2024-11-12T14:32:32-06:00 2023-12-31 141555429 UHY ADVISORS NORTHEAST INC 4 TOWER PLACE EXECUTIVE PARK 7TH FLOOR ALBANY NY 12203 990 2023-01-01 237120738 SOMALTOW HOUSING COMPANY INC SOMA 5184630294 101 S PEARL ST ALBANY NY 12207 PETER MCKEE VICE-PRESIDENT 5184630294 2024-11-12 1 1 XIAOQIANG ZHANG P01577994 5184493166 2024-11-12 2023 2024-10-15 13:58:12Z GARY HALLOCK 101 S PEARL ST ALBANY NY 12207 5718166 0 X X 1971 NY TO PROVIDE HOUSING AND AUXILIARY FACILITIES FOR AGED PERSONS OF LOW INCOME, AND TO THIS END TO PLAN, ACQUIRE, CONSTRUCT, OWN, MAINTAIN AND OPERATE SUCH HOUSING AND AUXILIARY FACILITIES. 8 8 27 8 0 0 0 24000 2950346 3964342 185909 386243 0 0 3136255 4374585 0 0 0 0 602521 0 0 0 0 3236883 4808920 3839404 4808920 -703149 -434335 18904526 12289182 5016411 0 13888115 12289182 TO PROVIDE HOUSING AND AUXILIARY FACILITIES FOR AGED PERSONS OF LOW INCOME, AND TO THIS END TO PLAN, ACQUIRE, CONSTRUCT, OWN, MAINTAIN AND OPERATE SUCH HOUSING AND AUXILIARY FACILITIES. 0 0 4778961 3964342 TO PROVIDE HOUSING AND AUXILIARY FACILITIES FOR AGED PERSONS OF LOW INCOME, AND TO THIS END TO PLAN, ACQUIRE, CONSTRUCT, OWN, MAINTAIN AND OPERATE SUCH HOUSING AND AUXILIARY FACILITIES. 4778961 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 1 10 0 1 27 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 1 0 NY X KIM HANSEN 5184630294 101 S PEARL ST ALBANY NY 12207 TYLER FRONTE DIRECTOR 0.50 0.50 X 0 0 0 CAREN HICKS DIRECTOR 0.50 0.50 X 0 0 0 ADAM LASEK DIRECTOR 0.50 0.00 X 0 0 0 STEVE REHFUSS DIRECTOR 0.75 0.75 X 0 0 0 GARY HALLOCK PRESIDENT 2.50 2.50 X X 0 0 0 PETER MCKEE VICE-PRESIDENT 1.00 1.00 X X 0 0 0 JOHN SABURRO TREASURER 1.00 1.00 X X 0 0 0 ERIC SPRAGUE SECRETARY 0.50 0.50 X X 0 0 0 KIMBERLY HANSEN EXECUTIVE DIRECTOR 5.00 35.00 X 109529 0 0 109529 0 0 1 0 0 0 BISHOP BEAUDRY CONSTRUCTION LLC 2885 CURRY RD SCHENECTADY NY 12303 CONSTRUCTION SERVICES 156880 GORDON BEACH 25 OLD RAVENA RD SELKIRK NY 12158 FLOORING CONTRACTOR 134795 2 X 24000 24000 LOW-INCOME HOUSING RENTS (SMT LP) 531110 3369715 3369715 MORTGAGE INTEREST 522292 477264 477264 MANAGEMENT FEE 523940 117363 117363 3964342 62487 62487 1667337 1343581 323756 323756 323756 4374585 3964342 0 386243 X 2659 2659 3400 3400 10480 10480 950 950 6370 6370 RENTAL EXPENSES SMT LP 4066969 4066969 INTEREST EXP - SMTLP 644741 644741 BAD DEBTS 67251 67251 DONATIONS 6100 6100 4808920 4778961 29959 0 X 275713 153731 93198 140841 0 13192885 2406768 2736945 -10745953 2795121 20144459 18904526 12289182 56859 64421 5120000 101763 -326632 5016411 0 X 13888115 12289182 13888115 12289182 18904526 12289182 X -434335 -134100 -1030498 X 1 X 0 0 0 X 24000 24000 2727619 2710088 2700410 2950346 3964342 15052805 2727619 2710088 2700410 2950346 3988342 15076805 0 554119 554119 554119 554119 14522686 61905 50731 41106 37148 62487 253377 61905 50731 41106 37148 62487 253377 2789524 2760819 2741516 2987494 4050829 15330182 0.94730 0.97910 0.01650 0.02000 X SCH. A, PART III, LINE 2 PROGRAM REVENUES INCLUDE RENTS RECEIVED IN SOUTH MALL TOWERS ALBANY LP. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 ACCRUED MANAGEMENT FEE RECEIVABLE 9781 MORTGAGE INTEREST RECEIVABLE 6790885 DEVELOPER FEE RECEIVABLE 138357 MORTGAGE RECEIVABLE 13205436 20144459 BISHOP BEAUDRY CONSTRUCTION LLC DIRECTOR LASEK AND EXEC DIRECTOR'S HUSBAND ARE PRINCIPALS IN BB CONST 156880 CONSTRUCTION SERVICES 0 EMPLOYEES 2 FAMILY MEMBERS OF EXECUTIVE DIRECTOR 106949 COMPENSATION 0 REHFUSS LAW FIRM DIRECTOR STEVE REHFUSS IS A PRINCIPAL IN THE LAW FIRM 50399 PROFESSIONAL SERVICES 0 FORM 990 - ADDITIONAL INFORMATION SOMALTOW HOUSING COMPANY INC ("SOMALTOW") IS THE SPONSOR OF A LOW INCOME HOUSING PROJECT IN ALBANY, NEW YORK, COMPRISED OF ABOUT 345 RENTAL UNITS. THE OWNERSHIP AND OPERATIONS OF THE PROJECT ARE PRESENTLY UNDER SOUTH MALL TOWERS ALBANY LP, OF WHICH SOMALTOW IS A 99.991% LIMITED PARTNER. THE 0.009% GENERAL PARTNER, TOWERS HOUSING ALBANY INC., IS A NOT-FOR-PROFIT CORPORATION. THE SAME INDIVIDUALS COMPRISE THE MAJORITY OF EACH RESPECTIVE BOARD OF SOMALTOW AND TOWERS HOUSING. THE FOLLOWING SHOULD BE CONSIDERED IN READING THE INFORMATION AND FIGURES PRESENTED IN THIS RETURN, IN PARTICULAR THE COMPARATIVE BALANCE SHEETS PRESENTED IN PART X. PRIOR YEAR'S FORM 990 PRESENTED THE CONSOLIDATED BALANCE SHEET AND REVENUES AND EXPENDITURES OF SOMALTOW AND SOUTH MALL TOWERS. THE 2023 FORM 990, UNDER APPLICABLE ACCOUNTING RULES, IS NOW PRESENTED ON A SEPARATE-COMPANY BASIS WITH THE YEAR-END BALANCE SHEET OF SOMALTOW. REVENUES AND EXPENSES INCLUDE SOMALTOW'S SHARE OF THE REVENUES AND EXPENSES OF SOUTH MALL TOWERS. DUE TO THE TRANSITION FROM CONSOLIDATED TO SEPARATE COMPANY FIGURES AN ADJUSTMENT TO FUNDS OF $(1,030,498) SHOWS ON THE FORM 990, PART XI, LINE 9. ALSO DUE TO THIS CHANGE IN PRESENTATION NO ASSETS SHOW ON LINE 10 IN THE BALANCE SHEET, AND NO LIABILITIES SHOW ON THE BALANCE SHEET SINCE THESE EXIST IN SOUTH MALL TOWERS. THE YEAR-END NEGATIVE CAPITAL BALANCE IN SOMALTOW'S OWNERSHIP INTEREST IN SOUTH MALL TOWERS IS SHOWN ON THE BALANCE SHEET ON LINE 13, UNDER PROGRAM-RELATED INVESTMENTS. FORM 990, PART VI, SECTION A, LINE 2 OFFICER, DIRECTOR, TRUSTEE, KEY-EMPLOYEE RELATIONSHIPS: DIRECTOR ADAM LASEK AND HUSBAND OF THE EXECUTIVE DIRECTOR HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B FORM 990 REVIEW PROCESS: A DRAFT COPY OF THE FORM 990 WAS SENT TO THE TREASURER FOR HIS REVIEW AND COMMENTS PRIOR TO A REVIEW BY THE OTHER BOARD MEMBERS. A DRAFT COPY OF THE FORM 990 WAS THEN SENT TO THE OTHER BOARD MEMBERS FOR THEIR REVIEW AND COMMENTS PRIOR TO FILING IT WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY PROCEDURES: ALL BOARD MEMBERS ARE REQUIRED TO RESPOND TO AN ANNUAL QUESTIONNAIRE REGARDING ANY CONFLICTS OF INTEREST. ANY NOTED CONFLICTS ARE RESOLVED IN A TIMELY MANNER. COPIES OF THE QUESTIONNAIRE ARE MAINTAINED BY THE ORGANIZATION. ANY DIRECTOR OR OFFICER MUST DISCLOSE ANY CONFLICTS OF INTEREST AND ARE REQUIRED TO RECUSE THEMSELVES FOM ANY DECISION ON MATTERS IN WHICH THEY HAVE AN INTEREST. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC ACCESS TO GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS: THESE ARE AVAILABLE ON REQUEST. PART VI, LINE 16 PARTICIPATION IN JOINT VENTURE OR SIMILAR ARRANGEMENT WITH A TAXABLE ENTITY: THE CORPORATION IS A 99.991% LIMITED PARTNER IN SOUTH MALL TOWERS ALBANY LP, WHICH IS THE OWNER OF RECORD AND MANAGER OF THE LOW INCOME HOUSING PROJECT. THE GENERAL PARTNER OF SOUTH MALL TOWERS IS TOWERS HOUSING ALBANY INC., WHICH IS A NON-PROFIT CORPORATION. SOMALTOW HOUSING AND TOWERS HOUSING ARE UNDER COMMON CONTROL. FORM 990, PART XI, LINE 9: ADJUSTMENT FOR DECONSOLIDATION -1,030,498. CAPITAL HOUSING DEVELOPMENT FUND COMPANY INC 101 S PEARL ST ALBANY NY 12207 880732433 INACTIVE NY 501(C)(4) 0 SOUTH MALL TOWERS ALBANY LP 101 S PEARL ST ALBANY NY 12207 010747926 LOW INCOME HOUSING NY RENTALS 3370018 13923126 0 0 0.99990 TOWERS HOUSING ALBANY INC 101 S PEARL ST ALBANY NY 12207 020647484 HOLDING COMPANY NY C 1 0 1 1 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 SOUTH MALL TOWERS ALBANY LP A 477264 INCOME ACCRUED SOUTH MALL TOWERS ALBANY LP B 24000 CAPITAL CONTRIBUTION SOUTH MALL TOWERS ALBANY LP D 20144459 AMOUNT DUE SOUTH MALL TOWERS ALBANY LP L 117363 INCOME ACCRUED