A Letter from Our Executive Director
Moving to the next level — thanks to your generosity, ARCH has been able to implement strategic policies while also delivering on our mission. Last year was record breaking in terms of donations and public awareness. The advertising and social media campaigns approved last year have had a tremendous impact and have enabled us to position the organization for the future.
This year the ARCH Board approved measures which will ensure the long term financial health and sustainability of the organization. We have reserved two months of operating income with a goal of having a six month operating reserve by 2019. Also, we have ensured that we have capital, maintenance and operations reserves for each ARCH owned rental property. Capital reserves will be increased annually and reassessed against physical needs assessments. Our balance sheet has strengthened and we are well on our way to sustaining 100% of operating costs from program income which will ensure that all donations go directly to delivering housing.
On the development side, we continue to focus on affordable rental housing. Both here in Blaine County, and nationwide, rates of homeownership are at record lows. There are two factors at play: many families lost homes due to foreclosure and are still unable to secure loans; and the Great Recession impacted the perception of homeownership. For many homeownership is viewed as a barrier to mobility, lifestyle, and financial security. This year we added five new rental properties to the affordable housing inventory, and we are under construction on an additional eight units and have secured funding for six homes on which we will begin construction next year.
Special thanks to Quigley Farms for donating 27 parcels of land for future development as affordable housing. And, THANKS to all of you for your continued support!
Together, we are building community one home at a time.
Again, thank you for your continued support.
Michelle Griffith, Executive Director