Financial Performance

The year 2019 was a very successful year for Greenwich Communities (GC.)

Here are some highlights:

High Performer
GC was named high performer for the eighth year in a row for the Section 8 Management Assessment Program.

GC provides housing for approximately 2,400 residents of this Town in safe, healthy apartments fully serviced by maintenance staff at affordable rents, which are regulated and established by State and Federal Authorities.

No Town Financial Support
The Town provides no financial support to GC; operations of GC are completely self-sufficient. The Town has leased two parcels of land, McKinney Terrace and Town Hall Annex, to GC, which is critical to our mission.

Financial Results
Most residences and programs operated with positive cash flow, and GC realized $2,160,844 of positive cash flow; that means revenue over excess of expenses except for depreciation based on the 2018 audit. Please see the audit for greater detail.

Occupancy Rate
For residences owned and operated by GC occupancy was 99%; for Section 8 vouchers budgeted by HUD utilization rate was 98%. The collection of rent due was 99% in 2018 and 2019.

Tenant Satisfaction
GC has sponsored annual back to school and block parties for the residents at most of our developments and administers a FSS (Family Self Sufficiency) Program in the Federal Developments.

Our Maintenance Department does a superb job and performs general maintenance at all of our facilities. 100% of emergency work orders are completed within 24 hours. Routine work orders are completed within 48 hours.

The safety of our residents is paramount. With the support of the Greenwich Police Department, diligent property management, and a law-abiding population, our residences have been free of serious crime. To that end, GC has installed a state of the art security system at Wilbur Peck Court, Agnes Morley Heights and Greenwich Close which are accessible by the Greenwich Police Department.

Capital Improvements
In 2018 GC managed more than $1,145,009 of capital improvements at our residences, especially at Wilbur Peck Court, Armstrong Court, and Adams Garden.

Financial Statements:

2019 Parsonage Cottage Senior Residence LP

2019 Final FS 2019 Housing Authority of The Town of Greenwich – Final 19

2018 Parsonage Cottage Senior Residence Limited Partnership – Final

2018 Housing Authority of the Town of Greenwich – Final Audit

2017 Parsonage Cottage Senior Residences LP – Final

2017 HATG Financial Statement Greenwich – Final no cover

2016 PARSONAGE COTTAGE 2016 Financial Statement-Final Cover