Civic Intelligence

Atlantic Housing Foundation Inc

EIN 57-1090154 • 501(c)3 • Dallas, TX

View Organization Page

Profile

To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. Provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.In order to further assist the communities the Foundation serves or will serve, the board amended the Articles of Incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the IRS and the South Carolina Secretary of State as of April 24, 2004. The board of directors concluded that

4770 Iberia Avenue Suite 100Dallas, TX 75207

www.atlantichousing.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

96th percentile

1.20x

Higher debt load relative to assets than 96% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

92nd percentile

4.38x

Higher debt load relative to revenue than 92% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Net Margin

47th percentile

2.7%

Higher net margin than 47% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

43rd percentile

$607,970

Higher top officer pay than 43% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

501(c)3 • $250M-$1B nonprofits • Source year 2024

Asset Growth

4th percentile

-17%

Faster asset growth than 4% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

78th percentile

20%

Faster revenue growth than 78% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets96th percentile

Assets

Down

$439,221,223

Down $88,919,739 (-17%) from 2023

Liabilities

Down

$529,157,055

Down $96,795,310 (-15%) from 2023

Net Assets

Up

-$89,935,832

Up $7,875,571 (+8.1%) from 2023

Operations
Liabilities / Revenue92nd percentileNet Margin47th percentile

Revenue

Up

$120,912,541

Up $19,911,960 (+20%) from 2023

Expenses

Up

$117,636,361

Up $5,233,566 (+4.7%) from 2023

Net Income

Up

$3,276,180

Up $14,678,394 (+129%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth4th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.0B$500M$0-$500MAssets 2011: $259,661,427Liabilities 2011: $424,271,610Net Assets 2011: -$164,610,1832011Assets 2012: $246,762,863Liabilities 2012: $420,295,578Net Assets 2012: -$173,532,7152012Assets 2013: $242,249,297Liabilities 2013: $418,440,380Net Assets 2013: -$176,191,0832013Assets 2014: $225,774,098Liabilities 2014: $365,705,175Net Assets 2014: -$139,931,0772014Assets 2015: $223,564,974Liabilities 2015: $364,339,223Net Assets 2015: -$140,774,2492015Assets 2016: $221,693,784Liabilities 2016: $362,050,090Net Assets 2016: -$140,356,3062016Assets 2017: $235,622,325Liabilities 2017: $358,039,449Net Assets 2017: -$122,417,1242017Assets 2018: $464,184,556Liabilities 2018: $589,990,872Net Assets 2018: -$125,806,3162018Assets 2019: $554,431,677Liabilities 2019: $686,389,661Net Assets 2019: -$131,957,9842019Assets 2020: $523,695,373Liabilities 2020: $601,207,985Net Assets 2020: -$77,512,6122020Assets 2021: $500,012,699Liabilities 2021: $576,949,019Net Assets 2021: -$76,936,3202021Assets 2022: $540,951,595Liabilities 2022: $625,998,766Net Assets 2022: -$85,047,1712022Assets 2023: $528,140,962Liabilities 2023: $625,952,365Net Assets 2023: -$97,811,4032023Assets 2024: $439,221,223Liabilities 2024: $529,157,055Net Assets 2024: -$89,935,8322024

Highlighted filing

2024

Assets$439,221,223
Liabilities$529,157,055
Net Assets-$89,935,832
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$150M$100M$50M$0-$50MRevenue 2011: $52,633,812Expenses 2011: $68,832,119Net Income 2011: -$16,198,3072011Revenue 2012: $59,024,599Expenses 2012: $70,174,771Net Income 2012: -$11,150,1722012Revenue 2013: $63,916,276Expenses 2013: $69,523,929Net Income 2013: -$5,607,6532013Revenue 2014: $97,886,807Expenses 2014: $65,182,979Net Income 2014: $32,703,8282014Revenue 2015: $62,370,121Expenses 2015: $64,430,416Net Income 2015: -$2,060,2952015Revenue 2016: $66,862,186Expenses 2016: $65,889,333Net Income 2016: $972,8532016Revenue 2017: $86,041,444Expenses 2017: $67,932,262Net Income 2017: $18,109,1822017Revenue 2018: $65,025,066Expenses 2018: $68,244,258Net Income 2018: -$3,219,1922018Revenue 2019: $101,104,174Expenses 2019: $96,771,729Net Income 2019: $4,332,4452019Revenue 2020: $148,610,400Expenses 2020: $93,995,028Net Income 2020: $54,615,3722020Revenue 2021: $103,755,815Expenses 2021: $103,009,523Net Income 2021: $746,2922021Revenue 2022: $98,028,406Expenses 2022: $106,224,237Net Income 2022: -$8,195,8312022Revenue 2023: $101,000,581Expenses 2023: $112,402,795Net Income 2023: -$11,402,2142023Revenue 2024: $120,912,541Expenses 2024: $117,636,361Net Income 2024: $3,276,1802024

Highlighted filing

2024

Revenue$120,912,541
Expenses$117,636,361
Net Income$3,276,180
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$439,221,223
Liabilities
$529,157,055
Net assets
-$89,935,832
Revenue
$120,912,541
Expenses
$117,636,361
Net income
$3,276,180
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$439$529$89.9$121$118$3.28
2023Detailed filing. Detailed filing data is available for this year.$528$626$97.8$101$112$11.4
2022Detailed filing. Detailed filing data is available for this year.$541$626$85.0$98.0$106$8.20
2021Detailed filing. Detailed filing data is available for this year.$500$577$76.9$104$103$0.75
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$524$601$77.5$149$94.0$54.6
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$554$686$132$101$96.8$4.33
2018Detailed filing. Detailed filing data is available for this year.$464$590$126$65.0$68.2$3.22
2017Detailed filing. Detailed filing data is available for this year.$236$358$122$86.0$67.9$18.1
2016Detailed filing. Detailed filing data is available for this year.$222$362$140$66.9$65.9$0.97
2015Detailed filing. Detailed filing data is available for this year.$224$364$141$62.4$64.4$2.06
2014Summary only. Only limited summary data is available for this year.$226$366$140$97.9$65.2$32.7
2013Summary only. Only limited summary data is available for this year.$242$418$176$63.9$69.5$5.61
2012Summary only. Only limited summary data is available for this year.$247$420$174$59.0$70.2$11.2
2011Summary only. Only limited summary data is available for this year.$260$424$165$52.6$68.8$16.2
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.2
Gross Receipts
$189,249,267
Mission and Program Overview

Mission

To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. Provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.In order to further assist the communities the Foundation serves or will serve, the board amended the Articles of Incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the IRS and the South Carolina Secretary of State as of April 24, 2004. The board of directors concluded that

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$324,125,502$275,991,507▼ $48,133,995
Other Notes and Loans Receivable, Net$42,842,469$61,044,793▲ $18,202,324
Savings and Temporary Cash Investments-$14,045,979-
Intangible Assets$9,877,198$7,948,342▼ $1,928,856
Cash and Non-Interest-Bearing Accounts$29,775,563$4,840,958▼ $24,934,605
Accounts Receivable$2,211,153$3,122,694▲ $911,541
Prepaid Expenses and Deferred Charges$3,398,853$2,406,409▼ $992,444
Investments Program Related$568,911$568,911→ $0
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$528,140,962$439,221,223▼ $88,919,739
Other Assets Total$115,341,313$69,251,630▼ $46,089,683
Liabilities
Tax Exempt Bond Liabilities$446,665,152$369,962,779▼ $76,702,373
Mortgage Notes Payable Secured by Investment Property$152,515,312$134,587,804▼ $17,927,508
Other Liabilities$17,841,685$19,684,784▲ $1,843,099
Accounts Payable and Accrued Expenses$8,930,216$4,921,688▼ $4,008,528
Total Liabilities$625,952,365$529,157,055▼ $96,795,310
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-97,811,403$-89,935,832▲ $7,875,571
Total Net Assets Fund Balance$-97,811,403$-89,935,832▲ $7,875,571
Total Liabilities and Net Assets / Fund Balance$528,140,962$439,221,223▼ $88,919,739

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$228,667,805$149,326,141$377,993,946
Land$44,404,604-$44,404,604
Other Land Buildings$2,919,098$23,049,313$25,968,411
Other Assets Org$1,942,389--
Compensation and Service Providers
Top Officer Pay43rd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael NguyenPresident & CEOFT$402,573$56,095$607,970
Wilfredo SaquetonCFO, Scty,TreasFT$256,581$8,054$309,182
Carrie StumfallCOOFT$220,354$32,609$252,963
Timothy ConeDirector DevelopmentFT$225,471$7,318$242,189
Heather BakerDirector Property MgmtFT$166,862$21,722$188,584
Kent FosterAssoc Director of DevFT$156,466$37,822$172,364
Keria CaldwellMgr of Asset RiskFT$148,835$188,194$155,704
Alan NaulTrustee-$10,000-$10,000
Amanda McculloughTrustee LI Rep-$10,000-$10,000
Michael DuffyChairman-$10,000-$10,000
Rachel HaydenTrustee-$10,000-$10,000
Ruben GomezTrustee LI Rep-$10,000-$10,000
Stepanie LaxtonTrustee LI Rep-$10,000-$10,000
James Kilpatrick SmithTrustee-$5,000-$5,000
Robert VoelkerTrustee-$2,500-$2,500

Highest Paid Contractors

ContractorServicesLocationCompensation
Belfor Property RestorationRestoration2933 South Miami Blvd Suite 116, Durham, NC 27703$1,458,397
JT United LLCUnit repairs and turns1140 Martin Rd, Spartanburg, SC 29301$108,632
Perfect Gift LLCGift cards495 Mansfield Avenue, Pittsburgh, PA 15205$105,809
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$104,486,232
Investment Income
$16,426,309
Other Revenue
$0
Change in Net Assets
$3,276,180

Audited Revenue Reconciliation

Revenue per Audited Statements
$120,912,541
Revenue Not Reported on Form 990
$29,045,045
Total Revenue per Audited Statements
$149,957,586
Total Revenue per Form 990
$120,912,541
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$109,673,415
Salaries, Compensation, and Employee Benefits$6,635,602
Grants and Similar Amounts Paid$1,327,344
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$32,797,572$126,127-$32,923,699
Depreciation Depletion$16,417,079$8,986-$16,426,065
All Other Expenses$13,739,964$93,101-$13,833,065
Insurance$6,697,306$147,936-$6,845,242
Other Expenses$6,783,348$190,610-$6,783,348
Other Salaries and Wages$3,912,091--$3,912,091
Current Officers, Directors, Trustees, and Key Employees$920,043$960,620-$1,880,663
Grants to Domestic Individuals$826,653--$826,653
Fees for Services Management$799,312--$799,312
Office Expenses-$532,638-$532,638
Other Employee Benefits$437,997$84,631-$522,628
Grants to Domestic Orgs$500,691--$500,691
Payroll Taxes$267,718$52,502-$320,220
Fees for Services Other-$158,253-$158,253
Conferences and Meetings-$97,679-$97,679
Travel-$44,326-$44,326
Fees for Services Legal-$27,374-$27,374
Total Functional Expenses$115,083,554$2,552,807$0$117,636,361

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$165,368,053
Expenses per Audited Statements$117,636,361
Total Expenses per Form 990$117,636,361
Expenses Not Reported on Form 990$47,731,692
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
FIU Foundation IncMiami, FL501(c)(3)Scholarships and Academic Support$200,000
GWJ Charitable Foundation IncDoral, FL501(c)(3)Scholarships$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Asset Management Fees Payable$11,757,925
Security Deposits$2,715,765
Accrued Interest Payable$2,280,774
Deferred Revenue$1,464,284
Accrued Property Taxes$1,126,036
LT Rentention$340,000

Bond Issues

BondIssuerIssuedIssue PricePurpose
BCapital Trust Agency2018-09-25$222,331,482Fl Intl Univ Hsg Development
ACapital Trust Agency2017-12-21$88,334,972Refund Series 2008 Bonds
CPublic Finance Authority2022-08-10$71,320,000Refinance Heritage Portfolio

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$222,331,482-$135,000$2,932,431
A$88,334,972$24,415,500$11,888,675$1,722,532
C$71,320,000--$1,386,048

Bond Financing Compliance

No rebate due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“Property management for University Bridge, LLC, is delegated to a third party professional property management company. All third party property management employee salaries and benefits are paid by the property management company directly to property management company employees.”

Form 990, Part VI, Section B, Line 11B

“Form 990 is reviewed by a committee of the board of directors for review and approval prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Each director, officer, executive level employee and contractor affirms upon employment with or joining the Board of Trustees that such person :a. has received a copy of this Policy of the Corporation,b. has read and understands this Policy,c. has agreed to comply with this Policy, andd. understands that the Corporation is a charitable organization and that inorder to maintain its federal tax exemption, it must engage primarily inactivities which accomplish one or more of its stated tax exempt charitablepurposes and does not result in private inurement or unreasonable orexcessive economic benefit to private individuals or entities.e. annually signs a conflict of interest disclosure”

Form 990, Part VI, Section B, Line 15B

“Compensation Procedures1. No Interested Person shall vote on any matter relating to his or hercompensation, irrespective or whether said compensation is received directly orindirectly from the Corporation. No Interested Person, however, is prohibitedfrom providing information to the Board or a committee regarding compensation,including factual data on comparable compensation for comparable services orproposed compensation.2. The Corporation shall endeavor to ensure that all compensation arrangementsaffecting Interested Persons are objectively reasonable, based on the relevantmarket for persons of comparable skills, training, education and experience andperforming similar duties for comparable organizations under similar conditionsand circumstances. The Corporation shall consider and give due weight to studiespublished by third parties regarding rates of compensation whenever and, to theextent that, such studies are reliable, comparable and available.”

Form 990, Part VI, Section C, Line 19

“Documents are made available by written request.”

Filing and Contact Details

Filer

Filer Name
Atlantic Housing Foundation Inc
EIN
57-1090154
Phone
4692068900
Address
4770 Iberia Avenue Suite 100, DALLAS, TX 75207

Signing Officer

Name
Michael Nguyen
Title
President & CEO
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Nguyen
Formed
1999
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
8
Employees
408

Preparer

Firm
M Group Llp
Address
515 W SOUTHLAKE BLVD Ste 150, SOUTHLAKE, TX 76092
Preparer
Michael C Martin
Phone
8178651360
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“: Column (A) - Total = $0; Column (B) - Program Services = $0; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“Asset Management Fees: Column (A) - Total = $2481413; Column (B) - Program Services = $2481413; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“Bad Debt: Column (A) - Total = $3617197; Column (B) - Program Services = $3617197; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“DebtService/CreditEnhancement: Column (A) - Total = $533369; Column (B) - Program Services = $533369; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“Property Administrative: Column (A) - Total = $5610784; Column (B) - Program Services = $5610784; Column (C) - Management & General = $0; Column (D) - Fundraising = $0”

Form 990, Part IX, Line 24E

“Real Estate Taxes: Column (A) - Total = $1590302; Column (B) - Program Services = $1497201; Column (C) - Management & General = $93101; Column (D) - Fundraising = $0”

Form 990, Part XI, Line 9

“Beginning Net Assets - Villas = $5869868”

Financial Statement Notes

Part X : FIN48 Footnote

“The rules governing uncertainty in income taxes for nonpublic enterprises require additional disclosures for situations, if any, where the Corporations tax positions are considered uncertain. This did not have a material effect on the Corporations results of operations or financial position. Income tax returns filed by the Corporation are subject to examination by the Internal Revenue Service for a period of three years. There are no examinations currently in progress.”

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

“Partnership tax returns - entities $27774568”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Partnership tax returns - entities $47731692”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Desc0During 2001 the Foundation acquired two low-income multi-family rental housing projects located in Columbia, South Carolina. Ashton at Longcreek Apartments consists of 220 units and Stoney Creek Apartments consists of 196 units. During 2002 the Foundation acquired a low-income multi-family project in Ft. Worth, Texas known as Quail Ridge Apartments (296 units), a HUD insured low-income multi-family project in San Antonio, Texas known as The Waters at Elm Creek Apartments (200 units) and a HUD insured low-income multi-family project in Austin, Texas known as The Waters at Bluff Springs Apartments (300 units).During 2003 the Foundation acquired fourteen (14) low-income multi-family projectsknown as Villas at Sonterra (156 units) in San Antonio, Texas, Silverleaf Villas (176 units) in Ft. Worth, Texas, Arbors at Denton (191 units of student housing)in Denton, Texas, Arbors at Sam Houston (228 units of student housing) in Huntsville, Texas, Arbors at Sam Houston II (192 units of student housing) in Huntsville, Texas, Westfield Apartments (136 units of student housing) in San Marcos, Texas, Arrowood Apartments (304 units) in Houston, Texas, Waterchase Apartments (134 units) in Dallas, Texas, Redbud Trails Apartments (150 units) in McKinney, Texas, Stone Creek Apartments (200 units) in Lewisville, Texas, Tall Timbers Apartments (256 units) in Houston, Texas, Hillcrest Apartments (298 units) in Ft. Worth, Texas, Heather Ridge Apartments (204 units) in Irving, Texas and Covington Creek Apartments (248 units) in Irving, Texas. The Foundation serves as the .01% general partner in The Waters at Willow Run, LP, a LIHTC tax-exempt bond project consisting of 242 units. The project was completed and placed in service during 2016. The Foundation serves as the .01% general partner in The Waters at Sunrise, LP, a LIHTC tax-exempt bond project consisting of 300 units. The project was completed and placed in service during 2016 and 2017.The Foundation serves as the .01% general partner in The Waters at Magnolia Bay, LP, a LIHTC tax-exempt bond and HUD financed project consisting of 300 units. The Project was completed and placed in service during 2017 and 2016. During 2016, the Corporation formed Waters at St. James, LP (St. James), a South Carolina limited partnership, to develop 336 units of low and moderate income housing in Goosecreek, South Carolina. St. James is financed using a combination of tax-exempt bonds, a Freddie Mac mortgage and limited partner LIHTC equity. St. James was placed in service during 2017 and 2018. The Foundation serves as the .01% general partner in The Waters at St. James, LP. During 2016, Stonebriar Village of Plainview, Ltd., a Texas limited partnership, 100 unit LIHTC apartment complex in Plainview, Texas, was assigned to the Foundation. Stonebriar Village was sold to a third party during 2025.During 2016, the Foundation sold Ashton at Long Creek Apartments to a related party. The Foundation formed Waters at Longcreek, LP to acquire and rehabilitate the property (formerly known as Ashton), using LIHTC tax-exempt bonds and HUD insured financing. The Foundation serves as the .01% general partner. The project was completed and placed in service during 2018 and 2019. During 2016, the Foundation sold Stoney Creek Apartments to a related party. The Foundation formed Waters at Berryhill, LP to acquire and rehabilitate the property (formerly known as Stoney)using LIHTC equity, tax-exempt bonds and HUD insured financing. The foundation serves as the .01% general partner. The project was completed and placed in service during 2018 and 2019.During 2017, the Corporation formed Waters at Willow Lake, LP (Willow Lake), a South Carolina limited partnership, to develop 144 units of low and moderate income housing in Columbia, South Carolina. Willow Lake is financed using a combination of a tax-exempt loan, a Freddie Mac loan and limited partner LIHTC equity. The Foundation serves as the .01% general partner in The Waters at Willo
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IRS990/MissionDesc0To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. Provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.In order to further assist the communities the Foundation serves or will serve, the board amended the Articles of Incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the IRS and the South Carolina Secretary of State as of April 24, 2004. The board of directors concluded that
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