2023-11-15T14:55:23-06:00 2022-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2022-01-01 820439164 The Housing Company HOUS 2083314811 PO Box 6943 Boise ID 83707 Erin Anderson Executive Director 2083314765 2023-11-13 1 Erin Anderson 999009999 1 Kim Hunwardsen CPA P00484560 6122536500 2023-11-13 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Erin Anderson PO Box 6943 Boise ID 83707 13749324 0 X www.thehousingcompany.org X 1990 ID To develop, acquire, and operate (including management) real estate for elderly, disadvantaged, and limited-income persons. 6 5 78 7 2400 0 59505 25394 12986532 13292224 6488 66604 293343 300550 13345868 13684772 0 0 0 0 3067216 2622591 0 0 0 8998860 9428368 12066076 12050959 1279792 1633813 54365926 55244484 35449234 34693979 18916692 20550505 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 10270798 13590374 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, 2022, Housing had acquired and was operating fifteen multifamily housing complexes; had constructed and was operating twenty 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; 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; (Continued on Schedule O)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 multi-family complexes in Nampa, Idaho, and Caldwell, Idaho and had purchased land in Meridian, Idaho, Nampa, Idaho, and Twin Falls, Idaho, with the intent of constructing three other multi-family complexes.Housing was given the management responsibility of leasing and managing two (at the end of 2022) single family homes (REO) that are owned and were foreclosed upon by IHFA. IHFA reimburses Housing for the amounts paid for the homes 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 multi-family properties located in Idaho. As of December 31, 2022, Housing managed nine different affordable housing projects and performed the housing compliance for two Idaho non-profit corporations. Housing received management fees of $212,000 and $137,613 during 2022 and 2021, respectively, which is reflected as income to Housing, but Housing has no ownership in these projects. 10270798 1 1 0 0 0 0 0 0 1 0 1 0 0 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 0 0 0 1 82 0 1 78 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 6 5 1 0 0 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 470928 147264 Kathryn Almberg Until 082022 VP/Director of Operations 40.00 0.00 X 127418 0 45346 Erin Anderson Executive Director (From 08/2022) 40.00 0.00 X 113273 0 41659 John Chung Treasurer 1.00 39.00 X 0 245501 72169 Richard Skinner Secretary 1.00 0.00 X 0 0 0 V Dale Babbitt Chairman 1.00 0.00 X X 2200 0 0 Nancy Vannorsdel Director 1.00 0.30 X 1600 0 0 Steven Keen Director 1.00 0.00 X 2000 0 0 John D Jack Beebe Director 1.00 0.00 X 1200 0 0 Mark Dunham Director 1.00 0.30 X 2000 0 0 249691 716429 306438 2 0 1 0 Eide Bailly LLP 877 W Main St Ste 800 Boise ID 83702 Professional Fees 188520 Briggs Roofing Company 435 Yellowstone Hwy Rigby ID 83442 Construction 109741 2 25394 25394 Tenant Rent 624200 7018363 7018363 Housing Assistance Payments 624200 2745858 2745858 Developer Fees 624200 1940419 1940419 Property Management Services 624200 1203106 1200706 2400 Laundry and Other Income 624100 384478 384478 13292224 131156 131156 64552 -64552 -64552 -64552 Debt Forgiveness - Housing Loan 624200 310605 310605 Subsidiary Income (Loss) 900099 -10055 -10055 300550 13684772 13590374 2400 66604 317787 317787 1790737 1165490 625247 14262 14262 338237 173972 164265 161568 92006 69562 21232 10652 10580 123547 9702 113845 970561 915858 54703 709 709 194848 154507 40341 59944 49110 10834 1862978 1840178 22800 56890 26323 30567 34132 27262 6870 1305099 1241811 63288 2983337 2975856 7481 593686 583652 10034 UBI Income Tax Expense 30 30 Maintenance & Repairs 878692 877222 1470 Loan Costs 210000 210000 Bad Debt 79208 79208 53475 33018 20457 12050959 10270798 1780161 0 7275 7275 8994784 9086980 8631237 8870923 1187000 1187000 382472 425873 73238821 42981679 30897520 30257142 985424 1271094 3280214 4138197 54365926 55244484 873308 1294375 57795 87950 348955 350446 33674716 32537955 494460 423253 35449234 34693979 X 18916692 20550505 18916692 20550505 54365926 55244484 1633813 0 X X 0 1 X 1 1 1 X 300000 500000 2505 25394 827899 9237556 10635244 12576263 13041132 13289824 58780019 9537556 11135244 12576263 13043637 13315218 59607918 0 0 0 59607918 106205 132286 110285 148957 131156 628889 106205 132286 110285 148957 131156 628889 45597 303901 276719 293343 300550 1220110 9689358 11571431 12963267 13485937 13746924 61456917 0.96990 0.96800 0.01020 0.01040 X Schedule A, Part III, Line 12, Explanation of Other Income: Debt Forgiveness - 2018 Amount: $ 310,605. 2019 Amount: $ 310,605. 2020 Amount: $ 310,605. 2021 Amount: $ 310,605. 2022 Amount: $ 310,605. Subsidiary Income - 2018 Amount: $ -265,008. 2019 Amount: $ -6,704. 2020 Amount: $ -33,886. 2021 Amount: $ -17,262. 2022 Amount: $ -10,055. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 4977601 4977601 68261220 42981679 25279541 30257142 Escrow and reserve deposits 3534184 Tax Credit Fees and Other Assets 604013 4138197 Interest Payable 84851 Real Estate Taxes Payable 338402 423253 X 13759379 0 13759379 -74607 -74607 13684772 12050959 0 12050959 0 12050959 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 $350,446. 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 -64,552. Gain/Loss from Subsidiaries -10,055. X X 0 0 0 0 0 0 0 1 0 Gerald Hunter President 0 342307 0 100078 0 28543 0 126497 0 21136 0 618561 0 0 Kathryn Almberg Until 082022 VP/Director of Operations 119401 0 371 0 7646 0 31294 0 14422 0 173134 0 0 0 Erin Anderson Executive Director (From 08/2022) 111089 0 100 0 2084 0 13658 0 28380 0 155311 0 0 0 John Chung Treasurer 0 193720 0 43500 0 8281 0 43338 0 29288 0 318127 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. 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 7a Four 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 VP/Director of Operations 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 VP/Director of Operations, whose compensation is reviewed and approved by the Board President on an annual basis in conjunction with his annual performance review and Human Resources. In August of 2022, the Housing Company the VP/Director of Operations position was replaced with an Executive Director, who now serves as the top management official of the organization. There were no changes to the process for determining compensation. 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 -36 403916 0 1 0.00100 Rose Park Place Limited Partnership PO Box 6943 Boise ID 83707 208622487 Low Income Housing ID Rose Park Inc Related -49 410156 0 1 0.00100 Field Stream Apartments LP PO Box 6943 Boise ID 83707 472588770 Low Income Housing ID Field Stream Inc Related 7 272461 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 -23 427728 0 1 0.00010 Moon Valley Apartments LP PO Box 6943 Boise ID 83707 811504648 Low Income Housing ID Moon Valley Inc Related -15 36754 0 1 0.00010 Bonneville Apartments LP PO Box 6943 Boise ID 83707 371880567 Low Income Housing ID Bonneville Inc Related -33 2049673 0 1 0.00010 Pioneer Meadows Apartments LP PO Box 6943 Boise ID 83707 843778073 Low Income Housing ID PMA Development Inc Related -12 34469 0 1 0.00010 Teton Mesa 9 LP PO Box 6943 Boise ID 83707 845102989 Low Income Housing ID TM 9 Inc Related -100 574931 0 1 0.00010 Teton Mesa 4 LP PO Box 6943 Boise ID 83707 845103114 Low Income Housing ID TM 4 Inc Related -52 1582300 0 1 0.00010 Canyon Terrace LP PO Box 6943 Boise ID 83707 851662442 Low Income Housing ID Canyon Terrace Inc Related -410 2540045 0 1 0.00010 Sunset Landing LP PO Box 6943 Boise ID 83707 863241832 Low Income Housing ID Sunset Landing Inc Related -5 2140623 0 1 0.00010 Blaine Manor Family LP PO Box 6943 Boise ID 83707 845066992 Low Income Housing ID BM Family LLC Related -151 1297086 0 1 0.00010 Blaine Manor Senior LP PO Box 6943 Boise ID 83707 845066818 Low Income Housing ID BM Senior LLC Related -33 1603471 0 1 0.00010 Alder Apartments General Partner LLC PO Box 6943 Boise ID 83707 921281808 Low Income Housing ID The Housing Company Related 433016 0 1 0.51000 The Core Apartments General Partner LLC PO Box 6943 Boise ID 83707 921271591 Low Income Housing ID The Housing Company Related 162491 0 1 0.51000 Moon Valley Inc PO Box 6943 Boise ID 83707 820481013 Low Income Housing ID The Housing Company C -745 -10638 1.00000 1 Sunset Landing Inc PO Box 6943 Boise ID 83707 820496541 Low Income Housing ID The Housing Company C -735 609 1.00000 1 The Springs II Inc PO Box 6943 Boise ID 83707 820453028 Low Income Housing ID The Housing Company C -753 407878 1.00000 1 Bonneville Inc PO Box 6943 Boise ID 83707 820466665 Low Income Housing ID The Housing Company C -762 15789 1.00000 1 Field Stream Inc PO Box 6943 Boise ID 83707 820453612 Low Income Housing ID The Housing Company C -724 230910 1.00000 1 Canyon Terrace Inc PO Box 6943 Boise ID 83707 820504692 Low Income Housing ID The Housing Company C -1140 6433 1.00000 1 Moscow Inc PO Box 6943 Boise ID 83707 680505919 Low Income Housing ID The Housing Company C -730 531 1.00000 1 PMA Development Inc PO Box 6943 Boise ID 83707 820493648 Low Income Housing ID The Housing Company C -794 14712 1.00000 1 Downtown Housing Inc PO Box 6943 Boise ID 83707 202406451 Low Income Housing ID The Housing Company C -766 198152 1.00000 1 Rose Park Inc PO Box 6943 Boise ID 83707 820451604 Low Income Housing ID The Housing Company C -783 320039 1.00000 1 TM 9 Inc PO Box 6943 Boise ID 83707 845109598 Low Income Housing ID The Housing Company C -830 678 1.00000 1 TM 4 Inc PO Box 6943 Boise ID 83707 845109736 Low Income Housing ID The Housing Company C -813 814 1.00000 1 BM Senior LLC PO Box 6943 Boise ID 83707 845072615 Low Income Housing ID The Housing Company C -374 150951 0.49000 0 BM Family LLC PO Box 6943 Boise ID 83707 845072789 Low Income Housing ID The Housing Company C -432 248955 0.49000 0 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 133234 Book Value The Core Apartments General Partner LLC R 162491 Book Value Part IV: STATEMENT OF ELECTION UNDER INTERNAL REVENUE CODE SECTION 168(h)(6)(F)(ii) Name of Taxpayer: Sunset Landing, Inc. Address of Taxpayer: PO Box 6943, Boise, ID 83707 Taxpayer Identification Number: 82-0496541 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 Sunset Landing Inc's allocable share of depreciable property owned by the partnership in which Sunset Landing Inc has an investment as property which is not tax-exempt use property. Sunset Landing 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. Sunset Landing 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, 2022. Part IV: STATEMENT OF ELECTION UNDER INTERNAL REVENUE CODE SECTION 168(h)(6)(F)(ii) Name of Taxpayer: Canyon Terrace, Inc. Address of Taxpayer: PO Box 6943, Boise, ID 83707 Taxpayer Identification Number: 82-0504692 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 Canyon Terrace, Inc.'s allocable share of depreciable property owned by the partnership in which Canyon Terrace, Inc. has an investment as property which is not tax-exempt use property. Canyon Terrace, 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. Canyon Terrace, 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, 2022.