Funders

Finances

Statements of Financial Position for 2022

Statements of Activities

Revenue
McKinney Grant Income$102,4376%
Contributions$45,1142%
Residential Rent$692,89738%
Rent Subsidies – Section 8$332,46318%
Management Fees$103,2586%
HPP Revenue$249,04214%
Other Revenue$30,0852%
Developer Fee$284,14715%
Total Revenue$1,839,443100%
 
Expenses
Salaries/Benefits$401,90928%
Management Fees$95,4987%
Utilities$156,14711%
Insurance/Taxes$79,3456%
Interest$19,5311%
Accounting/Audit$54,0714%
Maintenance$195,81214%
Case Management$61,5594%
Office$35,1812%
Capital Activities$313,63422%
Total Expenses$1,412,687100%
Depreciation$384,702
 
Assets
Cash & Cash Equivalents$1,292,160
Prepaid Assets$148,493
Accounts Receivable Affiliate$84,485
Buildings and Improvements$31,527,963
Furnishings & Equipment$688,062
Land$1,980,921
Construction in Progress$0
Cash Reserves$1,009,525
Security Deposits$72,393
Investment in LLC$152,323
Accrued Interest Receivable – Affiliate$124,772
Notes-Receivable – Affiliate$3,059,854
Tax Credit Fees, net of amortization$158,692
Total Assets$40,299,643
 
Liabilities
Accounts Payable$367,119
Current Portion of Debt$2,826,636
Security Deposits$72,260
Accrued Interest$159,145
Notes Payable$5,013,684
Developer Fee$898,174
Total Liabilities$9,337,018

2022

Revenue

Total Revenue: $2,023,022

 

Expenses

Total Expenses: $1,438,809

 

Funding Sources and Levels of Support

Bicycle Apartments (40 one-, 30 two- and 10 three-bedrooms; Permanent)
Nov 2017$14,752,846WSHFC Low-Income Housing Tax Credits
May 2018$1,275,000Commerce Housing Trust Fund – Deferred Loan
Mar 2019$1,000,000Yakima ONDS – Capital Grant
Jun 2019$750,000Federal Home Loan Bank of Des Moines – Capital Grant
$17,777,846
 
Pear Tree Place III (18 one-, 4 two-bedrooms and 2 studios; Permanent)
Feb 2013$2,500,000Commerce Housing Trust Fund – Capital Grant
Jan 2019$350,000NSH – Contribution
Sep 2013$324,000Home Depot Foundation – Capital Grant
Jan 2013$197,978Seattle Federal Home Loan Bank – Capital Grant
$3,371,978
 
Pear Tree Place II (8 two- and 4 four-bedrooms; Permanent)
May 2008$3,427,212Commerce Housing Trust Fund – Capital Grant
Feb 2008$122,678Yakima County 20/60 Funding – Capital Grant
$3,549,890
 
Pear Tree Place I (8 one-, 7 two-, and 11 three-bedrooms; Permanent)
Jan 2006$2,700,000WSHFC Low Income Housing Tax Credits
Nov 2005$1,550,000Commerce Housing Trust Fund – Deferred Capital Grant
Sep 2005$200,000Yakima ONDS – Capital Grant
Oct 2006$161,500Yakima County 20/60 Funding – Capital Grant
Aug 2007$50,000Washington Mutual Foundation – Capital Grant
Sep 2007$48,305Anonymous Donor – Capital Grant
Nov 2006$34,500Enterprise Communities Green Fund – Capital Grant
Oct 2007$25,000Home Depot Foundation – Capital Grant
Jul 2005$21,000Seattle Federal Home Loan Bank – Challenge Grant
Jan 2008$10,000National Endowment for the Arts – Grant
$4,800,305
 
The Sommerset (5 studios, 20 one- and 20 two-bedrooms; Permanent)
Jun 2019$549,308Commerce Housing Trust Fund – Preservation Grant
Nov 2010$72,000Commerce Housing Trust Fund – Reserves Grant
May 2010$82,000Commerce Housing Trust Fund – Debt Reduction Grant
May 2010$112, 644Commerce Housing Trust Fund – Debt Reduction Grant
Aug 2004$215,000WSHFC Capital Plus Program – Private Loan
Nov 2003$96,751OIC of Washington – Capital Grant
Oct 2003$17,575US Bancorp – Capital Grant
Jan 2003$85,000Yakima ONDS – Capital Grant
Dec 2002$400,000Seattle Federal Home Loan Bank – Capital Grant
Nov 2002$1,500,000Commerce Housing Trust Fund – Capital Grant
Jul 2002$59,693Impact Capital – Predevelopment Loan
Dec 2001$402,354McKinney Homeless Fund – Capital Grant
Ongoing$740,025McKinney Homeless Fund – Ops Grant
$4,219,706
 
Lamplighter Apartments (12 one- and 4 two-bedrooms; Permanent)
Jul 2020$336,579Commerce Housing Trust Fund – Preservation Grant
Nov 1998$278,707Commerce Housing Trust Fund – Capital Grant
Sep 2008$250,000Commerce Housing Trust Fund – Capital Grant
Dec 2010$208,050Next Step Housing – Capital Improvements
Apr 1999$75,000Yakima ONDS – Capital Grant
Aug 2010$71,619Next Step Housing – Debt Reduction Grant
Jun 2002$29,939OIC of Washington – Capital Grant
$1,249,894
 
Clean House Apartments (21 studios and 1 one-bedroom; Permanent)
Nov 2007$800,000Commerce Housing Trust Fund – Rehab Grant
Nov 1998$394,399Commerce Housing Trust Fund – Capital Grant
Jun 1998$140,000Seattle Federal Home Loan Bank – Capital Grant
Aug 1998$46,000Impact Capital – Predevelopment Loan
$1,380,399
 
Organizational Grants
Ongoing$795,207McKinney Homeless Fund – Ops Grant Sommerset
Ongoing$372,937McKinney Homeless Fund – Ops Grant PTP III
Oct 2011$433,043Commerce O&M Program – Ops Grant
Jun 2012$238,640Commerce Buydown – Rent Assistance
Nov 2014$10,641Yakima Housing Authority – Donation
$1,850,468

Total (as of March 2021): $37,652,957

2022 Audits

Next Step Housing

 

Bicycle Apartments, LLC