Our Mission. Board of Commissioners
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- Berenice Ramsey
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1 report to the CoMMUnitY Changing the Conversation
2 Our Mission The Broward County Housing Authority is dedicated to creating, providing and increasing high quality housing opportunities to Broward County residents through effective and responsive management and responsible stewardship of public and private funds. Board of Commissioners Michael S. Long Chairman Mark O'Loughlin Vice Chair Mercedes J. Núñez Russell Marcus Karyne Pompilus 2 BCHA Report to the Community
3 Message from the Board Chair and CEO We are proud to share our Report to the Community with you. For more than 45 years the Broward County Housing Authority (BCHA) has provided quality, affordable rental housing opportunities for individuals and families throughout the county. We have highlighted the diverse ways in which we help local residents, and their home town municipalities, address the need and benefit of attainable housing. The theme of this report is Changing the Conversation, as we invite you to join us in taking a fresh look at how we tackle the real-life implications of high housing costs. Today we want to engage you to be a more active participant in a housing dialogue. Your contribution to the housing discussion is critical. Broward County will be a leading choice of residence in the 21st century, and affordable housing is and will remain a critical component that sustains the daily quality of life for all who consider Broward County home. Yet we know from every statistic available that many people find the cost of housing, whether leased or homeownership, is priced beyond their reach. Affordable housing is an integral link in maintaining vital communities. Smart, quality housing is a product of responsible design and is key to the continued economic growth of Broward County. We believe the long term health of our cities and towns improve when we attract and retain people that provide the goods and services we rely on every day. Today many neighborhood groups, elected officials, business enterprises, and funding organizations are actively engaged in the dialogue that supports our housing initiatives. They see our wonderful finished products and the value we deliver. The attractive and affordable living spaces that we hold in high regard are the by-products of dedicated planning, positive collaborations, and conversations. We invite you to share our success and help with ideas or public support. Keep changing the conversation toward the good. To all those involved: Thank You. And a special thanks to Building Better Communities, Inc., the nonprofit specifically formed to help us accomplish our goals. Our results continue to make us proud and the rewards are notable. The commitment and hard work of our Board, staff and community partners are our greatest assets. Let s do more together to Change the Conversation. Michael S. Long Chairman of the Board Ann Deibert Chief Executive Officer BCHA Report to the Community 3
4 Changing the Conversation When the Broward County Housing Authority was created in 1969 the primary mission was the administration of federally funded housing programs. In 1999 a major public housing reform initiative empowered housing authorities to demolish, rehabilitate or replace obsolete public housing. BCHA set out on a course to demolish its obsolete public housing replacing it with newly constructed housing. As part of the transition from housing administrator to housing developer, BCHA formed the nonprofit, Building Better Communities, Inc. (BBC). Since its inception, Building Better Communities has expanded its role to include development and the acquisition and rehabilitation of properties. BCHA has converted its entire public housing inventory to private ownership becoming the first in the state of Florida to complete a portfolio conversion. Now with a funding platform firmly in place, a system of replacement reserves has been established to perpetually support rental housing to the standards every community desires and every occupant deserves. The outcome was fantastic, a portfolio that meets community needs, without cost to any municipality. ConstrUCtion/aCQUisition BCHA has converted its entire Public Housing inventory to private ownership becoming the first in the State of Florida to complete a portfolio conversion. DireCt economic impact $59,435,656 4 BCHA Report to the Community
5 Shared Purpose Serving the Broward County community since 1969, the Broward County Housing Authority (BCHA) is a progressive housing provider, accomplished property manager and valuable community asset. BCHA contributes $70 million annually to the local economy. Building Better Communities, Inc. (BBC), a BCHA non-profit affiliate, is focused on delivery of scarce community resources in the form of housing options, development of affordable rental communities, and acquisition and rehabilitation of existing properties. BBC provides high quality housing for approximately 1,500 families without raising local or county taxes. BBC incurs private debt, risks its own equity, and has a vested interest in customer satisfaction. 4,000 Private property owners participate in housing more than 6,500 residents through the Housing Choice Voucher Program 99% occupancy rate maintained in BCHA properties 8,000 Total number of families assisted by BCHA programs who now have stable housing $110+ Million amount BCha and its affiliates contribute to the local economy annually through private-sector partnerships, alliances with local landlords and service providers BCHA Report to the Community 5
6 Vision Becomes Reality In 2017, BBC working with BCHA debuted two new, high-quality, affordable housing communities that give residents and the community a sense of vibrancy, stability and peace-of-mind. With every new and renovated community, BCHA is changing the reality of affordable housing and creating new, sustainable models that meet the residential needs of each neighborhood. BCHA properties and management teams blend seamlessly into the community and stand out only for their exceptional quality. The Manors at Middle River Oakland Preserve The Manors at Middle River is an attractive pedestrian-friendly, Key West-style townhome development in the Fort Lauderdale/Wilton Manors community. This is an outstanding project that we can all be proud of. It s a win-win for the community and the neighbors who will reside here and for affordable housing everywhere. ~Jack seiler, former City of Fort Lauderdale Mayor Oakland Preserve is a multi-family green certified community in Oakland Park. Thank you to the Broward County Housing Authority, Building Better Communities and Pinnacle Housing Group for building Oakland Park s newest community... the craftsman style architecture is beautiful. With a shortage of affordable work housing in Broward County, we are happy and proud to be celebrating this ribbon cutting here today. ~tim Lonergan, Oakland Park Mayor L to R: Former City of Fort Lauderdale Mayor Jack Seiler; Building Better Communities, Inc. Director Mark O Loughlin, Assistant Secretary Ann Deibert, Directors Mercedes Núñez and Karyne Pompilus, President Michael S. Long, Director Russell Marcus; City of Fort Lauderdale Mayor Dean Trantalis L to R: Building Better Communities, Inc. Board of Directors Russell Marcus, Karyne Pompilus, Mercedes J. Núñez, Mark O Loughlin; City of Oakland Park Mayor Tim Lonergan; Broward County Commissioner Nan Rich; City of Oakland Park Commissioner Matthew Sparks; and Building Better Communities President Michael S. Long 6 BCHA Report to the Community
7 Preserving Neighborhoods Development and the acquisition and rehabilitation of existing properties are a proven strategy for stabilizing communities, particularly properties that may otherwise decline in value. BBC s approach marries development and acquisition/rehabilitation to produce housing that serves a wide range of incomes, preserves housing options for Broward County residents into the future and supports raising property values. BCHA manages all BBC affordable housing properties. The successful management of BBC s assets benefits from a 20-year physical and capital needs analysis for each property. The key to neighborhood preservation is property management. Key to neighborhood preservation is the property management function. Focused on maintaining high standards in every aspect, Park Ridge Court Apartments, Deerfield Beach Villas of Pompano Beach BCHA Report to the Community 7
8 Partnerships & Collaboration BCHA has strong working relationships with Broward County social service community partners so that residents eligible for their services are identified and appropriately served. Our goal is to provide better living opportunities for those we serve and empower them through services that promote self-sufficiency. These efforts create building blocks to stronger communities, personal improvement and better life outcomes, thus changing the conversation about affordable housing. A partnership with the Broward County School Board and United Way Broward brings Workshops for Families: Life skills and Child rearing Workshops and Literacy Program to our resident families. The Door Pantry Program, in partnership with LifeNet4Families, serves 200 elderly/disabled residents each month delivering food boxes that include 3-5 days of healthy, nutritious food. The program started in 2017 and since then, 2,500 boxes have been delivered. BCHA is a founding partner with the Children s Services Council, Meals on Wheels South Florida and Florida Impact of the summer Breakspot Feeding Program which helps feed children during the summer months when school breakfasts and lunches aren t available. The program includes numerous enrichment activities for children including water safety lessons, a literacy component and other educational and fun activities. In its fourth year, the program has received statewide and national recognition and has expanded to serve families year-round to promote self-sufficiency. The Broward County School Board and Holy Cross Hospital partnered with BCHA to organize a successful book drive and establish libraries at BCHA properties as part of a literacy initiative for the local community. 8 BCHA Report to the Community
9 Resident Initiatives BCHA offers innovative initiatives in collaboration with community partners to assist families through workshops, classes and programs that promote self-sufficiency and home stability. This includes: The Family Self Sufficiency (FSS) Program helps families increase their earnings and build financial capability and assets over a five year period. Within the last five years the program has served an average of 150 participants. The program has two key features: A financial incentive for residents to increase their earnings in the form of an escrow account that increases as residents earnings increase. Case management or coaching to help residents access services they may need to overcome barriers to employment, strengthen their financial capability and address other challenges holding them back from achieving their goals. Housing Counseling Program: BCHA s Housing Counseling Department is a HUD-approved and certified program providing services to Broward County residents including First-Time Homebuyer Workshops, Foreclosure Prevention Services, and Loan Modifications. Borrowers who use HUD-approved housing counseling are 283% more likely to receive loan modifications. The typical modification results in a 40% drop on a monthly mortgage payment. BCHA s two housing counselors assisted more than 600 families with foreclosure counseling in the past five years. 41 residents completed education/training 21 families became homeowners 140 families established escrow accounts escrow funds disbursed $286,204 Buying a first home can be overwhelming. Housing counseling can help individualize the home buying options, empowering buyers to make informed decisions and significantly improve the home buying process and ensuring long-term success. In the last 5 years more than 1,000 families attended BCHA s Pre-Purchase Workshops. We work to stabilize families through home ownership. BCHA Report to the Community 9
10 Broward County Housing Authority Combining Statements of Revenues, Expenses and Changes in Net Position for Year Ended September 30, 2017 BCha totals tax Credit Partnership totals operating revenues and ContriBUtions Housing assistance payments $75,360,152 $ Housing choice voucher program administrative fees 4,791,749 Dwelling rental 2,448,370 8,182,841 Operating subsidy 1,612,536 Grants 577,910 Interest 52,655 Gain/(loss) on disposal of capital assets 13,639 Other revenue 4,708,210 total revenues 89,565,221 8,182,841 operating expenses and DistriBUtions Housing assistance payments 77,553,966 General and administrative 8,132,284 2,221,974 Repairs and maintenance 1,838,984 1,214,877 Tenants' services 108,025 Utilities 328, ,710 Depreciation 2,009,215 3,491,737 Interest expense 1,310,354 Pension expense 139,875 Capital Distribution 687,300 Other expense 840, ,273 total operating expenses 90,951,482 10,640,225 Change in net Position (1,386,261) (2,457,384) net Position, Beginning 53,648,94 68,040,405 net Position, ending $52,262,682 $65,583,021 BCha totals tax Credit Partnership totals CoMBining statements of net Position assets Cash and cash equivalents $18,928,363 $ 2,446,813 Restricted cash equivalents 6,563,138 4,149,324 Accounts receivables 1,542,811 Tenants, net of allowance 25, Prepaid expenses 153,334 6,242,539 Intangible assets 324,404 Capital assets, net 31,140,504 89,661,994 total assets 58,677, ,501,562 Deferred outflows of resources 3,299,340 total assets and deferred outflows of resources 61,976, ,501,562 LiaBiLities Accounts payable 667, ,497 Accrued wages payable 245,637 Tenants' security deposits 232, ,162 HUD liability 54,228 Long Term Debt 675,566 35,727,882 Net pension liability 6,407,793 Accrued compensated absences 723,868 9,007,527 36,918,541 Deferred inflows related to pension costs 706,760 total Liabilities and deferred inflows of resources 9,714,287 36,918,541 net Position Net investment in capital assets 30,995,259 54,940,043 Restricted- replacement reserves 5,802,537 3,368,162 Unrestricted 15,464,886 7,274,816 total net Position 52,262,68 65,583,021 total Liabilities and partners equity $61,976,969 $102,501,562 During 2017, Broward County Housing Authority decreased net position by $1.4 million or 2.5% which was mainly a result of decreased operating subsidies from HUD for the Housing Choice Voucher program. BCHA continues to have no mortgage debt and maintains a strong current ratio. operating revenue operating expenses 88% of revenue is invested in the community. 10 BCHA Report to the Community
11 Community Call to Action As Broward County s economy continues to grow, so does the need for appropriate, highquality affordable housing and the related support necessary to stabilize families and preserve neighborhoods. The first step in meeting the affordable housing needs of our communities is sharing information and changing outdated misperceptions about residents of affordable housing. Don t be confused about the definition of affordable housing. It is not strictly housing for poor people. If you are spending more than 30 percent of your income on rent or for a mortgage, your housing is unaffordable. According to recent statistics, Broward County s average rent of $1,800 per month is unaffordable to 78 percent of would be renters. It is essential to our County s economic viability that we forge forward-thinking, enterprising partnerships to close the gap between the affordable housing inventory that exists and the supply that is urgently needed. A $100 reduction in the rent burden of the 8,000 families served by BCHA equates to $48 million annually of disposable income invested in the Broward County economy. Affordable housing benefits the community and is key to the continuing economic growth of Broward County. Did you know? South Florida has the highest percentage of cost-burdened renters in the country due to high housing costs coupled with relatively low incomes. The numbers will only escalate. BCHA Report to the Community 11
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