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← HIP HOUSING DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by HIP HOUSING DEVELOPMENT CORPORATION.

Totals

Total revenue
$5,126,040
Total expenses
$5,682,896
Contributions and grants received
$184,096
Grants paid
$1,580,816
Program service revenue
$3,132,852
Investment income
$1,809,092
Other revenue
$0
Total assets, end of year
$14,545,108
Total liabilities, end of year
$35,058,808
Net assets or fund balances, end of year
-$20,513,700
Program services expenses (Part IX)
$5,472,721
Management and general expenses
$210,175
Fundraising expenses
$0
Program service expenses (Part III)
$5,472,721

Program services were 96.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1d · Related organizations

    $184,096

  • 2a · Program service revenue: Tenant Rental Income

    total $2,720,624 · related or exempt $2,720,624

  • 2b · Program service revenue: Development Fees

    total $336,771 · related or exempt $336,771

  • 2c · Program service revenue: Laundry & Tenant charges

    total $40,012 · related or exempt $40,012

  • 2d · Program service revenue: Partnership Management Fees

    total $17,365 · related or exempt $17,365

  • 2e · Program service revenue: Accounting Fees

    total $10,000 · related or exempt $10,000

  • 2f · All other program service revenue

    total $8,080 · related or exempt $8,080

  • 3 · Investment income

    total $245,636 · excluded $245,636

  • 7a · Gross sales of assets other than inventory

    other assets $1,563,456

  • 7b · Less cost or other basis and sales expenses

    other assets $0

  • 7c · Gain or loss

    other assets $1,563,456

  • 7d · Net gain or loss

    total $1,563,456 · related or exempt $1,563,456

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,580,816 · program services $1,580,816

  • 5 · Compensation of officers, directors and key employees

    total $127,406 · program services $86,176 · management and general $41,230

  • 7 · Other salaries and wages

    total $341,985 · program services $231,315 · management and general $110,670

  • 8 · Pension plan contributions

    total $15,554 · program services $10,521 · management and general $5,033

  • 9 · Other employee benefits

    total $66,849 · program services $47,402 · management and general $19,447

  • 10 · Payroll taxes

    total $38,121 · program services $25,785 · management and general $12,336

  • 11a · Fees: management

    total $136,368 · program services $130,673 · management and general $5,695

  • 11b · Fees: legal

    total $11,119 · program services $10,655 · management and general $464

  • 11c · Fees: accounting

    total $50,398 · program services $48,293 · management and general $2,105

  • 11g · Fees: other

    total $121,736 · program services $115,947 · management and general $5,789

  • 13 · Office expenses

    total $128,639 · program services $123,267 · management and general $5,372

  • 14 · Information technology

    total $12,284 · program services $11,771 · management and general $513

  • 16 · Occupancy

    total $339,118 · program services $339,118

  • 17 · Travel

    total $5,658 · program services $5,422 · management and general $236

  • 20 · Interest

    total $936,574 · program services $936,574

  • 22 · Depreciation, depletion and amortization

    total $1,046,117 · program services $1,046,117

  • 23 · Insurance

    total $108,116 · program services $108,116

  • 24a · Other expenses: Operating and Maintenan

    total $585,968 · program services $585,968

  • 24b · Other expenses: Taxes

    total $24,474 · program services $23,231 · management and general $1,243

  • 24c · Other expenses: Licenses & Permits

    total $5,596 · program services $5,554 · management and general $42

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $879,900 · end of year $647,112

  • 2 · Savings and temporary cash investments

    beginning of year $1,319,630 · end of year $1,281,966

  • 4 · Accounts receivable

    beginning of year $135,704 · end of year $45,978

  • 7 · Other notes and loans receivable

    beginning of year $1,986,420 · end of year $3,727,275

  • 9 · Prepaid expenses and deferred charges

    beginning of year $18,743 · end of year $25,331

  • 10a · Land, buildings and equipment: cost or other basis

    $36,777,947

  • 10b · Land, buildings and equipment: accumulated depreciation

    $13,264,593

  • 10c · Land, buildings and equipment, net

    beginning of year $24,648,535 · end of year $23,513,354

  • 11 · Investments: publicly traded securities

    beginning of year $2,680,275 · end of year $2,258,779

  • 13 · Investments: program-related

    beginning of year -$18,224,913 · end of year -$18,225,052

  • 15 · Other assets

    beginning of year $1,610,130 · end of year $1,270,365

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,939,722 · end of year $5,449,658

  • 19 · Deferred revenue

    beginning of year $12,782 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $29,182,091 · end of year $28,636,853

  • 25 · Other liabilities

    beginning of year $1,055,579 · end of year $972,297

  • 27 · Net assets without donor restrictions

    beginning of year -$20,135,750 · end of year -$20,513,700

Mission and programs · 2024

Mission

To alleviate and improve the housing condition of the needy, physically or mentally handicapped, elderly persons and others whose housing needs are not being adequately met in San Mateo County, CA.

  • The corporation operates thirteen apartment buildings in San Mateo county consisting of 140 units for low and moderate income persons.

    Expenses $3,891,905 · Revenue $4,696,308

  • The corporation serves as a general partner in two limited partnerships which provide 92 units of low-income housing in San Mateo, California. The corporation also serves as the 79% owner of a C Corporation and the sole owner of a Limited Liability Company. Both of these entities serve as a general partner in limited partnerships which provide 75 units of low-income housing in Redwood City, California.

    Expenses $1,580,816 · Grants $1,580,816

  • The corporation sponsors construction and management of low and moderate income housing projects in San Mateo County.

As filed on the 2024 return.

Listed in Part VII

  • Lauren Boro

    President

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Nancy Bush

    Treasurer

    Total calculated
    $0
    Hours/week
    0.5 + 1 related

  • Dianne Whitaker

    Secretary

    Total calculated
    $0
    Hours/week
    0.5

  • Aaron Aknin

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Latisa Brooks

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Kate Comfort Harr

    Executive Director

    Total calculated
    $244,588
    From this org
    $79,599
    From related orgs
    $135,195
    Other
    $29,794
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $79,599 + $135,195 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $29,794 related
    Filer's total
    $79,599 + $164,989 related

  • Ghion Dessie

    VP of Finance

    Total calculated
    $201,448
    From this org
    $47,807
    From related orgs
    $136,561
    Other
    $17,080
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $47,807 + $136,561 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $17,080 related
    Filer's total
    $47,807 + $153,641 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • 1304 El Camino Real LLC

    Serves As GP IN FEIN 87-4190382, See Part III · CA · income $92,797 · assets $2,132,584

    Directly controlled by HHDC

  • 6-8 Coleman Place LLC

    Low-Income Housing · CA · income $309,164 · assets $7,054,830

    Directly controlled by HHDC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • Redwood Oaks Associates

    Related · Low-Income Housing · CA · 1% owned · share of assets $1,141 · general or managing partner

    Directly controlled by HHDC

  • Edgewater Isle Associates LP

    Related · Low-Income Housing · CA · 39.45% owned · share of income $5 · share of assets $3,874,321 · general or managing partner

    Directly controlled by HHDC

  • Redwood Oaks Associates II LP

    Related · Low-Income Housing · CA · 0.01% owned · share of assets $847 · general or managing partner

    Directly controlled by 83-1161755

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Redwood Oaks - HHDC LLC

    C · Low-Income Housing · CA · 79% owned · share of income $40 · share of assets $6,689,837

    Directly controlled by HHDC

Provenance

Return type
form_990
Tax year
2024
Filed
5 May 2026
IRS schema version
2024v5.5
Source object
202611259349303286

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