Housing Opportunities Housing Development Fund Corporation

“The Organization is managed by PathStone Development Corporation, a related organization.”

“PathStone Development Corporation, a related tax-exempt organization and member of the Organization, has the right to elect members of the governing body.”

“Directors are appointed by PathStone Development Corporation, a related organization.”

“The dissolution of the Organization must be approved by the board of directors of PathStone Development Corporation, a related organization.”

“There are no other committees besides the full board.”

“A draft copy of the return was distributed to the members of the board for comments before filing.”

“During the new board member orientation, the policy is fully explained by the President and attorney. The board member understands that it is important to follow the policy at all times during his or her term on the board. It is made clear that if any conflict arises, that the policy is in effect and should be followed. This is also re-emphasized annually when the policy is signed on a yearly basis. In addition to the Conflict of Interest Policy, the organization's parent company, PathStone Corporation, has a questionnaire that all board members must fill out annually to determine whether they have a real or potential conflict of interest. If any potential conflicts are learned about through this or any other method, they are reviewed by the Board of Directors of Housing Opportunities Housing Development Fund Corporation, and ultimately by the President/CEO of PathStone Corporation. The CEO of PathStone Corporation has the ultimate responsibility for determining whether or not a conflict exists and he, in conjunction with PathStone Corporation's Senior Vice President for Human Resources and the Chairman of the Board of Housing Opportunities Housing Development Fund Corporation for that employee's division, will determine the course of action necessary. PathStone Corporation, the parent company, also has an Asset Management Committee which must review any purchases or contracts that are more than $5,000. Any potential conflicts are taken into consideration before approving these purchases and contracts.”

“Form 990, Part VI, Section B, Line 15: While Housing Opportunities Housing Development Fund Corporation does not have any direct compensation expense, the wages and benefits of all top management employees of PathStone Corporation are determined by the personnel committee of said parent company, PathStone Corporation, as part of its ongoing wage comparative studies and benefit budgeting process. The process includes independent review, comparability data, and deliberation by a compensation committee.”

“Housing Opportunities Housing Development Fund Corporation makes its governing documents (Bylaws and Certificate of Incorporation) available to the public upon written request. The parent company, PathStone Corporation has the following policy in place: PathStone bylaws, policies and other governing documents are available on the PathStone Electronic Library, which may be accessed by employees. The company may grant access to the Electronic Library to non-employees as well, when there is a need for others to access information, for example auditors and funders. PathStone prints an annual report which is made public each year. Copies are mailed to stakeholders and it is readily available to the public.”

“Some members of the Board of Directors are full time employees (40 or more hours per week) of the parent company, PathStone Corporation, and are compensated as such.”