THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2019 and 2018
Foundation – Urban Atlantic Fund I LLC (the “Fund”). The purpose of the Fund is to develop a pipeline of low income tax credit transactions. The Fund will acquire, hold, sell, dispose of and otherwise deal with interests in multi-family projects that qualify both as affordable housing and public welfare investments.
Properties included in the Fund as of December 31, 2019 are as follows:
New Countryside LLC (Countryside)
New Exchange Place LLC (Exchange Place) New Flanders LLC (Flanders) Lancaster Owner, LLC (Lancaster)
On December 18, 2019, Workforce Affordable Housing Fund I LLC (the “Company”), a subsidiary of NHPF, acquired two properties in Houston, Texas. The deal has a public-private financing structure, along with the Workforce Affordable Fund’s mission to provide workforce housing, mandates a mix of affordable and workforce housing. A total of 51% of the units will be restricted to renters earning 80% Area Median income (“AMI”) or less. Of total units, 7% will be reserved for households earning no more than 50% AMI, contingent on an acceptable Project-Based Housing Choice Voucher Program contract (otherwise it shall be 51% affordable at 80% AMI). The remaining 49% of the units will continue to be leased at market rates. The business of the Company is to operate as an investment fund. The Company is with two investor members: Capital Impact Partner with 96% ownership and the Organization with 4% ownership. NOTE 15 - RESTRICTIONS AND LIMITATIONS ON NET ASSETS During the years ended December 31, 2019 and 2018, net assets released from temporary donor restrictions and the events and transactions which caused the restrictions to expire are $10,101 and $26,692, respectively, for expenses incurred for donor specified purposes. As of December 31, 2019 and 2018, the balance of donor restricted net assets was $52,523 and $51,124, respectively, which is comprised of gifts and other unexpended revenue restricted to specific programs. NOTE 16 - PROPERTY MANAGEMENT The NHP Foundation uses third party property management companies to manage the day-to-day operations of its properties.
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