Report of the Broadway House

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 2021 through June 30, 2022. 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 99% occupied during the past fiscal year.

A small fire occurred in a vacant unit on June 25, 2021. Management filed and insurance claim against the vendor responsible. The vendors insurance company paid for the damage and the vacancy loss that the property incurred. The unit was restored and rented.

On February 23, 2022, HUD conducted a physical inspection (REAC-Real Estate Assessment Center) on the property. The property received a score of 97c. The inspector reviewed the interior and exterior of the property, mechanical and storage rooms, laundry rooms, playground, and selected units randomly to inspect.

Effective, December 1, 2021, 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 $19.00 per unit increase on the one- bedroom units and a $24.00 per unit increase on the two- bedroom units. The monthly Reserve for Replacement deposit increased effective 12/01/21 from $3,273.00 per month to $3,433.00.

The property ended the fiscal year with surplus cash in the amount of $19,535.00. 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 $386,817.48. FIBC received the Incentive Performance fee in the amount of $22,729.00 for the fiscal year that ended on 6/30/22 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, the following items were replaced. Two quartz kitchen countertops were installed, four ADA ramps, four ADA toilets, one bath vanity, six new refrigerators, eight new range hoods, and eight new ranges. Wood vinyl flooring was installed in nine units. An ac air handler was replaced in two unis. The semi-annual cleaning of the roofs and gutters was completed. The annual fire extinguisher and gas inspections were completed. Deficiencies noted on the annual inspection report were addressed and rectified. Routine and Preventative maintenance is performed in the units and on the property.

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. 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 189 residents-33% under 18, 48% aged 1861, 17% aged 62-80 & 32% 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 helped with a variety of services including resource development, parenting skills, support for sobriety, food boxes, computer education, job search/resume writing, interviewing help, counseling, emergency food/utilities/rental assistance insurance /healthcare referrals, GED study/testing support, peer, and crisis counseling. • 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