APAH’s Finance Team is the Foundation for Growth

Last month APAH celebrated the grand opening of our newest affordable housing community, Queens Court, a project that brings a much needed 249 committed affordable homes to Rosslyn. And as APAH continues to grow to serve more neighbors, two projects are currently under construction -Terwilliger Place in Arlington, and Loudoun View Senior Living in Sterling – with two more projects expected to start construction by the end of 2021. Not to mention, another 1,000 pipeline apartments in active predevelopment across the DMV thanks to our real estate team.

So, how is APAH able to effectively manage our existing properties and simultaneously grow to meet the region’s affordable housing needs? The answer lies within the foundation of our organization, our finance team.

When Kelly Eichhorn joined APAH in 2013 as Chief Financial Officer, APAH’s portfolio consisted of 14 properties, and the organization had just 12 employees. “APAH was a different organization back then,” reflects Eichhorn, who was promoted to Chief Operating Officer on July 1st. “We were in the process of our first new construction deal, Arlington Mill, which was a 122-unit, 9% tax credit deal. I still remember our precise unit count at the time – 1,117. Today, in 2021, we use a tracker for our 2,062 units and growing pipeline.”

As COO, Eichhorn will continue to lead APAH’s finance, asset management, and operational activities, with greater responsibility for risk management, “With growth comes risk. We have been really focused on smart growth, systemization for scale, and intentionally managing risk into the future.”

Eichhorn and APAH’s finance team are responsible for the oversight of APAH’s $550 million portfolio which currently includes 18 properties. “While we may not be the public facing team of the organization, we are foundational,” says Eichhorn. “We are responsible for maintaining a strong cash position and liquidity, audits, and the holistic financial and operational management of the portfolio. We focus on the long-term sustainability of our portfolio and ensure that we as an organization are making sound fiscal decisions.”

And when challenges arise, Eichhorn and her team face them head on, “Last year [in 2020] we were thrown into the total unknown due to the COVID-19 pandemic. What happens if residents cannot pay rent? We were well positioned financially to prioritize keeping residents housed, which meant managing the bottom line between sustainability and APAH’s mission.” Last March, APAH suspended evictions and halted late fees for those households unable to pay rent due to COVID to protect our residents and has voluntarily extended our eviction moratorium through December 31, 2021 despite the federal moratorium expiring today.

So, what does APAH’s talented finance team look like?

Director of Finance, Kyle McCandless, joined APAH as the Accounting Manager in 2015 and brings over a decade of experience in Accounting within the real estate and construction industry. “It is very exciting to see APAH’s expansion into new jurisdictions across the DMV,” says McCandless. “We are making a true impact within the community.” As Director of Finance, McCandless oversees all of APAH’s corporate accounting department and works closely with the real estate team on project financing.

Rounding out the team are Senior Accountant, Krista Stewart and Staff Accountants, Endya Brandon and Catherine Peng. Together they track expenses, maintain APAH’s corporate and development project books, and work across all APAH departments, in addition to “keeping the lights on” at our main office.

Eichhorn and her team support all areas of the organization – from real estate to resident services to community relations. “Our finance team enables the incredible growth and success that APAH has experienced,” says Carmen Romero, APAH’s President and CEO. “Because of them, we can continue to grow our portfolio, expand to jurisdictions outside of Arlington, and meet the regions pressing affordable housing needs.”