2024-11-14T09:47:40-06:00 2023-12-31 390859910 BAKER TILLY ADVISORY GROUP LP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2023-01-01 363728180 COMMUNITY HOUSING CORPORATION OF AMERICA INC COMM 6516055222 161 ST RONDO AVENUE 825 ST PAUL MN 55103 WES BUTLER EXECUTIVE DIRECTOR 6516055222 2024-11-12 1 1 KAREN A GRIES P00078514 6128764500 2024-11-12 2023 2024-10-15 13:58:12Z X WES BUTLER 161 ST RONDO AVENUE 825 ST PAUL MN 55103 12853297 0 X WWW.COMMUNITYHOUSINGCORPORATION.ORG X 1990 DE PROVIDE MODERATE AND LOW INCOME HOUSING. 6 3 2 2 0 0 1619999 0 5403954 5357135 13477295 1704555 0 0 20501248 7061690 26700 18300 0 0 384563 315045 0 0 0 6506566 6019301 6917829 6352646 13583419 709044 62045263 79785237 41351702 56887169 20693561 22898068 X PROVIDE MODERATE AND LOW INCOME HOUSING. 0 0 5413034 18300 5357135 COMMUNITY HOUSING CORPORATION (CHC) IS A NONPROFIT COMPANY THAT SEEKS TO CREATE AND MAINTAIN QUALITY AFFORDABLE HOUSING FOR BETTER COMMUNITIES. CHC SOLD ITS PROPERTIES IN TEXAS IN 2021 AND 2022. IN 2023, CHC STARTED A NEW AFFORDABLE HOUSING DEVELOPMENT IN MONTICELLO, MINNESOTA. THE PROJECT CONSISTS OF 60 UNITS OF THE TWINHOME DESIGN. THESE UNITS ARE STATE OF THE ART MODULAR CONSTRUCTION WHICH LIMITS CONSTRUCTION WASTE AND INCREASE THE QUALITY OF THE FINISHED UNIT. THE 60 UNITS IN MONTICELLO WILL BE ADDED TO OUR PORTFOLIO OF OVER 300 AFFORDABLE UNITS IN MINNESOTA ALREADY OWNED BY CHC. OUR EXECUTIVE DIRECTOR, WESLEY BUTLER, CONTINUALLY SEEKS HOUSING OPPORTUNITIES FOR CHC TO FURTHER ITS MISSION. CONTINUED ON SCHEDULE O...CHC CONTINUES TO OWN AND OPERATE OVER 300 UNITS OF HOUSNG IN MINNESOTA COMMUNITIES. THESE ARE IN THE COMMUNITIES OF SAVAGE, BURNSVILLE AND MINNETONKA. THESE UNITS PROVIDE ESSENTIAL AFFORDABLE HOUSING OPPORTUNITIES TO THESE COMMUNITIES.CHC CONTRACTS WITH SHELTER CORPORATION, WHICH MANAGES CHC PROPERTIES AND WORKS WITH CHC TO PROVIDE BEAUTIFUL LIVING SPACES FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES IN MINNESOTA. CHC'S APARTMENT BUILDINGS OFFER A RANGE OF AMENITIES FOR THE INDIVIDUALS AND FAMILIES WE SERVE. THESE VARY BY PROPERTY BUT MAY INCLUDE: IN-UNIT WASHERS AND DRYERS, FIREPLACES, WALK-IN CLOSETS, COMMUNITY GARDENS, SWIMMING POOLS, ADJACENT DAYCARE CENTERS, KID'S CLUBS AND PLAYGROUNDS, PRIVATE PATIOS, SUNDECKS AND BALCONIES, WALKING PATHS AND PICNIC AREAS WITH GRILLS, BUSINESS CENTERS, FITNESS CENTERS AND BASKETBALL COURTS. 5413034 1 0 0 0 0 0 0 0 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 5 0 1 2 1 0 0 0 0 0 0 0 0 0 0 0 0 X 6 3 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 MN X WES BUTLER 6512876408 161 ST RONDO AVENUE ST PAUL MN 55103 SUSAN LANDWEHR MARSHALL PRESIDENT 15.00 X X 42300 0 0 NORMAN NELSON DIRECTOR 9.00 X 5300 0 0 RICHARD MARTIN VICE PRESIDENT/SECRETARY 9.00 X X 18125 0 0 KEN JOHNSON VICE PRESIDENT/TREASURER 9.00 X X 100 0 0 CATHY CAPONE BENNETT DIRECTOR 9.00 X 0 0 0 VICKI SHIPLEY DIRECTOR 9.00 X 200 0 0 WES BUTLER EXECUTIVE DIRECTOR 40.00 X 172500 0 19391 238525 0 19391 0 0 1 0 SHELTER CORPORATION 10900 WAYZATA BLVD STE 740 MINNETONKA MN 55305 MANAGEMENT SERVICES & REIMBURSED PAYROLL 258623 1 RESIDENTIAL RENTAL INC 624200 4941862 4941862 CHILD CENTER RENTAL 624410 356544 356544 OTHER FEES, REIMBURSEM 624200 58729 58729 5357135 1780472 1780472 5715690 5791607 -75917 -75917 -75917 7061690 5357135 0 1704555 18300 18300 249291 136628 112663 25531 17945 7586 320 225 95 25894 18200 7694 14009 9846 4163 258623 258623 25809 25809 136064 136064 99773 99773 487751 83561 404190 35733 5756 29977 86110 86110 22366 22366 1048758 1034198 14560 3464 3464 1044725 1044725 1328672 1328384 288 531578 531578 PROPERTY MAINTENANCE 861339 861339 PROPERTY MODEL 48396 48396 OTHER EXPENSES 140 140 6352646 5413034 939612 0 3122948 1639647 3956236 10179266 67203 78553 1341944 1656381 235127 299902 50895050 22761693 16073928 28133357 36120710 36898565 1127167 899566 62045263 79785237 7251942 7386827 687910 779336 33305754 48611072 106096 109934 41351702 56887169 X 20693561 22898068 20693561 22898068 62045263 79785237 709044 1495463 0 X X 0 1 X 1 0 X 1619999 0 1619999 19887237 19216078 20361939 5403954 5357135 70226343 19887237 19216078 20361939 7023953 5357135 71846342 0 0 0 71846342 273902 274928 288135 1072969 1780472 3690406 273902 274928 288135 1072969 1780472 3690406 356544 322794 356544 1035882 20517683 19813800 21006618 8096922 7137607 76572630 0.93830 0.96010 0.04820 0.02420 X 0 1 X 4258246 4258246 27275204 21805399 5469805 2364079 956294 1407785 16997521 16997521 28133357 TENANT SECURITY DEPOSITS 109934 109934 X PART IV, LINE 2B: ESCROWS AND CUSTODIAL BALANCES ARE RELATED TO TRUST ACCOUNTS AND USED TO PAY TAXES, INSURANCE, TRUSTEE FEES, ETC. PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE THAT THE ORGANIZATION EVALUATE TAX POSITIONS AND RECOGNIZE A LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN TAX POSITION THAT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. THE ORGANIZATION HAS ANALYZED ITS TAX POSITIONS AND CONCLUDED THAT AS OF DECEMBER 31, 2023 AND 2022 THERE ARE NO UNCERTAIN TAX POSITIONS TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE ORGANIZATION IS SUBJECT TO ROUTINE AUDITS BY TAX AUTHORITIES, HOWEVER THERE ARE CURRENTLY NO AUDITS FOR ANY OPEN TAX PERIODS IN PROGRESS. 1 DIVINE TABERNACLE BIBLE CHURCH 5717 SWEETBRIAR DRIVE RICHARDSON TX 75082 501(C)(3) 6000 0 UNRESTIRCTED CHARITABLE GRANT 1 PART I, LINE 2: COMMUNITY HOUSING CORPORATION ANNUALLY CONSIDERS AND DISPERSES FUNDS TO DESERVING NON-PROFIT ORGANIZATIONS. THE FUNDING IS BETWEEN $30,000 AND $50,000 ANNUALLY. X X 0 0 0 0 0 0 0 0 0 WES BUTLER EXECUTIVE DIRECTOR 172500 0 0 0 0 0 8625 0 10766 0 191891 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE CHC BOARD APPOINTED THREE BOARD MEMEBERS TO ACT AS THE FINANCE COMMITTEE WITH THE ASSITANCE OF THE EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION A, LINE 3 COMMUNITY HOSING CORPORATION OF AMERICA DELEGATES RESPONSIBILITY FOR THE DAY TO DAY OPERATIONS OF EACH OF ITS COMMUNITIES (HOUSING DEVELOMPENT) TO SHELTER CORPORTATION. THE SPECIFICS OF THE RESPONSIBILITIES ARE OUTLINED AND DESCRIBED IN THE MANAGEMENT AGREEMENT. FORM 990, PART VI, SECTION B, LINE 11B COMMUNITY HOUSING CORPORATION OF AMERICA, INC. ENGAGED AN INDEPENDENT ACCOUNT TO PREPARE FORM 990 FOR REVIEW BY ITS MANAGEMENT COMPANY, SHELTER CORPORATION. ONCE COMPLETED, ALL BOARD MEMBERS REVIEWED THE RETURN PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C A KEY PERSON WHO HAS AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST MUST DISCLOSE THE EXISTENCE AND NATURE OF HIS OR HER RELATIONSHIP OR FINANCIAL INTEREST TO THE BOARD OF DIRECTORS OR THE COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. THE DISCLOSURE MUST BE MADE AT OR PRIOR TO THE MEETING OF THE BOARD OR COMMITTEE CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE KEY PERSON, SUCH PERSON SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. ONCE A POTENTIAL CONFLICT OF INTEREST HAS BEEN DISCLOSED AND DETERMINED TO BE A CONFLICT OF INTEREST: THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, OBTAIN AND RELY ON APPROPRIATE DATA AS TO COMPARABILITY PRIOR TO MAKING ITS DECISION WHETHER OR NOT TO PARTICIPATE IN THE PROPOSED TRANSACTION OR ARRANGEMENT. THE CHAIR OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. THE BOARD OR COMMITTEE SHALL EXERCISE DUE DILIGENCE TO DETERMINE WHETHER THE CORPORATION CAN OBTAIN A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT WITH REASONABLE EFFORTS FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. AFTER CONSIDERATION, THE BOARD OR COMMITTEE MAY DETERMINE THAT A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY ATTAINABLE UNDER CIRCUMSTANCES THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF SO, THE BOARD OR COMMITTEE MAY DECIDE TO ENTER INTO A TRANSACTION INVOLVING A CONFLICT OF INTEREST IF THE BOARD OR COMMITTEE DETERMINES BY A MAJORITY VOTE OF DISINTERESTED MEMBERS THAT: THE TRANSACTION OR ARRANGEMENT IS IN THE BEST INTERESTS OF THE CORPORATION; AND IN RELIANCE ON THE APPROPRIATE DATA AS TO COMPARABILITY, THE TERMS OF THE TRANSACTION OR ARRANGEMENT ARE FAIR AND REASONABLE TO THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 15A WESLEY BUTLER WAS HIRED IN 2022 TO BE THE EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE FOR CHC. MR. BUTLER WAS SELECTED THROUGH THE USE OF A CONSULTANT WHO ADVISED THAT $150,000/YEAR WOULD BE A COMPEDITIVE SALARY. SUBSEQUENT SALARY INCREASES ARE DETERMINED BY THE BOARD PRESIDENT WITH AND IN COUNSULTATION WITH OTHER BOARD MEMBERS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS AND GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST FOR THE SAME PERIOD OF DISCLOSURE SET FORTH IN SECTION 6104(D). FORM 990, PART XII, LINE 2C: THE SELECTION AND OVERSIGHT PROCESS REGARDING THE FINANCIAL STATEMENT AUDIT HAS NOT CHANGED FROM THE PRIOR YEAR. CHC DAKOTA STATION LLC 161 ST RONDO AVENUE STE 825 MINNETONKA MN 55305 412014910 MODERATE & LOW-INCOME HOUSING MN 2579504 4766326 COMMUNITY HOUSING CORPORATION OF AMERICA INC CHC HIGHVIEW LLC 161 ST RONDO AVENUE STE 825 MINNETONKA MN 55305 412014909 MODERATE & LOW-INCOME HOUSING MN 2777501 6650038 COMMUNITY HOUSING CORPORATION OF AMERICA INC CHC MINNETONKA AFFORDABLE HOUSING MM LLC 161 ST RONDO AVENUE STE 825 MINNETONKA MN 55305 611793394 MODERATE & LOW-INCOME HOUSING MN 0 0 COMMUNITY HOUSING CORPORATION OF AMERICA INC CHC MONTICELLO LLC 161 ST RONDO AVENUE STE 825 MINNETONKA MN 55305 363728180 MODERATE & LOW-INCOME HOUSING MN 21577 23177990 COMMUNITY HOUSING CORPORATION OF AMERICA INC CHC MINNETONKA AFFORDABLE HOUSING LLC 161 ST RONDO AVENUE STE 825 ST PAUL MN 55103 300936623 MODERATE & LOW-INCOME HOUSING MN CHC MINNETONKA AFFORDABLE HOUSING MM LLC RELATED -58 822 0 1 0.00010 1 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 CHC MINNETONKA AFFORDABLE HOUSING A 314437 AMOUNTS PAID AND ACCRUED CHC MINNETONKA AFFORDABLE HOUSING D 1656381 Y/E BALANCE CHC MINNETONKA AFFORDABLE HOUSING D 3444000 SEE SCH R - PART VII SCHEDULE R, PART V, LINE 2: THE ORGANIZATION HAS A $3,444,000 NOTE RECEIVABLE FROM MINNETONKA AFFORDABLE HOUSING LLC, WITH INTEREST COMPOUNDED ANNUALLY AT 6.57 PERCENT. INTEREST AND PRINCIPAL ARE PAYABLE SOLELY OUT OF ANNUAL NET OPERATING CASH FLOW AND CAPITAL PROCEEDS IN AMOUNTS AS DEFINED IN MINNETONKA'S OPERATING AGREEMENT, WITH PAYMENTS APPLIED FIRST TO ACCRUED INTEREST. ANY REMAINING PRINCIPAL AND INTEREST ARE DUE THE EARLIER OF THE DATE MINNETONKA SELLS THE PROPERTY OR DECEMBER 31, 2054. THE NOTE IS SECURED BY A MORTGAGE, WHICH IS SUBORDINATE TO MINNETONKA'S OTHER BONDS AND NOTES PAYABLE. THE ORGANIZATION HAS DETERMINED THAT BASED ON CURRENT CASH FLOW PROJECTIONS FOR MINNETONKA, AS WELL AS CURRENT ESTIMATED CAPITAL PROCEEDS AVAILABLE FROM A SALE OF THE PROPERTY, IT IS UNLIKELY THAT THE ORGANIZATION WILL RECEIVE PAYMENTS ON THE PRINCIPAL BALANCE OF THE NOTE; THEREFORE, THE ORGANIZATION MAINTAINS FULL ALLOWANCE FOR THE PRINCIPAL BALANCE OF THE NOTE.