2025-05-09T11:21:18-05:00 2024-06-30 943108253 NOVOGRADAC & COMPANY LLP PO BOX 7833 SAN FRANCISCO CA 941207833 990 2023-07-01 010716217 THE SAN FRANCISCO HOUSING ACCELERATOR FUND SANF 4156636938 564 MARKET ST SUITE 225 SAN FRANCISCO CA 94104 TAMAR DORFMAN CFO 4156636938 2025-05-09 1 0 ELAINE CHANG P01404427 4153568000 2023 2025-03-06 01:10:19Z TAMAR DORFMAN 564 MARKET ST SUITE 225 SAN FRANCISCO CA 94104 29076740 0 X WWW.SFHAF.ORG X 2002 CA THE SAN FRANCISCO HOUSING ACCELERATOR FUND SUPPORTS AFFORDABLE HOUSING, COMMUNITY DEVELOPMENT, AND ECONOMIC DEVELOPMENT FOR CALIFORNIA'S ECONOMICALLY DISADVANTAGED INDIVIDUALS AND COMMUNITIES, BY LENDING TO, INVESTING IN, AND DIRECTLY ACQUIRING SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT REAL ESTATE ASSETS. 13 13 10 0 0 0 6241086 16520098 8211355 6949772 1893684 5517130 0 0 16346125 28987000 4000 0 0 0 1487525 1949334 0 0 245629 3371840 3737584 4863365 5686918 11482760 23300082 244673101 231044783 145229893 109384024 99443208 121660759 X THE CORPORATION'S SPECIFIC PURPOSE IS TO SUPPORT AFFORDABLE HOUSING, COMMUNITY DEVELOPMENT AND ECONOMIC DEVELOPMENT FOR CALIFORNIA'S ECONOMICALLY DISADVANTAGED INDIVIDUALS AND COMMUNITIES, BY LENDING TO, INVESTING IN, AND DIRECTLY ACQUIRING SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT REAL ESTATE ASSETS. 0 0 4709507 12466902 THE FUND CELEBRATED THE CLOSING OF ITS 50TH LOAN, THE MAJORITY OF WHICH ARE THROUGH ITS PRESERVATION OF EXISTING PROPERTIES PROGRAM, ENABLING THE REHABILITATION AND PRESERVATION OF AFFORDABLE HOUSING UNITS. AS OF 06/30/24, HAF HAS FINANCED OVER 2,600 HOMES. THESE EFFORTS SUPPORTED DIVERSE HOUSING TYPES, INCLUDING SMALL AND LARGE SITES, SROS, HOTELS, TRANSITIONAL HOUSING FOR YOUTH EXITING THE FOSTER CARE SYSTEM, AND COOPERATED LIVING SPACES FOR INDIVIDUALS WITH CHRONIC MENTAL ILLNESSES OR SUBSTANCE USE DISORDERS. CONTINUING ITS EFFORTS TO EXPAND THROUGHOUT THE GREATER SAN FRANCISCO BAY AREA, OUR TEAM WORKED WITH THE CITY OF OAKLAND TO DESIGN AN OAKLAND-BASED LENDING PROGRAM THAT BUILDS UPON THE SUCCESSES OF HAF'S MODEL FOR PRESERVATION LENDING IN SAN FRANCISCO. THE CITY OF OAKLAND HAS COMMITTED $10 MILLION TOWARDS THE CREATION OF THIS LOAN FUND; THIS INVESTMENT WILL BE LEVERAGED WITH HAF'S OWN BALANCE SHEET CAPITAL TO OPTIMIZE THE FUND'S IMPACT. WE ARE GRATEFUL FOR THE SUPPORT OF OUR OAKLAND PARTNERS AND LOOK FORWARD TO LAUNCHING AND LENDING UNDER THIS PROGRAM IN THE COMING YEAR. THROUGH ITS NEW CONSTRUCTION PROGRAM, THE FUND PARTNERED WITH NONPROFIT DEVELOPERS TO ADD OVER 360 NEW AFFORDABLE HOUSING UNITS TO THE REGION, SERVING A RANGE OF RESIDENTS FROM LOW- TO MIDDLE-INCOME HOUSEHOLDS TO THOSE AT RISK OF HOMELESSNESS. NOTABLY, THE FUND FINANCED 1633 VALENCIA, A 145-UNIT PERMANENT SUPPORTIVE HOUSING PROJECT, AS THE INAUGURAL PROJECT OF THE NEWLY LAUNCHED BAY AREA HOUSING INNOVATION FUND (BAHIF). THIS $50 MILLION PILOT INITIATIVE, CREATED WITH PARTNERS SOBRATO PHILANTHROPIES, DESTINATION: HOME, APPLE, AND HAF, AIMS TO DELIVER DEEPLY AFFORDABLE HOMES FASTER AND MORE EFFICIENTLY.THE FUND LAUNCHED THE INDUSTRIALIZED CONSTRUCTION CATALYST FUND (ICCF), A PROGRAM DESIGNED TO PROVIDE QUICK AND AFFORDABLE PREDEVELOPMENT LOANS FOR MODULAR CONSTRUCTION PROJECTS. BACKED BY A $3 MILLION GRANT FROM THE CHAN ZUCKERBERG INITIATIVE, THE ICCF AIMS TO SUPPORT THE DEVELOPMENT OF UP TO 1,200 AFFORDABLE UNITS OVER THE NEXT DECADE. ADDITIONALLY, THE FUND SECURED RENEWED AND EXPANDED CAPITAL COMMITMENTS FROM KEY PARTNERS, STRENGTHENING ITS ABILITY TO INNOVATE AND SCALE ITS LENDING PROGRAMS. 4709507 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 21 0 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 CA X TAMAR DORFMAN CFO 5103900931 564 MARKET ST SUITE 225 SAN FRANCISCO CA 94104 REBECCA FOSTER CEO 40.00 X 274219 0 29022 TAMAR DORFMAN CFO 40.00 X 257266 0 4476 JAN LINDENTHAL-COX CHIEF INVESTMENT OFFICER 40.00 X 265878 0 40704 JUSTIN CHEN SENIOR VICE PRESIDENT, LENDING 40.00 X 148252 0 2917 DEVON NEARY VICE PRESIDENT, LENDING 40.00 X 144285 0 11097 ADHI NAGRAJ DIRECTOR 1.25 X 0 0 0 ANAGHA DANDEKAR CLIFFORD DIRECTOR 1.25 X 0 0 0 BRIGITT JANDREAU DIRECTOR 1.25 X 0 0 0 ERNEST BROWN DIRECTOR 1.25 X 0 0 0 LYDIA TAN BOARD SECRETARY 1.50 X 0 0 0 MEG SPRIGGS BOARD PRESIDENT 1.50 X 0 0 0 NINA HATVANY DIRECTOR 1.25 X 0 0 0 PABLO BRAVO DIRECTOR 1.25 X 0 0 0 RICH GROSS DIRECTOR 1.25 X 0 0 0 TYLER VAN GUNDY BOARD TREASURER 1.50 X 0 0 0 TANGERINE BRIGHAM DIRECTOR 1.25 X 0 0 0 KATHERINE AUGUST DEWILDE DIRECTOR 1.25 X 0 0 0 1089900 0 88216 5 0 1 0 FORSYTH STREET ADVISORS LLC 588 BROADWAY SUITE 1208 NEW YORK NY 10012 FINANCIAL ADVISORY 374996 ORRICK HERRINGTON & SUTCLIFFE LLP 405 HOWARD ST SAN FRANCISCO CA 94105 LEGAL SERVICES 175000 2 16520098 16520098 PROJECT LOAN INTEREST EARNINGS 900099 5649714 5649714 ORIGINATION FEE INCOME 900099 1215355 1215355 CONTRACTS REVENUE 900099 60177 60177 LOAN SERVICING FEE INCOME 900099 17792 17792 OTHER REVENUE 900099 6734 6734 6949772 5516870 5516870 90000 89740 260 260 260 28987000 12466902 0 0 X 1024773 694074 170643 160056 748093 563003 150130 34960 19736 13998 4887 851 52044 33966 15884 2194 104688 74534 20099 10055 209018 31506 177512 150000 150000 12125 12125 649141 560681 88460 12374 2238 623 9513 145857 102554 28523 14780 66383 46674 12982 6727 2381560 2381560 9337 9337 32336 22736 6323 3277 GENERAL OPERATING SUPPL 39029 24602 11496 2931 WORKERS COMP INSURANCE 30424 7381 22758 285 5686918 4709507 731782 245629 92475609 136613047 421114 2880376 143007718 82295695 88833 75468 8273523 8273523 8273523 483800 8150 17420 398154 405454 244673101 231044783 147479 315222 30000 0 61659000 20800000 83165000 87790000 228414 478802 145229893 109384024 X 99001646 107516632 441562 14144127 99443208 121660759 244673101 231044783 X 23300082 729591 697719 -2509841 X 0 1 X 1 0 X 44304309 4129830 18176870 6241086 16520098 89372193 5248497 4873340 5525695 10105039 12466902 38219473 49552806 9003170 23702565 16346125 28987000 127591666 0 0 0 127591666 49552806 9003170 23702565 16346125 28987000 127591666 1.00000 1.00000 0.00000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 150000 150000 5536918 5686918 434346 108587 0 0 434346 434346 651519 150000 150000 108587 108587 162881 8273523 8273523 8273523 INTEREST PAYABLE 118579 OPERATING LEASE LIABILITY 172194 ALLOWANCE FOR CREDIT LOSSES - UNFUNDED COMMITMENTS 188029 478802 X 30200267 729591 697719 1427310 28772957 12125 201918 214043 28987000 7049719 697719 677207 1374926 5674793 12125 12125 5686918 PART X, LINE 2: THE PREPARATION OF FINANCIAL STATEMENTS IN CONFORMITY WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE ORGANIZATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE ORGANIZATION. MANAGEMENT HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE ORGANIZATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. FEDERAL TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. CALIFORNIA TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS FOUR YEARS OF TAX RETURNS FILED. NO INTEREST OR PENALTIES FROM FEDERAL OR STATE TAX AUTHORITIES WERE RECORDED IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT FOR ORIGINATION FEE 231,918. ADJUSTMENT FOR CONTRACTS REVENUE -30,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT FOR PROVISION FOR CREDIT LOSSES 334,100. ADJUSTMENT FOR ORGANIZATION COSTS 343,107. X X 0 0 0 0 0 0 0 0 0 REBECCA FOSTER CEO 212419 0 61800 0 0 0 3316 0 25706 0 303241 0 0 0 TAMAR DORFMAN CFO 213126 0 44140 0 0 0 3360 0 1116 0 261742 0 0 0 JAN LINDENTHAL-COX CHIEF INVESTMENT OFFICER 207128 0 58750 0 0 0 2217 0 38487 0 306582 0 0 0 JUSTIN CHEN SENIOR VICE PRESIDENT, LENDING 122249 0 26003 0 0 0 2500 0 417 0 151169 0 0 0 DEVON NEARY VICE PRESIDENT, LENDING 131685 0 12600 0 0 0 3010 0 8087 0 155382 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER AND THE MEMBERS OF THE GOVERNING BOARD FOR ACCURACY AND COMPLETENESS. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD AND THE ORGANIZATION'S EMPLOYEES ARE REQUIRED TO RE-SIGN THE CONFLICT OF INTEREST DISCLOSURE STATEMENT ON AN ANNUAL BASIS. FURTHERMORE, THE CONFLICT OF INTEREST POLICY IS STATED IN THE ORGANIZATION'S BYLAWS. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION REVIEW WAS CONDUCTED FOR CEO WITH AD HOC BOARD COMMITTEE LED BY BOARD CHAIR AND INCLUDED A CEO PERFORMANCE REVIEW SURVEY, REVIEW OF COMPARISON REPORTS ON COMPENSATION FOR CEOS, AND ANALYSIS COMPENSATION IMPLICATIONS ON FY BUDGET. COMPENSATION FOR THE CFO IS SET BY THE CEO AFTER A REVIEW OF COMPENSATION DATA FOR THE SAME POSITION IN SIMILAR ORGANIZATIONS, COMPILED FROM NONPROFIT SURVEYS AND 990 DATA. THE CFO COMPENSATION IS APPROVED BY THE BOARD. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 11G CONSULTING FEES: PROGRAM SERVICE EXPENSES 560,681. MANAGEMENT AND GENERAL EXPENSES 88,460. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 649,141. FORM 990, PART XI, LINE 9: ADJUSTMENT FOR ORIGINATION FEE -231,918. ADJUSTMENT FOR DONATED LEGAL SERVICES -697,719. ADJUSTMENT FOR PROVISION FOR CREDIT LOSSES -334,100. ADJUSTMENT FOR CONTRACTS REVENUE 30,000. ADJUSTMENT FOR CECL ADOPTION -932,997. ADJUSTMENT FOR ORGANIZATION COSTS -343,107. HOMES FOR THE HOMELESS FUND LLC 564 MARKET ST SUITE 225 SAN FRANCISCO CA 94104 371904352 INVESTMENT AND LENDING CA 1128394 20069932 THE SAN FRANCISCO HOUSING ACCELERATOR SAN FRANCISCO HOMES FOR THE HOMELESS NO 1 LLC 564 MARKET ST SUITE 225 SAN FRANCISCO CA 94104 824786396 INVESTMENT AND LENDING CA 5924 8569948 THE SAN FRANCISCO HOUSING ACCELERATOR BAY AREA HOUSING INNOVATION FUND LLC 564 MARKET ST SUITE 225 SAN FRANCISCO CA 94104 992594508 INVESTMENT AND LENDING CA 5020592 5020452 THE SAN FRANCISCO HOUSING ACCELERATOR