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ANNUAL REPORT | 2015


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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

4 5

Neighborhood Revitalization Commercial Tenants Artist Live/Work Spaces

6 7 8

Resident Support Services

9

Financials

10

Board and Administration

16


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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 2015 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 Liz’s House (Transitional Housing)

Unit Totals 2 16 16 8 19 100 14 10 55 67 46 14 14 23 30 12 60 116 40 48 190 31 9


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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 nonprofit 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 2015, 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 2015, 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 Knit It | Elizabeth Hilton Second Dance | Stephanie Howard Bombadil Books | Danielle Alexander and Tim Albon


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FINANCIALS Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities 2015

ASSETS

2014

Current Assets Cash and cash equivalents

$

Cash restricted for current construction Promises to give, current portion

Accounts receivable Prepaid expenses and deposits TOTAL CURRENT ASSETS Property and Equipment

7,807,010

$

3,805,281

8,991

204,605

83,050

65,000

586,401 275,219

184,651 256,732

8,760,671

4,516,269

88,066,858

91,247,105

10,742,219

9,112,857

Other Assets Restricted cash Promises to give

-

130,000

24,678

24,677

220 1,085,613

100 1,204,034

11,852,730

10,471,668

$108,680,259

$106,235,042

Developer fee receivable Investments Other assets TOTAL OTHER ASSETS

TOTAL ASSETS

2015

LIABILITIES AND NET ASSETS

2014

Current Liabilities Current maturities of long-term debt

$

366,636

$

410,319

Accounts payable Trade

276,966

271,567

Construction

201,994

272,989

191,047 99,566

324,398 65,057

1,136,209

1,344,330

235,417

225,966

Accrued liabilities Deferred revenue TOTAL CURRENT LIABILITIES Tenant Security Deposits Long-Term Debt, net of current maturities

27,828,298

28,480,894

Long-Term Accrued Interest

4,519,242

4,036,478

Deferred Revenue - Section 1602 Exchange Funds

3,097,429

3,097,429

35,680,386

35,840,767

Unrestricted net assets

30,729,976

23,278,275

Temporarily restricted net assets

135,367 40,998,321

152,387 45,619,283

71,863,664

69,049,945

$108,680,259

$106,235,042

TOTAL NON-CURRENT LIABILITIES Net Assets and Equity

Equity TOTAL NET ASSETS AND EQUITY TOTAL LIABILITIES, NET ASSETS AND EQUITY


FINANCIALS

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

2015

2014

4,119,641 2,488,585 720,694 518,122 6,444,867 470,426 206,525 328,382

$ 4,138,633 2,348,490 808,338 447,342 1,224,281 993,097 103,873 347,264

128,050

130,000

26,819

1,070,841

15,245,586

11,612,159

2,026,113 295,123 223,495 822,576

2,057,441 190,037 219,529 829,888

70,693

84,273

810,353 1,316,049

572,796 1,337,270

Rental Expense

54,858

69,537

Property Taxes

236,390

271,050

Subsidy Payments

27,981

42,585

Management Fee

6,753

46,241

1,463,890

1,328,985

Insurance and Bonds

449,189

429,822

Interest

539,411

1,241,621

59,859

56,154

9,146

986

227,905

272,203

8,666,784

9,050,418

(417,981) 174,604 (157,969) 838,849 (4,917,663)

-302,056 1,675 -5,045,790

2,098,642

$ 2,561,741

Rental Income Assistance Tenant Commercial Interest Income Contributions 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

Maintenance and Repairs

Bad Debt

Grants to Others Miscellaneous TOTAL EXPENSES Deferred Interest Expense Gain on Sale of Investment (Loss) Gain on Disposal of Assets Earnings from Bond Redemption Depreciation and Amortization INCREASE IN UNRESTRICTED NET ASSETS AND EQUITY BEFORE INCOME AND EXPENSES

$


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

Revenue and Support 5.8% 6.4% 36.4% 8.8%

18.0%

20.9%


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

Operating Expenses 4% 5% 5%

33%

9%

12%

14% 12%


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BOARD & ADMINISTRATION 015 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 LaTarro Traylor 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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Annual Report 2015  

Annual Report 2015  

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