2024-11-13T14:40:28-06:00 2023-12-31 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990 2023-01-01 132846967 HOUSING ACTION COUNCIL INC HOUS 9143324144 55 SOUTH BROADWAY TARRYTOWN NY 10591 ROSEMARIE NOONAN EXECUTIVE DIRECTOR 9143324144 2024-11-13 1 1 MELISSA MODELSON P01603524 9143818900 2024-11-07 2023 2024-10-15 13:58:12Z ROSEMARIE NOONAN 55 SOUTH BROADWAY TARRYTOWN NY 10591 2278582 0 X WWW.HOUSINGACTIONCOUNCIL.ORG X 1975 NY HAC'S ACTIVITIES CAN BE GROUPED INTO THREE AREAS: 1) HOUSING DEVELOPMENT ASSISTANCE (CONSULTING FOR PRIVATE DEVELOPERS; SERVING AS PARTNER WITH PRIVATE DEVELOPERS; TECHNICAL ASSISTANCE TO NOT-FOR-PROFIT ORGANIZATIONS; AFFIRMATIVE MARKETING FOR HOUSING DEVELOPERS; TENANT/HOMEOWNER ELIGIBILITY SCREENING; PREPARATION OF OFFERING PLANS, CONTRACTS, ETC.; RELOCATION SERVICES; DEVELOPMENT OF SMALL PROPERTIES) 2) TECHNICAL ASSISTANCE TO MUNICIPALITIES (PREPARING HOUSING NEEDS STATEMENTS/STUDIES, ADVISING ON LAND USE POLICIES AND REGULATIONS RELATED TO AFFORDABLE HOUSING; DESIGNING AND IMPLEMENTING AFFORDABLE HOUSING PROGRAMS; PREPARING REQUESTS FOR AFFORDABLE HOUSING DEVELOPMENT PROPOSALS ON MUNICIPALLY-OWNED SITES AND REVIEWING PROPOSALS; 3) ASSISTANCE IN IMPLEMENTING PROGRAMS THAT EXPAND HOUSING THROUGH CREATION OF ACCESSORY DWELLING UNITS;4) NOT-FOR-PROFIT ORGANIZATION SUPPORT (BACK OFFICE SUPPORT; HOUSING AND LAND USE TRAINING FOR CIVIC, ORGANIZATION AND GOVERNMENT LEADERS); 9 9 3 9 0 0 527345 1231265 816045 707199 116915 297173 6985 42945 1467290 2278582 166924 629238 0 0 481982 339626 0 0 0 758479 490694 1407385 1459558 59905 819024 44496758 45309285 14476931 14470434 30019827 30838851 X HOUSING ACTION COUNCIL'S MISSION IS TO INCREASE AND IMPROVE HOUSING OPPORTUNITIES FOR LOW- AND MODERATE- INCOME HOUSEHOLDS AND SPECIAL NEEDS POPULATIONS, INCLUDING THE HOMELESS, ELDERLY AND DISABLED INDIVIDUALS THROUGHOUT THE HUDSON VALLEY REGION AND SURROUNDING COUNTIES. 0 1 912643 629238 498556 HOUSING DEVELOPMENT SERVICES PROGRAMHAC'S ON-GOING HOUSING DEVELOPMENT SERVICES PROGRAM INCLUDES: 1) TECHNICAL ASSISTANCE AND TRAINING TO COMMUNITY ORGANIZATIONS, AFFORDABLE HOUSING COMMITTEES, MUNICIPALITIES, HUMAN SERVICE AGENCIES AND EMERGING AFFORDABLE HOUSING DEVELOPERS AND 2) PARTICIPATING AS NON-PROFIT SPONSORS WITH FOR PROFIT DEVELOPERS IN THE DEVELOPMENT OF LOW AND MODERATE INCOME HOUSING. HAC'S TECHNICAL ASSISTANCE AND SPONSORSHIP FACILITATED THE DEVELOPMENT OR PRESERVATION OF APPROXIMATELY 600 HOUSING UNITS FOR LOW AND MODERATE INCOME HOUSEHOLDS DURING 2023. 283405 0 208643 AFFIRMATIVE MARKETINGHAC CONTINUED AS MARKETING CONSULTANT FOR THE COUNTY OF WESTCHESTER FOR DEVELOPMENTS IN THE PIPELINE AND FOR THE CITY OF NEW ROCHELLE DURING 2023. HAC MARKETED SEVERAL COUNTY-FUNDED AFFORDABLE HOUSING DEVELOPMENTS IN ACCORDANCE WITH WESTCHESTER COUNTY HOUSING DEVELOPMENT AFFIRMATIVE FAIR HOUSING MARKETING PLAN REQUIREMENTS AND IN NEW ROCHELLE IN ACCORDANCE WITH THE CITY'S AFFORDABLE HOUSING PROGRAM. HAC PREPARES AFFIRMATIVE MARKETING PLANS, MARKETS THE AFFORDABLE UNITS, INCLUDING OUTREACH TO PEOPLE LEAST LIKELY TO APPLY, CONDUCTS LOTTERIES, MAINTAINS WAITING LISTS, AND IN SOME CASES QUALIFIES THE APPLICANTS FOR OCCUPANCY AND HANDLES RECERTIFICATIONS. IN 2023, HAC CONDUCTED THE INITIAL MARKETING OF APPROXIMATELY 225 UNITS IN WESTCHESTER. 141702 0 0 ACCESSORY DWELLING UNITS (ADUS) HAC, IN PARTNERSHIP WITH HABITAT FOR HUMANITY OF NEW YORK CITY AND WESTCHESTER, DESIGNED AND BEGAN IMPLEMENTATION OF ADU PROGRAMS IN THE VILLAGES OF HASTINGS-ON-HUDSON, DOBBS FERRY AND IRVINGTON AND THE TOWN OF BEDFORD. ACTIVITIES INCLUDED SECURING THE MUNICIPALITIES' AGREEMENT TO PARTICIPATE IN THE PROGRAM, REVIEWING LOCAL REQUIREMENTS FOR AN ADU AND CONDUCTING OUTREACH TO ALERT INCOME QUALIFIED HOMEOWNERS TO THE AVAILABILITY OF FUNDING AND TECHNICAL ASSISTANCE TO CREATE AN ADU. 1337750 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 9 0 3 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 0 0 NY X X ROSEMARIE NOONAN 9143324144 55 SOUTH BROADWAY TARRYTOWN NY 10591 ROBERT GALVIN CHAIRPERSON 5.00 X X 0 0 0 GREGG DEANGELIS VICE CHAIRMAN 5.00 X X 0 0 0 RICHARD CHERRY VICE CHAIRMAN 5.00 X X 0 0 0 ELLEN LEVY TREASURER 5.00 X X 0 0 0 ERIC ABRAHAM DIRECTOR 2.00 X 0 0 0 CHUCK BELL DIRECTOR 2.00 X 0 0 0 LARISSA LONGCHAMP DIRECTOR 3.00 X 0 0 0 DOUG OLCOTT DIRECTOR 2.00 X 0 0 0 DAVID SMITH DIRECTOR 2.00 X 0 0 0 ROSEMARIE NOONAN EXECUTIVE DIRECTOR & SECRETARY 40.00 X 184904 0 11094 184904 0 11094 1 0 1 0 JIM MARINELLI CONTRACTING 32 COVENTRY CIRCLE MAHOPAC NY 10541 BUILDING CONTRACTOR 228293 MAIER MARKEY & JUSTIC LLP 2 LYON PLACE WHITE PLAINS NY 10605 ACCOUNTING AND BOOKKEEPING 101671 2 1192055 39210 1231265 HOUSING PROGRAMS REV. 900099 701794 701794 PRI - INTEREST INCOME 900099 5405 5405 707199 297173 297173 OTHER INCOME 900099 26811 26811 REIMBURSEMENTS 900099 16134 16134 42945 2278582 707199 0 340118 X 261238 261238 368000 368000 195998 166598 29400 117500 99875 17625 1692 1438 254 24436 20771 3665 136033 115628 20405 190981 162336 28645 36611 31119 5492 17971 15275 2696 57211 48629 8582 10286 8743 1543 184 156 28 3169 2694 475 19345 16443 2902 BAD DEBT EXPENSE 15968 15968 REHABILITATION COSTS 2000 2000 MISC OPERATING EXPENSES 935 839 96 1459558 1337750 121808 0 2250377 1045323 9724888 10022060 406409 337517 15536 116326 50059 43050 3847 7009 32009783 33718547 85918 62503 44496758 45309285 193811 187314 3963500 3963500 10319620 10319620 14476931 14470434 X 22826281 24795252 7193546 6043599 30019827 30838851 44496758 45309285 819024 0 X X 0 1 X 1 0 X 5814604 700208 1948251 527345 1231265 10221673 1216359 685314 1059799 816045 707199 4484716 7030963 1385522 3008050 1343390 1938464 14706389 0 16871 348363 398871 512083 356118 1632306 16871 348363 398871 512083 356118 1632306 13074083 41888 35568 50930 116915 297173 542474 41888 35568 50930 116915 297173 542474 2115 6985 42945 52045 7072851 1421090 3061095 1467290 2278582 15300908 0.85450 0.88180 0.03550 0.01900 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISC INCOME - 2021 AMOUNT: $ 2,115. 2022 AMOUNT: $ 6,985. 2023 AMOUNT: $ 26,811. REIMBURSEMENTS - 2023 AMOUNT: $ 16,134. SCHEDULE A, PART VI, LIST OF UNUSUAL GRANTS: DESCRIPTION: TO SUPPORT TARRYTOWN AFFORDABLE HOUSING FUND DATE: 10/13/20 AMOUNT: 16471547. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 50059 43050 7009 7009 INVESTMENTS IN HOUSING ENTITIES 20628547 F NOTES RECEIVABLE 13090000 C 33718547 CAPITAL GRANTS PAYABLE 10319620 10319620 X 2274846 35116 35116 2239730 38852 38852 2278582 1565719 106161 106161 1459558 0 1459558 PART X, LINE 2: THE ORGANIZATION HAS BEEN GRANTED EXEMPTION FROM FEDERAL INCOME TAXATION PURSUANT TO SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE ORGANIZATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE ATTRIBUTABLE TO RELATED AFFILIATES 35,116. PART XI, LINE 4B - OTHER ADJUSTMENTS: ELIMINATIONS ON CONSOLIDATED FINANCIAL STATEMENTS 38,852. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES ATTRIBUTABLE TO RELATED AFFILIATES 106,161. 1 SHELTERING THE HOMELESS IS OUR RESPONSIBILITY 65 LAKE STREET WHITE PLAINS NY 10605 133323120 501(C)(3) 261238 0 CONSTRUCTION OF AFFORDABLE HOUSING 1 0 HOMEBUYER ASSISTANCE PROGRAM 5 368000 PART I, LINE 2: SHORE/ICARE ASSISTANCE: THIS DEVELOPMENT - SPONSORED BY SHORE/ICARE, A NON-PROFIT ORGANIZATION - INVOLVED THE DEVELOPMENT OF TWO SINGLE FAMILY DETACHED AFFORDABLE HOMES. HAC PROVIDE A GRANT TO FILL A GAP BETWEEN THE TOTAL DEVELOPMENT COSTS, FUNDING AVAILABLE AND SALE PRICES. HAC CLOSELY MONITORED THE DEVELOPMENT COSTS, ASSISTED IN ACCESSING PUBLIC FUNDING, AND DETERMINED THE AFFORDABLE SALE PRICES. HAC ALSO QUALIFIED THE HOUSEHOLDS FOR THE HOMES. HAC'S BOARD OF DIRECTORS APPROVED THE GRANT AND HAC STAFF MONITORED THE REASONABLE OF THE DEVELOPMENT COSTS AND OTHER POTENTIAL FUNDING SOURCES. HOME BUYER ASSISTANCE: THE ORGANIZATION PROVIDES ASSISTANCE TO FIRST TIME HOMEBUYERS PURCHASING AFFORDABLE HOUSING. THE ORGANIZATION CONDUCTED A SEARCH AND REVIEWED APPLICATIONS TO FIND A QUALIFIED PURCHASER OF THE PROPERTY. THIS INCLUDED A REVIEW OF THE APPLICANTS FINANCIAL SITUATION, CURRENT AND EXPECTED EXPENSES RELATING TO THE PROPERTY. THE HOMEBUYER ASSISTANCE WAS PAID DIRECTLY TO THE SELLER AS PART OF THE CLOSING OF THE PROPERTY. X X X X 0 0 0 0 0 0 0 0 0 ROSEMARIE NOONAN EXECUTIVE DIRECTOR & SECRETARY 184904 0 0 0 0 0 11094 0 0 0 195998 0 0 0 FORM 990, PART III, LINE 3 THE ORGANIZATION CEASED OFFERING THE RELOCATION SERVICES PROGRAM. RELOCATION HAC PROVIDED RELOCATION ASSISTANCE TO HELP THE GREENBURGH HOUSING AUTHORITY TEMPORARILY RELOCATE ITS TENANTS UNDER ITS SCATTERED SITE REDEVELOPMENT PROGRAM WHICH INVOLVED THE PHASED RE-DEVELOPMENT AND PRIVATIZATION OF FIVE PUBLIC HOUSING SITES IN THE TOWN OF GREENBURGH. FORM 990, PART VI, SECTION B, LINE 11B HOUSING ACTION COUNCIL, INC. HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS ELECTRONICALLY SENT TO THE BOARD. THE BOARD REVIEWS THE 990 PRIOR TO FILING IT WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL DIRECTORS, OFFICERS, AND KEY EMPLOYEES OWE A DUTY OF LOYALTY TO HOUSING ACTION COUNCIL, INC. THAT REQUIRES THEM TO EXERCISE THEIR POWERS IN GOOD FAITH AND IN THE BEST INTERESTS OF THE CORPORATION. A CONFLICT OF INTEREST OCCURS WHENEVER THE INTERESTS OF THE CORPORATION CONFLICT WITH A COMPETING FINANCIAL INTEREST OF A DIRECTOR, OFFICER, KEY EMPLOYEE OR OTHER RELATED PARTY. PRIOR TO HIS/HER ELECTION TO THE BOARD OR EMPLOYMENT AT THE CORPORATION, AND FOR EACH YEAR OF SERVICE THEREAFTER, EACH DIRECTOR, OFFICER, AND CURRENTLY EMPLOYED KEY EMPLOYEE MUST COMPLETE AN ANNUAL CONFLICT OF INTEREST DISCLOSURE FORM. IF AT ANY TIME DURING HIS OR HER TERM OF SERVICE, A DIRECTOR, OFFICER, OR KEY EMPLOYEE ACQUIRES ANY FINANCIAL INTEREST, OR WHEN ANY MATTER FOR DECISION OR APPROVAL COMES BEFORE THE BOARD IN WHICH A RELATED PARTY HAS A FINANCIAL INTEREST, THAT FINANCIAL INTEREST OR POTENTIAL RELATED PARTY TRANSACTION MUST BE PROMPTLY DISCLOSED IN WRITING TO EACH MEMBER OF THE BOARD, TOGETHER WITH ALL MATERIAL FACTS. FAILURE TO DISCLOSE TO THE BOARD A KNOWN FINANCIAL INTEREST, A KNOWN RELATED PARTY TRANSACTION, OR A KNOWN CONFLICT OF INTEREST MAY BE GROUNDS FOR REMOVAL FROM THE BOARD OR TERMINATION FROM THE CORPORATION. IF THE CORPORATION IS CONTEMPLATING ENTERING INTO A RELATED PARTY TRANSACTION, THE INDEPENDENT DIRECTORS OF THE BOARD MUST DETERMINE IF THE TRANSACTION IS FAIR, REASONABLE, AND IN THE BEST INTERESTS OF THE CORPORATION AT THE TIME OF SUCH DETERMINATION BEFORE APPROVING THE TRANSACTION. ONLY INDEPENDENT DIRECTORS OF THE BOARD SHALL VOTE ON RELATED PARTY TRANSACTIONS. AT THE REQUEST OF THE INDEPENDENT DIRECTORS OF THE BOARD, THE RELATED PARTY TO WHOM THE POTENTIAL CONFLICT OF INTEREST RELATES MAY PRESENT FACTUAL INFORMATION REGARDING THE MATTER. HOWEVER, THE RELATED PARTY MAY NOT BE PRESENT FOR, OR PARTICIPATE IN, THE DELIBERATION OR VOTE ON THE MATTER GIVING RISE TO THE CONFLICT. THE RELATED PARTY TO WHOM THE POTENTIAL CONFLICT OF INTEREST RELATES SHALL LEAVE THE ROOM PRIOR TO THE CONDUCT OF ANY DELIBERATIONS OR VOTE ON THE MATTER GIVING RISE TO THE CONFLICT AND SHALL NOT ATTEMPT TO INFLUENCE IMPROPERLY THE DELIBERATION OR VOTING ON THE MATTER GIVING RISE TO THE CONFLICT. FORM 990, PART VI, SECTION B, LINE 15A THE REVIEW OF THE EXECUTIVE DIRECTOR'S COMPENSATION IS CONDUCTED BY THE EXECUTIVE COMMITTEE AND IS DONE EVERY FEW YEARS. THE REVIEW IS BASED ON PERFORMANCE AGAINST EXECUTIVE DIRECTOR-RECOMMENDED AND BOARD APPROVED GOALS. THE EXECUTIVE COMMITTEE REVIEWED THE EXECUTIVE DIRECTOR'S PERFORMANCE IN 2023 AGAINST GOALS AND FOUND PERFORMANCE MET THE GOALS. THE ORGANIZATION MAINTAINS INFORMATION ON THE COMPENSATION OF PERSONS IN SIMILAR ORGANIZATIONS IN THE NEW YORK METROPOLITAN AREA AND FOUND THAT THE SALARY PAID TO THE EXECUTIVE DIRECTOR IS COMPARABLE TO OTHER ORGANIZATIONS. THE EXECUTIVE COMMITTEE PRESENTS THE BUDGET TO THE FULL BOARD WHICH INCLUDES SALARIES. THE BOARD ADOPTED THE 2023 BUDGET. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS ALSO POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE DOCUMENTS ARE MAILED OR EMAILED AS APPLICABLE. FORM 990, PART IX, LINE 11G PAYROLL PROCESSING FEES: PROGRAM SERVICE EXPENSES 1,392. MANAGEMENT AND GENERAL EXPENSES 245. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,637. TRAINING & RESEARCH: PROGRAM SERVICE EXPENSES 160,944. MANAGEMENT AND GENERAL EXPENSES 28,400. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 189,344. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS A COMMITTEE THAT IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. ELECTION PURSUANT TO IRC SECTION 168(H)(6)(F): TAXPAYER: THE WOODS AT PAWLING HOUSING DEVELOPMENT EIN: 87-3786476 ELECTION PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F) ELECTION NOT TO BE TREATED AS A TAX-EXEMPT ENTITY THE TAXPAYER, THE WOODS AT PAWLING HOUSING DEVELOPMENT, A FOR-PROFIT SUBSIDIARY OF NY CORPORATION, HOUSING ACTION COUNCIL, INC. (EIN: 13-2846967) A NOT-FOR-PROFIT ORGANIZATION, HEREBY ELECTS UNDER INTERNAL REVENUE CODE SECTION 168(H)(6)(F)(II) AS A TAX EXEMPT CONTROLLED ENTITY: (1) NOT TO BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF INTERNAL REVENUE CODE SECTIONS 168(H)(5) AND (6), AND (2) TO TREAT ANY GAIN RECOGNIZED BY ITS TAX-EXEMPT PARENT ON ANY DISPOSITION OF AN INTEREST IN IT (AND TO TREAT ANY DIVIDENDS OR INTEREST RECEIVED OR ACCRUED BY ITS TAX-EXEMPT PARENT FROM IT) AS UNRELATED BUSINESS TAXABLE INCOME UNDER CODE SECTION 511. THIS ELECTION SHALL APPLY TO ALL OF THE COMPANY'S PROPERTY FOR THE YEAR THAT PROPERTY IS PLACED IN SERVICE AND ALL SUBSEQUENT YEARS. THE COMPANY IS ENTITLED TO MAKE THIS ELECTION BECAUSE IT IS A TAX-EXEMPT CONTROLLED ENTITY THAT IS TIMELY FILING THE ELECTION. ELECTION PURSUANT TO IRC SECTION 168(H)(6)(F): TAXPAYER: 645 MAIN HDFC, INC. EIN: 85-0812894 ELECTION PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F) ELECTION NOT TO BE TREATED AS A TAX-EXEMPT ENTITY THE TAXPAYER, 645 MAIN HDFC, INC., A FOR-PROFIT SUBSIDIARY OF NY CORPORATION, HOUSING ACTION COUNCIL, INC. (EIN: 13-2846967) A NOT-FOR-PROFIT ORGANIZATION, HEREBY ELECTS UNDER INTERNAL REVENUE CODE SECTION 168(H)(6)(F)(II) AS A TAX EXEMPT CONTROLLED ENTITY: (1) NOT TO BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF INTERNAL REVENUE CODE SECTIONS 168(H)(5) AND (6), AND (2) TO TREAT ANY GAIN RECOGNIZED BY ITS TAX-EXEMPT PARENT ON ANY DISPOSITION OF AN INTEREST IN IT (AND TO TREAT ANY DIVIDENDS OR INTEREST RECEIVED OR ACCRUED BY ITS TAX-EXEMPT PARENT FROM IT) AS UNRELATED BUSINESS TAXABLE INCOME UNDER CODE SECTION 511. THIS ELECTION SHALL APPLY TO ALL OF THE COMPANY'S PROPERTY FOR THE YEAR THAT PROPERTY IS PLACED IN SERVICE AND ALL SUBSEQUENT YEARS. THE COMPANY IS ENTITLED TO MAKE THIS ELECTION BECAUSE IT IS A TAX-EXEMPT CONTROLLED ENTITY THAT IS TIMELY FILING THE ELECTION. ELECTION PURSUANT TO IRC SECTION 168(H)(6)(F): TAXPAYER: COPPER CITY HDFC EIN: 87-2670903 ELECTION PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F) ELECTION NOT TO BE TREATED AS A TAX-EXEMPT ENTITY THE TAXPAYER, COPPER CITY HDFC, A FOR-PROFIT SUBSIDIARY OF NY CORPORATION, HOUSING ACTION COUNCIL, INC. (EIN: 13-2846967) A NOT-FOR-PROFIT ORGANIZATION, HEREBY ELECTS UNDER INTERNAL REVENUE CODE SECTION 168(H)(6)(F)(II) AS A TAX EXEMPT CONTROLLED ENTITY: (1) NOT TO BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF INTERNAL REVENUE CODE SECTIONS 168(H)(5) AND (6), AND (2) TO TREAT ANY GAIN RECOGNIZED BY ITS TAX-EXEMPT PARENT ON ANY DISPOSITION OF AN INTEREST IN IT (AND TO TREAT ANY DIVIDENDS OR INTEREST RECEIVED OR ACCRUED BY ITS TAX-EXEMPT PARENT FROM IT) AS UNRELATED BUSINESS TAXABLE INCOME UNDER CODE SECTION 511. THIS ELECTION SHALL APPLY TO ALL OF THE COMPANY'S PROPERTY FOR THE YEAR THAT PROPERTY IS PLACED IN SERVICE AND ALL SUBSEQUENT YEARS. THE COMPANY IS ENTITLED TO MAKE THIS ELECTION BECAUSE IT IS A TAX-EXEMPT CONTROLLED ENTITY THAT IS TIMELY FILING THE ELECTION. 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