MESSAGE FROM OUR CHIEF EXECUTIVE OFFICER
Welcome to our final newsletter of what has been a most interesting year! Notwithstanding the challenges we have faced over the past months, at Archway we have worked to keep ourselves looking ahead to imagine/reimagine a new Archway and think about how we can be better. How can we serve more families and deliver more services? How can we be a better organization - for our board, for our staff and for our residents. As we look ahead to 2022 and beyond, we have honed these questions into this idea: We aspire to make Archway Bigger, Better and Stronger. While these individual characteristics can of course stand on their own, they complement each other in important ways and that is why we are not just talking about growth without connecting that to strength, resilience and the quality of what we do.
Bigger: The affordable housing crisis in Colorado continues to worsen. Thus, there is a need and an opportunity for an organization such as Archway to help fill the gap. Let's continue to grow so we can serve more folks who need high-quality affordable housing throughout Colorado, in urban areas as well as the more rural corners of our state. We have made strides in the past two years by adding 350 units to our pipeline which will expand our portfolio to over 1,000 units in the next 24 months. But, statewide, the housing deficit is over 150,000 units and growing by about 20,000 units per year. How can Archway make a more meaningful impact against this shortfall? Yes, we have to grow our portfolio. But we also must expand our organization to better meet the challenges of the moment.
Better: We strive to be better every day. Building on things that are both "small" as well as big changes. Thus, while we will surely brag about our expanding portfolio, especially when we have over 1,000 operating units, this would not be possible without many "behind the scenes" improvements. This includes implementing the systems noted above, but also improving operating efficiencies by streamlining our banking and overall financial operations (sexy, right?!) as well as explicitly articulating to all of our partners our aspirations for excellence in all we do. We only want to work with the best partners, those who consistently under promise and over deliver. Do our service providers and partners understand our needs and help us meet those needs so we can continue our organizational journey toward Bigger, Stronger, Better? If so, then welcome aboard!
Stronger: Growth in and of itself will not serve our communities (or Archway) unless we become a more financially and operationally robust organization. Unless our systems can accommodate a larger team and expanded portfolio, we will struggle to deliver on our potential and our promises. That is why we have worked so hard over the past two years to put new systems and structures in place. This includes our new property and financial management software, ResMan, as well as our services tracking software, Apricot 360. We have also significantly improved our hiring, review and communication protocols for our employees. We want the best people to want to work at Archway and to want to STAY with us for many years. Thus, while we have implemented better mechanisms to set goals and hold ourselves accountable for performance, we have also increased compensation, improved our benefits offerings and actively promote a culture of transparency, humility, excellence and constant improvement. Hiring and retaining top talent makes us better every day and has been the most significant priority we have set for our team. Top talent combined with a robust and intentional organizational culture can lead to fantastic outcomes. We are already seeing the results of some of the changes we have implemented.
Thanks to all of you for paying attention to Archway and for your support. We recognize we are part of a social and economic ecosystem here in Colorado and rely on so many others to help us in our work. We are most grateful to you all!