National Affordable Housing Trust Inc.

“On september 28, 2020, national affordable housing trust ("naht"), stewards of affordable housing for the future ("sahf"), and liif housing investments llc ("lhi") entered into a restructuring and contribution agreement ("restructuring agreement") to collaborate to expand the reach of naht's charitable activities. Effective september 30, 2020, lhi acquired 60% of the membership interests of naht, renamed the class a membership interests, and sahf decreased their membership interest in naht to 40%, renamed the class b membership interests, per the restructuring agreement. Naht will be governed by a 7-member board of trustees including three representatives from sahf and four representatives from lhi.”

“Stewards of affordable housing for the future ("sahf") is the sole member of naht until september 30, 2020. Effective september 30, 2020, low income investment fund ("liif") acquired a controlling membership interest in naht, renamed the class a membership interests, and sahf decreased their membership interest in naht to a noncontrolling interest, renamed the class b membership interests, per the restructuring agreement. Sahf is a 501(c)3 organization comprised of 13 non-profit member organizations dedicated to the creation or preservation of affordable housing in the united states. Liif is a 501(c)3 organization comprised of 13 non-profit member organizations dedicated to providing a comprehensive range of programs to increase the availability of capital in low income communities.”

“The national affordable housing trust's ("naht") governing board is comprised of a total of 7 directors. Up to 3 of these directors are nominated by stewards of affordable housing for the future ("sahf"), a 501(c)(3) organization. Sahf elects the directors from nominees provided by its members organizations and one director is an officer of sahf. Up to 4 directors are nominated by the member organizations of liif housing investments llc ("lhi"). Lhi elects the directors from provided nominees and three directors are currently officers of lhi.”

“The form 990 is prepared by an independent cpa firm and reviewed by the organization's tax accountant. Upon completion the 990 is reviewed by the cfo and one other officer before being filed. The 990 is also made available to the governing board for review prior to filing.”

“The policy requires an annual declaration be signed by officers, directors and key staff. Management monitors that declarations are signed annually and reports any noncompliance to the audit committee.”

“In 2017, the organization contracted with a compensation consultant to conduct a review of market compensation benchmarks for all positions. The study included analyses of salary and total cash compensation, market information, ranges for each position and a recommended salary review process. Since implementing this system, we have used national studies to determine and update range movement and average increase amounts on an annual basis. We conduct annual performance and salary reviews for all employees. Our managers follow the salary review process. The executive committee of the board of directors conducts an annual review of the ceo, based on agreed-upon objectives. The ceo deferred 2019's bonus to 2020.”

“The organization's policy is to provide governing documents, conflict of interest policy, financial statements and tax returns to the general public upon request. The organization maintains a public website with contact information available for making the requests or they can be made in person at the organization's business address.”

“National affordable housing trust ("naht") did not change their oversight process or selection process during the tax year.”

“In conjunction with the joint venture closing on september 30, 2020, the organization's financial statements audited by an independent accountant were for the period january 1, 2020 to september 30, 2020.”