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        <PersonNm>PRESTON STOCKMAN</PersonNm>
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        <PersonNm>EDWARD ROGERS</PersonNm>
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        <PersonNm>CARLYLE BURKE</PersonNm>
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        <PersonNm>COLLEEN MCAULIFFE</PersonNm>
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        <PersonNm>KAREN HU</PersonNm>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
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      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
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        <ContractorAddress>
          <USAddress>
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        <ExclusionAmt>39007391</ExclusionAmt>
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      <OtherExpensesGrp>
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      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
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      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
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    <IRS990ScheduleB documentId="IRS990ScheduleB">
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        <ContributorBusinessName>
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        </ContributorBusinessName>
        <ContributorUSAddress>
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          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
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      <RltdOrgOfficerTrstKeyEmplGrp>
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        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>14393</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>244752</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>KAREN HU</PersonNm>
        <TitleTxt>PROGRAM MANAGER</TitleTxt>
        <BaseCompensationFilingOrgAmt>109178</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>18000</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>18326</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>9626</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>155130</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE EXECUTIVE COMMITTEE OF THE ORGANIZATION'S BOARD RECEIVES A COPY OF FORM 990 PRIOR TO SUBMISSION. THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES FORM 990 AND REPORTS THE RESULTS OF THEIR REVIEW TO THE ENTIRE BOARD OF TRUSTEES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C:</FormAndLineReferenceDesc>
        <ExplanationTxt>OFFICERS AND DIRECTORS MUST COMPLETE AND CERTIFY ANNUALLY A LIST OF CONFLICTS OF INTEREST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINES 15A AND 15B:</FormAndLineReferenceDesc>
        <ExplanationTxt>Every third year, outside consultants are hired to conduct a comparative compensation survey. Additionally, various salary studies and Form 990's of comparable organizations are reviewed on an annual basis. After review of aforementioned and further deliberation, the Compensation Committee approves compensation for all officers and key employees.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VII:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE COMPENSATION OF THE PRESIDENT AND CEO REFLECTS HIS CONTRIBUTIONS TO NOT ONLY PHIPPS HOUSES BUT TO ALL OF ITS AFFILIATED ENTITIES. ON A CONSOLIDATED BASIS, IN 2012, THE PHIPPS HOUSES GROUP HAD REVENUE OF $137 MILLION AND ASSETS OF $942 MILLION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9:</FormAndLineReferenceDesc>
        <ExplanationTxt>POSTRETIREMENT BENEFIT ADJUSTMENT</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="IRS990ScheduleR">
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        <DisregardedEntityName>
          <BusinessNameLine1>63 THOMPSON STREET LLC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EndOfYearAssetsAmt>48241</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>382 163RD STREET LLC</BusinessNameLine1>
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          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <EIN>204074630</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <TotalIncomeAmt>0</TotalIncomeAmt>
        <EndOfYearAssetsAmt>0</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>COURTLANDT CORNER LLC</BusinessNameLine1>
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          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <TotalIncomeAmt>0</TotalIncomeAmt>
        <EndOfYearAssetsAmt>279</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>EXTRA PLACE LEASING LLC</BusinessNameLine1>
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          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EndOfYearAssetsAmt>536702</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>PHIPPS CG LLC</BusinessNameLine1>
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          <State>NY</State>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EndOfYearAssetsAmt>2088675</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>SUNNYSIDE GARDEN APARTMENTS LLC</BusinessNameLine1>
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          <State>NY</State>
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        <EIN>203876946</EIN>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EndOfYearAssetsAmt>36521465</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
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      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>PHIPPS CG II LLC</BusinessNameLine1>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EndOfYearAssetsAmt>2086490</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
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        <EndOfYearAssetsAmt>112212</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>COURTLANDT CORNERS II LEASING LLC</BusinessNameLine1>
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        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EndOfYearAssetsAmt>405957</EndOfYearAssetsAmt>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>PHIPPS EAST TREMONT NG LLC</BusinessNameLine1>
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      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
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        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
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      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
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        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>PHIPPS HPS B SHARE LLC</BusinessNameLine1>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>SUNNYSIDE - BARNETT ASSOCIATES LLC</BusinessNameLine1>
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        <USAddress>
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        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>760-770 EAST TREMONT AVENUE HDFC</BusinessNameLine1>
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      <IdRelatedTaxExemptOrgGrp>
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      <IdRelatedTaxExemptOrgGrp>
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      <IdRelatedTaxExemptOrgGrp>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HONEYWELL II HDFC</BusinessNameLine1>
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      <IdRelatedTaxExemptOrgGrp>
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          <BusinessNameLine1>LA CASA DE FELICIDAD HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
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          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <PublicCharityStatusTxt>9</PublicCharityStatusTxt>
        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>MAPES BOULEVARD HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>MONTERREY APARTMENTS HDFC</BusinessNameLine1>
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        <USAddress>
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          <State>NY</State>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
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          <City>NEW YORK</City>
          <State>NY</State>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>PHIPPS NEIGHBORHOOD INC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>SALEM HOUSE HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
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      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>WEST 128TH STREET HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>260422614</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>COURTLANDT CORNERS I HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
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        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>COURTLANDT CORNERS II HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HOBBS CIENA HDFC</BusinessNameLine1>
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          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>RCB APARTMENTS HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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          <State>NY</State>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HENRY PHIPPS PLAZA EAST HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
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        </USAddress>
        <EIN>263324242</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(C)(4)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HENRY PHIPPS PLAZA NORTH HDFC</BusinessNameLine1>
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          <State>NY</State>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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          <State>NY</State>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>COURTLANDT COMMUNITY HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>PHIPPS AFFORDABLE II HDFC</BusinessNameLine1>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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      <IdRelatedTaxExemptOrgGrp>
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        </USAddress>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>63 THOMPSON STREET HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
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        </USAddress>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>EXTRA PLACE HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>VIA VERDE HOME HDFC</BusinessNameLine1>
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        <USAddress>
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        <DisregardedEntityName>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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        <DisregardedEntityName>
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        <USAddress>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>FULTON AVENUE - JEFFERSON PLACE HDFC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>Daly 180 HDFC</BusinessNameLine1>
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        <USAddress>
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        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>Hunters Point South Borden HDFC</BusinessNameLine1>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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        <RelatedOrganizationName>
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          <City>NEW YORK</City>
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        <EIN>262454054</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
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        </DirectControllingEntityName>
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      <IdRelatedOrgTxblCorpTrGrp>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
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        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EntityTypeTxt>C</EntityTypeTxt>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
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          <BusinessNameLine1>VIA VERDE RENTAL MANAGEMENT CORP</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
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        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedOrgTxblCorpTrGrp>
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          <City>NEW YORK</City>
          <State>NY</State>
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        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>COURTLANDT COMMUNITY MANAGEMENT CORP</BusinessNameLine1>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>271027421</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
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      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>ECHO APARTMENTS MANAGEMENT CORP</BusinessNameLine1>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>271028597</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ShareOfTotalIncomeAmt>0</ShareOfTotalIncomeAmt>
        <ShareOfEOYAssetsAmt>0</ShareOfEOYAssetsAmt>
        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>DEMPSEY APARTMENTS MANAGEMENT CORP</BusinessNameLine1>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>270997935</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
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        <OwnershipPct>0.21000</OwnershipPct>
        <ControlledOrganizationInd>true</ControlledOrganizationInd>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>COURTLANDT CRESCENT MANAGEMENT CORP</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>272489763</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>710 EAST 9TH STREET MANAGEMENT CORP</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>272902339</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
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        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>LEBANON WEST FARMS MANAGEMENT CORP</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <EIN>274159356</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>Courtlandt Crescent Inc</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>461678848</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ShareOfTotalIncomeAmt>39</ShareOfTotalIncomeAmt>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>Phipps HPS LIHTC Associates Inc</BusinessNameLine1>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <EIN>800878178</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>Lebanon West Farms Inc</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>455385359</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
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      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>Sunnyside Member Corporation</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>464993774</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
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        <ControlledOrganizationInd>true</ControlledOrganizationInd>
      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>VIA VERDE CONDOMINIUM</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
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        <EIN>900877787</EIN>
        <PrimaryActivitiesTxt>HOMEOWNERS ASSOC.</PrimaryActivitiesTxt>
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      </IdRelatedOrgTxblCorpTrGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>true</ReceiptOfIntAnntsRntsRyltsInd>
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      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>true</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>true</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>true</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>true</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>true</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>true</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>true</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>true</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>true</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>true</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>true</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>true</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>BELLWEST MANAGEMENT CORP</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>F</TransactionTypeTxt>
        <InvolvedAmt>37861500</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>HENRY PHIPPS PLAZA NORTH HDFC</BusinessNameLine1>
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        <TransactionTypeTxt>A</TransactionTypeTxt>
        <InvolvedAmt>26857</InvolvedAmt>
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      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>PHIPPS COMMUNITY DEVELOPMENT CORP</BusinessNameLine1>
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        <TransactionTypeTxt>B</TransactionTypeTxt>
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      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>PHIPPS HOUSES SERVICES INC</BusinessNameLine1>
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        <TransactionTypeTxt>K</TransactionTypeTxt>
        <InvolvedAmt>384717</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>ACCRUAL</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>PHIPPS HOUSES SERVICES INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>P</TransactionTypeTxt>
        <InvolvedAmt>398847</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>PHIPPS HOUSES SERVICES INC</BusinessNameLine1>
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        <TransactionTypeTxt>Q</TransactionTypeTxt>
        <InvolvedAmt>1727947</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>PHIPPS VIA VERDE HOMES INC</BusinessNameLine1>
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        <TransactionTypeTxt>F</TransactionTypeTxt>
        <InvolvedAmt>307723</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>VIA VERDE RENTAL INC</BusinessNameLine1>
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        <TransactionTypeTxt>F</TransactionTypeTxt>
        <InvolvedAmt>283513</InvolvedAmt>
        <MethodOfAmountDeterminationTxt>CASH</MethodOfAmountDeterminationTxt>
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    </IRS990ScheduleR>
  </ReturnData>
</Return>