ANNUAL REPORT 2009

NNI

42 ANN STREET

53 CLINTON AVENUE

ANN STREET CONDOMINIUMS

BELLTOWN MANOR

ELMCROFT TOWNHOUSE CONDOMINIUMS

FRANKLIN PLACE CONDOMINIUMS

FRIENDSHIP HOUSE

LINDEN PLACE CONDOMINIUMS

LINDEN TERRACE CONDOMINIUMS

MADISON SMITH APARTMENTS

MARTIN LUTHER KING JR. APARTMENTS

MILL RIVER CONDOMINIUMS

RICHMOND HILL TOWNHOUSE CONDOMINIUMS

RIVER VISTA CONDOMINIUMS

ROSE PARK CONDOMINIUMS

SAMUELS COURT — new!

STILLWATER HEIGHTS

THE ATLANTIC

WATERSIDE GREEN

“If opportunity doesn’t knock, build a door.”

— Mi l ton Ber le

O F F I C E R S

ChairmanRev. Mary Marple ThiesFirst Presbyterian Church

Vice ChairmanRosalind M. RubinPeople’s United Bank

TreasurerPhil WolfordPatriot National Bank

SecretaryRonald K. HolbertFirst County Bank

D I R E C T O R S Nicholas A. Bochicchio, Jr.The Ferguson Library

Paul A. de BaryMarquette de Bary Co., Inc.

Lawrence A. CoxKelley Drye

Beatrice ForemanTeacher (Retired)

John D. FreemanAntares

Charles C. JuddSNET (Retired)

Robert E. KingIBM (Retired)

Sonya Van NordenBoy’s & Girl’s Club of Stamford, Inc.

Dear Friends and Neighbors:

There is a handyman in Brooklyn who has been tending a vegetable garden for the past 15 years and freely sharing its bountiful harvest with the community. Not an unusual story, you might think, except that this award-winning garden is located in a low cost housing development where more than 4,000 live. It is a green oasis surrounded by concrete, brick and asphalt in one of the largest cities of our country.

Less heralded but just as renewing and hopeful signs can be found in NNI’s own back yards: the com-munity garden and the greening of Carwin Park behind the MLK Jr. Apartments last year. This July, the transformation of Hatch Field, next to our Friendship House Apartments. From a patch of broken asphalt and weeds to a safe, inviting spot where kids can run around outdoors and neighbors can gather under the gazebo.

Our commitment to sustainability extends beyond our affordable, safe, and decent housing. NNI was pleased to join forces with tenant and community groups and city agencies to improve the livability in the neighborhoods where it works.

In In Danbury, Norwalk and Stamford, we’re committed to developing and managing permanent affordable housing with services to prevent and end homelessness and provide new hope for people who have had little. Our just completed sup-portive housing property, the 28-unit Samuels Court is in Danbury,

will welcome its first tenants in the fall of 2009. New construction, it is our greenest project to date, from siting to environmental sensitivity and

material recyclability to energy efficiencies.

We’ve taken steps to preserve affordability and sustain the character of Stamford’s West Side, historically a haven of afford-ability for newcomers and working class families. We’re collaborating with the Stamford Partnership, the West Side Neighborhood Revitalization Zone on an initiative whose master plan calls for rehabbing and encouraging mixed retail/residential development across the community.

Besides acquiring sites whose redevelopment could trigger additional improve-

ments by West Side residents and business owners, this spring we began the long awaited rehabilitation of Friendship House, a 121-unit, 40-year-old rental building, co-owned and managed with Mutual Housing, using energy efficient building materials, appliances and technology. It will sustain the livability and afford-ability of the community’s largest low and moderate income rental building for another 40 years.

HATCH FIELD

FRIENDSHIP HOUSE REHABILITION

SAMUELS COURT (Danbury)

FAIR ST (Norwalk)

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CARWIN PARK

4 2 y e a r s a n d b u i l d i n g

VOLUNTEERS PITCH IN TO CLEAN UP GRAFFITI ON

STAMFORD’S WEST SIDE

FRIENDSHIP HOUSE KICK OFF

New Neighborhoods, Inc. is an independent nonprofit developer and manager of affordable housing. We are committed to improving the quality of life in our

communities by building new homes, redeveloping and rehabilitating existing homes, and managing rental properties that provide a sense of home and a springboard to self sufficiency for low and moderate income families, the elderly, and individuals unable to afford market rate housing in Fairfield County.

NNI is also working to sustain the affordability of Stamford’s South End neighborhood, which will be undergoing development on a scale not seen since the original Yale and Towne factory days. We are ready to start construction for 50 units of family housing, a combination of preservation and new construction, on our 1+ acre Ludlow Place site.

Closer to home, our Tenant advocate Program is encouraging residents in all of our build-ings to set goals to achieve and sustain self sufficiency. and the housing we’ve developed for first-time owners is testament to how people with a stake in a neighborhood will step up to improve their block and the community.

We are, of course, part of a larger community of organizations, businesses and individual households. Like them, this year’s severe recession has made fulfilling our mission more challenging. There have been delays in starting and completing projects and acquiring sites for future development, while the need for the housing we build and preserve is as great as ever. Nevertheless, NNI has continued to maintain the properties we own and develop new ones, contributing to sustaining families and neighborhoods.

as we have done for the past 42 years, our plans for the coming year and the years after call for NNI to continue to do what we do best: building housing to make a difference in people’s lives and the neighborhoods where we work and live, on our own and by partner-ing with others. That is the ultimate form of sustainability.

Sincerely,

Mary Marple ThiesChairman

rB

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HOMEOWNERS WITH A STAKE IN THEIR COMMUNITy

Bank of AmericaCiti FoundationEnterprise Social Investment Corporation

Fairfield County Collaborative Fund for Affordable Housing

Fairfield County Community Foundation

First County Bank FoundationUnited Way of Western CT - Stamford

Building and Land TechnologyMr. & Mrs. Paul deBaryMr. and Mrs. William DolyakF. D. Rich CompanyFirst Congregational Church of GreenwichFirst County BankFirst Presbyterian Church of Stamford

Mr. John FreemanGarden Homes FoundationHSBC National Bank USAJeld Charitable Foundation, Inc.KAF Manufacturing Company, Inc.Kelley Drye & Warren LLPNewAlliance Foundation

Patriot National BankPeople's United Community FoundationPitney BowesSt. Barnabas Episcopal ChurchSt. John's Community Foundation, Inc.TD BankNorth Charitable FoundationDr. Armin P. & the Rev. Mary Marple Thies

Mrs. Tor B. ArnebergMs. Jeannette Asbed*Dr. & Mrs. Bert BallinMr. & Mrs. Nicholas A. Bochicchio, Jr.Ms. Jane BurkhardtMrs. Reginald C. BurroughsMr. Edward CanningMs. Patricia Carlin*Carlson ConstructionCindy Jackson DesignsMr. and Mrs. Edward ClarkeCleaning Connection, Inc.Connecticut Light & PowerMr. & Mrs. A.D. CordellosMr. Lawrence CoxMr. & Mrs. Frank C. De CostanzoDeluca ConstructionMr. & Mrs. Ernest DiMattia, Jr.Ms. Patricia Dolyak** Ms. Elizabeth Ebzery*Ms. Vicki J. EpsteinMr. and Mrs. Steven C. Erickson

Ernst & Young LLPFairfield 08Ms. Brooke FederMs. Beatrice ForemanMs. Kathryn Emmett & Mr. David GolubMr. Forrest L. Gould*Ms. Laura Guadagno*Ms. Joanna GwozdziowskiMr. and Mrs. Lawrence HalleckMr. and Mrs. Ronald HolbertMr. and Mrs. Ronald D. JaphaMr. Charles JuddMs. Barbara Killian*Ms. Mary King*Mr. William C. LangleyMr. John F. Leydon, Jr.Drs. William & Ruth LinkeMargot H. Wormser FoundationMr. & Mrs. Ellen and Joel MellisMr. Wilbur MillerPeople's United BankThe Professional Associates, P.C.

Mr. Howard QuinnRBSMr. & Mrs. Calvin E. Ratcliff*Mr. Donald W. RichardsonMs. Carol RivlinMrs. Rosalind RubinMr. Joe Shea*Mr. Henry Silveira*Ms. Jane SilvermanMr. Alexander H. StantonMs. Eileen SwerdlickMr. Douglas Thorpe* Ms. Ellen TowerUnion Baptist ChurchMs. Sonya D. Van NordenW&M Properties of CT, Inc.West High Service StationMs. Emilie I. WigginMr. Steven WiseMs. Priscilla N. Young & Mr. Peter S. MatorinAnonymous Benefactors

42 yEARS AND BUILDING SUPPORT NNI thanks these Grassroots, Community, Individual, Faith-based and Institutional supporters for their support and philanthropic venture capital in 2008. Your support matters. You have helped NNI make a dif-ference by breaking ground for new affordable housing, giving our tenants tools to gain new job skills or qualify to buy their first home; connecting elderly residents with existing services that are letting them age in place in their NNI homes; and acting to preserve and rehabilitate affordable housing for generations of low and moderate income families for whom NNI developed and managed housing is a springboard to economic independence.

We apologize for any errors. If your contribution has not been properly acknowledged, please let us know.

* I N M E M O R y O F S A L Ly S I LV E I R A ** I N M E M O R y O F PAT M A R S H A L L

TOTAL REVENUES: $1,363,773

HOUSING DEVELOPMENT FEES = 7% ($89,950)

OTHER INCOME = 1% ($9,249)

DISTRIBUTIVE INCOME FROM PARTNERSHIPS = 17% ($239,728)

GRANTS AND DONATIONS = 39% ($534,059)

ASSET AND PROPERTy MANAGEMENT FEES = 36% ($490,787)

TOTAL ExPENSES: $1,067,093

PROGRAM ExPENSES = 76% ($807,745)

FUNDRAISING COSTS = 10% ($106,875)

GENERAL AND ADMINISTRATIVE = 14% ($152,473)

PROGRAM ExPENSES: $807,745

PROPERTy MANAGEMENT = 28% ($222,612)

ASSET MANAGEMENT = 8% ($67,891)

MAINTENANCE = 27% ($215,344)

NEW HOUSING DEVELOPMENT = 19% ($155,614)

HOUSING PRESERVATION = 11% ($87,110)

TENANT ADVOCATE = 7% ($59,174)

NEW NEIGHBORHOODS, INC. 2008

NEW NEIGHBoRHooDS, INC.40 Stillwater AvenueStamford, CT 06902Tel. (203) 359-2215 Fax (203) 964-9219

www.nnistamford.org

ROss BURkhARdTPresident and CEo

JOhN W. kUkULkA Director of

Housing Development

MIkE kEPPLE Housing Development and

Asset Management Associate

BETTy CORdELLOs ConneCTions

Fundraising and Public Relations Consultant

LILLIE WAshINGTON Executive Assistant

CORA ChIRU Tenant Advocate

Coordinator

dONNA LOGLIsCI Director of Property

Management and Human Resources

POBIE JOhNsTON Property Manager

RIChARd BROUssEAU Assistant Property Manager

kIMBERLy POWELL Associate Property Manager

CAThERINE sAUNdERs Property Manager

yAMILETTE MCNEILLAdministrative Assistant

CHAMPIONS OF HOUSING — Business and community leaders turned out to honor NNI’s 2008 Champions of Housing – Christel Truglia and Michael Critelli -for their advocacy and support of affordable housing and strong communities.

INSIde StAMFOrd AFFOrdAble HOUSING tOUr — Stamford’s dynamic affordable housing and community revitalization scene was the focus of a coach tour and site visits through Stamford’s downtown, West Side, Waterside and South End neighborhoods