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Nonprofiteer
← MOMENTUM HOUSING

Form 990 for tax year 2023

Filed by MOMENTUM HOUSING.

Totals

Total revenue
$72,553,056
Total expenses
$94,749,069
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$70,588,856
Investment income
$1,396,948
Other revenue
$567,252
Total assets, end of year
$643,645,928
Total liabilities, end of year
$703,501,476
Net assets or fund balances, end of year
-$59,855,548
Program services expenses (Part IX)
$92,147,610
Management and general expenses
$2,601,459
Fundraising expenses
$0
Program service expenses (Part III)
$92,147,610

Program services were 97.3% 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.

  • 2a · Program service revenue: RENTAL INCOME

    total $70,588,856 · related or exempt $70,588,856

  • 3 · Investment income

    total $4,347,029 · excluded $4,347,029

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

    other assets $2,950,081

  • 7c · Gain or loss

    other assets -$2,950,081

  • 7d · Net gain or loss

    total -$2,950,081 · excluded -$2,950,081

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $532,330 · excluded $532,330

  • 11b · Other revenue: REBATE INCOME

    total $34,922 · excluded $34,922

  • 11e · Other revenue, total

    $567,252

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,694,700 · management and general $1,694,700

  • 7 · Other salaries and wages

    total $5,109,453 · program services $4,770,730 · management and general $338,723

  • 8 · Pension plan contributions

    total $22,046 · program services $22,046

  • 9 · Other employee benefits

    total $469,627 · program services $403,879 · management and general $65,748

  • 10 · Payroll taxes

    total $458,721 · program services $388,537 · management and general $70,184

  • 11a · Fees: management

    total $1,785,153 · program services $1,785,153

  • 11b · Fees: legal

    total $442,059 · program services $371,330 · management and general $70,729

  • 11c · Fees: accounting

    total $340,782 · program services $340,782

  • 11g · Fees: other

    total $251,401 · program services $248,887 · management and general $2,514

  • 12 · Advertising and promotion

    total $713,237 · program services $706,105 · management and general $7,132

  • 13 · Office expenses

    total $1,635,491 · program services $1,602,781 · management and general $32,710

  • 14 · Information technology

    total $110,265 · program services $104,752 · management and general $5,513

  • 16 · Occupancy

    total $5,385,657 · program services $5,385,657

  • 17 · Travel

    total $72,648 · program services $37,777 · management and general $34,871

  • 19 · Conferences, conventions and meetings

    total $45,083 · program services $45,083

  • 20 · Interest

    total $41,836,562 · program services $41,832,378 · management and general $4,184

  • 22 · Depreciation, depletion and amortization

    total $18,924,326 · program services $18,922,434 · management and general $1,892

  • 23 · Insurance

    total $3,919,606 · program services $3,898,832 · management and general $20,774

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $5,368,868 · program services $5,315,179 · management and general $53,689

  • 24b · Other expenses: FINANCE COSTS

    total $3,795,434 · program services $3,605,662 · management and general $189,772

  • 24c · Other expenses: BAD DEBTS

    total $1,348,938 · program services $1,348,938

  • 24d · Other expenses: SUPPLIES

    total $852,539 · program services $852,539

  • 24e · All other expenses

    total $166,473 · program services $158,149 · management and general $8,324

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,640,030 · end of year $11,861,542

  • 4 · Accounts receivable

    beginning of year $279,685 · end of year $665,183

  • 7 · Other notes and loans receivable

    beginning of year $534,044

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,016,539 · end of year $3,902,566

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

    $543,149,046

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

    $48,614,993

  • 10c · Land, buildings and equipment, net

    beginning of year $534,215,610 · end of year $494,534,053

  • 13 · Investments: program-related

    beginning of year $2,941,715 · end of year $0

  • 15 · Other assets

    beginning of year $109,747,673 · end of year $132,682,584

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,394,760 · end of year $5,602,570

  • 23 · Secured mortgages and notes payable

    beginning of year $614,708,362 · end of year $611,896,923

  • 25 · Other liabilities

    beginning of year $83,621,584 · end of year $86,001,983

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year -$41,349,410 · end of year -$59,855,548

Mission and programs · 2023

Mission

THE FOUNDATION FOR AFFORDABLE HOUSING HAS BEEN FORMED FOR THE EXEMPT PURPOSE OF CONSTRUCTION, PURCHASING, OWNING, AND OPERATING AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES.

  • PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME INDIVIDUALS THROUGH ITS WHOLLY-OWNED SUBSIDIARIES AND OTHER AFFILIATES.

    Expenses $92,147,610 · Revenue $70,588,856

As filed on the 2023 return.

Listed in Part VII

  • Mark Hiatt

    PRESIDENT

    Total calculated
    $995,000
    From this org
    $995,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $360,000
    Bonus
    $635,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $995,000

  • Drew Fitch

    VICE PRESIDENT

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Dave Wilkinson

    DIRECTOR

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steve Cocrell

    DIRECTOR

    Total calculated
    $9,900
    From this org
    $9,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mitchell Hiatt

    VICE PRESIDENT AND GENERAL

    Total calculated
    $395,000
    From this org
    $395,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $300,000
    Bonus
    $95,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $395,000

  • Sharise Engel

    CHIEF FINANCIAL OFFICER

    Total calculated
    $275,000
    From this org
    $275,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $125,000
    Bonus
    $150,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $275,000

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 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7:
CASH BONUSES WERE PAID AT THE DISCRETION OF THE BOARD OF DIRECTORS.

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

No itemized grants to organizations on this return.

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.

  • FAH ROSEWOOD LLC

    AFFORDABLE HOUSING · SC · income $6,501 · assets $8,804,739

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH SOUTH POINTE LLC

    AFFORDABLE HOUSING · SC · income -$9,031 · assets $19,989,439

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH THE HOLLOWS LLC

    AFFORDABLE HOUSING · SC · income -$392,603 · assets $19,262,446

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH GREENBRIER LLC

    AFFORDABLE HOUSING · SC · income -$852,115 · assets $45,785,867

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH ATRIUM PLACE LLC

    AFFORDABLE HOUSING · SC · income -$533,407 · assets $23,655,329

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH TAMARIND LLC

    AFFORDABLE HOUSING · SC · income -$105,401 · assets $20,048,854

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH LAWSON CREEK LLC

    AFFORDABLE HOUSING · SC · income -$859,510 · assets $25,335,550

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH CULPEPPER LLC

    AFFORDABLE HOUSING · SC · income -$689,582 · assets $21,824,449

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - POPLAR SQUARE LLC

    AFFORDABLE HOUSING · SC · income $3,801 · assets $4,875,708

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH SORRENTO LLC

    AFFORDABLE HOUSING · SC · income -$711,876 · assets $30,449,694

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH TOSCANA LLC

    AFFORDABLE HOUSING · SC · income -$535,508 · assets $20,256,088

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH WELLINGTON LLC

    AFFORDABLE HOUSING · SC · income -$3,698,532 · assets $33,389,610

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH OASIS LLC

    AFFORDABLE HOUSING · DE · income -$1,062,300 · assets $21,275,350

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH PELHAM LLC

    AFFORDABLE HOUSING · DE · income -$3,553,219 · assets $62,158,655

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH WESTCHESTER LLC

    AFFORDABLE HOUSING · DE · income $1,731,269 · assets $20,783,245

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH TREE HOUSE LLC

    AFFORDABLE HOUSING · DE · income $2,378,199 · assets $86,045,971

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH CHERRY GROVE LLC

    AFFORDABLE HOUSING · SC · income -$706,443 · assets $12,954,767

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH RIVERSTONE LLC

    AFFORDABLE HOUSING · SC · income -$876,981 · assets $21,050,927

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH SILVER BLUFF LLC

    AFFORDABLE HOUSING · DE · income $5,359,819 · assets $0

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH VILLAGE STATION LLC

    AFFORDABLE HOUSING · DE · income $342,431 · assets $31,108,691

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH PACES RUN LLC

    AFFORDABLE HOUSING · DE · income $3,757,943 · assets $0

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH MAPLES LLC

    AFFORDABLE HOUSING · WI · income -$1,385,512 · assets $28,957,176

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - TWIN OAKS LLC

    AFFORDABLE HOUSING · SC · income $3,507 · assets $2,634,305

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - PICKENS GARDENS LLC

    AFFORDABLE HOUSING · SC · income $4,175 · assets $5,451,097

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - NORTH AUGUSTA GARDENS LLC

    AFFORDABLE HOUSING · SC · income $4,175 · assets $7,900,067

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - ABBEVILLE LLC

    AFFORDABLE HOUSING · SC · income $4,997 · assets $5,775,272

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - CROSLAND LLC

    AFFORDABLE HOUSING · SC · income $3,021 · assets $4,114,296

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - CAYCE LLC

    AFFORDABLE HOUSING · SC · income $3,491 · assets $23,555,731

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - HERITAGE COURT LLC

    AFFORDABLE HOUSING · SC · income $13,518 · assets $17,607,144

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH HOLDINGS - HARRY C WHITE OWNER LLC

    AFFORDABLE HOUSING · SC · income $1,464 · assets $6,258,997

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • MOMENTUM HOMES LLC

    AFFORDABLE HOUSING · NE · income -$1,994 · assets $4,528

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH FUND II GP LLC

    AFFORDABLE HOUSING · NE

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH FUND I GP LLC

    AFFORDABLE HOUSING · NE

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH CONSTRUCTION

    AFFORDABLE HOUSING · NE

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

Related partnerships

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

  • WILLOW BEND TOWNHOMES II LP

    N/A · TO PROVIDE AFFORDABLE HOUSING · OH · 99.9% owned · share of income -$150,354 · share of assets $4,677,189

  • NEW POST WOODS TOWNHOMES LP

    N/A · TO PROVIDE AFFORDABLE HOUSING · OH · 99.9% owned · share of income -$203,801 · share of assets $9,399,491

  • CRESCENT VILLAGE TOWNHOMES II LP

    N/A · TO PROVIDE AFFORDABLE HOUSING · OH · 99.9% owned · share of income $17,374 · share of assets $4,829,143

  • DELTA MANOR GP LLC

    RELATED · TO SERVICE AS MANAGING MEMBER OF AFFILIATED ENTITIES · TX · 99.9% owned · share of income $134,114

    Directly controlled by PRA GP NO2 INC

  • MAPLE COURT GP LLC

    RELATED · TO SERVICE AS MANAGING MEMBER OF AFFILIATED ENTITIES · TX · 99.9% owned · share of income $766,259

    Directly controlled by PRA GP NO2 INC

  • ABBY COURT GP LLC

    RELATED · TO SERVICE AS MANAGING MEMBER OF AFFILIATED ENTITIES · TX · 99.9% owned · share of income $469,137

    Directly controlled by PRA GP NO2 INC

  • FAH TAX EXEMPT INVESTORS I LP

    RELATED · TO FINANCE THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE · NE · 0.01% owned · share of assets $5

    Directly controlled by FAH FUND I GP LLC

  • FAH TAX EXEMPT INVESTORS II LP

    RELATED · TO FINANCE THE DEVELOPMENT AND PRESERVATION OF AFFORDABLE · DE · 0.01% owned · share of assets $5

    Directly controlled by FAH FUND II GP LLC

Related corporations and trusts

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

  • FAH 4 GP LLC

    C · MANAGING MEMBER OF AFFILIATED ENTITIES PROVIDING AFFORDABLE · NC · 100% owned · share of income -$673,589 · share of assets $46,374,233 · controlled entity

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

  • FAH OHIO GP LLC

    C · MANAGING MEMBER OF AFFILIATED ENTITIES PROVIDING AFFORDABLE · NE · 100% owned · share of income $40,928 · share of assets $3,006 · controlled entity

    Directly controlled by FOUNDATION FOR AFFORDABLE HOUSING

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202413209349304336

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