2019-05-15T15:09:57-05:00 2018-06-30 943108253 NOVOGRADAC & COMPANY LLP 211 E OCEAN BLVD SUITE 600 LONG BEACH CA 90802 990 2017-07-01 010716217 THE SAN FRANCISCO HOUSING ACCELERATOR FUND SANF 4156636938 369 PINE STREET NO 350 SAN FRANCISCO CA 94104 REBECCA FOSTER EXECUTIVE DIRECTOR 4156636938 2019-05-15 1 WILLIAM LETSINGER P00478303 5624329482 12.104.178.226 2019-05-15 13:02:08 PD P 074B9CF4D5F51C666FF3D5F51CCDFA57C15938FD 031F1A106EB9147436D3AD17C1B7499249C38308 2017 2019-02-21 02:37:17Z REBECCA FOSTER 369 PINE STREET SUITE 350 SAN FRANCISCO CA 94104 1913160 0 X WWW.SFHAF.ORG X 2002 CA THE SAN FRANCISCO HOUSING ACCELERATOR FUND SUPPORTS AFFORDABLE HOUSING, COMMUNITY DEVELOPMENT AND ECONOMIC DEVELOPMENT OF THE CITY AND COUNTY OF SAN FRANCISCO'S ECONOMICALLY DISADVANTAGED INDIVIDUALS AND COMMUNITIES, BY LENDING TO, INVESTING IN, AND DIRECTLY ACQUIRING SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT REAL ESTATE ASSETS. 6 6 0 0 0 0 520000 260000 176650 372393 48159 1280688 0 79 744809 1913160 0 0 0 0 113563 292706 0 0 32795 361148 1209538 474711 1502244 270098 410916 25626143 40245505 25057453 39418349 568690 827156 X THE CORPORATION'S SPECIFIC PURPOSE IS TO SUPPORT AFFORDABLE HOUSING, COMMUNITY DEVELOPMENT AND ECONOMIC DEVELOPMENT OF THE CITY AND COUNTY OF SAN FRANCISCO'S ECONOMICALLY DISADVANTAGED INDIVIDUALS AND COMMUNITIES, BY LENDING TO, INVESTING IN, AND DIRECTLY ACQUIRING SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT REAL ESTATE ASSETS. 0 0 1364941 1653160 THE FUND CLOSED FIVE ADDITIONAL TRANSACTIONS, ALL OF WHICH WERE SMALL SITES PROGRAM LOANS TO MISSION ECONOMIC DEVELOPMENT AGENCY ("MEDA"). THE FUND ALSO FOCUSED ON DIVERSIFYING ITS NETWORK OF BORROWERS, AND HOSTED SEVERAL WORK SESSIONS REGARDING SAN FRANCISCO'S PRESERVATION EFFORTS AND TECHNICAL ASSISTANCE FOR BORROWERS ACTIVE AND POTENTIALLY ACTIVE IN SMALL SITES PROPERTIES ACQUISITION AND REHABILITATION. THE FUND ALSO APPROVED AN EXTENSION FOR ITS FIRST SMALL SITES PROGRAM LOAN TO MEDA (1411 FLORIDA), EXTENDING THE PREVIOUS MATURITY DATE OF MAY 1, 2018, TO OCTOBER 31, 2018. THE FUND'S LOAN PORTFOLIO TOTALED $36,474,558, AS FOLLOWS: BRIDGE HOUSING: 4840 MISSION $9,000,000 MEDA: 1411 FLORIDA $3,332,000 MEDA: 305 SAN CARLOS $5,730,987 MEDA: 60 28TH STREET $2,941,844 MEDA: 2093 MISSION $8,848,195MEDA: 65 WOODWARD $3,043,720 MEDA: 654 CAPP STREET $3,577,812 THE FUND'S CAPITALIZATION INCLUDED:1. $10,000,000, 0% 20 YEAR SUBORDINATE LOAN FROM THE CITY OF SAN FRANCISCO. 2. $5,000,000, 7 YEAR MEZZANINE LOAN FROM DIGNITY HEALTH. 3. $950,000, 10 YEAR MEZZANINE LOAN FROM THE SAN FRANCISCO FOUNDATION, OF WHICH $250,000 WAS DISBURSED AT CLOSING, (THE REMAINING $700,000 WAS DISBURSED ON APRIL 17TH). 4. $40,000,000, SENIOR SECURED COMMITMENT FROM CITIBANK, AVAILABLE FOR THE FUND TO DRAW ON AS PROJECT LOANS ARE ORIGINATED. 5. $6,200,000, SENIOR SECURED COMMITMENT FROM BENEFICIAL STATE BANK. AS PART OF THIS AGREEMENT, BENEFICIAL SIGNED A JOINDER WITH THE FUND AND CITIBANK (ACTING AS ADMINISTRATIVE AGENT), ALLOWING THE FUND TO DRAW ON CAPITAL AS PROJECT LOANS ARE ORIGINATED. 6. $3,000,000, SENIOR TERM LOAN FROM FIRST REPUBLIC BANK, AVAILABLE TO BE DRAWN DOWN DURING A THREE YEAR PERIOD FROM THE CLOSING DATE (SEPTEMBER 29, 2017). AFTER THE THREE YEAR PERIOD, THE LOAN WILL AMORTIZE OVER A TWO YEAR PERIOD. 7. $6,000,000 SENIOR TERM LOAN FROM AMALGAMATED BANK, (A SUCCESSOR BY MERGER TO NEW RESOURCE BANK), AVAILABLE TO BE DRAWN DURING AN 18-MONTH PERIOD FROM THE CLOSING DATE (MARCH 9, 2018). AFTER THE FUNDS ARE FULLY DRAWN, THE LOAN WILL AMORTIZE OVER A FIVE-YEAR SCHEDULE.DURING THE REPORTING PERIOD, THE FUND ALSO CONTINUED TO DEVELOP A NEW PRIVATELY FUNDED SUPPORTIVE HOUSING MODEL IN PARTNERSHIP WITH TIPPING POINT COMMUNITY, A NONPROFIT ORGANIZATION THAT FIGHTS POVERTY IN THE BAY AREA. THIS EFFORT, FOCUSED ON DELIVERING FASTER AND MORE COST EFFICIENT PRODUCTION OF SUPPORTIVE HOUSING FOR FORMERLY HOMELESS INDIVIDUALS IN SAN FRANCISCO, IS THE FOCUS OF THE FUND'S NEW SUBSIDIARY FORMED DURING THE CURRENT PERIOD, THE HOMES FOR THE HOMELESS FUND LLC, OF WHICH SFHAF HAS FULL OWNERSHIP AND MANAGEMENT RIGHTS. 1364941 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 0 0 CA X GWEN CRANE RAFFA ACCOUNTING 2028225000 1899 L STREET NW SUITE 850 WASHINGTON DC 20036 RICHARD GROSS PRESIDENT 1.25 X 0 0 0 LYDIA TAN SECRETARY 1.25 X 0 0 0 PABLO BRAVO TREASURER 1.25 X 0 0 0 REBECCA FOSTER EXECUTIVE DIRECTOR 40.00 X 166764 0 0 ABBY MURRAY LOAN & PORTFOLIO OFFICER 40.00 X 108207 0 0 274971 0 0 2 0 1 0 FORSYTH STREET 588 BROADWAY SUITE 1208 NEW YORK NY 10012 CONSULTING 110400 1 260000 260000 ORIGINATION FEE 900099 301830 301830 CONTRACTS REVENUE 900099 70563 70563 372393 1280688 1280688 OTHER REVENUE 900099 79 79 79 1913160 1653160 0 0 274971 241974 21998 10999 4000 4000 13735 13735 13000 13000 17784 9189 8595 73311 2000 71311 110400 110400 17073 38 17035 8396 8396 1262 1262 814261 806969 7292 42740 42740 CONSULTING 89716 74896 14820 0 OTHER EXPENSES 10535 228 10307 0 EQUIPMENT AND FURNITURE 9560 0 9560 0 PROPERTY APPRAISALS 1500 1500 0 0 104747 -109508 4761 1502244 1364941 104508 32795 14286422 10132759 0 209165 11317529 29849832 22192 19693 42994 0 -8938 25626143 40245505 48546 455412 9720000 23000000 15250000 15950000 38907 12937 25057453 39418349 X 568690 827156 568690 827156 25626143 40245505 X 410916 251 348289 -500990 X 1 X 1 X 0 0 X 550000 520000 260000 1330000 550000 520000 260000 1330000 0 0 0 1330000 550000 520000 260000 1330000 1.00000 1.00000 0.00000 X 0 INTEREST PAYABLE 12927 DUE TO RELATED PARTIES 10 12937 X 2155272 251 348289 348540 1806732 106428 106428 1913160 1896806 348289 46273 394562 1502244 0 1502244 PART X, LINE 2: THE PREPARATION OF FINANCIAL STATEMENTS IN CONFORMITY WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE ORGANIZATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE ORGANIZATION. MANAGEMENT HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE ORGANIZATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE ORGANIZATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. FEDERAL TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. CALIFORNIA TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS FOUR YEARS OF TAX RETURNS FILED. NO INTEREST OR PENALTIES FROM FEDERAL OR STATE TAX AUTHORITIES WERE RECORDED IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: ADJUSTMENT TO RECOGNIZE ORIGINATION FEE 106,428. 0 0 0 0 0 0 0 0 0 REBECCA FOSTER EXECUTIVE DIRECTOR 166764 0 0 0 0 0 0 0 0 0 166764 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE EXECUTIVE DIRECTOR AND THE MEMBERS OF THE GOVERNING BOARD FOR ACCURACY AND COMPLETENESS. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD AND THE ORGANIZATION'S EMPLOYEES ARE REQUIRED TO RE-SIGN THE CONFLICT OF INTEREST DISCLOSURE STATEMENT ON AN ANNUAL BASIS. FURTHERMORE, THE CONFLICT OF INTEREST POLICY IS STATED IN THE ORGANIZATION'S BYLAW. FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION REVIEW WAS CONDUCTED FOR ED WITH AD HOC BOARD COMMITTEE LED BY BOARD CHAIR AND INCLUDED A ED PERFORMANCE REVIEW SURVEY AND REVIEW OF 3 COMPARISON REPORTS ON COMPENSATION FOR EDS/CEOS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: ADJUSTMENT TO RECOGNIZE ORIGINATION FEE -106,428. LOAN LOSS RESERVE EXPENSE -46,273. DONATED GOODS AND SERVICES -348,289. HOMES FOR THE HOMELESS FUND LLC 369 PINE STREET SUITE 350 SAN FRANCISCO CA 94104 371904352 INVESTMENT AND LENDING CA -800 10 THE SAN FRANCISCO HOUSING ACCELERATOR SAN FRANCISCO HOMES FOR THE HOMELESS NO 1 LLC 369 PINE STREET SUITE 350 SAN FRANCISCO CA 94104 824786396 INVESTMENT AND LENDING CA -8248 0 THE SAN FRANCISCO HOUSING ACCELERATOR