2024-11-14T19:02:03-06:00 2023-12-31 205991824 SC&H GROUP INC 910 RIDGEBROOK ROAD SPARKS MD 21152 990 2023-01-01 841650039 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION ALEX 7037397775 209 MADISON STREET 500 ALEXANDRIA VA 22314 JONATHAN FREDERICK PRESIDENT AND CEO 7037397775 2024-11-13 1 0 TRAVIS DANIEL P01289276 4104031500 2024-11-13 2023 2024-10-15 13:58:12Z X HOUSING ALEXANDRIA JONATHAN FREDERICK 209 MADISON STREET 500 ALEXANDRIA VA 22314 14135729 0 X WWW.HOUSINGALEXANDRIA.ORG X 2004 VA THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO DEVELOP AND PRESERVE AFFORDABLE HOUSING IN THE CITY OF ALEXANDRIA, VA. 8 8 17 11 0 0 592005 1003620 11682438 12972988 18976 153691 -8730 -19223 12284689 14111076 0 0 0 0 2384840 2976848 79850 21877 73173 15021631 16107511 17486321 19106236 -5201632 -4995160 186839612 211634366 186821136 216592908 18476 -4958542 X THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO DEVELOP AND PRESERVE AFFORDABLE HOUSING IN THE CITY OF ALEXANDRIA, VA. 0 0 11923627 8314390 THE ORGANIZATION ACQUIRED PARKSTONE ALEXANDRIA APARTMENTS ON JANUARY 28, 2020. THE ORGANIZATION OWNS AND OPERATES THIS 326-UNIT APARTMENT COMPLEX LOCATED IN ALEXANDRIA, VIRGINIA. THE ORGANIZATION IS THE SOLE MEMBER AND DEVELOPER FOR AHDC PC DR, LLC.IN 2023, A UNIT AT PARKSTONE WAS RENOVATED TO TEMPORARILY RELOCATE THE SHELTERED HOMES OF ALEXANDRIA RESIDENTS LIVING ON THE SITE OF THE FUTURE SEMINARY ROAD DEVELOPMENT. 3788982 3945020 IN FEBRUARY 2022, THE ORGANIZATION ACQUIRED THE SQUARE AT 511 (FORMALLY PARK VUE APARTMENTS). THIS ACQUISITION PRESERVED A MARKET RATE PROPERTY FOR PERMANENT AFFORDABILITY. AS A RESULT OF THIS ACQUISITION BY THE ORGANIZATION, ALL 196 UNITS WILL BE PERMANENTLY RESTRICTED TO RENTS NOT TO EXCEED 60% OF AREA MEDIAN INCOME. 1324135 304900 THE SHARED EQUITY HOMEOWNERSHIP PROGRAM WAS FINALIZED IN 2023. THE PROJECT UNDER THIS PROGRAM IS UNDER CONSTRUCTION. HOUSING ALEXANDRIA SEMINARY ROAD DEVELOPMENT WILL MAKE HOMEBUYING MORE AFFORDABLE IN ALEXANDRIA BY BUILDING 36 NEW HOMES FOR FAMILIES. IN 2023, HOUSING ALEXANDRIA MADE SIGNIFICANT PROGRESS TOWARDS COMPLETING THIS PROJECT. FUNDING AWARDS INCLUDE $5.0MM FROM THE CITY OF ALEXANDRIA, $2.5MM FROM VIRGINIA HOUSING, AND $500,000 FROM THE NORTHERN VIRGINIA REGIONAL COMMISSION. 430355 349845 THE ORGANIZATION ACQUIRED ELLSWORTH APARTMENTS ON SEPTEMBER 5, 2019. THE ORGANIZATION OWNS AND OPERATES THIS 20-UNIT APARTMENT COMPLEX LOCATED IN ALEXANDRIA, VIRGINIA. THE ORGANIZATION IS THE SOLE MEMBER AND DEVELOPER FOR AHDC ELLSWORTH, LLC. 0 4223 THE ORGANIZATION HAS ACQUIRED A RESIDENTIAL UNIT FOR THE PURPOSE OF PROVIDING RENTAL HOUSING, AT NO COST, TO A RETIRED CITY OF ALEXANDRIA POLICE OFFICER. 0 54610 GROUNDBREAKING ON THE SANS/NAJA BUILDING BEGAN IN 2023. THE PROJECT WILL CREATE 474 AFFORDABLE HOUSING UNITS, 100 OF WHICH WILL BE AVAILABLE AT A DEEPLY AFFORDABLE 40% MEDIAN AREA INCOME THRESHOLD. THE CITY OF ALEXANDRIA HAS APPROVED $64 MILLION FOR THE PROJECT, AND VIRGINIA HOUSING HAS APPROVED $16.8 MILLION. 430355 408678 17467099 1 1 0 0 0 0 0 0 1 0 1 0 0 1 1 0 1 1 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 20 0 17 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 VA X JONATHAN FREDERICK 7037397775 209 MADISON STREET 500 ALEXANDRIA VA 22314 DANIEL ABRAMSON CHAIR 5.00 0.00 X X 0 0 0 CHRISTINA STACY VICE CHAIR 2.00 0.00 X X 0 0 0 JOHN CORRADO SECRETARY 2.00 0.00 X X 0 0 0 CATHERINE WHITE DIRECTOR 2.00 0.00 X 0 0 0 JOE RESENDE DIRECTOR 2.00 0.00 X 0 0 0 MICHAEL CAISON DIRECTOR 2.00 0.00 X 0 0 0 CHARLES PITTMAN DIRECTOR 2.00 0.00 X 0 0 0 ALYSON MINITER TREASURER 2.00 0.00 X X 0 0 0 CATHERINE PHARIS DIRECTOR UNTIL 12/23 2.00 0.00 X 0 0 0 MEGAN GLASHEEN DIRECTOR UNTIL 12/23 2.00 0.00 X 0 0 0 ROBERT BURNS DIRECTOR UNTIL 12/23 2.00 0.00 X 0 0 0 JON FREDERICK PRESIDENT & CEO 40.00 0.00 X 244124 0 33039 AARON REMOLONA DIRECTOR OF REAL ESTATE 40.00 0.00 X 160961 0 15370 ELISA MONDRAGON CHIEF OPERATING OFFICER 40.00 0.00 X 167029 0 22922 KAYLA HORNBROOK VP OF COMMUNITY RELATION 40.00 0.00 X 104407 0 24303 FANG BUCHANAN CONTROLLER 40.00 0.00 X 110498 0 5415 MATTHEW RHODES SENIOR REAL ESTATE PROJECT MANAGER 40.00 0.00 X 109812 0 5069 896831 0 106118 6 0 1 0 WHITING-TURNER CONTRACTING COMPANY 300 E JOPPA ROAD 8TH FLOOR TOWSON MD 21286 CONTRACTOR 2195606 DAVIS CARTER SCOTT LTD 8614 WESTWOOD CENTER DRIVE SUITE 8 TYSONS VA 22182 ARCHITECTURE 947217 ADVANCED PROJECT MANAGEMENT INC 4530 WALNEY ROAD SUITE 202 CHANTILLY VA 20151 PROJECT MANAGEMENT 680883 HOLLAND & KNIGHTHOLLAND KNIGHT LLP PO BOX 936937 ATLANTA GA 31193 LEGAL 361897 CITY OF ALEXANDRIA 301 KING STREET ALEXANDRIA VA 22314 GOVERNMENT 277763 8 77155 849145 77320 670 1003620 RENTAL REVENUE 531110 10617675 10617675 TENANT CHARGES 531110 1516700 1516700 OTHER RENTAL INCOME 531390 323741 323741 PROGRAM INTEREST INCOME 531390 283707 283707 PARKING 531110 158135 158135 73030 73030 12972988 153691 153691 5430 77155 24653 -19223 -19223 14111076 12972988 0 134468 X 643445 355118 266450 21877 1993867 1572405 389483 31979 38070 27226 10021 823 141319 129664 10771 884 182024 153786 26095 2143 483030 483030 68666 22629 46037 67030 67030 133123 76600 56523 129840 124429 5411 426038 306989 110016 9033 9959469 9959469 5751 5751 24729 15957 8772 31898 31898 4074452 4072681 1637 134 42368 23383 17545 1440 BAD DEBTS 179992 179992 OTHER RENT EXPENSES 143003 143003 OFFICE LEASE EXPENSE 121986 67324 50514 4148 MISCELLANEOUS TAXES AND 85265 83057 2208 130871 121489 8670 712 19106236 17467099 1565964 73173 5237213 5526955 17781 1634590 0 27954 383224 533768 8475411 8418373 94048 102315 163242156 13605770 153016973 149636386 -773 -987 19615735 45755012 186839612 211634366 5990515 5294819 16010947 26373404 335816 325177 163770419 181081298 713439 3518210 186821136 216592908 X -313979 -5290997 332455 332455 18476 -4958542 186839612 211634366 X -4995160 -214 18356 X 0 1 X 1 0 X 389845 1207664 925594 592005 1003620 4118728 389845 1207664 925594 592005 1003620 4118728 4118728 9500 11374 969 18976 153691 194510 5430 5430 4318668 44461556 0.95370 0.98640 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: FUNDRAISING EVENTS - 2023 AMOUNT: $ 5,430. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 36228400 36228400 125663778 13150734 112513044 14239 105 14134 1335739 454931 880808 149636386 LOAN INTEREST RECEIVABLE 1777082 SECURITY DEPOSIT 52754 DEVELOPER FEE RECEIVABLE 6010808 PRE DEVELOPMENT 40042 CONSTRUCTION IN PROGRESS 32518439 REPLACEMENT RESERVES 2819156 OTHER ESCROW & RESERVES 165691 TENANT SECURITY DEPOSITS 345284 RIGHT OF USE ASSET 2025756 45755012 DEVELOPER FEE PAYABLE 368067 PREPAID REVENUE 211696 LEASE LIABILITY 2033447 OTHER LOANS PAYABLE 905000 3518210 20784796 7806187 7806187 12978609 1132467 1132467 14111076 28527171 10021579 10021579 18505592 600644 600644 19106236 PART IV, LINE 2B: THE AMOUNT OF $325,177 ON THE ACCOMPANYING BALANCE SHEET REPRESENTS FUNDS DEPOSITED IN A SAVINGS ACCOUNT WITH A BALANCE WHICH SHOULD BE AT LEAST EQUAL TO THE TENANTS' SECURITY DEPOSITS. VIRGINIA RENT ESCROW LAW REQUIRES THE CORPORATION TO MAINTAIN A SEPARATE ACCOUNT FOR DEPOSITS PAID BY THE TENANTS, AND TO CREDIT THE DEPOSITS ANNUALLY WITH INTEREST AT 1% BELOW THE CURRENT FEDERAL RATE. TENANT SECURITY DEPOSITS ARE HELD IN A FEDERALLY INSURED BANK. PART XI, LINE 2D - OTHER ADJUSTMENTS: ELIMINATION OF AFFILIATES' REVENUES 7,787,831. BAD DEBT RECOVERY 18,356. PART XI, LINE 4B - OTHER ADJUSTMENTS: ELIMINATION OF INTERCOMPANY TRANSACTIONS 1,021,288. RECLASSIFICATION OF BAD DEBT EXPENSE 111,179. PART XII, LINE 2D - OTHER ADJUSTMENTS: ELIMINATION OF AFFILIATES' EXPENSES 10,021,579. PART XII, LINE 4B - OTHER ADJUSTMENTS: ELIMINATION OF INTERCOMPANY TRANSACTIONS 489,465. RECLASSIFICATION OF BAD DEBT EXPENSE 111,179. FOOD TRUCK FESTIVAL 82585 77155 5430 485 670 13289 7831 2378 82585 77155 5430 485 670 13289 7831 2378 24653 -19223 X X X 0 0 0 0 0 0 0 1 0 JON FREDERICK PRESIDENT & CEO 201524 0 42600 0 0 0 8865 0 24174 0 277163 0 0 0 ELISA MONDRAGON CHIEF OPERATING OFFICER 136029 0 31000 0 0 0 6681 0 16241 0 189951 0 0 0 AARON REMOLONA DIRECTOR OF REAL ESTATE 138086 0 22875 0 0 0 6141 0 9229 0 176331 0 0 0 PART I, LINE 7 THE ORGANIZATION MADE CERTAIN NON-FIXED COMPENSATORY PAYMENTS TO STAFF BASED ON ACHIEVEMENT OF INDIVIDUAL GOALS AND OVERALL CONTRIBUTIONS TO THE ORGANIZATION. FORM 990, PART VI, SECTION A, LINE 3 AHDC RPO UNIT #1, LLC IS MANAGED BY ALEXANDRIA HOUSING DEVELOPMENT CORPORATION, PURSUANT TO THE TERMS OF A MANAGEMENT AGREEMENT. THE FEE IS $100 PER MONTH AND IS PAYABLE QUARTERLY. THE AGREEMENT IS IN EFFECT ON A MONTH-TO-MONTH BASIS UNLESS TERMINATED PURSUANT TO THE AGREEMENT. THE FEES ARE REIMBURSED TO RPO FROM THE CITY OF ALEXANDRIA POLICE DEPARTMENT. FOR THE YEAR ENDED DECEMBER 31, 2023, PROPERTY MANAGEMENT FEES OF $1,200 WERE INCURRED. AHDC ELLSWORTH, LLC IS MANAGED BY S.L. NUSBAUM REALTY CO., AN UNRELATED PARTY, PURSUANT TO THE TERMS OF A MANAGEMENT AGREEMENT DATED AUGUST 1, 2019. THE AGREEMENT IS FOR ONE YEAR AND WILL REMAIN IN EFFECT ON AN ANNUAL BASIS UNLESS TERMINATED PURSUANT TO THE AGREEMENT. THE FEE IS COMPUTED AT 4.5% OF RENT COLLECTIONS FOR THE PRECEDING MONTH, AS DEFINED. FOR THE YEAR ENDED DECEMBER 31, 2023, PROPERTY MANAGEMENT FEES OF $16,107 WERE INCURRED AND PAID. AHDC PC DR, LLC (PARKSTONE) IS MANAGED BY JBGS/TRS, L.L.C., AN UNRELATED PARTY, PURSUANT TO THE TERMS OF A MANAGEMENT AGREEMENT DATED JANUARY 28, 2020. THE AGREEMENT IS FOR AN INITIAL TWO-YEAR TERM AND WILL REMAIN IN EFFECT ON AN ANNUAL ONE-YEAR TERM BASIS UNLESS TERMINATED PURSUANT TO THE AGREEMENT. THE FEE IS COMPUTED AT 4% OF GROSS RECEIPT COLLECTIONS. FOR THE YEAR ENDED DECEMBER 31, 2023, PROPERTY MANAGEMENT FEES OF $322,517 WERE INCURRED AND $27,876 REMAINS PAYABLE. AHDC FOUR MILE RD, LLC (PARK VUE) IS OBLIGATED UNDER THE TERMS OF A PROPERTY MANAGEMENT AGREEMENT WITH S.L. NUSBAUM REALTY CO., AN UNRELATED PARTY. FEES ARE COMPUTED BASED ON 4% OF THE GROSS RENTAL COLLECTIONS AS DEFINED BY THE PROPERTY MANAGEMENT AGREEMENT. THE AGREEMENT IS FOR ONE YEAR WITH AUTOMATIC ANNUAL RENEWALS THEREAFTER. PROPERTY MANAGEMENT FEES OF $144,406 WERE INCURRED AND PAID DURING 2023. FORM 990, PART VI, SECTION B, LINE 11B THE DRAFT IS REVIEWED BY THE EXECUTIVE DIRECTOR, TREASURER, AND THE ACCOUNTANTS. THE DRAFT IS COMPARED TO THE PRIOR YEAR'S RETURN AND THE FINANCIAL STATEMENTS. THE EXECUTIVE DIRECTOR OR THE TREASURER GIVES THE APPROVAL FOR THE FINAL VERSION OF THE FORM 990 TO BE CREATED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION'S CONFLICT OF INTEREST POLICY REQUIRES THAT EACH DIRECTOR, PRINCIPAL OFFICER, AND MEMBER OF BOARD OF DIRECTORS OR APPROPRIATE COMMITTEE WITH DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICT-OF-INTEREST POLICY B. HAS READ AND UNDERSTANDS THE POLICY C. HAS AGREED TO COMPLY WITH THE POLICY, AND D. UNDERSTANDS THAT ALEXANDRIA HOUSING DEVELOPMENT CORPORATION IS CHARITABLE AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION IT MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. FORM 990, PART VI, SECTION B, LINE 15 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION (AHDC) BOARD OF DIRECTORS EMPLOYED A COMPENSATION SPECIALIST TO ANALYZE THE COMPENSATION PACKAGE FOR THE AHDC'S PRESIDENT, JONATHAN D FREDERICK. AHDC'S PRESIDENT USED INDUSTRY REPORTS, NAMELY A LOCAL AFFORDABLE HOUSING REGIONAL NETWORK REPORT, TO ENSURE SALARIES FOR KEY EMPLOYEES WERE CONSISTENT WITH THE MARKET FOR LIKE JOB DESCRIPTIONS. IN ADDITION, AHDC MEASURE PERFORMANCE. PERFORMANCE IS ASSESSED BASED ON THREE MAJOR COMPONENTS: PROGRESS ON PLANNED STRATEGIC GOALS, COMPLETION OF DAILY TASKS, AND FULFILLMENT OF THE TEAM MEMBER'S STATED JOB DESCRIPTION. THE QUALITY OF PERFORMANCE IS DETERMINED BY EVALUATING INCORPORATION OF CULTURE VALUES, USE OF PROFESSIONAL DEVELOPMENT OPPORTUNITIES, AND SUCCESS MEETING EXPECTATIONS ON BEHAVIOR AND WORK STANDARDS. ACCORDING TO PERFORMANCE REVIEW RESULTS AND BUDGET AVAILABLE, TEAM MEMBERS ARE ASSIGNED COMPENSATION DEPENDENT ON THEIR GRADE LEVEL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS OR UPON REQUEST. FORM 990, PART IX, LINE 16 OCCUPANCY EXPENSE: UTILITIES $ 1,339,172 REAL ESTATE TAXES 1,201,743 REPAIRS & MAINTENANCE 1,056,611 SUPPLIES 322,359 PROPERTY INSURANCE 176,296 MORTGAGE INTEREST 5,863,288 TOTAL OCCUPANCY EXPENSE $ 9,959,469 FORM 990, PART XI, LINE 9: BAD DEBT RECOVERY 18,356. AHDC RPO UNIT #1 LLC 209 MADISON STREET 500 ALEXANDRIA VA 22314 273390388 PROVIDE A RESIDENTIAL POLICE OFFICER UNIT FOR A MEMBER OF THE ALEXANDRIA PD VA 4223 356048 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION AHDC ELLSWORTH LLC 209 MADISON STREET 500 ALEXANDRIA VA 22314 842277440 AFFORDABLE HOUSING VA 350355 4128260 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION AHDC PC DR LLC 209 MADISON STREET 500 ALEXANDRIA VA 22314 844059118 AFFORDABLE HOUSING VA 8598721 100874718 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION AHDC ACQUISITION I LLC 209 MADISON STREET 500 ALEXANDRIA VA 22314 452593866 AFFORDABLE HOUSING VA 0 0 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION AHDC FOUR MILE RD LLC 209 MADISON STREET 500 ALEXANDRIA VA 22314 880723725 AFFORDABLE HOUSING VA 3950637 51360418 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION AHDC GLEBE MOUNT VERNON LLC 209 MADISON STREET 500 ALEXANDRIA VA 22314 884169024 AFFORDABLE HOUSING VA 65455 31107493 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION AHDC SEMINARY LLC 209 MADISON STREET 500 ALEXANDRIA VA 22314 883049337 AFFORDABLE HOUSING VA 0 4216222 ALEXANDRIA HOUSING DEVELOPMENT CORPORATION ALEXANDRIA POTOMAC STATION LIMITED PARTNERSHIP 209 MADISON STREET 500 ALEXANDRIA VA 22314 208564728 AFFORDABLE HOUSING VA AHDC POTOMAC STATION INC RELATED -494126 5272776 0 1 0.00010 ALEXANDRIA TRILOGY PROPERTIES LIMITED PARTNERSHIP 209 MADISON STREET 500 ALEXANDRIA VA 22314 462293850 AFFORDABLE HOUSING VA AHDC ALL PROPERTIES INC RELATED -441850 837722 0 1 0.00010 ALEXANDRIA GATEWAY LIMITED PARTNERSHIP 209 MADISON STREET 500 ALEXANDRIA VA 22314 811594439 AFFORDABLE HOUSING VA AHDC GATEWAY INC RELATED 1194736 0 1 0.00010 ALEXANDRIA LACY COURT LIMITED PARTNERSHIP 209 MADISON STREET 500 ALEXANDRIA VA 22314 823219866 AFFORDABLE HOUSING VA AHDC LACY COURT INC RELATED 1763724 0 1 0.00010 ALEXANDRIA NORTH HENRY LIMITED PARTNERSHIP 209 MADISON STREET 500 ALEXANDRIA VA 22314 820989497 AFFORDABLE HOUSING VA AHDC NORTH HENRY INC RELATED -134 3699538 0 1 0.00010 AHDC POTOMAC STATION INC 209 MADISON STREET 500 ALEXANDRIA VA 22314 208564608 AFFORDABLE HOUSING VA ALEXANDRIA HOUSING DEVELOPMENT CORPORATION C 12787 -3066977 1.00000 0 AHDC ALL PROPERTIES INC 209 MADISON STREET 500 ALEXANDRIA VA 22314 462273579 AFFORDABLE HOUSING VA ALEXANDRIA HOUSING DEVELOPMENT CORPORATION C 2 -1033148 1.00000 0 AHDC NORTH HENRY INC 209 MADISON STREET 500 ALEXANDRIA VA 22314 820988724 AFFORDABLE HOUSING VA ALEXANDRIA HOUSING DEVELOPMENT CORPORATION C 1 -764 1.00000 0 AHDC GATEWAY INC 209 MADISON STREET 500 ALEXANDRIA VA 22314 811549141 AFFORDABLE HOUSING VA ALEXANDRIA HOUSING DEVELOPMENT CORPORATION C 1.00000 0 AHDC LACY COURT INC 209 MADISON STREET 500 ALEXANDRIA VA 22314 823219536 AFFORDABLE HOUSING VA ALEXANDRIA HOUSING DEVELOPMENT CORPORATION C 1.00000 0 1 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 ALEXANDRIA NORTH HENRY LIMITED PARTNERSHIP A 40281 FAIR MARKET VALUE ALEXANDRIA NORTH HENRY LIMITED PARTNERSHIP A 8000 FAIR MARKET VALUE ALEXANDRIA GATEWAY LIMITED PARTNERSHIP L 129341 FAIR MARKET VALUE ALEXANDRIA NORTH HENRY LIMITED PARTNERSHIP L 155233 FAIR MARKET VALUE