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Atlantic Housing Foundation Inc

Atlantic Housing Foundation Inc

Dallas, TX 75207
Tax ID57-1090154

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About this organization

Revenue

$65,025,066

Expenses

$68,244,258

Website

atlantichousing.org

Mission

To promote and preserve quality affordable housing and related services for low and moderate-income families, helping residents improve their lives. We will do this in a manner that will foster the continuous improvement of our people and our company. We strive to be a top-performing, thoroughly professional, and genuinely caring organization in all that we do.

About

During 2001 the Foundation acquired two low-income multi-family rental housing projects located in Columbia, South Carolina. Ashton at Long Creek Apartments consists of 220 units and Stoney Creek Apartments consists of 196 units. During 2001 the Foundation also acquired a low-income multi-family project in Ft. Worth, Texas known as Manitoba Apartments (265 units).During 2002 the Foundation acquired a low-income multi-family project in Ft. Worth, Texas known as Quail Ridge Apartments (296 units), a HUD regulated low-income multi-family project in San Antonio, Texas known as The Waters at Elm Creek Apartments (200 units) and a HUD regulated low-income multi-family project in Austin, Texas known as The Waters at Bluff Springs Apartments (300 units).During 2003 the Foundation acquired fourteen (14) low-income multi-family projectsknown as Villas at Sonterra (156 units) in San Antonio, Texas, Silverleaf Villas (176 units - HUD regulated) in Ft. Worth, Texas, Arbors at Denton (191 units of student housing)in Denton, Texas, Arbors at Sam Houston (228 units of student housing) in Huntsville, Texas, Arbors at Sam Houston II (192 units of student housing) in Huntsville, Texas, Westfield Apartments (136 units of student housing) in San Marcos, Texas, Arrowood Apartments (304 units) in Houston, Texas, Waterchase Apartments (134 units) in Dallas, Texas, Redbud Trails Apartments (150 units) in McKinney, Texas, Stone Creek Apartments (200 units) in Lewisville, Texas, Tall Timbers Apartments (256 units) in Houston, Texas, Hillcrest Apartments (298 units) in Ft. Worth, Texas, Heather Ridge Apartments (204 units) in Irving, Texas and Covington Creek Apartments (248 units) in Irving, Texas. During 2005 the Foundation acquired eleven (11) low-income multi-family projects known as Brittany Bay Apartments (568 units) in Largo, Florida, Brampton Court Apartments (352 units) in Lauderhill, Florida, Mariners Pointe (368 units) in St. Petersburg, Florida, Village Lakes Apartments (228 units) in Sanford, Florida, Waterman's Crossing Apartments (403 units) in Tampa, Florida, Orleans Gardens (100 units) in Charleston, South Carolina, Palm House (155 units) in Ft. Worth, Texas, Parkview (60 units) in Beaufort, South Carolina, Roosevelt Gardens (200 units) in Orangeburg, South Carolina, Windover Palms (236 units) in Melbourne, Florida and Windover Oaks (238 units) in Titusville Florida. During 2012, the Foundation sold its ownership interest in Brampton Court Apartments to an unrelated third party.During 2012, the Foundation acquired land in Austin, TX. The Foundation serves as the .01% general partner in The Waters at Willow Run, LP, a LIHTC tax-exempt bond project consisting of 242 units. The project was completed and placed in service during 2016During 2014, the Foundation acquired land in Round Rock, TX. The Foundation serves as the .01% general partner in The Waters at Sunrise, LP, a LIHTC tax-exempt bond project consisting of 300 units. The project was completed and placed in service during 2016 and 2017.During 2014, the Foundation sold its ownership interest in Mariner's Pointe Apartments to an unrelated third party.During 2016, the Foundation sold Ashton to a related party. During 2016, the Foundation formed Waters at Longcreek, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Ashton), using LIHTC tax-exempt bonds. The Foundation serves as the .01% general partner. During 2016, the Foundation sold Stoney to a related party. During 2016, the Foundation formed Waters at Berryhill, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Stoney), using LIHTC tax-exempt bonds. The Foundation serves as the .01% general partner. During 2015, the Foundation acquired land in Lincolnville, SC. The Foundation serves as the .01% general partner in The Waters at Magnolia Bay, LP, a LIHTC tax-exempt bond project consisting of 300 units. The Project was completed and placed in service during 2017 and 2016.During 2016, the Corporation formed Waters at St. James, LP (St. James), a South Carolina limited partnership, to develop 336 units of low and moderate income housing in Goosecreek, South Carolina. St. James is financed using a combination of tax-exempt bonds, a Freddie Mac mortgage and limited partner LIHTC equity. St. James was placed in service during 2017 and 2018. The Foundation serves as the .01% general partner in The Waters at St. James, LP.During 2016, 100% of the limited partner interest of Stonebriar Village of Plainview, Ltd., a Texas limited partnership was assigned to the Foundation. Subsequent to the assignment, the Foundation owned 99.90% of Stonebriar, a 100 unit LIHTC apartment complex in Plainview, TXDuring 2017, the Corporation formed Waters at Willow Lake, LP (Willow Lake), a South Carolina limited partnership, to develop 144 units of low and moderate income housing in Columbia, South Carolina. Willow Lake is financed using a combination of a tax-exempt loan, a Freddie Mac loan and limited partner LIHTC equity. The Foundation serves as the .01% general partner in The Waters at Willow Lake, LP.During 2017, the Corporation formed Waters at Gateway, LP (Gateway), a Georgia limited partnership, to develop 276 units of low and moderate income housing in Savannah, Georgia. Gateway is to be financed using a combination of a Freddie Mac tax exempt loan and limited partner LIHTC equity. The Corporation closed on the land and financing in April, 2018. During 2018, the Corporation was assigned the sole member interest of University Bridge,LLC, a Florida limited liability company, to develop and operate a 20-story, 886-unit, 1,244-bed residential tower to house students, faculty, and staff of Florida International University in Sweetwater, Florida. The property is subject to Student Housing Regulatory Agreements, which define student rental restrictions under Internal Revenue Code Section 145.University Bridge is to be financed using a combination of taxable and non-taxable bonds. The acquisition and operation of low-income and student housing apartment projects directly serves the Foundation's tax exempt purpose of providing quality and safe affordable housing to low-income, students, poor, distressed and elderly persons. The Foundation provides social and educational services to its tenants to assist with social integration, reducing neighborhood tension and deterioration.

Interesting data from their 2020 990 filing

The non-profit's mission, as documented in the filing, is “To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.in order to further assist the communities the foundation serves or will serve, the board amended the articles of incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the irs and the south carolina secretary of state as of april 24, 2004. the board of directors concluded that”.

When explaining its purpose, the activities were described as: “To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.in order to further assist the communities the foundation serves or will serve, the board amended the articles of incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the irs and the south carolina secretary of state as of april 24, 2004. the board of directors concluded that”.

  • The non-profit is legally allowed to operate in the state of SC, as reported.
  • The filing provides the non-profit's address in 2020 as 4770 Iberia Avenue Suite 100, Dallas, TX, 75207.
  • The non-profit has a total of 350 employees, as reported on their form for 2020.
  • The non-profit has loans outstanding as of 2020.
  • Does not operate a hospital.
  • Does not operate a school.
  • Does not collect art.
  • Does not provide credit counseling.
  • Does not have foreign activities.
  • Is not a donor advised fund.
  • Is not a private foundation.
  • Expenses are greater than $1,000,000.
  • Revenue is greater than $1,000,000.
  • Revenue less expenses is -$3,219,192.
  • The CEO compensation strategy within the organization is determined through a review and approval process by a neutral party.
  • The organization has a written policy that describes how long it will retain documents.
  • The organization has 7 independent voting members.
  • The organization was formed in 1999.
  • The organization has a written policy that addresses conflicts of interest.
  • The organization is required to file Schedule J.
  • The organization is required to file Schedule O.
  • The organization pays $5,016,097 in salary, compensation, and benefits to its employees.
  • The organization pays $0 in fundraising expenses.
  • The organization provides Form 990 to its governing body.
  • The organization pays grants to individuals.
  • The organization has minutes of its meetings.
  • The organization has a written whistleblower policy.
  • The organization's financial statements were reviewed by an accountant.

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