Page 5 - 2019 Annual Report

MANAGING OUR PROPERTIES

Management Operations

Midway through 2019, Jerome Floyd was promoted to our senior management team as the Director of
Property Management. He has brought with him a wealth of industry experience, certifications and
qualifications to this position. As the Director of Property Management, he is responsible for overseeing our
property management, compliance, maintenance, and tenant advocacy departments.

Jerome focuses his energy on continuously educating and training our property management team, which
is now represented by a very talented, diverse group of property managers and administrative staff. Each of
our property managers are required to have earned at least a four-year college degree and received their HUD
and Tax Credit Certifications. In addition, our administrative assistants participate in a management training
rotation program designed to prepare them for future advancement within the company.
JEROME FLOYD
In his first year as Director, Jerome implemented numerous processes and procedures that helped improve
the overall performance of each property. For example, under his leadership our property management team Director of Property Management
was able to significantly shorten our unit turnaround time and make improvement to our rental application Jerome has more than 17 years experi-
process, which ultimately helped decrease our vacancy rates. This resulted in an overall reduction in our ence in the affordable housing and real
vacancy loss in 2019 by $219,000 across all of our properties, compared to 2018. estate industry. He was President of a
realty company.
Jerome and his team also helped increased the financial performance of our HUD properties by renegotiating Jerome gained his Masters of Business
our HUD contracts, maximizing subsidies by aligning tenants with the most appropriate program available, Administration and Counseling and
and purging all our outdated wait lists. This combined with standardizing processes for annual rent increases Human Services Degrees and his
and late fees impacted rental income by an additional $180,000. These increases have more than offset the Bachelor Degree in Psychology all from
loss of revenue from our divestiture of Elmcrest Terrace in 2019 and have strengthened our overall financial the University of Bridgeport.
well being.
He is a Licensed Real Estate Broker,
Army Veteran, and holds industry cer-
When any of our properties are struggling financially, or are experiencing cash flow issues, New Neighbor- tifications including RHM, CAPS, CAM,
hoods corporate office will subsidize that operation with the expectation to be repaid when that property’s ARM, CFS, CMH, CMM, TCS and COS.
finances improve. New Neighborhoods typically has to subsidize one or more of our properties throughout
Financials 2017 2018 2019 any given year and collectively has invested hundreds of thousands of dollars into our properties. Due to the
increased overall performance of our properties is 2019, New Neighborhoods corporate office was able to
RE VENUE collect over $200,000 of outstanding accounts receivable from those properties.
Contributions $386,349 $394,057 $240,920

Property Management $485,046 $472,265 $485,502
Maintenance Operations
Other $1,207,948 $1,027,797 $1,714,890
With a goal of maintaining a physical appearance and cleanliness of our properties at the highest levels, we
Total Revenue $2,079,343 $1,894,119 $2,441,312
take the same approach with our maintenance team that we do with every other aspect of our business. From
EXPENSES hiring talented, caring technicians and providing them with continuous training and access to the latest
Program Expenses $1,663,860 $1,666,007 $2,041,299 technologies, we have assembled a dedicated, diverse, hardworking team ready to take on any challenge.
General & Admin $516,345 $572,246 $701,153
New Programs and technologies have helped improve our maintenance workers’ communications,
Fundraising & Marketing $145,379 $188,090 $230,460 scheduling, purchase order process, and overall performance. We invested in a company truck, a pipe fitting

Total Expenses $2,325,584 $2,426,343 $2,972,912 and repair kit, and other unique tools and supplies that allow our technicians to perform more in-house
services. These efforts have resulted in turning units faster, improving the overall appearance of our buildings,
and allowing us to a provide a clean, safe environment that our residents are proud to call “Home”.
Operating Income/Losses $(246,241) $(532,224) $(531,600)

Equity Contributions $839,044 $770,416 $703,813

Total Change in Assets & Equity $592,803 $238,192 $172,213

2019 ANNUAL REPORT 4