Commonwealth Multifamily Housing Corporation

“Line 6: the organization has a single member that also has been determined by the irs to be tax exempt pursuant to 501(c)(3) of the code (which is a requirement of all members of the organization).”

“Line 7a: the governing body of the organization is its board of directors. All of the directors are appointed by the sole member of the organization in accordance with its bylaws.”

“Line 7b: the bylaws provide that: "the member(s) shall be responsible for overall asset management of the affordable housing properties owned or managed by the corporation. In carrying out said responsibility, the member(s) shall cause the corporation to devote the time and expense of such staff or outside professionals necessary and reasonable to properly manage such assets.”

“The draft irs form 990 is delivered to all directors with a request for review, questions and comments and thereafter submitted to the irs.”

“The organization makes its public documents available on its website at www.commonwealthmultifamily.org.”

“Real estate taxes: program service expenses 1,334,278. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,334,278. Utilities: program service expenses 1,208,596. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,208,596.”

“Decrease in non-controlling interest -4,859,712. Subsidiaries filing their own returns -79,798. Net contributions and distributions 14,231,075. Decrease in non-controlling interest from prior year activity 45,866.”

“The following election was included in each of the entities listed below: -longview affordable housing llc -oso affordable housing llc -park affordable housing llc -hidalgo communities llc -lubbock 244 llc election to not be treated as a tax-exempt entity irc section 168(h)(6)(f)(ii). The taxpayer, located at 1610 s. 31st. Street, suite 200, temple, tx 76054, hereby elects under irc section 168(h)(6)(f)(ii) not to be treated as a tax-exempt entity for purposesof applying the rules found in irc section 168(h)(6). This election is available to be made by an entity that is not tax-exempt, but which is controlled 50% or more by a tax-exempt entity. The taxpayer qualifies to make such election, as it is owned 100% by commonwealth multifamily housing corporation., a pennsyvania non-profit corporation (tax-exempt entity), which is treated as a 501(c)(3) organization for federal tax purposes. The purpose of this election is to treat the entity's allocable share of depreciable property as property which is not tax-exempt use property.”