2024-11-01T16:48:42-05:00 2023-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2023-01-01 820439164 The Housing Company HOUS 2083314811 PO Box 6943 Boise ID 83707 Erin Anderson Executive Director 2083314765 2024-10-24 1 1 Kim Hunwardsen CPA P00484560 6122536500 2024-10-08 2023 2024-10-15 13:58:12Z Erin Anderson PO Box 6943 Boise ID 83707 14566350 0 X www.thehousingcompany.org X 1990 ID To develop, acquire, and operate (including management) real estate for elderly, disadvantaged, and limited-income persons. 5 4 113 1 1200 0 25394 434130 13292224 13546462 66604 232308 300550 291510 13684772 14504410 0 0 0 0 2622591 3224842 0 0 0 9428368 9369451 12050959 12594293 1633813 1910117 55244484 55317305 34693979 32856683 20550505 22460622 X To address the concern of an inadequate supply of affordable, decent rental housing within the state of Idaho and other states and other similar areas of need. The Housing Company was created to encourage the development, management and preservation of permanently affordable rental housing for elderly, disadvantaged, low-income or otherwise needy persons. The Housing Company intends to acquire existing low-income housing projects, making them perpetually affordable, and to encourage the development of new affordable housing projects. The Housing Company expects that the occupants of new housing projects may also include a limited number of persons of moderate or higher incomes to encourage economically integrated housing as a means of preventing community deterioration. The Housing Company intends to pursue partnerships with other affordable housing organizations, if appropriate, as a means of achieving its objectives. 0 0 10542542 13836772 The Housing Company (Housing) was incorporated in Idaho on August 2, 1990. Housing was formed to develop, acquire and operate real estate for the benefit of elderly, disadvantaged, limited income or otherwise needy persons throughout the state of Idaho. As of December 31, 2023, Housing had acquired and was operating fifteen multifamily housing complexes; had constructed and was operating twenty-two multifamily housing complexes; had constructed two additional phases of housing to existing developments; had completed renovations of two hotels and turned them into a new multifamily complex; had built a single family home known as The Cottage with HOME funds; (Continued on Schedule O)had purchased a single family home in Canyon County with federal NSP funds and turned it into special needs housing as intended by the program; had purchased three duplexes in Canyon County with federal NSP funds to rent as affordable housing; had constructed and sold three homes in Nez Perce County with HOME funds; had completed construction on three duplexes in Kuna with HOME and Housing Trust Fund moneys; had started construction on two multifamily complexes in Meridian, Idaho, and Twin Falls, Idaho and had purchased land in Nampa, Idaho, with the intent of constructing another multifamily complex.Housing was given the management responsibility of leasing and managing one (at the end of 2023) single family home (REO) that is owned and was foreclosed upon by IHFA. IHFA reimburses Housing for the amounts paid for the home's net income received or Housing repays IHFA if the income received is greater than the expenses paid. Housing receives $100 management fee per month for each REO home managed.Housing has entered into several property management agreements with Companies for the management of their Low Income Housing Tax Credit or HOME multifamily properties located in Idaho. As of December 31, 2023, Housing managed six different affordable housing projects and performed the housing compliance for one Idaho nonprofit corporation. Housing received management fees of $245,674 during 2023, which is reflected as income to Housing, but Housing has no ownership in these projects. 10542542 1 1 0 0 0 0 0 0 1 0 1 0 1 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 76 0 1 113 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 5 4 1 0 1 0 0 1 0 1 0 0 0 1 1 1 1 1 1 1 0 0 X Tracie Bradley Senior Accounting Manager 2083314750 PO Box 6943 565 W Myrtle Ste 250 Boise ID 83707 Gerald Hunter President 4.00 36.00 X X 0 491953 149938 V Dale Babbitt Chairman 1.00 0.00 X X 4550 0 0 Nancy Vannorsdel Director 1.00 0.30 X 4550 0 0 Steven Keen Director 1.00 0.00 X 4550 0 0 Mark Dunham Director 1.00 0.30 X 4550 0 0 Erin Anderson Executive Director 40.00 0.00 X 148807 0 49762 John Chung Treasurer 1.00 39.00 X 0 263486 84169 Richard Skinner Secretary 1.00 0.00 X 0 0 0 167007 755439 283869 1 0 1 0 Eide Bailly LLP 877 W Main St Ste 800 Boise ID 83702 Professional Fees 234559 Hutchinson Smith Architects PA 270 N 27th Ste 200 Boise ID 83702 Professional Fees 176624 2 400000 34130 434130 Tenant Rent 624200 7473363 7473363 Housing Assistance Payments 624200 2741011 2741011 Developer Fees 624200 1526991 1526991 Property Management Services 624200 1344638 1343438 1200 Laundry and Other Income 624100 460459 460459 13546462 294248 294248 61940 -61940 -61940 -61940 Debt Forgiveness - Housing Loan 624200 310605 310605 Subsidiary Income (Loss) 900099 -19095 -19095 291510 14504410 13836772 1200 232308 204861 204861 2329547 1298892 1030655 18241 18241 477510 181869 295641 194683 101578 93105 41148 29802 11346 131436 10323 121113 1001129 954672 46457 366 366 226322 176229 50093 39743 27154 12589 1832971 1801198 31773 90876 31805 59071 93159 73704 19455 1177875 1174696 3179 2833829 2821698 12131 653829 637490 16339 UBI Income Tax Expense 30 30 Maintenance & Repairs 1017849 1017485 364 Bad Debt 160859 160859 Administrative Expenses 31649 31649 36381 24481 11900 12594293 10542542 2051751 0 7275 7475 9086980 8015301 8870923 11788753 1187000 1702000 425873 461441 71892092 45310753 30257142 26581339 1271094 2890298 4138197 3870698 55244484 55317305 1294375 746106 87950 67961 350446 350092 32537955 31300557 423253 391967 34693979 32856683 X 20550505 22460622 20550505 22460622 55244484 55317305 1910117 0 X X 0 1 X 1 1 1 X 500000 2505 25394 434130 962029 10635244 12576263 13041132 13289824 13545262 63087725 11135244 12576263 13043637 13315218 13979392 64049754 0 0 0 64049754 132286 110285 148957 131156 294248 816932 132286 110285 148957 131156 294248 816932 303901 276719 293343 300550 291510 1466023 11571431 12963267 13485937 13746924 14565150 66332709 0.96560 0.96990 0.01230 0.01020 X Schedule A, Part III, Line 12, Explanation of Other Income: Debt Forgiveness - 2019 Amount: $ 310,605. 2020 Amount: $ 310,605. 2021 Amount: $ 310,605. 2022 Amount: $ 310,605. 2023 Amount: $ 310,605. Subsidiary Income - 2019 Amount: $ -6,704. 2020 Amount: $ -33,886. 2021 Amount: $ -17,262. 2022 Amount: $ -10,055. 2023 Amount: $ -19,095. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3435301 3435301 68456791 45310753 23146038 26581339 Investment in Subsidiaries 2890298 F 2890298 Escrow and Reserve Deposits 3863959 Tax Credit Fees and Other Assets 6739 3870698 Interest Payable 83201 Real Estate Taxes Payable 308766 391967 X 14585445 0 14585445 -81035 -81035 14504410 12594293 0 12594293 0 12594293 Part IV, Line 2b: The Organization included a custodial account liability amount on Form 990, Part X, (Balance Sheet) Line 21 in the amount of security deposits payable of $350,092. Part X, Line 2: Management of Housing believes that each entity has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the consolidated financial statements. The Organization would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 4b - Other Adjustments: Gain/Loss on Disposal of Fixed Assets -61,940. Gain/Loss from Subsidiaries -19,095. X X 0 0 0 0 0 0 0 1 0 Gerald Hunter President 0 373799 0 86850 0 31304 0 128521 0 22165 0 642639 0 0 John Chung Treasurer 0 207005 0 43500 0 12981 0 50975 0 34052 0 348513 0 0 Erin Anderson Executive Director 125741 0 20350 0 2716 0 17223 0 33197 0 199227 0 0 0 Part I, Line 7 Non-fixed payments to the Board President are determined by the related organization's board of directors and nonfixed payments to other employees of the organization and related organization are discretionary determined by the Board President. Factors used to determine compensation include the combination of 1) The degree to which organizational performance objectives and revenue projections are met, 2) Each business unit achieving stated goals, and 3) Individual performance. The Board President consults with supervisors of those eligible to receive a bonus to discuss individual performance. No bonus is available without those three factors being satisfactory. The amount of the bonus cannot exceed 15% of an individual's compensation including the Director of Housing nor 30% for the President of Housing. Form 990, Part VI, Section A, line 2 Business Relationship: Gerald Hunter, John Chung, Nancy Vannorsdel, Mark Dunham & Richard Skinner. Form 990, Part VI, Section A, line 4 During 2023, the Bylaws were amended to adjust required minimum number of Board Members from 7 to 5, of which 2 need to be IHFA Board Members. Form 990, Part VI, Section A, line 7a Two of the Directors of the Board are elected by the Members of the current Board of Directors from persons nominated by the Idaho Housing and Finance Association and one of such Directors shall be the President and Executive Director of the Idaho Housing and Finance Association. At any time during the terms of service of the Idaho Housing and Finance Association's nominated Directors, the Board of Commissioners of Idaho Housing and Finance Association has the right to change their representative Director(s) by calling a special meeting of the Members, nominating new Director(s) to stand for election and, if so elected, completing the remaining term of service. Form 990, Part VI, Section A, line 8b There are no committees with broad authority to act on behalf of the governing body. Form 990, Part VI, Section B, line 11b A PDF copy of the Form 990 is emailed to each member of the Board for review prior to filing. The Executive Director and Accounting Manager of The Housing Company review the Form 990 in conjunction with the consolidated financial statements prior to providing the Form 990 to the board for review. Form 990, Part VI, Section B, line 12c All employees and members of The Housing Company are covered by the written conflict of interest policy and are required to disclose annually any interests that could give rise to conflict. Potential conflicts of interest are reviewed by the President and Chairman of the Board; any board members with a conflict of interest abstain from voting on the issue. Form 990, Part VI, Section B, line 15a The Housing Company contracts annually with the Human Resource Department of Idaho Housing & Finance Association to obtain comparability data for the area. The Housing Company compensates the Executive Director, whose compensation is reviewed and approved by the Board President on an annual basis in conjunction with annual performance reviews and Human Resources. Form 990, Part VI, Section C, line 19 The Housing Company's governing documents, conflict of interest policy and financial statements are available for public inspection upon request. Form 990, Part XII, Line 2c: The Board of Directors assumes responsibility for oversight of the audit and the selection of an independent accountant. Idaho Housing and Finance Association PO BOX 7899 Boise ID 83707 820302333 Housing Finance Agency ID N/A 0 The Home Partnership Foundation PO BOX 7899 Boise ID 83707 753162969 Housing Finance Agency ID 501(c)(3) Line 7 Idaho Housing and Finance Association 0 Downtown Housing Development Limited PS PO Box 6943 Boise ID 83707 202406533 Low Income Housing ID Downtown Housing Inc Related -218 498011 0 1 0.00100 Rose Park Place Limited Partnership PO Box 6943 Boise ID 83707 208622487 Low Income Housing ID Rose Park Inc Related -175 445777 0 1 0.00100 Field Stream Apartments LP PO Box 6943 Boise ID 83707 472588770 Low Income Housing ID Field Stream Inc Related -30 210323 0 1 0.00010 The Springs II Apartments LP PO Box 6943 Boise ID 83707 473354359 Low Income Housing ID The Springs II Inc Related -26 468124 0 1 0.00010 Moon Valley Apartments LP PO Box 6943 Boise ID 83707 811504648 Low Income Housing ID Moon Valley Inc Related 1489 0 1 0.00010 Bonneville Apartments LP PO Box 6943 Boise ID 83707 371880567 Low Income Housing ID Bonneville Inc Related -31 2131096 0 1 0.00010 Pioneer Meadows Apartments LP PO Box 6943 Boise ID 83707 843778073 Low Income Housing ID PMA Development Inc Related -12 44046 0 1 0.00010 Teton Mesa 9 LP PO Box 6943 Boise ID 83707 845102989 Low Income Housing ID TM 9 Inc Related -14 568358 0 1 0.00010 Teton Mesa 4 LP PO Box 6943 Boise ID 83707 845103114 Low Income Housing ID TM 4 Inc Related -11 1578435 0 1 0.00010 Canyon Terrace LP PO Box 6943 Boise ID 83707 851662442 Low Income Housing ID Canyon Terrace Inc Related -36 1520218 0 1 0.00010 Sunset Landing LP PO Box 6943 Boise ID 83707 863241832 Low Income Housing ID Sunset Landing Inc Related -137 1167247 0 1 0.00010 Blaine Manor Family LP PO Box 6943 Boise ID 83707 845066992 Low Income Housing ID BM Family LLC Related -13 1267892 0 1 0.00010 Blaine Manor Senior LP PO Box 6943 Boise ID 83707 845066818 Low Income Housing ID BM Senior LLC Related -18 1454159 0 1 0.00010 The Core Apartments General Partner LLC PO Box 6943 Boise ID 83707 921271591 Low Income Housing ID The Housing Company Related -2219 1042672 0 1 0.51000 Wood Rose Apartments LP PO Box 6943 Boise ID 83707 921973483 Low Income Housing ID WR Apartments Inc Related 2635623 0 1 0.00010 Alder Apartments LP PO Box 6943 Boise ID 83707 931432408 Low Income Housing ID Alder Apartments General Partner LLC Related 4738327 0 1 0.00010 The Core Apartments LP PO Box 6943 Boise ID 83707 923906489 Low Income Housing ID The Core Apartments General Partner LLC Related 0 1 0.00010 Moon Valley Inc PO Box 6943 Boise ID 83707 820481013 Low Income Housing ID The Housing Company C 19531 -46265 1.00000 1 Sunset Landing Inc PO Box 6943 Boise ID 83707 820496541 Low Income Housing ID The Housing Company C 33914 36189 1.00000 1 The Springs II Inc PO Box 6943 Boise ID 83707 820453028 Low Income Housing ID The Housing Company C 28943 438474 1.00000 1 Bonneville Inc PO Box 6943 Boise ID 83707 820466665 Low Income Housing ID The Housing Company C 5464 22887 1.00000 1 Field Stream Inc PO Box 6943 Boise ID 83707 820453612 Low Income Housing ID The Housing Company C 18450 176397 1.00000 1 Canyon Terrace Inc PO Box 6943 Boise ID 83707 820504692 Low Income Housing ID The Housing Company C 10018 18065 1.00000 1 Moscow Inc PO Box 6943 Boise ID 83707 680505919 Low Income Housing ID The Housing Company C 1 2212 1.00000 1 PMA Development Inc PO Box 6943 Boise ID 83707 820493648 Low Income Housing ID The Housing Company C 7426 23733 1.00000 1 Downtown Housing Inc PO Box 6943 Boise ID 83707 202406451 Low Income Housing ID The Housing Company C 1388 199597 1.00000 1 Rose Park Inc PO Box 6943 Boise ID 83707 820451604 Low Income Housing ID The Housing Company C 1501 321635 1.00000 1 TM 9 Inc PO Box 6943 Boise ID 83707 845109598 Low Income Housing ID The Housing Company C 2334 1.00000 1 TM 4 Inc PO Box 6943 Boise ID 83707 845109736 Low Income Housing ID The Housing Company C 2476 1.00000 1 BM Senior LLC PO Box 6943 Boise ID 83707 845072615 Low Income Housing ID The Housing Company C 3785 155540 0.49000 0 BM Family LLC PO Box 6943 Boise ID 83707 845072789 Low Income Housing ID The Housing Company C 3785 253550 0.49000 0 WR Apartments Inc PO Box 6943 Boise ID 83707 921955444 Low Income Housing ID The Housing Company C 529580 1.00000 1 Alder Apartments General Partner LLC PO Box 6943 Boise ID 83707 921281808 Low Income Housing ID The Housing Company C 1262391 1.00000 1 0 0 1 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 Alder Apartments General Partner LLC R 1126607 Book Value WR Apartments Inc R 528080 Book Value Part IV: STATEMENT OF ELECTION UNDER INTERNAL REVENUE CODE SECTION 168(h)(6)(F)(ii) Name of Taxpayer: WR Apartments, Inc. Address of Taxpayer: PO Box 6943, Boise, ID 83707 Taxpayer Identification Number: 92-1955444 Purpose of Election: The election pursuant to Section 168(h)(6)(F)(ii) may be made by an entity that is a tax-exempt controlled entity. Generally, an entity is a tax-exempt controlled entity if it is a corporation which is not tax-exempt and if 50% or more of the stock of such corporation is owned by one or more tax-exempt entities. An entity making the election pursuant to Section 168(h)(6)(F)(ii) shall not be treated as a tax-exempt entity for purposes of Internal Revenue Code Sections 168(h)(5) and 168(h)(6). Any gain recognized by a tax-exempt entity on any disposition of an interest in such entity (and any dividend or interest received or accrued by a tax-exempt entity from such tax-exempt controlled entity) will be treated as unrelated business taxable income. The purpose of this election is to treat WR Apartments, Inc's allocable share of depreciable property owned by the partnership in which WR Apartments, Inc has an investment as property which is not tax-exempt use property. WR Apartments, Inc is entitled to make such election because it is a corporation or has elected to be treated for federal tax purposes as an association which is taxable as a corporation and is 100% owned by The Housing Company WR Apartments, Inc hereby elects pursuant to Internal Revenue Code Section 168(h)(6)(F)(ii) not to be treated as a tax-exempt entity for purposes of applying the rules in Internal Revenue Code Sections 168(h)(5) and 168(h)(6). The tax-exempt status of The Housing Company is not affected by this Statement of Election. Applicable Period: This Statement of Election is effective beginning with the taxable year ending December 31, 2023.