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

events. Residents were provided via flyers of resources in the community that were available to them. Residents continue to be assisted with a variety of services on an individual basis, including resource development, parenting, continued support for computer education, job search, resume and interviewing skills, family support, and life skills. In person resident services have resumed. The staff continue to be sanitary safe and adhere to CDC and Biltmore Properties COVID protocols.

Service Coordinator

• During the past fiscal year, the property served 148 residents-28% under 18, 43% aged 1861, 26% aged 62-80 & 3% 81-95. • The Service Coordinator provides activities for the residents and the community daily. Ongoing programs for children and youth include homework help, computer classes, tutor/mentoring, life skills, intervention programs, volunteer & scholarship opportunities.

During the pandemic community, gatherings were suspended. The Service Coordinator assisted residents via phone contact and scheduled in person contact. • A monthly newsletter was published with many resources for resident self-help referrals.

Movie Day, Arts & Crafts, GED classes, monthly birthday parties, bingo/games, wellness events, crime free social events, holiday celebrations and the Love Thy Neighbor award were hosted on the property prior to the pandemic. • Adults and community members were provided assistance with a variety of services including resource development, parenting skills, support for sobriety, food boxes, computer education, job search/resume writing, interviewing help, parenting classes, counseling, emergency food/utilities/rental assistance, & insurance /healthcare referra1. • Residents were provided information regarding activities that were scheduled on FIBC’s

Campus.

Growing in Grace,

Dr. Warren H. Stewart, Sr., Chair Broadway House Corporation Board of Directors

First Institutional Baptist Church 1141 East Jefferson Street, Phoenix, Arizona 85034 Telephone 602-258-1998 — Fax: 602-256-2957 Website: www.fibcaz.org — Email: info@fibcaz.org

ADMINISTRATIVE OFFICE HOURS: Tuesday-Friday — 8:00 a.m. - 5:00 p.m.

FIBCO FAMILY SERVICES, INC. ADMINISTRATIVE OFFICE HOURS: Tuesday-Friday — 9:00 a.m.-3:00 p.m.

WORSHIP AND BIBLE STUDY TIMES: Sunday Worship: 7:30 a.m. & 11:00 a.m. Sunday Bible Studies: 8:30 a.m. African Worship Service: 9:30 a.m. Wednesday Afternoon Prayer and Bible Study: 11:30 a.m. & 12:00 p.m. (noon) Wednesday Evening Prayer and Bible Study: 6:30 p.m. & 7:00 p.m.

Senior Pastor Dr. Warren H. Stewart, Sr. Ext. 2210 Mailbox 25A

Executive Director of Ministries Dr. Karen E. Stewart Ext. 2211 kstewart@fibcaz.org Mailbox 26C

Pastor of Outreach and Justice Dr. Donta’McGilvery

Pastor of Congregational Care The Rev. Roland Pierce

Interim Children’s Ministry Leader Sis. Jocelyn Thomas

Minister of Music Sis. Brenda G. Hankins

Minister of Pastoral Counseling Dr. Carolyn Watson

FIBCO Family Services, Inc. Sister Chiquita Taylor Ext. 2207 dmcgilvery@fibcaz.org Mailbox

Ext. 2228 rpierce@fibcaz.org Mailbox

Ext. 2206 jthomas@fibcaz.org Mailbox

Ext. 2353 bhankins@fibcaz.org Mailbox 7

Ext. 2227 cwatson@fibcaz.org Mailbox 8

Ext. 222 6chiquita.taylor@fibco.org Mailbox 22