Successful Organizational Practices: Strong Partners
In the United States, we are facing a housing insecurity crisis. An essential core component of increasing the capacity of the affordable housing delivery system is having strong, capable, mission-driven affordable housing developers and owners. Some of the key priorities and practices reported by these strong nonprofit developers are to:
- adopt rigorous fiscal discipline
- manage assets carefully for long-term health
- project organizational cash flow for at least three, if not five, years
- approach growth with caution, managing growth carefully by identifying risks and weaknesses early, allowing them to evolve to meet challenges
- value and support communication and staff development, and invest in infrastructure and systems
- focus on strong financial and real estate capacity on the board
- make investments that generate a return and adhere to a strategy for paying back the program-related investments and equity equivalents
- use data as part of management strategy, down to the business line level, using measurement and data to drive performance
- maintain stability in senior management.
Produced through the generous support of JP Morgan Chase.