NUESTRA COMUNIDAD DEVELOPMENT CORP
56 WARREN STREET NO 200, ROXBURY, MA 02119 www.nuestracdc.org

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Organizations Filed Purposes: NUESTRA COMUNIDAD IS DEVOTED TO BUILDING THE WEALTH AND ENHANCING THE PHYSICAL, ECONOMIC, AND SOCIAL WELL-BEING OF ROXBURY AND OTHER UNDERSERVED POPULATIONS IN GREATER BOSTON THROUGH A COMMUNITY-DRIVEN PROCESS THAT PROMOTES SELF-SUFFICIENCY AND NEIGHBORHOOD REVITALIZATION.A NON-PROFIT SMALL BUSINESS, NUESTRA IS ONE OF BOSTON'S OLDEST AND MOST SUCCESSFUL COMMUNITY DEVELOPMENT CORPORATIONS. SINCE 1981, NUESTRA HAS BEEN A CATALYST IN THE REDEVELOPMENT OF THE DUDLEY SQUARE, ROXBURY, AND NORTH DORCHESTER NEIGHBORHOODS. LED BY A COMMUNITY-BASED BOARD, NUESTRA IS IN THE BUSINESS OF CREATING COMMUNITIES OF OPPORTUNITY AND EQUITY FOR RESIDENTS AND BUSINESSES, WHERE THEY CAN HAVE A STABLE HOME, INCREASE THEIR INCOME, IMPROVE NEIGHBORHOOD HEALTH AND GAIN WEALTH.

HOUSING DEVELOPMENT LINE OF BUSINESS: NUESTRA'S THEORY OF CHANGE FOR OUR WORKFORCE RENTAL HOUSING LINE OF BUSINESS IS THAT PRODUCTION, ASSET MANAGEMENT, SERVICE REFERRALS AND COUNSELING OF TENANTS AT RISK OF LOSING THEIR HOUSING COLLECTIVELY HELP FAMILIES AND INDIVIDUALS IMPROVE THEIR LONG-TERM ECONOMIC, EDUCATION AND HEALTH STATUS. OUR THEORY OF CHANGE FOR OUR HOMEOWNERSHIP BUSINESS IS THAT HELPING RESIDENTS BUY AND PRESERVE THEIR OWN HOME HELPS TO STABILIZE HOUSING COSTS, HELPS FAMILIES ACCUMULATE WEALTH OVER THE YEARS AND PROMOTES INVESTMENT AND STABILITY IN OUR NEIGHBORHOODS, INCLUDING FORECLOSURE PREVENTION. ONE KEY DESIRED OUTCOME IN OUR THEORY OF CHANGE IS THAT THE BUILT ENVIRONMENT CONTAINS FEWER BLIGHTED PROPERTIES AND MORE ATTRACTIVE HOUSING AND COMMERCIAL SPACES. THE STRENGTH OF OUR PRODUCTION PIPELINE WAS EVIDENT IN 2019, AS WE COMPLETED CONSTRUCTION OF FOUR PROJECTS. WE COMPLETED CONSTRUCTION OF BARTLETT BUILDING B (60 MIXED-INCOME RENTAL APARTMENTS AND A COMMUNITY GROCERY STORE); THE LEASE-UP WAS COMPLETED IN 2019. WE COMPLETED AND SOLD HOMES AT BARTLETT BUILDING E (16 FOR-SALE CONDOS), KASANOF HOMES (16 FOR-SALE CONDOS) AND HOWARD HARLOW (4 FOR-SALE HOMES). BEYOND THESE PROJECTS, OUR PIPELINE IS STRONG. BUILDINGS B AND E ARE PART OF BARTLETT STATION, A PLANNED 383-HOME DEVELOPMENT WITH 30,000 SF OF COMMERCIAL AND RETAIL USES ON WHAT IS NOW A BLIGHTED, VACANT, CONTAMINATED FORMER BUS YARD IN THE DUDLEY SQUARE AREA OF BOSTON'S ROXBURY NEIGHBORHOOD. IN 2019 NUESTRA AND A NON-PROFIT PARTNER, PRESERVATION OF AFFORDABLE HOUSING (POAH), SECURED CITY FUNDING AWARDS AND ZONING APPROVALS FOR BUILDING D AT BARTLETT STATION, COMPRISING 52 UNITS OF NEW SENIOR AFFORDABLE APARTMENTS. IN 2019, NUESTRA AND POAH SECURED ZONING APPROVAL, PERMITTING APPROVAL AND FUNDING FROM THE CITY OF BOSTON AND THE COMMONWEALTH OF MASSACHUSETTS TO DEVELOP 175 APARTMENTS ON WHAT IS NOW A COMMUTER PARKING LOT AT THE MATTAPAN SQUARE MBTA BUS AND TROLLEY STATION. CONSTRUCTION WILL BEGIN IN EARLY 2020.NUESTRA CONTINUALLY SEEKS TO INNOVATE THE PRODUCTION AND SUSTAINABILITY OF OUR HOUSING. IN TODAY'S ENVIRONMENT OF REDUCED SUPPLY OF HOUSING SUBSIDIES AND TAX CREDITS, THE EXISTING SYSTEM OF BUILDING WORKFORCE HOUSING IS ESSENTIALLY BROKEN. NUESTRA HAS SHIFTED THE FOCUS OF OUR PRODUCTION PIPELINE AWAY FROM PROJECTS REQUIRING LARGE SUBSIDIES, INCLUDING THE SCARCEST SUBSIDY (SO-CALLED 9% LOW-INCOME HOUSING TAX CREDITS), WITH A NEW EMPHASIS ON FOR-SALE HOMES AND RENTAL HOUSING BUILT WITH LOWER COSTS AND LOWER SUBSIDY NEEDS. LARGE 4% LIHTC PROJECTS NOW IN OUR PIPELINE FOR DEVELOPMENT OVER THE NEXT TWO THREE YEARS INCLUDE MATTAPAN STATION AND A CONSOLIDATION, REFINANCING AND REHABILITATION OF UP TO 246 UNITS IN OUR EXISTING PORTFOLIO. APPROXIMATELY 130 FOR-SALE HOMES ARE IN OUR PIPELINE FOR DEVELOPMENT OVER THE NEXT FOUR YEARS.

ASSET MANAGEMENT AND RESIDENT SERVICES LINES OF BUSINESS: NUESTRA'S THEORY OF CHANGE, AS IT APPLIES TO THE CDC'S ASSET MANAGEMENT OF WORKFORCE RENTAL HOUSING, IS THAT EXCELLENT STEWARDSHIP OF OUR PROPERTIES COMBINED WITH SERVICE REFERRALS AND COUNSELING FOR TENANTS AT RISK OF LOSING HOUSING HELPS FAMILIES AND INDIVIDUALS IMPROVE THEIR LONG-TERM ECONOMIC, EDUCATION AND HEALTH STATUS. ONE KEY GOAL FOR ASSET MANAGEMENT IS THAT THE COMMUNITY WILL BE VIEWED INTERNALLY AND EXTERNALLY AS A DESIRABLE PLACE TO LIVE, WORK AND PLAY. EACH PROPERTY IN A PORTFOLIO MANAGED BY NUESTRA'S ASSET MANAGEMENT DEPARTMENT SHOULD CONTRIBUTE TO ACHIEVING THIS COMMUNITY GOAL. NUESTRA'S ASSET MANAGEMENT PROCESS IS DESIGNED TO ACHIEVE POSITIVE, LONG-TERM OUTCOMES BY IDENTIFYING CONCRETE ACTION STEPS. THE DISCIPLINE STARTS WITH AN ANALYSIS OF HISTORICAL OPERATING DATA FOR EACH PROPERTY AND AN EVALUATION OF HOW FINANCIAL OUTCOMES CAN BE IMPROVED WHILE MAINTAINING MISSION OBJECTIVES FOR THAT PROPERTY. OUR ASSET MANAGEMENT DEPARTMENT CREATES AN ACTION PLAN DETAILING KEY CHALLENGES FACING EACH PROPERTY AND PROPOSES A STRATEGY FOR ADDRESSING THOSE CHALLENGES. IN RECENT YEARS, AS LOW INTEREST RATES HAVE PROVIDED POTENTIAL FOR RESTRUCTURING, WE HAVE AGGRESSIVELY REFINANCED FIRST MORTGAGES TO TAKE ADVANTAGE OF THOSE RATES. THE RESULTS ARE HEALTHIER CASH FLOW WHICH CAN BE DIVERTED TO RESERVES TO ADDRESS THE COSTS OF FUTURE CAPITAL NEEDS. WE SEEK OUT SOURCES FOR CAPITAL FUNDS FOR NEEDED REPAIRS, AND WE RAISE FUNDS FROM EACH PROPERTY'S RESERVES AND CASH FLOW FOR THESE REPAIRS. NUESTRA'S RESIDENT SERVICE COORDINATORS WORK CLOSELY WITH TENANTS WHO ARE BEGINNING FALL BEHIND ON THEIR RENT. TENANTS IDENTIFIED AS AT RISK OF FALLING BEHIND ON THEIR RENT RECEIVE BASIC HOUSEHOLD BUDGET COUNSELING TO HELP THEM BETTER MANAGE EXPENSES. CREDIT REPAIR ASSISTANCE IS ALSO PROVIDED, A CRITICAL SERVICE IF THESE TENANTS IN THE FUTURE WANT TO OBTAIN A CAR LOAN, FIND A NEW APARTMENT OR BUY A HOME. AS A RESULT, NUESTRA'S PORTFOLIO EXPERIENCES AN ANNUAL EVICTION RATE OF LESS THAN 2%.FINALLY, NUESTRA HAS TAKEN ITS ASSET MANAGEMENT MODEL AND APPLIED THE RIGOR AND DISCIPLINE OF ITS PROCESS TO ASSIST OTHER CDCS. THIS GROWING LINE OF BUSINESS DELIVERS ASSET MANAGEMENT SERVICES COMPARABLE TO A LEVEL AVAILABLE TO INSTITUTIONAL REAL ESTATE INVESTORS, BUT WITH SPECIAL SENSITIVITY TO THE MISSION-DRIVEN SMALL OWNER. BY EXPANDING THE UNIVERSE OF PROPERTIES, ORGANIZATIONS, AND COMMUNITIES SERVED, WE FEEL THAT EACH CLIENT CAN GAIN SYNERGIES AND BETTER-MANAGED OUTCOMES THAN THOSE AVAILABLE TO A STAND-ALONE ASSET MANAGER. IN 2019 NUESTRA ASSISTED OUR CLIENTS IN ASSET MANAGING OVER 1,000 RENTAL HOUSING UNITS, IN ADDITION TO THE 800 APARTMENTS AND 80,000 SF OF COMMERCIAL SPACE OWNED BY NUESTRA.

COMMUNITY ENGAGEMENT LINE OF BUSINESS: NUESTRA'S THEORY OF CHANGE FOR OUR COMMUNITY ENGAGEMENT LINE OF BUSINESS IS THAT COMMUNITY BUILDING PROGRAMS HELP RESIDENTS CREATE COMMUNITIES OF OPPORTUNITY AS THEY IMPROVE THE QUALITY OF LIFE FOR THEIR HOUSEHOLDS AND NEIGHBORHOODS AND DEVELOP NEIGHBORHOOD RESIDENTS' CAPACITY TO LEAD COMMUNITY DEVELOPMENT. KEY DESIRED OUTCOMES INCLUDE: RESIDENTS ARE EMPOWERED AND HAVE PRIDE IN THE COMMUNITY; AND SUSTAINABLE BUSINESSES MEET THE NEEDS OF COMMUNITY RESIDENTS AND ATTRACT OTHER BUSINESSES. COMMUNITY ENGAGEMENT STAFF AND RESIDENT SERVICES COORDINATORS COLLABORATE IN ACTIVITIES AIMED AT ACHIEVING THESE OUTCOMES.OUR COMMUNITY BUILDING PROGRAMS INCLUDE OUR NEIGHBORCIRCLES SOCIAL NETWORKING AND LEADERSHIP DEVELOPMENT PROGRAM, THE ANNUAL CLEANEST STREET CONTEST INVOLVING OVER 400 RESIDENTS, MONTHLY NEIGHBORHOOD NETWORK NIGHTS AND THE OASIS @ BARTLETT COMMUNITY ARTS SERIES.

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