2024-11-08T09:59:09-06:00 2024-06-30 561031342 DUNCAN ASHE PA 7900 MCCLOUD RD SUITE 101 GREENSBORO NC 27409 990 2023-07-01 237078343 AFFORDABLE HOUSING MANAGEMENT INC AFFO 3362730568 330 S GREENE STREET B-11 GREENSBORO NC 27401 JILL PHANEUF EXECUTIVE DIRECTOR 3362730568 2024-11-08 1 0 DANIEL P DUNCAN P00239994 3362856510 2024-11-07 2023 2024-10-15 13:58:12Z JILL PHANEUF 330 S GREENE STREET B-11 GREENSBORO NC 27401 2803222 0 X WWW.AHMI.ORG X 1970 NC MANAGEMENT AND DEVELOPMENT OF AFFORDABLE RENTAL HOUSING FOR LOW TO MODERATE INCOME HOUSEHOLDS 11 11 27 0 0 0 0 0 2252100 1280288 63114 1490434 32500 32500 2347714 2803222 0 0 0 0 906038 975851 0 0 0 951866 1045035 1857904 2020886 489810 782336 12547469 12526103 6815836 5794279 5731633 6731824 X MANAGEMENT AND DEVELOPMENT OF AFFORDABLE RENTAL HOUSING FOR LOW TO MODERATE INCOME HOUSEHOLDS 0 0 1638802 2638227 THE ORGANIZATION PROVIDED TECHNICAL, MANAGERIAL, AND EDUCATIONAL ASSISTANCE TO LOW AND MODERATE INCOME HOUSING DEVELOPMENTS IN THE GREATER GREENSBORO, NORTH CAROLINA AREA.THE ORGANIZATION PROVIDED THESE SERVICES TO 523 HOUSING UNITS DURING THE YEAR ENDED JUNE 30, 2024, THROUGH PROPERTIES THAT WERE OWNED AND/OR MANAGED.THROUGH ITS RESIDENT EDUCATION AND ENRICHMENT FUND (REEF), TO DATE THE ORGANIZATION HAS PROVIDED 108 SCHOLARSHIPS TOTALING $65,859, OF WHICH 57 ARE MULTIPLE AWARDS TO THE SAME RESIDENTS, TO AHM RESIDENTS TO ASSIST THEM WITH FURTHERING THEIR EDUCATION AND CAREER ADVANCEMENT. THROUGH ITS YOUTH EDUCATION SUMMER SCHOLARSHIP PROGRAM (YESS), 64 SCHOLARSHIPS TOTALING $16,628 HAVE BEEN AWARDED TO CHILDREN LIVING AT AHM MANAGED APARTMENTS, TO ATTEND SUMMER CAMPS.THE ORGANIZATION RECEIVED A NORTH CAROLINA HOUSING FINANCE AGENCY 2013 HOUSING NORTH CAROLINA AWARD FOR EXCELLENCE IN AFFORDABLE HOUSING IN THE PERMANENT SUPPORTIVE HOUSING CATEGORY. THE AWARD ACKNOWLEDGED THE MAJOR REHABILITATION OF 20 UNITS KNOWN AS VILLAGE CROSSING. OF THOSE UNITS, 9 ARE RESERVED/TARGETED FOR FORMERLY HOMELESS AND/OR DISABLED HOUSEHOLDS.THE ORGANIZATION RECEIVED ANOTHER NORTH CAROLINA HOUSING FINANCE AGENCY 2017 HOUSING NORTH CAROLINA AWARD FOR EXCELLENCE IN AFFORDABLE HOUSING IN THE PERMANENT SUPPORTIVE HOUSING CATEGORY. THE AWARD ACKNOWLEDGED THE NEW CONSTRUCTION OF 20 UNITS KNOWN AS HOPE COURT. OF THOSE UNITS, 6 ARE RESERVED/TARGETED FOR FORMERLY HOMELESS AND/OR DISABLED HOUSEHOLDS.THE ORGANIZATION COMPLETED A 72-APARTMENT NEW CONSTRUCTION DEVELOPMENT NAMED MUIRS LANDING IN 2020. THIS IS A MIXED INCOME DEVELOPMENT WITH THREE LEVELS OF RENTS AFFORDABLE TO HOUSEHOLDS EARNING 30, 50, AND 60% OF THE AREA MEDIUM INCOME.THE ORGANIZATION COMPLETED AN 84-APARTMENT NINE PERCENT TAX CREDIT NEW CONSTRUCTION DEVELOPMENT NAMED REDHILL POINTE IN 2023. THIS IS ANOTHER MIXED INCOME DEVELOPMENT WITH THREE LEVELS OF RENTS AFFORDABLE TO HOUSEHOLDS EARNING 30, 50, AND 60% OF THE AREA MEDIAN INCOME.ON OCTOBER 4, 2022, THE DEVELOPMENT KNOWN AS SOUTHWOODS WAS AWARDED ACQUISITION-REHAB NINE PERCENT LOW INCOME HOUSING TAX CREDITS OF AND A RENTAL PRODUCTION LOAN BY THE NORTH CAROLINA HOUSING FINANCE AGENCY. ADDITIONALLY, IN MAY 2022, AHM WAS AWARDED A CITY OF GREENSBORO AMERICAN RESCUE PLAN (ARP) GRANT FOR THE SOUTHWOODS DEVELOPMENT. IN AUGUST 2023 THE ACQUISITION REHAB LOANS AND TAX CREDIT SYNDICATION CLOSED AND CONSTRUCTION STARTED. THIS IS A MAJOR REHABILITATION OF AN EXISTING AHM TAX CREDIT PROPERTY ORIGINALLY BUILT IN 1996. THE RENTS WILL BE AFFORDABLE TO HOUSEHOLDS EARNING 50% OR BELOW THE MEDIAN AREA INCOME. SOUTHWOODS HAS 59 STUDIO APARTMENTS THAT HAVE BEEN AND WILL CONTINUE TO PROVIDE HOUSING TO SINGLE PEOPLE, MANY WHO ARE DISABLED OR HAD BEEN PREVIOUSLY HOMELESS. CONSTRUCTION IS SCHEDULED TO BE COMPLETED IN DECEMBER 2024.ON AUGUST 15, 2023, THE DEVELOPMENT KNOWN AS WINDHILL DEVELOPMENT WAS AWARDED AQUISITION-REHAB NINE PERCENT LOW INCOME HOUSING TAX CREDITS AND A RENTAL PRODUCTION PROGRAM LOAN BY THE NORTH CAROLINA HOUSING FINANCE AGENCY. ADDITIONALLY, AHM HAS RECEIVED A LOAN COMMITMENT FROM SELF-HELP VENTURES, WHICH IS ADMINISTERING THE NEW COMMUNITY OF GREATER GREENSBORO HOUSING FUND. THIS WILL BE A MAJOR REHABILITATION OF AN EXISTING AHM TAX CREDIT PROPERTY ORIGINALLY BUILT IN 2001. THE RENTS WILL BE AFFORDABLE TO HOUSEHOLDS EARNING 50% OR BELOW THE MEDIAN AREA INCOME. CLOSING AND BEGINNING CONSTRUCTION IS SCHEDULED FOR EARLY SUMMER 2025.SINCE 2011, ALL AHM NEW CONSTRUCTION DEVELOPMENTS HAVE RECEIVED NATIONAL ASSOCIATION OF HOME BUILDERS GREEN BUILDING STANDARD AND ENERGY STAR CERTIFICATIONS. THE ORGANIZATION RECEIVED THE NATIONAL ASSOCIATION OF HOME BUILDERS RESEARCH CENTER 2011 GREEN PARTNER OF THE YEAR AWARD AND WAS SELECTED A 2020 NATIONAL GREEN BUILDING STANDARD GREEN PARTNER OF EXCELLENCE.OTHER ACTIVITY INCLUDED THE INVESTIGATION AND ANALYSIS OF PURCHASING EXISTING APARTMENT COMPLEXES AND LAND SUITABLE FOR AFFORDABLE HOUSING. 1638802 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 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 1 0 0 0 1 11 0 27 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 X TRES COBB CONTROLLER 3362730568 330 S GREENE STREET SUITE B-11 GREENSBORO NC 27401 CHESTER H BROWN III PRESIDENT 0.00 X X 0 0 0 MEGAN R COHAN VICE-PRESIDENT 0.00 X X 0 0 0 MARTHA W MILLER SECRETARY & TREASURER 0.00 X X 0 0 0 KATHY CARPENTER DIRECTOR 0.00 X 0 0 0 SOFIA S CRISP DIRECTOR 0.00 X 0 0 0 WILLIAM DAVIDSON DIRECTOR 0.00 X 0 0 0 WILLIAM PICKENS DIRECTOR 0.00 X 0 0 0 F DEAN LITTLE III DIRECTOR 0.00 X 0 0 0 DONALD E OVERMAN JR DIRECTOR 0.00 X 0 0 0 SYLVESTER TAYLOR EXECUTIVE COMMITTEE MEMBER 0.00 X 0 0 0 JILL PHANEUF EXECUTIVE DIRECTOR 40.00 X X 0 0 0 MICHELLE BARDSLEY DIRECTOR 0.00 X 0 0 0 DAVID LEVY ASST SEC (FORMER EXEC DIR) 40.00 X X 186935 0 0 186935 0 0 1 0 1 0 0 RENTAL - LOW INC HOUSING 531310 718246 718246 MANAGEMENT FEES 531310 274751 274751 DEVELOPER FEES 531310 112106 112106 INCENTIVE MGMT FEES 531310 74613 74613 ACCOUNTING SERVICE FEES 531310 73514 73514 27058 27058 1280288 164995 164995 1325439 0 1325439 1325439 1325439 LOAN AMORTIZATION GAIN 531390 32500 32500 32500 2803222 2638227 0 164995 803001 642400 160601 127917 102334 25583 44933 35946 8987 241810 169183 72627 25800 25800 2245 2245 46171 36937 9234 37486 29989 7497 52693 17564 35129 81233 81233 210885 208845 2040 52295 41836 10459 REPAIRS AND MAINTENANCE 111575 111575 UTILITIES 85172 76655 8517 TRAVEL, MEETINGS, OTHER 55114 43642 11472 BAD DEBTS 21865 21865 20691 16553 4138 2020886 1638802 382084 0 200919 216360 837526 604821 2817096 2666479 25880 27049 27065 25635 7935816 4383941 4380928 3551875 3747831 4960497 36197 36996 474027 436391 12547469 12526103 28942 36587 27504 45897 6160623 5200603 598767 511192 6815836 5794279 X 5731633 6731824 5731633 6731824 12547469 12526103 782336 217855 0 X 0 1 X 1 1 1 X 1670486 1926046 1921702 2252059 1305278 9075571 1670486 1926046 1921702 2252059 1305278 9075571 0 0 0 9075571 136652 470041 36258 58029 164994 865974 136652 470041 36258 58029 164994 865974 1807138 2396087 1957960 2310088 1470272 9941545 0.91290 0.91520 0.08710 0.08480 X 1631516 1631516 5712608 3972727 1739881 591692 411214 180478 3551875 TENANT SECURITY DEPOSITS 44288 LEASE LIABILITY NONCURRENT 466904 511192 X 3021077 217855 217855 2803222 0 2803222 2020886 0 2020886 0 2020886 PART X, LINE 2: INCOME TAXES - AFFORDABLE HOUSING MANAGEMENT, INC. ("AHM") IS A NOT-FOR-PROFIT CORPORATION THAT IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. INCOME OF SOUTHWOODS LLLP AND WINDHILL DEVELOPMENT IS NOT SUBJECT TO INCOME TAX BECAUSE OF THE TAX-EXEMPT STATUS OF AHM. THE CORPORATION IS REQUIRED TO FILE FORM 990 ANNUALLY TO RETAIN ITS TAX-EXEMPT STATUS. THE CORPORATION ACCOUNTS FOR INCOME TAXES IN ACCORDANCE WITH FASB ASC 740-10, WHICH REQUIRES THE CORPORATION TO ASSESS POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN WHERE THERE IS UNCERTAINTY ABOUT WHETHER THE TAX POSITION WILL ULTIMATELY BE SUSTAINED UPON EXAMINATION. THE CORPORATION IS UNAWARE OF ANY UNCERTAIN TAX POSITIONS THAT MEET THE CRITERIA UNDER ASC 740-10. THE CORPORATION'S TAX FILINGS ARE SUBJECT TO AUDIT BY FEDERAL TAXING AUTHORITIES. THE CORPORATION'S OPEN AUDIT PERIODS ARE 2019-2022. TO DATE, THE CORPORATION HAS NOT UNDERGONE ANY EXAMINATIONS BY APPLICABLE TAXING AUTHORITIES. X 0 0 0 0 0 0 0 0 0 DAVID LEVY ASST SEC (FORMER EXEC DIR) 181735 0 0 0 5200 0 0 0 0 0 186935 0 0 0 FORM 990, PART VI, SECTION A, LINE 7A THERE IS A NOMINATING COMMITTEE WHICH PRESENTS NOMINEES TO BOARD OF DIRECTORS EVERY TWO YEARS. FORM 990, PART VI, SECTION A, LINE 7B AFFORDABLE HOUSING MANAGEMENT, INC. HAS FOUR COMMITTEES WHICH PROVIDE VARIOUS RECOMMENDATIONS TO THE BOARD FOR AREAS SUCH AS NEW PROPERTY PURCHASES, POLICY AND PROCEDURAL CHANGES. THE FOUR COMMITTEES ARE: EXECUTIVE COMMITTEE, AUDIT COMMITTEE, INVESTMENT AND COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE TYPICAL PROCESS AFFORDABLE HOUSING MANAGEMENT, INC. USES TO REVIEW THE 990 BEFORE SIGNING IS AS FOLLOWS: THE 990 IS PRESENTED TO THE EXECUTIVE COMMITTEE FOR COMMENTS. ONCE THE COMMITTEE REVIEWS THE FORM AND APPROVES, IT IS SUBMITTED TO THE FULL BOARD FOR THEIR APPROVAL, AFTER WHICH IT IS SIGNED BY THE EXECUTIVE DIRECTOR. FORM 990, PART VI, SECTION B, LINE 12C AFFORDABLE HOUSING MANAGEMENT ROUTINELY PROVIDES EMPLOYEES WITH A CODE OF ETHICS AND CONDUCT/WHISTLEBLOWER DOCUMENT STATING ALL DIRECTORS, OFFICERS AND EMPLOYEES SHALL OBSERVE HIGH STANDARDS OF BUSINESS AND PERSONAL ETHICS IN THE CONDUCT OF THEIR DUTIES AND RESPONSIBILITIES. EMPLOYEES AND REPRESENTATIVES OF AFFORDABLE HOUSING MANAGEMENT MUST PRACTICE HONESTY AND INTEGRITY, AND COMPLY WITH ALL APPLICABLE LAWS AND REGULATIONS. VIOLATIONS OR SUSPECTED VIOLATIONS OF THIS POLICY MAY BE SUBMITTED CONFIDENTIALLY BY THE COMPLAINANT OR ANONYMOUSLY. THE EXECUTIVE DIRECTOR WILL NOTIFY THE COMPLAINANT AND ACKNOWLEDGE RECEIPT OF THE REPORTED OR SUSPECTED VIOLATION WITHIN 5 BUSINESS DAYS. ALL REPORTS WILL BE PROMPTLY INVESTIGATED AND APPROPRIATE ACTION WILL BE TAKEN IF WARRANTED. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION COMMITTEE WILL MEET A MINIMUM OF ONCE EACH YEAR. THE EXECUTIVE DIRECTOR WILL PROVIDE A SUMMARY OF PRIOR CALENDAR YEAR'S ACCOMPLISHMENTS PRIOR TO THE ANNUAL MEETING. AT THE ANNUAL MEETING, THE EXECUTIVE DIRECTOR'S ANNUAL REVIEW WILL BE COMPLETED TO DETERMINE AN ANNUAL INCREASE IN SALARY AND/OR BONUS. THE COMMITTEE ALSO APPROVES ANY NEW CORPORATE STAFF POSITION AND SALARY RANGE THAT HAS NOT BEEN BUDGETED, SALARY INCREASES IN EXCESS OF 10% FOR ANY AHM EMPLOYEE AND BONUSES IN EXCESS OF $5,000 (BASED ON AN ANNUAL FISCAL YEAR AGGREGATE). ALL APPROVALS WILL BE DOCUMENTED WITH A PERSONNEL ACTION NOTICE (PAN) SIGNED BY THE BOARD PRESIDENT OR ANOTHER COMPENSATION COMMITTEE OFFICER. THE EXECUTIVE DIRECTOR'S LIST OF ACCOMPLISHMENTS WILL BE ATTACHED TO THE PAN. THE EXECUTIVE DIRECTOR WILL SIGN THE PAN FOR ALL OTHER STAFF SALARY INCREASES AND/OR BONUSES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION WILL PROVIDE THESE DOCUMENTS TO THE PUBLIC UPON REQUEST. AHMI HOLDINGS LLC 330 S GREENE STREET NO B-11 GREENSBORO NC 27401 LOW INCOME HOUSING NC 219253 AFFORDABLE HOUSING MANAGEMENT INC GLENSIDE COMMUNITY PARTNERSHIP INC 330 SOUTH GREENE STREET NO B-11 GREENSBORO NC 27401 561922742 LOW INCOME HOUSING NC 501(C)(3) LINE 12B, II AFFORDABLE HOUSING MANAGEMENT INC 0 SOUTHWOODS PROPERTY INC 330 SOUTH GREENE STREET NO B-11 GREENSBORO NC 27401 591986906 LOW INCOME HOUSING NC 501(C)(3) LINE 12B, II AFFORDABLE HOUSING MANAGEMENT INC 0 SOUTHWOODS LLLP 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 561986906 LOW INCOME HOUSING NC SOUTHWOODS PROPERTY INC RELATED -1178916 0 1 0.99500 BERRYMAN SQUARE DEVELOPMENT LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 471783780 LOW INCOME HOUSING NC N/A RELATED 7 420 0 1 0.00010 SUMNER RIDGE DEVELOPMENT LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 474989622 LOW INCOME HOUSING NC N/A RELATED 24 744 0 1 0.00010 LAURENCE MANOR LIMITED PARTNERSHIP LLLP 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 561364731 LOW INCOME HOUSING NC N/A RELATED 14718 489208 0 1 0.40200 WINDHILL DEVELOPMENT LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 562213551 LOW INCOME HOUSING NC AFFORDABLE HOUSING MANAGEMENT RELATED 7027 2081497 0 1 1.00000 WINDHILL COURT LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 205589473 LOW INCOME HOUSING NC N/A RELATED 8 386 0 1 0.00010 MUIRS LANDING LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 831688741 LOW INCOME HOUSING NC N/A RELATED 8 386 0 1 0.00010 REDHILL POINTE LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 852834497 LOW INCOME HOUSING NC N/A RELATED 7 420 0 1 0.00010 SW GREENSBORO LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 920812718 LOW INCOME HOUSING NC N/A RELATED 331 0 1 0.00010 WHD GREENSBORO LLC 330 S GREENE STREET NO B-11 GREEENSBORO NC 27401 933069852 LOW INCOME HOUSING NC N/A RELATED 0 1 0.00010 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0