12200 Tech Road, Suite 250, Silver Spring, MD 20904 Phone: 301-622-2400 Fax: 301-622-2800

BOARD MEETING NOTICE Date: Tuesday, September 23, 2014 Time: 6:30 p.m. Board Meeting Place: Pembridge Community Center, 2315 Blueridge Avenue, Wheaton, MD RSVP: Please contact April Clemons 301-812-4115 aclemons@mhpartners.org

FINAL AGENDA

6:30 I. PRESENTATION – Community Life

7:00 II. GROUP DISCUSSION – Environmental Scan – Market Trends

III. CONSENT ITEMSA. Approval of Minutes of July 22, 2014

7:30 IV. DISCUSSION AND ACTION ITEMS A. Resolution 14-22 – SSLR Financing Update B. Resolution 14-23 – Nomination of Darryl Perry to Board of Directors

V. REPORT FROM SUBSIDIARIES A. MHP SSLR, Inc. Resolution 14-05 – SSLR Financing

VI. COMMITTEE REPORTSA. Report from CommitteesB. Building Dreams Moment

8:00 VII. INFORMATION EXCHANGE A. President’s Report B. Chair’s Report

VIII. INFORMATION ITEMSA. Financial Report B. Fundraising Report C. Board Calendar of Events D. 2014-2015 Board Calendar

8:15 IX. EXECUTIVE SESSION

8:30 X. ADJOURNMENT

** Directions: Take Georgia Avenue north from the Capital Beltway. Turn right on University Boulevard, then left on Amherst Avenue. Turn left on Elkin Street and then immediately left again into the Amherst Square Apartments parking lot. The Pembridge Square Community Center is at the far end of the parking lot.

Pg. 2

Pg. 5

Pg. 11

Pg. 14

Pg. 17

Pg. 18

Pg. 21

Pg. 23

Pg. 25

Pg. 29

Pg. 32

Pg. 33

1

Community Life Report

Board Meeting Report: September 23, 2014

Homework Club Programs & GATOR Programs

Report Cards – School Year 2013-2014

Quarterly GPA

Homework Club 1st Q 2nd Q 3rd Q 4th Q Average GPA GWDT – K - 5th 3.50 3.53 3.55 3.58 3.54 GLN1 – K - 5th 3.34 3.53 3.48 3.59 3.49 7610 Maple – K - 5th 3.61 3.77 3.67 3.81 3.72 GHH – K - 5th 3.33 3.43 3.40 3.40 3.39 PMSQ Blue Room – 1st - 2nd 3.68 3.69 3.67 3.66 3.68 PMSQ Orange Room – 3rd - 5th 3.53 3.71 3.63 3.73 3.65 AMSQ – K - 1st 3.40 3.63 3.57 3.70 3.58 Arcola ES – K - 5th 3.44 3.53 3.56 3.56 3.52

OVERALL GPA = 3.48 3.60 3.57 3.61 3.57

00.5

11.5

22.5

33.5

4

GWDT GLN1 7610Maple

GHH PMSQ -Blue

Room

PMSQ -OrangeRoom

AMSQArcola ES

GPA for School Year 2013-2014 1st, 2nd, 3rd & 4th Quarter

1st Q

2nd Q

3rd Q

4th Q

2

Community Life Report

Board Meeting Report: September 23, 2014

Play and Learn Circle Program

Progress Assessments – School Year 2013-2014

Assessments GPA

Play and Learn Circle 1st Q 2nd Q 3rd Q Average GPA 7610 Maple 3.20 3.60 3.81 3.54 Gilbert Highlands – AM 2.64 3.37 3.94 3.32 Gilbert Highlands – PM 2.35 3.25 3.96 3.19 Great Hope Homes 3.86 3.88 3.93 3.89 Amherst Square - AM 2.70 3.54 3.80 3.35 Amherst Square - PM 2.98 3.60 3.76 3.45 GLN1 ----- 2.92 3.44 3.18

OVERALL GPA = 2.96 3.45 3.81 3.41

1st Q2nd Q

3rd Q00.5

11.5

22.5

3

3.5

4

7610Maple

GH - AM GH - PM GHHAMSQ -

AMAMSQ -

PMGLN1

1st Q

2nd Q

3rd Q

3

Community Life Report

Board Meeting Report: September 23, 2014

Homework Club & Play and Learn Circle Attendance Percentage - School Year 2013-2014 - Sept. 2013 - June 2014

Attendance % - Sept. – May

HWC and P & L % GWDT - HWC 90% GLN1 – HWC 97% PMSQ Blue Room – GATOR 87% PMSQ Orange Room – GATOR 85% AMSQ – GATOR 89% Arcola ES - GATOR 81% 7610 Maple – HWC 90% GHH – HWC 90% 7610 Maple – P & L 92% GH – P & L (AM) 97% GH – P & L (PM) 94% GHH – P & L 90% AMSQ – P & L (AM) 85% AMSQ – P & L (PM) 86% GLN1 – P & L 96%

OVERALL Attendance % = 90%

0%20%40%60%80%

100%

4

MHP External Environmental Scan September 2014

This paper is a summary of some of the trends going on in the market as it relates to affordable housing, the housing market in general, housing finance and the work of MHP. Information gathered in this scan will be utilized to inform our operations and fulfill our NeighborWorks America organizational underwriting requirements.

We recommend that the Board review the paper and come to the Board meeting with any additional trends that they are seeing in the market place. This paper is for MHP internal purposes only and should not be shared with anyone outside of MHP’s board or staff.

I. Policy Issues

a. Federal Budget. Congress has just returned from recess and is looking to pass a continuing resolution through December, in place of a full FY15 budget. Without an annual budget, HUD would only be funded at the FY14 levels. At this level of funding, HUD would still not be able to restore the 40,000 vouchers lost nationally due to the 2013 sequestration cuts.

b. Purple Line. On September 5th, Governor O’Malley, and County Executives Leggett and Baker agreed to pursue a Purple Line Compact to address equity issues in the development and construction of the Purple Line. Their intention is to have the compact completed by the end of 2014. Issues to cover include workforce development, small business retention and support, and affordable housing. MHP has been researching tools to recommend for inclusion.

II. Government

a. Elections. The General Election is in November. Montgomery County residents will be voting for many races, including two open Council seats (District 3 and 5), County Executive, and Maryland Governor, Attorney General, and Senate and House seats. Potential changes may require new relationships to be built, and the need to re-emphasize the importance of affordable housing.

b. Staff Turnover. Over the past year many positions have changed hands, or are anticipated to change hands over the next half a year. They include:

5

i. Montgomery County Planning Board: Casey Anderson was elected as the new chair of the Planning Board in July. His vacated seat is currently being filled. Twenty-five applicants applied, including: former planning board member Meredith Wellington, former Rockville City Councilmember John Britton, and a number of candidates that didn’t win their respective primaries. Interviews are anticipated for late September.

ii. Maryland Department of Housing and Community Development: Secretary Ray Skinner is retiring, and Deputy Secretary Clarence Snuggs will serve as the Interim Secretary. Director of CDA Pat Sylvester left, with Elaine Cornick serving as the Interim Director.

iii. Montgomery County Department of Housing and Community Affairs. Director Rick Nelson just announced his retirement, effective December 12th. Leggett is scheduled to appoint a committee to select a new director.

c. Zoning Rewrite. The County Council adopted a new zoning code and district map amendment. Among the changes in the zoning code, are amendments to the CR Zone to further incentivize the development of affordable units. Plans are just starting to come into the planning department under the new code. MHP will need to closely monitor these plans to see if the changes to the code are in fact producing more affordable units.

d. Planned Housing Studies/Housing Policy. Montgomery County is scheduled to undertake two affordable housing related studies over the next two years. First, in the first half of 2015 the Office of Legislative Oversight is scheduled to do a thorough analysis going back to 1980 of where affordable housing has been located in Montgomery County, both rental and ownership. They will map the location of housing, and changing patterns from 1980 to present. The second study is being led by the Research and Technology Center at Park and Planning, in partnership with DHCA, to examine multi-family rental housing. They will be looking at where the stock is, what the challenges are according to a wide variety of stakeholders, what tools to use to protect and expand this stock, and the cost benefit analysis to the County. An RFP is scheduled to be released any day now, and the study is scheduled to take place over two years. MHP has been invited to participate on the latter study’s steering committee.

III. Competition

a. HOC. The Housing Opportunities Commission continues to explore additional development opportunities and public private partnerships. Additionally, they are in the process of converting their public housing units to project-based vouchers under HUD’s Rental Assistance Demonstration program.

6

b. CPDC. CPDC recently joined the NeighborWorks network.

c. General. There are more players back on the playing field, both non-profit and for-profit entities, who are building affordable housing, and extending their reach to our market area. This impacts both the availability of financing and available projects. These include Telesis, AHC, Shelter Group, and Landex. MHP should continue to explore additional partnership opportunities.

IV. Fundraising

a. Funders. Funders are requesting applicants develop more partnerships. They are also increasing the amount of reporting required, especially for smaller grants.

b. Grant timing. More funders are consolidating their grant applications, requiring organizations to apply for all opportunities at one point. This puts pressure on the organization in two ways – more condensed timing for writing the grants, and if you are not awarded, there is a longer wait period for the next opportunity.

V. Finance

a. CDA. There remains a lack of quality staff and consultants, in addition to staffing shortages that puts additional pressures and challenges on all deals.

b. Investors. Very slow to make decisions.

c. Incentives. There remains no financial incentive, on the County level, to develop workforce units, or 80 percent units.

d. MPDUs. Given the FHA issues noted below (see Housing Market), DHCA is no longer providing funding to purchase MPDUs during presale. Funding is only available to purchase resale MPDUs where the owner can’t find a traditional buyer.

e. Housing Initiative Fund. In Montgomery County’s FY15 budget additional funding was allocated for affordable housing over the past years’ allocations. However, large portions of this funding continue to be set-aside for rent subsidies and service providers versus acquisition and renovation dollars. In the FY15 operating budget there is only approximately $6.5 million available for development costs.

f. Construction Costs. There continues to be a mismatch between the costs allowed by Maryland Department of Housing and Community Development’s financing tools and the actual costs to deliver the expected product.

VI. Housing Market

7

a. Land Values. Land values continue to remain high, and in many areas are increasing, creating an even higher barrier for MHP to get their foot in the door.

b. FHA Certification. We continue to see many condominium and home-ownership association communities that have allowed their FHA certification to lapse, or no longer meet the eligibility criteria. This is placing a major burden on the resale market, especially when targeted to first time homeowners who rely on FHA backed mortgages.

c. MPDUs. Given the difficulty of many buyers to obtain mortgages for communities where MHP has their MPDUs located, we are holding on to MPDUs longer and not putting them back on the market for resale.

d. Costs. Construction and labor costs continue to escalate as demand increases.

e. Market. There are not many properties being listed in the 75 – 100 unit rage. Most of the deals hitting the market are for 4 – 40 units, making it more challenging to meet MHP’s acquisition goals.

VII. Asset Management

a. Rent Increases. The County has only approved a 1.5 percent rent increase. When MHP typically budgets a three percent increase just to cover anticipated increases in operating expenses, this makes it extremely difficult to balance a property’s budget.

b. Vacancy. While vacancy remains low, typically less than four percent, the number of days a vacant unit remains vacant is increasing. The regional average is nearly 60 days for income-restricted properties like those in the MHP portfolio. Much of this increase can be attributed to additional compliance monitoring that is required. Properties are also having a harder time finding applicants who pass the credit and criminal checks, meet the occupancy standards, and don’t exceed the maximum rent limits. Turnover rates also remain low, in the range of 20 percent, for similar properties.

c. Product. New product continues to enter the submarket and consists of new developments as well as substantial rehab. This has put a strain on older, income-restricted developments. The new product is frequently in superior locations, offers more amenities and higher levels of finish than the older products. However, due to the maximum rent limitations, the newer affordable product rents for the same price as the older products. Additionally, in some of the Montgomery County submarkets, market-rate (non-income-restricted) product is being offered at comparable rents to the older, income-restricted product. This is particularly true in the non-prime locations of the county. There are many LIHTC, Bond and HOME properties that are

8

now no longer operating from waiting lists. Instead, they have to actively market their product in the same way that a market-rate property would, only without the resources of many market-rate properties. This does not necessarily indicate a higher turnover rate for MHP in the future, but it does mean MHP will have to be far more diligent in our community curb appeal, interior finishes and our marketing efforts.

VIII. Programming

a. Affordable summer camps. Montgomery County Public Schools and Commonweal Foundation are providing free or reduced summer camps to students who attendant Arcola Elementary School. Their programs meet from 8:30 till 3:00. This reduces the number of campers anticipated to attend MHP’s summer program at Pembridge/Amherst.

b. GATOR. Maryland State Department of Education prohibits MHP from charging enrollment fees for the GATOR program. As MHP’s model has relied on instilling a sense of commitment through fees, there is concern that students will not attend the program consistently.

c. Silver Spring and Takoma Park. The waiting list for the programs at these sites continues to grow. Parents are getting frustrated that their children cannot participate in the program, and obtain help with their homework.

d. Staff. It is becoming difficult to hire qualified staff to lead the programs. Certified teachers are asking for an hourly rate of $25 or higher.

IX. Demographics

a. Poverty. Since the 2000 census, the County has seen the growth of poverty pockets throughout the County. As of 2012, there are 12 census tracts with poverty rates of 18 percent or above. Majority of MHP’s properties are located in census tracts with poverty rates of 12 percent or greater. Please see attached map.

b. Immigrant Population. Over 31 percent of Montgomery County residents are foreign born, compared to approximately 14 percent statewide. Of Montgomery County residents aged five and older, more than 38 percent speak a language other than English at home some or all of the time.

9

Montgomery County, Maryland Census Tract Highest Rates of Poverty Compared

to MHP Property Locations

Ê0 7.5 153.75 Miles

Properties and Tract Poverty Rate

MHP PropertiesPoverty Rate over 18%Poverty Rate 12 to 18%County Census Tracts

Major RoadsUniversity BoulevardRockville PikeGeorgia AvenueEisenhower Highway 270Capital Beltway 495

10

12200 Tech Road, Suite 250, Silver Spring, MD 20904 Phone: 301-622-2400 Fax: 301-622-2800 MHP Board Meeting

July 22, 2014

Meeting called to order at 6:44 pm

I. Neighborhoods Presentation a. Ilana Branda made a presentation on the work currently underway within the

Neighborhoods division of MHP. Neighborhoods has been successful in running Green Clubs, a beautification event called Flowers on Flower Ave, and façade improvements with the creation of the Toucan mural on El Golfo. We continue to receive additional funding for the neighborhood projects and will have two new VISTAs joining us this fall. A discussion was held regarding what we are defining as success. The Board advised staff to use standard economic development indicators, to set these goals before embarking on the project while ensuring they are tailored to the project, and maintain a narrow list of top indicators and benchmarks.

II. Group Discussion a. Robert Goldman reviewed a potential Real Estate Development project with Lyon

Homes outside of Baltimore in Dundalk. We would be a partner on this project resulting in 10% ownership and developer’s fee. The Board expressed concern over going into other jurisdictions and on the operational risk associated with such partnership, in addition to straying from our current mission of serving Montgomery County, detouring from our strategic plan, and exceeding the current staff’s capacity. Staff will continue to gather information for the Board to review in the fall.

III. Consent Items a. Minutes of April 22, 2014 were unanimously approved. b. Resolution 14-14 Election of Board Officers was unanimously approved with an

amendment that we add Michael Schlegel as our Vice Chair. c. Resolution 14-15 Board Members for Affiliate Entities was unanimously approved. d. Resolution 14-16 Renewal of Board Terms for Cynthia Bar, Gene Sachs, Chris King, and

Richard Smith was unanimously approved. IV. Discussion and Action Items

a. Resolution 14-12 Loan from MHP to 610-614 SSA, LLC was unanimously approved. b. Resolution 14-13 610-614 SSA, LLC Acceptance of Loan from MHP was unanimously

approved. c. Resolution 14-17 Community Legacy Application was unanimously approved.

11

d. Resolution 14-18 Nomination of Marnie Abramson to Board of Directors was unanimously approved.

e. Resolution 14-19 Authorize Purchase of 4519 Avondale in Bethesda was unanimously approved.

V. MHP Audit and Management Letter - On the whole, the companies are in excellent financial condition. Previously, MHP was making progress every year from being more timely to reducing the number of findings. This year there was slippage. In addition, we have had some items in the management report that recur every year which need to be addressed in a systematic way. The previous Controller stated that another department received the reports and that he did not have the resources to check these items. When done routinely, none of these items should be burdensome. In fact, if done before busy season, the work that must be done in any case will be less burdensome. The following items should be accomplished this year and in all subsequent years: 1) Have verified that the adjustments for the prior year have been recorded by the

property management companies by mid October. 2) Reconcile intercompany due/to from quarterly as a general rule. Before year end,

verify that all improper receivable/payables have been paid back so that on December 31 there will be no findings other than the grouped payments by the local housing authorities. Those grouped payments could also be rectified by the management agents by moving the cash within the week of payment. That is less under the control of MHP but is a reasonable request to make of the management agent.

3) Have prior year calculations of and payments for fees and surplus cash reviewed by the auditor by November in order to allow time to make corrections before December 31.

VI. Report from Subsidiaries a. The subsidiary corporations will be electing officers. b. MHP Scattered Site, Inc., will be approving their audit.

VII. Committee Reports a. The Real Estate Committee reports that we are about four weeks from closing on the

SSLR Bonifant project. b. The Fundraising Committee reports we have a tour scheduled on August 13 and August

28. We will be hosting our Building Dreams Breakfast on October 29. We have received a $100,000 grant from eTrade, $30,000 from Bank of America, and Enterprise announced they will be awarding us between $30-40,000. The Backpack Drive is underway and will be concluding later this month.

VIII. Information Exchange a. Chair’s Report b. President’s Report

IX. Adjournment at 8:30 pm

12

Board Members Present: Cynthia Bar, Vicki Davis, Linda Kelly, Mike Schlegel, Mary Sokolowski (phone), Jorgen Punda (phone), Rev. Tim Warner (phone), Evan Glass, Alisa Smedley

Board Members Absent: Christopher King, Richard Smith, Matt Leydig, Gene Sachs, Catalina Chavarriaga, Stephen Holmquist

Staff Members Present: Robert Goldman, April Clemons, Ilana Branda

13

. 12200 Tech Road, Suite 250, Silver Spring, MD 20904 Phone: 301-622-2400 Fax: 301-622-2800

Memorandum Date: September 2014 To: Montgomery Housing Partnership’s Board Re: Permanent Financing of the Silver Spring Library Residential Project The Silver Spring Library Residential Project is scheduled to close on the construction and permanent financing during the first two weeks in October, before the FHA rate lock expires October 15th, 2014. The financing for the project has already been approved by the MHP and MHP SSLR, Inc. boards. However, at the time the financing resolutions were approved, the exact dollar amounts of the loans were not known. The attached resolutions seek the boards’ approval for the updated financing amounts and in particular, the amount of the Rental Housing Works (RHW) loan, which was originally estimated at $4,000,000, but is now $3,583,340 - greater than 10% difference in the original board approved amount. The decrease in the RHW loan was offset by an increase in the first mortgage and decreases in construction contingency and soft costs.

14

12200 Tech Road, Suite 250, Silver Spring, MD 20904 Phone: 301-622-2400 Fax: 301-622-2800

RESOLUTION 14-22 (Supplemental Resolutions to Resolution 14-08)

RESOLUTIONS OF THE BOARD OF DIRECTORS OF MONTGOMERY HOUSING PARTNERSHIP, INC.

The Board of Directors of Montgomery Housing Partnership, Inc. (The "Corporation"), a Maryland non-stock corporation, hereby authorizes, approves, and adopts by majority vote of the Board of Directors of said Corporation as of _________ , 2014, the following resolution: RESOLVED, that the Board of Directors of the Corporation hereby supplement Resolution 14-08, adopted by its Executive Committee on June 11, 2014 (the “June Resolution”), as follows to reflect certain changes to the Transaction (as such term is defined in the June Resolution):

1. The FHA Loan (as such term is defined in the June Resolution) amount is updated to approximately $15,085,000;

2. The CDA Loan (as such term is defined in the June Resolution) amount is updated to approximately $3,583,340;

3. The Bond Loan (as such term is defined in the June Resolution) amount is updated to approximately $22,000,000;

RESOLVED, that the June Resolutions as modified by the foregoing resolutions be, and hereby are, ratified and approved and that that all actions previously taken by any officer, employee or agent of the Corporation on behalf of the Corporation with respect to the Transaction (as such term is defined in the June Resolution) be, and hereby are, ratified and approved.

15

CERTIFICATION The foregoing is a true and correct copy of the resolutions adopted at a duly called meeting of the Board of Directors of this Corporation held on ________________, 2014, at which meeting a quorum of the Board of Directors was present and voting throughout. The foregoing resolutions were enacted in accordance with the Articles of Incorporation and Bylaws of this Corporation and the laws of the State of Maryland; the Board of Directors of this Corporation has full power and authority to bind this Corporation pursuant to the foregoing resolutions; and the foregoing resolutions are in full force and effect and have not been altered, modified or rescinded. IN WITNESS WHEREOF, I have affixed my name as ____________ of this Corporation this ____ day of _______________, 2014. ________________________ Jill Goodrich Assistant Secretary

16

12200 Tech Road, Suite 250, Silver Spring, MD 20904 Phone: 301-622-2400 Fax: 301-622-2800

RESOLUTION 14-23 RESOLUTION OF THE BOARD OF DIRECTORS OF

MONTGOMERY HOUSING PARTNERSHIP, INC.

The Board of Directors of Montgomery Housing Partnership, Inc. (The "Corporation"), a Maryland non-profit corporation, hereby adopts by majority vote of the Board of Directors of said Corporation on September 23, 2014, the following resolution: WHEREAS, members of the Executive Committee have received the nomination of Darryl Perry, reviewed his credentials, interviewed him, and recommended him for approval to the full Board; NOW THEREFORE, BE IT RESOLVED, Darryl Perry shall be appointed to the Board of Directors. His initial term shall begin on October 1, 2014 and end on August 31, 2017. IN WITNESS WHEREOF, This certification has been signed on behalf of the Corporation by its Assistant Secretary, the ________ day of September, 2014. _________________________ Jill Goodrich, Assistant Secretary

17

BOARD MEETING NOTICE

MHP SSLR, INC.

Date: Tuesday, September 23, 2014 Time: 7:45 p.m. Board Meeting Place: Pembridge Community Center

2315 Blueridge Avenue Wheaton, MD

RSVP: Please call April Clemons at 301-812-4115 AGENDA

1. Resolution 14-05 SLLR Permanent Financing

18

RESOLUTION 14-05 (Supplemental Resolutions to Resolution 14-02)

RESOLUTION OF THE BOARD OF DIRECTORS OF MHP SSLR, INC.

The Board of Directors of MHP SSLR, Inc. (the “Corporation”), a Maryland stock corporation, which is a member of Silver Spring Library Residences GP, LLC, a Maryland limited liability company (the “General Partner”), which is the sole general partner of Silver Spring Library Residences LP, a Maryland limited partnership (the “Partnership”), hereby authorizes, approves, and adopts by majority vote of the Board of Directors of the Corporation on _________________, 2014, the following resolutions on behalf of the Corporation, on its own behalf and in its capacity as member of the General Partner, on behalf of General Partner, and in the General Partner’s capacity as the sole general partner of the Partnership, on behalf of the Partnership:

RESOLVED, Board of Directors of the Corporation hereby supplement Resolution 14-02, adopted by the Board of Directors on June 11, 2014 (the “June Resolution”), as follows to reflect certain changes to the Transaction (as such term is defined in the June Resolution):

1. The FHA Loan (as such term is defined in the June Resolution) amount is updated to approximately $15,085,000;

2. The CDA Loan (as such term is defined in the June Resolution) amount is updated to approximately $3,583,340;

3. The Bond Loan (as such term is defined in the June Resolution) amount is updated to approximately $22,000,000;

RESOLVED, that the June Resolutions as modified by the foregoing resolutions be, and hereby are, ratified and approved and that that all actions previously taken by any officer, employee or agent of the Corporation on behalf of the Corporation with respect to the Transaction (as such term is defined in the June Resolution) be, and hereby are, ratified and approved.

[Remainder of page left blank]

19

CERTIFICATION The foregoing is a true and correct copy of the resolutions adopted at a duly called meeting of the Board of Directors of MHP SSLR, INC. (the “Corporation”) held on ____________________, at which meeting a quorum of the Board of Directors was present and voting throughout. The foregoing resolutions were enacted in accordance with the Articles of Incorporation and Bylaws of this Corporation and the laws of the State of Maryland; the Board of Directors of this Corporation has full power and authority to bind this Corporation pursuant to the foregoing resolutions; and the foregoing resolutions are in full force and effect and have not been altered, modified or rescinded. IN WITNESS WHEREOF, I have affixed my name as ____________ of this Corporation this ____ day of _______________, 2014. ________________________ Name: Title:

20

Montgomery Housing Partnership

Event Timeline as of 9/02/14

Building Community ~ Fulfilling Dreams 25th Anniversary Benefit Breakfast

25 Years of Leadership, Generation to Generation

Tuesday, October 28, 2014 | Silver Spring Civic Building – Veteran’s Plaza 4:30 pm – Staff leave MHP to set up event. 5:00 pm – Staff arrive at venue to set up event - tables/chairs/stage/tablecloths/signage 7:00 pm – Rob, Board members, Residents arrive to rehearse program with Cathy Runnels. 9:00 pm – Event prep ends. Wednesday, October 29, 2014 | Silver Spring Civic Building – Veteran’s Plaza 6:15 – Catering staff arrives 6:30 – MHP Staff arrives to help set up for event. 7:00 – Community Life students arrive to be greeters. (Take group photos) 7:15 – Event is set and ready to go. 7:30 – Doors open. Registration begins. 8:00 – Welcome (3 minutes) - Emcee

Invitation out to Eugene Robinson, columnist, The Washington Post. Back up would be Cynthia Bar, new MHP Board Chair. Emcee introduces first resident speaker, Molly Austin, who will speak for 1-2 minutes and sing.

8:03 – Resident testimonial and song, Amazing Grace (3 minutes total) Molly Austin, Halpine Hamlet 8:06 – Emcee thanks Molly and introduces Rev. Bill Murray to give invocation. Directs attention to students who will be passing around 25th Anniversary brochure. (1 minute)

(more) 21

8:07 - Invocation (2 minutes) Rev. Bill Murray – MHP co-founder, will talk about early days and link to coalition building 8:09 – 8:20 – Time for breakfast and Community Life students to pass out giveaway. (11 minutes) 8:20 – 25 Years of Affordable Housing Leadership - Past, Present, Future (5 minutes) Robert A. Goldman, President, Montgomery Housing Partnership 8:25 – Video presentation (7 minutes) 8:32 – Resident testimonial (2-3 minutes) Jason Amboo, Glenville Road Green Club 8:35 – Resident testimonial (2-3 minutes) Isata Jabbie, Great Hope Homes

8:38 –Acknowledgements / Leadership Gifts/ The Pitch (5 minutes)

Rev. Timothy Warner, Montgomery County Public Schools and MHP Board Member 8:43 – Pledge cards filled in and collected. (10 minutes) 8:53– Closing / Thank You – Cynthia Bar (1 minute) 8:54 – Program ends. 9:00 – Group photos and networking 9:00 – Event clean-up begins. 10:00 – Event clean-up finished. Rented plants picked up. 10:30 – Catering staff departs, MHP staff departs

22

12200 Tech Road, Suite 250, Silver Spring, MD 20904 Phone: 301-622-2400 Fax: 301-622-2800

PRESIDENT'S REPORT

1. Parkview Towers (125 units) – The renovation work is substantially complete. Hamel Builders (the

contractor) will complete all remaining punch-out work by the end of September. 2. Silver Spring Library Residential Project (149-units; mixed family/seniors) – We expect to close on

the financing and begin construction by mid-October.

3. 8808 Glenville Road (4 units) – Staff has developed a plan to fund the approximately $130,000 gap in construction financing caused by final construction bids being higher than original projections. We will submit the plan to MHP’s Board of Directors for approval at the October meeting. If approved, renovation work will take approximately three months to complete.

4. Nolte II: 610-614 Silver Spring Avenue (15 units in three buildings) - CM Parker (the contractor) completed the second building in mid-August. The project will be completed in October.

5. Olney Springs (114 for-sale homes) – Since early August, 7 more homes have been settled on and occupied for a total of 86 (75% of the community). In addition, 10 homes are under construction. Three lots, located in areas of the temporary storm water management ponds, remain to be sold.

6. Amherst Square (125 units) & Amherst Gardens (22 units) – Staff is evaluating the feasibility of refinancing and rehabbing and/or redeveloping these MHP properties located in Wheaton. Staff plans to present a proposal to the real estate committee in October.

7. County Request for Proposals (RFP’s) -- The County has issued RFP’s for residential development (on

existing parking areas) at the East County Regional Services Center in Silver Spring and the Sidney Kramer Upcounty Regional Services Center in Germantown. MHP is in discussion with potential development partners to go after one or both of the RFP’s. Proposals are due October 1, 2014.

8. MPDU Rentals - Staff purchased two existing MPDU’s in Clarksburg (Gateway Commons Subdivision)

in early August. We will use the units as rentals. 9. Neighborhoods – On September 2nd, our two new AmeriCorps VISTA members – Edgar Alvarado and

Armando Sullivan, started with the Neighborhoods Department. Back in August we had a highly successful National Night Out program and community clean-up in McKendree – we are planning another cleanup for late fall. On September 13th we celebrated the completion of three murals and some façade improvements in Long Branch with our Flower Fiesta.

Looking forward, in October we will be sending a team of 8 residents to NeighborWorks Community

Leadership Institute. Three of our team members are coming from Connecticut Avenue Estates, a community that was selected by the Council to be a focus of our department’s work, as part of our contract with DHCA. We are also in the planning stages for the Glenville Road Fall Festival. On a policy front, we are preparing for the Community Development Network of MD’s (CDN) 1st DC regional meeting, scheduled for October 2nd. We are also working with our local partners to prepare our collective ask for the 2016 Montgomery County budget in regards to affordable housing.

23

10. Fundraising – We received $25,000 from NeighborWorks to support various neighborhood and

community life efforts. We also received $12,000 from Wells Fargo. While we made an offer to a potential Director of Fundraising, she took another job that was close to her home.

11. MHP 25th Anniversary Breakfast – The date for the breakfast is Wednesday, October 29th at the Silver Spring Civic Center. The theme of the breakfast is: 25 Years of Leadership – Generation to Generation. To date, we have Table Captains for 18 tables. We still need an additional 7 table captains. We are working on a video for the breakfast that should be ready soon.

12. Community Life – The boys who attended the five-week Camp Wings were engaged and happy. 17

boys registered and 14 attended regularly. The students made some beautiful artwork, and really enjoyed the pre-flight software activities. The field trips also held the students’ interest and were good learning opportunities. Estela and Melissa organized the program completion celebration, with an aviation theme, and family members attended.

All of the summer camp students in MHP’s program received backpacks on the last day of the program. In all, over 200 backpacks were distributed. All of the programs started up again the 2nd week of September and enrollment is high. At the moment, Greenwood has a waiting list of 20 students, while Pembridge, Great Hope, and Maple are over enrolled.

13. Asset Management – Pembridge Square was successfully refinanced at the end of August resulting in a

lower debt service and providing some cash to do some work over the next three years to upgrade the HVAC system and resolve some on-going moisture issues. Amanda Brown was hired as the Assistant Asset Manager on August 1st. Amanda just completed her Masters of Public Administration degree at the University of Delaware with a concentration in Housing. She also spent the last two years working as a Graduate Research Assistant at the New Castle County, Community Development and Housing Division and Community Legal Aid Society, Inc. and Center for Community Research and Service.

24

UNAUDITED UNAUDITEDMontgomery Housing Partnership, Inc. INTERNAL

Summary Balance Sheet U S EAugust 31, 2014

ASSETS:Cash and cash equivalents (see attached detail) 6,810,757$ Accounts receivable 789,640Accounts receivable Development Fee (current) 372,392Interest Receivable Affiliates Notes 229,761Prepaid expenses and deposits 133,851

Furniture, equipment, improvements+ loan fees 348,161 Less: Accumulated depreciation + amortization (112,419) Net fixed assets 235,742Loans to affiliates NW revolving funds 546,499Deferred Development fees receivable 446,503Notes receivable Affiliates NW funds Unrestricted 550,631Notes receivable Affiliates NW funds Restricted 2,829,049Notes receivable and subsidiary loans 2,728,251 TOTAL ASSETS 15,673,075$

LIABILITIES and NET ASSETSAccounts payable and accrued expenses 162,769Accrued payroll and payroll costs / benefits 67,978Deferral of rent payable + Grants Recpts.in Advance 119,070Notes payable 1,378,272Notes payable Forgivable 191,100 Total liabilities 1,919,189

Unrestricted Net assets 8,836,064 MHP Restricted Net assets Playground Fund 6,600 Temporary Restricted Net Assets 73,117 NeighborWorks Unrestricted Net Assets 2,125,055NeighborWorks Permanent Restricted Net Assets 2,713,049 Total net assets 13,753,886

TOTAL LIABILITIES and NET ASSETS $15,673,075 -

Montgomery Housing Partnership, Inc. UNAUDITEDStatement of Revenues and Expenses INTERNAL USE ONLY For 08 Month Ending August 31, 2014

Year 2014 To DatePrior Year - August 2013 2014 Total

ACTUALS BUDGET VARIANCE ACTUALS Annual Budget REVENUES (Unrestricted)

Development fees 28,743 2,232,000 (2,203,258) 546,523$ 2,470,000$ Government Contract Income 281,277 246,000 35,277 71,447 438,000

* Donations and Grants 533,109 416,500 116,609 414,468 607,500 Fees from Affiliated Entities 1,061,512 1,546,968 (1,135,456) 1,107,095 1,960,000 Special events - Golf * 30,070 56,900 (26,830) 45,655 50,000 Gain from debt forgiveness 1,714 Interest and investment income 97,162 541,400 (444,238) 201,387 841,000 Other income 9,089 80 9,009 7,326 11,000

TOTAL REVENUES 2,040,960 5,039,848 (3,648,888) 2,395,615 6,377,500

EXPENSESSalaries and Benefits 1,819,591 2,008,188 188,597 1,726,316 3,146,700 Community Life Prog. 245,946 255,261 9,315 165,690 389,200 Program services 153,043 241,720 88,677 154,835 374,100 Fundraising 22,920 22,600 (320) 25,810 68,000 Overhead / Facility costs 408,248 385,124 (23,124) 345,654 573,000 Interest Expense on Notes - Equity Fund 44,378 216,800 172,422 525,800

TOTAL EXPENSES 2,694,126 3,129,693 435,567 2,418,305 5,076,800

Increase in Net Assets Accrual Basis (653,167)$ 1,910,155$ (3,213,322)$ (22,690) 1,300,700

12/31/13 08/31/14

UNRESTRICTED CASH Wells Fargo Operating & Sweep Insvtmt A 1000 3,899,335$ 2,359,412M & T (temp. depository) 1013 200,190 224,015Bank of America checking acct. 1005 409,728 795,285 Less Temp. Restricted Portion (4,660) (276,600)Bank of Amer. Money Market 1020 97,384 97,397Capital One Money Market 1153 241,415 241,698Capital One CDARS Account 1152 882,000 882,051Wells Fargo Securities ( Cash Deposit ) 1135 3,653 3,653Cash Held 20,878 - Petty cash Accounts ( 2 ) 1040 316 316 Total Unrestricted Operating Cash 5,750,239 4,327,228

CASH INVESTED IN TIME DEPOSITS (Over 90 days maturity)

Wells Fargo Securities ( CDs) 1137 Investment 1,517,777 1,521,319P N C (Certificate) 1130 103,245 103,503United Bank ( Certificates ) 1140 115,862 116,094Sandy Spring ( Certificate 1170 110,756 110,793

1,847,640 1,851,709LETTER of CREDIT BANK ACCTS. OFFSET BY LOANS* Bank of Amer. Deposit Acct 0 0

Bank of Amer. Halpine 0 0First Utah Bank 1021 228,141 228,517

Loan Loss Reserve Utah 1022 50,000 50,000

Total Collateralized Letter of Credit accounts 278,141 278,517

PERMANENTLY RESTRICTED CASHBank of America checking acct. N W 2013 Receipt 275,000

TEMPORARY RESTRICTED CASHWells Fargo IDA Checking 1010 62,410 62,453Citibank IDA Master Acct 1030 14,250 14,250Playground Fund 4,660 1,600Comm. Life Fundraising event Total Temp. Restricted Cash 81,320 78,302

7,957,340$ -$ 6,810,757$ Dec. 31, 2013 Total 7,957,340$

Increase (Decrease) in Cash Balances (1,146,583)$

08/31/14

UNRESTRICTED CASH Checking, savings 4,327,228UNRESTRICTED CASH INVESTED IN TIME DEPOSITS 1,851,709LETTER of CREDIT BANK ACCTS. OFFSET BY LOANS 278,517RESTRICTED CASH 275,000RESTRICTED CASH 1,600RESTRICTED CASH (IDA program) 76,702

Total Cash of MHP 6,810,757LESS: Cash with restricted access: Cash Collateral bank accts. 278,517

Restricted Cash N W & IDA 78,302 (356,820)Unrestricted Cash Balances 6,453,937

Included in Unrestricted Cash balances:N W Revolving Loan Fund undistributed cash 443,929Note Payable MAHT Grant Bealls 50,000Rita Morgan Trust Note Payable 25,000Note Payable Calvert Fund $500,000, undistributed portion 500,000 Cash included in Bank accounts with obligations / indebtedness (1,018,929)

MHP Cash without Indebtedness/restriction/obligation 5,435,008

MHP Notes Payable, Funds Loaned to AffiliatesNote Payable NWA-Salt Lake - Purchase N. Fred. Ave. 1,000,000Note Payable Calvert Fund $500,000, (Distributed Portion) 0

Indebtedness of MHP, passed through to affiliates 1,000,000

M H P Loan GuaranteesS S I BB&T MPDUs 350,000

Construction Loan Guaranty

Aquisition Debt Guaranty 439 & 425 N.Fred. Ave. 5,700,000Aquisition Debt Guaranty Parkview Towers 8,016,850MPDU Rental, Inc. Guaranty 250,000

Operating Deficit Guaranty Gilbert Highlands 381,000Maple Towers 220,000Edinburgh Hse. 250,000Halpine Hamlet 357,000

Total MHP Guarantees & Repayable Loans 16,524,850

Fundraising Goals & Achievements 2014For month ending August 31, 2014

2011 Goal 2011 Actual 2012 Goal 2012 Actual 2013 Goal 2013 Actual 2014 Goal 2014 ActualIndividual Giving Major Gifts ($1,000+) 60,000 47,627 50,000 53,360 50,000 74,190 94,000 12,000 Individual Gifts (< $1,000) 24,500 12,740 20,000 32,058 20,000 47,659 56,000 5,626 Individual Gifts (Breakfast Event) Workplace Giving 3,500 3,493 3,500 3,943 4,500 2,661 3,000 3,780 In Kind Gifts 830 Subtotal 88,000 63,860 73,500 89,361 104,500 124,510 153,000 22,237

Corporate Giving Corporate Sponsor 66,500 80,000 50,000 105,000 50,000 76,000 90,000 165,000 Corporate gifts – non-sponsor 500 7,813 10,000 7,951 17,000 4,404 10,000 3,110 Corporate gifts – tax credits 3,000 6,000 13,000 26,000 20,000 26,000 26,000 - Corporate gifts - Breakfast event 10,000 2,500 10,000 1,000 In Kind Gifts 30,753 33,139 25,793 26,000 36,000 Subtotal 70,000 124,566 73,000 182,090 127,000 134,697 162,000 205,110

Organizations -

Faith-based Organizations 6,500 2,000 6,500 2,800 4,500 3,300 3,500 - Civic Organizations 1,000 23,447 1,000 2,271 2,500 1,225 1,500 250 Subtotal 7,500 25,447 7,500 5,071 7,000 4,525 5,000 250

Foundations -

Fannie Mae 5,000 33,514 34,000 34,205 - 21,150 - - Foundation grants-programs 520,000 357,700 325,000 400,545 405,000 319,780 435,000 310,511 NeighborWorks Subtotal 525,000 391,214 359,000 434,750 405,000 340,930 435,000 310,511

Government Government contracts 220,000 224,779 220,000 173,542 142,000 222,986 438,000 188,241 *

Government grants - Debt Draw 160,000 12,227 100,000 8,403 2,502 - Subtotal 380,000 237,006 320,000 181,945 142,000 225,488 438,000 188,241

Events Community Life 2,000 500 2,000 Golf Tournament 40,000 43,475 45,000 53,106 60,000 44,655 50,000 30,070

- Subtotal 42,000 43,975 47,000 53,106 60,000 44,655 50,000 30,070

TOTAL 1,112,500$ 886,068$ 880,000$ 946,323$ 845,500$ 874,805$ 1,243,000$ 756,419$

CAPITAL FUNDING 2011 Actual 2012 Actual 2013 Actual 2014 Actual

Restricted Donation -Playground Fund 50,010$ 9,340$ 6,600$ NCI Capital Funding 240,000$ 41,456$ NW Capital Funding $730,000 $337,500 $275,000 $275,000TOTAL CAPITAL FUNDING $730,000.00 $387,510.00 $524,340.00 $323,055.75

Circle of Builders 49 members Pledged $280,800 Received $143,760

*An additional $93,036 has been billed and awaiting collecti29

Name Type of Funding Ask Submitted Purpose Decision Award Received Notes

Received in 2014:M&T Charitable Corporate Foundation $5,000 CL Rec'd $ 5,000 1/17/2014TD Bank Foundation $10,000 11/22/2013 Affordable housing work Rec'd $ 10,000 3/12/2014Citi CRA Corporate $25,000 2/28/2014 Multi-family housing development Rec'd $ 25,000 3/31/2014Comm Foundation NCR (Sharing Fund) Foundation

$10,000 8/1/2013 CL Rec'd $ 10,000 4/7/2014

Meyer Foundation $25,000 1/10/2014 Policy work Rec'd $ 20,000 5/19/2014 5/1/15 final report

Takoma Park CDBG Foundation $5,000 9/24/2012 CL - 7610 Maple Rec'd $ 3,891 6/30/2014Final payment received for 2013-14

Etrade $100,000 5/15/2014 Affordable housing work Rec'd $ 100,000 7/7/2014 none required in award letterBank of America Foundation $30,000 5/8/2014 Affordable housing work Rec'd $ 30,000 7/10/2014

NW TA Foundation

approx $18,000 total

5/12/2014CL Outcomes tracking (7K) MHP video (7.5K)

Rec'd $14,500 8/4/2014

Wells Fargo Foundation $20,000 5/22/2014 CL Rec'd $12,000 8/6/2014Capital One Foundation $30,000 7/24/2014 Affordable Housing Program Rec'd $30,000 8/13/2014 11 month or 6/12 mo reports Total: 260,391$ Approved in 2013 or 2014: Will receive in 2014 or 2015CDBG - Montgomery County

Gov't $45,000 9/21/2012 Play and Learn approved May 2013 $ 35,000 Funds will come in through reimbursements

Mont County Council Gov't $150,000 1/17/2013 Neighborhoods 100K, CL 50K pproved May 2013 $ 15,000 Funds will come in through reimbursements

Enterprise Foundation $50,000 5/24/2013 TOD - Shared Progress Collaborative approved 6/13/13 $ 50,000 Funds will come in through reimbursements

Maryland State Department of Educ, 21st C. Comm Learning Centers

Gov't $285,360 4/30/2013 2 learning centers approved July 2013 $ 256,400 Funds will come in through reimbursements

CITC (2nd Round 2013-14)

Gov't $10,000 8/26/2013 CL approved Nov 2013 $ 10,000 $1000 tax credits balance

EnterpriseFoundation

$77,000 10/15/2013 Asset Management approved 10/31/13 $ 72,179 Funds will come in through reimbursements

CITC (1st round 2014-15) Gov't

$50,000 8/7/2013 Tax Credits for CL 2014-15 approved Dec 2013 $ 30,000 Incentives donor giving to our CL programs

NW Foundation $300,000 10/11/2013 Org. Underwriting approved 2/24/14 $ 82,057 NW Foundation $300,000 10/11/2013 Real Estate - Capital approved 2/24/14 $ 275,000 St. Marks Church $2,000 2/24/2014 CL approved 2/24/14 $ 1,500 Mont County CDBG Gov't $45,000 9/23/2013 CL approved 5/16/14 $ 45,000 Received Grant Agreement 7/3Mont County Council/County Executive Gov't

$50,000 1/15/2014 CL approved 5/16/14 $ 50,000 Received Grant Agreement 7/3

Mont County Council Gov't

$100,000 1/15/2014 Neighborhoods approved 5/16/14 $ 120,000

Enterprise IntegratedFoundation

$225,000 5/7/2014RE Capacity, Long Branch TOD and acquisition, SSLR AND Comm Life - Senior Health)

approved 7/7/14 $55,000

Total: $ 1,097,136

30

Pending:Weinberg Foundation $2M 4/4/2014 RE- SSLRRiver Road Church $1,500 5/29/2014 CL

NW Round 2 Foundation

$185,000 total 6/2/2014NRS - Conn Estates, Long Branch public arts, SSLR and CL- Health notification by Sept 30

Cafritz Foundation $50,000 7/1/2014 NRS - Long Branch community arts site visit 8/21/14

MD Community LegacyGovernment

$150,000 7/15/2014RE- Streetscape Improvements, Maple Avenue (on PT property)

PNC Foundation $25,000 8/6/2014 CLComm Fndn NCR Foundation $15,000 8/11/2014 CL LOIBofA NB Foundation $200,000 8/12/2014 Affordable Housing Program TD HFE Foundation $100,000 8/29/2014 RE - Rehab 425 N. Frederick Ave Declined

Enterprise Foundation

$63,000 5/7/2014RE and CL: health services for seniors at SSLR + other properties

declined 7/714other submissions in package funded

CompassNonprofit

pro bono consultant

6/10/2014 Fundraising/marketing consultant declined Aug 2014

31

Board Calendar October—November 2014

September 23 Board Meeting— 6:30 pm.. Pembridge Square Community Center, 2315

Blueridge Avenue, Wheaton. RSVP to April at 301-812-4115.

September 24 Building Dreams Tour—12:30 pm at Greenwood Terrace Community Center,

Silver Spring. RSVP to Jose at jgonzalez@mhpartners.org.

October 21-24 NeighborWorks Community Leadership Institute—Cincinnati, Ohio. Jose and

Sulema will accompany a team of resident leaders from MHP communities at the

NW training. 14-year-old Jason Amboo from Glenville Road Green Club to be

honored as the NE Region’s recipient of the Dorothy Richardson Leadership

Award. Contact Jose at jgonzalez@mhpartners.org.

October 21 Board Meeting —Dinner welcoming new board members at 6:00 pm and official

business starts at 6:30 pm at the Community Room at 7610 Maple Ave. Takoma

Park, MD RSVP to April at aclemons@mhpartners.org.

October 29 MHP’s 25th Anniversary Benefit Breakfast—8:00—9:00 am. Registration

starts at 7:30 at Silver Spring Civic Building. Theme is: 25 Years of Leadership,

Generation to Generation. TABLE CAPTAINS NEEDED. Contact Rob or Jose at

jgonzalez@mhpartners.org.

October TBD Glenville Road Fall Festival—Date and Time TBD. Glenville Road Green Club

will lead the fall cleanup and festival. VOLUNTEERS NEEDED. Contact Jose at

301-812-4120.

November 20 Building Dreams Tours - 8:30 am @ Pembridge Sqaure, Wheaton. Ambassadors

needed. Contact Jose at 301-812-4120.

November 18 Board Social TBD. Location TBD. Contact April at 301-812-4115.

Nov 17—Dec 15 Community Life Toy Drives—Recruiting donors and volunteers to participate in

the Annual Community Life Toy Drives and Holiday Parties for MHP’s residents

in Takoma Park, Silver Spring, Wheaton, Rockville, and Gaithersburg. VOLUN-

TEERS NEEDED. Contact Lesia at 301-812-4138.

December 3 Building Dreams Tours—12:30 pm @ 7610 Maple. Ambassadors needed. Con-

tact Jose at 301-812-4120

December 18 Building Dreams Tours—8:30 am @ Greenwood Terrace, Silver Spring. Ambas-

sadors needed. Contact Jose at 301-812-4120

December 12-24 16th Annual Angels for Children Toy Drive—Recruiting donors and volunteers

to join the Wheaton & Kensington Chamber of Commerce for the Annual Toy

Drive and SuperWrap Days in Wheaton. VOLUNTEERS NEEDED. Contact Le-

sia at lbullock@mhpartners.org.

32

12200 Tech Road, Suite 250, Silver Spring, MD 20904 ◊ Phone: 301-622-2400 ◊ Fax: 301-622-2800

Board & Executive Committee Meetings Proposed Schedule for Board Year 2014-2015

September 23, 2014 Board Meeting – 6:30 pm

(at Pembridge Square Comm. Center) October 21, 2014 Board Dinner – 6:00 pm (a week early to accommodate Board Meeting – 6:30 pm the Building Dreams Breakfast) (at 7610 Maple)

November 18, 2014 Social meeting – 6:30 pm (a week early to accommodate the Thanksgiving Holiday) (location TBD) December 2014 No Board Meeting January 27, 2015 Board Meeting – 6:30 pm

(at Pembridge Square Comm. Center) February 24, 2015 Executive Committee Meeting – 6:30 pm (at Pembridge Square Comm. Center) No Board Meeting March 17, 2015 Board Meeting – 6:30 pm (a week early to accommodate Benevon Training) (at Pembridge Square Comm. Center) April 28, 2015 Board Meeting– 6:30 pm (at Pembridge Square Comm. Center) May 26, 2015 Executive Committee Meeting – 6:30 pm (location TBD) No Board Meeting June 23, 2015 Social Meeting – 6:30 pm

(at TBD)

July 28, 2015 Board Meeting – 6:30 pm (at 7610 Maple) August 2015 No Board Meeting Pembridge Square Community Center is located at 2315 Blueridge Avenue Wheaton, MD 20902 7610 Maple Ave is in Takoma Park, MD 20912

33