ANNUAL REPORT 2007

NNI

42 ANN STREET CONDOMINIUMS

53 CLINTON AVENUE

ANN STREET CONDOMINIUMS

BELLTOWN MANOR

ELMCROFT TOWNHOUSE CONDOMINIUMS

FRANKLIN PLACE CONDOMINIUMS

FRIENDSHIP HOUSE

LINDEN PLACE CONDOMINIUMS

LINDEN TERRACE CONDOMINIUMS

MARTIN LUTHER KING JR. APARTMENTS

MILL RIVER CONDOMINIUMS

RICHMOND HILL TOWNHOUSE CONDOMINIUMS

RIVER VISTA CONDOMINIUMS

ROSE PARK CONDOMINIUMS

STILLWATER HEIGHTS

THE ATLANTIC

WATERSIDE GREEN

“Great opportunities to help others seldom come, but small ones come daily.”

— Ivy Baker Priest

New Neighborhoods, iNc.40 stillwater Avenuestamford, cT 06902Tel. (203) 359-2215 Fax (203) 964-9219

www.nnistamford.org

40 YEARS AND GROWING

Mission/Taylor — 10 Unit Rental Complex

Ludlow Place — 50 Owner Occupied Condos (Stamford)

Samuels Court — 28 Unit Supportive Housing Complex (Danbury) Friendship House Rehabilitation — 121 Apartments (Stamford)

JOhN W. KUKULKA director of

housing development

MIKE KEPPLE housing development and

Asset Management Associate

BETTy CORdELLOs ConneCTions

Fundraising and Public relations consultant

TAMIKA FLETChER executive Assistant

dONNA LOgLIsCI director of Property Management and human resources

POBIE JOhNsTON Property Manager

RIChARd BROUssEAU Assistant Property Manager

KIMBERLy POWELL Associate Property Manager

MARCIA sANTOs Administrative Assistant

ROss BURKhARdTPresident and ceo

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chairmanrev. Mary Marple ThiesFirst Presbyterian Church

Vice chairmanZachary weinbergerHuman Resources Consultant

Treasurerrosalind M. rubinPeople’s Bank

secretaryronald K. holbertFirst County Bank

D I R E c t O R S

Nicholas A. bochicchio, Jr.The Ferguson Library

roy chenNorthMarq Capital

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

Frank c. de costanzoPitney Bowes, Inc.

beatrice ForemanTeacher (Retired)

Veronica FordGE Capital Real Estate

John d. FreemanAntares

wendy grammasBusinesswoman, Community Volunteer

charles c. JuddSNET (Retired)

robert e. KingIBM (Retired)

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

Mildred reyesUnited Mortgage Acceptance Company

steven wiseAttorney

Phil wolfordPatriot National Bank

Dear Friends and Neighbors,

This is NNI’s Ruby Anniversary. Forty years ago some people with a heart for those in need and a vision of a city in which everyone could have a safe, decent place to live, came together to form New Neighborhoods. Four decades of hard work, innovation, and dedication to that vision have resulted in the development of over 400 units of affordable housing for rental or homeownership. So this year we are celebrating!

As we take a moment to pat ourselves on the back, we also want to celebrate the community support, both individual and institutional, that has enabled NNI to reach this milestone. Starting with our 40th anniversary observance, we’re establishing an annual NNI Champions of Housing awards luncheon to honor a few of the many important contributors to the cause of affordable housing.

But we have not just planned parties this past year. The Mission/Taylor rental complex on Stamford’s West Side is well underway and we expect that 10 low and moderate income families will begin moving into the low-rise apartments by year’s end. This is our fourth historic preservation project, following the renovation of 53 Clinton Avenue, Stillwater Heights, and the Richmond Hill townhouses.

Construction is set to begin in early spring 2008 on Samuels Court in Danbury, our first development outside of Stamford. This collaborative effort with Alderhouse will provide 17 affordable and 11 supportive units of new rental housing when it opens for residents in early 2009.

The Tenant Advocate program, based in the Martin Luther King, Jr. Apartments, was begun this year, thanks to a challenge grant from the Fairfield County Community Foundation, which was met by local churches and individual donors. Working with Family Centers, a full time coordinator is in place to connect NNI tenants with various local and state, public and private services and resources.

Our largest ownership project since Waterside Green is Ludlow Place in Stamford’s South End. Having acquired more than one acre of land over the past year, we anticipate being ready to break ground for up to 60 new units of housing by early 2008. Folks who can’t find appropriate housing within their means will soon have the opportunity for homeownership.

After assembling the necessary financing, we will begin the preservation and overdue rehabilitation of the 40-year-old Friendship House by the end of this year. This 121-unit rental facility, acquired two years ago in collaboration with Mutual Housing of Southwest Connecticut, is slated to receive an update on a par with what we accomplished at MLK last year.

In the tradition of NNI’s founders, 2007 has been marked by hard work, innovation, and dedication to our vision. With the strong foundation built by NNI’s leaders and staff over the past 40 years and several exciting projects underway, we anticipate that 2008 will be a strong start for our fifth decade as a constructive force for affordable housing.

Sincerely,

Mary Marple ThiesChairperson

New Neighborhoods, Inc. is celebrating its 40th anniversary in 2007 as 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, rehabilitating existing homes, and managing rental properties that provide a sense of home and a springboard to self sufficiency for families, the elderly, and individuals unable to afford market rate housing in Fairfield County.

40 yEARs ANd CELEBRATINg

n Celebrating 40 years as a constructive force in affordable housing in Fairfield County n

We dedicate this 40 year Retrospective to the memory and spirit of Gertrude ‘Pat’ Marshall, NNI’s original Champion of Housing

n 280 units of rental housing under N

NI

managem

ent n

n

Bui

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g an

d pr

eser

vati

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0 un

its

of o

wne

r-oc

cupi

ed a

nd r

enta

l ho

usin

g n

n Countless famil ies helped to sel f suf f ic iency and home ownership n

o f f i c e r s

chairmanrev. Mary Marple ThiesFirst Presbyterian Church

Vice chairmanZachary weinbergerHuman Resources Consultant

Treasurerrosalind M. rubinPeople’s Bank

secretaryronald K. holbertFirst County Bank

D I R E c t O R S

Nicholas A. bochicchio, Jr.The Ferguson Library

roy chenNorthMarq Capital

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

Frank c. de costanzoPitney Bowes, Inc.

beatrice ForemanTeacher (Retired)

Veronica FordGE Capital Real Estate

John d. FreemanAntares

wendy grammasBusinesswoman, Community Volunteer

charles c. JuddSNET (Retired)

robert e. KingIBM (Retired)

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

Mildred reyesUnited Mortgage Acceptance Company

steven wiseAttorney

Phil wolfordPatriot National Bank

Dear Friends and Neighbors,

This is NNI’s Ruby Anniversary. Forty years ago some people with a heart for those in need and a vision of a city in which everyone could have a safe, decent place to live, came together to form New Neighborhoods. Four decades of hard work, innovation, and dedication to that vision have resulted in the development of over 400 units of affordable housing for rental or homeownership. So this year we are celebrating!

As we take a moment to pat ourselves on the back, we also want to celebrate the community support, both individual and institutional, that has enabled NNI to reach this milestone. Starting with our 40th anniversary observance, we’re establishing an annual NNI Champions of Housing awards luncheon to honor a few of the many important contributors to the cause of affordable housing.

But we have not just planned parties this past year. The Mission/Taylor rental complex on Stamford’s West Side is well underway and we expect that 10 low and moderate income families will begin moving into the low-rise apartments by year’s end. This is our fourth historic preservation project, following the renovation of 53 Clinton Avenue, Stillwater Heights, and the Richmond Hill townhouses.

Construction is set to begin in early spring 2008 on Samuels Court in Danbury, our first development outside of Stamford. This collaborative effort with Alderhouse will provide 17 affordable and 11 supportive units of new rental housing when it opens for residents in early 2009.

The Tenant Advocate program, based in the Martin Luther King, Jr. Apartments, was begun this year, thanks to a challenge grant from the Fairfield County Community Foundation, which was met by local churches and individual donors. Working with Family Centers, a full time coordinator is in place to connect NNI tenants with various local and state, public and private services and resources.

Our largest ownership project since Waterside Green is Ludlow Place in Stamford’s South End. Having acquired more than one acre of land over the past year, we anticipate being ready to break ground for up to 60 new units of housing by early 2008. Folks who can’t find appropriate housing within their means will soon have the opportunity for homeownership.

After assembling the necessary financing, we will begin the preservation and overdue rehabilitation of the 40-year-old Friendship House by the end of this year. This 121-unit rental facility, acquired two years ago in collaboration with Mutual Housing of Southwest Connecticut, is slated to receive an update on a par with what we accomplished at MLK last year.

In the tradition of NNI’s founders, 2007 has been marked by hard work, innovation, and dedication to our vision. With the strong foundation built by NNI’s leaders and staff over the past 40 years and several exciting projects underway, we anticipate that 2008 will be a strong start for our fifth decade as a constructive force for affordable housing.

Sincerely,

Mary Marple ThiesChairperson

New Neighborhoods, Inc. is celebrating its 40th anniversary in 2007 as 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, rehabilitating existing homes, and managing rental properties that provide a sense of home and a springboard to self sufficiency for families, the elderly, and individuals unable to afford market rate housing in Fairfield County.

40 yEARs ANd CELEBRATINg

n Celebrating 40 years as a constructive force in affordable housing in Fairfield County n

We dedicate this 40 year Retrospective to the memory and spirit of Gertrude ‘Pat’ Marshall, NNI’s original Champion of Housing

n 280 units of rental housing under N

NI

managem

ent n

For 40 years, Grassroots, Community, Faith-based and Institutional Donors have helped New Neighborhoods to grow and flourish in Stamford. In 2006, your support brought about a new Tenant Advocate Program that promotes self sufficiency, construction on a 10-unit rental complex, plans for 60 owner-occupied townhouses with a site on which to build them, and the capacity to apply our expertise to other communities in Fairfield County, starting with an affordable/supportive housing venture in Danbury.

40 YEARS AND BUILDING SUPPORT

b u I l D e r S G u I l D — $ 1 , 0 0 0 T o $ 1 0 , 0 0 0

Accurate Lock & Hardware Co., LLC.Cleaning Connection, IncConstruction Consulting Group, LLCDeluca Construction CompanyThe Hollander FoundationJeld Charitable Foundation, Inc.Daniel and Betty Roberts Family FoundationMasterCard InternationalNew England Oil CompanyPitney BowesRalph D. Russo Plumbing & HeatingRubino Brothers, Inc.Dr. and Mrs. Bert BallinMr. and Mrs. Nicholas Bochicchio, Jr.Ms. Jane BurkhardtMrs. Reginald C. BurroughsMr. and Mrs. Richard N. CohenMr. Malcolm CouzensMr. and Mrs. Edward P. ClarkeMr. and Mrs. A. D. CordellosMs. Judith T. DavisMr. and Mrs. Frank De Costanzo

Mr. Malcolm J. EdgertonMs. Vicki J. EpsteinMr. and Mrs. Steven C. EricksonRev. and Mrs. Ronald and Janet EvansMr. and Mrs. Robert A. FinsthwaitMr. William T. FitzmauriceMrs. Beatrice ForemanMr. and Mrs. John D. FreemanMs. Barbara A. FultonMr. Robert B. Goldman, D.D.S.Ms. Kathryn Emmett and Mr. David GolubMs. Wendy B. GrammasMr. Robert P. HerzogMr. Eric M. HigginsMr. and Mrs. Ronald K. HolbertMr. and Mrs. Ronald D. JaphaMr. Charles C. JuddMr. and Mrs. Mitchell E. KraussMr. and Mrs. William C. LangleyMr. John F. Leydon, Jr.Mr. Joseph McGeeMr. Thomas J. McKiernan

Mr. and Mrs. Joel MellisDr. and Mrs. Wilbur H. MillerMr. and Mrs. Philip NorgrenMr. and Mrs. Clemente and Traci PascarellaMr. Howard QuinnMr. Donald W. RichardsonMrs. William D. RiderMs. Carol RivlinMrs. Rosalind RubinMr. and Mrs. Harold SandakMr. and Mrs. Robert H. SchafferDr. and Mrs. Armin ThiesMr. and Mrs. Wayne L. TysonMs. Sonya Van NordenMr. and Mrs. Zachary WeinbergerMr. and Mrs. Arthur WhiteMs. Emilie I. WigginMs. Jackie WilliamsMr. Steven WiseMr. Philip WolfordMs. Priscilla N. Young and Mr. Peter S. MatorinAnonymous Donors

b r I C k S & m o r TA r C l u b — u N D e r $ 1 , 0 0 0

Bank of New YorkCitigroup FoundationDaphne Seybolt Culpepper Memorial Foundation, Inc.First Congregational Church of GreenwichFirst Presbyterian Church (Stamford) Garden Homes Fund

KAF ManufacturingLouis J. Kuriansky FoundationPeople’s BankPitney BowesThe Rich FoundationXerox FoundationMr. and Mrs. Paul A. De Bary

Mr. and Mrs. William DolyakMs. Brooke FederMr. and Mrs. Edwin FordMr. and Mrs. John F. Leydon, Jr.Mr. and Mrs. Stephen F. MandelMr. Robert H. SchafferAnonymous Donors

b e D r o C k S o C I e T y — $ 1 0 , 0 0 0 A N D o v e r

Bank of AmericaCitigroup Foundation Fairfield County Collaborative Fund for Affordable Housing

Fairfield County Community FoundationFirst County Bank Local Initiatives Support Corporation New Alliance Foundation

Northeast Utilities Services Patriot National Bank TD Banknorth Charitable Foundation United Way of Stamford

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

ToTAl reveNueS: $1,516,643

GrANTS AND DoNATIoNS = 56% ($847,080)

oTher INCome = 10% ($156,589)

ASSeT AND ProPerTy mANAGemeNT FeeS = 34% ($512,029)

houSING DeveloPmeNT FeeS = 0% ($945)

ToTAl exPeNSeS: $589,915

FuND rAISING CoSTS = 8% ($47,421)

GeNerAl AND ADmINISTrATIve = 24% ($139,738)

ProGrAm exPeNSeS = 68% ($402,756)

ProGrAm exPeNSeS: $402,756

ProPerTy mANAGemeNT = 27% ($108,650)

ASSeT mANAGemeNT = 16% ($63,747)

mAINTeNANCe = 18% ($71,975)

New houSING DeveloPmeNT = 20% ($81,884)

houSING PreServATIoN = 19% ($76,500)

New NeIGhborhooDS, INC. 2006

ANNUAL REPORT 2007

NNI

42 ANN STREET CONDOMINIUMS

53 CLINTON AVENUE

ANN STREET CONDOMINIUMS

BELLTOWN MANOR

ELMCROFT TOWNHOUSE CONDOMINIUMS

FRANKLIN PLACE CONDOMINIUMS

FRIENDSHIP HOUSE

LINDEN PLACE CONDOMINIUMS

LINDEN TERRACE CONDOMINIUMS

MARTIN LUTHER KING JR. APARTMENTS

MILL RIVER CONDOMINIUMS

RICHMOND HILL TOWNHOUSE CONDOMINIUMS

RIVER VISTA CONDOMINIUMS

ROSE PARK CONDOMINIUMS

STILLWATER HEIGHTS

THE ATLANTIC

WATERSIDE GREEN

“Great opportunities to help others seldom come, but small ones come daily.”

— Ivy Baker Priest

New Neighborhoods, iNc.40 stillwater Avenuestamford, cT 06902Tel. (203) 359-2215 Fax (203) 964-9219

www.nnistamford.org

40 YEARS AND GROWING

Mission/Taylor — 10 Unit Rental Complex

Ludlow Place — 50 Owner Occupied Condos (Stamford)

Samuels Court — 28 Unit Supportive Housing Complex (Danbury) Friendship House Rehabilitation — 121 Apartments (Stamford)

JOhN W. KUKULKA director of

housing development

MIKE KEPPLE housing development and

Asset Management Associate

BETTy CORdELLOs ConneCTions

Fundraising and Public relations consultant

TAMIKA FLETChER executive Assistant

dONNA LOgLIsCI director of Property Management and human resources

POBIE JOhNsTON Property Manager

RIChARd BROUssEAU Assistant Property Manager

KIMBERLy POWELL Associate Property Manager

MARCIA sANTOs Administrative Assistant

ROss BURKhARdTPresident and ceo