The Board of Trustees of Stevenson House is committed to assuring the financial health of Stevenson House and the services it provides to our community.
Several years ago we were facing a crisis. We were one burst boiler away from going bankrupt and having to close operations. A series of costly repairs to the ageing buildings had depleted our reserve accounts. There was still another boiler to replace, a leaking roof, antiquated elevators and so on.
Refinancing the property to fund the repairs was a logical step, but then we discovered the buildings needed to be strengthened to a certain standards of seismic stability. As the scope of the project grew, the cost grew exponentially.
Over the course of five years, with the help of seed money provided by local government agencies, including the City of Palo Alto we were able to leverage our status as a non-profit; obtain additional loans from the City of Palo Alto, Stanford University (administered by Santa Clara County) along with a guaranty from the Secretary of United States Housing and Urban Development (HUD); and with future HUD subsidies for our low-income residents enough capital was secured to do the necessary building rehabilitation.
We closed the transaction on October 8, 2015 and began construction work within three weeks.
The Construction Project has four main goals:
- Seismic stabilization and a stout roof for of all three Buildings;
- Eliminate major system emergencies of the plumbing, electrical, elevator, sewer, heat and water systems;
- Improve life safety of the stairs, egress, elevators and additional site security measures; and
- Upgrade the residents living quarters, especially the bathrooms and kitchens.
As the contractors are working on the construction of the improvements, the Board, through is its Site Operations Committee, is diligently working to ensure construction proceeds on plan, Operating Procedures that fit the building and resident needs are documented and that the costs will also fit our budget!
Uppermost in every board member’s mind is our residents will need to live here through the construction which will disrupt their lives and peace of mind. We want to maximize the benefits they will receive from the rehabilitation of the facility while minimizing the known and unknown disruption that is inevitable for a project of this magnitude.