Partnerships have always played an important part in HFA’s work. Over 60 percent of HFA communities have been undertaken with development partners. HFA works in joint venture partnerships with other nonprofit organizations and for-profit developers. To date 10 of our communities have a nonprofit partner and 39 have been undertaken with for-profit partners. HFA likes to work with partners it knows well and typically has undertaken multiple projects with one partner. As a result our partnerships are strong and solid. We particularly like to assist other nonprofit organizations with a great mission, but who need help with the development expertise and financial capacity to secure funding that would not be possible on their own. These projects often serve residents with special needs.
In our partnerships HFA typically is the majority and managing partner to insure that the communities we create meet our standards and mission. Our partners do, however, share in project ownership and have strong involvement in the development and management of the communities. It is not uncommon for our partner to be responsible for the property management and many of our nonprofit partners provide some or all of the supportive services to the residents. HFA always provides strong oversight with asset management and coordination of the resident services.
We always are interested in exploring opportunities to work with new partners, particularly nonprofit organizations, to undertake new and innovative projects.