2020-11-16T19:26:43-06:00 2019-12-31 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2019-01-01 132846967 HOUSING ACTION COUNCIL INC HOUS 9143324144 55 SOUTH BROADWAY TARRYTOWN NY 10591 ROSEMARIE NOONAN EXECUTIVE DIRECTOR 9143324144 2020-11-16 1 GARRETT M HIGGINS P00543209 9143818900 2020-11-14 24.190.81.120 2020-11-16 19:26:39 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 9616F4B14A694591D1E716C270910E6FA5556DA3 2019 2021-01-29 14:40:06Z ROSEMARIE NOONAN 55 SOUTH BROADWAY TARRYTOWN NY 10591 7072851 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 ORGANZATIONS; AFFIRMATIVE MARKETING FOR HOUSING DEVELOPERS; TENANT/HOMEOWNER ELIGIBILITY SCREENING; PREPARATION OF OFFERING PLANS, CONTRACTS, ETC.; RELOCATION SERVICES; DEVELOPMENT OF SMALL PROPERTIES) 2) COUNSELING (HOME BUYER COUNSELING; ACCESS TO MORTGAGE LOAN PRODUCTS; ACCESS TO RESOURCES (MULTIPLE LISTING SERVICE, SAVINGS CLUBS, DOWN PAYMENT ASSISTANCE) 3) NOT-FOR-PROFIT ORGANIZATION SUPPORT (BACK OFFICE SUPPORT; HOUSING AND LAND USE TRAINING FOR CIVIC, ORGANIZATION AND GOVERNMENT LEADERS); PROPERTY MANAGEMENT FOR SMALL SCATTERED SITE RENTALS; AND POLICY ADVOCACY) 14 14 9 16 0 0 815917 5814604 690510 1216359 30926 41888 0 0 1537353 7072851 1669 190 0 0 848557 863086 0 0 0 252243 568679 1102469 1431955 434884 5640896 16109891 26564478 9788106 14602182 6321785 11962296 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 0 782326 190 944056 HOUSING DEVELOPMENT SERVICES PROGRAMHAC'S HOUSING DEVELOPMENT SERVICES PROGRAM INCLUDES THREE COMPONENTS: 1) TECHNICAL ASSISTANCE TO COMMUNITY ORGANIZATIONS, AFFORDABLE HOUSING COMMITTEES, HUMAN SERVICE AGENCIES AND EMERGING AFFORDABLE HOUSING DEVELOPERS; 2) PARTICIPATING AS NON-PROFIT SPONSORS WITH FOR PROFIT DEVELOPERS IN THE DEVELOPMENT OF LOW AND MODERATE INCOME HOUSING; AND 3) SERVING AS SOLE DEVELOPER OF SMALL SCALE LOW AND MODERATE INCOME HOUSING. THESE ARE DESCRIBED BELOW. DURING 2019, HAC FACILITATED THE DEVELOPMENT OF APPROXIMATELY 300 UNITS OF HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS UNDER THESE PROGRAMS.TECHNICAL ASSISTANCEHAC'S TECHNICAL ASSISTANCE IS A COLLABORATIVE AND COST EFFECTIVE APPROACH TO DEVELOPING AND PRESERVING HOUSING FOR LOW TO MODERATE INCOME HOUSEHOLDS. EXPERIENCE DEMONSTRATES COMMUNITY ORGANIZATIONS, AFFORDABLE HOUSING COMMITTEES, HUMAN SERVICE AGENCIES AND EMERGING AFFORDABLE HOUSING DEVELOPERS ARE SUITED TO HOUSING DEVELOPMENT. THEY SUPPORT HOUSING AND BUILD COMMUNITY BY MOBILIZING LOCAL PEOPLE. THEIR COMMUNITY TIES PROVIDE ACCOUNTABILITY. HOWEVER, MANY COMMUNITY ORGANIZATIONS, AFFORDABLE HOUSING COMMITTEES, HUMAN SERVICE AGENCIES AND EMERGING AFFORDABLE HOUSING DEVELOPERS DO NOT HAVE THE EXPERTISE AND RESOURCES TO DEVELOP HOUSING. IT IS UNNECESSARY TO BUILD INTO EACH ORGANIZATION STAFFING AND SUPPORT SERVICES. HAC PROVIDES DEVELOPMENT SERVICES TO ENABLE THESE ORGANIZATIONS TO DEVELOP HOUSING. DEVELOPMENT SERVICES INCLUDE: SITE IDENTIFICATION; SITE EVALUATION, INCLUDING PHYSICAL, LAND USE AND FINANCIAL CONDITIONS; PREPARATION OF FINANCIAL PRO FORMAS; APPLYING FOR LOCAL APPROVALS; MANAGING THE DEVELOPMENT PROCESS; AND MANAGING AFFIRMATIVE MARKETING OF THE DEVELOPMENTS AND QUALIFYING PROSPECTIVE PURCHASERS AND RENTERS. DURING 2019, THESE SERVICES FACILITATED THE DEVELOPMENT OF APPROXIMATELY 100 HOUSING UNITS FOR LOW AND MODERATE INCOME HOUSEHOLDS. NON-PROFIT/FOR-PROFIT PARTNERSHIPSHAC SERVES AS NON-PROFIT SPONSOR OF LOW AND MODERATE INCOME HOUSING DEVELOPMENTS. HAC'S ROLE IN THESE DEVELOPMENTS INCLUDE: ASSISTING IN SECURING ALL NECESSARY GOVERNMENTAL APPROVALS AND PERMITS; ASSISTING IN DEALING WITH LOCAL AGENCIES, NEIGHBORHOOD GROUPS, CIVIC ASSOCIATIONS, AND OTHER LOCAL ORGANIZATIONS WITH AN INTEREST IN THE DEVELOPMENT; ASSISTING IN OBTAINING AND SECURING PUBLIC AND PRIVATE FUNDING FOR THE DEVELOPMENT; ASSISTING IN THE PREPARATION AND SUBMISSION OF TAX CREDIT AND GRANT AND LOAN APPLICATIONS; REVIEWING AND RECOMMENDING FOR APPROVAL, DESIGN ASPECTS OF THE DEVELOPMENT; REVIEWING AND RECOMMENDING FOR APPROVAL, ANY OUTSIDE CONTRACTORS; REVIEWING MONTHLY CONSTRUCTION REPORTS AND UPDATES AND PARTICIPATING IN CONSTRUCTION MEETINGS AS APPROPRIATE; DEVELOPING AND IMPLEMENTING A MARKETING PLAN WITH ASSISTANCE FROM THE DEVELOPER; ASSISTING IN QUALIFYING PROSPECTIVE TENANTS AND SELECTING TENANTS AS WELL AS ASSISTING WITH MAINTAINING A WAITING LIST; ASSIST IN IDENTIFYING AND QUALIFYING ONE OR MORE SUPPORT AGENCIES FOR ANY SPECIAL NEEDS TENANTS AND ONE OR MORE REFERRAL AGENCIES FOR THE UNITS THAT ARE DESIGNED FOR THOSE WITH MOBILITY AND HEARING AND VISION IMPAIRMENTS; AND ASSISTING IN MONITORING COMPLIANCE WITH RENT LEVELS, INCOME CERTIFICATIONS AND OTHER LOW INCOME HOUSING REQUIREMENTS OF NEW YORK STATE AND THE INTERNAL REVENUE SERVICE, AND ASSISTING IN COMPLYING WITH THEIR REPORTING REQUIREMENTS. DURING 2019, HAC PARTICIPATED IN TWO NEW VENTURES, WHICH WILL RESULT IN THE DEVELOPMENT OF 157 HOUSING UNITS.DEVELOPERHAC DEVELOPS SMALL SCALE HOUSING (ONE TO FOUR UNITS) FOR LOW AND MODERATE INCOME HOUSEHOLDS. DURING 2019, HAC DEVELOPED 2 UNITS OF HOUSING FOR LOW AND MODERATE INCOME HOUSEHOLDS AS DEVELOPER. 424154 82891 HOMEBUYING AND HOME PRESERVATION EDUCATIONAS A HUD APPROVED HOUSING COUNSELING AGENCY HAC OFFERS A VARIETY OF SERVICES. THESE INCLUDE PRE-PURCHASE/HOME BUYING COUNSELING SERVICES, RESOLVING OR PREVENTING MORTGAGE DELINQUENCY OR DEFAULT AND NON-DELINQUENCY POST PURCHASE COUNSELING SERVICES. CREDIT, BUDGET AND MORTGAGE COUNSELING ARE INCORPORATED INTO THESE SERVICES.THE COUNSELING PROCESS, REGARDLESS OF THE TYPE OF COUNSELING PROVIDED, FOLLOWS THE SAME BASIC SIX STEP PROCESS:- A GENERAL REVIEW OF THE CLIENT AND WHAT SERVICES HE OR SHE IS SEEKING. THIS MAY HAPPEN OVER THE PHONE OR AT THE FIRST MEETING WITH THE CLIENT.- AN EVALUATION OF THE CLIENT'S FINANCES. THE COUNSELOR WILL EVALUATE THE CLIENT'S INCOME, EXPENSES, SPENDING HABITS, CREDITWORTHINESS, ETC.- THE COUNSELOR, TOGETHER WITH THE CLIENT, WILL ANALYZE THE INFORMATION AND DETERMINE THE PERSON'S READINESS FOR HOMEOWNERSHIP OR NEED FOR HOMEOWNERSHIP PRESERVATION.- THE COUNSELOR TOGETHER WITH THE CLIENT WILL ESTABLISH A HOUSEHOLD BUDGET THAT THE CLIENT CAN AFFORD.- AFTER ALL OF THE INFORMATION IS COMPILED, THE COUNSELOR WILL WORK WITH THE CLIENT TO ESTABLISH AN ACTION PLAN DETAILING WHAT THE CLIENT AND HAC WILL DO IN ORDER TO ADDRESS THE CLIENT'S NEEDS AND OVER WHAT TIME PERIOD.- THE COUNSELOR WILL MAKE A REASONABLE EFFORT TO FOLLOW-UP TO MAKE SURE THE CLIENT IS PROGRESSING TOWARDS HIS OR HER HOUSING GOAL SET OUT IN THE ACTION PLAN.HAC HAS PROVIDED THESE SERVICES BASED ON THE REQUIREMENTS SET OUT IN THE HUD HANDBOOK 7610.1 SINCE IT BEGAN OFFERING HOUSING COUNSELING SERVICES IN 1993 AS PART OF THE COUNSELING AGENCY AFFILIATED WITH THE NEW YORK MORTGAGE COALITION. HAC OFFERS A NUMBER OF SERVICES TO ASSIST CLIENTS IN PREPARING FOR HOMEOWNERSHIP AND IN NAVIGATING THROUGH THE COMPLICATED PROCESS OF PURCHASING A HOME AND MAINTAINING HOUSING. HAC ALSO HOLDS PRE-PURCHASE WORKSHOPS GEARED TOWARDS FIRST TIME HOMEBUYERS. WORKSHOP TOPICS HAVE INCLUDED: THE BENEFITS OF HOMEOWNERSHIP; WORKING WITH REALTORS; SECURING FINANCING; UNIQUE ASPECTS OF CONDOMINIUM AND COOPERATIVE HOMEOWNERSHIP; FINDING A HOME; THE RESPONSIBILITIES OF HOMEOWNERSHIP; BUYING THE HOME IN NEED OF REPAIR; BECOMING A LANDLORD; FAIR HOUSING; AND BUYING FAIR AND AFFORDABLE HOMES. DURING 2019, HAC PROVIDED PRE-PURCHASE AND POST-PURCHASE COUNSELING TO 416 HOUSEHOLDS. 53019 189412 RELOCATION HAC PROVIDES RELOCATION ASSISTANCE TO HELP PUBLIC AND PRIVATE ENTITIES TEMPORARILY OR PERMANENTLY RELOCATE LOW AND MODERATE INCOME HOUSEHOLDS BECAUSE THEIR BUILDINGS ARE UNDERGOING REHABILITATION OR BEING DEMOLISHED DUE TO THEIR CONDITION. DURING 2019, HAC ASSISTED THE YMCA OF CENTRAL & NORTHERN WESTCHESTER TO PERMANENTLY RELOCATE AS THEY SOLD THEIR RESIDENCE IN WHITE PLAINS. DURING 2019, HAC PERMANENTLY RELOCATED APPROXIMATELY 142 HOUSEHOLDS. 1259499 1 1 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 3 0 9 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 14 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 NY X X ROSEMARIE NOONAN 9143324144 55 SOUTH BROADWAY TARRYTOWN NY 10591 ROSEMARIE NOONAN EXECUTIVE DIRECTOR & SECRETARY 40.00 X 174290 0 25804 ALAN GORDON DEPUTY DIRECTOR 40.00 X 162580 0 23001 THERESA FLEISCHMAN HOMEOWNERSHIP DIRECTOR 40.00 X 115605 0 6936 ROBERT GALVIN CHAIRPERSON 0.50 X X 0 0 0 GREGG DEANGELIS VICE CHAIRMAN 0.50 X X 0 0 0 RICHARD CHERRY VICE CHAIRMAN 0.50 X X 0 0 0 JONATHAN VAZCONES TREASURER 0.50 X X 0 0 0 CHUCK BELL BOARD MEMBER 0.50 X 0 0 0 RICHARD BETNTHAM BOARD MEMBER (THRU 4/2019) 0.50 X 0 0 0 STEVEN CAHN BOARD MEMBER (THRU 4/2019) 0.50 X 0 0 0 ELLEN LEVY BOARD MEMBER 0.50 X 0 0 0 ERIC ABRAHAM BOARD MEMBER 0.50 X 0 0 0 MICHAEL LAMBERT BOARD MEMBER 0.50 X 0 0 0 REV GAWAIN F DE LEEUW BOARD MEMBER 0.50 X 0 0 0 LARISSA LONGCHAMP BOARD MEMBER 0.50 X 0 0 0 MARTHA LOPEZ BOARD MEMBER (THRU 4/2019) 0.50 X 0 0 0 VINCENT MUTARELLI BOARD MEMBER 0.50 X 0 0 0 JEAN POLLAK BOARD MEMBER (THRU 1/2019) 0.50 X 0 0 0 PIERRE POUX BOARD MEMBER 0.50 X 0 0 0 DAVID SMITH BOARD MEMBER 0.50 X 0 0 0 DOUG OLCOTT BOARD MEMBER 0.50 X 0 0 0 452475 0 55741 3 0 1 0 JIM MARINELLI CONTRACTING 32 COVENTRY CIRCLE MAHOPAC NY 10541 CONSTRUCTION OF AFFORDABLE HOUSING 251627 LAM-MAR DIVERSIFIED INC 153 WINTHROP AVENUE ELMSFORD NY 10523 MOVING SERVICES FOR TENANT RELOCATION 149023 2 5664126 150478 5814604 HOUSING PROGRAMS REVEN 925110 1026947 1026947 RELOCATION SERVICE REV 900099 189412 189412 1216359 41888 41888 7072851 1216359 0 41888 190 190 385675 327824 57851 375979 319582 56397 15757 13393 2364 31942 27151 4791 53733 45673 8060 70761 60147 10614 81014 68862 12152 33335 28335 5000 6335 5385 950 61785 52517 9268 9889 8406 1483 1508 1282 226 2267 1927 340 13687 11634 2053 REHABILITATION COSTS 244499 244499 MISC OPERATING EXPENSES 27923 27016 907 BAD DEBT EXPENSE 15676 15676 1431955 1259499 172456 0 748859 1167051 2259445 2296851 783389 518721 2990000 2990000 35426 70912 43728 29161 6795 14567 8710916 18895770 575061 610606 16109891 26564478 146415 88164 5359865 10319620 156311 75898 4125515 4118500 9788106 14602182 X 6221785 11962296 100000 0 6321785 11962296 16109891 26564478 5640896 -385 0 X X 0 1 X 1 0 X 1092992 1684072 981707 815917 5814604 10389292 609897 929296 1284828 690510 1216359 4730890 1702889 2613368 2266535 1506427 7030963 15120182 0 221590 205143 89445 159975 16871 693024 221590 205143 89445 159975 16871 693024 14427158 7725 8409 44538 30926 41888 133486 7725 8409 44538 30926 41888 133486 81177 81177 1710614 2621777 2392250 1537353 7072851 15334845 0.94080 0.88950 0.00870 0.01040 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISC INCOME - 2017 AMOUNT: $ 81,177. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 43728 29161 14567 14567 18895770 C 18895770 X 7099775 26924 26924 7072851 0 7072851 1468436 36481 36481 1431955 0 1431955 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. THE ORGANIZATION IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO DECEMBER 31, 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: REVENUE ATTRIBUTABLE TO RELATED AFFILIATES 26,924. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES ATTRIBUTABLE TO RELATED AFFILIATES 36,481. X X X 0 0 0 0 0 0 0 0 0 ROSEMARIE NOONAN EXECUTIVE DIRECTOR & SECRETARY 174290 0 0 0 0 0 10457 0 15347 0 200094 0 0 0 ALAN GORDON DEPUTY DIRECTOR 162580 0 0 0 0 0 9755 0 13246 0 185581 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 ROSEMARIE NOONAN, EXECUTIVE DIRECTOR, AND ALAN GORDON, DEPUTY DIRECTOR, HAVE A FAMILY RELATIONSHIP. 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 15 APPROXIMATELY 10 YEARS AGO, THE BOARD SECURED THE SERVICES OF THE PRO BONO PARTNERSHIP TO MAKE A RECOMMENDATION ON HOW COMPARABLE COMPENSATION FOR THE EXECUTIVE DIRECTOR AND DEPUTY DIRECTOR SHOULD BE DETERMINED. THEIR RECOMMENDATION WAS FOLLOWED BY THE EXECUTIVE DIRECTOR RESEARCHING THE SALARY LEVELS OF COMPARABLE POSITIONS IN THE NEW YORK METROPOLITAN AREA INCLUDING THE LONG ISLAND HOUSING PARTNERSHIP, WESTHAB, NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY. THE EXECUTIVE COMMITTEE FOUND THE SALARIES PAID TO THE EXECUTIVE DIRECTOR AND THE DEPUTY DIRECTOR COMPARABLE TO OTHER ORGANIZATIONS. SINCE THEN, THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES INCREASES ANNUALLY WHICH HAVE BEEN COST OF LIVING INCREASES. THE REVIEW OF THE EXECUTIVE DIRECTOR'S COMPENSATION IS HANDLED 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 ALSO HANDLES THE REVIEW OF THE DEPUTY DIRECTOR AS THERE IS A RELATIONSHIP BETWEEN THE EXECUTIVE DIRECTOR AND DEPUTY DIRECTOR. THE ORGANIZATION MAINTAINS INFORMATION ON THE COMPENSATION OF PERSONS IN SIMILAR ORGANIZATIONS. THE ORGANIZATION REGULARLY SUBMITS SCOPES OF SERVICES AND PROPOSALS TO PRIVATE AND PUBLIC AGENCIES WHICH SETS FORTH SALARY AND BENEFIT LEVELS. THE ORGANIZATION'S PAY SCALE AND BENEFITS PACKAGE ARE WELL WITHIN THE RANGE OF OTHER BIDDERS. THE LAST COMPENSATION REVIEW PROCESS WAS UNDERTAKEN IN 2019. 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 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. FORM OF SECTION 168(H)(6) ELECTION: TAXPAYER NAME: SOUTH REGENT STREET HOUSING DEVELOPMENT FUND COMPANY, INC. TAXPAYER ADDRESS: C/O HOUSING ACTION COUNCIL, INC., 55 SOUTH BROADWAY, 2ND FLOOR, TARRYTOWN, NEW YORK 10591 TAXPAYER EIN: 84-3007760 TAX YEAR: DECEMBER 31, 2019 ELECTION PURSUANT TO INTERNAL REVENUE CODE 168(H)(6)(F)(II) THE ELECTION PURSUANT TO SECTION 168(H)(6)(F)(II) MAY BE MADE BY AN ENTITY THAT IS A TAX-EXEMPT CONTROLLED ENTITY. GENERALLY, AN ENTITY IS A TAX EXEMPT CONTROLLED ENTITY IF IT IS A CORPORATION WHICH IS NOT TAX-EXEMPT AND IF 50% OR MORE OF THE STOCK OF SUCH CORPORATION IS OWNED BY ONE OR MORE TAX-EXEMPT ENTITIES. AN ENTITY MAKING THE ELECTION PURSUANT TO SECTION 168(H)(6)(F)(II) WILL NOT BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF INTERNAL REVENUE CODE SECTIONS 168(H)(5) AND 168(H)(6). ANY GAIN RECOGNIZED BY A TAX-EXEMPT ENTITY ON ANY DISPOSITION OF AN INTEREST IN SUCH ENTITY (AND ANY DIVIDEND OR INTEREST RECEIVED OR ACCRUED BY A TAX-EXEMPT ENTITY FROM SUCH TAX-EXEMPT CONTROLLED ENTITY) WILL BE TREATED AS UNRELATED BUSINESS TAXABLE INCOME. THE PURPOSE OF THIS ELECTION IS TO TREAT SOUTH REGENT STREET HOUSING DEVELOPMENT FUND COMPANY, INC.'S ALLOCABLE SHARE OF DEPRECIABLE PROPERTY OWNED BY THE COMPANY IN WHICH SOUTH REGENT STREET HOUSING DEVELOPMENT FUND COMPANY, INC. HAS AN INVESTMENT AS PROPERTY WHICH IS NOT TAX-EXEMPT USE PROPERTY. SOUTH REGENT STREET HOUSING DEVELOPMENT FUND COMPANY, INC. IS ENTITLED TO MAKE SUCH ELECTION BECAUSE IT IS A CORPORATION OR HAS ELECTED TO BE TREATED FOR FEDERAL TAX PURPOSES AS AN ASSOCIATION WHICH IS TAXABLE AS A CORPORATION AND IS 100% OWNED BY HOUSING ACTION COUNCIL, INC. SOUTH REGENT STREET HOUSING DEVELOPMENT FUND COMPANY, INC. HEREBY ELECTS PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F)(II) NOT TO BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF APPLYING THE RULES IN INTERNAL REVENUE CODE SECTIONS 168(H)(5) AND 168(H)(6). 14 LECOUNT HOUSING CORP 55 SOUTH BROADWAY TARRYTOWN NY 10591 841992620 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 BRIDLESIDE HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 461147757 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 7000 3949000 1.00000 1 BRIDLESIDE HOUSING CORP 55 SOUTH BROADWAY TARRYTOWN NY 10591 451452098 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 100 0.79000 1 BURTON TOWERS HOUSING CORP 55 SOUTH BROADWAY TARRYTOWN NY 10591 461540796 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 CHAPPAQUA CROSSING HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 813284315 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 CHAPPAQUA CROSSING HOUSING CORP 55 SOUTH BROADWAY TARRYTOWN NY 10591 813299109 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 4143896 1.00000 1 CROMPOND CROSSING HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 455315683 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 CROMPOND DRUM HILL HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 832007353 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 0 CROSSROADS AT BALDWIN PLACE HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 814443818 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 5061902 1.00000 1 CROTON PLACE INC 55 SOUTH BROADWAY TARRYTOWN NY 10591 208781601 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 HAC HEMLOCK LLC 55 SOUTH BROADWAY TARRYTOWN NY 10591 300858527 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 HAC SOMERS CORP 55 SOUTH BROADWAY TARRYTOWN NY 10591 272864719 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 20484 1.00000 1 HEMLOCK MANOR LTD 55 SOUTH BROADWAY TARRYTOWN NY 10591 473331852 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1342136 1.00000 1 LOFTS ON MAIN HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 812606453 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 MEWS HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 463162254 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1450000 1.00000 1 NORTH ST SENIOR HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 475634188 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 2501 1008316 1.00000 1 PALMER AVENUE HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 452295684 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 ROCKLAND MANOR HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 473475232 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 ROUNDTOP HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 274125810 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 10750 4386923 1.00000 1 ROUNDTOP HOUSING CORP 55 SOUTH BROADWAY TARRYTOWN NY 10591 274059788 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 7 1.00000 1 ROUTE 52 HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 450699812 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 SOMERS HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 272865381 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 SOUTH REGENT ST HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 843007760 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 1.00000 1 THE HAMLET AT PAWLING HDFC 55 SOUTH BROADWAY TARRYTOWN NY 10591 472433770 HOUSING DEVELOPMENT NY HOUSING ACTION COUNCIL INC C 201900 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0