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FORESIGHT ANNOUNCEMENTS

It is with sadness that we announce the recent passing of Board Member, MORTON SCHOMER, a founding member of Foresight Affordable Housing, Inc. on December 29, 2019.  Mr. Schomer had a career spanning more that 20 years as a founding partner of the law firm, Brownstein Zeidmand and Schomer.  He later served as counsel to the Washington law firm, Hessel and Aluise, PC, which specializes in affordable housing law.  Having previously served at HUD as Assistant Commissioner for Multifamily and Subsidized Housing during the department's peak production years, Mr. Schomer was a member of the bar in New York and District of Columbia.  He was a Life Trustee of the National Housing Conference and served as a member of the National Panel of Arbitrators for the Construction Industry of the American Arbitration Association.  He also served as an advisor to the Mortgage Bankers Association, National Association of Home Builders, and National Housing Partnership.  In honor of his memory and as a tribute to his many contributions, the Morton Schomer Memorial Scholarship has been established for the benefit of residents who reside at a FORESIGHT property.

At FORESIGHT's 2019 Annual Meeting held in December, the Board of Directors was presented with the results of the 2019 annual operations.  The Board was extremely satisfied with the reported fiscal and physical condition of its asset portfolio.

DEVELOPMENT PIPELINE

Crescent Pointe is awaiting final financing. The development will be a 60-unit apartment community for senior citizens aged 55 years and older.  A combination of tax credits, CDBG, DACD, VHDA and AHP funding will support the development.  A closing for this development, if fully funded, would likely occur in the first or second quarter of 2020.

DEVELOPMENTS UNDER CONSTRUCTION

The Arbor at Cotton Grove, located in Lenoir, North Carolina, will be an 80-unit family apartment community.  The development closed on April 8, 2019 and is expected to be completed and fully occupied by December 31, 2020.

The Villas at Reid Landing is an age-restricted development located within the center of the City of Suffolk, Virginia.  The development closed on October 24, 2019 and will be completed by December 31, 2020.

SITE NEWS

Asset Reviews for the 2020 cycle will commence in April.  Reviews will be completed prior to FORESIGHTS's Mid-Year Meeting in July.  Due to HUD's recently enacted fourteen (14) day advance REAC notice, our management staff are taking additional care to scrutinize the physical condition of each property.  These efforts will assure that a consistently high repair standard that FORESIGHT expects at each property is maintained at all times.

Plaza at Centennial Hill I and II - retroactive rent increase payments going back to 2016 have been received from the Montgomery County Housing Authority in December 2019 prior to year-end.  Both properties ended 2019 with positive cash flows.

Pennsville Towers completed an expansion of the cooking facility within the Social Room.  This has aided the exceptional programming wich Better Tomorrow's has provided that includes community lunches and dinners to our residents.

Pinecrest Manor is preparing for its first REAC inspection in seven years.  The inspection is scheduled for late January 2020.

Spring Garden Apartments has completed its remedial construction work on the exterior wall that showed signs of partial collapse.  Three (3) families that were displaced have returned to their units.

SCHOLARSHIP NEWS

2020 scholarship award applications for the Morton Baruch Memorial Scholarship and the Morton Schomer Memorial Scholarship are currently available at each FORESIGHT property.  In 2020, six (6) residents at FORESIGHT properties will be awarded $2,000 each which will be matched for a total of $4,000 each.  We look forward to learning of the awardees for the 2020 scholarships.

Foresight Affordable housing, Inc 6601 Ventnor Avenue, Suite 23
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