Funders

Finances

Statements of Financial Position for 2025

Statements of Activities

Revenue
McKinney Grant Income$126,1645%
Contributions$87,3934%
Residential Rent$1,097,36346%
Rent Subsidies – Section 8$903,65038%
Management Fees$167,8577%
HPP Revenue0%
Other Revenue$24,2781%
Developer Fee0%
Total Revenue$2,406,705100%
 
Expenses
Salaries/Benefits$337,52120%
Management Fees$167,85710%
Utilities$266,63716%
Insurance/Taxes$210,75112%
Other$94,1356%
Accounting/Audit$74,3324%
Maintenance$364,52022%
Case Management$86,0765%
Office$28,0722%
Capital Activities$63,5114%
Total Expenses$1,693,412100%
Depreciation$942,526
 
Assets
Cash & Cash Equivalents$1,018,819
Prepaid Assets$201,719
Accounts Receivable Affiliate$51,003
Buildings and Improvements$33,537,439
Furnishings & Equipment$840,234
Land$1,767,571
Construction in Progress$0
Cash Reserves$2,978,408
Security Deposits$77,999
Investment in LLC-$171
Accrued Interest Receivable – Affiliate$0
Notes-Receivable – Affiliate$1,264,308
Investment - Certificate of Deposit$3,391,644
Tax Credit Fees, net of amortization$103,097
Total Assets$45,232,070
Less Accumulated Depreciation-$10,985,215
 
Liabilities
Accounts Payable$92,993
Current Portion of Debt$70,000
Security Deposits$71,405
Accrued Interest$138,179
Notes Payable$6,528,896
Developer Fee
Total Liabilities$6,901,473

2025

Revenue

Total Revenue: $2,406,705

 

Expenses

Total Expenses: $1,693,412

 

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
$3,592,325
 
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$1,047,830McKinney Homeless Fund – Ops Grant Sommerset
Ongoing$583,487McKinney 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
$2,313,641

2025 Audits

Next Step Housing

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Bicycle Apartments, LLC

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