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					                                        MANNA ⇔ AFFORDABLE HOUSING & MUCH MORE




                                                                                                      Construction
Homeowner Training




                                                                                                      Mortgage Lending
Construction Management




                                                                                                      Development
                                                                                                      Homebuyer Education
Property Management
Advocacy




                                                                                                      Tenant & Community Organizing
Housing Preservation




                          Architectural Services   Sales           Marketing   Technical Assistance




                                                      2007 Annual Report
                                                LEADERSHIP                                                                                           COMMITTEES AND COUNSEL
                                                                                                                  MANNA LEADERSHIP COMMITTEE                                                       LEGAL COUNSEL
                                       MANNA BOARD OF DIRECTORS
                                                                                                                  Rita Fair, Co-Chair                       Phyllis Lieberman                      Eisen and Rome. P.C.
                                                                                                                  Courtney Ward, Co-Chair                   Gregory Melanson
                                                                                                                  Patty Baker                               Jackie Prior
                                                                                                                  Michael Bennett                           Steve Rozga
                                                                                                                  Joe Bracewell                             Dale Saunders
                                                                                                                  Tom Cooke                                 Terry Straub
     Jim Dickerson,           Michael Bennett                     Doug Dodge                                      Jamie Foroughi                            Jim Walker
                                                   John Darr                       Jim Gray        Jim Griffin
    Founder & Chair                                                                                               Jim Gray                                  Jonathan Weinstein
                                                                                                                  Jim Griffin                                Carmencita Whonder
                                                                                                                  Tom Leahey                                Bob Zdenek




                                                                                                                  MANNA @ 25 HONORARY COMMITTEE
Eugene Griffin     Jackie Hart      Jair Lynch    Sue Marshall     Jean Mason     Bob Pohlman       Sandy Romero   Chair – Susan Kidd                        Lynn French, Fmr Administrator         John McIlwain, Sr. Resident Fellow
                                                                                                                  Award-winning TV News Journalist          DHCD Homestead Housing Program         Urban Land Institute
                                                                                                                                                            Muriel Garr, Vice Pres.                Marty Mellett, Director
PRESIDENT                              MANNA VENTURES INC. BOARD OF DIRECTORS                                     Sharon Ambrose                            SunTrust Bank                          Community Development Support
                                                                                                                  Fmr DC City Councilmember                 Jeff Gelman, Attorney                  Collaborative
George Rothman                         Michael Bennett, Chair                  Deborah Stevenson
                                       Maybelle Taylor Bennett                 Bob Zdenek                         Bill Barrow, Exec. Director               Greenstein, DeLorme & Luchs            Bob Moore, Pres.
                                                                                                                  H Street Community Dev. Corp.             Chip Glasgow, Attorney                 Devel. Corp. of Columbia Heights
                                       Jim Dickerson
                                                                                                                  Maybelle Taylor Bennett, Director         Holland & Knight                       Dominic Moulden, Exec. Director
                                                                                                                  Howard University Community Assoc.        Joe Horning, Chair & CEO               ONE DC
                                                                                                                  Shari Berenbach, Exec. Director           Horning Brothers, Inc.                 Oramenta Newsome, Director
                                                    STAFF                                                         Calvert Foundation                        Tomer Inbar, Attorney                  Local Initiatives Support Corporation
                                                                                                                                                            Morgan Lewis & Bockius                 – DC Office
ADVOCATES FOR BUILDING      FINANCE                                             MARKETING                         David Bowers, Director
                                                                                                                  Enterprise Community Partners (DC)        Stan Jackson, Fmr Dep. Mayor           Jill Norcross, Exec. Director
ASSETS & AFFORDABLE HOUSING David Dorsey, Director and CFO                      George Rothman, Director                                                                                           Housing Assoc. of Nonprofit Developers
                                                                                                                  Joe Bracewell, Chair                      Planning & Economic Development
Shiv Newaldass, Coordinator             Rick Blair, Director of Accounting      Brandon Deas                                                                                                       (HAND)
                                        Gerardo Belisario, Controller           Griselda Martinez                 Washington First Bank                     Jim Johnson, Vice Chair
                                                                                                                                                            Perseus LLC                            Craig Pascal, Vice Pres.
CONSTRUCTION & DESIGN                   Alex Eugenio                            Sheila Miles                      Hank Brothers, Attorney                                                          PNC Bank
                                                                                                                  Holland & Knight                          Fmr Chair, Fannie Mae, The Brookings
Bob Lynch, Director                     Wendy Hedges                            Eve Werbicki                                                                Institution and The Kennedy Center     Whayne Quin, Attorney
Pablo Benavente                         Nuzhat Islam                                                              Calvin Cafritz, Chair                                                            Holland & Knight
                                                                                PROJECT DEVELOPMENT               The Morris and Gwendolyn Cafritz          Lori Kaplan, Exec. Director
Jaime Caballero                         Jonas Nemgne                                                                                                        Latin American Youth Center            Alice Rivlin, Ph.D.
                                        Charlene Tibbs                          Rozanne Look, Director            Foundation
Katryna Carter                                                                                                                                              Michael Kelly, Exec. Director          Senior Fellow and Program Director
Steve Dickens, Senior Architect         Mesafint Wube                            Mario Cristaldo                   Diane M. Casey-Landry, Pres. & CEO                                               The Brookings Institution
                                                                                                                  America’s Community Bankers               DC Housing Authority
Brendon Fox                                                                     Paul Joice                                                                                                         Victor Selman, Director & COO
                                        HOMEBUYERS CLUB                         Karen Williams                    Maudine Cooper, Pres. & CEO               Alyson Klug, Pres. Mid-Atlantic
Hector Galvez, Jr.                                                                                                                                          Citibank                               DC Dept. of Housing and Community
Alfredo Herrera                         Willamena Samuels Taylor, Director                                        Greater Washington Urban League                                                  Development
                                        Pamela Johnson                          INTERNS 2007/2008                 Colleen Dailey, Exec. Director            Mark Knight, CEO
Carl Huff                                                                                                                                                   American Housing Opportunity Fund      Marian Siegel, Exec. Director
Dave Marsh                                                                      Steven Bennett                    Capital Area Asset Building Corp.                                                Housing Counseling Services
William Ngutter
                                        HOMEOWNER SUPPORT &                     Mara D’Angelo                     John Dalton, Pres.                        Rev. Tom Knoll, Pastor
                                                                                                                                                            First Trinity Lutheran Church          Rob Stewart, Principal
                                        PROPERTY MANAGEMENT                     Jacqueline Day                    Housing Policy Council, Financial Serv.                                          JBG Companies
Nolan Smith
                                        Ken Simpson, Director                   Jonathan Garza                    Roundtable, Fmr Secretary of the Navy     Ed Lazere, Exec. Director
John Swarr                                                                                                                                                  D.C. Fiscal Policy Institute           Stacey D. Stewart, Sr. Vice Pres.
                                        Hector Galvez                           Dionne Hines                      John Darr, Fmr CEO                                                               Fannie Mae
CORPORATE DEVELOPMENT                   Nya Houston                             Riziki House                      Office of Finance, Federal Home Loan       Fernando Lemos, Exec. Director
                                                                                                                  Banks                                     Mi Casa, Inc.                          Mary Ann Stein, Chair
Joni Lynch, Director                                                            Kate Lashley                                                                                                       The Moriah Fund
                                        MANNA MORTGAGE                          Kelly Sue Ling                    Rita Fair, Fmr Chair                      Jerry Levine, Co-Director
Jennifer McAllister                                                                                                                                                                                Carrie Thornhill, Fmr Pres. & CEO
                                        Frank Demarais, VP & Gen. Mgr.          Paul McGehee                      Federal Home Loan Bank of Atlanta         Samberg Family Foundation
                                                                                                                                                                                                   Marshall Heights Community Devel. Org.
                                        Gloria Lowery                           Samantha Spergel                  David Fleming, Exec. Vice Pres.           Jair Lynch, Pres.
                                        Lewis Smith                             Clare Walsh                       BB&T (Washington Region)                  The Jair Lynch Companies               John Tydings, Fmr Exec. Director
                                                                                                                                                                                                   Greater Washington Board of Trade
                                        Joe Spears                              Brianna Williams                  Aderson Belligarde Francois               Sue Marshall, Exec. Director
                                        Patty Baker, Volunteer                  Elizabeth Webb                    Assistant Professor                       The Community Partnership for the      Ken Wade, CEO
                                                                                                                  Howard University School of Law           Prevention of Homelessness             NeighborWorks America
                                                                                Elissa Yorgey



2                                                                                                                                                                                                                                     3
                                                                                            TO OUR FRIENDS & SUPPORTERS
                                                                                            Whew! To characterize our 25th Anniversary year and to use an apt cliché,
                                                                                            Manna was running on all cylinders, and running with efficiency, fueled by
                                                                                            hard work,persistence, faith and determination, and, the incredible generosity
                                                                                            from our friends, partners, and supporters. Consequently, we accomplished a
                                                                                            lot, and there’s much for which to be very grateful.
                                                                                            It’s Really About the People We Serve and Improving Their Lives.
                                                                                            In 2007 Manna directly served 1,202 people through the following: affordable
                                                                                            housing development and sales (122); homebuyer education (281); post-
                                                                                            purchase counseling in budgeting, governance, and homeowner association
                                                                                            operations (84); mortgage loan production and counseling programs (666); and
                                                                                            organizing tenants for affordable housing preservation (49). In addition, we
                                                                                            provided technical assistance in design, construction, sales and marketing to
                                                                                            6 other nonprofit organizations, helping them to accomplish their missions,
                                                                                            as well as 5 nonprofit clients. Furthermore, we contracted to establish two off-
                                                                                            site chapters of the Manna Homebuyers Club—one in Anacostia for Horning
                                                                                            Brothers, Inc. and another in Southwest for neighborhood residents sponsored
                                                                                            by NCRC, a quasi-independent entity which subsequently became part of the
                                                                                            Office of the Deputy Mayor for Planning and Economic Development.
                                                                                            While Manna is primarily involved in the development, building, and
                                                                                            sales of affordable homeownership housing to low-income persons, other
                                                                                            important and significant aspects of our work are sometimes overlooked or
                                                                                            not communicated or publicized often by us. These other aspects have taken
                                                                                            on a greater degree of importance in the past 3-5 years because they help low-
                                                                                            income persons become and remain successful homeowners, because they
                                                                                            help other nonprofits, and because they help generate additional revenues for
                                                                                            Manna’s mission and sustainability.
                                                                                            We completed six projects, of which five were affordable housing projects
                                                                                            totaling 57 homes plus an addition for the Potter’s House Church in Adams
                                                                                            Morgan. Our nationally recognized Manna Homebuyers Club had a record
                                                                                            number of graduates ( 31 ), i.e. persons who completed long term counseling
                                                                                            and became first-time owners. Manna counselors and marketing specialists
                                                                                            have always counseled our participants and prospective buyers to use 30-year,
                                                                                            fixed rate loans. We are proud to say that, even with the subprime loan mess,
                                                                                            we are not aware of any Manna owners that have been foreclosed on because
                                                                                            they have subprime mortgages. That’s quite an accomplishment because many
                                                                                            of our buyers have two of the characteristics that are predictors of mortgage
                                                                                            loan defaults - low downpayments and credit issues.
                                                                                            Manna Mortgage went into the black and became known citywide for its
                                                                                            expertise in affordable lending as demonstrated in testimony before City
                                                                                            Council committees and assisting government agencies in understanding
                                                                                            mortgage market intricacies, helping to educate the public about subprime
                                                                                            loans, and assisting AARP and some senior citizens to resolve their cases
    Photo: Gabriela Walsman welcomes us into her condo                                      against predatory lenders.
     at Unity Gardens in the Brentwood, NE neighborhood




4                                                         FRIENDS & SUPPORTERS   FRIENDS & SUPPORTERS                                                                        5
                                                                                                       Silence is not Golden:
                                                                                                       Manna’s Advocacy Helps Reduce Poverty and Build Assets
                                                                                                       Our advocacy program AHA (Affordable Housing Activists ) changed its name
                                                                                                       to ABAAH (Advocates for Building Assets and Affordable Housing) to more
                                                                                                       clearly reflect its mission. ABAAH has ramped up its activity by enlisting
                                                                                                       existing and future low-income homeowners to exercise their political power
                                                                                                       and influence at City Council meetings and other public events on issues and
                                                                                                       policies that directly affect them and their goals of owning a home and moving
                                                                                                       up out of low-income status. One of Manna’s primary advocacy issues is
                                                                                                       reducing long term affordability control periods and restrictions in affordable
                                                                                                       homeownership housing that unfairly prevent low and moderate income
                                                                                                       families from gaining equity in their homes and, therefore, moving up the
                                                                                                       economic ladder through homeownership. In the past year Manna has made
                                                                                                       great strides in convincing elected officials that current, overly-restrictive
                                                                                                       city policies are bad public policy, unfair to low-income buyers, and that there
                                                                                                       is a better alternative model that we propose and are using. As we like to
                                                                                                       emphasize, affordable housing is about people, too, not just bricks and mortar
                                                                                                       and a roof over our heads.
                                                                                                       The Manna@25 Campaign—Still Pursuing Our Goal
                                                                                                       As most of you know, the Manna@25 fundraising campaign was a major focus
                                                                                                       for Manna staff and volunteers. The Campaign doesn’t end until September
                                                                                                       30th of this year, so it isn’t over yet. While our targets were ambitious,
                                                                                                       we’re satisfied with the results achieved through December 31st. Of our $2
                                                                                                       million goal, we had commitments or received funds totaling $1.2 million,
                                                                                                       representing 60% of our goal. Since the beginning of ‘08, we have raised an
                                                                                                       additional $200,000. While we still have more to raise, and are very cognizant
                                                                                                       of the philanthropic environment in the DC area, with your help and the help
                                                                                                       of some others, we’re fairly confident we can reach our goal this year. If you
                                                                                                       haven’t donated yet, please make a contribution and reference Manna@25, or
                                                                                                       call one of us to find out how your money will be spent.
                              2007 EVENTS
                                                                                                       We owe a great deal to our staff who worked tirelessly, and the many volunteers
    >   A Leadership Greater Washington Reception at PNC Bank,                                         who have given their time, talent, and treasure. Manna did not use any outside
        hosted by Craig Pascal and Jim Gray                                                            consultants for this Campaign—not that there’s anything wrong with that. All
    >   The 9th Annual Manna Fun Run/Walk for                                                          fundraising was done in-house and all events were coordinated in-house.
        Affordable Homeownership
                                                                                                       A very special thank you goes out to Susan Kidd, our Chair of the Campaign.
    >   The Manna@25 Houseraising                                                                      And, of course, we thank our Honorary Campaign Committee who are listed
    >   Mannarama – The HOMEcoming Dance - sponsored jointly                                           elsewhere in this report.
        with DC LISC
                                                                                                       Events, Events, Events
    >   A live gig featuring Honky Tonk Confidential at Mackey’s
                                                                                                       Usually Manna holds two fundraising events a year. At the beginning of ’07 it
    >   The 12th Annual Friends of Manna Silent Auction
                                                                                                       was Manna’s objective to hold several events of various sizes, different themes
        and Reception
                                                                                                       for different people, and events that emphasized fun to balance the seriousness
    >   The Manna Car Raffle -                                                                          of our mission. Mission accomplished. So instead of two events, we held seven,
        aka DC’s First “Green” Vehicle Raffle
                                                                                                       which raised money, offered some new venues for our supporters, nearly
                                                                                                       everyone who attended them—we can’t say 100%, you know—had a good or
                    Photo: Jim Graham speaking to the crowd
                                                                                                       great time.
            at the Manna Fun Run/Walk for Affordable Homeownership




6                                                                    FRIENDS & SUPPORTERS   FRIENDS & SUPPORTERS                                                                        7
                                                                                                          2007 Green Building at Manna
                                                                                                          As an affordable housing developer, Manna is concerned with producing homes
                                                                                                          that are affordable both to buy and to maintain. Incorporating energy-saving
                                                                                                          materials and techniques into the construction of a home can dramatically
                                                                                                          reduce its utility bills. Additionally, the use of non-toxic products reduces the
                                                                                                          risk of ailments associated with poor indoor air quality, thereby creating a
                                                                                                          safer, healthier living environment for homebuyers and their families. Lastly,
                                                                                                          in an era of increased concern for the welfare of our planet, we recognize the
                      GREEN BUILDING – SIPS                                                               need to consider how our actions impact our environment both locally and
    Structural Insulated Panels (SIPs) are prefabricated insulated                                        globally.
    structural elements which replace traditional stud or “stick                                          Manna firmly believes that it is of the utmost importance that low-income
    frame” construction. Manna used SIPS at the 2616 Myrtle                                               buyers not be left behind as the green building movement is gaining
    Street project (below) to create a more airtight and quiet
                                                                                                          momentum. However, cost still remains a major obstacle to building
                                                                                                          green projects. Since all our units are sold for home ownership, there is no
    dwelling, that will save the homeowner 12% - 15% in energy                                            opportunity to recoup the incremental costs through energy savings after the
    bills. When you factor in the labor savings resulting from                                            building is occupied, so any extra costs must be passed onto the homeowner.
    shorter construction time and less job-site waste, the cost                                           Any increase in our construction costs, even for something that will ultimately
    of building with SIPS should be about the same as building                                            save the homeowner money, can potentially make the initial mortgage too
                                                                                                          expensive for our lower-income buyers.
    with wood frame construction.
                                                                                                          Despite these challenges, we work hard to implement green measures in
                                                                                                          our projects whenever cost allows. Through a grant from the Home Depot
                                                                                                          Foundation through the Local Initiatives Support Corporation (LISC),
                                                                                                          we purchased blower door and duct blaster testing equipment so that we
                                                                                                          can monitor the quality of our building envelopes and make necessary
                                                                                                          improvements prior to occupancy. We use energy star appliances in all our
                                                                                                          projects. In 2007 we used several new green products, including SIPS panels at
                                                                                                          2616 Myrtle Street, NE and fiber-cement board at 320 V Street, NE.
                                                                                                          During the year we began construction on The Atonatl Condominium, a gut
                                                                                                          renovation project in the heart of historic Mount Pleasant. Thanks, again, to
                                                                                                          funding from the Home Depot Foundation through LISC, we are implementing
                                                                                                          many energy-saving and indoor-air-quality features into the building, foam
                                                                                                          insulation, linoleum flooring, higher-efficiency heat pumps, and no VOC paints.
                                                                                                          We also received a Green Communities Grant for this project from Enterprise
                                                                                                          Community Partners and will adopt Enterprise’s Green Communities Criteria,
                                                                                                          a set of green building guidelines that was developed specifically for affordable
                                                                                                          housing developments.
                                                                                                          For the past few years, we have been working to build capacity so as to
                                                                                                          ensure a long-term commitment to green within our organization. With
                                                                                                          Manna’s support, one of our staff architects earned the LEED-AP designation
                                                                                                          (Leadership in Energy and Environmental Design). Last year Manna sent
                                                                                                          four employees from the Design and Construction departments to CNHED’s
                                                                                                          Affordable Green seminar, and three employees from the Design Department
                                                                                                          to a Green Building Workshop given by the San Francisco Institute of
                                                                                                          Architecture. In addition, many staff persons participate in green building
                                                                                                          seminars online, and our Greening Manna Committee meets regularly to
                                                                                                          examine new ways to “green” the Manna office.
    Photo: Structural Insulated Panels being errected at 2616 Myrtle Street, NE.




8                                                                       FRIENDS & SUPPORTERS   FRIENDS & SUPPORTERS                                                                        9
                                                                                                  Dealing with Macro and Micro Economic Issues
                                                                                                  While the market for affordable homeownership remains strong, events
                                                                                                  affecting the overall economy can have dramatic effects on Manna as well
         THE SUBPRIME LOAN CRISIS AND MANNA                                                       as for-profit developers. We want you to know that Manna has always been
                                                                                                  prudent and attentive to financial and risk management. We know from real
     By now all of you reading this have heard and read about the                                 estate cycles in the past that when an overall real estate market is strong
     subprime loan crisis which was precipitated by too                                           for a long time, there will come an end, though it’s difficult to predict the
     much aggressive and greedy lending using adjustable rate                                     timing. Over the past 10-15 months Manna took steps to reduce its real estate
                                                                                                  risk—without affecting its production—so we would be able to weather a
     mortgages.
                                                                                                  downturn when it came. Those actions included increasing the number of
             We can state categorically that in Manna’s 25 years,                                 tenant preservation projects, stopping development of a high risk warehouse
     we have always recommended 30-year, fixed rate loans to                                       renovation and conversion project, continuing to emphasize our technical
     and for our buyers. Of course, we cannot guarantee that our                                  assistance practice, maintaining sufficient lines of credit for emergencies,
                                                                                                  and other measures. As a result, going into 2008 our inventory situation was
     buyers obtain fixed rate mortgages, but they generally follow
                                                                                                  low, and Manna’s financial position was becoming stronger despite a faltering
     our advice. In Manna Mortgage’s five years of existence, it                                   economy. That’s not to say Manna doesn’t need outside support; we do! We
     has never placed a permanent loan other than a 30-year,                                      think it means that we’re very careful how we use the funds we’re given, and it
     fixed rate loan, with the exception of reverse mortgages for                                  means experience has taught how to anticipate and deal with potential risk.
     senior citizens which help many who need financial                                            The desire of low-income families and individuals to become homeowners
     assistance in retirement to responsibly use some equity from                                 has not abated. While mortgage underwriting standards have become more
     their properties without selling and without exposing the                                    stringent, Manna is confident that it can help those who have the desire and
     owner to any payment risk.                                                                   income to become successful homeowners. We are comfortable with our level
                                                                                                  of inventory, our stable and competent staff, our pipeline of affordable housing
             As a result, during the past two years of the subprime
                                                                                                  projects, and our level of financial resources. Over the years Manna has not
     mess, and going back further, Manna is not aware of any of                                   hyped expectations nor exaggerated problems. Even with the roiling of the
     our buyers who have been foreclosed on. The overwhelming                                     financial and mortgage markets, we are optimistic about operations for 2008
     number of our buyers do opt for 30-year, fixed rate loans. We                                 and 2009.
     are aware of only two Manna homeowners who are probably                                      Financial Summary
     subject to foreclosure, but that’s as a result of getting sub-
                                                                                                  To summarize our operations for the year, we settled 57 homes. We had total
     prime loans for refinancing against our recommendations.                                      revenues of $8,739,593, up from the previous year, that yielded a net income of
             Manna Mortgage believes that about 50% of the                                        $1,585,647. Our net assets grew from $3,199,250 in 2006 to $4,784,897 at the
     10,000+ homeowners in DC who currently have subprime                                         end of 2007. Obviously the Manna@25 Campaign helped our bottom line, but
     loans could qualify for responsible fixed rate mortgages.                                     even without the Campaign, Manna’s results from operations would have been
                                                                                                  positive and solid.
     Identifying those owners and helping them understand how
     they could save thousands of dollars each represents a major
     challenge for us that we have been trying to address.                                        Rev. Jim Dickerson                      George Rothman
                                                                                                  Founder & Chair                         President & CEO




10                                                               FRIENDS & SUPPORTERS   FRIENDS & SUPPORTERS                                                                    11
                                                                                                     HIGHLIGHTS & ACCOMPLISHMENTS
                                                                                                     Affordable Homeownership, Projects & Construction
                                                                                                     – 57 new homeowners
                                                                                                     – Started construction on the following:
                                                                                                          – The Atonatl Condominium in Mt. Pleasant
                                                                                                          – 3045 15th Street project for Latin American Youth Center
                                                                                                          – The Valencian Condominium in Columbia Heights
                                                                                                     – Negotiated development agreements with the following:
                                                                                                          – Denver & Naylor Tenants Associations and purchased properties for
                                                                                                            development and their benefit
                                                                                                          – The 1029 Perry St. Tenants Association and purchased the property for
                                                                                                            development and their benefit
                                                                                                     – Negotiated an acquisition contract for the 2922 Sherman Avenue Tenants
                                                                                                       Association to purchase their building after forming a limited equity coop for
                                                                                                       that purpose
                      SPECIAL HIGHLIGHT –                                                            – Closed on Financing:
                     MANNA MORTGAGE CORP.                                                                 – Construction financing for Phase 3, Madeline Gardens Condo in
                                                                                                            Trinidad, NE
     In 2007, Manna Mortgage began to soar, as it (1) provided
                                                                                                          – Construction financing for the Valtisse Condominium in Brentwood, NE
     loan qualifications and education to over 600 individuals,
                                                                                                          – Construction financing for The Belgrove Condominium, SE
     including tenants purchasing in their buildings; (2) helped to
                                                                                                          – Acquisition financing for New Beginnings Coop in Columbia Heights, NW
     persuade the Committee on Public Services and Community
     Affairs of the City Council that new legislation was needed for                                 – Completed construction of:
     stronger and more easily understandable disclosure which                                            – 1340 Fairmont St. Condominium, NW
     resulted in passage of the requirement for a one page red                                           – Madeline Gardens Condominium, NE
     paper disclosure on all non-fixed payment loans; (3) authored                                        – 1441 Fernwood Condominium, NW
     a series of monthly articles in local publications to educate                                       – Unity Gardens Condominium, NE
     readers about first-time buying opportunities and how to                                             – 2616 Myrtle Avenue, NE
     avoid subprime and high cost loans.                                                                 – The Valtisse Condominium, NE
     In addition, Manna Mortgage:                                                                        – An addition to the Potter’s House Church
     >  Closed 66 loans valued at $9.1M with an average amount                                           – The Girls House for Latin American Youth Center
        of $138,000;
                                                                                                     Education Programs (Homebuyers Club; IDAs)
     >   Borrowers had an average household income of 44% of
                                                                                                     – 31 graduates, including 24 IDA participants; 25 purchased Manna properties
         the area median household income, or $41,300;
     >   Introduced reverse mortgages into its product line;                                         – 15 members under contract as of end of year

     >   Reached financial break-even during the year                                                 – 250 members at EOY
                                                                                                     – Started using Home Counselor Online (HCO) for tracking data on clients
                                                                                                     – Recorded our first Marriage Development Account (MDA) settlement. The
                                                                                                       member saved $3,000 and received $12,000 at settlement, and purchased a
                                                                                                       Manna condo (1441 Spring Road)
                        Photo: Ana and Jose Equivel complete
            the final settlement process for their affordable Manna condo                             – Kelvin Austin, an IDA member, was featured on the Beehive.org website
           in the rapidly gentrifying Columbia Heights, NW neighborhood.                               of One Economy Corporation, a national nonprofit whose mission is to



12                                                                         HIGHLIGHTS   HIGHLIGHTS                                                                                 13
                                                                                        maximize the potential of technology to help low-income people improve
                                                                                        their lives and enter the economic mainstream. The video series will follow
                                                                                        his progress in purchasing a home.
                                                                                      – Formed an advocacy group called Homeowners Advocacy Team with HBC
                                                                                        members to campaign for economic justice in affordable homeownership to
                                                                                        eliminate long-term affordability restrictions on low-income homeowners in
                                                                                        the District of Columbia. The group meets monthly.
                                                                                      – Started an offsite Homebuyers Club for the Horning Brothers project, “The
                                                                                        Townhomes of Stanton Square,” to be developed in Anacostia.
                                                                                      Community Building And Tenant Organizing
                                                                                      – Manna organizers coordinated and organized over 40 meetings with
                                                                                        members of tenant, condominium and cooperative associations on issues
                                                                                        related to capacity building, community outreach, legislation affecting
                                                                                        affordable housing, pre-purchase mortgage readiness and marketing
                                                                                        assessment as well as holding together tenants in tenant associations whose
                                                                                        buildings were being converted to condominiums.
                                                                                      – Organized an outreach effort to support a tenant purchase project at 2922
                                                                                        Sherman Ave for securing financing and for the renovation of the building.
                                                                                        Sought and received more than 30 letters of support from Councilmember
                                                                                        Graham, ANC commissioners and several other community stakeholders.
                                                                                      – Provided outreach effort to support a city-sponsored demonstration project
                                                                                        in the Ivy City neighborhood for which Manna had been awarded an RFP.
                                                                                        Secured support from ANC commissioners, the Ivy City Task Force, and other
                                                                                        stakeholders.
                                                                                      – Re the Campaign for Economic Justice and Affordable Homeownership:
                                                                                        Manna launched a campaign to educate City Council members, future
                                                                                        homeowners and city officials on the issue of long term affordability
                                                                                        restrictions. The fair solution proposed by Manna is structured in a
                                                                                        recapture/recycle model that benefits stakeholders in the system.
                                                                                      – Provided translation and interpretation services, which included written
                                                                                        materials as well as oral interpretation, to tenants in Manna preservation
                                                                                        projects. Legal documents, marketing materials, memos, and notices were
                                                                                        translated at Manna on a regular basis in coordination with other Manna
                                                                                        departments.
                                                                                      Advocacy
                                                                                      – Changed name of Affordable Housing Activists (AHA) to Advocates for
                                                                                        Building Assets and Affordable Housing (ABAAH)
             THE KEY–                                                                 – Advocated in support of reasonable—not severe—affordability restrictions
     HOMEOWNERSHIP & OPPORTUNITY                                                        relating to the production of affordable homeownership housing
                                                                                      – Worked with other nonprofits and councilmembers to continue to secure full
                                                                                        funding for the Housing Production Trust Fund
                                                                                      – Continued to support only very limited securitization of the assets of the
                                                                                        Housing Production Trust Fund
                                                                                      – Assisted in securing funding for buyers participating in Individual
                                                                                        Development Account (IDA) programs
                                                                                      – Helped prevent the foreclosure of an affordable cooperative in Southeast
             Audrey Proctor proudly display the keys
                                                                                      – Various public testimony by Jim, George, Mario, Ryan Juskus and Elizabeth
     to her new condo at Madeline Gardens in Trinidad, NE                               Elia before City Council committees




14                                                          HIGHLIGHTS   HIGHLIGHTS                                                                               15
                                                                                                      Organizational Development And Capacity Building
                                                                                                      – Added a bi-lingual marketing specialist to Manna’s marketing staff
                                                                                                      – Added a customer relations specialist to the Homeowner Support & Property
                                                                                                        Management staff
                                                                                                      – Retained a pro bono architect to mentor young staff architects
                                                                                                      Fundraising & Public Relations
                                                                                                      – Launched Manna’s first E-Newsletter
                                                                                                      – Realized a strong year in fundraising, raising $1.2 million + $1.25 million for
                                                                                                        Manna@25
                  THE KEY–
                                                                                                      – Held seven successful events, including:
          HOMEOWNERSHIP & OPPORTUNITY
                                                                                                          – Leadership Greater Washington Reception at PNC Bank with Craig
                                                                                                            Pascal and Jim Gray
                                                                                                          – 12th Annual Friends of Manna Reception at Carnegie Institution with
                                                                                                            award-winning TV news journalist Susan Kidd as Honorary Chair
                                                                                                          – 1st “Green” Car Raffle in DC giving away a Mini Cooper, a Vespa, and a
                                                                                                            Segway (in combination with Friends of Manna)
                                                                                                          – 9th Annual Manna 5K Fun Run/Walk with DC Councilmember Jim
                                                                                                            Graham as Honorary Chair
                                                                                                          – The 2007 Manna HouseRaising, involving more than 300 volunteers
                                                                                                            building a 3-story house in six weeks
                                                                                                          – Mannarama – the HOMEcoming Dance
                                                                                                          – Honky Tonk Confidential at Mackey’s Public House
                                                                                                          – NeighborWorks Week event at Unity Gardens Condominium in
                                                                                                            Brentwood (NE) with the Office of the Comptroller of the Currency and
                                                                                                            NeighborWorks America
                                                                                                      Administration & General
                                                                                                      – Administrative overhead was 11.1% of total revenues based on total impact
                                                                                                      – Completed, in conjunction with Manna CDC, a smooth spinoff and transition
                                                                                                        of Manna CDC into ONE DC, a new nonprofit led by Dominic Moulden
                                                                                                      – Presented Sarbanes-Oxley training session for Board of Directors
                                                                                                      – Manna Board voted to institute and performance evaluation procedure for
                                                                                                        itself
                                                                                                      – Reporting to government agencies and philanthropic organizations was
                                                                                                        timely accomplished
                                                                                                      Construction And Design
                                                                                                      – Manna staff architect Alexis Smith became a LEED-AP (Leadership in Energy
                                                                                                        and Environmental Design – Accredited Professional)
                                                                                                      – Increased staff capacity regarding “green building” techniques and materials
                                                                                                      – Increased capacity by adding an additional architect and future permit
                                                                                                        specialist to staff
                                                                                                      – Continued strong partnership with YouthBuild Public Charter School
                  Phase 3 of Madeline Gardens Condominium
       represents the last part of the Manna project that catalyzed the
     revitalization of the 1200 Block of Holbrook Terrace in Trinidad, NE




16                                                                          HIGHLIGHTS   HIGHLIGHTS                                                                                  17
                                                                                                      Homeowner Training, Support & Property Management
                                                                                                      – Manna-trained community associations show more financial responsibility
                                                                                                        by proposing and adopting an increase in monthly maintenance fees
                                                                                                      – Increased capacity by adding a customer relations specialist to staff
                                                                                                      – All Manna-managed homeowner associations showed a positive cash flow
                                                                                                      – The number of warranty calls declined (this department serves as an
                                                                                                        independent inspector for Manna projects)
                                                                                                      Challenges & Disappointments
                                                                                                      – The rapidly changing and unpredictable actions in the mortgage loan
                                                                                                        underwriting process has been greatly affecting existing and prospective
                                                                                                        buyers
                                                                                                      – Managing a greatly increased workload in accounting resulting from auditor
                                                                                                        demands and requirements from auditors and funders along with our
                                                                                                        property management and project management departments
                                                                                                      – Lack of suitably priced properties to accommodate the demand from our
                                                                                                        customers
                                                                                                      – Low, but improving, participation of homeowners at community association
                                                                                                        meetings
                                                                                                      – Incorporating “green building” into projects because of substantial
                                                                                                        incremental costs
                                                                                                      – Whitelaw refinancing with DHCD still not completed
                                                                                                      – Establishing better collection procedures for delinquent accounts in property
                                                                                                        management
                                                                                                      – Finding new construction personnel that have good future potential with the
                                                                                                        organization
                                                                                                      – Responding to a rapidly changing regulatory environment
                                                                                                      – Getting Homebuyers Club members to respond to reminder notices regarding
                                                                                                        attendance at meetings.
                                                                                                      – Fifteen members of the IDA program were dropped from the program
                                                                                                        because of poor meeting attendance or failure to meet required savings goals
                                                                                                      – Strengthening the participation of the off-site Stanton Square HBC
                     THE KEY–
                                                                                                      – Finalizing the startup of the Homebuyers Club in the Southwest waterfront
             HOMEOWNERSHIP & OPPORTUNITY
                                                                                                        neighborhood




     Photo: Manna’s Myrtle Street house in the Woodridge neighborhood, NE




18                                                                          HIGHLIGHTS   HIGHLIGHTS                                                                                 19
                                                                             MANNA IN THE NEWS
                                                                             Major Newspapers
                                                                             – Washington Post- 11/21/06, Marc Fisher’s Column “Homebuyers Patience,
                                                                               Persistence Pays Off” interviews new owners at Manna’s Madeline Gardens
                                                                             – Washington Post- 1/07, Jim Dickerson quoted on Inclusionary Zoning
                                                                             – Houston and Denver Papers- 3/25/07, Jim Dickerson featured in Neal Peirce
                                                                               article about subsidy recapture, equity and affordable homeownership
                                                                             – Wall Street Journal- 3/23/07, Manna Mortgage and Frank Demarais featured
                                                                               in “Giving Back: Nonprofits Target Mortgage Ills”
                                                                             – Washington Post- 9/2/07, Manna was quoted in the article on income
                                                                               discrepancy among minorities in DC
                                                                             – Washington Post- 9/15/07, Manna’s Douglas Street warehouse was featured in
                                                                               the Real Estate section
                                                                             – Washington Post- 10/1/07, Manna mentioned in article on Mt. Pleasant
                                                                             – Washington Post- 12/22/07, “Housings Helping Hands” by Allan Lengel
                                                                               featured Manna on the front page of the Real Estate section
                                                                             News Events
                                                                             – NeighborWorks America, Manna and Marshall Heights CDO joint news
                                                                               event, coordinated by the Ad Council, that addressed predatory lending
                                                                             – Calvert Foundation- 6/26/07, recognized Manna as 1 of 7 national “”anti-
                      TELEVISION & RADIO                                       predatory lenders” at a national press conference where George Rothman and
                                                                               Frank Demarais participated
     – WRC-TV (Channel 4)- 4/5/06, “What’s Working”                          Industry Publications
       -Susan Kidd highlights Manna’s Homebuyers Club
     – NBC Affiliates- 11/06, Video on Manna distributed by                   – Citibank in Your Community- Summer ’06, Citibank’s national newsletter,
       Mennonite Media                                                         headlined Manna (“Manna Heralds More Than 800 First Time Homebuyers”)
     – WRC-TV (Channel 4)- 10/31/07, “What’s Working”                        – SHELTERFORCE- Summer issue, article entitled “Long Time Coming” written
       -featuring Manna’s HouseRaising 2007                                    by Manna’s Ryan Juskus and Elizabeth Elia
     – WAMU- 6/29/07, - Jim Dickerson discusses affordable                   Community Publications
       housing on the Kojo Nnamdi Show
                                                                             – InTowner- May, Jim Dickerson featured in “DC’s Historic Preservation
                                                                               Process” about gentrification, preservation and affordable housing
                                                                             – East of the River & DC North newspapers- October, “Immediate Action Can
                                                                               Save Your Home from Foreclosure” by Frank Demarais of Manna Mortgage
                                                                             – Washington Diocese of the Episcopal Church- October, Article on Manna’s
                                                                               HouseRaising
                                                                             – DC North - November, Jim Dickerson and Frank Demarais authored an op-ed
                                                                               piece titled “To Solve the Mortgage Mess:Empower the Consumer”
                                                                             – Current Newspapers- November, “25-year Old Nonprofit Makes Buying a Less
                                                                               Daunting Task”
                                                                             – East of the River & DC North newspapers- November, “Protecting Your
                                                                               Home and Family from Mortgage Mistakes…” by Frank Demarais of Manna
                                                                               Mortgage
                   The “Raising” in HouseRaising (literally)




20                                                             NEWS   NEWS                                                                             21
PROJECTS, CLIENTS & PARTNERSHIPS                                                                              PROJECT

                                                                                                              Savoy Court
                                                                                                                                          TYPE

                                                                                                                                          Low-rise condo
                                                                                                                                                                UNITS

                                                                                                                                                                  6
                                                                                                                                                                           ROLE

                                                                                                                                                                           Sales
                                                                                                                                                                                                   OWNER/PARTNER

                                                                                                                                                                                                   Building Ptshps
                                                                                                              210 Oakwood St., SE         Preservation
2007 COMPLETIONS                                                                                              Congress Heights
PROJECT                     TYPE                      UNITS    ROLE                         OWNER/PARTNER     2352 High Street, SE        Low rise                         Design                  Safe Haven
                                                                                                              Anacostia                   Affordable condo                                         Ministries
1340 Fairmont St., NW       Low-rise condo            16       Dev. Services, Design &      1340 Fairmont
Columbia Heights            Preservation                       Mkg, Construction            Coop              Woodley House               Low rise                         Design                  Woodley House,
                                                                                                              2711 Connecticut Ave. NW    Renovation                                               Inc.
Madeline Gardens            Low-rise condo            30       Developer/Owner/Builder Manna, Inc.
                                                                                                              Woodley Park
Trinidad, NE                Preservation
                                                                                                              Cresthill                   Low rise                         Design                  Cresthill Residents
1441 Fernwood Condo         Low-rise condo            13       Developer/Owner/Builder Manna, Inc;
                                                                                                              1430 Belmont St., NW        Renovation                                               Assn
1441 Spring Road, NW        Preservation                                               Tenant Assn
Columbia Heights                                                                                              526 Kenyon St., NW          Low rise                         Design                  526 Kenyon
                                                                                                                                          Renovation                                               Tenants Assn
Unity Gardens Condo         Low-rise condo            12       Developer/Owner/Builder Manna, Inc;
1390 Bryant St., NE         Preservation                                               Tenant Assn
2616 Myrtle St., NE         Single family detached    1        Developer/Owner/Builder Manna, Inc
Woodridge                   New construction                                                                  2009 & BEYOND PIPELINE
The Valtisse Condo          Townhouse condo           2        Developer/Owner/Builder Manna, Inc             PROJECT                     TYPE                    UNITS ROLE                          OWNER/PARTNER
320 V St., NE               New Construction                                                                  Ivy City Demonstration Proj. TH Piggyback condo     20        Developer/Owner/Builder Manna, Inc.;
Eckington                                                                                                     Kendall St.& Capitol, NE     New construction                                         MiCasa
                                                                                                              Ivy City
Potter’s House              Commercial Addition                Design/Construction          Potter’s House
Mt. Pleasant, NW                                               Management                   Church            Charter School Renovation   Gut Renovation                    Construction Manager      Latin American
                                                                                                                                                                                                      Youth Center
Girl’s House                Large rowhouse                     Design/Construction          Latin American
3043 15th St., NW           Renovation                         Management                   Youth Center      Stanton Square            Townhouses                    63    Sales & Marketing         Horning Bros.
Columbia Heights                                                                                              Stanton & Pomeroy Rds.,SE New construction                                              Inc
Verona Parc and             Mid-rise condos           13       Sales/Lottery Manager        Jair Lynch Cos;
Barcelona Condos            New construction                                                Triangle II LLC

                                                                                                              2007 CLIENTS                                      PROGRAM PARTNERSHIPS
2008 CONSTRUCTION & TECHNICAL ASSISTANCE ACTIVITY                                                                                                               Lead Safe Washington
                                                                                                              Technical Assistance Clients
PROJECT                       TYPE                   UNITS    ROLE                       OWNER/PARTNER        Horning Brothers, Inc.                            DC Dept of Housing and Community Dev.
The Valencian                 Rowhouse condo           2      Developer/Owner/           Manna, Inc.          Jair Lynch Development Partners                   Coalition to End Childhood Lead Poisoning
3229 11th St., NW             Gut Renovation                  Builder                                         Latin American Youth Center                       Howard U. Center for Urban Progress
Columbia Heights                                                                                              AmeriDream, Inc.                                  Manna
The Atonatl Condo             Low-rise condo          12      Developer/Owner/           Manna, Inc.          Building Partnerships, LLC
3125 Mt. Pleasant St., NW     Preservation                    Builder                                                                                           National Community-Based Lead Outreach
Cardozo Court Condo           Low-rise condo          12      Developer/Owner/           Manna, Inc
                                                                                                                                                                & Training Program
                                                                                                              Design Clients (Studio M)
1343 Clifton St., NW          New Construction                Builder                                                                                           Alliance for Healthy Homes
Columbia Heights                                                                                              526 Kenyon St. Tenants Association                Manna
Willowbrook Condo             Low-rise condo          16      Developer/Owner/           Manna, Inc; Tenant   Jair Lynch Development Partners                   Safe Haven Ministries
1029 Perry St., NE            Preservation                    Builder                    Assn                 Latin American Youth Center
Brookland                                                                                                     Open Arms Housing, Inc.
Belgrove Condo                Low-rise condo          25      Developer/Owner/           Manna, Inc; Tenant   Potter’s House Church
Naylor & Denver Sts., SE      Preservation                    Builder                    Assn                 Safe Haven Ministries
New Beginnings Coop           Ltd. equity coop        15      Dev. Services/General      New Beginnings
2922 Sherman Ave., NW         Preservation                    Contractor                 Coop




22                                                                                                 PROJECTS   PROJECTS                                                                                                   23
DONORS                                                                    $10,000 and above
                                                                          Anonymous Donor
                                                                                                                         $1,000 and above
                                                                                                                         America’s Community Bankers
                                                                          Clark Winchcole Foundation                     Building Partnerships
$100,000 and above                                                        John and Linda Darr                            City First Bank of D.C.
                                                                          Deutsche Bank                                  City Vista
Bank of America Foundation                                                First American Homeownership Foundation        Commerce Bank
DC Department of Housing and Community Development                        Morgan Stanley                                 Community Foundation for the National Capital
                                                                          Elizabeth Palmberg                                  Region
Fannie Mae Foundation Fund                                                Spring Creek Foundation                        Comptroller of the Currency of the U.S. Treasury
   of The Community Foundation for the National Capital Region            Wachovia                                       Charles Delmar Foundation
NeighborWorks America                                                                                                    Development Corp. of Columbia Heights
                                                                                                                         St. Dunstan’s Episcopal Church
                                                                          $5,000 and above                               Lynne and David Eggert
                                                                                                                         Richard and Lois England
$50,000 and above                                                         BB&T
                                                                                                                         The Financial Services Roundtable
                                                                          BNP Paribas
The Morris and Gwendolyn Cafritz Foundation                                                                              Forest City Washington
                                                                          Tom and Julie Cooke
Citigroup                                                                                                                Cathy Gebhard and John C. Willett
                                                                          Federal Home Loan Bank of Atlanta
                                                                                                                         Gimbert Associates
Community Development Support Collaborative                               Jim and Liz Griffin
                                                                                                                         Norman M. Glasgow Jr.
Fannie Mae                                                                HSBC Securities
                                                                                                                         Judith N. Herr
Local Initiatives Support Corporation                                     St. John’s Church, Georgetown
                                                                                                                         Thomas E. Hewitt, III
                                                                          Merrill Lynch Government Securities
                                                                                                                         Joe Higdon & Ellen Sudow Fund of The Community
                                                                          PNC Bank                                            Foundation for the National Capital Region
                                                                          Temple Inland Foundation                       The Hill Snowdon Foundation
$25,000 and above
                                                                          United Way of the National Capital Area        Hovde Financial
Countrywide                                                               Mr. and Mrs. James S. Williams                 Harriet M. Ivey
Freddie Mac                                                                                                              Joan H. Jackson
Mr. and Mrs. Joseph F. Horning, Jr.                                                                                      Klein Hornig
                                                                          $2,500 and above                               Lynch Development Partners
James A. Johnson & The Johnson Family Fund
                                                                          Dorothy G. Bender Foundation, Inc.             Sue Marshall
Thomas M. Leahey                                                                                                         Raymond S. Martin and Luann Habegger Martin
                                                                          J. Daryl and Cynthia Byler
Seedco                                                                    Chevy Chase Bank                               Madeline Carole McCullough Foundation
Robert A. Stewart                                                         Federal Home Loan Banks Office of Finance       Marilyn McDonald
SunTrust Bank                                                             K&L Gates                                      Mr. and Mrs. Randall H. McFarlane
                                                                          LaSalle Hotel Properties                       Posner-Wallace Foundation
Washington Area Women’s Foundation
                                                                          Marriott                                       Jacqueline V. Prior and Michael J. Lavelline
                                                                          Mortgage Bankers Association of Metropolitan   Alice M. Rivlin
                                                                              Washington                                 George K. Rothman
                                                                          National Association of Realtors               Jim & Patty Rouse Charitable Foundation, Inc.
                                                                          NCB & NCB Capital Impact                       Michael and D. Salzberg Philanthropic Fund
                                                                          Nomura Securities International                Seekers Church
                                                                          Phase Foundation                               Nicholas and Jennifer Serenyi
                                                                          Terrence D. Straub and Elizabeth Shepard       William C. Smith & Co.
                                                                                                                         Michael and Evangeline Tierney
                                                                                                                         John G. Uhar
                                                                                                                         Vanguard Charitable Endowment Program
                                                                                                                         The Washington Post
                                                                                                                         Judith Werdel




24                                                               DONORS   DONORS                                                                                     25
$500 and above                               Belinda L. Winslow                            George Thomas                              Mortgage Bankers Association of Metropolitan
Anonymous                                    Christopher T. Winslow                        Mr. and Mrs. Ron T. Thompson                    Washington
Augsburg College                             Michael and Mary Young                        Brian and Lise Tracey                      Patricia Nemore and Pat Conover
Lyle and Diane Brenneman                                                                   John and Donna Tydings                     Wayne and Mary Petrin
Harold R. Bucholtz                           $250 and above                                S. Jean van der Tak                        Shari Lawrence Pfleeger and Charles Pfleeger
Anne Burling                                                                               Thomas and Karen Vartanian                 Constance G. Ridgway
                                             Donna Attanasio and Donald J. Francis
James D. Campbell and Nancy L. Hooff                                                       Greg and Laura Watchman                    Seton Enablement Fund, Inc.
                                             Patricia Baker
Daniel E. Charles and Brigid R. McCarthy                                                   Bayla E. White                             Joshua Silver
                                             Wilfred “Frenchy” Charest
CIH Properties                                                                             Charles F. B. Wilding-White                Sisters of Charity of the Blessed Virgin Mary
                                             Carolyn Coldren
Coan & Lyons                                                                               Andrew E. Winslow                          Sisters of the Presentation of the Blessed Virgin
                                             James H. Chessen and Patricia C. Brennan
                                                                                           Michael Zamore and Abigail Smith                Mary
Community House Church                       Clement Dinsmore
                                                                                                                                      Sisters of St. Francis of Philadelphia
Council of Federal Home Loan Banks           Edward Donahue
                                                                                           Capstone Fund Investors 2007               Lauren Sorkin
Michael E. Cutler and Dale Susan Rosenthal   Ruth A. Dudgeon
                                                                                                                                      SSM International Finance, Inc.
Douglas and Joan Dodge                       Bainbridge and Ellen Eager                    W. Shepherdson Abell                       St. Stephen’s Housing, Inc
David and Wendy Dorsey                       Daniel and Toby Edelman                       Adas Israel Sisterhood                     John Swarr and Eva Beidler
Lucinda Emmet                                Brenda K. Edwards                             Mary Lee Barker                            Tzedec Economic Development Fund
Rita and John Fair                           Exxon Mobil Corporation                       Thomas C. Brown                            Bernard Veuthey and Cora Shaw
Ferris, Baker Watts                          Fred Fardshiseh                               Dolores Bucknam                            Emily and Mitch Wander
Alexandra B. Harvey                          James A. Feldman and Natalie Wexler           Stephen W. Burks                           Kay Jaki Washington
William and Flora Hewlett Foundation         John Fisk and Stacey Kean Fisk                Calvert Foundation                         Washington Community House Church
Harvey Fox and Diane Sterman Fox             Christina Gattuso and Deborah Redmond         CASEP                                      Frances Wright
Terrance and Janice Hill                     Jim Graham                                    Carol Cavanaugh                            Glen and Deborah Yakushiji
James and Cynthia Hinchman                   Mr. and Mrs. Joseph H. Guttentag              The Congregation of the Humility of Mary   Randy Yee and Kathleen Madden Yee
Robert Kaiser and Hannah Jopling             Tobias J. Halliday and Dorothy Rosenbaum      Tom and Julie Cooke                        Eric Young
Jeffrey Kerwin                               Joel D. Heisey                                Lynn Cunningham and Dorothy Remy           Kenneth and Charlotte Young
Phyllis and Ira Lieberman                    Mark and Ann Marie Hogan                      Rosalie Dance and Adrian Bishop            Mary and Michael Young
Gregory J. Melanson                          Helen C. Hopkins                              Reverend James Dickerson                   A. William Zavarello Co., LPA
McKee Nelson                                 Michael Kreft                                 Clement Dinsmore
Mizuho Securities USA                        Richard Little                                H. R. Duhn and Kathleen Saunders
Andrea Moro                                  Theodore and Willa Lutz                       The Episcopal Diocese of Iowa
                                                                                                                                      In Memory of John Fair
Anita Morrison                               Mira Nan Marshall                             The F.B. Heron Foundation                  Carroll and Suzanne Bray
Mortgage Bankers Association                 R.E. Mason Company, Inc.                      Michael Fay                                James Cirona
Mr. and Mrs. Robert Perez                    Mr. and Mrs. Sean McColl                      Gail Harmon                                Rebecca A. Evans
Richard J. Perry, Jr.                        G. Edward Means and Rosalinda Silva-Means     Marja Hilfiker                              J. Noel Fahey and Kathleen O’Rourke Fahey
Claudia Pharis                               Mr. and Mrs. Wayne Miles                      Joseph F. Horning, Jr.                     Lydia A. Ferrarese
Wesley C. Pickard and Jeanette A. Studley    Dominic T. Moulden and Linda M. Wallace       Thomas and Carolyn Hubers                  Willena Kamp
Ira and Marilyn Polon                        John and Joan Norcutt                         Susan Jennifer Johnson                     Donald and Ann Kruszewski
Whayne S. Quin                               Northeast Iron Works, Inc.                    Jodi and Alan Kanner                       Randall and Carolyn McFarlane
Franklin D. Raines                           Richard J. Perry, Jr.                         Kittamaqundi Community                     Sara and Michael Middleton
William H. and Nancy Schneider               Robert and Dorothy Pohlman                    Michael Kreft                              Joseph and Frances Moran
Michael Smith                                John D. Reilly                                Langley Hills Friends Meeting              John and Joan Norcutt
Flint Steeples                               John and Susan Rosenthal                      Lara Levison                               J. Denis O’Toole
Rosalie Targonski                            Eric and Rachel Rothberg                      Gloria Lowery                              Richard J. Perry, Jr.
Telesis Corporation                          Ann Satterthwaite                             Marilyn Marcosson                          Adrienne Price
Bonnie Thomson and Eugene Tillman            Ellen S. Seidman                              Jeanne and Steven Marcus                   Joan and Nicolas Retsinas
Viner Foundation                             Francis G. and Sally Q. Smith                 Elizabeth Martin                           Dean Schultz
James and Julia Wallace                      Sparks & Associates, Inc.                     Raymond and Luann Martin                   Robert and Mary Showfety
Jim Wallis and Joy Carroll                   Jean G. Stromberg                             Colleen McCarthy and Arthur Laffin          Deborah and Tom Silberman
Washington First Bank                        Mr. and Mrs. Walter H. Sullivan               Marilyn McDonald                           Carl and Patricia Spellacy
Jonathan Weinstein and Stacie Isenberg       Tin Tai                                       Michael J. Missal                          Rosalie Targonski
John C. Wiecking                             L. David Taylor



26                                                                                DONORS   DONORS                                                                                     27
Pro Bono Professional Services            Dopkin Doors                                      Round House Theatre                               Volunteer Groups 2007
Arnold & Porter                           Duke’s City Restaurant and Lounge                 Safeway                                           All Souls Unitarian Church
    Michael Goodwin                       Elizabeth Arden                                   Salon Cielo                                       Bank of America
    Cynthia Giordano                      Embassy Suites Hotel                              Salon Jean Paul                                   CAAB
    Nate Gross                            Equinox                                           Sears Contract Sales                              Calvert Foundation
    Brian Israel                          Fannie Mae Foundation                             Shakespeare Theatre                               Church of the Resurrection
    Charles Malloy                        Flow Yoga Center                                  Signature Theatre                                 Citibank
Morgan, Lewis & Bockius                   FONZ-National Zoological Park                     Southwest Airlines                                DC Kiwanis
    Tomer Inbar                           Freed Photography                                 St. Mark’s Yoga Center                            Discovery Channel
    Ann Batlle                            GMU Athletics Department                          Star Restaurant Group                             Fannie Mae
    Eric Bord                             GMU Center for the Arts                           Strathmore Hall Foundation                        Federal Home Loan Banks Office of Finance
    Edward Chaney                         Galliher & Huguely                                Studio Theatre
    Yun Jae Chun                                                                                                                              Home Assistance Council
                                          George Washington University Athletics            Tabard Inn                                        LaSalle Hotel Properties
    Corrie Fischel Conway                 Giant Foods                                       The Aspen Hill Club
    Kimberly Eney                                                                                                                             LAYC - Youth Build
                                          Global Building Supply                            The Kreeger Museum                                LISC
    William Hoops
                                          Gold’s Gym International                          The Majestic                                      Mortgage Bankers Assoc. of Metro Washington
    Henry Liu
    Drew Porter                           Great American Restaurants                        Unity Woods Yoga Center                           NCB & NCB Capital Impact
    Tom Reinert                           Greater Victory Baptist Church                    Urban Petals Floral Design                        NeighborWorks America
    Jim Sims                              Hank’s Oyster Bar                                 US Vinyl Corp                                     Northwestern University Students
    Alexis Thomas                         Hillwood Museum                                   Vidalia                                           Office of the Comptroller of the Currency
    James Wynn                            Home Rule                                         Washington Capitals                               PNC Bank
Steve Dickens, AIA                        Honest Tea                                        Washington Redskins                               Sports 4 kids
Diane Sterman-Fox (graphic design)        Horton Vineyards                                  Washington Sports and Entertainment               St. Dunstan’s Episcopal Church
                                          Hotel Madera, a Kimpton Hotel                     Whole Foods                                       Wachovia
2007 In-Kind Donations                    Glen and Lauren Howard                            Willowcroft Farm Vineyards
                                          Hunan Lion                                        Woolly Mammoth Theatre Company
AC&R Insulation
                                          J.W. Marriot Hotel                                Xtra Pair of Hands
Air Tran Airways
                                          James A. Johnson
Amano
                                          Johnson’s Florist & Garden Centers
American Pizza Market
                                          Joy of Motion Dance Center, Inc.
Arena Stage
                                          Kitchen Kompact
Arucola Osteria
                                          Krispy Kreme
BB&T
                                          L’Academie de Cuisine
Benihana of Tokyo
                                          Lamar & Wallace
Bowl America
                                          LaSalle Hotel Properties
Café Deluxe
                                          Lebanese Taverna
Capital City Golf School
                                          Mark and Orlando’s
Carlyle Suites Hotel
                                          Matchbox
Capitol Building Supply
                                          Maurice Electric
Carol Clayton Photography
                                          Moet Hennesy
Chipotle
                                          Northeast Iron Works
City Fitness Gym
                                          Office Catering
City Zen Rest
                                          Olney Theatre
Cosi Sandwiches
                                          Olsson’s Books and Records
Costco
                                          People’s Supply
Crate and Barrel
                                          Pepsi Bottling Group
Dahn Yoga
                                          Politics & Prose
D.C. United
                                          PS 7
DC Improv
                                          Regal Entertainment Group
District of Columbia Arts Center (DCAC)
                                          Restaurant Nora
DJ Steve L                                                                                              Photo: The 12th Annual Friends of Manna Silent Auction and Reception
                                          Rizik Bros, Inc.



28                                                                                 DONORS   DONORS                                                                                      29
             2007 MANNA INC.
        CONSOLIDATED FINANCIAL REPORT
                                       CONSOLIDATED BALANCE SHEET                                                         CONSOLIDATED STATEMENT OF ACTIVITIES (Income Statement)
                                           DECEMBER 31, 2007                                                                      for the period ending DECEMBER 31, 2007

ASSETS                                                                                               REVENUE AND SUPPORT
   Current Assets                                                                                       Sales of Homes                                                  $5,394,079
          Cash and Cash Equivalents                                                                     Contracts                                                          234,361
              Unrestricted                                               $ 578,536                      Federal and Non-Federal Grants                                   1,022,762
              Restricted                                                   680,965                      Program Service Fees                                               976,848
          Receivables                                                      376,348                      Rent, net of vacancy loss of $4,464                                363,858
          Investment in Projects Held for Sale and Under Construction    2,039,226                      Contributions
          Prepaid Expenses                                                  41,795                              General                                                    640,148
          Notes Receivable                                                   1,658                              Donated Property, Materials and Services                    51,319
                                                                                                        Interest and Other                                                  56,218
     Total Current Assets                                               $ 3,718,528
                                                                                                     TOTAL REVENUE AND SUPPORT                                                        $ 8,739,593
     Projects in Pre-Construction Phase                                 $ 6,703,692
     Investments in Projects Under Construction                           3,374,482                  EXPENSES
     Deposits and other                                                      35,945                     Program Services
     Notes Receivable, Net of Current Portion                                22,333                           Construction Projects                                     $4,820,092
     Property and Equipment, Net                                          3,128,526                           Manna Ventures                                               540,984
TOTAL ASSETS                                                                          $ 17,383,506            Property Management                                          323,154
                                                                                                              Homebuyers Club                                              178,565
                                                                                                              Manna Mortgage                                               191,904
LIABILITIES AND NET ASSETS                                                                               Total Program Services                                         $ 6,054,699
    Current Liabilities
           Accounts Payable and Accrued Expenses                        $ 1,158,250
           Mortgages and Notes Payable, current portion                   4,838,975                      Supporting Services
           Deferred Revenue on Home Sales                                    40,903                            Management and general                                   $ 995,059
           Due to Partner                                                    75,000                            Fundraising                                                291,406
           Refundable Advances                                              787,520
                                                                                                         Total Supporting Services                                      $ 1,286,465
           Deposits                                                          78,956
    Total Current Liabilities                                           $ 6,979,604                  TOTAL EXPENSES                                                                   $ 7,341,164
     Mortgages and Notes Payable, Net of Current Portion                $ 4,489,313
                                                                                                         Change in Net Assets Before Minority Interest in Net Loss
TOTAL LIABILITIES                                                                     $11,468,917        of Consolidated Subsidiary                                     $ 1,398,429
                                                                                                         Minority Interest in Net Loss of Consolidated Subsidiary          187,218
     Minority Interest in Subsidiary                                    $ 1,129,692

                                                                                                     CHANGE IN NET ASSETS                                                             $1,585,647
TOTAL NET ASSETS                                                                      $ 4,784,897
TOTAL LIABILITIES AND NET ASSETS                                                      $ 17,383,506




30                                                                                                                                                                                              31
                        MANNA ⇔ AFFORDABLE HOUSING & MUCH MORE



                               828 Evarts Street, NE, Washington, DC 20018
                                    www.mannadc.org 202 832-1845




                                                                             Non-Profit Org.
MANNA Inc                                                                      US Postage
828 Evarts Street, NE                                                        SAMPLE
                                                                                  PAID
Washington, DC 20018                                                         Washington, DC
                                                                              Permit #5868

				
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