HFA has tremendous capacity for carrying out its work, due to the capable and experienced staff, the guidance of a talented Board, and the financial assets and systems the organization has built up over the years. We also have developed comprehensive systems for asset managing our properties and for coordinating the delivery of resident services. As a result HFA has at any given time the capacity to manage a pipeline of several complex development projects and keep careful oversight of its extensive portfolio of rental communities and their resident services.
HFA has substantial assets; we are probably one of the most financially strong nonprofit developers in the country. We have healthy reserve funds for a variety of purposes. There is a well-funded development fund to provide for pre-development and development costs, an operating reserve adequate to cover three years of operating expenses, and HFA has strong liquidity. All of HFA’s communities are operating in a strong and stable fashion. No HFA project has ever defaulted nor has HFA ever had any audit findings or been denied any HUD Previous Participation clearance.
One measure of HFA’s capacity to manage an extensive pipeline is our ability to secure funding for our projects and to do so in a timely fashion. We have a remarkable record of securing funds from every possible funding source, including public and private funds, housing tax credits and foundations. HFA has secured millions in funding to finance our communities and provide needed resident services.
