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. An addendum to the housing management agreement was initiated on december 18, 2018, with execution and approval by vhda occurring on january 11, 2019. The addendum serves to increase the agent's compensation to 3.5% of monthly gross rent collections. The addendum is effective january 1, 2019 and extends the housing management contract with polinger company for a term of 3 years, expiring december 31, 2021. .”

“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.”

“In 2018, fairfax education association retirement housing corporation entered into an easement agreement with fairfax county, for a parcel of land to be used for storm drainage for the expanding of old courthouse spring branch valley park. Fairfax's basis in the land was decreased by the proceeds from the agreement in the amount of $38,025.”

“Mortgage interest $ 854,752 contracts 111,908 repairs & maintenance 1,079,793 property & liability insurance 76,440 utilities 234,268 ___________ total occupancy expense $ 2,344,342”

“N/a - no changes from prior year”

“Provide affordable housing for 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 were 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 and will resume january 1, 2019. The replacement for reserve is to be established at the start of the amortization of the vhda loan.”