Page 7 - 2019 Annual Report

INVESTING IN OUR FUTURE

Improvement Projects

New Neighborhoods currently serves over 750 tenants living in our nine multifamily properties with a total
of 426 units. With asset management as a focus in 2019, we invested a large amount of resources back into
our properties to maintain them at the highest levels possible. As a result, we were able to start and complete
numerous rehabilitation projects. Below are highlights of three of those projects:

JONATHAN SINGSEN
Development Manager

Jonathan joined New Neighborhoods as
our Development Manager this past year.
Madison Smith He has since expanded his role to
We received a $122,000 Community Development Block Grant (CDBG) from the City of Stamford that allowed include our company’s asset manage-
us to make many improvements to the Madison Smith Apartments. These improvements included fence ment responsibilities.
replacement, repair of a concrete retaining wall and curbs opposite the townhouses, replacement of the front Jonathan has experience with managing
porch of this historic building, railings and steps, a new camera system in the parking lot, replacement of all multi-family assets for Shamrock
kitchen counters, and bath vanity counters where needed, interior painting, painting of historic building’s Properties, managing commercial
exterior trim, painting of some exterior trim, and replacement of garage doors at the townhouses. This project development for Brenton Point Part-
was started and completed in 2019 and was covered in full by the grant. ners, and experience with brokerage at
Prudential CT.
Belltown Manor He earned his Master’s Degree in
This project made $145,000 worth of improvements to our Belltown Manor property. The funds were also Corporate Finance and Real Estate at
provided by a Community Development Block Grant (CDBG) from the City of Stamford. The changes and the University of Connecticut and his
improvements include converting the office storage and closet area into more usable space, installation of Bachelor’s Degree in Economics from
the University of Rhode Island. Jon has
new floor covering in the common areas, adding cabinetry and appliances in the Community Room, painting impressive language skills, being fluent
all interior common area walls, cleaning and sealing of entrance tile, installation of new mats at the sides and in English, Dutch, French, and German.
front entries and new awning covers at side and rear entries, and installation of new covers located at the
outdoor shade structures. This project started in 2019 and is scheduled to be completed in the Spring of 2020.
All improvements were covered by the CDBG grant.

Friendship House
At Friendship House we started a $200,000 Boiler Replacement Project in the fall of 2018. The project was
funded through the Operations and Replacement Reserves. The project included replacement of Boiler 2
(Boiler 1 completed Feb/March of 2018), re-work of the boiler room ventilation, replacement of piping from
house hot water heaters to storage tanks, re-working of piping to tie one heat boiler into hot water storage
tanks so that excess heat would be utilized for hot water production in winter and allow use of dedicated hot
water heaters in off-season only. The project is scheduled to be completed in the Spring of 2020.

Future Development

As we look forward to 2020 and beyond we will continue to invest in our existing properties. With the ad-
dition of Jonathan Singsen as our Development Manager, we will also be aggressively seeking new devel-
opment, mergers and acquisition opportunities in order to serve even more people in need of affordable
housing throughout our communities.

2019 ANNUAL REPORT 6