Fairfax Education Association Retirement Housing Corp T/A Tysons Tower

“Polinger company manages the project in accordance with a property management agreement. The agreement is in effect beginning on january 1, 2017 and ending on the date two years after the last day of the month in which the first completed unit in the development is occupied. The property is also obligated to pay polinger company, a fee equal to $3,000 per month for services provided in conjunction with the rehabilitation of the project.”

“The draft tax return is sent to the board of directors for review and approval prior to finalizing. During the review process, the board of directors discuss any questions resulting from the review. Once all the questions have been resolved, the tax return is approved by the board.”

“At each annual meeting and when new directors are elected, a copy of the conflict of interest resolution is distributed. Each director and/or officer are required to disclose to the board of directors any actual or potential conflicts of interest. Individuals party to any conflicts of interest are precluded from voting on any matters associated with the arrangement or transaction involving such conflict.”

“Form 990, part vi, section b, 15b: none of the enumerated individuals received compensation from the organization during the tax year.”

“Governing documents available upon request.”

“Mortgage interest $ 81,038 contracts 66,428 repairs & maintenance 791,839 property & liability insurance 64,939 utilities 213,697 ___________ total occupancy expense $ 1,217,941”

“N/a - no changes from prior year”

“Provide affordable housing for active and retired educators, elderly persons, and handicapped persons in a 274 unit apartment building.”

“The fairfax education association retirement housing refinanced the mortgage on december 20, 2016 in order to generate funds to rehabilitate several units within the project. The corporation is obligated under the terms of a construction loan to vhda, in the original amount of $19,000,000. Loan proceeds will be advanced throughout the duration of construction. In conjunction with the refinancing and redevelopment of the project, the corporation contracted with hud to convert the project from a rental assistance payment (rap) project to a multifamily housing project. As a result of the conversion, hud is to provide project-based rental assistance under section 8 to qualified project units effective january 1, 2017. Interest assistance payments under section 236 are set to continue under the refinanced mortgage, however, they are to be suspended until the conclusion of the rehabilitation. The reserve for replacement was closed out in the current year and the balance was used to pay off the outstanding balance of the old mortgage. The replacement for reserve is to be established at the start of the amortization of the vhda loan.”