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ANNUAL REPORT | 2014


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MISSION CONTENTS The mission of Dwelling Place is to improve the lives of people by creating quality affordable housing, providing essential support services and serving as a catalyst for neighborhood revitalization.

Communities

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Housing Communities Owned and Managed Joint Ventures with Other Groups Managed for Genesis Non Profit Housing Corporation

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Neighborhood Revitalization Commercial Tenants Artist Live/Work Spaces

6 7 8

Resident Support Services

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Financials

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Board and Administration

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COMMUNITIES The best measures of our success are found in the many ways we have served the people and communities where our housing is located.

Communities Served: Grand Rapids | Kent County Hesperia | Oceana County Holland | Ottawa County Kentwood | Kent County Rockford | Kent County Wyoming | Kent County Whitehall | Muskegon County Walker | Kent County

Grand Rapids Neighborhoods Served: East Hills Heartside Madison Area Creston (North Park) Roosevelt Park South East Community Association West Grand North East


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HOUSING COMMUNITIES Owned and Managed by Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities. In 2014 Dwelling Place’s role in owning and/or managing affordable housing in West Michigan comprised 1,296 apartments in 31 housing communities. Dwelling Place directly owns and manages the following housing communities.

Housing Communities Biermeister Apartments Bridge Street Place Calumet Flats Chaffee Apartments Elmdale Apartments Ferguson Apartments Goodrich Apartments Grandville Homes Herkimer Apartments Commerce Courtyard Apartments Harvest Hill Apartments Kelsey Apartments Lenox Apartments Martineau Apartments Midtown Village Apartments New Hope Homes Reflections: A Senior Housing Community Verne Barry Place Villa Esperanza West Shore Apartments Weston Apartments White River Estates

Unit Totals 2 16 16 8 19 101 14 10 55 67 46 14 14 23 30 12 60 116 40 48 190 31


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HOUSING COMMUNITIES Joint Ventures Dwelling Place also has ownership interest in two apartment communities that are joint ventures with for profit developers, although we do not manage those properties. These include the following properties.

Housing Communities

Unit Totals

Globe Apartments Emerald Creek Apartments

109 64

TOTAL

173

Managed Properties by Dwelling Place of Grand Rapids, Inc. In addition, Dwelling Place also manages 182 supportive housing units for Genesis Non Profit Housing Corporation, a growing non-profit community development organization that specializes in supportive housing. These properties include the following.

Housing Communities

Unit Totals

Genesis East Apartments Genesis Woods Heron Courtyard Apartments Heron Manor (Assisted Living) Oroquis Apartments Kingsbury Place Apartments

23 33 33 55 27 44

TOTAL

182


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NEIGHBORHOOD REVITALIZATION Acting as a catalyst for Neighborhood Revitalization is one of the three primary focus areas in the Dwelling Place mission. A broad range of concerns, such as improving pedestrian accessibility, beautification of the streetscape, and increasing economic stability of both residents and businesses are at the forefront of Dwelling Place efforts. Dwelling Place has played important roles in neighborhood revitalization in several areas in West Michigan. Most notably that impact can be seen in the Heartside Neighborhood of Grand Rapids but Dwelling Place has also been a major participant in the revitalization of other neighborhoods with its work in the East Hills Neighborhood, the Madison Square Neighborhood, the Roosevelt Park Neighborhood in Grand Rapids and in the Midtown area of Holland, Michigan. In the Heartside Neighborhood of Grand Rapids, art was seen as an economic development tool to further revitalization. Dwelling Place’s support of the arts and artists can be seen in our development of affordable live/work spaces for artists, our facilitation of community events and our promotion of the business district as an arts related destination. The Neighborhood Revitalization Department oversees a program called “Avenue for the Arts.” This department works with 15 interns and a volunteer committee of 19+ community stakeholders. Together they support hundreds of volunteers, participating artists, curators, and business owners who make Avenue programming possible. Annually Dwelling Place’s direct support of artists includes: the provision of live/work housing, Artists As Entrepreneurs (AAEP) classes, public arts events, implementation of public art projects, and marketing of the Avenue. For more detailed information about all of the sponsored events and programing activity coordinated by Dwelling Place, please visit the Avenue for the Arts website at www.avenueforthearts.com. For more information about commercial leasing opportunities please visit our website at www.dwellingplacegr.org.


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NEIGHBORHOOD REVITALIZATION Commercial Tenants In Grand Rapids, Dwelling Place owns numerous commercial spaces for a variety of for profit and non-profit businesses. At the end of 2014, our commercial tenants included the following businesses and organizations: Heartside Neighborhood

Calvin College Cherry Street Health Services DTS Winkleman God’s Kitchen Grand Valley State University Kirkoff School of Nursing Heartside Ministry Heartside Ministry Art Gallery Kent County Land Bank Natural Solutions Salon Pine Rest Christian Mental Health Services Premier Skate Boarding Sanctuary Folk Art Senior Neighbors Szundera Insulation WD Photography Wealthy Theatre Historic District Grand Rapids Community College Huntington Bank HyperOptik Jeffery Lake Insurance


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NEIGHBORHOOD REVITALIZATION Artist Live/Work Spaces Live/work apartments created by Dwelling Place along Division Avenue since 2004 have served as a catalyst to encourage many other arts related businesses and events to locate in the immediate vicinity. Martineau, Kelsey, and Verne Barry Place Apartments feature numerous “Live/ Work� spaces for over 62 low and moderate income artists. Many of these occupants also operate businesses from their residence. At the end of 2014, these businesses include the following.

Adam Bird, Photographer | Adam & Kristine Bird Spiral Gallery | Patricia Constantine Craft House | Amanda Carmer & Brandon Alman Have Company | Marlee Hanson Parliament the Botique| Elyse Wylcher OOM | Hyun Yoo Mexicains Sans Fronteries | Hugo Claudin Michael Taylor A.A. | Michael Taylor EE Design | Erwin Erkfitz Movement and Music | Rachel Finan and Corey Ruffin Open Source | Bill Kirk William Bennett Framing | Bill Bennett


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RESIDENT SUPPORT SERVICES Liz’s House Transitional Housing Dwelling Place operates Liz’s House, a transitional housing program for homeless women and children, whose purpose is to assist these families and address barriers to stability and to secure affordable permanent housing. Total number of households receiving support services at Liz’s House Transitional Housing Program

21

Total number of individuals who completed the program at Liz’s House Who now live in permanent housing

24

Permanent Supportive Housing Dwelling Place offers 380 permanent supportive housing units across West Michigan for households who have experienced difficulties maintaining affordable housing. This type of housing targets homeless households, households with disabilities, as well as some who are survivors of domestic violence. In addition to affordable housing, Dwelling Place offers residents in this type of housing access to a wide array of support services that can assist them in maintaining housing stability. Percentage of households in Permanent Supportive Housing who have maintained housing during 2014.

91%

Percentage of households who were homeless before they moved into Permanent Supportive Housing

90%

Percentage of households in Permanent Supportive Housing whose disposable income increased or remained stable 90% Disposable Income Increased Disposable Income Remained Stable

51% 39%


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FINANCIALS Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities ASSETS

2014

2013

3,805,281 204,605 65,000 184,651 256,732

2,467,450 3,484,516 195,000 1,000,000 492,860 193,512

4,516,269

7,833,338

91,247,105

91,943,190

9,112,857 24,677 130,000 100

8,829.895 24,677 130,800 100

1,204,034

1,062,627

10,471,668

10,048,099

Current Assets Cash and cash equivalents Cash restricted for current construction Promises to give, current portion Land Contract Accounts receivable Prepaid expenses and deposits TOTAL CURRENT ASSETS Property and Equipment

$

Other Assets Restricted cash Developer fee receivable Promises to give Investments Other assets TOTAL OTHER ASSETS TOTAL ASSETS LIABILITIES AND NET ASSETS

$ 106,235,042 $ 109,824,627 2014

2013

Current Liabilities Current maturities of long-term debt Accounts payable Trade Construction Accrued liabilities Deferred revenue

410,319

15,539,556

232,039 272,989 363,926 65,057

380,096 8,547,171 440,064 47,976

1,344,330

24,954,863

225,966

199,800

28,480,478

25,287,964

Long-Term Accrued Interest

4,036,478

3,437,297

Deferred Revenue - Section 1602 Exchange Funds

3,097,429

3,097,429

Unrestricted net assets Temporarily restricted net assets Equity (Deficit) Equity—Non controlling interest

23,278,275 152,387 (11,143,946) 56,763,229

22,088,157 1,055,933 (10,415,474) 40,118,658

TOTAL NET ASSETS AND EQUITY

69,049,945

52,847,274

TOTAL CURRENT LIABILITIES Tenant Security Deposits Long-Term Debt, net of current maturities

Net Assets and Equity

TOTAL LIABILITIES, NET ASSETS AND EQUITY

$ 106,235,042

109,824,627


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FINANCIALS Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities REVENUES AND SUPPORT

2014

2013

Rental Income Assistance Tenant Commercial Interest Income Contributions Developer Fee Government Funding Management Fees Other Satisfaction of Donor Restriction Expiration of Time restriction on United Way Funding Expiration of Donor Imposed Restrictions on Contributions TOTAL REVENUE AND SUPPORT Expenses Salaries and Wages Fringe Benefits Payroll Taxes Contract Labor Supplies Professional Fees Utilities

$ 4,138,633 2,348,490 808,338 447,342 1,224,281

$

3,264,188 2,009,726 738,963 519,722 231,267

993,097 103,873 347,264

287,486 115,268 631,620

130,000

130,000

1,070,841

334,074

11,612,159

8,262,314

2,057,441 190,037 219,529 829,888 84,273 572,796 1,337,270

1,816,242 194,690 206,395 745,950 69,705 544,025 1,030,869

Rental Expense

69,537

70,658

Property Taxes

271,050

281,723

Subsidy Payments

42,585

47,156

Management Fee

46,241

28,893

1,328,985

1,090,953

429,822

327,052

1,241,621

542,894

56,154

99,814

Maintenance and Repairs Insurance and Bonds Interest Bad Debt Client Assistance Grants to Others Miscellaneous TOTAL EXPENSES INCREASE IN UNRESTRICTED NET ASSETS AND EQUITY BEFORE INCOME AND EXPENSES

986

3,937

272,203

156,164

9,050,418

7,257,120

$ 2,561,741

$ 1,005,194


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FINANCIALS Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities

Revenue and Support 4.2% 9.35%

9.3%

14.2%

14.2% 4.2% 7.5%

4.2%

38.6%

2014 2014

38.6%

7.5% 21.9%

21.9%

Rental Assistance Income 38.6% Tenant Rental Income 21.9% Commercial Rental Income 7.5% Interest Income 4.2% Contributions 14.2% Government Funding 9.3% Other 4.2%


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FINANCIALS Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities

Operating Expenses

1% 5% 4% 5%

17% 17%

5%

26% 26%

33%

9%

5% 5% 14% 14%

3% 3% 1%

9% 9% 12%

14% 14%

6% 6%

14%

12%

Salaries Benefits and Taxes 26% Contract Labor 9% Professional Fees 6% Utilities and Telephone 14% Rental Expense 1% Property Taxes 3% Maintenance and Repairs 14% Insurance and Bonds 5% Interest 17% Bad Debt 1% Miscellaneous 5%

15%


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FINANCIALS Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities.

Functional Expense Breakdown

2014 8%

27% 68% 5% 58% 12%

68% Program Services: 68% Affordable Housing Neighborhood Revitalization Support Services

Management and General 27% Fundraising 5%


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2014 BOARD & ADMINISTRATION BOARD OF DIRECTORS Larry Titley | Board Chair Annamarie Buller | Board Vice Chair Francine Gaston | Secretary Michael McDaniels | Treasurer Marc Branca David Byers Daniel Castro Kyle Irwin Holly Jacoby Bill Kirk Gretchen Minnhaar Michael Siminski II Richard Stevens Pete Vander Veen Tommie Wallace Renee Williams Kimberly Zoller LIFETIME MEMBERS Larry Bratschie Margaret Sellers Walker Sally Gleason Betty Ladd-Andre ADMINISTRATION Dennis Sturtevant | Chief Executive Officer Kim Cross | Chief Operating Officer Steven Recker | Chief Financial Officer


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14.2% 38.6

Profile for dwellingplacegr

Annual Report 2014  

Annual Report 2014  

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