2021 FIBC Annual Report

Report of the Broadway House Corporation Board Summary: Greetings in the name of our loving and liberating Lord Jesus Christ.

This report comprises the activities and concerns of the Broadway House Apartments, located at 2201 E. Broadway Rd., Phoenix, AZ 85040, for the fiscal year July 2020 through June 30, 2021.

Broadway House Apartments is an 80- unit community that provides affordable housing to families and elderly individuals who meet the HUD eligibility criteria. The property has maintained a 93% occupied during the past fiscal year.

On February 17, 2021, HUD conducted a Management & Occupancy Review on the property. The property received an Above Rating.

Effective, December 1, 2020, the property received a HUD approved rental increase. The increase did not affect the portion of rent the residents paid. The property received an increase in HUD subsidy payment. The increase resulted in $22.00 per unit increase on the one- bedroom units and a $28.00 per unit increase on the two- bedroom units. The monthly Reserve for Replacement deposit increased effective 12/01/20 from $3,105.00 per month to $3,273.00.

The property ended the fiscal year with surplus cash in the amount of $64,227.00. Those funds were deposited into the owner/entity account. The balance in the Reserve for Replacement account at the end of the fiscal year was $346,472.00. FIBC received the Incentive Performance fee in the amount of $22,729.00 for the fiscal year that ended on 6/30/21 per the restructure agreement. The Capital Recovery Payment in the amount of $1,879.83 is paid monthly to FIBC for capital contributions made as a part of the restructure transaction. There is $430,007.59 in the owner entity account at the end of the fiscal year.

During the past fiscal year three quartz kitchen countertops and a set of kitchen cabinets were installed. A bath vanity was installed in two units, twelve new stainless- steel refrigerators, eight new stainless- steel ranges, ten new stainless- steel range hoods, one ADA ramp, two living room windows and one bedroom window was replaced. Wood vinyl flooring was installed in ten units.

The semi-annual cleaning of the roofs and gutters was completed. A leak was repaired on the domestic boiler. Air conditioning motors were replaced in several units. Several exterior lights were replaced. Bathtubs were resurfaced in several units. The worn ground covering, and the old wood chips was removed and replaced in the playground area. Several small toys in the playground were replaced. The annual fire extinguisher and gas inspections were completed. Deficiencies noted on the annual inspection report were addressed and rectified. Exterior lighting on the property has been updated. Worn and faded signs on the property have been replaced. The broken sewer line that affected one unit was repaired.

Residents continue to be provided, mask, activity workbooks for children, and fresh fruits and vegetables from Gregory’s Food Market. Books were donated and provided to families. Backpacks and school supplies were provided to children when they returned to in person classes. Residents were provided information regarding FIBCO’s, Ability 360 and Pilgrim Rest COVID vaccination 24 | P a g e