Hargrave Housing Development Fund Corporation

“The organization will distribute a complete copy of the 990 return for review to all voting members of the board, electronically, prior to its submission to the irs.”

“Every board member must sign a conflict of interest statement. Also all board members must identify any elected officials they or family members have a financial interest with. Board members must disclose and identify any potential conflicts of interest.”

“The audited financial statements are also available upon written request.”

“During the year ended december 31, 2019, hargrave entered into a declaration of interest and nominee agreement with joe pf and transferred equitable and beneficial interest of the residential property. As a result, the organization has disposed of its hargrave rental property and activities. This transfer has met the strategic shift criteria to be classified as discontinued operations under fasb 360-10 and 205-20. Hargrave is a nonprofit organization formed in 2001 pursuant to article xi of the private housing finance law and section 402 of the not-for-profit corporation law of the state of new york. On april 29, 2019, hargrave entered into a declaration of interest and nominee agreement with joe pf hargrave, llc ("joe pf"). Joe pf is solely owned by joint ownership entity new york city corporation ("joe nyc," a non-profit organization), an unrelated organization that serves as its asset manager. Joe nyc is committed to providing and managing low-income housing in new york and was created to assemble ownership of affordable housing projects owned by other non-profit community development corporations to secure their long-term viability and to make members more competitive in securing new affordable housing development opportunities. The declaration of interest and nominee agreement provides for, amongst other matters, the following: hargrave is to retain legal title to the residential property, consisting of 112 apartment units and a community center. The equitable and beneficial interest of the residential property has been transferred to joe pf for all purposes and shall have all rights related thereto including, but not limited to, the right to receive all proceeds from the development, including rents and other moneys from mortgages, pledges, sales, or other disposition of the development other than the inclusionary housing ("ih," which is assigned to find aid) program proceeds. Joe pf is to have ultimate management authority and responsibilities, while find aid will continue to act as the administrator and assume day-to-day management of the premises for a monthly fee under a renewing, annual administrative contract.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements. For the year end 12/31/20, the organization did not change its selection of an independent accountant.”