Shaping a Viable Future
Network for Oregon Affordable Housing
Annual Report for the Fiscal Year of 2017
Message from the Board Chair and Executive Director
One year ago, NOAH adopted a new five-year strategic plan with an aim of meeting Oregon’s housing crisis head on, with bold, creative solutions. The plan identified four primary strategies for building a stronger Oregon: expanding our capital to scale up lending activity; creating new loan products to address current and emergent needs; advancing an equity agenda; and investing in our internal capacity. In the last 12 months, we’ve made significant progress to advance these strategies.
In fiscal year 2017, NOAH increased its bank capital by $24.2 million, increased its low cost capital by $650,000, accessed an additional $3,500,000 through loan participations, and raised nearly a quarter of a million dollars in grant funds to support new programs. NOAH increased the number of loans made over the prior year by 19%, financing the development and preservation of 589 units of housing, and four parcels of land which will be developed with approximately 122 affordable homes.
NOAH also launched an exciting new program to advance the practice, policy and resources necessary to promote manufactured housing as a viable affordable housing resource for our state. Our acquisition loan product was broadened to include the acquisition of manufactured home parks by resident cooperatives and mission-focused owners.
NOAH’s Board of Directors adopted an equity plan, increased the diversity of our Board, and implemented changes to track resident demographics of housing we finance. We rebranded our website and launched an e-newsletter to keep our customers, investors and partners informed of our work.
NOAH believes that through flexible financing, strategic partnerships and creative solutions, we can maximize our capacity to meet housing needs across the state. While the future holds much uncertainty in federal policy and funding, we are confident we have the right team and strategy to tackle these challenges. We thank our partners and supporters for your trust, and for investing in our organization.
Bill and Brian
Communities that thrive have housing choices for everyone
Living in a rural community can mean that your housing options are limited, so NOAH finances new development that fills a need not being met with the current housing stock, due to its price, size, or availability. Alona Place in Junction City, Oregon has 40 units of affordable workforce housing with 1, 2 and 3 bedroom units, a community building with kitchen, play area, and on site laundry. The property will address the housing needs of those earning between 50%-60% of area median income, or about $34,000/year for a family of four.
NOAH Permanent Loan: $750,000
Nonprofit Development Partner: St Vincent de Paul Society of Lane County
Preserving treasures from our past
The 100 year-old Bronaugh Apartments located in Portland, Oregon, was preserved as affordable housing for 50+ senior and disabled residents living on fixed incomes. NOAH provided early financing that allowed REACH Community Development, Inc. to buy the building from the former owner, as the building had an expiring Section 8 rent subsidy contract and was at risk of being sold and turned into market-rate housing. The Bronaugh underwent substantial renovation, but historic architectural features were retained.
NOAH Acquisition Loan: $3,743,000
NOAH Gap Loan: $2,050,000
NOAH Permanent Loan: $2,050,000
Nonprofit Development Partner: REACH Community Development, Inc.
Securing the future of manufactured home parks
With the average price of a home in Oregon at $350,000, home ownership for many is simply out of reach. Manufactured housing can provide an opportunity for families with modest incomes to own their home. Living in a resident-owned cooperative can also give residents a more secure future and a chance to shape their community. The Two Rivers Homeowners Cooperative is a 142-space manufactured home community located in Gladstone, Oregon. Built in 1962 on 12 acres, the park provides affordable home ownership to residents age 55 and older. Amenities include a recreation building, laundry facility and two community gardens.
NOAH Acquisition Loan: $6,000,000 of which $3,000,000 was a participation from Rural Communities Assistance Corporation (RCAC)
NOAH Gap Loan: $2,000,000
CASA of Oregon loan: $1,500,000
Nonprofit Development Partners: Two Rivers Homeowners Cooperative with support from CASA of Oregon
Making good use of energy
The 30-unit Roselyn Apartment building was built in 1919. It was purchased and renovated by Northwest Housing Alternatives (NHA) with a loan from NOAH in 2010. The property provides rent-subsidized housing to low-income senior and disabled households. While the building was renovated at that time, it was still in need of additional energy upgrades. NHA worked with NOAH’s affiliate MPower Oregon, to install lighting and controls to enhance visibility and lower energy costs. MPower’s analysis expects an annual savings of approximately $3800 per year and total utility savings of 20%.
MPower Oregon Grant: $5,000
Utility Incentives: $5,381
Nonprofit Development Partner: Northwest Housing Alternatives Inc.
Financials
Statement of Consolidated Financial Position as of June 30. Audited.
ASSETS |
FY 2017 |
||
|
Cash & Investments |
14,422,300 |
||
|
Loans Receivable |
116,006,284 |
||
|
Other Assets |
864,711 |
||
Total Assets |
131,293,295 |
||
LIABILITIES |
|||
|
Payables |
399,009 |
||
|
Notes Payable Others |
12,311,907 |
||
|
Notes Payable Banks |
101,817,422 |
||
|
Other Liabilities |
2,872,536 |
||
Total Liabilities |
117,400,847 |
||
Total Net Assets |
13,892,421 |
||
TOTAL LIABILITIES AND NET ASSETS |
131,293,295 |
Financials continued
Consolidated Statement of Activities as of June 30. Audited.
REVENUE |
FY 2017 |
||
|---|---|---|---|
|
Net Interest Income |
1,356,423 |
||
|
Gain on Sale of Loans |
792,397 |
||
|
Grants and Other Income |
2,416,889 |
||
Total Revenue |
4,565,709 |
||
Total Expenses |
2,208,483 |
||
|
Change in Net Assets |
2,357,226 |
||
|
Net Assets - Beginning of Year |
11,535,195 |
||
Net Assets - End of Year |
13,892,421 |
NOAH Staff as of 6/30/17
Rachel Bidou
Relationship Manager
Michelle Bilderback
Senior Loan Closing Officer
Betsy Boylston
Senior Compliance And Closing Officer
Linda Dickhous
Loan Servicer And Portfolio Coordinator
Ann Gray
Director Of Lending
Jake Kirsch
Relationship Manager
Shelley Poquette
Administrative And Financial Services Officer
Rob Prasch
Preservation Director
Bill Van Vliet
Executive Director
Dee Walsh
Chief Operating Officer
- Back to Top
- Message from the Board Chair and Executive Director
- Our Impact
- Program Highlights
- Communities that thrive have housing choices for everyone
- Preserving treasures from our past
- Securing the future of manufactured home parks
- Making good use of energy
- Financials
- Financials continued
- Investors and Supporters
- Board of Directors and Loan Committee
- NOAH Staff as of 6/30/17