Somaltow Housing Company Inc

“Officer, director, trustee, key-employee relationships: director adam lasek and husband of the executive director have a business relationship.”

“Form 990 review process: a draft copy of the form 990 was sent to the treasurer for his review and comments prior to a review by the other board members. A draft copy of the form 990 was then sent to the other board members for their review and comments prior to filing it with the internal revenue service.”

“Conflict of interest policy procedures: all board members are required to respond to an annual questionnaire regarding any conflicts of interest. Any noted conflicts are resolved in a timely manner. Copies of the questionnaire are maintained by the organization. Any director or officer must disclose any conflicts of interest and are required to recuse themselves fom any decision on matters in which they have an interest.”

“Public access to governing documents, conflict of interest policy and financial statements: these are available on request.”

“Participation in joint venture or similar arrangement with a taxable entity: the corporation is a 99.991% limited partner in south mall towers albany lp, which is the owner of record and manager of the low income housing project. The general partner of south mall towers is towers housing albany inc., which is a non-profit corporation. Somaltow housing and towers housing are under common control.”

“Somaltow housing company inc ("somaltow") is the sponsor of a low income housing project in albany, new york, comprised of about 345 rental units. The ownership and operations of the project are presently under south mall towers albany lp, of which somaltow is a 99.991% limited partner. The 0.009% general partner, towers housing albany inc., is a not-for-profit corporation. The same individuals comprise the majority of each respective board of somaltow and towers housing. The following should be considered in reading the information and figures presented in this return: the revenues and expenses presented in respectively parts viii and ix of the form 990 include somaltow's share of the revenues and expenses of south mall towers. The year-end negative capital balance in somaltow's ownership interest in south mall towers is shown on the balance sheet on line 13, under program-related investments.”