Hamilton Housing Development Company Incorporated

“The board will review form 990 at a special session.”

“Every board member must sign a conflict of interest statement. All board members must identify any elected officials they or family members have a financial interest with. Board members must disclose and identify any potential conflicts of interest.”

“Form 990 available upon request. Form 990 is also available on the irs website - https://apps.irs.gov/app/eos/ and www.guidestar.com”

“The governing documents, conflict of interest policy, and financial statements are available to the public upon written request.”

“The hamilton housing development company, inc. (the organization") was organized on july 18, 1972 as a new york nonprofit corporation for the purpose of operating a hud-assisted elderly rental housing project under section 236 of the national housing act with mortgage insurance provided by the federal housing administration ("fha") of the department of housing and urban development. During 2005, the organization refinanced its mortgage with new york city housing development corporation ("hdc"); as part of the refinancing of the mortgage, the section 236 interest subsidy contract was decoupled, and the organization is receiving an interest subsidy from hdc. The project consists of 176 units located in new york, new york. On december 2, 2022, the organization entered into a declaration of interest and nominee agreement with joe pf hamilton house, llc ("joe pf hamilton"). Joe pf hamilton is solely owned by joint ownership entity new york city corporation ("joe nyc," a non-profit organization), an unrelated organization that serves as its asset manager. Joe nyc is committed to providing and managing low-income housing in new york and was created to assemble ownership of affordable housing projects owned by other non-profit community development corporations to secure their long-term viability and to make members more competitive in securing new affordable housing development opportunities. The declaration of interest and nominee agreement provides for, amongst other matters, the following: 1. The organization is to retain legal title to the residential property, consisting of 174 rental apartments, 3 ancillary offices and a community facility space. 2. The equitable and beneficial interest of the residential property has been transferred to joe pf hamilton for all purposes and shall have all rights related thereto including, but not limited to, the right to receive all proceeds from the development, including rents and other moneys from mortgages, pledges, sales, or other disposition of the development other than the inclusionary housing ("ih," which is assigned to find aid for the aged, inc., "find aid") program proceeds. 3. Joe pf hamilton is to have ultimate management authority and responsibilities, while find aid will continue to act as the administrator and assume day-to-day management of the premises for a monthly fee under a renewing, annual administrative contract.”

“The organization submitted an affordable housing plan to new york city department of housing preservation and development ("hpd") which was approved on december 2, 2022. Additionally, on december 2, 2022, the organization entered into a regulatory agreement with the city of new york, acting through hpd. As per the regulatory agreement, a portion of any proceeds from the sale of the inclusionary air rights are to fund an operating reserve account and a replacement reserve account that will be tied to the property. These reserves will be held with new york city housing development corp. ("nychdc") and disbursements will be made solely at the discretion of hpd. Any disbursements from these reserves shall be replenished on an agreed upon schedule. The operating reserve will be for unanticipated increases in the cost of operating and maintaining the preservation affordable housing units. The replacement reserve will be for capital repairs or improvements. Any remaining proceeds can be used for off-site preservation costs to fund the creation, rehabilitation or preservation of additional affordable housing. Find aid is the administering agent of the organization and has agreed to ensure that the preservation affordable housing units are rented in accordance with the regulatory agreement and has ongoing monitoring responsibilities. In a declaration of interest and nominee agreement with find aid dated december 2, 2022, the organization assigned and transferred to find aid all equitable and beneficial interest in the inclusionary housing program floor area compensation to be generated. In expectation of generating approximately 112,000 square feet of intangible air rights, the organization entered into an inclusionary air rights purchase agreement with a developer during 2022 to purchase at least 60,000 square feet. The rehabilitation is expected to be completed within 3 years.”

“The hamilton housing development company's finance committee assumes responsiblity for oversight of the organization's audited financial statements and the selection of its independent auditor. The organization did not change its selection of the independent auditors for the year ended 12/31/23.”