DCHFA 2019 Annual Report

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contents Our Agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 DCHFA@40 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 DCHFA@40 Timeline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Message from Board Chairman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Remembering Executive Director & CEO . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 DCHFA Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 DCHFA Honors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Community Focused . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 DCHFA in the News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 DCHFA Innovates on Social Media . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 S&P Rating A+ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Multifamily Lending and Neighborhood Investments . . . . . . . . . . . . . 32 Projects Delivered in FY 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 HUD Level | 50/50 Risk Share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Predevelopment Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Housing Investment Platform . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Portfolio and Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Single Family Homeownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 DC Open Doors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55 DC MAP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56 Mortgage Credit Certificate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 HomeSaver . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 ReMIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 Home Purchase Assistance Program . . . . . . . . . . . . . . . . . . . . . . . . . . 64 DC4ME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 Auditor’s Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 Financial Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72

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ourmission

ourvalues

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DCHFA@40

Celebrations commenced with community members, stakeholders, and industry leaders at District Winery in March, but DCHFA continued to commemorate the momentous year throughout FY 2019 . The Agency showcased its progress and successes over the year on a special page on its website, created the #DCHFA40 hashtag for use on social media, and regularly incorporated then and now posts on social media .

The Agency revealed a commemorative video at the anniversary party, and it now lives on the DCHFA website . “Homeownership is a real priority here in the city and for our Agency,” said Todd A . Lee, former DCHFA Executive Director & CEO, in the video . “We want to make sure that we can provide products and services that help you stay in your home ."

The Agency’s anniversary was featured in the Washington Business Journal and in The Housing Association of Nonprofit Developers (HAND) blog.

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TIMELINE 1979 Legislation was passed by the Council of the District Of Columbia and signed by Mayor Marion Barry to create the DC Housing Finance Agency

1993 Land Development Program was established to provide management, inspection, monitoring, and accounting services for public infrastructure construction

1996 The D .C . Council, Mayor Barry, DC Control Board And U .S . Congress eliminated DCHFA’s appropriated debt, allowing the Agency to become an independent agency

1994 The Agency offered a mortgage interest rate of 6 .5%, the lowest rate offered in Washington, D.C. since the late 1960s

1995 Became one of the first housing finance agencies to be approved by the U .S . Department of Housing And Urban Development for its Risk-Share Program

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1982 DCHFA financed its first affordable multifamily housing group of developments

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1998 DCHFA purchased its headquarters at 815 Florida Avenue, NW, and received its first Issuer Credit Rating of BBB from Standard and Poor’s

2003 D .C . Council approved legislation allowing DCHFA to own and develop property

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2004 DCHFA celebrated its 25th year anniversary

1999 The Home Resource Center was opened to provide free housing counseling services to potential buyers

2005 DCHFA issued more than $76 million in tax-exempt bonds to the DC Housing Authority to help rehabilitate and modernize 6,858 public housing units 2007 Financed 100th affordable rental housing development in the District

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2009 DCHFA celebrated its 30th Anniversary and received Issuer Credit Rating upgrade To “A-“ from Standard & Poor’s

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TIMELINE 2010 DCHFA is awarded over $20 million to help District homeowners prevent foreclosures through the HomeSaver program

2014 Receives Issuer Credit Rating upgrade to “A2� and launches HomeSaver II to help homeowners at risk of foreclosure

2017 Department of Housing and Community Development (DHCD) announces DCHFA as new Home Purchase Assis-tance Program (HPAP) coadministrator, and DCHFA launches the Housing Investment Platform (HIP)

2015 DC Open Doors celebrates funding $100 million in mortgage loans 2016 DCHFA names housing and real estate industry veteran Todd A .

Lee, Executive Director

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Launches Mortgage Credit Certificate Program and DC Open Doors reaches $200 million in mortgage loans

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2010 Launches DC Open Doors to help first-time homebuyers and homeowners looking to upgrade purchase homes by providing down payment and closing cost assistance

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2019 DCHFA launches DC Mortgage Assistance Program (DC MAP) for furloughed federal government employees

2019 DCHFA launches the Reverse Mortgage Insurance And Tax Payment Program (ReMIT) for District residents at risk of foreclosure

2019 Todd A . Lee named District Of Columbia Building Industry Association (DCBIA) Government Sector Awardee 2019

2019 DCHFA launches DC4ME PLUS, a mortgage assistance program for District government employees

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2018 DCHFA rebrands with a new logo, website, updated Mission Statement and its first ever Statement of Values

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2018 DCHFA closes first HUD Level I 50/50 Risk Share transaction by financing the preservation of 176 affordable units in Ward 8 at Woodmont Crossing

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Message from Board Chairman, Buwa Binitie

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Remembering Executive Director & CEO, Todd A. Lee

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All of DCHFA’s staff members contribute to forwarding the Agency’s mission of advancing the District of Columbia’s housing priorities. DCHFA’s Board of Directors provides leadership to the Agency’s staff in all of its endeavors.

FY 2019 DCHFA Board of Directors

Buwa Binitie, Chairman

Stephen M. Green, Vice Chairman

Stanley Jackson, Member

Bryan “Scottie” Irving, Member

Sheila Miller, Member*

Todd A . Lee, Secretary*

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DCHFAstaff OFFICE OF EXECUTIVE DIRECTOR

OFFICE OF BUSINESS OPERATIONS

Todd A. Lee, Executive Director & CEO* W. David Watts, Chief of Staff Risha K. Williams, Sr. Director, Community and Partnership Development Yolanda McCutchen, Director, Public Relations Heather A. Hart, PHR, Director, Human Resources Keami Estep, Senior Manager, Procurement and Corporate Resources Marcus Thompson, Facilities Manager Karen Harris, Executive Assistant

Monte J. Stanford, Chief Operations Officer Fran D. Makle, Chief Administration Officer* Christopher E. Donald, Senior Vice President, Multifamily Lending and Neighborhood Investments Lisa G. Hensley, Senior Vice President, Single Family Programs James-Curtis Bowers, Director, Technology Thurston Ramey, Business Process Manager

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MULTIFAMILY LENDING AND NEIGHBORHOOD INVESTMENTS (PUBLIC FINANCE) Christopher E. Donald, Senior Vice President Jeffrey Cooper, Director, Portfolio and Asset Management Christopher Miller, Director, Housing Investments Kristin Chalmers, Senior Loan Underwriter Ksenia Camacho, Multifamily Loan Underwriter Ugonna Ibebuchi Duru, Multifamily Loan Underwriter* Birol Yilmaz, Construction Engineer Monitor Soheila Ghazi, Construction Engineer Monitor Seyoum Gizaw, CPA, Project Budget Analyst Jelani Whitt, Asset Manager* Diminga de Carvalho, Asset Manager Sidney Vass, Asset Manager Fredericka Earle, Compliance Manager Kelley Brown, Construction Coordinator

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OFFICE OF THE GENERAL COUNSEL Michael L. Hentrel, General Counsel Tracy G. Parker, Senior Assistant General Counsel Brittney Jordan, Assistant General Counsel Charlemayne Walker, Assistant General Counsel Lillian Johnson, Records Administrator

SINGLE FAMILY PROGRAMS Lisa G. Hensley, Senior Vice President Bill Milko, Business Development Manager Zein B. Shukri, Senior Underwriter Tracy Wright, Single Family Underwriter Connie Smiley, Senior Loan Processor Naila Chaudhary, Loan Processor Tanisha Darden, Loan Processor Chanita Stewart, Loan Processor*

OFFICE OF THE CHIEF FINANCIAL OFFICER Essi Egbeto, Interim Chief Financial Officer Ted Blake, Chief Financial Officer* Pi Tao Hsu, Vice President, Capital Markets* Henry Jones, Vice President, Treasury Operations Angela Tibbs, Senior Director, Financial Analysis and Planning* Matthew Pleasant, Debt Financial Analyst Monty Nearon, Financial Analysis Manager* Jackie Langeluttig, Loan Servicing Specialist Brooks Harrison, Senior Multifamily Project Accountant Abiy Tamrat, General Ledger Accountant* Trichelle A. George, Single Family Programs Accountant* Tara Johnson, Single Family Programs Accountant* Adriana Dixon, Accounting Assistant

An asterisk (*) indicates someone who is no longer employed by the Agency, but who was employed during FY 2019.

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DCHFA internshipprogram In FY 2019, DCHFA launched its internship program placing interns in departments throughout the Agency. The internship program is an extension of DCHFA’s values of Innovation and Leadership. The undergraduate, graduate and professional school students bring a range of experiences to the Agency in addition to new ideas and perspectives to address DCHFA’s focus on affordable housing. Through the internship program, we are shaping and being shaped by the next generation of leaders.

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Next Generation of Leaders

Kayla Cruz

Cameron Harris

Karla Rivera

Leon Fields

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DCHFAhonors Developments financed by the District of Columbia Housing Finance Agency and Agency staff members were recognized by the business and housing community in FY 2019.

2018 African American Real Estate Professionals Washington, D.C. Chapter

2018 MarCom Platinum Award

2018 National Affordable Housing Management Association

2019 District of Columbia Building Industry Association

Emerging Leader - Christopher Miller, Senior Director of Housing Investments

Communities of Quality Award- Atlantic Apartment Homes - Developers - Winn Companies (Ward 8)

Strategic Communications/ MediaRelations/PublicityCampaign to Save Private Activity Bonds - Yolanda McCutchen, Director of Public Relations

Government Sector Award - Todd A. Lee, Executive Director & CEO

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2018 MarCom Gold Award

Print Media/Print Creativity/ Annual Report- Innovative Solutions for Affordable HousingYolanda McCutchen

2019 HAND Housing Achievement Awards

Best Large Affordable Housing Project- Plaza West - Developers Mission First Housing Group, Golden Rule Plaza Inc., and Henson Development Company (Ward 5)

2019 Ivory Prize for Affordable Housing Top 25 Finalist- Housing Investment Platform (HIP)

2019 National Association of Black Journalists Salute to Excellence AwardsPR/Marketing CampaignGovernment Yolanda McCutchen

2019 National Housing Conference Foundations of the Future of Housing Essay Winner -Leon Fields, II, Portfolio & Asset Management Intern

2019 Platinum PR Awards Honorable Mentions Re-Branding/Re-Positioning Rebranding of DCHFA

2019 Platinum PR Awards Honorable Mentions Media Relations DC Mortgage Assistance Program

2019 Urban Land Institute Excellence in Affordable Housing- Plaza West

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communityfocused DCHFA seeks opportunities to impact the community beyond its traditional role as a financier of affordable housing. The Agency shares its resources, and employees share their time beyond the Agency’s mission, through its support of activities for seniors, educational enrichment opportunities for youth, and the arts .

During FY 2019, DCHFA supported, sponsored and/or partnered with 36 community organizations and individuals .

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DCHFAin the news

DCHFA’s media presence included 34 published articles, a video in an online magazine and Facebook Live broadcasts that ranged from profiles of the Executive Director & CEO, members of the Board of Directors, Agency financed developments, private and public financing partners and DCHFA programs in local, national and international media in FY 2019.

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Multifamily Lending and Neighborhood Investments DCHFA’s Multifamily Lending and Neighborhood Investments division offers financing to create and preserve affordable multi/single-family rental housing throughout the District of Columbia. The program offers private for-profit and nonprofit developers low-cost construction and permanent financing that supports the new construction, acquisition and rehabilitation of rental housing to meet the demand for quality affordable housing for individuals and families throughout the city .

Multifamily FY 2019 Highlights In FY 2019, DCHFA issued $301,210,263 in bond financing for the development or redevelopment of 1,635 affordable housing units in Wards 2, 4, 5, 6, 7 and 8. In addition to the tax exempt financing, DCHFA underwrote $171,540,950 in Low Income Housing Tax Credit equity (LIHTC) to finance these projects .

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DC Housing Finance Agency’s FY 2019 Development Projects

Projects Financed in Fiscal Year 2019 ts artmen iors Ap 6) n e rd S a t e tre n (W 555 E S w Constructio Ne

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ssidence ) and Re 7 rd a (W The Str uction tr s n o New C

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gHousin Senior nd a n o ti a Preserv 7) rd a tion (W onstruc

ne Milesto New C

nts partme 8) lace A P rd r a e g Ain tion (W onstruc New C

rtments on Apa ) ti 4 ta S rd a h Petwort reservation (W P

ast beth’s E ) St Eliza 8 rtments t a a rd p a e A c n (W e Plac ation rd 4) The Reside Preserv Takoma servation (Wa c ri to is -H Pre

ts artmen uare Ap (Ward 8) q S n to Stan tion onstruc New C

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Development Projects Delivered in FY 2019

1164 Bladensburg Apartments NEW CONSTRUCTION (WARD 5)

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Beacon Center NEW CONSTRUCTION (WARD 4)

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Benning Heights Apartments PRESERVATION (WARD 7)

Modernizing and revamping existing housing is as important to DCHFA and the District’s greater housing landscape as building new developments . Located in Ward 7, Benning Heights Apartments is an 11 building, 148 apartment garden-style community . The NHP Foundation and the building’s tenants, in accordance with the District’s Tenant Opportunity to Purchase Act (TOPA), were responsible for the preservation and rehabilitation of the project in the Benning Ridge neighborhood .

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Help USA Veterans Housing WALTER REED PRESERVATION (WARD 4)

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Maple View Flats NEW CONST RUCTION (WAR D 8)

This mixed-use, transit-oriented community in Ward 8 has 114 apartment homes and 16,500 square feet of retail space, which will include a Starbucks, developed by 2228 MLK, LLC . Maple View Flats is a 100 percent affordable community in the Anacostia Historic District. Beyond the five stories of apartments, Maple View offers residents a parking garage, large courtyard garden and a clubhouse with a media room .

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Maplewood Apartments PRESERVATION (WARD 8)

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Maycroft Apartments P RESERVATION (W AR D 1)

Maycroft Apartments was a unique space, in which all of the former residents were able to remain on site during the rehabilitation and then move back in to their refurbished spaces . Jubilee Housing Inc . rehabilitated and reconfigured the existing four-story building and basement to have 64 affordable rental homes. This community located in Ward 1’s Columbia Heights neighborhood offers an after school program and family resource center for college preparation through Martha’s Table, a Healthy Start early childhood education program, McKenna’s Wagon food delivery service, and a lobby market .

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Parkway Overlook Apartments PRESERVATION (WARD 8)

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The Guild

YARD PARCEL O2 NEW CONSTRUCTION (WARD 6) The Guild is an income-diverse community with 39 of its total 191 units reserved for residents earning 50 percent or less of the AMI. This transit-oriented development is within walking distance of Nationals Park and the Navy Yard metro station. The Guild, developed by EPDL, LLC, brings studio, one and two bedroom apartments to Ward 6 and it is located along the flourishing Anacostia riverfront.

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The Solstice

3534 EAST CAPTIOL NE NEW CONSTRUCTION (WARD 7) .

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SOME Spring Road PRESERVATION (W AR D 4)

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DCHFA has delegated approval authority for HUD insured loans Streamlined application process Certainty of execution Fastest HUD insured loan execution in the market

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HUD Level | 50/50 Risk

HUD Level I 50/50 Risk

The Housing and Urban Development (HUD) Level I 50/50 Risk Share program provides an alternative financing option for developers who preserve affordable housing. DCHFA recognizes the importance of rehabilitating existing properties as much as creating new housing in the District of Columbia . The Federal Housing Administration (FHA) assumes a portion of the risk and delegates loan processing and asset management functions to the HFA or QPE (qualified participating entities) .

FY 2019 was the Agency’s second year as a 50/50 Risk Share lender and there were two deals financed through the program-- Petworth Station Apartments and Randle Hill Apartments, located in Wards 4 and 8, respectively .

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Randle Hill Apartments

Petworth Station Apartments

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Predevelopment Loans The Clara on MLK DCHFA originated a $1 million McKinney Act predevelopment loan for The Clara on MLK in FY 2019. This development will bring 72 newly constructed affordable apartments to one of the major corridors of Ward 8’s Anacostia neighborhood, Martin Luther King Jr. Avenue. The new community will be a mixed use development combining ground floor retail and affordable apartments one block from the Anacostia Metro Station. The construction of The Clara on MLK will contribute to the overall redevelopment of Southeast Washington, D.C.

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Housing Investment Platform DCHFA established the Housing Investment Platform (HIP) as a platform for innovative investments that will increase the Agency’s support of the District of Columbia’s housing market outside of traditional bond and tax credit financing.

HIP’s Single Family Investment Fund provides joint venture capital to emerging developers for the creation of for-sale workforce housing in the District . In addition, the program fosters neighborhood stabilization, increases the tax base and the projects create employment opportunities through the construction of new homes .

An investment from HIP significantly reduces the amount of capital the developer needs to contribute to the project but in return the developer agrees to restrict sales to households making workforce incomes, up to 120 percent of Washington D .C .

Median Family Income .

Highlights: • HIP pipeline reached 100 with the financing of Gales Street and West Street projects in FY 2019 • Cynthia Townhomes Phase I neared completion by the end of FY 2019, while progress began on Phase II • Mayor Bowser held her Workforce Housing Rally on the future site of Cynthia Townhomes Phase III

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Cynthia Townhomes Phase I

Cynthia Townhomes Phase III

Gales Street

Cynthia Townhomes Phase I

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Portfolio and Asset Management The Portfolio and Asset Management (PAM) division is responsible for monitoring all multifamily developments financed by DCHFA. As of the end of September 2019, DCHFA’s multifamily portfolio consisted of 129 multifamily properties with a total of 17,716 affordable rental units.

DCHFA’s portfolio includes all active and inactive multifamily loans and Low Income Housing Tax Credit (LIHTC) developments for which the Agency provides compliance monitoring and support.

FY 2019 Compliance Data: • Developments: 129 • Units:

17,716

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Single Family Programs

Single Family Programs FY 2019 Highlights DCHFA’s Single Family Programs division creates homeownership opportunities in the District by providing low-cost, single-family mortgages and down payment assistance, made possible through the issuance of mortgage-backed securities . The Agency offers a variety of programs for current and potential homeowners, with the goal of expanding and retaining homeownership opportunities .

• DC Mortgage Assistance Program (DC MAP) launched January 2019 to help furloughed federal government employees pay their mortgages • Reverse Mortgage Insurance & Tax Payment Program (ReMIT) launched March 2019 to provide financial assistance to District seniors • DC4ME PLUS launched September 2019 to assist District government employees • DC Open Doors’ maximum applicant income increased to $145,560 • DC Open Doors’ maximum loan limit increased to $484,350 • DCHFA began issuing grants toward closing costs on DC Open Doors HFA Advantage loans and DC4ME PLUS loans

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Single Family Programs

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DC Open Doors FY 2019 Highlights

Funded 69 mortgage loans in an amount of $22,444,450 along with $443,736 in down payment assistance loans for a total of $22,888,186 in financing.

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Number of Total Closed Loans: 69 (39 with DPA) Average Purchase Price: $345,063 Average 1st Trust Loan Amount: $325,281 Average DPA Loan Amount: $10,565 Average Age of Prospective Homebuyer: 34 Average Number in Household: 1 Average Borrower Income: $90,718

DC Open Doors Mortgage Assistance Loans by Ward

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DC Mortgage Assistance Program (DC Map) During FY 2019, the federal government entered a partial government shutdown that affected more than 135,000 federal employees in the Washington, D .C . area alone . In January 2019, as the shutdown entered its second month, DCHFA saw an opportunity to provide assistance to a group of individuals who were falling behind on their mortgage payments due to the unforeseen government shutdown . DC MAP was created as a pilot to respond to the crisis, and it has since been further developed into a proactive program in place to defend against future emergencies .

The federal government employs about 800,000 employees throughout the United States .

Approximately 380,000 federal employees were furloughed without pay, and the most federal workers affected by the shutdown were in the Washington, D.C. area—8,278 of which also reside in the District .

DCHFA allocated $9 million of Agency funds to DC MAP. The program will provide financial assistance for payments of outstanding mortgage interest, principal, property taxes and insurance bills for District homeowners who are furloughed due to a federal government shutdown and are at risk of foreclosure or potential first trust loan mortgage default on their primary residence.

“We maintain our own cash balances; this program is being fronted out of agency cash…

Sometimes we refer to this as our rainy-day fund, and we think it’s appropriate to use [this money] at this point, because it’s raining,” said Todd A . Lee in an interview with WTOP following the announcement of DC MAP .

The financial assistance will be made to qualified homeowners in the form of a zero-interest, recourse loan, secured by a deed of trust with a maximum monthly assistance amount of $5,000 for each homeowner .

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Mortgage Credit Certificate Program In FY 2019, 347 Mortgage Credit Certificates (MCC) were issued by DCHFA on a total of $114,096,128 first trust loans.

The Mortgage Credit Certificate allows qualified first time homebuyers the ability to claim Federal Tax Credit of 20 percent of the mortgage interest paid during each calendar year. The remaining 80 percent of mortgage interest paid for that year may still be claimed as a tax deduction. A tax credit has the potential to put more money in the homeowner’s pocket than a tax deduction alone.

DCHFA’s MCCs may be purchased in conjunction with a DC Open Doors loan program product or other loan program products not offered through the DC Open Doors loan program.

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HomeSaver DCHFA’s Foreclosure Prevention Program Recast/Lien Extinguishment Program The District of Columbia Housing Finance Agency began the process of concluding the HomeSaver program in FY 2019.

Due to the overall improvement in the national and the District’s economy since this program began following the recession of 2008, the U.S. Department of the Treasury is discontinuing the HomeSaver program.

Although DCHFA will no longer operate the HomeSaver program, the Agency has active programs that address the homeownership needs of District residents including ReMIT (Reverse Mortgage Insurance & Tax Payment Program). ReMIT assists homeowners in the District who are at risk of foreclosure as a result of delinquent property taxes, homeowner’s insurance, and certain property related expenses paid by your Servicer.

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Living paycheck to paycheck has been a struggle not knowing where the bills are getting paid or when I can put food in the fridge but knowing HomeSaver was covering the mortgage -- you don’t know, that has been such a blessing. I am not 100% on my feet but 2020 looks a lot better because of this job and this program.

- Homesaver participant

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ReMIT DCHFA is as committed to helping Washington, D .C . residents become homeowners as it is to helping them remain in the homes they have worked hard to maintain . Senior citizens face unique challenges in the District, because as their incomes decrease or they move to fixed incomes, the insurance costs and taxes associated with their mortgages continue to increase .

The Agency collaborated with District government to create the Reverse Mortgage Insurance & Tax Payment Program (ReMIT) that would help seniors remain in their homes . Washington, D .C .’s Councilmember at-Large and Chairperson on Housing and Neighborhood Revitalization Anita Bonds secured the funding for the financial assistance program and appointed DCHFA to develop and administer the program .

ReMIT allows qualified homeowners to receive financial assistance for delinquent property taxes, homeowner’s insurance, and certain property related expenses that have put the homeowner at risk of foreclosure. Qualified homeowners can receive up to $25,000 in assistance in the form of a zerointerest, non-recourse loan .

ReMIT FY 2019 Highlights: • Number of applications received: 15 • Number of applicants closed: 4

• Total funding provided: $53,974

• Number of applications approved pending settlement: 7

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.

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Home Purchase Assistance Program HPAP The DCHFA is a co-administrator of the District of Columbia Department of Housing and Community Development’s Home Purchase Assistance Program .

In FY 2019, DCHFA closed 150 loans for first-time homebuyers for a total of $8,339,046 funded.

HPAP FY 2019 Highlights:

• Number of Notice of Eligibility (NOE) Applications Received: 613 • Number of NOEs Issued: 459

• Number of Total Closed Loans: 150

• Average Purchase Price: $2306,981 • Average Loan Amount: $55,593 • Average Age of Homebuyer: 36 • Average Household Size: 1

• Average Household Income: $59,584 DCHFA’s service as a co-administrator of HPAP allows the Agency to serve more first-time homebuyers and make a greater contribution to homeownership in Washington, D.C. FY 2019 was DCHFA’s second year as a co-administrator.

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Manny Allen

HPAP Loans by Ward

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Realizing the Dream of Homeownership with HPAP Manny Allen became a homeowner in June 2019 after getting approved for an HPAP loan . Allen had spent most of his life living in Washington, D .C . but becoming a homeowner had always been a dream of his . “I’ve always felt I was fortunate to grow up in a city with such a vast history and culture,” said Allen . “D.C. is unique because it’s not just another city inside of a state and I knew I wanted to own a little piece of land inside of it .” Allen learned about HPAP from his mother and then went to Housing Counseling Services and worked with his realtor to get more information. Applying for financial assistance through the HPAP program requires taking educational classes and filling out an application. Allen knew “the benefits of the program were more than enough to justify those minor inconveniences.” Soon after finishing up the process and receiving his approval notification, Allen was able to put in an offer on his home in Ward 7.

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Manny & his wife, Michion

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DC4ME In September 2019, DCHFA launched the DC4ME PLUS program to provide D.C. government employees mortgage assistance in the form of a zero percent deferred subordinate loan.

Qualified District government employees can receive a reduced interest rate first trust mortgage, with optional down payment assistance.

DC4ME PLUS is offered to full-time District government employees, including employees of District government-based instrumentalities, Independent Agencies, District of Columbia Public Charter Schools, and organizations, provided the borrower’s employer falls under the oversight of the Council of the District of Columbia.

Borrowers can combine DC4ME PLUS with other District home purchases assistance programs, if eligible including: the District of Columbia Employer Assisted Housing Program (EAHP) and HPAP.

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Auditor’s Letter

Independent Auditor’s Report To the Board of Directors District of Columbia Housing Finance Agency We have audited the accompanying financial statements of the District of Columbia Housing Finance Agency (the “Agency”), a component unit of the Government of the District of Columbia, as of and for the years ended September 30, 2019 and 2018, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to the financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.

Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of September 30, 2019 and 2018, and the changes in its financial position and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

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Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis on pages 5 through 13 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information Our audits were conducted for the purpose of forming an opinion on the financial statements that collectively comprise the Agency’s basic financial statements. The supplemental information on pages 53 through 87 is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 23, 2019, on our consideration of the District of Columbia Housing Finance Agency’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the District of Columbia Housing Finance Agency’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the District of Columbia Housing Finance Agency’s internal control over financial reporting and compliance.

Baltimore, Maryland December 23, 2019

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Financial Report

DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY STATEMENTS OF NET POSITION SEPTEMBER 30, 2019 AND 2018

ASSETS

2019

CURRENT ASSETS Unrestricted current assets: Cash and cash equivalents Investments Other receivables Accrued interest receivable Prepaid fees Total unrestricted current assets Restricted current assets: Cash and cash equivalents Accounts receivable - HPAP program Investments held in trust Mortgage-backed securities at fair value Mortgage and construction loans receivable, net McKinney Act loans receivable, net Accrued interest receivable Total restricted current assets TOTAL CURRENT ASSETS NON-CURRENT ASSETS Unrestricted non-current assets: Investments Total unrestricted non-current assets Restricted non-current assets: Investments held in trust Investments in joint ventures Mortgage-backed securities at fair value Mortgage and construction loans receivable, net Loans receivable McKinney Act loans receivable, net Total restricted non-current assets Capital assets: Land Property and equipment Less accumulated depreciation and amortization Total capital assets, net TOTAL NON-CURRENT ASSETS TOTAL ASSETS

$

$

DEFERRED OUTFLOWS OF RESOURCES Unamortized deferral on bond refundings Total deferred outflows of resources

$ $

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(Continued)

21,805,407 32,017,948 4,723,993 466,945 200,770 59,215,063

2018

$

29,971,955 16,478,968 5,873,829 351,029 125,934 52,801,715

175,557,909 3,306,548 58,498,844 32,024 10,062,230 1,999,971 5,495,158 254,952,684 314,167,747

216,836,747 1,990,084 129,373,951 28,562 12,693,512 5,667,041 366,589,897 419,391,612

20,714,139 20,714,139

13,785,535 13,785,535

201,509,683 1,081,539 39,136,575 1,293,209,273 3,395,326 1,712,216 1,540,044,612

70,814,623 896,342 35,286,933 1,209,802,955 3,649,562 4,326,943 1,324,777,358

573,000 6,516,980 (4,514,944) 2,575,036 1,563,333,787 1,877,501,534

573,000 6,940,301 (4,960,415) 2,552,886 1,341,115,779 1,760,507,391

197,556 197,556

$

$ $

206,615 206,615

Financial Report

DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY STATEMENTS OF NET POSITION (CONTINUED) SEPTEMBER 30, 2019 AND 2018

LIABILITIES AND NET POSITION CURRENT LIABILITIES Current liabilities payable from unrestricted assets: Accounts payable and accrued liabilities Accrued salary and vacation payable Prepaid fees Total current liabilities payable from unrestricted assets Current liabilities payable from restricted assets: Accounts payable and accrued liabilities Project funds held for borrower and other liabilities Interest payable Current portion of loan payable Current portion of bonds payable Total current liabilities payable from restricted assets TOTAL CURRENT LIABILITIES NON-CURRENT LIABILITIES Non-current liabilities payable from restricted assets: Bonds payable - less current portion Total non-current liabilities payable from restricted assets TOTAL LIABILITIES

$

NET POSITION Net invested in capital assets Restricted for: Bond Fund, collateral and Risk Share Program McKinney Act Fund Total restricted net position Unrestricted net position TOTAL NET POSITION TOTAL LIABILITIES AND NET POSITION

2018

2019

$

266,663 646,034 2,854,116 3,766,813

$

652,646 300,062 1,803,302 2,756,010

121,224 218,177,589 7,950,393 3,492,406 25,660,905 255,402,517 259,169,330

653,692 179,069,143 8,268,646 1,726,077 33,356,433 223,073,991 225,830,001

1,477,297,807 1,477,297,807 1,736,467,137

1,413,317,566 1,413,317,566 1,639,147,567

2,575,036

2,552,886

38,108,111 9,167,744 47,275,855

29,302,688 8,927,945 38,230,633

91,381,062 141,231,953

80,782,920 121,566,439

1,877,699,090

$

1,760,714,006

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The accompanying notes are an integral part of these financial statements.

Financial Report

DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY

STATEMENTS OF REVENUES, EXPENSES AND CHANGE IN NET POSITION YEARS ENDED SEPTEMBER 30, 2019 AND 2018 2019 OPERATING REVENUES Investment interest income Mortgage-backed security interest income Interest on mortgage and construction loans McKinney Act interest revenue Application and commitment fees Other Total operating revenues

$

8,137,251 1,629,894 61,019,223 176,596 117,651 28,649,977 99,730,592

2018

$

2,942,316 1,899,897 50,485,049 466,066 141,783 34,367,545 90,302,656

OPERATING EXPENSES General and administrative Personnel and related costs Interest expense Depreciation and amortization Trustee fees and other expenses Total operating expenses

14,330,903 6,601,018 61,387,775 427,911 1,155,284 83,902,891

23,151,660 5,606,409 51,284,949 391,915 889,766 81,324,699

OPERATING INCOME

15,827,701

8,977,957

9,013,630 (8,993,910)

9,499,918 (9,499,918)

NON-OPERATING REVENUES/(EXPENSES) Federal and city programs: Program revenue Program expenses Increase (decrease) in fair value of mortgage-backed securities and investments Total non-operating revenues/(expenses)

3,818,093 3,837,813

CHANGE IN NET POSITION

(614,269) (614,269)

19,665,514

Net position, beginning of year Net position, end of year

$

121,566,439 141,231,953

8,363,688 $

113,202,751 121,566,439

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The accompanying notes are an integral part of these financial statements.

16

Financial Report

DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY STATEMENTS OF CASH FLOWS YEARS ENDED SEPTEMBER 30, 2019 AND 2018 2019 Cash Flows from Operating Activities Interest received on loans Other cash receipts Payments to vendors Payments to employees Net mortgage and construction loans disbursements Principal and interest received on mortgage-backed securities Payment for the purchase of mortgage-backed securities Other cash payments Net cash provided by / (used in) operating activities

$

Cash Flows from Capital and Related Financing Activities Acquisition of capital assets Net cash used in capital and related financing activities

61,607,565 76,752,423 (23,490,693) (6,255,047) (79,906,044) 26,791,502 (25,620,629) (1,155,284) 28,723,793

2018 $

50,866,255 109,575,897 (31,490,417) (5,585,845) (146,881,092) 63,966,821 (41,448,423) (889,766) (1,886,570)

(256,000) (256,000)

(523,925) (523,925)

Cash Flows from Non-Capital Financing Activities Interest paid on bonds and loans Proceeds from bond issuances and loans Principal payments on issued debt and loans Net cash (used in) / provided by non-capital financing activities

(62,026,591) 242,363,180 (183,982,516) (3,645,927)

(49,952,394) 414,271,976 (108,371,451) 255,948,131

Cash Flows From Investing Activities Investment in joint ventures Interest received on investments Maturities and sales of investments Purchase of investments Net cash used in investing activities

(185,197) 8,137,251 274,998,587 (357,217,893) (74,267,252)

(355,411) 2,942,316 18,034,601 (201,315,848) (180,694,342)

(49,445,386) 246,808,702 197,363,316

72,843,294 173,965,408 246,808,702

NET (DECREASE) / INCREASE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year

$

$

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17

Financial Report

DISTRICT OF COLUMBIA HOUSING FINANCE AGENCY STATEMENTS OF CASH FLOWS YEARS ENDED SEPTEMBER 30, 2019 AND 2018

Reconciliation of Operating Income to Net Cash Provided by / (Used In) by Operating Activities Operating income Depreciation and amortization Gain on disposal of assets Amortization of prepaid items, premiums and discounts on debt Interest on bonds/loans Provision for uncollectible interest revenue Increase in mortgage and construction loans Decrease in mortgage-backed securities Purchases of mortgage-backed securities Interest received on investments Asset / (liability) adjustment Decrease (increase) in assets: Accrued interest receivable Other current assets Other receivables (Decrease) increase in liabilities: Accounts payable and accrued liabilities Prepaid items Project funds held for borrower and other liabilities Accrued interest payable Net cash provided by / (used in) operating activities

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2019 $

$

15,827,701 427,911 (174,341) (320,563) 62,026,591 (34,396) (79,949,162) 25,517,387 (25,620,629) (8,137,251)

2018 $

8,977,957 391,915 (179,008) 49,952,163 (77,351) (146,985,379) 62,899,865 (41,448,423) (2,942,316)

90,363 (74,836) (123,510)

(840,451) (9,447) (2,406,676)

(572,479) 1,050,814 39,108,446 (318,253) 28,723,793

992,878 289,988 67,985,921 1,511,794 (1,886,570)

$

Written and edited by Yolanda McCutchen, Director of Public Relations, DCHFA and Susan Ortiz, Public Relations Associate, DCHFA Copyedited by TomahWares Designed by Stephen Rutgers, Azer Creative Photography by Chris Spielmann, Spielmann Studio Printed by Global Print Masters