THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, 2017 and 2016 __________
NOTE 3 - HOUSING ASSISTANCE AGREEMENTS The Federal Housing Administration (FHA) has contracted with certain affiliated entities, as detailed below, under Section 8 of the Housing Act of 1937, to make housing assistance payments to the following entities on behalf of qualified tenants. The terms of the agreements are as follows:
Affiliated Entity
Contract
Assisted Units
Start Date
End Date
Alexander House
MD06H020040
5/1/2014 7/1/2011 5/24/2015
4/30/2019 6/30/2031 5/24/2035 8/31/2031 1/1/2022 1/1/2022 9/30/2033 11/31/2034
95 75
Bayview Preservation
CT26-M000-093
Benning Heights Investor
DC39H001003
148 209 284 406 159
8/9/2017
Bolton North
MD06000088 TX24M000012
Cleme Manor Holdings
1/1/2002 1/1/2002 10/1/2013 11/30/2015
Columbia Heights
DC39-MOOO-053
Hollybush Preservation
NJ16-L000-006 DC390032002
Parkchester
94 66 71 48
Plaza B
NYPF0029-504
10/31/2012
10/31/2034
4/5/2009
4/2/2019
Forest Park
N/A N/A
Walnut Square
7/13/2009 9/30/2016
7/12/2019 10/31/2034
Ship's Cove
MA06-L000-037 MO36-M000-928
162
St. Luke's Preservation
21
8/1/2004
7/31/2020
The affiliated entities receive a substantial amount of revenue from these contracts, and therefore, if the contracts are not extended or replaced, operating results will be adversely affected. Management plans to renew the contracts prior to the expiration of their terms, for the maximum renewal term available. NOTE 4 - INVESTMENTS At December 31, 2017 and 2016, investments held in brokerage investment accounts consists of certificates of deposits in the amount of $841,549 and $835,237, respectively. It is management’s opinion that the fair value of these investments approximates their carrying amount on the books of NHPF. As of December 31, 2017 and 2016, $467,970 and $463,770, respectively, is restricted pursuant to various agreements. NOTE 5 - INVESTMENTS IN OPERATING ENTITIES As of December 31, 2017, and 2016, NHPF and its affiliates have investments in Operating entities that it accounts for under various methods. These investments are summarized below: HPET The NHPF acquired its interest in HPET for an investment of $210,000 and is recorded on the cost method. As of December 31, 2017 and 2016, the investment balance in HPET was $184,052 and $196,559, respectively.
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