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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

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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 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

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Annual Report 2016  

Annual Report 2016  

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