ANNUAL REPORT | 2016
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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.
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
7 8
Financials
9
Board and Administration
12
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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 2016 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 19 100 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 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. Dwelling Place is pleased to announce the addition of a full-time Community Gardening Coordinator. Planning comprehensive year-round programming to engage residents, this position will work with residents to double the number of property gardens to 14 and build leadership opportunities for participating resident gardeners.
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 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 2016, our commercial tenants included the following businesses and organizations: Heartside Neighborhood
337 project space Collective Art Space Cherry Street Health Services DTS Winkleman God’s Kitchen Grand Valley State University Kirkoff School of Nursing Heartside Ministry Heartside Ministry Art Gallery Iyengar Yoga Kent County Land Bank Natural Solutions Salon Parliament Pine Rest Christian Mental Health Services Premier Skate Boarding Sanctuary Folk Art Senior Neighbors Studio 341 WD Photography
Wealthy Theatre Historic District 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 2016, these businesses include the following:
Adam Bird, Photographer | Adam & Kristine Bird Knit It | Elizabeth Hilton Mexicains Sans Frontieres | Hugo Claudin Movement and Music | Rachel Finan and Corey Ruffin OOM | Hyun Yoo Pop Up Shop GR | Sam & Tova Jones Second Dance | Stephanie Howard Spiral Gallery | Steven Vinsen William Bennett Framing | Bill Bennett
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FINANCIALS
Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities 2016
ASSETS Current Assets Cash and cash equivalents
$
9,940,019
2015 $
7,807,010
Cash restricted for current construction
594,890
8,991
Promises to give, current portion
60,822
83,050
Accounts receivable
225,681
586,401
Developer Fee receivable
0
0
281,546
275,219
TOTAL CURRENT ASSETS
11,102,958
8,760,671
Property and Equipment
93,386,023
88,066,858
11,066,789
10,742,219
Prepaid expenses and deposits
Other Assets Restricted cash Promises to give Developer fee receivable
-
-
24,678
24,678
Investments
120
Other assets
751,917
1,085,613
TOTAL OTHER ASSETS
11,843,505
11,852,730
TOTAL ASSETS
116,332,486
$108,680,259
2016
2015
LIABILITIES AND NET ASSETS
220
Current Liabilities Current maturities of long-term debt
258,103
$
366,636
Accounts payable Trade
274,062
276,966
3,908,979
201,994
Accrued liabilities
249,639
191,047
Deferred revenue
71,292
99,566
Construction
TOTAL CURRENT LIABILITIES Tenant Security Deposits
4,762,075
1,136,209
251,785
235,417
Long-Term Debt, net of current maturities
26,507,009
27,828,298
Long-Term Accrued Interest
4,179,795
4,519,242
Deferred Revenue - Section 1602 Exchange Funds
3,097,429
3,097,429
34,036,018
35,680,386
26,281,408
30,729,976
TOTAL NON-CURRENT LIABILITIES Net Assets and Equity Unrestricted net assets Temporarily restricted net assets
125,479
135,367
Permanent Restricted Net Assets
250,000
0
50,877,506
40,998,321
TOTAL NET ASSETS AND EQUITY
77,534,393
71,863,664
TOTAL LIABILITIES, NET ASSETS AND EQUITY
116,332,486
$108,680,259
Equity
FINANCIALS
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Dwelling Place of Grand Rapids Nonprofit Housing Corporation REVENUES AND SUPPORT
2016
2015
Residential Rental Income
$ 6,611,068
$ 6,608,226
Commercial rental income
958,375
$720,694
Interest Income
638,302
518,122
Contributions
471,571
6,444,867
Government Funding
401,935
470,426
Management Fees
116,871
206,525
Other
645,212
328,382
121,373
128,050
136,130
26,819
TOTAL REVENUE AND SUPPORT
13,125,662
15,245,586
TOTAL EXPENSES
8,674,914
8,666,784
Deferred Interest Expense
405,931
-417,981
Financing Fees- Accumulated Interest
32,711
0
Satisfaction of Donor Restriction Expiration of Time restriction on United Way Funding Expiration of Donor Imposed Restrictions on Contributions
Gain on Sale of Investment
$
(17,026.00)
174,604
(Loss) Gain on Disposal of Assets
$ (1,071,243.00)
-157,969
Unrealized Gain-(Loss) on Investment
$
(100,295.00)
0
Forgiveness of Debt
$ (1,382,585.00)
0
0
838,849
Depreciation and Amortization
4,819,063
-4,917,663
INCREASE IN UNRESTRICTED NET ASSETS AND EQUITY BEFORE INCOME AND EXPENSES
1,764,190
2,098,642
Earnings from Bond Redemption
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FINANCIALS Dwelling Place of Grand Rapids Nonprofit Housing Corporation and related entities
Revenue and Support 5.8% 6.4%
1%
1%
8.8%
Residential Rental Income
36.4%
Commercial rental income Interest Income
27%
18.0%
Contributions
53% 1% 3% 3%
Government Funding
20.9% 5% 6%
Management Fees
Other
Expiration of Time restriction on United Way Expiration of Donor Imposed Restrictions
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BOARD & ADMINISTRATION BOARD OF DIRECTORS Larry Titley | Board Chair Annamarie Buller | Board Vice Chair Francine Gaston | Secretary David Byers | Treasurer Michael McDaniels Daniel Castro Kyle Irwin Holly Jacoby Gretchen Minnhaar Richard Stevens Pete Vander Veen Tommie Wallace Renee Williams LaTarro Traylor Scott Koop Marvin Thomas LIFETIME MEMBERS Larry Bratschie Margaret Sellers Walker Sally Gleason ADMINISTRATION Dennis Sturtevant | Chief Executive Officer Kim Cross | Chief Operating Officer Steven Recker | Chief Financial Officer