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      <TotalCompGreaterThan150KInd>true</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>false</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <PersonNm>EXPONENT PARTNERS</PersonNm>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1>901 MISSION STREET SUITE 105</AddressLine1>
            <City>SAN FRANCISCO</City>
            <State>CA</State>
            <ZIPCode>94103</ZIPCode>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>SALESFORCE CONSULT.</ServicesDesc>
        <CompensationAmt>125008</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>1</CntrctRcvdGreaterThan100KCnt>
      <InfoInScheduleOPartVIIIInd>X</InfoInScheduleOPartVIIIInd>
      <FundraisingAmt>1029541</FundraisingAmt>
      <RelatedOrganizationsAmt>116218</RelatedOrganizationsAmt>
      <GovernmentGrantsAmt>16089254</GovernmentGrantsAmt>
      <AllOtherContributionsAmt>3237487</AllOtherContributionsAmt>
      <TotalContributionsAmt>20472500</TotalContributionsAmt>
      <ProgramServiceRevenueGrp>
        <Desc>FEES &amp; CONTRACTS FROM GOV'T AGENCIES</Desc>
        <BusinessCd>623990</BusinessCd>
        <TotalRevenueColumnAmt>1496695</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>1496695</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>1496695</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>170406</TotalRevenueColumnAmt>
        <ExclusionAmt>170406</ExclusionAmt>
      </InvestmentIncomeGrp>
      <IncmFromInvestBondProceedsGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </IncmFromInvestBondProceedsGrp>
      <RoyaltiesRevenueGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </RoyaltiesRevenueGrp>
      <RentalIncomeOrLossGrp>
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        <PersonalAmt>0</PersonalAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetRentalIncomeOrLossGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>475000</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
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      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
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      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
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        <ExclusionAmt>31586</ExclusionAmt>
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      <ContriRptFundraisingEventAmt>1029541</ContriRptFundraisingEventAmt>
      <FundraisingDirectExpensesAmt>177634</FundraisingDirectExpensesAmt>
      <NetIncmFromFundraisingEvtGrp>
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      </NetIncmFromFundraisingEvtGrp>
      <NetIncomeFromGamingGrp>
        <TotalRevenueColumnAmt>0</TotalRevenueColumnAmt>
      </NetIncomeFromGamingGrp>
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      </NetIncomeOrLossGrp>
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      <TotalRevenueGrp>
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        <RelatedOrExemptFuncIncomeAmt>1496695</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>0</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>201992</ExclusionAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticOrgsGrp>
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      </GrantsToDomesticOrgsGrp>
      <GrantsToDomesticIndividualsGrp>
        <TotalAmt>0</TotalAmt>
      </GrantsToDomesticIndividualsGrp>
      <ForeignGrantsGrp>
        <TotalAmt>0</TotalAmt>
      </ForeignGrantsGrp>
      <BenefitsToMembersGrp>
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      </BenefitsToMembersGrp>
      <CompCurrentOfcrDirectorsGrp>
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      </CompCurrentOfcrDirectorsGrp>
      <CompDisqualPersonsGrp>
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      </CompDisqualPersonsGrp>
      <OtherSalariesAndWagesGrp>
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        <ProgramServicesAmt>6878130</ProgramServicesAmt>
        <ManagementAndGeneralAmt>468786</ManagementAndGeneralAmt>
        <FundraisingAmt>347000</FundraisingAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
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        <ProgramServicesAmt>783589</ProgramServicesAmt>
        <ManagementAndGeneralAmt>43348</ManagementAndGeneralAmt>
        <FundraisingAmt>27386</FundraisingAmt>
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      <OtherEmployeeBenefitsGrp>
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        <ProgramServicesAmt>1248215</ProgramServicesAmt>
        <ManagementAndGeneralAmt>69051</ManagementAndGeneralAmt>
        <FundraisingAmt>43624</FundraisingAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
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        <ProgramServicesAmt>509124</ProgramServicesAmt>
        <ManagementAndGeneralAmt>28164</ManagementAndGeneralAmt>
        <FundraisingAmt>17794</FundraisingAmt>
      </PayrollTaxesGrp>
      <FeesForServicesManagementGrp>
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      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
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        <ManagementAndGeneralAmt>540</ManagementAndGeneralAmt>
      </FeesForServicesLegalGrp>
      <FeesForServicesAccountingGrp>
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        <ManagementAndGeneralAmt>43000</ManagementAndGeneralAmt>
      </FeesForServicesAccountingGrp>
      <FeesForServicesLobbyingGrp>
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      </FeesForServicesLobbyingGrp>
      <FeesForServicesProfFundraising>
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      </FeesForServicesProfFundraising>
      <FeesForSrvcInvstMgmntFeesGrp>
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        <ProgramServicesAmt>245372</ProgramServicesAmt>
        <ManagementAndGeneralAmt>204917</ManagementAndGeneralAmt>
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        <ProgramServicesAmt>3386100</ProgramServicesAmt>
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        <ProgramServicesAmt>247867</ProgramServicesAmt>
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      <PymtTravelEntrtnmntPubOfclGrp>
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      <PaymentsToAffiliatesGrp>
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        <FundraisingAmt>5647</FundraisingAmt>
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        <FundraisingAmt>2544</FundraisingAmt>
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      <OtherExpensesGrp>
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      <OtherExpensesGrp>
        <Desc>SPECIAL EVENTS</Desc>
        <TotalAmt>6282</TotalAmt>
        <ProgramServicesAmt>6282</ProgramServicesAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MISCELLANEOUS</Desc>
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        <ProgramServicesAmt>139297</ProgramServicesAmt>
        <ManagementAndGeneralAmt>27804</ManagementAndGeneralAmt>
        <FundraisingAmt>2211</FundraisingAmt>
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      <TotalFunctionalExpensesGrp>
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        <ProgramServicesAmt>14775384</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1083766</ManagementAndGeneralAmt>
        <FundraisingAmt>514325</FundraisingAmt>
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      <CashNonInterestBearingGrp>
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        <EOYAmt>1091179</EOYAmt>
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      <SavingsAndTempCashInvstGrp>
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      <PledgesAndGrantsReceivableGrp>
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        <EOYAmt>12961555</EOYAmt>
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      <AccountsReceivableGrp>
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        <EOYAmt>400938</EOYAmt>
      </AccountsReceivableGrp>
      <ReceivablesFromOfficersEtcGrp>
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        <EOYAmt>0</EOYAmt>
      </ReceivablesFromOfficersEtcGrp>
      <RcvblFromDisqualifiedPrsnGrp>
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        <EOYAmt>0</EOYAmt>
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      <OthNotesLoansReceivableNetGrp>
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        <EOYAmt>1215550</EOYAmt>
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      <InventoriesForSaleOrUseGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </InventoriesForSaleOrUseGrp>
      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>417057</BOYAmt>
        <EOYAmt>431026</EOYAmt>
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      <LandBldgEquipBasisNetGrp>
        <BOYAmt>0</BOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
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        <EOYAmt>5295790</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsOtherSecuritiesGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <InvestmentsProgramRelatedGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <IntangibleAssetsGrp>
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        <EOYAmt>0</EOYAmt>
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      <TotalAssetsGrp>
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      <AccountsPayableAccrExpnssGrp>
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      <GrantsPayableGrp>
        <BOYAmt>0</BOYAmt>
        <EOYAmt>0</EOYAmt>
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      <DeferredRevenueGrp>
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        <EOYAmt>0</EOYAmt>
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      <TaxExemptBondLiabilitiesGrp>
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        <EOYAmt>0</EOYAmt>
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      <EscrowAccountLiabilityGrp>
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      <LoansFromOfficersDirectorsGrp>
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        <EOYAmt>0</EOYAmt>
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      <MortgNotesPyblScrdInvstPropGrp>
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        <EOYAmt>0</EOYAmt>
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      <UnsecuredNotesLoansPayableGrp>
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        <EOYAmt>0</EOYAmt>
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      <OtherLiabilitiesGrp>
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        <EOYAmt>0</EOYAmt>
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      <TotalLiabilitiesGrp>
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        <EOYAmt>3401522</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrganizationFollowsSFAS117Ind>X</OrganizationFollowsSFAS117Ind>
      <UnrestrictedNetAssetsGrp>
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        <EOYAmt>4437082</EOYAmt>
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      <TemporarilyRstrNetAssetsGrp>
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        <EOYAmt>10147940</EOYAmt>
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      <PermanentlyRstrNetAssetsGrp>
        <BOYAmt>4100423</BOYAmt>
        <EOYAmt>4572462</EOYAmt>
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      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>12824535</BOYAmt>
        <EOYAmt>19157484</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>16195446</BOYAmt>
        <EOYAmt>22559006</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <InfoInScheduleOPartXIInd>X</InfoInScheduleOPartXIInd>
      <ReconcilationRevenueExpnssAmt>5797712</ReconcilationRevenueExpnssAmt>
      <NetUnrlzdGainsLossesInvstAmt>456472</NetUnrlzdGainsLossesInvstAmt>
      <OtherChangesInNetAssetsAmt>78765</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>true</FederalGrantAuditRequiredInd>
      <FederalGrantAuditPerformedInd>true</FederalGrantAuditPerformedInd>
    </IRS990>
    <IRS990ScheduleA documentId="IRS990ScheduleA">
      <PublicOrganization170Ind>X</PublicOrganization170Ind>
      <GiftsGrantsContriRcvd170Grp>
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      </GiftsGrantsContriRcvd170Grp>
      <TaxRevLeviedOrgnztnlBnft170Grp>
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      </TaxRevLeviedOrgnztnlBnft170Grp>
      <GovtFurnSrvcFcltsVl170Grp>
        <TotalAmt>0</TotalAmt>
      </GovtFurnSrvcFcltsVl170Grp>
      <TotalCalendarYear170Grp>
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        <TotalAmt>88103402</TotalAmt>
      </TotalCalendarYear170Grp>
      <SubstantialContributorsTotAmt>0</SubstantialContributorsTotAmt>
      <PublicSupportTotal170Amt>88103402</PublicSupportTotal170Amt>
      <GrossInvestmentIncome170Grp>
        <CurrentTaxYearMinus4YearsAmt>103169</CurrentTaxYearMinus4YearsAmt>
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      </GrossInvestmentIncome170Grp>
      <UnrelatedBusinessNetIncm170Grp>
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      </UnrelatedBusinessNetIncm170Grp>
      <OtherIncome170Grp>
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      <PublicSupportCY170Pct>0.99164</PublicSupportCY170Pct>
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    </IRS990ScheduleA>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
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        <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>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <IRS990ScheduleD documentId="IRS990ScheduleD">
      <ArtPublicExhibitionAmountsGrp />
      <HeldWorksArtGrp />
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      <CYMinus2YrEndwmtFundGrp>
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      </CYMinus3YrEndwmtFundGrp>
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        <EndYearBalanceAmt>4594568</EndYearBalanceAmt>
      </CYMinus4YrEndwmtFundGrp>
      <BoardDesignatedBalanceEOYPct>0.23321</BoardDesignatedBalanceEOYPct>
      <PrmnntEndowmentBalanceEOYPct>0.76679</PrmnntEndowmentBalanceEOYPct>
      <EndowmentsHeldUnrelatedOrgInd>false</EndowmentsHeldUnrelatedOrgInd>
      <EndowmentsHeldRelatedOrgInd>false</EndowmentsHeldRelatedOrgInd>
      <LandGrp />
      <BuildingsGrp />
      <LeaseholdImprovementsGrp />
      <EquipmentGrp />
      <OtherLandBuildingsGrp />
      <FederalIncomeTaxLiabilityAmt>0</FederalIncomeTaxLiabilityAmt>
      <TotalLiabilityAmt>0</TotalLiabilityAmt>
      <FootnoteTextInd>X</FootnoteTextInd>
      <TotalRevEtcAuditedFinclStmtAmt>23549425</TotalRevEtcAuditedFinclStmtAmt>
      <NetUnrealizedGainsInvstAmt>456472</NetUnrealizedGainsInvstAmt>
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      <RevenueSubtotalAmt>22171187</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>22171187</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>17295241</TotExpnsEtcAuditedFinclStmtAmt>
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      <TotalExpensesPerForm990Amt>16373475</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART V, LINE 4:</FormAndLineReferenceDesc>
        <ExplanationTxt>PHIPPS COMMUNITY DEVELOPMENT CORPORATION HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ITS DONOR RESTRICTED PERMANENT ENDOWMENT FUND THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE MAINTAINING THE ORIGINAL HISTORICAL VALUE OF THOSE ASSETS DONATED AS ENDOWMENT. UNDER THIS POLICY, AS APPROVED BY THE BOARD, THE ENDOWMENT ASSETS ARE INVESTED TO ACHIEVE A TOTAL MAXIMUM RATE OF RETURN AT A LEVEL CONSISTENT WITH PRUDENT MANAGEMENT, TAKING INTO CONSIDERATION THE SAFETY OF PRINCIPAL, POTENTIAL FOR MARKET APPRECIATION AND INCOME. TO ACHIEVE ITS LONG-TERM RATE-OF-RETURN OBJECTIVES, THE ORGANIZATION RELIES ON A TOTAL RETURN STRATEGY IN WHICH INVESTMENT RETURNS ARE ACHIEVED THROUGH BOTH CAPITAL APPRECIATION (REALIZED AND UNREALIZED) AND CURRENT YIELD (INTEREST AND DIVIDENDS). THE ORGANIZATION INVESTS IN A DIVERSIFIED PORTFOLIO OF ASSETS THAT PLACE GREATER EMPHASIS ON EQUITY-BASED INVESTMENTS TO ACHIEVE ITS LONG-TERM RETURN OBJECTIVES WITH PRUDENT RISK CONSTRAINTS. THE ORGANIZATION MEASURES PERFORMANCE OF THE ENDOWMENT FUNDS ACCORDING TO A CUSTOM BLENDED BENCHMARK.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>PHIPPS COMMUNITY DEVELOPMENT CORPORATION HAS NOT TAKEN AN UNCERTAIN TAX POSITION THAT WOULD REQUIRE PROVISION OF A LIABILITY UNDER ASC NO. 740, "INCOME TAXES", AND ASU 2009-06, "IMPLEMENTATION GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES AND DISCLOSURE AMENDMENTS FOR NONPUBLIC ENTITIES." AS OF DECEMBER 31, 2013, THE YEARS STILL SUBJECT TO AUDIT ARE 2010 THROUGH 2013.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XI, LINE 2D AND PART XII, LINE 2D:</FormAndLineReferenceDesc>
        <ExplanationTxt>SPECIAL EVENTS DIRECT EXPENSES</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleG documentId="IRS990ScheduleG">
      <FundraisingEventInformationGrp>
        <NameOfEvent1Amt>BUILDER AWARDS</NameOfEvent1Amt>
        <GrossReceiptsEvent1Amt>1207175</GrossReceiptsEvent1Amt>
        <CharitableContriEvent1Amt>1029541</CharitableContriEvent1Amt>
        <GrossRevenueEvent1Amt>177634</GrossRevenueEvent1Amt>
        <RentFacilityCostsEvent1Amt>163691</RentFacilityCostsEvent1Amt>
        <OtherDirectExpensesEvent1Amt>13943</OtherDirectExpensesEvent1Amt>
        <OtherEventsTotalCnt>0</OtherEventsTotalCnt>
        <GrossReceiptsTotalAmt>1207175</GrossReceiptsTotalAmt>
        <CharitableContributionsTotAmt>1029541</CharitableContributionsTotAmt>
        <GrossRevenueTotalEventsAmt>177634</GrossRevenueTotalEventsAmt>
        <RentFcltyCostsTotalEventsAmt>163691</RentFcltyCostsTotalEventsAmt>
        <OthDirectExpnssTotalEventsAmt>13943</OthDirectExpnssTotalEventsAmt>
        <DirectExpenseSummaryEventsAmt>177634</DirectExpenseSummaryEventsAmt>
      </FundraisingEventInformationGrp>
    </IRS990ScheduleG>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ">
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>ADAM WEINSTEIN</PersonNm>
        <TitleTxt>CHAIRPERSON</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>500527</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>150000</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>17500</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>36746</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>30858</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>735631</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DIANNE MORALES</PersonNm>
        <TitleTxt>EXECUTIVE DIRECTOR/CEO</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>202865</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>25000</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>32835</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>22188</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>282888</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>BRIAN BRICKER</PersonNm>
        <TitleTxt>TREASURER</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>172412</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>32000</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>10000</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>30897</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>26782</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>272091</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JAMES ROBERT PIGOTT JR</PersonNm>
        <TitleTxt>SECRETARY</TitleTxt>
        <BaseCompensationFilingOrgAmt>0</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>205927</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>0</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>35000</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>34718</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>25621</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>0</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>301266</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 3:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE EXECUTIVE DIRECTOR/CEO, DIANNE MORALES, RECEIVES COMPENSATION FROM PHIPPS HOUSES, A RELATED ORGANIZATION. PHIPPS HOUSES USES COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, FORM 990 OF OTHER ORGANIZATIONS, COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE TO ESTABLISH THE COMPENSATION OF THE EXECUTIVE DIRECTOR/CEO.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleO documentId="IRS990ScheduleO">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 1, HEADER SECTION C:</FormAndLineReferenceDesc>
        <ExplanationTxt>ON OCTOBER 16, 2014 PHIPPS COMMUNITY DEVELOPMENT CORPORATION LEGALLY CHANGED ITS NAME TO PHIPPS NEIGHBORHOODS, INC. THE REPORTING ORGANIZATION WILL REPORT THIS ON FORM 990 AS A NAME CHANGE FOR THE TAX PERIOD THAT INCLUDES OCTOBER 16, 2014. THE REPORTING ORGANIZATION IS DOING BUSINESS AS PHIPPS NEIGHBORHOODS FOR THE 2013 FILING OF FORM 990 WITH THE IRS. FORM 990, PART III, LINE 4D: 1) EARLY CHILD HOOD EDUCATION - TOTAL EXPENSES: $1,888,053. 2) OTHER PROGRAMS - TOTAL EXPENSES: $1,138,927. TOTAL EXPENSES: $1,138,927.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE SOLE MEMBER OF THE ORGANIZATION IS PHIPPS HOUSES.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7A:</FormAndLineReferenceDesc>
        <ExplanationTxt>AS THE SOLE MEMBER OF THE ORGANIZATION, PHIPPS HOUSES HAS THE RIGHT TO ELECT THE MEMBERS OF THE ORGANIZATION'S BOARD OF DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 7B:</FormAndLineReferenceDesc>
        <ExplanationTxt>UNDER NEW YORK STATE LAW, CERTAIN GOVERNANCE DECISIONS REQUIRE MEMBERSHIP APPROVAL.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B:</FormAndLineReferenceDesc>
        <ExplanationTxt>MEMBERS OF THE ORGANIZATION'S GOVERNING BODY REVIEW THE FORM 990 FOR ACCURACY OF CONTENT AND DISCUSS AS NECESSARY.</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>THE ORGANIZATION DOES NOT COMPENSATE ANY OFFICER OR KEY EMPLOYEE.</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 CHAIRPERSON, TREASURER AND SECRETARY REFLECTS THEIR CONTRIBUTIONS TO NOT ONLY PHIPPS COMMUNITY DEVELOPMENT CORPORATION 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">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>760-770 EAST TREMONT AVENUE HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>133351137</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>9</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>1691 FULTON AVENUE HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>201830119</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(4)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>2136 CROTONA PARKWAY HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>133510007</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>9</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>CROTONA PARK WEST HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>133514343</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>9</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>ECUMENICAL COMM HOUSING OPPORTUN HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>133204664</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>9</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>FABRIA HOUSES HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>204209558</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(4)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HANCOCK PLACE APARTMENTS HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>203610425</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(4)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HENRY PHIPPS PLAZA SOUTH HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>237389743</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>9</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HOMES FOR NEW YORKERS INC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>132875896</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>7</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>HONEYWELL II HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>260535084</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(4)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>LA CASA DE FELICIDAD HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>134132203</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>9</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <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>
        </USAddress>
        <EIN>133520270</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(3)</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>11</PublicCharityStatusTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>MONTERREY APARTMENTS HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>202851500</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(4)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>PHIPPS AFFORDABLE HDFC</BusinessNameLine1>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
          <City>NEW YORK</City>
          <State>NY</State>
          <ZIPCode>10010</ZIPCode>
        </USAddress>
        <EIN>270018002</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501(c)(4)</ExemptCodeSectionTxt>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>BELLWEST MANAGEMENT CORPORATION</BusinessNameLine1>
        </DisregardedEntityName>
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          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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      <IdRelatedTaxExemptOrgGrp>
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      <IdRelatedTaxExemptOrgGrp>
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        <USAddress>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1>RCB APARTMENTS HDFC</BusinessNameLine1>
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        <USAddress>
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      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
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      <IdRelatedTaxExemptOrgGrp>
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        <EntityTypeTxt>C</EntityTypeTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
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          <City>NEW YORK</City>
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        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
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        <USAddress>
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      <IdRelatedOrgTxblCorpTrGrp>
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        <USAddress>
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        <USAddress>
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        </USAddress>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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      <IdRelatedOrgTxblCorpTrGrp>
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        <USAddress>
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        </USAddress>
        <EIN>262883651</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
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        <USAddress>
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        <EIN>262454054</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
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        <USAddress>
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        </USAddress>
        <EIN>263860922</EIN>
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        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EntityTypeTxt>C</EntityTypeTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
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        <USAddress>
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        <EIN>264010204</EIN>
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      <IdRelatedOrgTxblCorpTrGrp>
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        <USAddress>
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        </USAddress>
        <EIN>271311862</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
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        <USAddress>
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      <IdRelatedOrgTxblCorpTrGrp>
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        <USAddress>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
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        <USAddress>
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        </USAddress>
        <EIN>271028597</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
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        <EntityTypeTxt>C</EntityTypeTxt>
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        <ControlledOrganizationInd>false</ControlledOrganizationInd>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>DEMPSEY APARTMENTS MANAGEMENT CORP</BusinessNameLine1>
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        <USAddress>
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        <EIN>270997935</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
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        <EntityTypeTxt>C</EntityTypeTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
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        <USAddress>
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        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
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        <DirectControllingEntityName>
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      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>710 EAST 9TH STREET MANAGEMENT CORP</BusinessNameLine1>
        </RelatedOrganizationName>
        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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          <ZIPCode>10010</ZIPCode>
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        <EIN>272902339</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ShareOfTotalIncomeAmt>0</ShareOfTotalIncomeAmt>
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      </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>
        </USAddress>
        <EIN>274159356</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingEntityName>
          <BusinessNameLine1>NA</BusinessNameLine1>
        </DirectControllingEntityName>
        <EntityTypeTxt>C</EntityTypeTxt>
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      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
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        <USAddress>
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        </USAddress>
        <EIN>461678848</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
        <DirectControllingNACd>N/A</DirectControllingNACd>
        <EntityTypeTxt>C</EntityTypeTxt>
        <ShareOfTotalIncomeAmt>0</ShareOfTotalIncomeAmt>
        <ShareOfEOYAssetsAmt>0</ShareOfEOYAssetsAmt>
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      </IdRelatedOrgTxblCorpTrGrp>
      <IdRelatedOrgTxblCorpTrGrp>
        <RelatedOrganizationName>
          <BusinessNameLine1>PHIPPS HPS LIHTC ASSOCIATES INC</BusinessNameLine1>
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        <USAddress>
          <AddressLine1>902 BROADWAY 13TH FLOOR</AddressLine1>
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        <EIN>800878178</EIN>
        <PrimaryActivitiesTxt>REAL ESTATE MGMT.</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>NY</LegalDomicileStateCd>
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        <EntityTypeTxt>C</EntityTypeTxt>
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      <IdRelatedOrgTxblCorpTrGrp>
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      <IdRelatedOrgTxblCorpTrGrp>
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          <BusinessNameLine1>VIA VERDE CONDOMINIUM</BusinessNameLine1>
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      <LoansOrGuaranteesToOtherOrgInd>true</LoansOrGuaranteesToOtherOrgInd>
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      <RentalOfFcltsFromOthOrgInd>true</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>true</PerformOfServicesForOthOrgInd>
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      <TransactionsRelatedOrgGrp>
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          <BusinessNameLine1>760-770 EAST TREMONT AVENUE HDFC</BusinessNameLine1>
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      <TransactionsRelatedOrgGrp>
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          <BusinessNameLine1>2136 CROTONA PARKWAY HDFC</BusinessNameLine1>
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        <TransactionTypeTxt>L</TransactionTypeTxt>
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</Return>