Mission: Homes for america, inc. Was incorporated for the purpose of developing and preserving housing for low and moderate income households and special needs populations.
Programs: Homes for america carried out its mission by serving 4,754 low income households in its rental communities. The average income of households in communities that are age restricted to seniors 62 years and older was $18,482 and 37. 4% of all the senior households had annual income below $15,000. The average income of households in general occupancy housing was $17,890 and 49% had income below $15,000. Of the total households served 16% had a person with disabilities in the household; 45. 5% were minority households and 49% received rental assistance of some form. Homes for america development activities included: 1. Completed construction of a former convent and lease up of 42 apartments for senior citizens in emmitsburg, md2. Completed rehabilitation of existing rental housing in salisbury, md with 66 apartments 3. Began construction of a townhomes community in aberdeen, md with 38 homes for families who will have the opportunity to buy the homes after 15 years4. Acquired an apartment community with 418 one, two and three bedroom apartments in hagerstown, md using financing from citi bank and the hp equity trust. No public funding was utilized. The income of residents will meet irs safe harbor requirements. 5. Received an award of low income housing tax credits and other funds for rehabilitation of a community with 52 apartments, all subsidized with section 8, in pocomoke city, md. 6. Received commitments for funding and to issue tax exempt bonds to finance the acquisition and rehabilitation of 59 apartments with section 8 assistance and construction of a community building on the site in frederick, md7. Continued pre-development work for two multifamily sites one in baltimore, md with 60 one and two bedroom apartments and the other with 48 two bedroom apartments in odenton, md. Both communities will provide housing for low income households and persons with disabilities. Closing and construction start is projected for the second quarter fy 2016. 8. Selected by the housing authority of the city of frederick to redevelop a public housing high-rise for senior citizens. The redevelopment will involve substantial rehabilitation of a vacant building and reconfiguration of efficiency apartments to create more functional one bedroom apartments. Tax exempt bond financing, the associated low income housing tax credits, and a low interest state loan will be used to finance the redevelopment. 9. Secured site control of a high-rise and townhouse community in annapolis, md with 80 apartments which the organization expects to acquire in the second quarter of fy 2016 and substantially rehabilitate in fy 2017. 10. Provided asset management services for 64 communities in the organization's portfolio; the organization performs regular site inspections, monitors insurance policies and closely tracks all financial and operating aspects of its properties during lease up and operations. Key asset management accomplishments during the year included:a. Transferred interest in homes for silver spring llc to another nonprofit organizationb. Continued the practice of making the portfolio more energy efficient and received grants for energy conservation improvements for five properties; secured energy audits to support grant funding for two more propertiesc. Initiated and completed the buyout of the investor limited partner for corner house, a low income housing tax credit property that has reached the end of the initial 15 year compliance period. 11. Managed resident service programs and activities at 57 multifamily communities -- 37 serving senior citizens and 20 serving families. Leveraged grant funds received by the organization to supplement property budgets to support service costs at the communities. Total expenditures for resident services from hfa resources, property budgets, grants and contributions were $970,000. Over 250 organizations participated in providing services on a volunteer basis. Continued to rank resident services based on established service standards for senior and family housing communities. Received tax credits and grants which raised $32,630 to fund the cost of services in communities.
see schedule o homes for america, inc. Is the sole member of homes for silver spring, llc, which is included herein. Homes for silver spring, llc, a 212-unit apartment project has service and accomplishments that consist of serving over 200 senior residents meal programs from onsite restaurant and holiday meals. Other services and accomplishments include podiatry services, beauty salon, fitness center, group exercise classes, yoga, tai chi, weekly bus service to local grocery and merchandise stores, educational lecture series, health seminars and clinics, computer training and lab, creative arts program, arts and crafts, gardening program, nutrition programming and lending library. Social programs include quarterly bus trips to various destinations, entertainers, bingo, movie nights, seasonal brunches, luncheons, catered events, holiday parties and birthday parties. Homes for america sold its interest to ahc inc. On december 4th 2014.
see schedule o homes for america, inc. Is the sole member of homes for bridgeville, llc, which is included herein. Homes for bridgeville, llc, a 50-unit apartment community, has service and program accomplishments serving its families that consist of, an afterschool homework club, grab & go summer feeding program, english as second language classes, summer camp with transportation, monthly mobile food pantry, quarterly health and wellness screenings provided by la red, monthly health presentations and assistance with health insurance, computer access with high speed internet, quarterly resident meetings, budgeting classes, tax preparation help, translation services, nutrition classes, community beautification projects, movie nights, social and holiday functions.
homes for america, inc. Is the sole member of corner house hfa, llc, which is included herein. Corner house hfa, llc holds an investment in fountain place associates limited partnership.