Southwest Florida Affordable Housing Choice Foundation Inc

“An independent certified public accountant reviews the form 990 with a member of the board of directors prior to filing.”

“Each member of the board of directors is required to review and execute a new conflict of interest policy form on an annual basis.”

“The organization does not provide compensation to any member of its governing body.”

“The organization does not have any other officers or key employees.”

“The organization governing documents, conflict of interest policy, and financial statements are available upon request. All documents are maintained at the office of the housing authority of the city of fort myers, 4224 renaissance preserve way, fort myers, fl 33916.”

“990, part iv, 12a - this entity was included in the consolidated audit report of the housing authority of the city of fort myers for the fiscal year ended march 31, 2025; a separate report for swflahcf for the same 12 month period was also issued. Since the reports were issued on a fiscal year, rather than a calendar year basis, the answer to the question is "no". The income and expense are reported in the same manner for both reporting periods. There are no reconciling items other than the difference in reporting periods. 990, part ix, 7, 8, 9, 10, 11a - swflahcf has no employees and therefore has no entries on line 7-10. Swflahcf reimburses the housing authority for property management and maintenance staff at cost plus 1% based on actual time worked pursuant to a shared services agreement. All shared services fees paid to the housing authority are included in line 11a. Schedule d, part vi - the land and buildings owned by the entity are affordable housing rental units used in performing the agency's exempt purpose, providing affordable housing to low income persons/families.”

“The agency is the managing general partner in two mixed finance partnerships: 1% ownership in each. The developments, placed in service in 2014, consists of 212 units of acc public housing and contract based section 8 units for low income persons/families. The developments are east pointe place and the landings at east point. Excess cash, per the partnership agreements, is distributed to the agency annually. These funds are used to continue the mission of developing affordable housing for low and moderate-income families/persons. The agency is currently working to develop 3 additional mixed financed properties. 1. The foundation purchased land in june 2022 to replace the royal palm public housing facility with a new senior facility on this purchased land. New facility is currently under design in 2023. 2. The agency has been awarded tax credits to build phase ii of east pointe place and has placed the credits in service in december 24. 3. The agency has returned the awarded tax credits to rehabilitate the public housing facility bonair towers. We are planning for/to build back on the original site and seek funding through the state arpa program. 4. We have closed on march 27, 2024. The offsite component on cleveland avenue with our developer partners to build 92 tax credit units in conjunction with the choice neighborhood implementation grant awarded by hud. The units are anticipated to be placed in services by march 1, 2026.”

“During 2015 pc redevelopment partners, llc disbursed 600,000 to the housing authority, per the partnership agreement, in payment of the land lease agreement. The tax credit investor, wells fargo, required that this money be held in a restricted bank account by swflahcf. The funds will be released pro-rata over 15 years. Because the income was earned by the housing authority and the funds are required to be held in swflahcf, an a/p - a/r was created between the two entities. It is intended that the debt be repaid as the funds are released by the bank. The current outstanding balance is 214,636. During 2015 the agency cash increased 1,100,000; this cash is being held in separate restricted accounts because of restrictions placed on the funds by the tax credit partner, wells fargo. Swflahcf owns a minority interest in two mixed finances affordable housing compleses, sabal palm preservation, llc and pc redevelopment partners, llc. During 2015 pursuant to a land lease agreement between the housing authority and the two partnerships, 1,100,000 was paid to the housing authority. The partnership agreements require that the funds be held in restricted accounts in swflahcf. The funds will be released by wells fargo pro-rata over 15 years. As the funds are released by the tax credit partner, the funds will be retained by swflahcf and the amount of the restricted asset will be reduced. As explained above, the 600,000 from pc redevelopment partners, llc was set up as a payable to the housing authority. As the funds are released by the tax credit partner the payable and the restricted asset will be reduced. The balance remaining on this restricted asset is 257,102 at december 31, 2024.”

“Swflahcf is included in the consolidated audit of the housing authority of the city of fort myers which has a march 31 fiscal year end. Swflahcf statements are converted from a calendar basis to a fiscal year basis for inclusion in the consolidated report. The board of commissioners of the housing authority approve the selection of the independent auditor and the report is submitted to the board upon issuance.”