2022-04-29T15:44:25-05:00 2021-06-30 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2020-07-01 770545135 HOUSING TRUST SILICON VALLEY HOUS 4087033837 75 E SANTA CLARA STREET NO 1350 SAN JOSE CA 95113 ANTONIETA RAMOS CHIEF EXECUTIVE OFFICER 4087033837 2022-04-26 1 ANTONIETA RAMOS 999009999 YONG ZHANG CPA P01249785 7033366400 2022-04-26 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z ANTONIETA RAMOS 75 E SANTA CLARA STREET NO 1350 SAN JOSE CA 95113 25691941 0 X WWW.HOUSINGTRUSTSV.ORG X 2000 CA THE MISSION OF HOUSING TRUST SILICON VALLEY IS TO MAKE BAY AREA A MORE AFFORDABLE PLACE TO LIVE. 14 14 33 14 0 0 15224448 11287252 8335202 9403321 942974 757195 -18805 789 24483819 21448557 382809 297071 0 0 3075321 4176968 0 0 360281 6144733 2786693 9602863 7260732 14880956 14187825 223956871 250989111 134111912 146321222 89844959 104667889 X THE MISSION OF HOUSING TRUST SILICON VALLEY IS TO MAKE BAY AREA A MORE AFFORDABLE PLACE TO LIVE. WE MAKE LOANS AND GRANTS TO INCREASE THE SUPPLY OF AFFORDABLE HOUSING, ASSIST FIRST-TIME HOMEBUYERS, PREVENT HOMELESSNESS AND STABILIZE NEIGHBORHOODS. 0 0 3092483 144091 8652559 THE COMPETITIVE REAL ESTATE MARKET IN THE GREATER BAY AREA CREATES A CHALLENGING ENVIRONMENT FOR AFFORDABLE HOUSING DEVELOPMENT. HOUSING TRUST - WHICH MAKES MORE LOANS THAN ANY OTHER NONPROFIT HOUSING LENDER IN OUR REGION - IS HERE TO HELP. SINCE 2000, HOUSING TRUST HAS MADE LOANS TO 175 AFFORDABLE HOUSING PROJECTS, TOTALING OVER $387 MILLION IN FUNDING AND RESULTING IN 14,671 AFFORDABLE RENTAL HOMES. OUR BORROWERS ARE TYPICALLY COMMUNITY-BASED, NON-PROFIT AND MISSION ALIGNED FOR-PROFIT AFFORDABLE HOUSING DEVELOPERS WHOSE COLLECTIVE MISSION IS TO INCREASE AND PRESERVE THE AFFORDABLE HOUSING STOCK IN THE COMMUNITIES THEY SERVE, AND BY SO DOING, REVITALIZE SUCH COMMUNITIES. WE LEND IN THE GREATER BAY AREA INCLUDING ALAMEDA, CONTRA COSTA, MARIN, MONTEREY, NAPA, SAN BENITO, SAN FRANCISCO, SAN JOAQUIN, SAN MATEO, SANTA CLARA, SANTA CRUZ, SOLANO AND SONOMA COUNTIES. MULTI-FAMILY LENDING VOLUME HAS GROWN SIGNIFICANTLY OVER THE PAST SEVERAL YEARS. 717770 661300 SIX-FIGURE DOWN PAYMENTS CAN PUT THE DREAM OF HOMEOWNERSHIP OUT OF REACH. HOUSING TRUST OFFERS FIRST TIME HOMEBUYERS THE EDUCATION AND COUNSELING, DEFERRED INTEREST LOANS AND BELOW MARKET PURCHASE PROGRAMS THAT CAN BRING THAT DREAM CLOSER TO REALITY. HOUSING TRUST'S HOMEBUYER TEAM OFFERS HOMEBUYER AND FINANCIAL LITERACY EDUCATION IN GROUP SETTINGS AS WELL AS ONE-ON-ONE SESSIONS THAT COVER TOPICS INCLUDING SAVING FOR A DOWN PAYMENT AND RESERVES, HOW TO SELECT AND WORK WITH REALTORS AND MORTGAGE LOAN OFFICERS AND WHAT TO EXPECT UPON CLOSING ON A NEW HOME. HOUSING TRUST'S FINANCIAL PRODUCTS REDUCE THE BURDEN OF 20% DOWN PAYMENT REQUIREMENTS AND BRIDGE THE GAP BETWEEN WHAT LOW- TO MIDDLE-INCOME BUYERS CAN AFFORD TO BORROW AND THE EQUITY REQUIRED TO DO SO. SINCE 2000 WE HAVE OFFERED HOMEBUYER DOWN PAYMENT ASSISTANCE AS DEFERRED, AMORTIZING AND EQUITY SHARE LOANS, DEPENDING ON INCOME LEVEL AND NEEDS OF THE BORROWER. OUR LOANS UNDER THESE PROGRAMS RANGE FROM $6,500 TO $187,000. WE HAVE MADE 2,570 DOWN PAYMENT ASSISTANCE LOANS TOTALING OVER $50 MILLION SINCE OUR FOUNDING. IN FY21, HOUSING TRUST PROVIDED EDUCATION AND COUNSELING TO 3,215 HOPEFUL HOMEBUYERS, MADE TWENTY DOWN PAYMENT ASSISTANCE LOANS AND COMPLETED FOUR BELOW MARKET PURCHASE PROGRAM HOME SALES. 158705 152980 WE HELP NEIGHBORS EXPERIENCING HOMELESSNESS MOVE OFF THE STREETS AND INTO HOMES. THIS IS A VITAL PIECE OF OUR COMPREHENSIVE MISSION, HELPING OUR COMMUNITIES' LOWEST INCOME HOUSEHOLDS ACHIEVE STABILITY. HOUSING TRUST HAS GRANT PROGRAMS THAT STRENGTHEN AND EXPAND CAPACITY OF SOCIAL SAFETY NET PROVIDERS AND PROVIDE THE FINAL KEY TO INDIVIDUALS AND FAMILIES TO PREVENT OR EXIT HOMELESSNESS. HOUSING TRUST PARTNERS WITH SOCIAL SERVICE AGENCIES TO MAKE SECURITY DEPOSITS ASSISTANCE TO HOUSEHOLDS EXPERIENCING OR AT RISK OF HOMELESSNESS, ALLOWING FAMILIES TO MOVE INTO PERMANENT HOUSING. SINCE 2000, HOUSING TRUST HAS ALSO HELPED 7,556 PEOPLE WITH OUR HOMELESSNESS ASSISTANCE GRANTS, TOTALING $5.5 MILLION. THESE PROGRAMS REACH THOSE AT THE VERY LOW END OF THE INCOME SPECTRUM, WITH OVER 80% OF FUNDS REACHING EXTREMELY LOW-INCOME HOUSEHOLDS (THOSE EARNING 30% OR LESS OF THE AREA MEDIAN INCOME). THE LACK OF AFFORDABLE HOUSING AND HIGH COST OF RENT CAN FORCE EVEN EMPLOYED INDIVIDUALS INTO HOMELESSNESS. OUR DEPOSIT ASSISTANCE CLIENTS ARE OFTEN EMPLOYED AS RETAIL CLERKS, RESTAURANT WORKERS, HOSPITAL STAFF AND MANY OTHER PROFESSIONS OUR COMMUNITIES DEPEND UPON. IN FY21, HOUSING TRUST HELPED 129 PEOPLE AVOID OR EXIT HOMELESSNESS, GRANTING $144,577. 980699 87188 OTHER PROGRAMS. 980699 87188 4949657 1 1 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 92 0 1 33 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X X JULIE MAHOWALD CFO 4087033837 75 E SANTA CLARA STREET SUITE 1350 SAN JOSE CA 95113 CRAIG ROBINSON CHAIR 4.00 X X 0 0 0 KATIA KAMANGER SECOND VICE-CHAIR 1.00 X X 0 0 0 SHILOH BALLARD SECRETARY 1.00 X X 0 0 0 JOE ANZALONE DIRECTOR 1.00 X 0 0 0 MIKE BEASLEY DIRECTOR 1.00 X 0 0 0 MARY CHANDLER DIRECTOR 1.00 X 0 0 0 HILDA RAMIREZ DIRECTOR 1.00 X 0 0 0 KEVIN DEEBLE DIRECTOR 1.00 X 0 0 0 JONATHAN FEARN DIRECTOR 1.00 X 0 0 0 PAPIA GAMBELIN DIRECTOR 1.00 X 0 0 0 LISA GUTIERREZ DIRECTOR 1.00 X 0 0 0 SHARON LEE DIRECTOR 1.00 X 0 0 0 MEG MCGRAW-SCHERER DIRECTOR 1.00 X 0 0 0 JIM MORGENSEN DIRECTOR 1.00 X 0 0 0 LORENA MEDEZ-QUEZADA FIRST VICE CHAIR (06/21) 1.00 X 0 0 0 ART FATUM TREASURER (02/21) 1.00 X 0 0 0 GEORGE BROWN DIRECTOR (02/21) 1.00 X 0 0 0 THANG DO DIRECTOR (02/21) 1.00 X 0 0 0 CANDICE GONZALEZ DIRECTOR (02/21) 1.00 X 0 0 0 SPARKY HARLAN DIRECTOR (11/20) 1.00 X 0 0 0 ANTONIETA RAMOS CHIEF EXECUTIVE OFFICER 40.00 X 0 0 0 KEVIN ZWICK CHIEF EXECUTIVE OFFICER (07/20) 40.00 X 203372 0 22989 JULIE MAHOWALD CHIEF FINANCIAL OFFICER 40.00 X 274713 0 30424 CRAIG MIZUSHIMA CHIEF COMPLIANCE & RISK OFFICER 40.00 X 165768 0 26377 FATHIA MACAULEY CHIEF LENDING OFFICER 40.00 X 184423 0 22728 JULIE QUINN CHIEF DEVELOPMENT OFFICER (10/20) 40.00 X 152194 0 9569 PAM BERKOWITZ VP OF MULTIFAMILY LENDING AND BUSINESS 40.00 X 143682 0 48062 ADRIA QUINONES-MASUR DIRECTOR OF HOMEBUYER PROGRAMS 40.00 X 141109 0 9436 STEVEN YANG DIRECTOR OF MULTIFAMILY LENDING 40.00 X 134906 0 14782 VIVIAN VO ACCOUNTING MANAGER 40.00 X 128734 0 27806 MARTHA LOPEZ MANAGER, LOAN ADMINISTRATION 40.00 X 103948 0 23194 1632849 0 235367 10 0 1 0 LEE DINNEEN CONSULTING 1350 HARWALT DRIVE LOS ALTOS CA 94024 FINANCIAL CONSULTING SERVICES 147975 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 AUDIT AND TAX SERVICES 125208 2 117355 2931668 8238229 11287252 INTEREST INCOME ON LOA 531390 6538906 6538906 PROGRAM SERVICE FEE 531390 2864415 2864415 9403321 166058 166058 4833036 4241899 591137 591137 591137 0 117355 1485 -1485 -1485 OTHER INCOME 900099 2274 2274 2274 21448557 9403321 0 757984 X 144091 144091 152980 152980 1076496 482606 432886 161004 2358930 1708549 577696 72685 146614 97099 37850 11665 358806 248264 94157 16385 236122 152790 64910 18422 25886 24266 1620 126892 126892 36285 36285 941271 570706 331591 38974 9568 9296 201 71 45167 30274 11607 3286 281693 192960 63205 25528 8830 3260 4995 575 1913020 1913020 74346 50927 16681 6738 61185 750 60435 OTHER OPERATING EXPENSE 164900 76519 84033 4348 DONATIONS & SPONSORSHIP 16150 9800 5750 600 PROVISION FOR LOAN LOSS -918500 -918500 7260732 4949657 1950794 360281 600 600 46674485 73473002 1135064 10358670 564345 406079 170324566 160058415 191048 186613 398192 262962 197679 135230 4869084 6370502 223956871 250989111 1282491 1025976 215909 9883136 1485214 3452554 14892380 14892380 96070945 99488184 20164973 17578992 134111912 146321222 X 40154494 52385252 49690465 52282637 89844959 104667889 223956871 250989111 14187825 635105 0 X 0 1 X 1 1 1 X 8137030 9488914 8548310 15224448 11287252 52685954 8137030 9488914 8548310 15224448 11287252 52685954 17780747 34905207 1230475 2573838 968523 826677 166058 5765571 42349 48415 2274 93038 58544563 23057515 0.59620 0.73890 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 48000 48000 7212732 7260732 513037 128259 0 0 317939 494896 630143 513037 1956015 2934023 148000 88000 88000 48000 372000 79485 123724 157536 128259 489004 733506 0 1485214 1967340 3452554 1 X 398192 262962 135230 135230 NON-RECOURSE PARTICIPANT LOAN CAPITAL 17578992 17578992 X 22047377 635105 635105 21412272 36285 36285 21448557 7224447 0 7224447 36285 36285 7260732 PART IV, LINE 2B: IN MARCH 2020, HOUSING TRUST ENTERED INTO A SERVICES AGREEMENT WITH GOOGLE ENDEAVOR, LLC, A WHOLLY OWNED FUND OF GOOGLE LLC (GOOGLE). GOOGLE HAS COMMITTED $63 MILLION TO CREATE A SEPARATE LAUNCH INITIATIVE FUND, AN AFFORDABLE HOUSING FUND AIMED TO ACCELERATE THE START-UP AND PRESERVATION OF HOMES. LAUNCH INITIATIVE IS A STRATEGIC PARTNERSHIP WHICH ENHANCES HOUSING TRUST'S LENDING CAPACITY AND PROVIDES HOUSING TRUST AND GOOGLE OPPORTUNITIES TO INVEST IN A BROADER RANGE OF AFFORDABLE HOUSING PROJECTS. HOUSING TRUST'S RESPONSIBILITIES INCLUDE SOURCING, UNDERWRITING, CLOSING AND SERVICING LOANS, TAKING AT LEAST A 10% PARTICIPATION IN THE LOANS AND PROVIDING MANAGEMENT SERVICES FOR THE FUND INCLUDING ACCOUNTING. AS THE SERVICER, AT JUNE 30, 2021, HOUSING TRUST HOLDS $3,452,554 BELONGING TO GOOGLE WHICH IS INCLUDED AS RESTRICTED CASH AND CASH EQUIVALENTS, AND THE ASSOCIATED LIABILITY AS FUNDS HELD FOR OTHERS ON THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. PART X, LINE 2: HOUSING TRUST BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. HOUSING TRUST'S FEDERAL AND STATE INFORMATION RETURNS FOR THE YEARS 2017 THROUGH 2020 ARE SUBJECT TO EXAMINATION BY REGULATORY AGENCIES, GENERALLY FOR THREE AND FOUR YEARS AFTER THEY WERE FILED FOR FEDERAL AND STATE, RESPECTIVELY. FUNDRAISING 117355 117355 1485 117355 117355 1485 1485 -1485 1 FAMILY SUPPORTIVE HOUSING 692 N KING RD SAN JOSE CA 95133 770101637 501(C)(3) 9091 PARTIAL LOAN FORGIVEN BILL WILSON CENTER 3490 THE ALAMEDA SANTA CLARA CA 95050 942221849 501(C)(3) 35000 LOAN FORGIVENESS CHARITIES HOUSING 1400 PARKMOOR AVENUE SAN JOSE CA 95126 770359848 501(C)(3) 100000 LOAN FORGIVENESS 3 0 SECURITY DEPOSIT GRANT 88 140980 GUARDINO SCHOLARSHIP 4 12000 PART I, LINE 2: THE ORGANIZATION PUBLISHES INITIAL GRANT GUIDELINES AND ACCEPTS APPLICATIONS FROM QUALIFIED ORGANIZATIONS. THE PROGRAM COMMITTEE REVIEWS ALL GRANT APPLICANTS AND APPROVES THE AWARD OF ALL GRANTS. THE RECIPIENT ORGANIZATION MUST REPORT MONTHLY THE STATUS OF ALL GRANT FUNDS RECEIVED AND THE WAY IN WHICH THESE FUNDS HAVE BEEN DISBURSED IN ACCORDANCE WITH THE INITIAL PURPOSE. X X X X X 0 0 0 0 0 0 0 1 0 KEVIN ZWICK CHIEF EXECUTIVE OFFICER (07/20) 163372 0 40000 0 0 0 8435 0 14554 0 226361 0 0 0 JULIE MAHOWALD CHIEF FINANCIAL OFFICER 206213 0 68500 0 0 0 10506 0 19918 0 305137 0 0 0 CRAIG MIZUSHIMA CHIEF COMPLIANCE & RISK OFFICER 156794 0 8974 0 0 0 8028 0 18349 0 192145 0 0 0 FATHIA MACAULEY CHIEF LENDING OFFICER 173946 0 10477 0 0 0 8813 0 13915 0 207151 0 0 0 JULIE QUINN CHIEF DEVELOPMENT OFFICER (10/20) 151844 0 0 0 350 0 7648 0 1921 0 161763 0 0 0 PAM BERKOWITZ VP OF MULTIFAMILY LENDING AND BUSINE 132091 0 11591 0 0 0 7374 0 40688 0 191744 0 0 0 ADRIA QUINONES-MASUR DIRECTOR OF HOMEBUYER PROGRAMS 132770 0 8339 0 0 0 6659 0 2777 0 150545 0 0 0 VIVIAN VO ACCOUNTING MANAGER 120662 0 8072 0 0 0 6312 0 21494 0 156540 0 0 0 FORM 990, PART VI, SECTION A, LINE 4 BYLAWS WAS UPDATED DURING THE YEAR INLCUDING THE FOLLOWING PARTS: ARTICLE I. NAME AND PRINCIPAL OFFICE ARTICLE III. BOARD OF DIRECTORS SECTION 1. POWERS. SECTION 6. RESIGNATION AND REMOVAL. SECTION 9. NOTICE. SECTION 10. WAIVER OF NOTICE. SECTION 12. ACTION WITHOUT A MEETING. SECTION 14. MEETING ATTENDANCE. SECTION 15. STANDARD OF CARE. SECTION 17. COMPENSATION. SECTION 19. EMERGENCY BYLAWS. ARTICLE IV. COMMITTEES SECTION 1. BOARD COMMITTEES. SECTION 2. EXECUTIVE COMMITTEE AND OTHER COMMITTEES. (A) EXECUTIVE COMMITTEE. (B) AUDIT COMMITTEE. (C) GOVERNANCE COMMITTEE. (D) FINANCE COMMITTEE. SECTION 6. REVOCATION OF DELEGATED AUTHORITY. ARTICLE V. OFFICERS SECTION 1. OFFICERS. SECTION 6. RESPONSIBILITIES OF OFFICERS. A. BOARD CHAIR. D. CEO. ARTICLE VI. CERTAIN TRANSACTIONS SECTION 4. DUTY OF LOYALTY. ARTICLE VIII. GRANTS AND LOANS ADMINISTRATION SECTION 2. BOARD OF DIRECTORS OVERSIGHT. ARTICLE IX. MISCELLANEOUS SECTION 2. CONTRACTS, NOTES, AND CHECKS. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED AND APPROVED BY THE AUDIT COMMITTEE. THE ENTIRE BOARD RECEIVES A COPY OF THE FORM 990 PRIOR TO FILING IN SUFFICIENT TIME TO POSE ANY QUESTIONS OR GIVE COMMENTS. FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER MUST COMPLETE AND SIGN A CONFLICT OF INTEREST POLICY ANNUALLY. NEW BOARD MEMBERS OR THOSE BEING CONSIDERED ARE EVALUATED TO SEE IF THERE EXIST ANY CONFLICT OF INTEREST. EMPLOYEES MUST ALSO SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY. IF THE BOARD IS EVALUATING A BUSINESS DEALING WITH AN ENTITY THAT A BOARD MEMBER HAS SOME INVOLVEMENT, THE BOARD MEMBER RECUSES THEMSELVES FROM ALL DISCUSSION AND FROM VOTING. IN ADDITION THE BOARD MEMBER ALSO EXCUSED THEMSELVES FROM THE MEETING TO ALLOW OTHER MEMBERS TO DISCUSS THE DEAL CANDIDLY. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE RELIES UPON SALARY SURVEY DATA TO DETERMINE THE REASONABLENESS OF THE COMPENSATION OF CHIEF EXECUTIVE OFFICER. CHIEF EXECUTIVE USES COMPARABILITY DATA TO DETERMINE COMPENSATION OF THE CHIEF FINANCIAL OFFICER, CHIEF LENDING OFFICER, CHIEF DEVELOPMENT OFFICER, AND CHIEF COMPLIANCE & RISK OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS ARE AVAILABLE AT THE ORGANIZATION OFFICES WHICH ARE AVAILABLE FOR INSPECTION MONDAY TO FRIDAY (EXCEPT HOLIDAYS), 9AM TO 5PM. POST AUDITED FINANCIALS ON WEBSITE. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 570,706. MANAGEMENT AND GENERAL EXPENSES 331,591. FUNDRAISING EXPENSES 38,974. TOTAL EXPENSES 941,271. LTOA LLC 75 E SANTA CLARA STREET 1350 SAN JOSE CA 95113 460669111 AFFORDABLE HOUSING CA 0 0 HOUSING TRUST SILICON VALLEY