2020-07-14T10:12:20-05:00 2018-12-31 271728945 PKF O'CONNOR DAVIES LLP 500 MAMARONECK AVENUE HARRISON NY 105281633 990 2018-01-01 421690952 THE MULFORD CORPORATION MULF 4105058936 1511 CENTRAL PARK AVE YONKERS NY 10710 BRIAN SWEENEY SECRETARY 4105058936 2020-07-14 1 GARRETT M HIGGINS P00543209 9143818900 2020-07-13 24.190.81.239 2020-07-14 10:12:16 ED P 45D10729E84C80409783239EA0C370A8A08632B7 9616F4B14A694591D1E716C270910E6FA5556DA3 2018 2021-01-29 14:40:06Z X BRIAN SWEENEY 1511 CENTRAL PARK AVE YONKERS NY 10710 4774177 0 X N/A X 2008 NY TO INCREASE THE ACCESSIBILITY OF LOW-INCOME HOUSING. 9 9 0 11 0 0 0 0 341195 4733564 0 1631 0 38982 341195 4774177 0 75000 0 0 0 156271 0 0 0 275126 29537 275126 260808 66069 4513369 585487 4979520 248686 24000 336801 4955520 TO INCREASE THE ACCESSIBILITY OF LOW-INCOME HOUSING. 0 0 256271 75000 4733564 PROVIDES SOCIAL SERVICES TO RESIDENTS OF THE LOW AND MODERATE INCOME HOUSING PROJECTS OPERATED BY THE MUNICIPAL HOUSING AUTHORITY FOR THE CITY OF YONKERS, TO INCREASE THE ACCESSIBILITY OF LOW-INCOME HOUSING, TO RAISE FUNDS TO SUPPLEMENT MHACY'S LOW-INCOME HOUSING PROJECTS. 256271 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 0 1 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 1 0 0 1 0 1 1 0 0 0 1 1 1 0 0 0 0 0 NY X X BRIAN SWEENEY 4105058936 1511 CENTRAL PARK AVE YONKERS NY 10710 X PETER SMITH CHAIR 1.00 X X 0 0 0 JOAN DEIERLAN VICE CHAIR 1.00 X X 0 0 0 JOHN J MCDONALD TREASURER 1.00 X X 0 0 0 JAMES J LANDY BOARD MEMBER 1.00 X 0 0 0 BRENDA GRAY BOARD MEMBER 1.00 X 0 0 0 WILDA MEJIAS BOARD MEMBER 1.00 X 0 0 0 GREG ARCARO BOARD MEMBER 1.00 X 0 0 0 PATRICK JAMES BOARD MEMBER 1.00 X 0 0 0 HON ARTHUR J DURAN JR BOARD MEMBER 1.00 X 0 0 0 JOSEPH SHULDINER PRESIDENT 1.00 X 0 0 0 BRIAN SWEENEY SECRETARY 1.00 X 0 0 0 0 0 0 0 0 0 0 ALPHONSE DIAZ ARCHITECT PC 126 13TH STREET BROOKLYN NY 11215 ARCHITECT FEES 258995 KOW ARMA DEVELOPMENT CONSULTANTS 347 W 36TH STREET NEW YORK NY 10018 BUILDING CONSULTANT 173888 THE FRESNEL GROUP 15049 DOUBLE BRIDGE COURT GLENELG MD 21737 MANAGEMENT SERVICES 169271 3 DEVELOPER FEES 900099 4733564 4733564 4733564 1631 1631 MISCELLANEOUS REVENUE 900099 38982 38982 38982 4774177 4733564 0 40613 75000 75000 156271 156271 1726 1726 81 52 29 1638 1638 1144 1144 STAFF TRAINING EXPENSES 12800 12800 ACQUISITION AND REHABIL 12148 12148 260808 256271 4537 0 254923 4116380 440843 1259 330564 421038 585487 4979520 57298 24000 191388 248686 24000 X 336801 4955520 336801 4955520 585487 4979520 X 4513369 105350 0 X X 0 1 X 1 0 X X 1 CITY OF YONKERS 136007340 6 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 X PART IV, SECTION A, LINE 1: THE SUPPORTED ORGANIZATION IS NOT LISTED IN THE CORPORATION'S GOVERNING DOCUMENTS. THE CORPORATION SUPPORTS THE CITY OF YONKERS WHICH SUPPORTS THE SAME CHARITABLE CLASS FOR INDIVIDUALS IN CONNECTION WITH THE GOALS OF THE MUNICIPAL HOUSING AUTHORITY FOR THE CITY OF YONKERS, NEW YORK ("MHACY"). THEREFORE, QUESTION ONE HAS BEEN ANSWERED NO. PART IV, SECTION A, LINE 2: THE CORPORATION SUPPORTS THE CITY OF YONKERS (THE "CITY"). THE CITY IS A LOCAL GOVERNMENT UNDER SECTION 170(B)(1)(A)(V) AND IS NOT REQUIRED TO OBTAIN RECOGNITION OF ITS PUBLIC CHARITY STATUS. THE CORPORATION DETERMINED THAT THE CITY WOULD BE DESCRIBED IN SECTION 509(A)(2) AS IT SERVES THE NEEDS OF THE GENERAL PUBLIC. PART IV, SECTION E, LINE 1C: I. THE CORPORATION SUPPORTS THE CITY OF YONKERS (THE "CITY"). THE CITY IS A LOCAL GOVERNMENT UNDER SECTION 170(B)(1)(A)(V). THE CORPORATION SUPPORTS THE CITY OF YONKERS WHICH SUPPORTS THE SAME CHARITABLE CLASS FOR INDIVIDUALS IN CONNECTION WITH THE GOALS OF THE MUNICIPAL HOUSING AUTHORITY FOR THE CITY OF YONKERS, NEW YORK. 0 REIMBURSABLE REHABILITATION AND CARRYING COST 421038 421038 X 4774177 0 4774177 0 4774177 260808 0 260808 0 260808 PART X, LINE 2: 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, 2015. 0 NEIGHBORHOOD SPORTS PLUS INC PO BOX 91 NEWBURGH NY 12551 75000 GENERAL OPERATING SUPPORT 1 THE FRESNEL GROUP OWNED BY THE WIFE OF THE CORPORATION'S SECRETARY 156271 BUILDING CONSULTANT 0 FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION HAS A MANAGEMENT AGREEMENT FOR CERTAIN ADMINISTRATIVE AND CONSULTING SERVICES WITH THE FRESNEL GROUP. THE FRESNEL GROUP SHALL PROVIDE FINANCIAL, ADMINISTRATIVE, AND PROGRAM AND DEVELOPMENT MANAGEMENT SERVICES TO ASSIST THE ORGANIZATION IN THE IMPLEMENTATION AND MANAGEMENT OF ITS RENTAL ASSISTANCE PROGRAMS. THERE ARE NO INDIVIDUALS REPORTED IN PART VII, SECTION A, WHO ARE COMPENSATED FOR SERVICES PROVIDED TO THE FILING ORGANIZATION AND RELATED ORGANIZATIONS DURING THE YEAR. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION AMENDED ITS BYLAWS DURING 2018. THE NUMBER OF DIRECTORS CONSTITUTING THE BOARD SHALL BE NO FEWER THAN NINE (9) AND NO MORE THAN (15). THREE MEMBERS OF THE BOARD SHALL BE MHACY-AFFILIATED, TO WIT, EITHER AN EMPLOYEE OR A MHACY COMMISSIONER. ALL MHACY-AFFILIATED MEMBERS SHALL BE APPOINTED BY THE MAYOR OF THE CITY OF YONKERS. THE TERM OF OFFICE OF A DIRECTOR SHALL BE TWO YEARS. A CHAIRPERSON/VICE-CHAIRPERSON OF THE BOARD OF DIRECTORS POSITION WAS PUT IN PLACE. FORM 990, PART VI, SECTION A, LINE 7A ALL "MHACY" AFFILIATED MEMBERS SHALL BE APPOINTED BY THE MAYOR OF THE CITY OF YONKERS. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION 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 FOR APPROVAL. ONCE THE BOARD HAS APPROVED THE RETURN IT IS FILED WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL DIRECTORS, PRINCIPAL OFFICERS, OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. AFTER DISLCOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMITTEE SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. THE GOVERNING BOARD OR COMMITTEE SHALL REVIEW THE CONFLICT OF INTEREST AND DETERMINE BY MAJORITY VOTE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. 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 POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. IN ADDITION, THE FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, ARTICLES OF INCORPORATION AND BY-LAWS ARE ALSO AVAILABLE UPON WRITTEN REQUEST AT 1511 CENTRAL PARK AVENUE, YONKERS, NY 10710 OR BY CALLING THE ORGANIZATION DIRECTLY AT 410-505-8936. 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 990, PART XI, LINE 8: IN PRIOR YEARS, THE ORGANIZATION INVESTED FUNDS IN VARIOUS HOUSING ENTITIES BUT DID NOT REFLECT THOSE INVESTMENTS ON THEIR BOOKS. IT HAS BEEN DETERMINED THAT THESE INVESTMENTS SHOULD BE RECOGNIZED AND REPORTED. ADDITIONALLY, THE ORGANIZATION HAD REPORTED REIMBURSEMENTS OF PROPERTY DEVELOPMENT COSTS AS REVENUE AND THE RELATED DEVELOPMENT COSTS AS EXPENSE ON ITS BOOKS. IT HAS BEEN DETERMINED THAT THE FUNDS RECEIVED SHOULD NOT HAVE BEEN RECOGNIZED AS REVENUE AT THE TIME OF RECEIPT AND THE MONIES SPENT SHOULD NOT HAVE BEEN RECOGNIZED AS EXPENSES AT THE TIME OF PAYMENT. FORM 990, LINE 1: ELECTION PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F) ELECTION TO BE TREATED AS A TAXABLE ENTITY REFERENCE IS MADE TO SEVEN TOWNHOMES, L.P., A NEW YORK LIMITED PARTNERSHIP (THE "PARTNERSHIP"), OF WHICH MHACY TOWNHOMES GP LLC, A NEW YORK LIMITED LIABILITY COMPANY (THE "GENERAL PARTNER") IS THE GENERAL PARTNER AND WINCOPIN CIRCLE, LLLP, A MARYLAND LIMITED LIABILITY LIMITED PARTNERSHIP (THE LIMITED PARTNER"). THE MULFORD CORPORATION, A NEW YORK NOT-FOR-PROFIT CORPORATION (THE "EXEMPT ORGANIZATION") OWNS 100% OF THE ISSUED AND OUTSTANDING SHARES OF THE GENERAL PARTNER. WE ARE THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION. SECTION 168(H) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") PROVIDES THAT WHERE A "TAX-EXEMPT CONTROLLED ENTITY" IS A PARTNER IN A PARTNERSHIP, AND THE ALLOCATION OF CERTAIN TAX ITEMS TO THAT PARTNER IS NOT A "QUALIFIED ALLOCATION" (AS THAT TERM IS DEFINED IN SECTION 168(H)(6)(B) OF THE CODE), THEN A "PROPORTIONATE SHARE" OF THE PARTNERSHIP'S PROPERTY, EQUAL TO THAT PARTNER'S HIGHEST SHARE IN THE PARTNERSHIP'S INCOME OR GAIN OF THE PARTNERSHIP, IS CONSIDERED "TAX EXEMPT USE PROPERTY AND MUST BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM" PROVIDED BY SECTION 168(G) OF THE CODE. HOWEVER, NO PORTION OF THE PARTNERSHIP'S PROPERTY WILL BE TREATED AS TAX-EXEMPT USE PROPERTY AND DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM IF THE TAX-EXEMPT CONTROLLED ENTITY MAKES AN ELECTION (THE "SECTION 168(H)(6) ELECTION") UNDER SECTION 168(H)(6)(F)(II) TO NOT BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF SECTIONS 168(H)(5) AND (6) OF THE CODE. WE UNDERSTAND THAT IT IS MATERIAL TO THE LIMITED PARTNER THAT THE PARTNERSHIP'S PROPERTY NOT BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM, AND THAT THE LIMITED PARTNER ARE MAKING THEIR INVESTMENT IN RELIANCE UPON THE COVENANT OF THE GENERAL PARTNER AND THE EXEMPT ORGANIZATIONS TO ASSURE THAT A PROPER AND TIMELY SECTION 168(H)(6) ELECTION IS MADE. AS THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION, WE ACKNOWLEDGE THAT THE GENERAL PARTNER AND LIMITED PARTNER INTEND THAT THE SECTION 168(H)(6) ELECTION BE MADE ON A TIMELY BASIS. WE UNDERSTAND THAT: 1. THE SECTION 168(H)(6) ELECTION MUST BE MADE BY THE DUE DATE (INCLUDING EXTENSIONS) OF THE TAX RETURN FOR THE FIRST TAX YEAR THAT THE ELECTION APPLIES. WE EXPECT THIS DUE DATE (BEFORE EXTENSIONS) TO BE MAY15, 2019, WHICH IS MAY 15 FOR THE YEAR FOLLOWING THE YEAR IN WHICH ALL OR ANY PORTION OF THE PARTNERSHIP'S HOUSING PROJECT IS PLACED IN SERVICE. 2. THE SECTION 168(H)(6) ELECTION MUST BE ATTACHED TO THE GENERAL PARTNER'S TAX RETURN, WITH A COPY ATTACHED TO THE TAX RETURN OF THE EXEMPT ORGANIZATION. 3. THE SECTION 168(H)(6) ELECTION SHALL: A. CONTAIN THE NAME, ADDRESS AND TAXPAYER IDENTIFICATION NUMBER OF THE GENERAL PARTNER, B. IDENTIFY THE ELECTION AS A SECTION 168(H)(6) ELECTION, C. STATE THAT THE ELECTION APPLIES TO ALL OF THE GENERAL PARTNER'S PROPERTY, AND THAT THE ELECTION APPLIES TO THE TAXABLE YEAR THAT THE PARTNERSHIP'S PROPERTY IS PLACED IN SERVICE AND ALL SUBSEQUENT YEARS, D. STATE THAT THE GENERAL PARTNER IS ENTITLED TO MAKE THE ELECTION BECAUSE IT IS A TAX-EXEMPT CONTROLLED ENTITY THAT IS TIMELY FILING THE ELECTION, AND E. INCLUDE SUCH OTHER INFORMATION AND COMPLY WITH SUCH OTHER REQUIREMENTS AS MAY BE DETERMINED BY THE INTERNAL REVENUE SERVICE OR THE UNITED STATES TREASURY DEPARTMENT. EXECUTED THIS 19TH DAY OF JULY, 2019 FORM 990, LINE 1: ELECTION PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F) ELECTION TO BE TREATED AS A TAXABLE ENTITY REFERENCE IS MADE TO YONKERS PRESERVATION MANAGERS, LLC, A NEW YORK LIMITED PARTNERSHIP (THE "PARTNERSHIP"), OF WHICH MHACY TOWNHOMES GP LLC, A NEW YORK LIMITED LIABILITY COMPANY (THE "GENERAL PARTNER") IS THE GENERAL PARTNER AND WINCOPIN CIRCLE, LLLP, A MARYLAND LIMITED LIABILITY LIMITED PARTNERSHIP (THE LIMITED PARTNER"). THE MULFORD CORPORATION, A NEW YORK NOT-FOR-PROFIT CORPORATION (THE "EXEMPT ORGANIZATION") OWNS 100% OF THE ISSUED AND OUTSTANDING SHARES OF THE GENERAL PARTNER. WE ARE THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION. SECTION 168(H) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") PROVIDES THAT WHERE A "TAX-EXEMPT CONTROLLED ENTITY" IS A PARTNER IN A PARTNERSHIP, AND THE ALLOCATION OF CERTAIN TAX ITEMS TO THAT PARTNER IS NOT A "QUALIFIED ALLOCATION" (AS THAT TERM IS DEFINED IN SECTION 168(H)(6)(B) OF THE CODE), THEN A "PROPORTIONATE SHARE" OF THE PARTNERSHIP'S PROPERTY, EQUAL TO THAT PARTNER'S HIGHEST SHARE IN THE PARTNERSHIP'S INCOME OR GAIN OF THE PARTNERSHIP, IS CONSIDERED "TAX EXEMPT USE PROPERTY AND MUST BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM" PROVIDED BY SECTION 168(G) OF THE CODE. HOWEVER, NO PORTION OF THE PARTNERSHIP'S PROPERTY WILL BE TREATED AS TAX-EXEMPT USE PROPERTY AND DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM IF THE TAX-EXEMPT CONTROLLED ENTITY MAKES AN ELECTION (THE "SECTION 168(H)(6) ELECTION") UNDER SECTION 168(H)(6)(F)(II) TO NOT BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF SECTIONS 168(H)(5) AND (6) OF THE CODE. WE UNDERSTAND THAT IT IS MATERIAL TO THE LIMITED PARTNER THAT THE PARTNERSHIP'S PROPERTY NOT BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM, AND THAT THE LIMITED PARTNER ARE MAKING THEIR INVESTMENT IN RELIANCE UPON THE COVENANT OF THE GENERAL PARTNER AND THE EXEMPT ORGANIZATIONS TO ASSURE THAT A PROPER AND TIMELY SECTION 168(H)(6) ELECTION IS MADE. AS THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION, WE ACKNOWLEDGE THAT THE GENERAL PARTNER AND LIMITED PARTNER INTEND THAT THE SECTION 168(H)(6) ELECTION BE MADE ON A TIMELY BASIS. WE UNDERSTAND THAT: 1. THE SECTION 168(H)(6) ELECTION MUST BE MADE BY THE DUE DATE (INCLUDING EXTENSIONS) OF THE TAX RETURN FOR THE FIRST TAX YEAR THAT THE ELECTION APPLIES. WE EXPECT THIS DUE DATE (BEFORE EXTENSIONS) TO BE MAY15, 2019, WHICH IS MAY 15 FOR THE YEAR FOLLOWING THE YEAR IN WHICH ALL OR ANY PORTION OF THE PARTNERSHIP'S HOUSING PROJECT IS PLACED IN SERVICE. 2. THE SECTION 168(H)(6) ELECTION MUST BE ATTACHED TO THE GENERAL PARTNER'S TAX RETURN, WITH A COPY ATTACHED TO THE TAX RETURN OF THE EXEMPT ORGANIZATION. 3. THE SECTION 168(H)(6) ELECTION SHALL: A. CONTAIN THE NAME, ADDRESS AND TAXPAYER IDENTIFICATION NUMBER OF THE GENERAL PARTNER, B. IDENTIFY THE ELECTION AS A SECTION 168(H)(6) ELECTION, C. STATE THAT THE ELECTION APPLIES TO ALL OF THE GENERAL PARTNER'S PROPERTY, AND THAT THE ELECTION APPLIES TO THE TAXABLE YEAR THAT THE PARTNERSHIP'S PROPERTY IS PLACED IN SERVICE AND ALL SUBSEQUENT YEARS, D. STATE THAT THE GENERAL PARTNER IS ENTITLED TO MAKE THE ELECTION BECAUSE IT IS A TAX-EXEMPT CONTROLLED ENTITY THAT IS TIMELY FILING THE ELECTION, AND E. INCLUDE SUCH OTHER INFORMATION AND COMPLY WITH SUCH OTHER REQUIREMENTS AS MAY BE DETERMINED BY THE INTERNAL REVENUE SERVICE OR THE UNITED STATES TREASURY DEPARTMENT. EXECUTED THIS 19TH DAY OF JULY, 2019 FORM 990, LINE 1: ELECTION PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F) ELECTION TO BE TREATED AS A TAXABLE ENTITY REFERENCE IS MADE TO TROY KRISTENSEN, LP, A NEW YORK LIMITED PARTNERSHIP (THE "PARTNERSHIP"), OF WHICH MHACY TOWNHOMES GP LLC, A NEW YORK LIMITED LIABILITY COMPANY (THE "GENERAL PARTNER") IS THE GENERAL PARTNER AND WINCOPIN CIRCLE, LLLP, A MARYLAND LIMITED LIABILITY LIMITED PARTNERSHIP (THE LIMITED PARTNER"). THE MULFORD CORPORATION, A NEW YORK NOT-FOR-PROFIT CORPORATION (THE "EXEMPT ORGANIZATION") OWNS 100% OF THE ISSUED AND OUTSTANDING SHARES OF THE GENERAL PARTNER. WE ARE THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION. SECTION 168(H) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") PROVIDES THAT WHERE A "TAX-EXEMPT CONTROLLED ENTITY" IS A PARTNER IN A PARTNERSHIP, AND THE ALLOCATION OF CERTAIN TAX ITEMS TO THAT PARTNER IS NOT A "QUALIFIED ALLOCATION" (AS THAT TERM IS DEFINED IN SECTION 168(H)(6)(B) OF THE CODE), THEN A "PROPORTIONATE SHARE" OF THE PARTNERSHIP'S PROPERTY, EQUAL TO THAT PARTNER'S HIGHEST SHARE IN THE PARTNERSHIP'S INCOME OR GAIN OF THE PARTNERSHIP, IS CONSIDERED "TAX EXEMPT USE PROPERTY AND MUST BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM" PROVIDED BY SECTION 168(G) OF THE CODE. HOWEVER, NO PORTION OF THE PARTNERSHIP'S PROPERTY WILL BE TREATED AS TAX-EXEMPT USE PROPERTY AND DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM IF THE TAX-EXEMPT CONTROLLED ENTITY MAKES AN ELECTION (THE "SECTION 168(H)(6) ELECTION") UNDER SECTION 168(H)(6)(F)(II) TO NOT BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF SECTIONS 168(H)(5) AND (6) OF THE CODE. WE UNDERSTAND THAT IT IS MATERIAL TO THE LIMITED PARTNER THAT THE PARTNERSHIP'S PROPERTY NOT BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM, AND THAT THE LIMITED PARTNER ARE MAKING THEIR INVESTMENT IN RELIANCE UPON THE COVENANT OF THE GENERAL PARTNER AND THE EXEMPT ORGANIZATIONS TO ASSURE THAT A PROPER AND TIMELY SECTION 168(H)(6) ELECTION IS MADE. AS THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION, WE ACKNOWLEDGE THAT THE GENERAL PARTNER AND LIMITED PARTNER INTEND THAT THE SECTION 168(H)(6) ELECTION BE MADE ON A TIMELY BASIS. WE UNDERSTAND THAT: 1. THE SECTION 168(H)(6) ELECTION MUST BE MADE BY THE DUE DATE (INCLUDING EXTENSIONS) OF THE TAX RETURN FOR THE FIRST TAX YEAR THAT THE ELECTION APPLIES. WE EXPECT THIS DUE DATE (BEFORE EXTENSIONS) TO BE MAY15, 2019, WHICH IS MAY 15 FOR THE YEAR FOLLOWING THE YEAR IN WHICH ALL OR ANY PORTION OF THE PARTNERSHIP'S HOUSING PROJECT IS PLACED IN SERVICE. 2. THE SECTION 168(H)(6) ELECTION MUST BE ATTACHED TO THE GENERAL PARTNER'S TAX RETURN, WITH A COPY ATTACHED TO THE TAX RETURN OF THE EXEMPT ORGANIZATION. 3. THE SECTION 168(H)(6) ELECTION SHALL: A. CONTAIN THE NAME, ADDRESS AND TAXPAYER IDENTIFICATION NUMBER OF THE GENERAL PARTNER, B. IDENTIFY THE ELECTION AS A SECTION 168(H)(6) ELECTION, C. STATE THAT THE ELECTION APPLIES TO ALL OF THE GENERAL PARTNER'S PROPERTY, AND THAT THE ELECTION APPLIES TO THE TAXABLE YEAR THAT THE PARTNERSHIP'S PROPERTY IS PLACED IN SERVICE AND ALL SUBSEQUENT YEARS, D. STATE THAT THE GENERAL PARTNER IS ENTITLED TO MAKE THE ELECTION BECAUSE IT IS A TAX-EXEMPT CONTROLLED ENTITY THAT IS TIMELY FILING THE ELECTION, AND E. INCLUDE SUCH OTHER INFORMATION AND COMPLY WITH SUCH OTHER REQUIREMENTS AS MAY BE DETERMINED BY THE INTERNAL REVENUE SERVICE OR THE UNITED STATES TREASURY DEPARTMENT. EXECUTED THIS 19TH DAY OF JULY, 2019 FORM 990, LINE 1: ELECTION PURSUANT TO INTERNAL REVENUE CODE SECTION 168(H)(6)(F) ELECTION TO BE TREATED AS A TAXABLE ENTITY REFERENCE IS MADE TO YONKERS SENIOR APARTMENTS, LLC, A NEW YORK LIMITED PARTNERSHIP (THE "PARTNERSHIP"), OF WHICH MHACY TOWNHOMES GP LLC, A NEW YORK LIMITED LIABILITY COMPANY (THE "GENERAL PARTNER") IS THE GENERAL PARTNER AND WINCOPIN CIRCLE, LLLP, A MARYLAND LIMITED LIABILITY LIMITED PARTNERSHIP (THE LIMITED PARTNER"). THE MULFORD CORPORATION, A NEW YORK NOT-FOR-PROFIT CORPORATION (THE "EXEMPT ORGANIZATION") OWNS 100% OF THE ISSUED AND OUTSTANDING SHARES OF THE GENERAL PARTNER. WE ARE THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION. SECTION 168(H) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") PROVIDES THAT WHERE A "TAX-EXEMPT CONTROLLED ENTITY" IS A PARTNER IN A PARTNERSHIP, AND THE ALLOCATION OF CERTAIN TAX ITEMS TO THAT PARTNER IS NOT A "QUALIFIED ALLOCATION" (AS THAT TERM IS DEFINED IN SECTION 168(H)(6)(B) OF THE CODE), THEN A "PROPORTIONATE SHARE" OF THE PARTNERSHIP'S PROPERTY, EQUAL TO THAT PARTNER'S HIGHEST SHARE IN THE PARTNERSHIP'S INCOME OR GAIN OF THE PARTNERSHIP, IS CONSIDERED "TAX EXEMPT USE PROPERTY AND MUST BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM" PROVIDED BY SECTION 168(G) OF THE CODE. HOWEVER, NO PORTION OF THE PARTNERSHIP'S PROPERTY WILL BE TREATED AS TAX-EXEMPT USE PROPERTY AND DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM IF THE TAX-EXEMPT CONTROLLED ENTITY MAKES AN ELECTION (THE "SECTION 168(H)(6) ELECTION") UNDER SECTION 168(H)(6)(F)(II) TO NOT BE TREATED AS A TAX-EXEMPT ENTITY FOR PURPOSES OF SECTIONS 168(H)(5) AND (6) OF THE CODE. WE UNDERSTAND THAT IT IS MATERIAL TO THE LIMITED PARTNER THAT THE PARTNERSHIP'S PROPERTY NOT BE DEPRECIATED USING THE ALTERNATIVE DEPRECIATION SYSTEM, AND THAT THE LIMITED PARTNER ARE MAKING THEIR INVESTMENT IN RELIANCE UPON THE COVENANT OF THE GENERAL PARTNER AND THE EXEMPT ORGANIZATIONS TO ASSURE THAT A PROPER AND TIMELY SECTION 168(H)(6) ELECTION IS MADE. AS THE ACCOUNTANTS FOR THE EXEMPT ORGANIZATION, WE ACKNOWLEDGE THAT THE GENERAL PARTNER AND LIMITED PARTNER INTEND THAT THE SECTION 168(H)(6) ELECTION BE MADE ON A TIMELY BASIS. WE UNDERSTAND THAT: 1. THE SECTION 168(H)(6) ELECTION MUST BE MADE BY THE DUE DATE (INCLUDING EXTENSIONS) OF THE TAX RETURN FOR THE FIRST TAX YEAR THAT THE ELECTION APPLIES. WE EXPECT THIS DUE DATE (BEFORE EXTENSIONS) TO BE MAY15, 2019, WHICH IS MAY 15 FOR THE YEAR FOLLOWING THE YEAR IN WHICH ALL OR ANY PORTION OF THE PARTNERSHIP'S HOUSING PROJECT IS PLACED IN SERVICE. 2. THE SECTION 168(H)(6) ELECTION MUST BE ATTACHED TO THE GENERAL PARTNER'S TAX RETURN, WITH A COPY ATTACHED TO THE TAX RETURN OF THE EXEMPT ORGANIZATION. 3. THE SECTION 168(H)(6) ELECTION SHALL: A. CONTAIN THE NAME, ADDRESS AND TAXPAYER IDENTIFICATION NUMBER OF THE GENERAL PARTNER, B. IDENTIFY THE ELECTION AS A SECTION 168(H)(6) ELECTION, C. STATE THAT THE ELECTION APPLIES TO ALL OF THE GENERAL PARTNER'S PROPERTY, AND THAT THE ELECTION APPLIES TO THE TAXABLE YEAR THAT THE PARTNERSHIP'S PROPERTY IS PLACED IN SERVICE AND ALL SUBSEQUENT YEARS, D. STATE THAT THE GENERAL PARTNER IS ENTITLED TO MAKE THE ELECTION BECAUSE IT IS A TAX-EXEMPT CONTROLLED ENTITY THAT IS TIMELY FILING THE ELECTION, AND E. INCLUDE SUCH OTHER INFORMATION AND COMPLY WITH SUCH OTHER REQUIREMENTS AS MAY BE DETERMINED BY THE INTERNAL REVENUE SERVICE OR THE UNITED STATES TREASURY DEPARTMENT. EXECUTED THIS 19TH DAY OF JULY, 2019 FORM 990, LINE B, AMENDED RETURN: AN AMENDED RETURN IS BEING FILED TO IN ORDER TO CONFORM TO THE ORGANIZATION'S DECEMBER 31, 2018 FINANCIAL STATEMENTS. A LISTING OF ALL OF THE CHANGES TO THE FORM 990 IS AS FOLLOWS: 1. PAGE 1, BOX G: GROSS RECEIPTS WAS RESTATED TO REFLECT THE UPDATED REVENUE REPORTED IN PART VIII. 2. PART I, LINES 8, 9, 10, 11, 12, 17, 18, 19, 20, 21, AND 22: THESE AMOUNTS WERE UPDATED TO REFLECT THE CHANGES REPORTED IN THEIR RESPECTIVE PARTS OF THE RETURN DUE TO THE ISSUANCE OF THE FINANCIAL STATEMENTS. 3. PART III, LINE 4A: THE TOTAL PROGRAM EXPENSES AND REVENUE REPORTED FOR THIS PROGRAM WAS UPDATED TO AGREE TO THE ADJUSTMENTS MADE IN PART VIII AND PART IX. 4. PART IV, LINES 6, 11E, 11F, 12A, 28C, AND 35A: THESE LINES WERE UPDATED TO REFLECT THE CHANGES REPORTED IN THEIR RESPECTIVE PARTS OF THE RETURN DUE TO THE ISSUANCE OF THE FINANCIAL STATEMENTS. 5. PART VIII, LINES 2A, 3, 11A, AND 12: THE REVENUE ON THESE LINES WERE UPDATED TO AGREE TO THE FINANCIAL STATEMENTS. 6. PART IX, LINES 11C, 11G, 12, 16, 23A, 24A, 24B, 24C AND 25: THESE AMOUNTS WERE UPDATED TO REFLECT THE FUNCTIONAL ALLOCATION PER THE FINANCIAL STATEMENTS. 7. PART X, LINES 1, 4, 12, 15, 16, 17, 26, 27, 33, AND 34: THESE AMOUNTS WERE UPDATED TO AGREE TO THE FINANCIAL STATEMENTS. 8. PART XI, LINES 1, 2, 3, 8, AND 10: THESE AMOUNTS WERE UPDATED FOR THE CHANGES REPORTED IN PART VIII AND PART IX, AS MENTIONED ABOVE AS WELL AS TO AGREE TO THE FINANCIAL STATEMENTS. 9. PART XII, LINES 2B AND 2C: THESE LINES WAS CHECKED "YES" FINANCIAL STATEMENTS WERE ISSUED FOR THE TAX YEAR. 10. SCHEDULE D, PART IX AND X: THE AMOUNTS REPORTED IN THIS SECTION WERE UPDATED FOR THE CHANGES REPORTED IN PART X. 11. SCHEDULE D, PART XI AND XII: THE AMOUNTS REPORTED IN THESE SECTIONS WERE UPDATED TO AGREE WITH THE REVENUE AND EXPENSES, PER THE AUDITED FINANCIAL STATEMENTS. 12. SCHEDULE L, PART IV: THIS SCHEDULE WAS COMPLETED TO REPORT A TRANSACTION WITH AN INTERESTED PERSON. 13. SCHEDULE O: NARRATIVES WERE UPDATED WITH REGARDS TO THE CHANGES MENTIONED ABOVE. 14. SCHEDULE R, PART III AND IV: THESE SECTIONS WERE UPDATED TO AGREE WITH THE CORRECT CLASSIFICATION OF THE RELATED PARTNERSHIPS AND CORPORATIONS. 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