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Friday, Dec 9, 2022

Financial Stewardship for the Senior Housing Industry

Frank Rossello has almost 25 years of accounting and finance experience in the senior housing industry. His history with Retirement Housing Foundation (RHF) started when he became its controller in June 2005, promoted to vice president/controller effective June 2008, and then appointed chief financial officer/vice president of finance in April 2009.

RHF is a $350+ million national nonprofit organization providing low-income senior and family housing services for almost 200 communities in 29 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.  More than 20,000 people call an RHF community “home.”  In addition to housing, RHF provides healthcare services including assisted living and skilled nursing at 15 communities in California, Indiana, Missouri, Kentucky Washington state and Florida.

While RHF just celebrated its 60th anniversary, the last ten years under Rossello have been very consequential!  In this environment of reduced government funding for low-income housing and pandemic restrictions, RHF has grown its housing portfolio 26% and its revenue from all sources 44%.  Its Corporate Working Capital has increased over 300% while its unrestricted liquid assets almost 200%.  He facilitated this growth with two major bond refinancings, two significant accounting system conversions and an outsourcing of RHF’s IT services – all of which he directed.

During his tenure, the RHF Obligated Group of healthcare properties, including RHF as non-profit sponsor, has obtained an “A- rating” with Fitch Ratings.

Rossello’s oversight of RHF’s financial departments, specifically its healthcare portfolio (skilled nursing and assisted living facilities) during the demands of the COVID pandemic deserves special recognition. The pandemic brought significant challenges in billings, vacancies, and collections that Rossello was able to manage skillfully to avoid severe consequences.

Rossello invests in the non-profit, affordable housing industry as well as the community. He served as a board member of the National Affordable Housing Trust (NAHT), a member-based organization with the sole purpose of providing member partners with the capital and development expertise necessary to support their affordable housing missions; and acted as an advisor to the Audit Committee of Stewards of Affordable Housing for the Future (SAHF), whose mission is to advance the creation and preservation of healthy, sustainable affordable rental homes that foster equity, opportunity, and wellness for people of limited economic resources.

Learn more about RHF at rhf.org.

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