THE NHP FOUNDATION AND ITS AFFILIATED ENTITIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED YEARS ENDED DECEMBER 31, 2017 and 2016
Mortgage Investment LLC, and equity contributions of $5,000,000 and $4,950,000 from the Enterprise Community Loan fund and the Enterprise Multifamily Opportunity Fund, respectively.
The total excess of revenue over expenses from discontinued operations for the years ended December 31, 2017 and 2016 was as follows: 2017 2016
A.C.T Affordable Housing, Inc.
$
-
$
729
Asmara Affordable Housing, Inc.
5,055,450 4,783,559 5,332,854
1,685,979
Preserving Louisiana's Affordable Housing I, LLC (Copper)
(557,125) (436,016)
Preserving Louisiana's Affordable Housing II, LLC (Magnolia)
Virginia Village Apartments
(161,123)
6,793
Total
$
15,010,740
$
700,360
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.
Properties included in the Fund as of December 31, 2017 are as follows:
New Countryside LLC (Countryside)
New Exchange Place LLC (Exchange Place) New Flanders LLC (Flanders) Lancaster Owner, LLC (Lancaster) Alpha Tower LLC (Alpha Tower)
On August 9, 2017, NHPF Foundation-Urban Atlantic Fund I LLC and Columbia Housing SLP Corporation sold their limited partnership interests to NHPF/UA Bolton, LLC.
NOTE 13 - RESTRICTIONS AND LIMITATIONS ON NET ASSETS During the years ended December 31, 2017 and 2016, net assets released from temporary donor restrictions and the events and transactions which caused the restrictions to expire are $216,872 and $284,013, respectively, for expenses incurred for donor specified purposes. As of December 31, 2017, and 2016, the balance of temporarily restricted net assets was $58,696 and $136,500, respectively, which is comprised of gifts and other unexpended revenue restricted to specific programs.
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