THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2018 and 2017
The following table reflects properties sold during the two-year period covered by these financial statements:
Date
Property
Location
Sales Price
Gain
5/12/2017 Copper and Magnolia
Baton Rouge LA Falls Church VA
$ $ $ $
18,000,000
$ $ $ $
6,890,218
11/28/2017 Virginia Village
680,000
584,246
12/13/2017 Asmara (5 properties) 12/21/2018 New Mark Twain, LLC
Dallas and Fort Worth, TX
45,000,000 23,000,000
32,789,610
Chicago, IL
4,820,317
The total excess of revenue over expenses from discontinued operations for the years ended December 31, 2018 and 2017 was as follows:
2018
2017
Asmara Affordable Housing, Inc.
$
- - - - -
$
5,055,450
New Mark Twain, LLC
-
Preserving Louisiana's Affordable Housing I, LLC (Copper) Preserving Louisiana's Affordable Housing II, LLC (Magnolia)
4,783,559 5,332,854
Virginia Village Apartments
(161,123)
Total
$
-
$
15,010,740
The following table represents net assets transferred in during the years ended December 31, 2018 and 2017 from acquisition of general partner interests in the following properties:
2018
2017
Columbia Heights Village Apartments LP
$
- - -
$
(25,316,148)
Bolton North LP
(5,627,904)
Columbia Apartments LP
(23,372,940)
NDFD LLC
346,630
-
$
346,630
$
(54,316,992)
On August 1, 2012, NDFD, a wholly-owned subsidiary of NHPF, entered into a limited liability company agreement with UA-NHPF Fund Member LLC to form NHPF/UA. On August 8, 2012, NHPF/UA entered into an agreement with PNC Bank National Association (PNC) to form NHP 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.
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