When children read, their lives become more enriched, families benefit and their futures are ultimately changed.
That was the key sense of mission behind the organization of a book drive held for the benefit of children at Carriage Circle and Woodland Heights, two public housing communities in the city of Pontiac.
With the cooperation and encouragement of the Pontiac Housing Commission, employees at FOURMIDABLE in June, with the help of their family and friends, reached out for donations of new and gently used books in an effort that was coordinated by the FOURMIDABLE corporate staff.
Children at both Carriage Circle and Woodland Heights will be receiving new books throughout the summer months. There will also be a reading contest for those aged 7-12, which is intended to stimulate their interest in reading even further. Prizes will be given to the children that read the most in the contest.
The donated books will be used to establish a children's library at each of the communities.
One of the best results when it comes to reaching out to the community, as in this book drive, it is destined to have lifelong significance to those impacted by the initiative.
A new study commissioned by the National Multifamily Housing Council has concluded the need for the U.S. to build some 4.6 million new apartments between now and 2030, a dramatic increase over the rate of apartment construction in the last five years.
The study, “U.S. Apartment Demand—A Forward Look,” was prepared by Hoyt Advisory Services, Dinn Focused Marketing, Inc., and Whitegate Real Estate Advisors, LLC, concluded that the number of apartment units would have to jump to an average of 328,000 new units each year, significantly higher than the average of 225,000 completions a year.
The housing bubble fallout that began in 2007 and ended in 2010 represents a shift in the numbers of former homeowners, many of whom continue to rent their housing.
The result has been a decline in housing affordability, especially in markets on the East and West coasts, one reason being that affordability typically is achieved only with greater density and smaller-sized units, while land-use policies and the political approval processes are typically adding greater regulation and restrictions to those same markets.
A shift in demographics, along with student debts and tighter lending criteria, are all signs of a substantial demand in rental markets. Adding to the dynamic scene in the study is the potential for policies that would impact immigration rates.
The fact is, any significant decline in immigration rates is likely to hurt the overall economy.
Metro markets that have strong economies also have significant population growth that results from people moving into the area, either from abroad or from other areas in the U.S.
Among the areas most likely to see higher demand for multifamily housing are the Southern states, driven by economic growth, low costs and diversified demographic growth. Texas and Florida are markets that are ranked 5 of the top 6 places in the study, with Phoenix, Atlanta, Raleigh and Las Vegas ranking in the top 10.
As some markets embrace growth, others will experience restrictions based on geography or policy, with the results usually coming in the form of higher rental costs and lower affordability. Conversely, markets where there are rates that are seen as high for both rental and for-sale housing risk losing population bases to lower cost areas.
States that have achieved healthy balance sheets and an educated workforce will continue to attract both individuals and firms from stressed markets that have increasingly unaffordable housing dynamics.
A couple of great “known unknowns” could come into play, one being how policy changes may impact the applicability of mortgage tax deductions and thus affecting the “own versus rent” decision for people who may drive future demand for multifamily properties.
Another could be how policy changes on immigration rates will play out. It is increasingly possible to see a scenario where immigration begins to outpace natural growth (births minus deaths) by 2023, accelerating in impact to a point where population growth could be less than half that of the last decade.
Jeri Hays, the CEO of FOURMIDABLE, is a remarkable business person, but it's not necessarily the subject of business that sets her apart and makes her someone that her colleagues tend to want to emulate.
Hays, who joined FOURMIDABLE in 1986 as Assistant Controller, has a heart for people and particularly the importance of having a place to live as a basic need that can often be served through public housing.
A graduate of San Diego State University, where she earned a Bachelor of Science in Business Administration degree (with a minor in Accounting), Hays is often called upon as an expert resource for advocacy groups and attorneys, successfully facilitating resolutions of complaints and requests from residents and applicants.
Professionally, she is a candidate for a Certified Public Manager designation and as CEO of FOURMIDABLE, her primary responsibility is to develop both short-term and long-term goals, objectives and strategies.
At FOURMIDABLE, Hays served as Assistant Controller for seven years before taking on the role of Director of Finance and Administration. She was promoted to Executive Vice President in 2004, a position she held for 12 years.
On a personal note, and one that reflects her passion for the importance of education, Hays set in motion an initiative that has since "taken off" at the company: a campaign to seek donations of new and gently used books for children.
New books were sent out to children at Carriage Circle and Woodland Heights, two public housing sites in Pontiac, throughout the summer break. And children ages 7-12 were giving the opportunity to win prizes as part of a reading contest to see who reads the most books over the summer.
Donated books were used to establish a children's library at each community.
The book drive came as the result of Hays asking for children's books for her birthday, a decidedly selfless initiative from someone who clearly believed the greatest joy would come from focusing on the needs of others.
While managing any low income housing tax credit or subsidized community can be a challenge, consider what happens when you have more than one program type involved; a blending of requirements that can exponentially complicate matters.
That’s why FOURMIDABLE has taken the initiative to create a Compliance Department. One of our primary responsibilities is to monitor and ensure compliance with multiple program regulations for the entire FOURMIDABLE portfolio.
The result has been identifying best practices and lessons learned.
If you’re dealing with a community with layered programs, pay attention to the mix of the program and the requirements surrounding it. Following the more restrictive requirement is typically the way to go, and the more likely the programs will be successful.
As a first step, it is extremely important to keep current with the standards established by the Department of Housing and Urban Development (HUD), state agencies and housing authorities.
As you can imagine, details are paramount when it comes to a well-managed compliance program and that starts with fully understanding the myriad of requirements that will ultimately drive what needs to occur and when. This starts with eligibility requirements that determine who will be able to live at a particular property; for example, age or income requirements.
That flows over to a properly crafted tenant selection plan, one that’s based on the occupancy standards associated with the community. From there, a compliance strategy will also pay attention to how a waiting list is created and managed. Ultimately, the end result is to have a fully occupied community with qualified residents and prospects waiting to move in.
Appeals and hearings are also a critical part of any housing program where federal dollars are involved. From a compliance standpoint, make sure you’re doing what is expected, especially if HUD has already been explicit in what it anticipates going forward.
Again, attention to detail will go a long way towards making sure the programs are a success, not only from a financial standpoint (because a program in compliance is critical), but also simply because a well-managed program is one that government entities will want to support.
It’s also important to have a clear understanding of how the rents for a community are developed; the ultimate goal being that the overall budget will balance and align closely with what the funding agency saw as critical to determining success.
Compliance success is also driven by having those involved in the management of a property know and understand the inspection protocol that an agency is applying to your community. This applies not only to the paperwork, which is important, but to the various physical inspection standards that you must comply with in order for a project to remain in a favorable light.
High scores are imperative when you’re dealing with any community that requires physical inspections, so make sure you know and understand what’s required and how to deliver on those expectations.
Underscoring the point, physical inspections aren’t something that you prepare for in a week. It’s not atypical for significant capital improvements to be required and those take time to deliver.
Remember, the reputation a community earns is something that will be contagious, positively or negatively. If a community earns a negative reputation, it is difficult to turn the image around.
And that brings us to the importance of having the right management agent and employees on site. The right people in the job will help in achieving high scores from a compliance standpoint. Professional, experienced staff who know and understand what’s required and who have the inherent ability to deliver on those expectations is mandatory.
When it comes to honoring the achievements of our fellow citizens, it would be hard (if not entirely impossible) not to think of a group more critical to not only our future, but our heritage, as the men and women who serve in our military.
As we approach Memorial Day, our thoughts go to those who paid the ultimate price for their service.
While we certainly honor the fallen, it's also important that we not forget those who remain with us after completing their service to our country.
Those who are “Wounded Warriors” are very close to our hearts here at FOURMIDABLE. And while we play a modest role in supporting the national Wounded Warrior Project , we do so proudly and with the hope that as many of our fellow citizens will become aware of all the good our military have accomplished.
In the briefest possible terms, the Wounded Warrior Project connects, serves, and empowers wounded warriors by providing free programs and services that address their needs and fill gaps in government care.
Funds to support this enormously important cause are raised by various initiatives, and we at FOURMIDABLE are enormously encouraged by our colleagues who participated in last year's inaugural "Push-Ups for a Purpose" initiative.
Collectively, our employees raised $16,148 for “Push-Ups”—through challenges like the most push-ups done in a one-minute period, number of sit-ups done in one minute, how long holding the “plank” position, and how long holding a wall squat.
Our team gathered pledges from among their own networks for their effort.
As a nation, the contribution made by our veterans goes beyond the ordinary and it’s the least we can do to contribute to a cause that not only recognizes those efforts but takes steps to “fill in the gap” when it comes to the needs of those who once proudly served in uniform.
We're happy to have played a role and we encourage others to do the same.
In business, we've also made it a matter of pride to look for opportunities to make life a little easier for our veterans to find housing that they can take pride in calling home.
Of note are two FOURMIDABLE managed communities that offer preferences and specials to veterans: Tall Oaks in Tupelo, Miss. and Fountain Square in Columbus, Miss.
We’re also proud that many of our market rate communities offer rental discounts to veterans.
It’s just another way that our FOURMIDABLE family can show its appreciation to the men and women who we collectively salute this Memorial Day.
When the term “public housing” comes to mind, chances are it’s not something that generates positive feelings or even memories about a personal experience. The fact is, the perceptions around public housing are really misconceptions that FOURMIDABLE, as the largest private manager of public housing in Michigan, are working hard to dispel.
You may know that public housing was established to provide decent and safe rental housing for eligible low-income families, the elderly, and persons with disabilities. But you may not know that such public housing comes in all sizes and types, from scattered single family houses to high rise apartments for elderly families. In fact, there are approximately 1.2 million households living in public housing units, managed by some 3,300 housing agencies, according to the U.S. Department of Housing and Urban Development (HUD).
The business of providing affordable, safe and clean housing – public or private – to individuals and families is one that FOURMIDABLE takes pride in doing every day.
Our reputation as a manager of multi-family properties is one that we’ve worked hard to achieve and we extend that reputation, earned through hard work, into our work with housing agencies delivering the very best experience for the people who live in public housing properties that we manage.
Of course, it takes a team to deliver the kind of performance FOURMIDABLE has achieved.
One of those key team members is Sabrina Gaddy-Bollinger, our Director of Affordable Housing and the current President of the Michigan Chapter No. 5 of the Institute of Real Estate Management.
Sabrina has been with us since 1995 and her reputation with our firm, and in the industry as a whole, is a stellar one.
Together, FOURMIDABLE continues to raise the bar when it comes to performance in the public housing sector, noted by our status as a preferred management agent with the Federal Department of Housing and Urban Development (HUD). In that respect, we’ve been called upon to assist when the government is faced with housing agencies that require operational assistance and we’ve been honored to step up to offer our expertise.
FOURMIDABLE continues to look for ways that we can give back to the communities that we serve, applying our expertise in the best way we know how—through diligence, attention to detail and a deep commitment to excellence in housing, one of the most basic of human needs.
