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Well…..Here we go another year. NHS has some pretty solid things to brag about and I would like to share some with you now. We are very excited about our new office the we are currently rehabbing. The building is located at 710 Charlotte Street our new neighbor is Republic Electric. After the completion of phase 1, phase 2 will consist of meetings rooms for the public We will have a full kitchen that can be used for events as well as a large classroom for our post purchase classes and neighborhood meetings. Stop in and check it out! One of the more common questions I hear from the community is…”How is NHS doing after the turmoil in 2004?” For those of you who are unaware, In June 2004, NHS went through a re-organization of sorts. It is the hope of NHS and the Board that this will answer those questions and provide some assurances that NHS is a financially stable organization providing integral programs within the community. NHS and the Board of Directors are on the cutting edge of something bigger than ourselves. We can finally step back and feel confident that NHS is ready to develop new and maintain existing programs for our community. The fight isn’t over - now our diligence to hold her upright in the storm or as one of ours once said…”above reproach” begins. But today, it’s important to share a bit of what we’ve done.
We have undone financial transactions which were costing us more than they made. · In July 2004 NHS had $11 million dollars in assets, which were attached to more than $13.87 in liabilities. · In July 2009 NHS assets had decreased to $5 million dollars in assets, but those assets were only attached to $1.3 million dollars in liabilities. We have surrendered a property that without a doubt would have continued to pull us down. · In July of 2004, NHS was absorbing more than $7000 per month in losses on the building. · At that point NHS had an existing mortgage on the property for $1.65 million dollars and the building was valued at $900,000. · In June 2007 NHS allowed the foreclosure on the property at 131 W 3rd · In October 2008 we paid all amounts previously owed to the lender, and are without judgment.
We have accomplished all of this without considering bankruptcy. We have reinforced partnerships and established some new ones.
None of this would have been possible without an extremely dedicated staff, a resilient and motivated Board, our amazing clients, and the community. Without groups and organizations such as the City of Davenport CPED staff, Rick Schloemer and the Scott County Housing Council, Neighborhood Reinvestment, Neighborhood Housing Services of America, Illinois Facilities Fund, HUD, and the US Department of Treasury CDFI fund, we would not have had the tools necessary to complete this turn around. NHS has officially moved from rebuilding to moving forward. We pledge to take this role very seriously and with the help of our community become a growing force in the revitalizing efforts of our community. Our door is always open to members of the community who wish to assist in our organization, transparency is vitally important to our mission and we invite you all to work with us to implement and expand our impacts. *Sneak peek of the future—NHS exemplified our “moving forward” approach in October of 2009 by purchasing two multi-family properties located in downtown Davenport. The former John Lewis Community Services had created an affordable rental option with these two locations. In October 2008 and after the demise of JLCS, the continuation of the program was questionable. The Board of Directors determined that stabilizing affordable rental programs was part of our mission, and worked with the City to acquire and begin renovations of the properties. We have secured funds to complete necessary rehabilitation of the properties from the Scott County Housing council and an IJOBS application from the state of Iowa. This allowed NHS to secure the homes for the tenants, and continue offering the affordable quality rental of the units. We are happy to report that this endeavor has been successful, we currently have 3 available units of the 14, and look forward to working with the tenants in this vitally important project. For more information please see the affordable rental age |
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Where our neighborhoods are our concern. |
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Informational update for the public From Thomas Carstens, Board President January 1, 2012 |
