Melrose Villa Hermosa Housing

“The board contracted grenadier realty corp. (managing agent) to manage the rental property through a management contract agreement. The managing agent reports to the board on a monthly basis.”

“The draft form 990 is initially provided to the managing agent for review and comments. Once reviewed and comments adddressed, the draft form 990 is then provided to the board through the president for review and approval of the full-board for filing with the irs.”

“The organization's form 990 is available for public inspection at www.guidestar.org and https://apps.irs.gov/app/eos/. The organization makes its governing documents, and financial statements available to the public upon written request to the managing agent, grenadier realty corp. Located at 168 39th street, suite 306, brooklyn, ny 11232.”

“On october 9, 2024, the organization sold its housing property and ceased all program operations. The board approved dissolution following the sale, with net proceeds held in escrow pending approval of the dissolution petition by the new york state attorney general. The organization remains active only to complete dissolution-related matters and is expected to be dissolved in 2025.”

“Security services 177,480 0 0 professional fees 14,784 0 0 total 192,264 0 0”

“Capital advance -9,719,624 the project received a total hud capital advance of 9,719,624 under section 202 of the national housing act, which was used to finance the construction and development of the projects buildings. On october 9, 2024, in connection with the sale of the projects property, the hud capital advance was assumed by the purchaser, new melrose villa housing development fund company, inc. As a result, the capital advance was released from restriction and reduced the net assets with the same amount.”

“This process has not changed from prior year.”