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        <ManagementAndGeneralAmt>72468</ManagementAndGeneralAmt>
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        <TotalAmt>6716</TotalAmt>
        <ManagementAndGeneralAmt>6716</ManagementAndGeneralAmt>
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      <OfficeExpensesGrp>
        <TotalAmt>101804</TotalAmt>
        <ProgramServicesAmt>101804</ProgramServicesAmt>
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      <InformationTechnologyGrp>
        <TotalAmt>10143</TotalAmt>
        <ProgramServicesAmt>10143</ProgramServicesAmt>
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      <OccupancyGrp>
        <TotalAmt>1557773</TotalAmt>
        <ProgramServicesAmt>1557773</ProgramServicesAmt>
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      <TravelGrp>
        <TotalAmt>12096</TotalAmt>
        <ManagementAndGeneralAmt>12096</ManagementAndGeneralAmt>
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      <ConferencesMeetingsGrp>
        <TotalAmt>7869</TotalAmt>
        <ManagementAndGeneralAmt>7869</ManagementAndGeneralAmt>
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      <InterestGrp>
        <TotalAmt>17497</TotalAmt>
        <ManagementAndGeneralAmt>17497</ManagementAndGeneralAmt>
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        <ProgramServicesAmt>531088</ProgramServicesAmt>
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        <ManagementAndGeneralAmt>39266</ManagementAndGeneralAmt>
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        <Desc>MANAGEMENT COMPANY EMPL</Desc>
        <TotalAmt>372059</TotalAmt>
        <ProgramServicesAmt>372059</ProgramServicesAmt>
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      <OtherExpensesGrp>
        <Desc>LIHTC CONSULTING EXPENS</Desc>
        <TotalAmt>65169</TotalAmt>
        <ManagementAndGeneralAmt>65169</ManagementAndGeneralAmt>
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      <OtherExpensesGrp>
        <Desc>BAD DEBTS</Desc>
        <TotalAmt>56097</TotalAmt>
        <ProgramServicesAmt>56097</ProgramServicesAmt>
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      <OtherExpensesGrp>
        <Desc>MISCELLANEOUS EXPENSES</Desc>
        <TotalAmt>40890</TotalAmt>
        <ManagementAndGeneralAmt>40890</ManagementAndGeneralAmt>
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      <AllOtherExpensesGrp>
        <TotalAmt>65</TotalAmt>
        <ProgramServicesAmt>65</ProgramServicesAmt>
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      <TotalFunctionalExpensesGrp>
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        <ProgramServicesAmt>2629029</ProgramServicesAmt>
        <ManagementAndGeneralAmt>838174</ManagementAndGeneralAmt>
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      <CashNonInterestBearingGrp>
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      <SavingsAndTempCashInvstGrp>
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        <EOYAmt>808471</EOYAmt>
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      <AccountsReceivableGrp>
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      <OthNotesLoansReceivableNetGrp>
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        <EOYAmt>930672</EOYAmt>
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        <EOYAmt>1816480</EOYAmt>
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        <EOYAmt>240093</EOYAmt>
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      <OtherAssetsTotalGrp>
        <BOYAmt>346984</BOYAmt>
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        <BOYAmt>17152596</BOYAmt>
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        <EOYAmt>495646</EOYAmt>
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      <MortgNotesPyblScrdInvstPropGrp>
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      <OtherLiabilitiesGrp>
        <BOYAmt>86264</BOYAmt>
        <EOYAmt>84621</EOYAmt>
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      <TotalLiabilitiesGrp>
        <BOYAmt>10174488</BOYAmt>
        <EOYAmt>9689987</EOYAmt>
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      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
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      <TotalNetAssetsFundBalanceGrp>
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        <EOYAmt>7708873</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>17152596</BOYAmt>
        <EOYAmt>17398860</EOYAmt>
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      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>727704</ReconcilationRevenueExpnssAmt>
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      <OtherChangesInNetAssetsAmt>-566</OtherChangesInNetAssetsAmt>
      <InfoInScheduleOPartXIIInd>X</InfoInScheduleOPartXIIInd>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>0</AccountantCompileOrReviewInd>
      <FSAuditedInd>1</FSAuditedInd>
      <FSAuditedBasisGrp>
        <ConsolidatedBasisFinclStmtInd>X</ConsolidatedBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>1</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>0</FederalGrantAuditRequiredInd>
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    <IRS990ScheduleA documentId="RetDoc1039100001">
      <PubliclySupportedOrg509a2Ind>X</PubliclySupportedOrg509a2Ind>
      <GiftsGrantsContrisRcvd509Grp>
        <CurrentTaxYearMinus4YearsAmt>3103913</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>2891174</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>2700124</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>2394578</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>2350218</CurrentTaxYearAmt>
        <TotalAmt>13440007</TotalAmt>
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      <GrossReceiptsAdmissionsGrp>
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        <CurrentTaxYearMinus3YearsAmt>554966</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>432821</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>525880</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>734441</CurrentTaxYearAmt>
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      <Total509Grp>
        <CurrentTaxYearMinus4YearsAmt>3628743</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>3446140</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>3132945</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>2920458</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>3084659</CurrentTaxYearAmt>
        <TotalAmt>16212945</TotalAmt>
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      <AmountsRcvdDsqlfyPersonGrp>
        <TotalAmt>0</TotalAmt>
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      <SubstantialContributorsAmtGrp>
        <TotalAmt>0</TotalAmt>
      </SubstantialContributorsAmtGrp>
      <SubstAndDsqlfyPrsnsTotGrp>
        <TotalAmt>0</TotalAmt>
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      <PublicSupportTotal509Amt>16212945</PublicSupportTotal509Amt>
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        <CurrentTaxYearMinus3YearsAmt>2520</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>42384</CurrentTaxYearMinus2YearsAmt>
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        <CurrentTaxYearMinus2YearsAmt>42384</CurrentTaxYearMinus2YearsAmt>
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        <CurrentTaxYearMinus3YearsAmt>45198</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>46021</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>349993</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>51926</CurrentTaxYearAmt>
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      <TotalSupportCalendarYearGrp>
        <CurrentTaxYearMinus4YearsAmt>6006355</CurrentTaxYearMinus4YearsAmt>
        <CurrentTaxYearMinus3YearsAmt>3493858</CurrentTaxYearMinus3YearsAmt>
        <CurrentTaxYearMinus2YearsAmt>3221350</CurrentTaxYearMinus2YearsAmt>
        <CurrentTaxYearMinus1YearAmt>3321975</CurrentTaxYearMinus1YearAmt>
        <CurrentTaxYearAmt>3207398</CurrentTaxYearAmt>
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      <PublicSupportCY509Pct>0.84220</PublicSupportCY509Pct>
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      <InvestmentIncomePYPct>0.00570</InvestmentIncomePYPct>
      <ThirtyThrPctSuprtTestsCY509Ind>X</ThirtyThrPctSuprtTestsCY509Ind>
      <Form990ScheduleAPartVIGrp>
        <FormAndLineReferenceDesc>SCHEDULE A, PART III, LINE 12:</FormAndLineReferenceDesc>
        <ExplanationTxt>MISCELLANEOUS INCOME CONSISTS OF TENANT CHARGES, LAUNDRY AND VENDING CHARGES AND OTHER INCOME ITEMS FOR SERVICES PROVIDED FOR THE CONVENIENCE OF THE TENANTS.</ExplanationTxt>
      </Form990ScheduleAPartVIGrp>
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    <IRS990ScheduleB documentId="RetDoc1234500001">
      <ContributorInformationGrp>
        <ContributorNum>RESTRICTED</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
        <TotalContributionsAmt>RESTRICTED</TotalContributionsAmt>
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    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LandGrp>
        <OtherCostOrOtherBasisAmt>1778133</OtherCostOrOtherBasisAmt>
        <BookValueAmt>1778133</BookValueAmt>
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      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>9611919</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>1389876</DepreciationAmt>
        <BookValueAmt>8222043</BookValueAmt>
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      <LeaseholdImprovementsGrp>
        <OtherCostOrOtherBasisAmt>67289</OtherCostOrOtherBasisAmt>
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        <BookValueAmt>54821</BookValueAmt>
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      <EquipmentGrp>
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        <BookValueAmt>697283</BookValueAmt>
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      <TotalBookValueLandBuildingsAmt>10752280</TotalBookValueLandBuildingsAmt>
      <InvstProgramRelatedOrgGrp>
        <Desc>ESCROW DEPOSITS</Desc>
        <BookValueAmt>80814</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
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      <InvstProgramRelatedOrgGrp>
        <Desc>RESERVE FOR REPLACEMENTS</Desc>
        <BookValueAmt>1715666</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
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        <MethodValuationCd>C</MethodValuationCd>
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      <OtherLiabilitiesOrgGrp>
        <Desc>INVESTMENT IN SURREY HILL LP</Desc>
        <Amt>213</Amt>
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      <OtherLiabilitiesOrgGrp>
        <Desc>INVESTMENT IN ORANGE VILLAGE</Desc>
        <Amt>82</Amt>
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      <OtherLiabilitiesOrgGrp>
        <Desc>INVESTMENT IN BAYVIEW</Desc>
        <Amt>29</Amt>
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      <OtherLiabilitiesOrgGrp>
        <Desc>MISC, CURRENT LIABILITIES</Desc>
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      <FootnoteTextInd>X</FootnoteTextInd>
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      <RevenueNotReportedAmt>68931</RevenueNotReportedAmt>
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      <RevenueNotReportedFinclStmtAmt>151</RevenueNotReportedFinclStmtAmt>
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        <ExplanationTxt>THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED BY THE APPLICABLE TAX AUTHORITY.</ExplanationTxt>
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      <SupplementalInformationDetail>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 4B - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>BOOK/TAX DIFFERENCE IN FLOW-THROUGH ACTIVITY 151.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>BOOK/TAX DIFFERENCE IN DEPRECIATION EXPENSE 96,156. BOOK/TAX DIFFERENCE IN AMORTIZATION EXPENSE 229. BOOK/TAX DIFFERENCE IN FLOW-THROUGH ACTIVITY 35.</ExplanationTxt>
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        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
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        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>75000</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
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      </BusTrInvolveInterestedPrsnGrp>
      <BusTrInvolveInterestedPrsnGrp>
        <NameOfInterested>
          <PersonNm>NEO DEVELOPMENT LLC</PersonNm>
        </NameOfInterested>
        <RelationshipDescriptionTxt>FAMILY MEMBER OF THE PRESIDENT OF THE BOD</RelationshipDescriptionTxt>
        <TransactionAmt>355568</TransactionAmt>
        <TransactionDesc>CONSTRUCTION COMPANY FOR CAPITAL IMPROVEMENT INITIATIVES AND STATE AGENCY DUTIES, CONSTRUCTION MANAGER, EMERGENCY RESPONSE, AND A CERTIFIED GREEN CONTRACTOR.</TransactionDesc>
        <SharingOfRevenuesInd>0</SharingOfRevenuesInd>
      </BusTrInvolveInterestedPrsnGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, SCHEDULE L, PART II:</FormAndLineReferenceDesc>
        <ExplanationTxt>NEMO MULTIFAMILY CAPITAL, LLC IS WHOLLY OWNED BY ROBERT S. DIEDRICH. MR. DIEDRICH IS EMPLOYED BY THE ENTITY AND IS A MEMBER OF THE BOARD OF DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, SCHEDULE L, PART II:</FormAndLineReferenceDesc>
        <ExplanationTxt>OMNI MULTIFAMILY CAPITAL LLC IS OWNED BY PAULA J. BUFFA. SHE IS RELATED TO STEPHEN BUFFA WHO SERVES ON THE BOARD OF DIRECTORS OF PRESERVATION HOUSING PARTNERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, SCHEDULE L, PART IV:</FormAndLineReferenceDesc>
        <ExplanationTxt>NEO DEVELOPMENT, LLC IS WHOLLY OWNED BY CRHIS DIEDRICH. CHRIS DIEDRICH IS THE BROTHER OF ROBERT DIEDRICH, WHO IS EMPLOYED BY THE ENTITY AND IS A MEMBER OF THE BOARD OF DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, SCHEDULE L, PART II:</FormAndLineReferenceDesc>
        <ExplanationTxt>DURING 2016, AS A RESULT OF THE STABILIZATION OF THE PROPERTIES OWNED BY THE CORPORATION, THE START UP CAPITAL NOTES TO NEMO CAPITAL AND OMNI CAPITAL WERE REFINANCED WITH NEW PROMISSORY NOTES, FOR LOWER ORIGINAL PRINCIPAL AMOUNTS AND LOWER INTEREST RATES. IN ADDITION, THE NEW PROMISSORY NOTES ARE SECURED BY COLLATERAL (THE PREVIOUS LOANS WERE UNSECURED AND HAD HIGHER INTEREST RATES).</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>HERITAGE HOUSE, IS MANAGED BY PRESERVATION MANAGEMENT, INC., A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>LYNNHAVEN, IS MANAGED BY PRESERVATION MANAGEMENT, INC., A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>GATEWAY VILLAGE, IS MANAGED BY PRESERVATION MANAGEMENT, INC., A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>PHP LEWIS VILLAGE LLC, IS MANAGED BY COMMUNITY MANAGEMENT CORPORATION, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>PHP PINEWOOD LLC, IS MANAGED BY COMMUNITY MANAGEMENT CORPORATION, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>PHP NORTHWOODS LLC, IS MANAGED BY COMMUNITY MANAGEMENT CORPORATION, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>QNP PRINCE COURT, LLC IS MANAGED BY COMMUNITY MANAGEMENT CORPORATION, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 3</FormAndLineReferenceDesc>
        <ExplanationTxt>PHP ST. ANDREW'S HOMES, LLC IS MANAGED BY EXCEL PROPERTY MANAGEMENT, INC., A PROFESSIONAL PROPERTY MANAGEMENT COMPANY.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD SHALL APPOINT THE OFFICERS OF THE CORPORATION. THE OFFICERS SHALL BE A PRESIDENT, A SECRETARY, AND A TREASURER. THERE MAY ALSO BE A CHAIRPERSON, VICE PRESIDENT, AND SUCH OTHER OFFICERS AS THE BOARD DEEMS APPROPRIATE. THE PRESIDENT SHALL BE A VOTING MEMBER OF THE BOARD. THE SAME PERSON MAY HOLD TWO OR MORE OFFICES, BUT SUCH PERSON SHALL NOT EXECUTE, ACKNOWLEDGE, OR VERIFY AN INSTRUMENT IN MORE THAN ONE CAPACITY IF THE INSTRUMENT IS REQUIRED BY LAW OR BY THE PRESIDENT OR BY THE BOARD TO BE EXECUTED, ACKNOWLEDGED, OR VERIFIED BY TWO OR MORE OFFICERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF DIRECTORS AT ANY REGULAR OR SPECIAL MEETING MAY AMEND OR REPEAL THESE BYLAWS, OR ADOPT NEW BYLAWS BY VOTE OF A MAJORITY OF THE DIRECTORS, IF NOTICE SETTING FORTH THE TERMS OF THE PROPOSAL HAS BEEN GIVEN IN ACCORDANCE WITH ANY NOTICE REQUIREMENT FOR SUCH MEETING OF THE BOARD.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ACCOUNTING FIRM SENDS A DRAFT OF THE RETURN TO THE COMPANY. THE COMPANY FORWARDS A COPY OF THE RETURN TO EACH BOARD MEMBER FOR THEIR COMMENTS PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>WHENEVER ANY MATTER ARISES IN WHICH A DIRECTOR EITHER HAS A CONFLICT OF INTEREST OR HAS A QUESTION ABOUT THE EXISTENCE OF A CONFLICT OF INTEREST, HE/SHE SHALL MAKE FULL DISCLOSURE OF THE MATERIAL FACTS OF THE CONFLICT TO THE CORPORATION BEFORE THE MATTER IS DISCUSSED FORMALLY. THIS DISCLOSURE MUST BE MADE TO THE FULL BOARD AT A PROPERLY CALLED MEETING OF THE BOARD. A RULING ON THE CONFLICT SHALL BE MADE BY A MAJORITY VOTE OF THE BOARD AND ENTERED INTO THE MINUTES OF THE CORPORATION. STATED CONFLICTS AND ABSTENTIONS SHALL BE INCLUDED IN THE MINUTES. PERSONS WHO HAVE CONFLICTS OF INTERESTS AS DEFINED HEREIN MAY PARTICIPATE IN THE DISCUSSION OF THE MATTER IN QUESTION AND MAY BE CONSIDERED IN DETERMINING THE PRESENCE OF A QUORUM, BUT MAY NOT VOTE ON ANY RESOLUTION OR ACTION OF THE BOARD INVOLVING THE MATTER IN QUESTION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD MAY ELECT A COMPENSATION COMMITTEE OF UP TO THREE (3) DIRECTORS. IT SHALL BE RESPONSIBLE FOR PRESENTING RECOMMENDATIONS TO THE BOARD RELATIVE TO COMPENSATION TO BE PROVIDED TO OFFICERS AND OTHER SENIOR MANAGEMENT PERSONNEL, OR FOR APPROVING SUCH COMPENSATION TO OFFICERS AND MANAGEMENT PERSONNEL IN LIEU OF ACTION BY THE BOARD OF DIRECTORS. ALL MEMBERS OF THE COMMITTEE SHALL BE SUBJECT TO THE CONFLICT OF INTEREST POLICY AS DELINEATED IN THESE BYLAWS AT ARICLE XI. PRIOR TO MAKING ANY COMPENSATION DECISIONS, THE COMMITTEE SHALL OBTAIN INFORMATION WITH RESPECT TO THE COMPARABILITY OF THE PROPOSED COMPENSATION WITH AMOUNTS ORDINARILY PAID BY SIMILAR ORGANIZATIONS FOR SIMILAR SERVICES. THE COMMITTEE SHALL RELY ON THIS INFORMATION IN MAKING ITS RECOMMENDATIONS OR DECISIONS AND SHALL DOCUMENT THE BASIS FOR ITS ACTIONS CONCURRENTLY WITH THOSE RECOMMENDATIONS OR DECISIONS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FORM 990 AND ALL RELATED FINANCIAL AND POLICY INFORMATION ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VII, SECTION A, LINE 1A, COLUMN B:</FormAndLineReferenceDesc>
        <ExplanationTxt>ALL OF THE OFFICERS, DIRECTORS, AND EMPLOYEES LISTED IN PART VII, SECTION A PERFORM SIMILAR DUTIES AND HAVE SIMILAR RESPONSIBILITIES FOR RELATED ORGANIZATIONS AS THEY DO FOR THIS ORGANIZATION. THEIR TOTAL HOURS WORKED PER WEEK FOR THIS ORGANIZATION ARE SIMILAR TO THEIR HOURS WORKED FOR RELATED ORGANIZATIONS BOTH IN TERMS OF NUMBER OF HOURS AND TYPE OF WORK PERFORMED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>CONVERSION OF INVESTMENT BALANCES TO TAX BASIS -566.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2C:</FormAndLineReferenceDesc>
        <ExplanationTxt>IF DETERMINED BY THE BOARD OF DIRECTORS OR REQUIRED BY THE FUNDERS OF THE CORPORATION, THERE SHALL BE AN ANNUAL AUDIT OF THE FINANCIAL STATEMENTS OF THE CORPORATION BY AN INDEPENDENT CERTIFIED PUBLIC ACCOUNTANT APPROVED BY THE BOARD OF DIRECTORS. THE CORPORATION RECEIVES A COPY OF THE AUDIT. PRIOR TO THE FINALIZATION OF THE AUDIT, A COPY OF THE AUDIT IS GIVEN TO ALL OF THE BOARD MEMBERS FOR THEIR COMMENTS AND APPROVAL.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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          <CityNm>ELIZABETHTOWN</CityNm>
          <StateAbbreviationCd>NC</StateAbbreviationCd>
          <ZIPCd>28337</ZIPCd>
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        <EIN>452971536</EIN>
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        <DisregardedEntityName>
          <BusinessNameLine1Txt>PHP NORTHWOODS LLC</BusinessNameLine1Txt>
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        <USAddress>
          <AddressLine1Txt>601 NORTH TIMBERLY LANE</AddressLine1Txt>
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          <StateAbbreviationCd>NC</StateAbbreviationCd>
          <ZIPCd>28425</ZIPCd>
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          <AddressLine1Txt>400 PONDEROSA DRIVE</AddressLine1Txt>
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          <StateAbbreviationCd>NC</StateAbbreviationCd>
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        <USAddress>
          <AddressLine1Txt>5184 IRON GATE</AddressLine1Txt>
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      <IdRelatedOrgTxblPartnershipGrp>
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          <AddressLine1Txt>9 SHEBOYGAN STREET</AddressLine1Txt>
          <CityNm>FOND DU LAC</CityNm>
          <StateAbbreviationCd>WI</StateAbbreviationCd>
          <ZIPCd>54935</ZIPCd>
        </USAddress>
        <EIN>392016134</EIN>
        <PrimaryActivitiesTxt>RENTAL REAL ESTATE INVESTMENT</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>WI</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
      </IdRelatedOrgTxblPartnershipGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1Txt>PHP-SURREY HILL INC</BusinessNameLine1Txt>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1Txt>5184 IRON GATE</AddressLine1Txt>
          <CityNm>BLOOMFIELD HILLS</CityNm>
          <StateAbbreviationCd>MI</StateAbbreviationCd>
          <ZIPCd>48304</ZIPCd>
        </USAddress>
        <EIN>310232194</EIN>
        <PrimaryActivitiesTxt>RENTAL REAL ESTATE INVESTMENT</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>MI</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>PRESERVATION HOUSING PARTNERS</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ShareOfTotalIncomeAmt>-20</ShareOfTotalIncomeAmt>
        <ShareOfEOYAssetsAmt>45491</ShareOfEOYAssetsAmt>
        <OwnershipPct>1.00000</OwnershipPct>
        <ControlledOrganizationInd>0</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>1</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>0</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>0</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>1</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>0</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>0</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>0</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>0</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>0</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>0</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>0</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>1</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>0</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>1</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>1</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>0</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>0</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>0</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>0</TransferFromOtherOrgInd>
    </IRS990ScheduleR>
  </ReturnData>
</Return>