley Urban Strategy America Fund Wells Fargo Housing Foundation

$2,500 + Boston Foundation for Architecture Cathay Bank Foundation Davis, Malm & D’Agostine P.C. Edwards Wildman Palmer LLP

Rebecca A. Lee Massachusetts Housing Investment Corporation McPhail Associates, LLC

Peter Munkenbeck New Boston Fund Red Star Construction Services South Cove Community Health Center

Squirrell JAS Properties Tai Tung Pharmacy Tufts Medical Center

Gee How Oak Tin Association of N.E. Michael S. Greco Hinckley, Allen & Snyder LLP Karp, Liberman & Kern Sotheby’s International Realty Klein Hornig LLP Jui & Lily Lai Douglas Ling

NEI General Contracting Nolan Sheehan Patten LLP Preservation of Affordable Housing Jean & John Quintal Laura Sen South Cove Manor Suffolk Construction

Randy & Susan Tow Michael Tow Tufts University University of Massachusetts Boston Gary Yee Emily K. Yu

$1,000 + Bank of America Merrill Lynch Beacon Communities LLC Capital One Bank Paul K. Chan Danversbank Charitable Foundation Eaton & Berube Insurance Emily Hall Tremaine Foundation John & Stephanie Fan

$500 + AFL-CIO Housing Investment Trust Asian American Lawyers Association of MA (AALAM) Caroline & Gene Chang Hung & Jill Cheng Citizens Housing and Planning Association (CHAPA) John Cullinane Jr.

East Boston Savings Bank Hong Kong Restaurant Intercontinental Real Estate Sarah G. Kim Terry Kwan Harvey Leong Zena Lum

Massachusetts Association of Community Vivian Tseng Development Corporations Tufts University Peter Madsen School of Dental Medicine Amy Cheung & Pradeep Mangalath Tufts University School of Medicine New England School of Acupuncture Geoffrey & Annamarie Why The Druker Company Deanna Wong The Life Initiative Jeffrey Wong