2022-11-14T16:20:04-06:00 2021-12-31 450250958 Eide Bailly LLP 800 Nicollet Mall Ste 1300 Minneapolis MN 554027033 990 2021-01-01 820439164 The Housing Company HOUS 2083314811 PO Box 6943 Boise ID 83707 Erin Anderson Executive Director 2083314765 2022-11-14 1 Erin Anderson 999009999 Kim Hunwardsen CPA P00484560 6122536500 2022-11-09 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z Erin Anderson PO Box 6943 Boise ID 83707 18403802 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 71 7 2400 0 0 59505 12578963 12986532 -392182 6488 276719 293343 12463500 13345868 0 0 0 0 2740363 3067216 0 0 0 8545050 8998860 11285413 12066076 1178087 1279792 54813865 54365926 37176965 35449234 17636900 18916692 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 10296796 13277475 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, 2021, Housing had acquired and was operating fifteen multifamily housing complexes; had constructed and was operating seventeen multi-family housing complexes; had constructed two additional phases of housing to existing developments; had completed renovations of two hotels and turned them into a new multi-family complex; had built a single family home known as The Cottage with HOME funds; had purchased land in Montpelier for the purpose of developing and selling workforce housing units; (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 five multi-family complexes in Hailey, Idaho; Idaho Falls, Idaho; Nampa, Idaho; and Caldwell, Idaho and had purchased land in Boise, Idaho and Twin Falls, Idaho with the intent of constructing two other multi-family complexes.Housing was given the management responsibility of leasing and managing some 2 (at the end of 2021) 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, 2021, Housing managed six different affordable projects and did the housing compliance for two Idaho non-profit corporations. Housing received management fees but Housing has no ownership in these projects. 10296796 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 0 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 86 0 1 71 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 Accounting Manager 2083314750 PO Box 6943 565 W Myrtle Ste 250 Boise ID 83707 Gerald Hunter President 4.00 40.00 X X 0 431209 135411 John Chung Treasurer 1.00 40.00 X 0 224924 70263 Kathryn Almberg VP/Director of Operations 40.00 0.00 X 169145 0 58539 V Dale Babbitt Chairman 1.00 0.00 X X 2000 0 0 Nancy Vannorsdel Director 1.00 0.30 X 2000 0 0 Steven Keen Director 1.00 0.00 X 2000 0 0 John D Jack Beebe Director 1.00 0.00 X 2000 0 0 Mark Dunham Director 1.00 0.30 X 1600 0 0 Richard Skinner Secretary 1.00 0.00 X 0 0 0 John Parrish Director (Left 02/2021) 1.00 0.00 X 0 0 0 178745 656133 264213 1 0 1 0 Eide Bailly LLP 877 W Main St Ste 800 Boise ID 83702 Professional Fees 161669 Esteban Handyman Services 462 E 200 N Blackfoot ID 83221 Construction 119287 2 57000 2505 59505 Tenant Rent 624200 6563748 6563748 Housing Assistance Payments 624200 2887448 2887448 Developer Fees 624200 2034955 2034955 Property Management Services 624200 1013658 1011258 2400 Laundry and Other Income 624100 486723 486723 12986532 148957 148957 4915465 5057934 -142469 -142469 -142469 Debt Forgiveness - Housing Loan 624200 310605 310605 Subsidiary Income (Loss) 900099 -17262 -17262 293343 13345868 13277475 2400 6488 224075 224075 2183331 1258071 925260 14257 14257 475463 221080 254383 170090 90598 79492 29163 23807 5356 119298 9369 109929 886478 866600 19878 1548 1548 192041 153830 38211 38110 28774 9336 1947638 1924838 22800 49646 17800 31846 21331 15484 5847 1234507 1231110 3397 2980577 2972473 8104 479233 469569 9664 UBI Income Tax Expense 30 30 Maintenance & Repairs 868985 867195 1790 Bad Debt 90003 90003 Credit Reports 18238 18238 42034 22152 19882 12066076 10296796 1769280 0 7275 7275 6999956 8994784 6987106 8631237 90000 1187000 289685 382472 71379609 40482089 33483209 30897520 2010230 985424 4946404 3280214 54813865 54365926 2055055 873308 0 57795 335756 348955 34324048 33674716 462106 494460 37176965 35449234 X 17636900 18916692 17636900 18916692 54813865 54365926 1279792 0 X X 0 1 X 1 1 1 X 300000 500000 2505 802505 8396980 9237556 10635244 12576263 13041132 53887175 8396980 9537556 11135244 12576263 13043637 54689680 0 0 0 54689680 88357 106205 132286 110285 148957 586090 88357 106205 132286 110285 148957 586090 303547 45597 303901 276719 293343 1223107 8788884 9689358 11571431 12963267 13485937 56498877 0.96800 0.96770 0.01040 0.00940 X Schedule A, Part III, Line 12, Explanation of Other Income: Debt Forgiveness - 2017 Amount: $ 310,605. 2018 Amount: $ 310,605. 2019 Amount: $ 310,605. 2020 Amount: $ 310,605. 2021 Amount: $ 310,605. Subsidiary Income - 2017 Amount: $ -7,058. 2018 Amount: $ -265,008. 2019 Amount: $ -6,704. 2020 Amount: $ -33,886. 2021 Amount: $ -17,262. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 3533000 3533000 67846609 40482089 27364520 30897520 Escrow and reserve deposits 3242905 Tax Credit Fees and Other Assets 37309 3280214 Interest Payable 98117 Real Estate Taxes Payable 396343 494460 X 13505599 0 13505599 -159731 -159731 13345868 12066076 0 12066076 0 12066076 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 $348,955. 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 -13,879. Gain/Loss from Subsidiaries -17,262. Loss on Sale of Assets -128,590. X X 0 0 0 0 0 0 0 1 0 Gerald Hunter President 0 331916 0 72450 0 26843 0 118402 0 17378 0 566989 0 0 John Chung Treasurer 0 182391 0 37873 0 4660 0 44363 0 26345 0 295632 0 0 Kathryn Almberg VP/Director of Operations 133325 0 28012 0 7808 0 34885 0 24063 0 228093 0 0 0 Part I, Line 7 Non-fixed payments 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. 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 -89 256355 0 1 0.00100 Rose Park Place Limited Partnership PO Box 6943 Boise ID 83707 208622487 Low Income Housing ID Rose Park Inc Related -64 437045 0 1 0.00100 Field Stream Apartments LP PO Box 6943 Boise ID 83707 472588770 Low Income Housing ID Field Stream Inc Related -16 281032 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 -25 399803 0 1 0.00010 Moon Valley Apartments LP PO Box 6943 Boise ID 83707 811504648 Low Income Housing ID Moon Valley Inc Related -16 23330 0 1 0.00010 Bonneville Apartments LP PO Box 6943 Boise ID 83707 371880567 Low Income Housing ID Bonneville Inc Related -33 2019047 0 1 0.00010 Pioneer Meadows Apartments LP PO Box 6943 Boise ID 83707 843778073 Low Income Housing ID PMA Development Inc Related -177 506468 0 1 0.00010 Teton Mesa 9 LP PO Box 6943 Boise ID 83707 845102989 Low Income Housing ID TM 9 Inc Related -1 1208320 0 1 0.00010 Teton Mesa 4 LP PO Box 6943 Boise ID 83707 845103114 Low Income Housing ID TM 4 Inc Related -36 1172114 0 1 0.00010 Canyon Terrace LP PO Box 6943 Boise ID 83707 851662442 Low Income Housing ID Canyon Terrace Inc Related 1 1951615 0 1 0.00010 Sunset Landing LP PO Box 6943 Boise ID 83707 863241832 Low Income Housing ID Sunset Landing Inc Related 1827901 0 1 0.00010 Blaine Manor Family LP PO Box 6943 Boise ID 83707 845066992 Low Income Housing ID BM Family LLC Related -1 1171854 0 1 0.00010 Blaine Manor Senior LP PO Box 6943 Boise ID 83707 845066818 Low Income Housing ID BM Senior LLC Related -157 1456216 0 1 0.00010 Moon Valley Inc PO Box 6943 Boise ID 83707 820481013 Low Income Housing ID The Housing Company C -677 -44377 1.00000 1 Sunset Landing Inc PO Box 6943 Boise ID 83707 820496541 Low Income Housing ID The Housing Company C -660 1335 1.00000 1 The Springs II Inc PO Box 6943 Boise ID 83707 820453028 Low Income Housing ID The Housing Company C -685 301047 1.00000 1 Bonneville Inc PO Box 6943 Boise ID 83707 820466665 Low Income Housing ID The Housing Company C -694 1110 1.00000 1 Field Stream Inc PO Box 6943 Boise ID 83707 820453612 Low Income Housing ID The Housing Company C -675 197145 1.00000 1 Canyon Terrace Inc PO Box 6943 Boise ID 83707 820504692 Low Income Housing ID The Housing Company C -659 1335 1.00000 1 Moscow Inc PO Box 6943 Boise ID 83707 680505919 Low Income Housing ID The Housing Company C -660 1261 1.00000 1 PMA Development Inc PO Box 6943 Boise ID 83707 820493648 Low Income Housing ID The Housing Company C -837 1320 1.00000 1 Downtown Housing Inc PO Box 6943 Boise ID 83707 202406451 Low Income Housing ID The Housing Company C -749 199015 1.00000 1 Rose Park Inc PO Box 6943 Boise ID 83707 820451604 Low Income Housing ID The Housing Company C -725 320875 1.00000 1 TM 9 Inc PO Box 6943 Boise ID 83707 845109598 Low Income Housing ID The Housing Company C -661 1439 1.00000 1 TM 4 Inc PO Box 6943 Boise ID 83707 845109736 Low Income Housing ID The Housing Company C -7531 2001 1.00000 1 BM Senior LLC PO Box 6943 Boise ID 83707 845072615 Low Income Housing ID The Housing Company C -400 653 0.49000 0 BM Family LLC PO Box 6943 Boise ID 83707 845072789 Low Income Housing ID The Housing Company C -324 245654 0.49000 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 TM 4 Inc R 997000 Book Value