2014-11-13T14:15:02-06:00 2014-03-31 COHNREZNICK LLP 500 EAST PRATT STREET SUITE 200 BALTIMORE MD 212023100 990 2013-04-01 521901220 HOMES FOR AMERICA INC % CHRISTOPHER J CHERRY HOME 4102691222 318 SIXTH STREET Suite suite 2 ANNAPOLIS MD 21403 Nancy Rase Officer 4102691222 2014-11-12 true PHILIP H CORNBLATT CPA P00252478 4102691222 2013 2015-11-30 17:44:51Z NANCY RASE 318 SIXTH STREET SUITE 2 ANNAPOLIS MD 214032566 6563215 false X www.homesforamerica.org X 1994 MD HOMES FOR AMERICA, INC. WAS INCORPORATED FOR THE PURPOSE OF DEVELOPING AND PERSERVING HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS AND SPECIAL NEEDS POPULATIONS. 9 7 17 0 0 273406 815390 5320433 5128195 253770 256753 0 0 5847609 6200338 0 0 0 0 1560391 1669550 0 0 0 4399367 4007459 5959758 5677009 -112149 523329 37859291 39271173 30322642 31211195 7536649 8059978 HOMES FOR AMERICA, INC. WAS INCORPORATED FOR THE PURPOSE OF DEVELOPING AND PRESERVING HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS AND SPECIAL NEEDS POPULATIONS. false false 1312657 1677838 Homes for America carried out its mission by serving 4,754 low income households in its rental communities. The average income of households in communities age restricted to seniors 62 years and older was $18,482 and 37.4% of all the senior households had annual income below $15,000. The average income of households in general occupancy housing was $17,890 and 49% had income below $15,000. Of the total households served 16% had a person with disabilities in the household; 45.5% were minority households and 49% received rental assistance of some form. Homes for America development activities included: - Completed construction and lease up of 48 townhomes in Cambridge, MD. - Closed on financing and began rehabilitation of existing rental housing in Salisbury, MD with 66 apartments and a building use conversion to create 43 apartments for seniors in Emittsburg, MD. - Acquired a community with 52 apartments, all subsidized with Section 8, in Pocomoke City, MD. - Received awards of low income housing tax credits and other funds for three new construction communities with a total of 146 apartment homes in Anne Arundel County, Baltimore City and Aberdeen, MD. - Selected by the Housing Authority of Baltimore City to redevelop a high rise public housing building with 189 apartments and to acquire 108 scattered sites to be replacement housing for a demolished public housing building. - Secured two facility loan agreements for acquisition/preservation opportunities, totaling $15 million. Provided asset management services for the 63 communities and 4,903 units in the organizations portfolio; the organization performs regular site inspections, monitors insurance policies and closely tracks all financial and operating aspects of its properties during lease up and operations. Key asset management accomplishments during the year included: - financed the acquisition of a partners interest in 5 rental communities in Maryland and is now the sole general partner through a subsidiary -Sold two properties with 180 apartments -Continued the practice of making the portfolio more energy efficient and received grants for energy conservation improvements for four properties; secured energy audits to support grant funding for more properties next year, and joined an initiative with the Department of Housing and Urban Development and Stewarts of Affordable Housing for the Future to commit to reduce energy consumption by 20% in HFA rental communities by 2020. -Closed on refinancing for Heritage Park I and II and Village at Mitchell Pond to reduce interest rates. Managed resident service programs and activities at 58 multifamily communities -- 38 serving senior citizens and 20 serving families. Leveraged grant funds received by the organization to supplement property budgets to support service costs at the communities. Total expenditures for resident services from HFA resources, property budgets, grants and contributions were $978,194. Over 250 organizations participated in providing services on a volunteer basis. Continued to rank resident services based on established service standards for senior and family housing communities. Received three grants totaling $61,390 to fund the cost of services in communities. 3190614 3097436 Homes for America, Inc. is the sole member of Homes for Silver Spring, LLC, which is included herein. Homes for Silver Spring, LLC, a 212-unit apartment project has service and accomplishments that consist of its serving over 200 senior residents meal programs from onsite restaurant and holiday meals. Other services and accomplishments include podiatry services, beauty salon, fitness center, group exercise classes, yoga, tai chi, weekly bus service to local grocery and merchandise stores, educational lecture series, health seminars and clinics, computer training and lab, creative arts program, arts and crafts, gardening program, nutrition programming and lending library. Social programs include quarterly bus trips to various destinations, entertainers, bingo, movie nights, seasonal brunches, luncheons, catered events, holiday parties and birthday parties. 337229 352921 Homes for America, Inc. is the sole member of Homes for Bridgeville, LLC, which is included herein. Homes for Bridgeville, LLC, a 50-unit apartment community has service and accomplishments that consist of an afterschool homework club, Grab & Go summer feeding program, English as Second Language classes, summer camp with transportation, monthly mobile food pantry, quarterly health and wellness screenings provided by La Red, monthly health presentations and assistance with health insurance, computer access with high speed internet, quarterly resident meetings, budgeting classes, tax preparation help, translation services, nutrition classes, community beautification projects, movie nights, social and holiday functions. 4840500 true true false false false false false false false false true false false true true true false true false false false false false false false false false false false true false false false false false false false false false false false false true true false false false true 0 0 true 17 true false false false false false false false false false false X 9 7 false false false false false false false true true false false true true true true true true true true true true MD X CHRISTOPHER J CHERRY 4102691222 318 SIXTH AVENUE SUITE 2 ANNAPOLIS MD 21403 NANCY S RASE PRESIDENT & DIRECTOR 40.0 3.5 X X 270003 0 30309 TRUDY PARISA MCFALL CHAIRMAN & DIRECTOR 17.5 2.5 X X 50003 0 11984 MICHAEL BODAKEN VICE CHAIRMAN & DIRECTOR 3.0 2.0 X X 0 0 0 DENNIS CONTI TREASURER & DIRECTOR 0.5 0.0 X X 0 0 0 PETER H BELL DIRECTOR 0.5 0.0 X 0 0 0 CHARLES T EDSON ESQUIRE DIRECTOR 0.5 X 0 0 0 BRADLEY FENNELL DIRECTOR 0.5 X 0 0 0 TOM LANTZ DIRECTOR 0.5 X 0 0 0 LISA YAFFE DIRECTOR 0.5 X 0 0 0 ELEANOR P DUKE SENIOR VICE PRESIDENT 32.0 1.5 X 131974 0 19942 DIANE CLYDE SENIOR VICE PRESIDENT 40.0 0.0 X 130018 0 12530 CHRISTOPHER CHERRY CFO 40.0 X 135192 0 20913 Kathy Ebner X 103669 0 10619 Douglas Smith X 91998 0 19064 912857 0 125361 5 false true false 0 43000 772390 815390 RENTAL INCOME 531110 3406357 3406357 FEE INCOME 531390 1721838 1721838 5128195 292098 285410 6688 0 0 0 0 0 327532 362877 -35345 -35345 0 0 0 0 6200338 5413605 6688 0 0 0 0 581998 261992 320006 0 714876 714876 0 247165 151487 95678 125511 94541 30970 265998 265998 6969 6969 13483 13483 0 0 0 85868 85868 23610 23610 0 0 0 237447 237447 36497 36497 0 0 903579 903579 0 556482 556482 94757 94757 REPAIRS 768854 768854 0 0 TAXES 54384 54384 0 0 UTILITIES 560575 560575 0 0 GRANT EXPENSE 70994 70994 0 0 327962 310425 17537 5677009 4840500 836509 0 13392 301235 4191848 4144799 0 0 6654417 7026962 0 0 0 0 5302943 5950358 0 0 88971 85659 22366442 4339453 18871154 18026989 0 0 0 0 0 0 0 0 2736566 3735171 37859291 39271173 64067 277558 0 0 1566016 1391486 0 0 0 0 0 0 25587956 26595288 0 0 3104603 2946863 30322642 31211195 X 7536649 8059978 0 0 0 0 7536649 8059978 37859291 39271173 523329 X false true X true false X 2555556 537704 112646 273406 815390 4294702 5736094 5220494 4115511 5320433 5128195 25520727 0 0 0 8291650 5758198 4228157 5593839 5943585 29815429 0 0 0 29815429 23347 14992 215915 253770 292098 800122 0 23347 14992 215915 253770 292098 800122 0 0 8314997 5773190 4444072 5847609 6235683 30615551 0.97387 0.97741 0.02613 0.02259 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3496800 3496800 18590476 4136003 14454473 0 3505 0 3505 229422 181375 48047 46239 42509 3730 18006555 ESCROWS 73114 LOAN FEES, NET OF AMORTIZATION 810375 OTHER RESERVES 752459 OTHER ASSETS 315033 DEVELOPER FEE RECEIVABLE 22949 DEPOSITS 87291 DUE FROM AFFILIATES 628899 OTHER CURRENT ASSETS 1045051 3735171 0 SECURITY DEPOSITS 71646 DEVELOPER FEE PAYABLE 411703 ACCRUED INTEREST PAYABLE 972678 ACCRUED EXPENSES 73852 DUE TO CHESTNUT SQUARE HOA 642917 DUE TO AFFILIATES 774067 2946863 X 34508458 28308120 28308120 6200338 6200338 37279650 31602641 31602641 5677009 5677009 Income from Entities included in Consolidated Financial Statements. Schedule D, Part XI, 2D $28,308,120 Expenses from Entities included in Consolidated Financial Statements. Schedule D, Part XII, 2D $31,602,641 PART X, LINE 2 HFA, Homes for Shippensburg, Inc., Homes for Laurel, Inc., Homes for Laurel II, Inc., Homes for McConnellsburg, Inc., CHODO, Essex House Neighborhood Corporation and Homes for Arundel, Inc. (collectively, the Corporations) have applied for and received a determination letter from the Internal Revenue Service ("IRS") to be treated as a tax exempt entity pursuant to Section 501(c)(3) of the Internal Revenue Code. There was no unrelated business income for the years ended March 31, 2014 and 2013, respectively. Due to their tax exempt status, the Corporations are not subject to income taxes. The Corporations are required to file and do file tax returns with the IRS and other taxing authorities. Tax years still open for IRS examination for the Corporations are the years ended March 31, 2011, 2012 and 2013. X false false false false false false false false false NANCY S RASE PRESIDENT & DIRECTOR 270003 0 0 0 0 0 18900 11409 300312 0 ELEANOR P DUKE SENIOR VICE PRESIDENT 131974 0 0 0 0 0 9238 10704 151916 0 CHRISTOPHER CHERRY CFO 135192 0 0 0 0 0 9463 11450 156105 0 FORM 990, Part VI, Section B, LINE 12C The written conflict of interest policy is discussed at the Annual meeting and all officers and directors sign a statement acknowledging the policy. FORM 990, Part VI, Section B, LINE 15 Compensation for Chairman and President approved by Board. Compensation of others approved by President. FORM 990, Part VI, Section B, LINE 11 A draft of Form 990 is reviewed & authorized by a member of the board of directors prior to filing with the IRS. FORM 990, Part VI, Section C, LINE 19 The organization's governing documents and policies are available for public inspection at the organization's office during regular business hours upon request. 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