2025-08-26T09:01:18-04:00 2024-12-31 510202843 LANK JOHNSON & TULL CPAS 521 N MARKET ST EXT SEAFORD DE 19973 990 2024-01-01 510262153 MILLSBORO HOUSING FOR PROGRESSINC MILL 3029346491 P O BOX 177 MILLSBORO DE 19966 VENESSA DELOACH TREASURER 3027451529 2025-08-26 true true RICHARD L TULL CPA P00158719 3026299543 2025-08-26 2024 2025-03-06 01:10:19Z WILLIAM B DUFFY JR 29494 MILLSBORO HIGHWAY MILLSBORO DE 19966 1696822 false X N/A X 1977 DE LOW INCOME HOUSING 7 7 0 0 0 650990 1681851 6530 14971 0 657520 1696822 0 0 67764 85919 0 0 456991 450596 524755 536515 132765 1160307 7028881 8508046 1184029 1241475 5844852 7266571 X LOW INCOME HOUSING false false 502741 1681851 OWNER/SPONSOR OF FEDERALLY SUBSIDIZED MULTI-FAMILY HOUSING PROJECTS UNDER THE NATIONAL HOUSING ACT OF 1934 PROVIDING 118 UNITS TO LOW OR MODERATE INCOME FAMILIES. OWNER/SPONSOR OF FEDERALLY SUBSIDIZED MULTI-FAMILY HOUSING PROJECTS UNDER THE NATIONAL HOUSING ACT OF 1934 PROVIDING 118 UNITS TO LOW OR MODERATE INCOME FAMILIES. 502741 true false false false false false false false false false true false true true true true true false false false false false false false false false false false false false false false false false false false false false false false false false true false false false false true 0 0 0 false false false false false false false false false false false false false false X 7 7 false true false false false false false true true false false false false false true true true true true X VANESSA DELOACH 3027451529 PO BOX 177 MILLSBORO DE 19966 X ELVA ALLEN SECRETARY X X 0 0 0 VENESSA DELOACH TREASURER X X 0 0 0 ROBERT DRAINE VICE PRES X X 0 0 0 BARBARA FLOYD DIRECTOR X 0 0 0 WILLIAM B DUFFY JR PRESIDENT X X 0 0 0 SHERRELL MATTHEWS DIRECTOR X 0 0 0 DAVID MOYER DIRECTOR X 0 0 0 false false false DEVELOPMENT FEES 1000000 1000000 HOUSING ASSISTANCE PAYMENTS 530252 530252 APARTMENT RENTS 148267 148267 TENANT CHARGES 3332 3332 1681851 14971 14971 1696822 1681851 14971 69036 69036 11803 11803 5080 5080 62952 62952 3464 2057 1407 35655 11000 24655 18916 13053 5863 152503 152503 1810 1810 18119 18119 96438 96438 23326 23326 REAL ESTATE TAXES 21515 21515 BAD DEBTS 14049 14049 OTHER TAXES 1849 1849 536515 502741 33774 0 512138 724145 38920 38927 60353 536956 519 2428 3529072 1191633 2338957 2337439 3089268 3548508 51383 48121 937343 1271522 7028881 8508046 35945 76268 14484 43252 1115997 1103049 17603 18906 1184029 1241475 X 5844852 7266571 5844852 7266571 7028881 8508046 X 1160307 264785 -3373 X false true X true true true X 822592 2280000 459170 550333 530252 4642347 822592 2280000 459170 550333 530252 4642347 4642347 7423 3283 3035 6530 14971 35242 1000000 1000000 5677589 5023302 0.81770 0.99420 X PART II, LINE 10 DEVELOPERS FEE 1,000,000 450000 450000 2932452 1049280 1883172 146620 142353 4267 2337439 INVESTMENT IN MILLSBORO LANDING 3548508 3548508 FUNDED MORTGAGE ESCROWS AND RESERVES 965335 OLD LANDING II, LP CAPITAL 288893 SECURITY DEPOSITS ESCROW 17294 1271522 TENANT SECURITY DEPOSIT LIABILITY 17294 ACCRUED LOAN INTEREST 1612 18906 X 1696822 1696822 1696822 536515 536515 536515 SCHEDULE D, PAGE 3, PART X THE CORPORATION RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE THAT GRANTS AN EXEMPTION FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC), AS AN ORGANIZATION OTHER THAN A PRIVATE FOUNDATION, EXCEPT FOR ANY INCOME THAT MAY BE A RESULT OF UNRELATED BUSINESS TRANSACTIONS. THE CORPORATION FOLLOWS ACCOUNTING STANDARDS CODIFICATION ("ASC") NO. 740, "INCOME TAXES," A PROVISION FOR WHICH AN ORGANIZATION MUST RECOGNIZE THE TAX BENEFIT ASSOCIATED WITH TAX POSITIONS TAKEN WHEN IT IS MORE-LIKELY-THAN-NOT THAT THE POSITION WILL BE SUSTAINED. MANAGEMENT DOES NOT BELIEVE THERE ARE ANY MATERIAL UNCERTAIN TAX POSITIONS, AND, ACCORDINGLY, IT HAS NOT RECOGNIZED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE CORPORATION'S INFORMATION RETURNS ARE GENERALLY SUBJECT TO IRS SCRUTINY FOR UP TO THREE YEARS FROM THE DUE DATE FOR FILING THE RETURNS. FORM 990, PAGE 2, PART III, LINE 4D OWNER/SPONSOR OF FEDERALLY SUBSIDIZED MULTI-FAMILY HOUSING PROJECTS UNDER THE NATIONAL HOUSING ACT OF 1934 PROVIDING 118 UNITS TO LOW OR MODERATE INCOME FAMILIES. FORM 990, PAGE 6, PART VI, LINE 3 THE LOW INCOME HOUSING PROJECTS ARE MANAGED BY AN INDEPENDENT MANAGEMENT AGENT KNOWLEDGEABLE IN SUCH ACTIVITIES. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS PRESENTED AT A BOARD OF DIRECTORS' MEETING FOR REVIEW AND APPROVAL. FORM 990, PAGE 6, PART VI, LINE 15A ALL COMPENSATION IS PAID TO EMPLOYEES BY A MANAGEMENT COMPANY THAT MANAGES THE APARTMENT UNITS. NO OFFICIALS ARE COMPENSATED. COMPENSATION IS PAID IN CONJUNCTION WITH A BUDGET APPROVED BY A FEDERAL AGENCY. FORM 990, PAGE 6, PART VI, LINE 15B MANAGEMENT COMPANY SETS PAY RATES AND PAYS EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 UPON REQUEST FORM 990, PART XI, LINE 9 CURRENT EXPECTED CREDIT LOSS -3,373 MILLSBORO VILLAGE I LLC PO BOX 177 MILLSBORO DE 19966 270658696 RENTALS DE MILLSBORO HOUSING