2024-10-16T14:48:18-04:00 2023-12-31 930819646 JONES & ROTH PC PO BOX 10086 EUGENE OR 97440 990 2023-01-01 931078543 METROPOLITAN AFFORDABLE HOUSING CORPORATION METR 5416831751 PO BOX 11923 EUGENE OR 97440 JEFFERY YODER TREASURER EFF. 4/23 5416831751 2024-10-14 true true KARI YOUNG P01325552 5416872320 2024-10-14 2023 2024-10-15 13:58:12Z CORNERSTONE COMMUNITY HOUSING DARCY PHILLIPS PO BOX 11923 EUGENE OR 97440 7828869 false X CORNERSTONECOMMUNITYHOUSING.ORG X 1991 OR PROVIDE QUALITY, AFFORDABLE HOUSING FOR PEOPLE LIVING ON LIMITED INCOMES, AND OFFER SERVICES THAT PROMOTE OPPORTUNITIES FOR PERSONAL GROWTH AND ECONOMIC INDEPENDENCE. 13 13 28 25 0 828254 3970838 1892833 3719288 -308125 134511 -21579 -16706 2391383 7807931 0 0 941438 1565016 0 99869 1365080 3300722 2306518 4865738 84865 2942193 29369753 38014341 6878222 15931871 22491531 22082470 PROVIDE QUALITY, AFFORDABLE HOUSING FOR PEOPLE LIVING ON LIMITED INCOMES, AND OFFER SERVICES THAT PROMOTE OPPORTUNITIES FOR PERSONAL GROWTH AND ECONOMIC INDEPENDENCE. false false 3175820 2929137 PROPERTY OPERATIONS AND MANAGEMENT: METROPOLITAN AFFORDABLE HOUSING CORPORATION D.B.A. CORNERSTONE COMMUNITY HOUSING (CORNERSTONE) IS DEDICATED TO DEVELOPING AFFORDABLE HOUSING COMMUNITIES THAT PROVIDE SAFE, STABLE, AND SUPPORTIVE ENVIRONMENTS FOR RESIDENTS. BY COMBINING HOUSING DEVELOPMENT WITH COMPREHENSIVE RESIDENT SERVICES, CORNERSTONE NOT ONLY ADDRESSES THE IMMEDIATE HOUSING NEEDS BUT ALSO PROMOTES LONG-TERM STABILITY AND GROWTH FOR THE RESIDENTS WE SERVE. 1105450 790151 RESIDENT SERVICES: CORNERSTONE PROVIDES COMPREHENSIVE SUPPORT TO ENHANCE THE WELL-BEING AND STABILITY OF THE RESIDENTS WE SERVE. WE OFFER A VARIETY OF RESIDENT SERVICES DESIGNED TO ADDRESS THE UNIQUE NEEDS OF OUR DIVERSE POPULATION, WHICH INCLUDES FAMILIES, SENIORS, VETERANS, AND INDIVIDUALS OVERCOMING CHALLENGES SUCH AS DOMESTIC VIOLENCE AND SUBSTANCE ABUSE RECOVERY. OUR SERVICES INCLUDE FINANCIAL EDUCATION, JOB TRAINING, HEALTH AND WELLNESS PROGRAMS, YOUTH ACTIVITIES, AND FOOD DISTRIBUTION. HOUSEHOLDS SERVED REPRESENT LARGELY DIVERSE CULTURES THAT INCLUDE AFRICAN AMERICAN, HISPANIC, AMERICAN INDIAN, ASIAN, AND MULTI-RACIAL BACKGROUNDS. 82900 HOUSING DEVELOPMENT: OUR DEVELOPMENT PROGRAM FOCUSES ON CREATING HIGH- QUALITY, SUSTAINABLE, AND INCLUSIVE HOUSING SOLUTIONS FOR INDIVIDUALS AND FAMILIES WITH LOW TO MODERATE INCOMES. WE ACHIEVE THIS THROUGH STRATEGIC PARTNERSHIPS, INNOVATIVE FINANCING, AND A COMMITMENT TO EXCELLENCE IN DESIGN AND CONSTRUCTION. WE ARE DEDICATED TO EXPANDING OUR REACH AND ENHANCING THE QUALITY OF LIFE FOR THE COMMUNITIES WE SERVE, ENSURING ACCESS TO SAFE, AFFORDABLE, AND SUPPORTIVE HOUSING. 4364170 true true false false false false false false false false true true false false true false false true false false false false false false true false false false false false true false false false false false false false false false false true false false false true true false false false true 9 0 28 true false false false false false false false false false false false false X 13 13 false false false false false false false true true false false true true true true true true true true true true OR X DARCY PHILLIPS 5416831751 PO BOX 11923 EUGENE OR 97440 DARCY PHILLIPS EXECUTIVE DI 40.00 X 134788 0 9645 MICHELLE MARTIN CFO 40.00 X 115453 0 7767 MICHELLE CADY OPERATIONS D 40.00 X 100737 0 9174 VICKI GRAY PRESIDENT 2.00 X X 0 0 0 RICK LARSON VICE PRESIDE 2.00 X X 0 0 0 JEFFERY YODER TREASURER EF 2.00 X X 0 0 0 B DEAN HUBER TREASURER UN 2.00 X X 0 0 0 AMBER ALEXANDER SECRETARY 2.00 X X 0 0 0 HOLLY BICK BOARD MEMBER 1.00 X 0 0 0 SARAH MEANS BOARD MEMBER 1.00 X 0 0 0 ANDREA VOORHEES BOARD MEMBER 1.00 X 0 0 0 PHIL FARRINGTON BOARD MEMBER 1.00 X 0 0 0 MARIO CONTE BOARD MEMBER 1.00 X 0 0 0 CARL YEH BOARD MEMBER 1.00 X 0 0 0 PAT WALSH BOARD MEMBER 1.00 X 0 0 0 YARELI MORENO BOARD MEMBER 1.00 X 0 0 0 JILLIAN DREWES BOARD MEMBER 1.00 X 0 0 0 350978 26586 3 false false false CASCADE EXTERIORS LLC 7516 N COLUMBIA BLVD PORTLAND OR 97203 CONSTRUCTION 2213950 1 6450 119995 3449120 395273 206391 3970838 RENTAL AND RELATED INCOME 531110 2572645 2572645 RESIDENTIAL SERVICES FEE 531110 790151 790151 SPONSOR LOAN INTEREST INCOME 531190 324375 324375 COMPANY ADMINISTRATIVE FEES 812900 32117 32117 3719288 134328 134328 800 617 183 183 183 119995 20321 -20321 OTHER REVENUE 900099 3615 3615 3615 7807931 3719288 138126 377561 153725 192906 30930 958467 912302 46165 12642 12233 409 87723 78063 5162 4498 128623 103544 17737 7342 158854 158854 45339 38965 6374 30041 30041 12718 10792 403 1523 223344 187617 28329 7398 853957 807867 45347 743 498373 498373 848628 843723 4905 64881 50964 13369 548 RESIDENT SERVICES 263660 263660 MISCELLANEOUS 172931 163817 9073 41 CONTRACT SERVICES 45196 3782 41414 DEVELOPMENT EXPENSE 32522 32522 50278 43367 6639 272 4865738 4364170 401699 99869 562115 476751 3782046 2502618 56538 229152 12285175 2990019 102341 74601 33534903 4736500 9407082 28798403 10726 2600591 3147351 261746 16379 80460 29369753 38014341 146895 362470 6479409 6090460 8265735 640867 824257 6878222 15931871 X 15698750 15520344 6792781 6562126 22491531 22082470 29369753 38014341 X 2942193 -1228 -3350026 X false true X true true true X 528455 756179 1153964 828254 3970838 7237690 528455 756179 1153964 828254 3970838 7237690 162869 7074821 26174 14315 5174 7173 134328 187164 67700 50987 630 3615 122932 7547786 10051914 0.93730 0.84730 X PART II, LINE 10 OTHER REVENUE 122,932 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2846434 2846434 24762441 3945368 20817073 1048389 518308 530081 302467 272824 29643 4575172 4575172 28798403 TREASURY BILLS 2591093 F INVESTMENTS 9498 F 2600591 DEVELOPMENT CONSULTANT FEES PAYABLE 569662 TENANT SECURITY DEPOSITS 173625 OPERATING LEASE LIABILITY 80970 824257 HOUSING HEROES 119995 119995 2575 9260 8486 119995 119995 2575 9260 8486 20321 -20321 A STATE OF OR HSG AND COMMUNITY SERVC 930952117 68608AAQ3 2006-12-14 11231900 QUALIFIED RESIDENTIAL RENTAL PROJECTS MEETING 40-60 TEST (SECTION 142(D) (1)(B)) false false false A 11231900 11231900 2008 false false true true A true false false false false false true A false false true false false false false false false A true PURPOSE OF ISSUE DESCRIPTION STATE OF OR HSG AND COMMUNITY SERVCS QUALIFIED RESIDENTIAL RENTAL PROJECTS MEETING 40-60 TEST (SECTION 142(D) (1)(B)) ADDITIONAL INFORMATION STATE OF OR HSG AND COMMUNITY SERVCS THE BOND IS DEBT OF WESTTOWN ON 8TH LLC, FOR WHICH METROPOLITAN AFFORDABLE HOUSING CORPORATION (DBA CORNERSTONE COMMUNITY HOUSING) WAS THE MANAGING MEMBER AND .01% OWNER. DURING 2023, METROPOLITAN AFFORDABLE HOUSING CORPORATION (DBA CORNERSTONE COMMUNITY HOUSING) BECAME THE SOLE OWNER OF WESTTOWN ON 8TH LLC, SO THE BOND IS NOW BEING REPORTED ON SCHEDULE K. X 23595 FAIR MARKET VALUE X 2 182796 STATE ASSIGNED VALUES false false false FORM 990, PAGE 1, PART I, LINE 6 BOARD MEMBERS ARE VOLUNTEERS. OTHER VOLUNTEERS PROVIDE OFFICE/PROGRAM VOLUNTEER SERVICES. FORM 990, PAGE 6, PART VI, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 A COPY OF FORM 990 IS GIVEN TO THE BOARD FINANCE COMMITTEE FOR REVIEW PRIOR TO SUBMISSION. FORM 990, PAGE 6, PART VI, LINE 12C ENFORCEMENT OF CONFLICTS POLICY THE BOARD MEETS QUARTERLY AND IS AVAILABLE TO MONITOR AND ENFORCE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. AD HOC COMPLIANCE COMMITTEE IS AVAILABLE TO REVIEW ANY CASES AS NECESSARY. OUTSIDE LEGAL COUNCIL IS RETAINED IF NECESSARY TO ENFORCE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PAGE 6, PART VI, LINE 15A COMPENSATION PROCESS FOR TOP OFFICIAL THE BOARD REVIEWS COMPARATIVE MARKET DATA FOR SALARY RANGES FOR THE EXECUTIVE DIRECTOR. FORM 990, PAGE 6, PART VI, LINE 15B COMPENSATION PROCESS FOR OFFICERS THE BOARD REVIEWS COMPARATIVE MARKET DATA FOR SALARY RANGES FOR KEY EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC REQUEST FROM THE ORGANIZATION. FINANCIAL INFORMATION IS ALSO AVAILABLE FROM THE OREGON DEPARTMENT OF JUSTICE. FORM 990 IS ALSO AVAILABLE FOR REVIEW ON-LINE. FORM 990, PART XI, LINE 9 ASSUMPTION OF INTEREST IN PRAIRIE VIEW LLC 340,540 ASSUMPTION OF INTEREST IN WESTTOWN ON 8TH LLC -137,306 GAAP IMPAIRMENT OF FIXED ASSETS -3,553,260 TOTAL -3,350,026 DURING THE YEAR ENDED DECEMBER 31, 2023, THE INVESTOR MEMBERS OF WESTTOWN ON 8TH LLC AND PRAIRIE VIEW, LLC ASSIGNED THEIR MEMBERSHIP INTEREST TO CORNERSTONE, THEREBY, MAKING CORNERSTONE THE SOLE MEMBER. AT THE TIME CORNERSTONE ASSUMED THE EXITING INVESTOR MEMBERS' INTEREST, THE ASSETS WERE ASSESSED FOR IMPAIRMENT AND MANAGEMENT DETERMINED THE CARRYING VALUE OF THE ASSETS EXCEEDED THE FAIR VALUE OF THE ASSETS; THEREFORE, AN IMPAIRMENT WAS RECOGNIZED. FOR WESTTOWN ON 8TH LLC, THE FAIR VALUE WAS DETERMINED BY A THIRD-PARTY APPRAISAL, WHICH FACTORED IN THE ASSET RESTRICTIONS TO BE USED FOR AFFORDABLE HOUSING. FOR PRAIRIE VIEW LLC, THE FAIR VALUE OF THE ASSETS WAS BASED ON THE PRESENT VALUE OF EXPECTED FUTURE CASH FLOWS, CONSIDERING THE PROPERTY RENT RESTRICTIONS AND THE NATURE OF THE ASSETS TO BE USED FOR AFFORDABLE HOUSING. THE TOTAL IMPAIRMENT LOSS RECOGNIZED IN THE FORM 990 FOR THE YEAR ENDED DECEMBER 31, 2023 WAS 3,553,260 WHICH INCLUDES 1,734,293 IMPAIRMENT LOSS RECOGNIZED IN THE CONSOLIDATED US GAAP FINANCIAL STATEMENTS AND AN ADDITIONAL 1,818,967 FOR PREVIOUSLY RECOGNIZED DEVELOPER FEES WHICH WERE REPORTED AS INCOME ON PREVIOUS FORM 990 BUT WERE ELIMINATED FOR US GAAP FINANCIAL STATEMENT REPORTING. 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