THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2019 and 2018
Legal entities holding seller notes In some cases an affiliated entity initially purchases a property, which is held until the property is refinanced into an LIHTC structure. In order to facilitate the refinancing, that original purchasing entity will take back a seller note.
Legal Entity
Group Other Other Other Other Other Other Other Other Other Other Other
Partnership
Group LIHTC LIHTC
Cornerstone/Bayview, Inc. "(Cornerstone/Bayview") Benning Heights Affordable, LLC ("Benning Affordable") Cherry Affordable Housing, Inc. ("Cherry Affordable") Foxwood Affordable Housing, Inc. ("Foxwood Affordable") Hollybush Affordable Housing, Inc. ("Hollybush Affordable") Orange Affordable Housing, Inc. ("Orange Affordable")
Bayview Preservation Partners, LP Benning Heights Investor LLC Cherry Estates Limited Partnership Foxwood Preservation Partners, LP Hollybush Preservation Partners, LP Orange Preservation Partners, LP Plaza Borinquen 88 Owner II LP Preservation Housing II, L.L.C. Preservation Housing IV, L.L.C.
Not consolidated
LIHTC LIHTC LIHTC LIHTC LIHTC LIHTC LIHTC LIHTC
Plaza Borinquen 88 Owner LP ("Plaza B I")
Forest Park Affordable Housing, Inc. ("Forest Affordable") Walnut Affordable Housing, Inc. ("Walnut Affordable") Milliken Affordable Housing, Inc. ("Milliken Affordable") Cornerstone/St. Luke's, Inc. ("Cornerstone St. Luke's")
Ship's Cove Preservation Partners Limited Partnership
St. Luke's Preservation Partners, LP
Investment in operating entities Legal Entity
Group
Ownership %
Accounting Method
Cherry Estates Limited Partnership (Cherry Affordable special limited partner interest) CHA LLC (CHA MM, LLC general partner interest)
Not consolidated Not consolidated
0.01% 0.01%
Equity Method Equity Method
Eagles Landing Apartments, LP (NHPF Eagles Landing GP, LLC general partner interest) RAHF IV Shore Hill, LLC (NHPF-Shore Hill Manager, LLC) (1) RAHF IV Shore Hill, LLC (NHPF-Shore Hill Investor, LLC) (2) NHPF Harbor Hill GP, LLC (RAHF IV Harbor Hill, L.P.) NHPF Sunset Gardens GP, LLC (RAHF IV Sunset Gardens, L.P.)
Not consolidated Not consolidated Not consolidated Not consolidated Not consolidated
0.00% 0.01% 3.00% 3.00% 3.00%
Equity Method
Cost Cost Cost Cost
(1) NHPF-Shore Hill Manager, LLC is a 50% member in the sole member of the .01% Managing Member of the beneficial owner (RAHF IV Shore Hill, LLC) of Shore Hill (2) NHPF-Shore Hill Investor, LLC is a 2.995% member in the beneficial owner (RAHF IV Shore Hill, LLC) of Shore Hill.
Joint Ventures Legal Entity
Group
Joint Venture %
Accounting Method
CHA Development, LLC
Not consolidated Not consolidated
50% partner 50% partner 50% partner 40% partner 40% partner 40% partner 60% partner 60% partner
Equity Method Equity Method Consolidated Cost Method Cost Method Cost Method Consolidated Consolidated
CHA JV, LLC
NDFD, LLC ("NDFD") (1)
Other
Nonprofit Housing Preservation RA, Inc. Nonprofit Housing Preservation SB, Inc. Nonprofit Housing Preservation PI, Inc Center City Managing Member, LLC Irvine Turner Managing Member, LLC
Not consolidated Not consolidated Not consolidated
Consolidated Consolidated
(1) NDFD is the joint venture member in the joint venture NHPF/UA, LLC listed below under Housing Funds.
Housing Funds Legal Entity NHPF/UA, LLC NHPF/UA II, LLC
Group
Ownership % Equity Method Equity Method
Accounting Method
Not consolidated Not consolidated Not consolidated
Equity Method Equity Method
Housing Partnership Equity Trust, LLC Workforce Affordable Housing Fund I LLC
0.010%
Cost
Consolidated
4% Member
Consolidated
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation
In accordance with accounting guidance for consolidations, NHPF has determined the presumption of control for the entities in which NHPF and/or its affiliated entities are the general partner has not been overcome; therefore NHPF has significant control over the major decisions of those entities. As a result, NHPF and/or its affiliated entities are required to consolidate the financial statements of those entities. All significant intercompany accounts and transactions have been eliminated in the consolidation process.
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