2021-04-16T13:08:02-05:00 2020-06-30 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2019-07-01 770545135 HOUSING TRUST SILICON VALLEY HOUS 4087033837 75 E SANTA CLARA STREET NO 1350 SAN JOSE CA 95113 JULIE MAHOWALD CFO 4087033837 2021-04-09 1 YONG ZHANG CPA P01249785 7033366400 2021-04-09 2019 2022-09-23 18:48:47Z KEVIN ZWICK 75 E SANTA CLARA STREET NO 1350 SAN JOSE CA 95113 36075278 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. 20 20 34 20 0 0 8548310 15224448 5318992 8335202 1067743 942974 -22643 -18805 14912402 24483819 724417 382809 0 0 2682802 3075321 0 0 541195 3490700 6144733 6897919 9602863 8014483 14880956 166578851 223956871 91517996 134111912 75060855 89844959 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 5551650 9091 7456169 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 156 AFFORDABLE HOUSING PROJECTS, TOTALING OVER $298 MILLION IN FUNDING AND RESULTING IN 11,419 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 AND FY20 WAS OUR BIGGEST LENDING YEAR TO DATE WITH $96.4 MILLION COMMITTED TO FINANCE 1,661 HOMES. 706336 621137 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 $136,000. WE HAVE MADE 2,550 DOWN PAYMENT ASSISTANCE LOANS TOTALING OVER $50 MILLION SINCE OUR FOUNDING. AS THE ADMINISTRATOR OF THE CITY OF SANTA CLARA'S BELOW MARKET PURCHASE PROGRAM, HOUSING TRUST MANAGES THE SALE OF THEIR INCLUSIONARY HOMES SOLD TO ELIGIBLE BUYERS AT A COST THAT IS DETERMINED NOT BY THE MARKET BUT RATHER BASED ON WHAT A LOW- OR MODERATE-INCOME HOUSEHOLD CAN AFFORD. IN FY20, HOUSING TRUST PROVIDED EDUCATION AND COUNSELING TO 2,520 HOPEFUL HOMEBUYERS, MADE FIFTEEN DOWN PAYMENT ASSISTANCE LOANS AND COMPLETED TWO BELOW MARKET PURCHASE PROGRAM HOME SALES. 404836 364718 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 7,504 PEOPLE WITH OUR HOMELESSNESS ASSISTANCE GRANTS, TOTALING $5.3 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 FY20, HOUSING TRUST HELPED 298 PEOPLE AVOID OR EXIT HOMELESSNESS, GRANTING $202,144. 825255 9000 257895 OTHER PROGRAMS. 825255 9000 257895 7488077 1 1 0 1 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 104 0 1 34 1 0 0 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 0 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 LORENA MENDEZ-QUEZADA FIRST VICE-CHAIR 1.00 X X 0 0 0 KATIA KAMANGAR SECOND VICE-CHAIR 1.00 X X 0 0 0 ART FATUM TREASURER 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 GEORGE BROWN DIRECTOR 1.00 X 0 0 0 MARY CHANDLER DIRECTOR 1.00 X 0 0 0 KEVIN DEEBLE DIRECTOR 1.00 X 0 0 0 THANG DO 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 CANDICE GONZALEZ 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 JIM MORGENSEN DIRECTOR 1.00 X 0 0 0 HILDA RAMIREZ DIRECTOR 1.00 X 0 0 0 MEG MCGRAW-SCHERER DIRECTOR 1.00 X 0 0 0 RACHEL COLTON ENDING 013120 DIRECTOR 1.00 X 0 0 0 SPARKY HARLAN DIRECTOR 1.00 X 0 0 0 NATHAN HO ENDING 082319 DIRECTOR 1.00 X 0 0 0 KEVIN ZWICK CHIEF EXECUTIVE OFFICER 40.00 X 265222 0 40751 JULIE MAHOWALD CHIEF FINANCIAL OFFICER 40.00 X 199801 0 19020 CRAIG MIZUSHIMA CHIEF COMPLIANCE & RISK OFFICER 40.00 X 145947 0 24978 JULIE QUINN CHIEF DEVELOPMENT OFFICER 40.00 X 133762 0 7872 FATHIA MACAULEY CHIEF LENDING OFFICER 40.00 X 39835 0 3716 ADRIA Y QUINONES-MASUR DIRECTOR, HOMEBUYER PROGRAMS 40.00 X 103191 0 7683 VIVIAN VO ACCOUNTING MANAGER 40.00 X 101401 0 25774 989159 0 129794 6 0 1 0 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 AUDIT AND TAX SERVICES 122060 1 348619 890333 13985496 15224448 INTEREST INCOME ON LOA 531390 5579314 5579314 PROGRAM SERVICE FEE 531390 2755888 2755888 8335202 826677 826677 11640536 11524239 116297 116297 116297 46416 348619 67220 -20804 -20804 OTHER INCOME 900099 1999 1999 1999 24483819 8335202 0 924169 159091 159091 223718 223718 950990 417753 421347 111890 1585424 1050478 367119 167827 111448 60035 38671 12742 252891 150610 75607 26674 174568 105815 47405 21348 52228 52228 141707 13088 128619 42749 42749 569897 285235 208616 76046 88277 6987 1511 79779 34736 24319 7923 2494 302935 212339 67833 22763 27477 20345 6484 648 7066 6080 986 1604052 1604052 76386 53542 17104 5740 37125 750 36375 PROVISION FOR LOAN LOSS 2975464 2975464 OTHER OPERATING EXPENSE 125634 71176 41214 13244 DONATIONS & SPONSORSHIP 59000 47200 11800 9602863 7488077 1573591 541195 436 600 45576470 46674485 606791 1135064 564345 109696530 170324566 102716 191048 401982 204303 190558 197679 9067269 4869084 1338081 0 166578851 223956871 1023608 1282491 1695150 215909 1485214 14892380 75879087 96070945 12920151 20164973 91517996 134111912 X 34836229 40154494 40224626 49690465 75060855 89844959 166578851 223956871 14880956 -96852 0 X 0 1 X 1 1 1 X 14398752 8137030 9488914 8548310 15224448 55797454 14398752 8137030 9488914 8548310 15224448 55797454 9727165 46070289 862950 1230475 2573838 968523 826677 6462463 42349 48415 90764 62350681 13654194 0.73890 0.88160 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 88000 88000 9514863 9602863 630143 157536 0 0 373291 317939 494896 630143 1816269 2724404 163662 148000 88000 88000 487662 93323 79485 123724 157536 454068 681102 21791 21791 0 1485214 1485214 1 X 401982 204303 197679 197679 NON-RECOURSE PARTICIPANT LOAN CAPITAL 20164973 20164973 X 24344218 -96852 -96852 24441070 42749 42749 24483819 9560114 0 9560114 42749 42749 9602863 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 $50 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, 2020, HOUSING TRUST HOLDS $1,485,214 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 2016 THROUGH 2019 ARE SUBJECT TO EXAMINATION BY REGULATORY AGENCIES, GENERALLY FOR THREE AND FOUR YEARS AFTER THEY WERE FILED FOR FEDERAL AND STATE, RESPECTIVELY. 1 SILICON VALLEY COMMUNITY FOUNDATION 2440 WEST EL CAMINO REAL MOUNTAIN VIEW CA 94040 205205488 501(C)(3) 150000 COVID-19 RELIEF FUND FAMILY SUPPORTIVE HOUSING 692 N KING RD SAN JOSE CA 95133 770101637 501(C)(3) 9091 PARTIAL LOAN FORGIVEN 2 0 SECURITY DEPOSIT GRANT 158 202718 GUARDINO SCHOLARSHIP 4 12000 ADU PLANNING GRANT 6 9000 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 238222 0 27000 0 0 0 12550 0 28201 0 305973 0 0 0 JULIE MAHOWALD CHIEF FINANCIAL OFFICER 179258 0 20543 0 0 0 8965 0 10055 0 218821 0 0 0 CRAIG MIZUSHIMA CHIEF COMPLIANCE & RISK OFFICER 138818 0 7129 0 0 0 7129 0 17849 0 170925 0 0 0 FORM 990, PART I, LINE 1 HOUSING TRUST IS LEADING THE EFFORT TO CREATE A STRONG AFFORDABLE HOUSING MARKET IN THE GREATER BAY AREA, INCLUDING MAKING MORE LOANS THAN ANY OTHER NONPROFIT HOUSING LENDER IN THE REGION. FROM THE HOMELESS TO RENTERS TO FIRST-TIME HOMEBUYERS, WE ASSIST A WIDE RANGE OF RESIDENTS WITH PROGRAMS ACROSS THE ENTIRE SPECTRUM OF HOUSING ISSUES. OUR FINANCIAL EXPERTISE AND EXTENSIVE PRIVATE AND PUBLIC SECTOR PARTNERSHIPS ENSURE WE MAKE THE MOST OUT OF EVERY DOLLAR SO LOCAL RESIDENTS CAN SECURE STABLE AND AFFORDABLE HOUSING THAT WORKS FOR THEM AND THEIR FAMILIES. TO DATE, HOUSING TRUST HAS INVESTED $335 MILLION AND OUR BORROWERS HAVE LEVERAGED HOUSING TRUST'S INVESTMENT OF $4.8 BILLION TO CREATE 20,761 AFFORDABLE HOUSING OPPORTUNITIES. 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. LTOA LLC 75 E SANTA CLARA STREET 1350 SAN JOSE CA 95113 460669111 AFFORDABLE HOUSING CA HOUSING TRUST SILICON VALLEY