BUILDING BETTER LIVES

ANNUAL REPORT 2019–2020 Wisconsin Housing Preservation Corp. Wisconsin Housing Preservation Corp. A JOINT LETTER FROM THE PRESIDENT AND BOARD CHAIR

On behalf of the Board of Directors and the Wisconsin Housing Preservation Corp., we are pleased to provide you with our Annual Report. This past year was transformational for WHPC as we integrated our business operations into our corporate body. Signifi cant time and investment of resources were committed to evolve WHPC from a third-party managed entity to an independent organization. Succession planning is an important and necessary step to ensure that any company has a well thought out plan and vision for the future. The WHPC Board of Directors and senior management developed and executed our plan. As of October 1, 2020, WHPC now has twenty professionals working with the depth, talent and experience that will allow WHPC to be forward thinking and in control of operations. WHPC continues its mission to preserve, develop and maintain quality, a ordable housing for our most vulnerable populations. In this report, we highlight our communities, and share stories of our organizational change, a day in the life of a property manager, and an innovative approach for integrating workforce housing and special needs residents. We also recognize and thank the many partners we have. 2020 has been a challenging year for all of us. The COVID-19 pandemic has required us to make signifi cant changes in the services and activities we provide at our communities. We continue to work with our valued partners to ensure our OUR MISSION residents receive the resources they need to manage through this di cult period. The CARES Act is just one example of a program that provided some needed tenant IS TO PRESERVE, PROVIDE AND PROTECT fi nancial resources for those directly a ected by pandemic. Our fi nancial condition remains strong, a rmed by our S&P rating of AA- and positive AFFORDABLE HOUSING FOR THE LOW AND outlook. We are in a solid position to grow our assets in the future. We optimistically look forward to developing strategies for the future that will complement and expand our mission. MODERATE INCOME CITIZENS IN THE Thank you for your continued interest in WHPC and for all the good work that is being STATE OF WISCONSIN. done to support seniors and families in Wisconsin!

Mary R. Wright David W. Kruger President Board Chair

BUILDING BETTER LIVES | 1 Wisconsin Housing Preservation Corp.

THE POWER OF PEOPLE DRIVE The successive hires that solidifi ed an impressive leadership team included COO Mike Slavish, former president of Hovde Properties, LLC; CFO Joe Carpenter, WHPC’ FUTURE formally with Oakbrook Corporation, a property management company in Madison; Lee Ferderer, Vice President and General Counsel and former CEO of The Fiore Companies, a privately-held commercial real estate and diversifi ed investment company; and fi nally Rob Dicke, Assistant VP of Asset Management, former Executive Director for the Dane County Housing Authority. A fi nal piece of the puzzle was to bring on board Nancy Barry, a talented project manager who had worked with WHEDA for 30 years in that same capacity. Barry helped internally orchestrate the planning, implementation and management of critical organizational processes during the transition.

Tapping the Expertise of Industry Peers When Mary became WHPC’s president she immediately reconnected with long-time industry colleague Bill When Mary Wright became president In 2018, Mary and the board of directors Hinga from Wallick Communities, Inc. of WHPC four years ago she joined an set out to evaluate the organization’s Wallick is a well-respected Ohio based organization that had been successfully existing structure and benchmark it privately held organization with a preserving a ordable housing for against other organizations of similar similar property portfolio. After sharing seniors, families and individuals with size, both not for profi ts and for profi t business experiences, Mary realized special needs for over 15 years. WHPC companies, that owned, managed, and that Wallick could provide tremendous had established a solid foundation with developed a ordable housing. WHPC value to WHPC by giving guidance a strong reputation in the a ordable engaged a recognizable industry expert on industry best practices and by WE HAVE A BRIGHT FUTURE housing industry. WHPC began as a to assist in this e ort. When the work assisting with the transition. The two AND WANT TO TAKE THE trust which soon after converted to a was complete, the conclusions were fi rms formed a consulting agreement corporation with a board of directors clear. WHPC was working under an ownership and development industries. strategic endeavor this organization that allowed WHPC to lean on Wallick’s ORGANIZATION TO A LEVEL and a contract president that supervised ine cient and outdated business model. A critical individual attribute Mary looked has ever undertaken.” A long-time industry expertise and its ability to share WHERE IT HASN’T BEEN BEFORE, WHPC’s outsourced corporate services Oversite and control had become more for—those with desire and drive to take industry expert and former colleague, processes, procedures, and guidance on AND CHALLENGE US TO THINK and asset management functions. This di cult and WHPC’s cost structure was on new challenges. David Ginger, was the fi rst hire. Dave developing business protocols. model worked well for a period, allowing higher than its peers. was tapped to be vice president and ABOUT MORE INNOVATIVE WHPC to grow into an organization “It’s the power of people that really made In its consulting role, Wallick provided Based on these results, Mary initiated a human resources manager. He brought APPROACHES FOR HOUSING. that controlled roughly 150 properties this happen, people who understand why direct access to its leadership. WHPC strategic process to re-imagine WHPC’s over 26 years of experience in fi nancing comprised of over 8,300 units with it needed to happen, and who were eager studied Wallick’s organizational structure future as an independent, internally- and developing a ordable properties. a value of more than $500 million. to roll up their sleeves. We needed to and processes and borrowed elements sta ed, full-service, a ordable housing A large part of Dave’s career was with With a fresh perspective, Mary felt it build a team that had a ‘I got your back; that were applicable to WHPC’s new enterprise. Mary immediately realized the Wisconsin Housing and Economic was time to objectively evaluate the you got my back’ kind of trust” she said. business model. In addition, Wallick served the key to success was to fi nd the right Development Authority (WHEDA) where he organization’s business model due to “And that’s hard to do when you haven’t as a sounding board to WHPC’s leadership people to lead the company through the oversaw allocations of tax credits for the the size the organization had grown worked together before.” team as they built out the organization. transformation process. Mary began Low-Income Housing Tax Credit program. to and the increased complexity and assembling a leadership team with “My fi rst hire quickly understood the At WHPC, Ginger’s fi rst responsibility “We were starting from almost nothing: competitiveness that the a ordable experience from di erent segments of dynamic of what I was dealing with. The was to lead the hiring process which no policies or procedures, no systems,” housing industry had become. the a ordable housing and real estate hires we made early were pivotal in involved helping evaluate candidates and Nancy Barry said. “It was fun and terms of helping us navigate the biggest participating in interviews. terrifying at the same time, but with

2 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 3 Wisconsin Housing Preservation Corp.

Wallick’s guidance, we defi ned our player in the communities of tomorrow, “Our mission is about building better OUR CORPORATE business model: how we wanted to we need to think more innovatively to lives by preserving housing and also be structured, the processes, policies, be in a position to help them with their giving people opportunities to improve procedures, systems in place for each housing strategies.” their lives with better outcomes,” Mary of the functional areas that needed to said. “Establishing programs with GOALS AND OBJECTIVES be up and running in a year.” management companies that result Meeting the Needs of Residents in real opportunities for residents to WHPC is going to place a new emphasis improve their position in life would What the Future Holds on how it can better connect its be a real success story and a positive THE BOARD AND MANAGEMENT Preserve and Maintain High Asset Attract New Sources of Capital Mary is excited about the opportunities residents to social services that are outcome for society.” HAVE A MULTI-YEAR PLAN TO Quality of Our Portfolio that await WHPC. Studies strongly available in the communities where The demand for a ordable housing demonstrate that stable housing residents live. WHPC has added a social ACCOMPLISH OUR STRATEGIES, We take a long-term view of maintaining continues to grow. Wage stagnation, and Future Growth and improving the housing stock we higher costs for childcare, healthcare, provides safety and stability in people’s services professional to assess needs, GOALS AND MISSION. SIX AREAS OF lives. Maintaining and developing explore opportunities, and develop The cost savings that WHPC will realize own. We continuously evaluate each and education put signifi cant pressure STRATEGIC FOCUS ARE IMPORTANT quality a ordable housing has become programs to meet this important need. from its restructuring will be reinvested asset to ensure we have healthy on families with lower incomes. A even more important in a global to preserve and develop even more FOR OUR SUCCESS AND FUTURE. reserves for repairs and have a well- growing fi xed-income elderly population In 2020, WHPC applied for and received economy that has forced businesses a ordable housing for Wisconsin defi ned process for determining and an underserved disabled population $1.6 million in grant funding from to be more competitive, often at the residents. WHPC will explore new and rehabilitation needs. We also look for add to the need for more a ordable Housing and Urban Development (HUD) expense of paying lower wages. innovative growth strategies. Under new Achieving Financial Results opportunities to recapitalize these housing. We want to make sure that for social service programs for its leadership and with a new vision, WHPC assets and regularly assess the risk of these residents have access to quality, “We have a really bright future here residents. Each year, WHPC must reapply Achieving strong fi nancial results is can reassess how to deploy capital using the entire portfolio. well-managed a ordable housing. and I want to take the organization for these funds. WHPC hopes to expand critical to maintaining our fi nancial di erent strategies and begin to measure to a level where it hadn’t been before its e ectiveness in the years to come. health. Solid fi nancials set the As our footprint expands, we will look to that growth against business goals. and challenge us to think about foundation for achieving our strategic Strengthen Our Alignment and generate additional resources to fuel the The grant dollars allow WHPC to engage more innovative approaches for “I look at the big picture beyond doing one goals and objectives. The areas of Relationship Management with growth needed to address the growing its property managers, Lutheran Social housing,” Mary explains. “It’s more o acquisitions,” Mary states. “Now we performance and fi nancial health Our Partners demand. We will seek capital through a Services, and other providers to connect than just housing. It’s a connection can start thinking about buying property that we measure include Profi tability, variety of sources—patient long lasting residents to community resources. These We rely on many major partners to to a community’s services, jobs, portfolios that makes sense for our future Unrestricted Liquidity, Net Worth, resources available to invest in quality services allow residents to improve their fi nance, regulate, and invest in our transportation and schools. To be a big growth but require larger resources. That Working Capital, Leverage, Capitalization housing that can be held in perpetuity overall wellbeing and remain stable in business. A high priority for us is to ensure might mean we consider joint ventures and Credit Rating. for generations to come. We will look to their housing. we develop strong relationships with with other companies to strategically combine traditional debt and equity with our partners and are responsive to their nontraditional resources including the build our presence. We want to achieve Broaden Our Vision to Include needs. We communicate often and meet at excellence and be the highest performing possibility of joint ventures with partners New Ideas/Products That Benefi t least annually to assess performance and that share our mission and strength. a ordable housing organization in the Our Stakeholders, Partners, review goals and expectations. state which requires dedication, talent, Residents, and Communities and work. I feel great about the team we have in place to meet these goals.” As a housing provider to those in Increase Our Visibility and Brand need, we recognize the importance Awareness of delivering services that help our residents improve their lives. We also As we grow and look to our future, recognize that the real estate market we will make a concerted e ort to keep is continually changing. We will look our stakeholders informed. We will to innovate by using new methods of also seek to become more visible to the Madison Skyline public so that more people understand Sculpture by Barbara Westfall delivering and preserving a ordable WHPC and its mission. Looking ahead Art Glass Designer housing and to new creative ideas to better meet the changing needs of our we plan to update our website to tell our residents. We will continue to push our story and provide a greater window of boundaries to remain a leader in the visibility into WHPC. This annual report industry. is just one of the tools we will continue A New Beginning to use to communicate who we are and As part of our transformation, we relocated our offices to a new location in what we do. Madison, Wisconsin. Our team of associates now operates in a creative space with new technology. We have a wonderful workspace where people can be productive and proud of where they work. We made a sincere effort to source local art pieces for our office to highlight Wisconsin artists.

4 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 5 Wisconsin Housing Preservation Corp. CHALLENGES AS WE “MANAGEMENT TEAMS HAVE DONE A GREAT JOB OF ADAPTING TO THE PROCEDURES NAVIGATE COVID-19 AND HOUSEKEEPING CHANGES WE HAVE IMPLEMENTED.

NOW EVERYONE FROM Will the pandemic a ect the number Managing a Rehab STAFF TO RESIDENTS ARE of developers willing to jump back into Rehab construction work has been a INTO A GOOD ROUTINE.” the a ordable housing business? While challenge during the pandemic. New some may pause or reconsider projects, construction is easier to manage than Rob Dicke COVID-19 has brought into sharp Dicke points to WHPC’s property Inspections and Acquisitions Dicke doesn’t think it will be signifi cant. focus the debilitating social and portfolio as a factor in managing the a rehab because there are no residents Assistant VP, Asset Management Assessing the condition of a property economic impact a pandemic can have spread of the virus. While WHPC has to work around. For example, Prairie WHPC "Maybe marginally with the challenge of has become more challenging during the on a ordable housing. Multifamily larger urban properties primarily Haus, a new construction project in COVID-19 and higher construction costs," pandemic. WHPC’s asset management developers, investors and managers serving families, most of its units are New Glarus, Wisconsin, is ahead of he says. "It’s a hard business to get into policy is to formally assess all properties face unprecedented challenges as they in smaller properties located in rural schedule because sub-contractors and demand for tax credits is high and on an annual basis to ensure they are navigate how to maintain quality, stable communities with a focus on senior involved with postponed rehab projects competitive, but even if construction is being properly maintained and to help housing for those who need it most. housing. Although seniors are at a have been able to work on it. investments using four percent federal more expensive or delayed, I don’t think plan for future capital improvements. higher risk for contracting the virus, tax credits as the application process is we’ll see a signifi cant decrease." Asset managers at WHPC understood Tax credit rehabs have specifi c they are also less likely to socialize and To avoid contact with residents, only far less time consuming. Unlike a nine early in the pandemic that organization- timelines in which to complete transmit the virus. vacant units and common areas within percent tax credit which has a single, wide strategies needed to be in place construction work, typically over Necessity of A ordable Housing the property are accessible to staff. In annual application deadline, federal four to e ectively monitor and mitigate the "Our experience with every property two years. That may allow for some fact, Boston Capital, a WHPC investor percent fi nancing is non-competitive and Despite high unemployment and an spread of the virus. WHPC contracts with we’ve gone to is that community rooms scheduling fl exibility but can be an who normally makes annual onsite has no application deadline. uncertain economy due to COVID-19, eight property management fi rms who are locked or sanitized, chairs are issue when tenants want to remain in visits to its investment properties, multifamily rent collections throughout oversee its portfolio, which includes over stacked in a corner and sta is limiting their units during construction. While During times of uncertainty, investors has preferred virtual inspections, the WHPC portfolio have remained 8,500 senior and family units. access to communal spaces," Dicke exterior rehab work has continued, of a ordable housing tend to gravitate requesting WHPC provide pictures of steady. If residents have difficulty said. "With schedules in place and sta WHPC has needed to pause interior to 'plain vanilla' tax credit projects, says To address communication challenges properties for evaluation. paying rent, their government- and residents on the same page with remodeling to limit contact with Tom Pereira, director of structured faced by property managers, a weekly subsidized rent under Section 8 may protocols and routines, managing public Although the economy remains mired in residents. fi nance at Boston Capital. Nine percent conference call was established to new construction deals with government be reduced. In addition, moratoriums spaces has become easier." a COVID-19-induced recession, interest An option to reduce the risk of contact facilitate up-to-date reports on the subsidies, such as Section 8, are ideal. preventing utilities from shutting off rates have remained low, which creates has been to relocate residents for e ects of COVID-19 on residents. The fi nancing structure on a ordable services for nonpayment have also opportunities for developers like WHPC the day while contractors work on CARES Act Support housing projects is generally tight helped protect vulnerable residents. Managers are now able to report new who have a strong balance sheet and the their units. "While we would prefer to because properties don’t generate a lot The pandemic crisis highlights the social infections among residents and sta , WHPC has been closely tracking capital resources to make acquisitions. renovate units when they turn over, we and share best practices for how to expenses during the pandemic and each of cash fl ow. "Rent collections are what and economic importance of preserving But the pandemic has affected sometimes need to relocate tenants. limit transmissions and keep common management company had the option to everybody is focusing on right now. So, existing Section 8 housing. It cannot how property deals are transacted. This is a far more costly approach but areas properly sanitized. By the end of apply separately for CARES Act funding. the subsidy certainly alleviates a big be replaced with tax credit subsidies Many lenders now perform virtual sometimes that's what's needed to summer, few cases were reported at all To qualify, a property needs to be in a part of that concern," he says. and once it is lost to redevelopment, appraisals, often using satellite images be done to meet the deadlines," WHPC properties statewide. negative operating cash fl ow position it is gone forever. Without signifi cant of street views to identify properties. Rob explains. Opportunities may open up for or have insu cient reserves to pay for subsidies, it is di cult to provide "Management teams have done a It’s also more challenging to inspect investors who have been sitting on additional costs related to COVID-19. a ordable housing for low-income great job adapting to the procedures properties onsite to determine the the sidelines during the pandemic. Future Opportunities Acquiring or building a ordable households. Organizations like WHPC, and housekeeping changes we have WHPC is not in that position, Dicke says, condition of units. whose core principles are about implemented," said Rob Dicke, WHPC’s but acknowledges there may be hidden WHPC will likely wait to submit housing is even more important For Dicke, the key to working through preserving a ordable housing, provide a assistant vice president of asset costs, especially in family units, which competitive tax credit applications until because of COVID-19. According to the these issues is having solid long-term vital safety net for people who lose their management. "Early on, acquiring tend to incur more wear and tear. Since 2021, Dicke said, due in part to the time Dane County Wisconsin Housing Needs relationships with lenders who know job or are injured and cannot work, and enough PPE masks for sta was maintenance sta cannot enter occupied and resource commitments involved Assessment Report 2019, the county WHPC and its mission, and are familiar have di culty paying rent. di cult and there was some resistance units, some work orders have been with transitioning to a new business should build 1,000 units of a ordable with its properties. These relationships to following protocols. Now, sta and deferred. Management fi rms could also model. On the other hand, WHPC may housing every year for the next 25 have helped WHPC complete Wisconsin residents are into a good routine." apply for CARES Act funding through the consider a ordable housing rehab years to meet constant future demand. deals in Madison, Green Bay and Mt. Low Income Home Energy Assistance Horeb despite inconveniences caused Program, which provides fi nancial by the pandemic. assistance to help pay a tenant's utilities.

6 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 7 Wisconsin Housing Preservation Corp. & Subsidiaries Years ended December 31, 2019 and 2018 Wisconsin Housing Preservation Corp. & Subsidiaries Years ended December 31, 2019 and 2018 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

LIABILITIES AND NET ASSETS 2019 2018 CURRENT LIABILITIES Current maturities of long-term debt $ 8,140,215 $ 9,416,347 ASSETS 2019 2018 Development and other company fees payable 1,944,196 1,847,889 CURRENT ASSETS Accounts payable 2,121,990 2,420,186 Construction payable 816,665 1,078,231 Cash and cash equivalents $ 36,015,666 $ 31,459,996 Accrued interest 1,736,983 1,578,015 Short-term investments 12,274,155 12,894,578 Accrued property taxes and PILOT 512,045 638,789 Accounts receivable – WHEDA/HUD 356,088 229,281 Prepaid rents 301,418 237,636 Accounts receivable – tenants 447,543 346,804 Tenant's security deposits payable 2,620,762 2,551,298 Accounts receivable – other 199,957 250,408 Other accrued expenses 832,922 1,007,280 Accrued interest receivable 90,513 79,587 Tenants' security deposits 2,721,624 2,625,980 Total current liabilities $ 19,027,196 $ 20,775,671 Funded reserves 40,737,664 38,903,959 Prepaid expenses 1,390,248 1,444,846 LONG-TERM LIABILITIES Deferred revenue $ 245,598 $ 313,016 Total current assets $ 94,233,458 $ 88,235,439 Long-term debt, net, less current maturities 287,674,908 282,179,507 Interest rate swaps 2,269,032 891,598 $ 104,268 $ 128,437 OTHER FUNDED RESERVES Notes payable 67,013 67,013 RENTAL PROPERTY Lines of credit, long-term 19,525,570 23,965,407 Rental property $ 504,049,364 $ 493,334,112 Total long-term liabilities $ 309,782,121 $ 307,416,541 Less accumulated deprecation 99,614,438 91,673,297 TOTAL LIABILITIES $ 328,809,317 $ 328,192,212 Rental property, net $ 404,434,926 $ 401,660,815 NET ASSETS OTHER ASSETS Net assets without donor restrictions: Tax credit fees, net $ 927,360 $ 823,195 – Noncontrolling interest in LLCs $ 80,089,331 $ 72,803,847 Long-term investments 42,093 40,743 – Other 91,437,206 88,233,118 Construction / acquisitions in progress 1,272,319 832,268 – TOTAL NET ASSETS WITHOUT DONOR RESTRICTIONS $ 171,526,537 $ 161,036,965 Total other assets $ 2,241,772 $ 1,696,206 Net assets with donor restrictions, Capital Magnet Fund $ 678,570 $ 2,491,720 TOTAL ASSETS $ 501,014,424 $ 491,720,897 Total net assets $ 172,205,107 $ 163,528,685 TOTAL LIABILITIES AND NET ASSETS $ 501,014,424 $ 491,720,897

8 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 9 Wisconsin Housing Preservation Corp. & Subsidiaries Wisconsin Housing Preservation Corp. & Subsidiaries Years ended December 31, 2019 and 2018 2O16-2O19 BALANCE SHEET CONSOLIDATED STATEMENTS OF GROWTH ACTIVITIES

NET ASSETS WITHOUT DONOR RESTRICTIONS 2019 2018 Revenues, gains, and other support – Investment income (loss) $500M • Investment return, net $ 1,151,834 $ 618,270 • Change in value of interest rate swaps (1,377,434) 190,958 TOTAL INVESTMENT INCOME (LOSS) (225,600) 809,228 – Income (loss) from rental activities • Rental income, net of vacancies 71,086,624 68,805,897 • Grant revenue 1,272,558 1,692,549 $400M • Other revenue 1,200,761 1,417,909 • Gain on sale involuntary conversion 404,864 666,435 TOTAL INCOME FROM RENTAL ACTIVITIES 73,964,807 72,582,790 Total revenues, gains, and other support $ 73,739,207 $ 73,392,018 Expenses and losses $300M – Program expenses • Expenses related to rental activities • Property management fees 4,517,255 4,370,614 • Asset management fees 5,914,026 6,033,740 • Rental administrative expenses 10,747,484 10,304,543 • Utilities 6,613,029 6,421,390 $200M • Operating and maintenance 15,430,112 13,404,583 • Taxes and insurance 5,952,557 5,656,016 • Financial expenses 14,432,094 13,867,844 • Preservation fees 35,845 34,827 • Depreciation 13,373,388 12,861,807 • Amortization 94,142 84,879 $100M TOTAL EXPENSES RELATED TO RENTAL ACTIVITIES 77,109,932 73,040,243 – TOTAL PROGRAM EXPENSES 77,109,932 73,040,243 – Management and general 1,241,462 766,973 Total expenses $ 78,351,394 $ 73,807,216 $0 – Net assets released from restrictions 1,813,150 508,280 2016 2017 2018 2019 Noncontrolling interest in LLCs (5,554,717) (2,758,043) Net assets, without donor restrictions 2,755,680 2,851,125 Change in net assets without donor restrictions (2,799,037) 93,082 NET ASSETS WITH DONOR RESTRICTIONS Grant Revenue 0 3,000,000 Net assets released from restrictions (1,813,150) (508,280) Change in net assets with donor restrictions $ (1,813,150) $ 2,491,720 Total Total Net Total Change in net assets (4,612,187) 2,584,802 Assets Assets Liabilities Net assets, beginning 163,528,685 150,809,660 Capital contributions, noncontrolling interest 13,499,833 10,257,863 Distributions, noncontrolling interest (75,087) (68,665) Syndication costs, noncontrolling interest (136,137) (54,975) NET ASSETS, ENDING $ 172,205,107 $ 163,528,685

10 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 11 Wisconsin Housing Preservation Corp.

IN RECOGNITION OF Property Management Companies WHPC and its Board of Directors recognize this incredible group of companies and all associates who have a vital role in serving our residents. Thank you all for your OUR PARTNERS professionalism and quality of service. ACC Management Group Meridian Group, Inc. RE Management, Inc. Cardinal Capital Management, Inc. Nelson Minahan Realtors, Inc. Reilly-Joseph Company Horizon Management Group, Inc. Oakbrook Corporation

Community Our community partners provide signifi cant support and e ort in helping us to achieve our mission of Building Better Lives. They provide direct service to our residents through a variety of initiatives including behavioral health, transportation, food and community gardens, education, fi nancial literacy, job counseling and using our community room spaces for the social and recreational programs. These initiatives assist our residents and provide needed resources that enhance their lives.

ADRC – Aging and Disability Growing Community Through Gardening Lutheran Social Services Resource Centers Home of Our Own (HOOO) Meridian Group, Inc. Catholic Charities Horizon Housing Foundation New Concept Self Development Center Community Action Program (CAP) Hope House of Milwaukee UW Extension agencies throughout the state Kennedy Heights Community Center Donna Lexa

Funding Since our inception in 2002, WHPC has is critically important to partner with We rely on our lenders and investors to fi nance, invest, and provide the critical capital grown its a ordable housing portfolio dedicated companies and associates to develop and preserve a ordable rental housing. Without their contributions, we from 29 rental properties with 1,440 units who share our vision. We are fortunate to would not be able to provide quality a ordable housing to our residents. to 150 properties representing over 8,300 work with an excellent group of property family and senior living apartments. management fi rms in Wisconsin who Advantage Capital Fannie Mae Royal Bank of Canada help us serve and take care of the most Associated Bank Federal Home Loan Bank of Chicago Rural Development Today, we are a prominent leader in vital needs of our residents. the a ordable housing industry serving Barings First Business Bank Starion Bank IT IS CRITICALLY IMPORTANT over 12,000 residents who need stability A key to our success is the professional Bellwether Enterprise Real Estate Freddie Mac State Bank of Cross Plains TO PARTNER WITH DEDICATED and quality homes, social services, and talent that our property managers hire Capital Hunt Mortgage Group State of Wisconsin DOA-HOME connections to resources, work, and to interact regularly with our residents. BMO Harris Bank Impact Seven Stifel COMPANIES AND ASSOCIATES other support. Most of our residents There are thousands of associates— Boston Capital WHO SHARE OUR VISION. rely on very low incomes that average managers, on-site property managers, Incredible Bank Strong Blocks $13,000 annually which includes seniors maintenance and upkeep sta , service CDFI Fund – US Department of Treasury Johnson Bank Sugar Creek Capital on fi xed incomes, the working poor, and coordinators and accountants who Cinnaire JP Morgan Chase Bank U.S. Bank National Association families with children. serve our residents, track the fi nancial Colliers Int. Lancaster Pollard / Orix U.S. Department of Housing and performance of our communities, and To achieve our mission to preserve, Community Development Authority Urban Development Community meet stringent regulatory requirements. Merchant provide and protect a ordable housing of Madison Partners NorthMarq Capital for the low- and moderate-income Community Development Authority Walker Dunlop citizens in the state of Wisconsin, it Park Bank of Whitewater Waterstone Bank PNC Dougherty Mortgage WHEDA Red Stone Equity Partners Elderly Housing Authority of the WNC City of Racine Regions A ordable Housing Zions Bank Enterprise Community Partners Richman Group

12 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 13 Wisconsin Housing Preservation Corp. DAY IN THE LIFE OF “PART OF THIS JOB IS LIKE BEING A SOCIAL A PROPERTY WORKER—HELPING PEOPLE WITH JUST ABOUT MANAGER EVERYTHING—MAKING A REAL CONNECTION AND LENDING A SYMPATHETIC EAR.”

Ilicia Zeleznik Property Manager, Cardinal Capital Management

are keeping more space between hood above the kitchen stove. It has a Part of this job in a housing situation like themselves and others, even distancing tiny wick, and if heat or flame hits the this is like being a social worker, helping from family. Some of the elderly folks wick, a baking soda-type substance is tenants with just about everything, can be lonely and need a little TLC. released. In addition to the Fire-Stop, making a real connection, and lending Q: What’s typically your fi rst task denied, they can go through the appeals Q: What if tenants bring friends or our smoke detectors are hard-wired so a sympathetic ear. I’m on the property of the day? process which is handled through the relatives to live with them? tenants cannot just take a battery out. often and showcase it a lot. That’s why corporate o ce. A rental history and Q: What’s it like juggling tenant’s tenants know my name. In fact, during Thanks to technology, being a property We have a guest policy which is background check is performed. We needs, maintenance and repairs? this interview, I could hear someone manager can be a 24/7 job. I look at, designed to prevent additional people Q: Why and how often do your might take into consideration some things I’m from here and live locally. That’s how from their window say, “Look, Ilicia is and respond to emails oftentimes until from moving in. A tenant’s rent subsidy perform inspections? that are out of their control, such as a I know that the vendors we use: carpet having her picture taken!” midnight. I'm the kind of person who is based on their income and family size. rough patch in their life, or making a bad cleaners, plumbers, electricians, and We do an annual routine inspection to cannot relax if things are left unfi nished. If a friend or family member moves in, decision. We try to work with them when appliance servicers, have been around a make sure the tenants are abiding by When tenants email me they know they’ll their income needs to be documented as Q: What do you like most about they are trying to turn things around. long time. When a unit is vacant we use the rules, and keeping their residence get a fast response. In the morning if I part of the rent subsidy consideration. being a property manager? lock boxes as our vendors can come and in a clean, safe condition, and to make have voicemails it’s typically people who We also perform a criminal background go at their convenience. It helps to get sure there are no maintenance issues I like being able to help people who really are tenant prospects rather than current Q: How do you determine a check. If it is just a visiting situation like projects completed faster and it frees that may have not been reported or need help. I like having the ability to help tenants. I check emails constantly. If a person’s ability to qualify? over the holidays, Wisconsin’s standard up my time which can be used more even missed by the tenant. If I notice so many single parents who are doing tenant has an emergency, they have a lease allows for up to 14 consecutive We have a pre-approved Tenant e ciently to assist my tenants. something is amiss, I have maintenance everything they can to make a better number to call. Those emergency calls days. Cardinal Capital Management’s Selection Plan that details the go back in. If we fi nd that a tenant is not life for themselves and their children. are patched directly to my phone and I policy is more lenient, allowing 30 days Credit, Criminal, and Rental History keeping their unit is a safe and sanitary Oftentimes they cannot because they are take those calls any time of day. within a calendar year for visitors. Q: What are some of your safety requirements. We usually don't look condition, we have a process to help making minimum wage, and that’s all at credit scores, rather the amount policies? them get back on track. We give the they can do. And for people who are living Q: Are you part of the decision- of negative credit debt, which is often Q: How is the new management We are looking forward to a no- tenant a fi ve day housekeeping notice. on social security or disability benefi ts, making process for accepting new a relief for applicants. We do rent to o ce building being used? smoking policy, but at this juncture The tenant can usually get those chores that 2 to 3 percent a year increase is not tenants? people who have a lot of debt and can tenants are allowed to smoke in accomplished in fi ve days. very helpful. It’s nice knowing that with What's nice about the new o ce build- really benefi t from an a ordable rent to their apartment. It’s not uncommon all the stresses in today’s world, worrying Yes. We collect applications and go ing is the organization of it all. And be able to pay on these past debts. Most to find burns when they move out. about having a roof over their head is not through the screening process on site. the kitchenette with co ee and cold Q: What would you say are some young people’s debt is coming from For tenants’ safety, and per company a concern. When it comes to the paperwork, once a beverages, and toys and books for the of the skill-sets for your job? student loans and medical expenses policy, we have installed a fire- unit is o ered, we collect all the required kids. It’s a place where some residents which can be overwhelming at a young prevention fixture in every unit. Being a people-person would be at paperwork for the program. It can be a just pop in. Some of the younger tenants age. So it’s nice to be able to o er a rent Fire-Stop is a small mechanism that the top of the list. Being patient and two or three week process. We let them are still living their lives, not so much that can fi t within their income. attaches magnetically to the range compassionate are also essentials. know if they are approved or denied. If social distancing. But the older people

14 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 15 Wisconsin Housing Preservation Corp. Wisconsin Housing Preservation Corp. WHAT WE DO WHO WE SERVE

BUILDING BETTER LIVES

IS DEDICATED TO Stable, a ordable housing is crucial to the wellbeing of THE FOLLOWING THREE STORIES MAKE A CASE FOR individuals, families and communities. The security of an WHY WHPC’S INVESTMENT IN AFFORDABLE HOUSING IMPROVING THE LIVES OF a ordable place to live empowers individuals to act in their own best interests and prioritize their health, education and job skills. IS THE KEY TO ACCELERATING PROGRESS IN THE LOW-INCOME PEOPLE, GROWTH OF OUR COMMUNITIES. Through its mission to provide and preserve a ordable ONE BUILDING AT A TIME. housing, WHPC acquires, builds and transforms properties into homes that help improve the quality of life for its residents.

Gardening Creative Therapy Backpacks for Kids Accessibility Wellness Transportation Technology PRAIRIE HAUS APARTMENTS — BARRINGTON AND ENGLEWOOD APARTMENTS — Service Coordination Finding a Home of Their Own Townhouse Living for Families in Neighboring Communities New Glarus, Wisconsin Eau Claire and Chippewa Falls, Wisconsin

WHPC understands that a ordable valued partners—lenders, investors, housing provides a place for families to management companies, and, most live safely, access better education, utilize importantly, our residents. WHPC’S PROPERTIES public transportation, and take advantage WHPC fundraising initiatives help of community programs and services. INTEGRATE SERVICES AND us acquire and deliver resources WHPC recognizes that housing is not an ACTIVITIES THAT BENEFIT that our residents depend on to lead option; it is a necessity. healthier, more productive and fulfi lling OUR RESIDENTS AND HELP WHPC’s properties are located in 57 of lives. Individuals, businesses and COMMUNITIES ACHIEVE Wisconsin’s 72 counties, including our organizations can support our e orts BETTER LIVES. severely underserved rural areas, as and programs by contributing online at well as its large urban communities. whpccorp.org/building-better-lives. We continue growing our presence in the State and working with our HIGHLAND ESTATES — RHINEHAUS APARTMENTS — A Spacious and Scenic Quality of Life A Spacious and Scenic Quality of Life Rhinelander, Wisconsin Rhinelander, Wisconsin

16 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 17 Wisconsin Housing Preservation Corp. “PRAIRIE HAUS IS AN EXAMPLE OF WHAT CAN BE ACCOMPLISHED board of Group Health Cooperative of population while integrating independent WHEN THE DEVELOPER, South Central Wisconsin. living apartments for residents with FINDING A HOME special needs. The development is INVESTOR AND COMMUNITY While Mary and Bill caught up, Mary situated on a spacious site overlooking COLLABORATE TO ENVISION introduced herself to his wife, Mary NEW GLARUS the Little Sugar River with a view of Anne, and their adult daughter Amy, AND COMPLETE A FINANCIALLY historic downtown New Glarus and OF THEIR OWN who has autism. The conversation adjacent to steep rocky blu s. The $9 COMPLEX PROJECT. ALONG eventually turned to a discussion about million, 40-unit apartment community WITH THE STRONG COMMITMENT how important it was for Bill and Mary o ers a mix of one-, two- and three- Anne to fi nd a place where Amy could AND HARD WORK OF HOOO, WE bedroom apartments. Primary funding PRAIRIE HAUS APARTMENTS live independently, away from home. for the project is a $5.6 million Section RESPONDED TO A NEED AND Mary Anne shared the challenges, 42 tax credit allocation from the PROVIDED A HOUSING MODEL frustrations and time spent searching Wisconsin Housing and Economic for suitable housing with no success. SOLUTION FOR THIS COMMUNITY.” Development Agency (WHEDA). She also talked about Home of Our Own (HOOO), an organization she and Susan Thirty-eight of the 40 units will be Mary Wright Wallitsch started to bring other families rented to individuals and families who President, WHPC with similar situations together and cannot a ord the higher market-rate share resources. Today, HOOO is a 501(c) rents being charged in the New Glarus (3) charitable organization dedicated to area. Ten units are single-story, grade- assisting families in fi nding long-term level apartments specifi cally designed independent living solutions for their for individuals with special needs and special needs adult children. feature multiple entry and exit pathways to accommodate and enhance the safety Mary, having recently been hired as of residents, caregivers and visitors. president of WHPC, listened intently, thinking about the similarities of growing Attention to detail has accentuated a ordable housing in Wisconsin and the the interior design and amenities for challenges HOOO encountered looking the special needs units. They feature for suitable independent living for those high ceilings, accommodating fl oor with special needs. Mary suggested she plans, fi xtures that meet or exceed and Mary Anne meet again. ADA standards, and other specially designed upgrades to accommodate Soon after, Mary reached out to Mary special needs. Outdoor hanging swings Anne and, together with Wallitsch, have been installed in recreational they met to discuss ideas for an spaces, which can provide calming and innovative a ordable housing concept. therapeutic experiences for individuals The HOOO co-founders reiterated the with autism. Residents also have access challenges fi nding independent living to a spacious interior common area and arrangements for their children and Inspired by a chance meeting, the especially for individuals and families kitchen, which allows family and friends their vision for a ordable housing new Prairie Haus a ordable housing making a modest living. A shortage of to gather and share meals in a safe, where young adults with cognitive development in New Glarus, Wisconsin, is a quality housing often forces individuals comfortable setting. disabilities could live on their own. powerful example of how housing stability who work in one community to live and in a thriving community can truly make raise families in a di erent community. Mary came to recognize that a ordable a di erence in people’s lives. It is also a This can add a myriad of complexities workforce housing could also be part The Community testament to the vision and dedication of to daily life, which can sever the of the solution. It was not long before In a small community with little history of individuals with a common purpose. valuable social connections that enable they concluded that a new, ground up multi-family housing, a new high-profi le people to truly feel at home. development might be the best result. The Village of New Glarus is a small development often raises questions and It was at this meeting the concept for historic community nestled among concerns from community members. Prairie Haus was born and the long rolling hills and farm fi elds in south To garner support for the project, WHPC A Chance Encounter journey to bring it to reality began. central Wisconsin, 30 miles from sponsored several public meetings Madison. A strong tourism industry and In 2016, Mary Wright, president of to introduce the concept to residents, the Wisconsin Housing Preservation business owners, and municipal leaders, recent business expansion have led to a The Development modest growth in population. Like many Corp. (WHPC) and her husband ran and address their concerns. Parents rural Wisconsin communities, New into Bill Oemichen, a friend and former Prairie Haus is an innovative a ordable of children with special needs quickly Glarus faces a challenge meeting the colleague, and his family at a restaurant. housing concept designed to address the learned about the project and also growing demand for a ordable housing, Both Mary and Bill had served on the housing needs of a growing workforce participated in the discussions.

18 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 19 “THE APPLICATION PROCESS IS Together, WHPC and HOOO demon- COMPETITIVE, AND AWARDS ARE strated the benefi ts of integrated, stable, BASED ON A POINT SYSTEM. IT safe, and a ordable housing for special needs individuals, working adults CAN BE A TRICKY PROCESS AS who grew up and want to stay in the APPLICANTS DON’T KNOW WHO community, and residents new to the THEY ARE COMPETING AGAINST community because of a job. In short, the benefi ts collectively defi ne a strong, OR WHAT SCORE IS NEEDED TO vibrant, and compassionate community. WIN THE AWARDS. IT REQUIRES CAREFUL ASSESSMENT WHEN Financing the Development CONSIDERING AN APPLICATION.” Each year the federal government David Ginger allocates low-income housing tax credits Vice President, WHPC (LIHTC) to state housing agencies on a per capita basis as a tool to generate additional a ordable housing across the nation. Section 42 of the IRS tax code governs the use of these credits. In Wisconsin, WHEDA selects a limited in Michigan (with an o ce in Madison, number of a ordable housing projects to Wisconsin) and known for its willingness receive the annual allocation of federal to participate in out-of-the-box housing tax credits. Credits are earned over a solutions in underserved communities. ten-year period as long as an awarded “Within the a ordable housing project is developed in accordance investment world, a deal is often based with the successful application and strictly on fi nancial numbers,” said David continually meets the IRS Section 42 Ginger, WHPC vice president. “Cinnaire low-income housing tax credit rules. has a reputation for taking on unique and Tax credits are typically sold to challenging projects that require more investment companies to o set patience, which was attractive to us.” anticipated federal tax obligations or Other fi nancial resources were still to fi nancial institutions to help satisfy needed to fi ll the funding gap between regulatory requirements, such as tax credit equity and the total cost of those prescribed in the Community the project. Partners who stepped up PROJECT BUDGET $8,931,696 Reinvestment Act. The developer sells the to make Prairie Haus possible included and Brad Crowley, Project Manager tax credit to generate most, if not all, the The Prairie Haus multi-family a ordable housing the Federal Home Loan Bank of Chicago Nate Graney and Site Supervisor Justin equity needed for a Section 42 project. development in New Glarus, WI required funding from through its A ordable Home Program Rand, began breaking ground for the multiple sources before construction could begin. (AHP), the CDFI Capital Magnet Fund Tax Credit In December 2018, WHPC applied for tax project. From start to fi nish, the total It took 12 to 18 months for WHPC working diligently with Equity – Cinnaire program, Johnson Bank as the provider credits through WHEDA to fund Prairie development e ort took approximately various fi nancial resources and the community to complete $5,627,596 Haus. In the spring of 2019, WHPC was of construction and permanent fi nancing 18 months and we can proudly say the transaction. Prairie Haus is on schedule and within fortunate to learn it had received an and as sponsor bank for the AHP award, Prairie Haus is on schedule to open budget to open for occupancy in December 2020. award of $5.6 million, which was enough as well as the State of Wisconsin as the within budget in December 2020. to get the project o the drawing boards. federal HOME loan project sponsor. To Capital Sources WHPC used the next eight months complete the fi nancial commitments, 1 Johnson Bank also provided a short-term $6.2 million Permanent Loan WHPC and HOOO also agreed to Rents and the Critical Role of Tax construction loan to combine mortgage fi nancing with – Johnson Bank contribute in a variety of ways toward Credit Financing other funding sources to fulfi ll a project 2 Johnson Bank was the FHLB-Chicago member applicant $1,648,000 the cost of the project. budget of nearly $9 million. Most Prairie Haus units will be rented to for the AHP award While fi nancing was coming together, individuals and families with incomes The fi nal piece of the tax credit puzzle 3 WHPC received approximately $3 million of Capital Magnet Deferred Developer close to or below the average income was to attract a strategic investor the project architects, Kyle Dumbleton Funds from the CFFI Fund – to be used for the construction or Fees $25,000 Capital Magnet to buy the tax credits and become and Chris Gosch of Midwest Modern, of the county to satisfy the signature rehabilitation of a ordable housing Funds $602,000 WHPC’s partner in Prairie Haus. WHPC refi ned fi nal design details, costs and requirement of Section 42 LIHTC funding. Federal HOME – found the perfect partner in Cinnaire, a schedules. As soon as fi nancing closed To meet the demands for a ordable Awarded by the State of Federal Home Loan mission-focused nonprofi t community in December 2019, 1848 Construction, housing in New Glarus, ten of the units Wisconsin $459,000 Bank of Chicago – development investment fi rm based Inc., led by Principals Jim Anderson will be rented to extremely low-income A ordable Housing households (30 percent of county median Program $570,000

20 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 21 “OUR SONS AND DAUGHTERS DESERVE TO GROW UP, TO EMBRACE AS MUCH OF THE NORMAL ACTIVITIES OF LIFE AS ANYONE ELSE CAN, AND PART OF THAT IS MOVING OUT OF YOUR PARENTS HOME AND ESTABLISHING YOUR OWN RELATIONSHIPS WITH YOUR NEIGHBORS AND BEING ABLE TO CHOOSE YOUR OWN FRIENDS.”

Mary Anne and Bill Oemichen

will allow HOOO to fund and facilitate social connections with all residents within the complex and to create opportunities for the special needs income), 18 units will be rented to those A tax credit application requires careful were not always conducive for people with population to connect with the New earning 50 percent or less of the county planning. The fewer credits requested on non-verbal behavioral issues and physical Glarus community at large. median income, eight units are to be set an application, the better the application health issues. aside and rented to those at or below 60 may score and win the award. However, Community support was positive Unsatisfi ed with what was available percent of the county median income, and if the tax credit award is too low, and throughout the conceptual process. Now locally, Mary Anne and Susan began two units will be rented for households at additional fi nancing to fi ll the gap is that the building is nearing completion, meeting with other families in similar 80 percent or below the average county not available, the project may not be residents, business owners and city circumstances to study and learn more median income. Only two units in the entire economically feasible. “It looks good on leaders have become vocal and fi nancial about other options for housing that complex will be leased at market rates. paper, but it puts you in a box,” Ginger champions of the project. As an indicator existed throughout the country. “We says. “It requires careful assessment of the success of the vision, demand for The Section 42 tax credit program plays all knew our adult children needed a when considering an application.” the special needs units has been strong a key role in projects like Prairie Haus. safe, a ordable place to live their adult with a waiting list for the ten special Without tax credit funding, these projects life and it wasn’t going to be in a group needs units. would not be feasible. The application The Story of HOOO home,” Susan said. “Our purpose was to a common goal. This project does not complex project. “I’m really proud of that process for credits is competitive. A talk about options for a permanent home get done without all partners working because we responded to a need and Mary Anne Oemichen and longtime friend, point-based system is used to determine for our children, and perhaps create or Success Through Partnership together.” provided a solution for this community,” Susan Wallitsch, each have young adult Mary said. “Because of the strong which projects best meet the needs of build something together.” As Prairie Haus nears completion and low-income individuals and families children with autism. Both wanted their Wright and Ginger attribute the commitment and hard work of HOOO, Their research and outreach coupled residents will soon move in, Wright in Wisconsin. David Ginger who, prior children to be able to live on their own. success of Prairie Haus to the positive we also have a social component that with a chance meeting with Mary refl ects on positive feedback about to joining WHPC, was responsible for They fi rst looked locally at options where synergy between public and private provides for special needs, and I feel we Wright ultimately led to a concept that the project from community residents managing the allocation of federal and other families with special care needs had groups working together to achieve will achieve success with this unique became Prairie Haus. WHPC and HOOO and leaders, and parents of special state housing tax credits for WHEDA, been successful fi nding safe independent a common purpose. “Partnership housing model.” collaboratively developed a unique needs children. It confi rms the vision admits that the process can be tricky. housing. Typically, the solution was an can be an overused word in many housing model that meets the needs and desire to build more innovative Prairie Haus may not be the fi rst “Applicants don’t know who they are apartment with a full-time, live-in caregiver business settings, but in this case, of those with special needs within a developments like Prairie Haus. She development in the country to combine competing against or what score is or a group home with specialized facilities it’s actually true,” Ginger said. “You larger a ordable housing development sees this project as an example of what workforce and special needs a ordable needed to win the awards. It’s also and services. Unfortunately, Mary Anne and have a Housing Finance Authority in project. O ce space was integrated into can be accomplished when developer, housing under one roof, but it may very a balancing act. A property that’s Susan often found these arrangements to WHEDA that allocates the resources, the design allowing HOOO to have an investor and community collaborate well be the fi rst of its kind in Wisconsin. attractive to the tenant and community be expensive and with long waiting lists. developers, lenders, investors, parents ongoing presence at the complex. This to envision and complete a fi nancially must also be fi nancially feasible.” Most important, the options they did fi nd and the community all working toward

22 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 23 Wisconsin Housing Preservation Corp. "MAINTAINING SAFE, SECURE AND CLEAN HOUSING TOWNHOUSE LIVING FOR FAMILIES IN IS ESSENTIAL. WE MONITOR OUR RENTAL COMPLEXES ON AN ONGOING BASIS AND MAKE EAU CLAIRE NEIGHBORING EVERY EFFORT TO ENSURE THE CHIPPEWA FALLS SAFETY OF OUR RESIDENTS IN COMMUNITIES ALL OF THE PROPERTIES." Ilicia Zeleznik Property Manager, Englewood BARRINGTON AND ENGLEWOOD APARTMENTS and Barrington Apartments

In conjunction with this purchase The Englewood and Barrington portion of WHPC facilitated a transaction that the new 218-unit tax credit portfolio are created a new tax credit partnership located in the neighboring cities of Eau Since the global fi nancial crisis of the mobility and fi nancial independence. which combined the newly acquired Claire and Chippewa Falls. Englewood last decade, the supply of housing has In communities like these, preserving properties with two communities it Apartments in Eau Claire is the larger failed to keep pace with demand, placing existing a ordable housing is crucial already owned, Englewood Apartments of the two communities comprised of upward pressure on rents. Rising to balancing the supply and demand in Eau Claire, and Barrington 36 units in several townhouse style construction costs have amplifi ed the equation. Apartments in Chippewa Falls. buildings. Barrington Apartments, a 24- problem. Low- and moderate-income unit townhouse style apartment complex, TODAY, DEVELOPERS In 2019, WHPC acquired buildings in Using tax-exempt fi nancing from WHEDA, families are particularly hard hit when is in the smaller city of Chippewa Falls, Superior and Ashland from a single federally awarded four percent tax credit UNDERSTAND THE IMPORTANCE more of their income is consumed by just 12 miles from Englewood. Both owner looking to retire. The seller equity, and four percent state tax credit the cost of housing. These conditions Englewood and Barrington are nestled OF BUILDING COMMUNITIES selected WHPC as a buyer based on equity allowed WHPC to form a new tax are widespread in Wisconsin, from the into neighborhoods that feature a mix THAT INCORPORATE ADDITIONAL its ability to acquire both buildings credit partnership to purchase all four more urban southern part of the state of single-family homes and apartment at the same time. He also took great properties and generate enough funds SERVICES AND AMENITIES. extending to the far reaches of more buildings. satisfaction knowing WHPC would put to make much needed improvements to rural northern Wisconsin. more resources into the properties every building in the portfolio. Englewood’s design matches the In growing communities such as Eau because these 150 units represented other apartment buildings in its Claire, Chippewa Falls, Superior and some of the best a ordable housing neighborhood. With easy access to the Ashland, many low-income households in an area of Wisconsin that could not nearby freeway and within walking face housing cost burdens that hinder a ord to lose supply.

24 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 25 "FOR OVER 18 YEARS I’VE ENJOYED LIVING HERE AND HAVE NO PLANS ON MOVING. MY APARTMENT IS SPACIOUS AND MORE THAN PLEASANT—I HAVE MY OWN ENTRANCE AND LAUNDRY ROOM. ONCE I'M IN MY DOOR, IT’S MY OWN SAFE HAVEN THAT I’VE DECORATED WITH MY FAVORITE THINGS."

June W. Tenant, Barrington Apartments

Because Englewood and Barrington are Tax Credit Incentives and When Section 8 contracts expire, owners close in proximity, this new building is Section 8 Rental Assistance face a choice. An owner can either capable of serving the residents of both renew the contract and maintain the Tax credits were not yet created when communities. The building was sited project for a ordable housing or exit Englewood and Barrington were distance of an elementary school, in the Englewood community as it had the program and allow the project to constructed in the late 70s and early Englewood is an ideal location for excess land and because of its location convert to market. WHPC faced this 80s. The primary program to encourage families. Barrington is also located in in the larger city of Eau Claire where choice when it acquired Englewood and and support a ordable housing was the a neighborhood setting and is an ideal more services were available to draw Barrington. True to its mission, WHPC Section 8 rental assistance program family-oriented location for those who upon. The freestanding building serves continued its participation in the Section administered by Housing and Urban favor a small-town feel. primarily as an onsite management 8 program for these properties and also Development (HUD). This assistance o ce with community space for small made the same commitment for the two Both Barrington and Englewood feature guarantees market rate rental income group meetings. properties in the tax credit partnership. two- and three-bedroom apartments. to the developer for units rented to The townhouse-style units have their With o ce space on site, a property low-income residents. The program own private entry. Each townhouse has manager can be more attuned to the subsidizes the di erence between the a small green space for gardening and property and be more responsive to rent paid by low-income residents, outdoor seating within a few feet of the residents’ needs. The property manager calculated at 30 percent of income, and entry. The units each have an exterior can better monitor the premises while the market rent established by HUD. The accessed storage room adjacent to being more accessible to the residents. minimum initial contract term is usually the front door making storing garden The community space provides a venue 20 years. The Section 8 program had tools and outdoor furniture easy building communities that incorporate Freestanding O ce and for local service providers to serve some success in incentivizing owners and accessible. additional services and amenities. In Community Space residents. Counseling on day-to-day life and developers to create new a ordable family housing, for example, onsite Englewood and Barrington were A large piece of the rehab budget for skills such as budgeting, housekeeping, housing across the U.S. management offices and community originally developed as affordable the Englewood-Barrington tax-credit child rearing and social dynamics are space improve the ability to maintain housing in the late 70s and early portfolio was used to construct a some of the ways the community space is the facility, respond to tenant needs, 80s, at a time when housing was freestanding o ce/community building utilized to improve the lives of residents. provide tenant services, and enhance constructed without many community at Englewood. overall security for the community. amenities. Today, developers understand the importance of

26 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 27 Wisconsin Housing Preservation Corp. A SPACIOUS AND SCENIC

RHINELANDER QUALITY OF LIFE

HIGHLAND ESTATES AND RHINEHAUS APARTMENTS

These expenses enabled WHPC to perform necessary maintenance and modest one-o incremental renovations to manage the existing physical condition of the properties, which were already 20 years old at the time they were acquired. In order to revitalize the assets and help stabilize the neighborhoods, it became clear a substantial investment in a complete rehab was needed. In 2019, WHPC applied for and was awarded a federal nine percent tax credit subsidy of over $2.3 million by the Wisconsin Housing and Economic a subjective process often dependent on The housing and grounds could be any Development Authority (WHEDA) for a who is reviewing an application. What a other neighborhood in the area. substantial rehab of both properties, developer may see as a well-prepared each with its own scope of work. Nine Highland Estates was originally built application may not be viewed the same percent tax credit awards are highly in 1979 with the assistance of a way by individuals reviewing it." competitive and WHPC was fortunate to government subsidy contract through have been one of just a few developers To complete the tax-credit contract, HUD, which allowed the owner to awarded tax credits that year. WHPC entered into an ownership operate the development as low- structure with the majority investor income housing. WHPC acquired Due to the volume of rehab construction in the deal, Boston Capital. WHPC Highland Estates in 1999 and applied proposed, it was critical to accurately Highland Estates I and II, a family housing WHPC purchased both properties from the maintained a small position as the for and was awarded the tax-credit determine construction cost estimates complex, and Rhinehaus, a senior-living same owner at the same time. To preserve managing stakeholder, which oversees subsidy contract in 2019. Construction and demonstrate the relevance of the facility, located in Rhinelander, Wisconsin their Section 8 statuses, the acquisition daily operations and housing quality began in 2019 to give the duplexes a proposed expenditures on the Capital and were originally acquired by WHPC in was divided into two government- through its property management much-needed facelift. Needs Assessment portion of the tax credit 1999. The properties were the fourth subsidized HAP (Housing Assistance partner, Meridian Management, Inc. application. All costs and deadlines are "What is unusual about Highland Estates and fi fth acquisitions ever made by Payments) contracts, with Highland For the next 15 years of the tax credit WHPC PURCHASED BOTH fi rm. Developers cannot spend more than is that the duplex housing is built on a WHPC, known then as Wisconsin Housing Estates I and Rhinehaus comprising one relationship the vast majority of returns the costs identifi ed in the scope of work spacious area, which is not typical of PROPERTIES FROM THE SAME Preservation Trust. contract, and Highland Estates II, the other on investment go to Boston Capital. Section 8 family housing," said Geiger. contract. WHPC combined them into one described in the tax credit application and OWNER AT THE SAME TIME... Both properties were originally built and "It’s a better grade of housing because portfolio after the sale. must complete construction within the WHPC COMBINED THEM INTO ONE fi nanced in 1979 through a Housing and timeframe proposed. Highland Estates you don’t have the high density typical Urban Development (HUD) a ordable Since purchasing the properties in 1999, of bigger multi-level, multi-family PORTFOLIO AFTER THE SALE. Once an application is submitted it housing subsidy program. An appraisal WHPC had signifi cantly invested in When driving through the Highland a ordable housing complexes." at the time of sale to WHPC determined ongoing maintenance and rehab updates cannot be revised and there is no Estates neighborhood in the heart "It's a fantastic way to build family the properties were in good condition. of about $1.8 million at Rhinehaus and opportunity to present it to the WHEDA of Rhinelander, one would not think housing but it’s more expensive and not Roughly $500,000 of rehab construction $1.17 million at Highland Estates I and II. committee. "You are at the mercy of the the 30 well-maintained duplexes on viable in today’s market," Geiger added. had been invested over the course of reviewers," says Chris Geiger, who has three acres of land was government- two years prior to the sale. worked on many WHPC properties. "It is subsidized Section 8 family housing.

28 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 29 Even with a Section 42 tax credit new Unit turnover at Highland Estates is less set and tenants are informed about construction project, you could never than larger family housing complexes in rehab plans and timelines, WHPC can a ord to build units as duplexes for the part because residents appreciate the confi dently inform the investor they will same price as you would for a four- quality of the housing and want to stay. be able to take and apply the tax credits or eight-family structure. It's just not However, Highland Estates operates like within the fi rst year of the agreement. feasible to spend the dollars upfront if any other Section 8 housing. It is meant to Rehab started in October 2019 shortly you can’t get the rents to cover costs." be a solution for families until they improve after WHPC partnered with the tax credit their economic situation. Residents need Preserving Section 8 a ordable housing investor and closed on the transaction. to income-qualify at 60 percent of area is essential because it cannot be replaced It was scheduled for completion median income and income is verifi ed with new construction that is a ordable within a year when COVID-19 struck in annually to insure required thresholds are for families with low incomes. For this February of 2020. Work on the exterior met. Still, rent is government-subsidized reason, there is little turnover of residents. of the duplexes did continue as planned. and does provide a safety net for people Highland Estates is comprised of 16 two- However, interior work was put on hold who lose their job or are unable to work for bedroom and 14 three-bedroom units. until guidelines for safe distancing were other valid reasons. established and both residents and Highland Estates is nestled in a A substantial percentage of the along shores of the Wisconsin River build new a ordable housing on the lot Upon the tax credit subsidy approval, construction crews were comfortable to neighborhood setting with 30 duplexes entire rehab budget—$240,000—was with beautiful views from the back with Section 42 tax credit fi nancing. construction began to revitalize the resume with protocols in place for masks, spread over three acres of green earmarked for construction to shore overlooking Boom Lake. It has been fully duplexes. Once tax credits are sold to gloves and sanitizing agents. Eventually Built in 1979, the high quality, all brick space. The spacious back yards up damaged garage foundations and occupied for many years due in large the investors, construction work needs all interior work was completed on 40-year-old building was in exceptional enclose a common area shared by all slabs as well as replacing worn concrete part to its desirable location—just blocks to be completed within a designated schedule with residents in their homes. shape when WHPC purchased it in 1999. residents where new playgrounds with walkways and asphalt driveways. from downtown with access to essential timeframe based on when the Of the 65 units in the complex, there are equipment was installed. It was part of While the majority of the rehab work Thirteen of 30 roofs with known issues services including doctors, pharmacies, investors want delivery of tax credits 62 one-bedroom and three two-bedroom the rehab to provide a much-needed involved exterior improvements, interior were replaced with plans to eventually and grocery stores. to o set their tax liabilities. Timelines apartments on three fl oors. amenity which residents can access units received needed attention. All units replace all roofs as the needs arise. can change based on the particular What sets Rhinehaus apart from other from their back doors. were signifi cantly updated but not all Although the exterior was structurally agreement made with each investor. senior housing is its exceptional location, units received the same facelift. Every sound, WHPC did funnel nearly $2 million It is a unique and unusual concept for which is unusual for Section 8 housing Generally, construction can take place at unit received new kitchen cabinets, Rhinehaus Apartments over the next 20 years into various interior Section 8 housing, which often is located and likely can never be duplicated. If most over a period of 15 to 18 months countertops, sinks and appliances, and rehab updates and general maintenance in large densely populated complexes Rhinehaus is a 65-unit independent- not for WHPC purchasing the property, after a deal is closed. As a matter of bathroom vanities. Central air conditioning to keep the units and common areas in or the edge of town. Instead, the well living senior housing complex located it almost certainly would have been policy, WHPC prefers to complete rehabs was installed in all 30 units. Some units good condition. However, just like Highland maintained units and grounds look like in the bustling northern Wisconsin city redeveloped or torn down and replaced within one year from the time of closing received new furnaces and water heaters. Estates I and II, Rhinehaus was ready for any other neighborhood in the city. of Rhinelander. It is situated on a scenic with new market-rate apartments. Today on the refi nancing. Once schedules are a more complete facelift of the building, spacious lot across from Hodag Park it would not be economically feasible to

30 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 31 "THE MERIDIAN SERVICE COORDINATOR'S MISSION IS TO KEEP RESIDENTS ACTIVE AND PROMOTE THE COMMUNITY-FEEL. THEY MAKE THE SENIORS' LIVES EASIER BY NAVIGATING WHAT THEY NEED MOST apartments and grounds after years of performing ongoing repairs. AND CONNECTING THEM When the newly awarded tax-credit TO THE OUTSIDE. BY subsidized rehab work began in 2019, most of the renovations focused on the PARTNERING WITH interior of the building. Because the rehab LOCAL SERVICES LIKE was completed before the onset of the COVID-19 pandemic, contractors were ADRC (AGING DISABILITY able to remodel the units with tenants in RESOURCE CENTER), NEW place. Every unit received new kitchen appliances, bathroom vanities and closet RESIDENTS CAN LEARN doors. Window air conditioners were ABOUT RESOURCES FOR replaced in all units. In the common areas new fl ooring FOOD PANTRIES AND MEAL was installed and the elevator was PROGRAMS." upgraded. An intercom system and The community room had always the river in the distance, the park and outdoor security surveillance system served as an ideal place for residents tennis courts. New patio furniture and Valicia Gilbert was installed, and WIFI was provided to socialize, have private parties, play gas grill have been installed along with Meridian, Regional Manager throughout the building. A new o ce games or watch TV. Looking forward other outdoor seating. space was added near the front to the time when people can again Both Highland Estates and Rhinehaus are entrance for the property manager who socialize, the community room has been excellent examples of the importance for now serves both the Rhinehaus and updated with luxury plank vinyl fl ooring, housing preservation. By acquiring and Highland Estates properties. And the modern lighting fi xtures and new maintaining this Section 8 housing, WHPC entry foyer has been redecorated with furnishings. The space includes an area will be able to keep it a ordable for the comfortable seating and side tables with a computer, printer and Internet. next 15 years. These properties are given with task lighting for those who enjoy a Views from the community room are a new life and provide quality housing for space to read or chat with neighbors. beautiful in any season. Sliding glass families and seniors. doors open up to an outdoor space with

32 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 33 Wisconsin Housing Preservation Corp. BOARD OF DIRECTORS AND ADVISORS RICHARD A. HANSEN SECRETARY ANN WENZEL Richard retired in 2011 as VICE PRESIDENT President and CEO of Johnson Ann recently retired as Financial Group, Inc., a Assistant Secretary and $6 billion fi nancial services Associate General Counsel company based in Racine of American Family Mutual with operations in Wisconsin, Insurance Company, S.I. Prior Arizona, and Switzerland. to American Family, Ann Richard was also Chairman EXECUTIVE COMMITTEE was the General Counsel for and CEO of Johnson Bank, WHEDA where she was part of serving on the Board of the team that created WHPC. Johnson Financial Group, Inc. and Johnson Bank. He was Vice- Chairman of Banque Franck, Galland & Cie SA and Franck Galland Her passion for a ordable U.S. Advisors SA in Geneva, Switzerland. While CEO of Johnson housing is the reason she has been on WHPC’s Board of Financial Group, the company was named several times by Fortune MARY R. WRIGHT DAVID W. KRUGER Directors since its inception, serving as Chairman for fi ve Magazine as one of the 100 Best Places to Work in America. PRESIDENT BOARD CHAIR years. She is currently Vice President. Ann has over 20 years of Mary is President of WHPC Dave is Chairman and senior management experience and over 35 years of working Prior to his work at Johnson Financial Group, he served as and responsible for the President of The Fiore with boards of directors. She currently serves on the Board of President and Chief Executive O cer of Firstar Bank Madison leadership and management Companies in Madison, Future Wisconsin Housing Fund. (now US Bank) from 1990 to 1995 and Senior Vice President of of $500 million in assets. where he develops corporate Firstar Corporation of Minnesota from 1989 to 1990. With her guidance, WHPC policies and objectives for the A Marshfi eld, Wisconsin native, Ann is a graduate of Arizona State University and the University of Wisconsin Law School. Richard is a graduate of the University of Wisconsin-Milwaukee owns 150 developments fi rm’s real estate, equity and and a U.S. Army veteran. A Madison native and lifelong Wisconsin with over 8,300 units in venture capital investments. resident, he lives in Waushara County. In addition to economic Wisconsin. Prior to joining He is responsible for all ERBERT JOHNSON development and a ordable housing e orts, he is involved in WHPC, Mary had several phases of the business, TREASURER prairie and forest restoration projects. executive-level positions including investment The belief that quality in the commercial banking industry at Wells Fargo Bank strategies, management policies and corporate a airs. housing is essential to a and Johnson Bank in Madison, Wisconsin where she was Guided by over 40 years of experience in negotiating and full and happy life inspired JAMES P. CARTER responsible for business development, client relationships, implementing complex business arrangements, Dave has Erbert to join the WHPC DIRECTOR loan and bond portfolio management, client fi nancial solutions directed the acquisition, development and successful operation Board in 2011. Passionate Prior to his retirement, and building bank reputations in the marketplace. As Director of new projects and investments for the Companies. about a person’s right to live James was associated with of Multifamily Housing at WHEDA, Mary was responsible for In addition to WHPC, Dave serves on several boards including a fulfi lling life, Erbert sees Bank Mutual for over 25 lending, tax credit allocation, managing credit risk, asset Sub-Zero Group, Inc., National Guardian Life Insurance Company, a board position as the best years, as General Counsel management and contract management. Oak Financial, Inc. and Caritas Foundation. Previously, he served way to help people achieve and Secretary of the bank Mary serves on several boards and committees including Journey as Vice Chairman of the Board for WHEDA, a trustee for the that goal. and its holding company, Mental Health Center, National Leased Housing Association, State of Wisconsin Investment Board, as well as being a board Bank Mutual Corporation. Through his background in fi nancial management, Erbert Independent Living, Inc., Access Community Health Centers and member for Agrace HospiceCare, Inc. and Johnson Community As General Counsel, he was believes he is able to provide insight and direction to best Wisconsin Women’s Business Initiative Corp. She is a member of Development Corporation. A licensed attorney and real estate responsible for overseeing practices in transactions and processes necessary for WHPC TEMPO and the Downtown Madison Rotary. Mary earned a B.S. in broker, Dave holds a BBA degree in fi nance and a law degree the bank’s legal a airs. to be a high performing organization. Business Administration/Finance from University of Wisconsin- from the University of Wisconsin-Madison. Prior to joining Bank Mutual, James was a member of the La Crosse, a Graduate School of Banking Degree from Southern Erbert is a Wisconsin native and holds a BBA degree in fi nancial institutions department with the von Briesen & Purtell, Methodist University and completed The Executive Education accounting from the University of Wisconsin. He is a CPA S.C. law fi rm. In addition to serving on the Board of Directors Program through the Wisconsin Business School at University and advises fi nancial institutions. With licenses in investment of WHPC, he has also served on the Board as President of of Wisconsin-Madison. banking (Series 7 and 63), Erbert has extensive experience Wisconsin Initiatives in Sustainable Housing, Inc., a Board in public fi nance. Member of Movin’ Out, Inc. and Neighborhood Housing Services Erbert also serves on the Board of Froedtert Hospital of Milwaukee, Inc. James received his undergraduate degree, Foundation. cum laude, from Marquette University, matriculated at the Georgetown University Law Center and completed his law degree, cum laude, at the University of Wisconsin where he was also an associate editor of the Wisconsin Law Review.

34 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 35 KIMBERLY PLACHE ADVISOR PAUL SENTY As a WHEDA Business and ADVISOR Community Engagement DAN KROETZ Paul is Executive Vice O cer since 2003, Kimberly DIRECTOR President and General developed profi ciency in all Dan is Senior Vice President BRETT A. GERBER Counsel for Park Bank in business lines at WHEDA, of Development for the DIRECTOR Madison, Wisconsin. including multifamily Brett is President and CEO of Commonwealth Companies, housing, economic While serving as a Director of Impact Seven, a Wisconsin- Inc. Commonwealth is development, single family WHEDA, Paul became aware of based, non-profi t, community nationally recognized as one housing, and the WHEDA WHPC’s work with a ordable development corporation, of the top a ordable housing Foundation. In that role, she housing and sought the designated as a Certifi ed developers in the country. They promoted and marketed WHEDA fi nancing products throughout position of Board Director. Housing Development are currently active in 18 states seven counties in Southeastern Wisconsin. with over 100 projects in their He has served on the WHPC Organization (CHDO) and Kimberly created a highly successful, intensive educational development portfolio. Dan Board since 2008. He attributes his experience and ability to work Certifi ed Community program designed to teach emerging developers and other provides leadership and oversight of the development operations for with various public and private organizations as having a positive Development Financial housing partners about WHEDA’s Federal Housing Tax Credit the Commonwealth Companies. He works closely with their team of impact in carrying out his work with the WHPC Board. Institution (CDFI), and a program. She also coordinated training sessions for lenders, developers and development support sta to facilitate all phases of member of the Federal Home Loan Bank of Chicago (FHLBC) Paul is a past Director of Wisconsin Health & Educational economic development professionals, and municipal leaders the development process. and NeighborWorks America (NWA). Brett is responsible for Facilities Authority and WHEDA and continues to serve as about WHEDA fi nancing tools. oversight of Impact Seven’s real estate development, property Dan has over 19 years of real estate experience which includes Director on boards for other private companies. Governor Tony Evers appointed her as WHEDA’s Chief Operating management, and business lending activities. Prior to Impact the acquisition and development of over $500 million of Paul received his Bachelor of Science in Business Administration O cer e ective May 14, 2019. Kimberly also served 14 years Seven, Brett served in roles as CFO and CEO of Indianhead a ordable housing, totaling approximately 5,000 units. from Southwest State University, Marshall, Minnesota and J.D. Community Action Agency from 2005 to 2011. as a state Legislator, beginning in the Assembly and fi nishing in Dan is driven to change the lives of others by providing a safe and from Marquette University, Milwaukee, Wisconsin. the Senate, and also served as a member of the Racine Unifi ed In addition to WHPC, Brett serves on many other boards, stable place to call home. His newly appointed position on the School Board. A 14-year state legislative career coupled with some of which include: Greater Wisconsin Opportunity board gives him the opportunity to apply his talents toward the a wide-ranging 16 years of prior experience with WHEDA has Fund, Wisconsin Community Development Legacy Fund, WHPC mission. Dan has a BBA from the University of Wisconsin- TIM SHERRY provided invaluable background and experience. Community Development Bank Holding, Wisconsin Indianhead Madison with a double-major in Finance and Real Estate. ADVISOR Technical College and Ladysmith Public School District. Brett Tim has been an Advisor to Kimberly has a Master’s in Public A airs from the University is a Certifi ed Public Accountant and holds a MSE degree in the WHPC Board since the of Wisconsin-Madison. Business Management from the University of Wisconsin- DAVID STRELITZ organization was formed Whitewater and a BBA degree in Comprehensive Accounting DIRECTOR in 2001. He became involved from the University of Wisconsin-Eau Claire. Dave manages the new with WHPC through his business development and professional work as a trust administrative functions partner with SVA Certifi ed of Associated Bank’s Wealth Public Accountants, S.C., Management Services for where he managed the the Milwaukee, Chicago and WHPC account since St. Louis markets. Dave is its inception. SVA provides audit, tax and other consulting passionate about working work for the Corporation. with community charitable Tim retired from SVA in 2016, but continues to have a passion organizations. He is currently for a ordable housing consulting, tax work and handling real President of the Vision Forward Foundation and President of estate transactions. Tim earned his BA in science from Northern Trinity Housing Resources. Michigan University and is a Certifi ed Public Accountant. He is a Board Member and currently chairs the Development Committee of the Zoological Society of Milwaukee, board member of the Catholic Community Foundation and on the planned-giving council for Children’s Hospital of Wisconsin Foundation and the Outreach committee for St. Elizabeth Ann Seton Parish. Dave has over 30 years of industry experience including consumer and private banking, trust, investment management and real estate advisory services. Dave has a BBA in accounting from the University of Wisconsin-Milwaukee.

36 | ANNUAL REPORT 2019-2020 BUILDING BETTER LIVES | 37 Wisconsin Housing Preservation Corp. 150 E Gilman Street • Suite 1500 • Madison, WI 53703 Phone: 608-807-1430 • Email: [email protected] • Web: whpccorp.org