2024-11-06T13:18:08-06:00 2023-12-31 341873282 CBIZ ADVISORS LLC 222 SOUTH 9TH STREET SUITE 1000 MINNEAPOLIS MN 55402 990 2023-01-01 363287080 TWIN CITIES HOUSING DEVELOPMENT CORPORATION TWIN 6512920211 1360 ENERGY PARK DRIVE 210 ST PAUL MN 55108 BARBARA MCQUILLAN EXECUTIVE DIRECTOR 6512920211 2024-09-19 1 0 BRUCE THIEL P00526510 6123397811 2024-09-19 2023 2024-10-15 13:58:12Z BARBARA MCQUILLAN 1360 ENERGY PARK DRIVE 210 ST PAUL MN 55108 6026846 0 X WWW.TCHDC.ORG X 1984 MN PROVIDE QUALITY AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME PERSONS. 8 8 6 8 0 0 22978 34406 3927934 5380880 817138 104031 174079 507529 4942129 6026846 0 203 0 0 924413 971864 0 0 0 3638727 4807981 4563140 5780048 378989 246798 29828086 43776020 19500220 32149316 10327866 11626704 X TWIN CITIES HOUSING DEVELOPMENT CORPORATION'S (TCHDC) MISSION IS TO PROVIDE QUALITY AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME PERSONS WHICH IS RESPECTFUL OF THE COMMUNITIES IN WHICH THE HOUSING IS LOCATED. 0 0 5606304 203 5380880 SEE SCHEDULE O 5606304 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 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 1 1 1 1 0 0 1 2 0 6 1 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 1 1 MN X BARBARA MCQUILLAN 6512920211 1360 ENERGY PARK DRIVE SUITE 210 ST PAUL MN 55108 HUGH CAMERON BOARD MEMBER 1.00 X 0 0 0 CHARLES GARDNER BOARD MEMBER 1.00 0.10 X 0 0 0 LAURA HANSEN VICE PRESIDENT 1.00 X X 0 0 0 DENISE BEIGBEDER BOARD MEMBER 1.00 X 0 0 0 PATRICIA LILLEDAHL PRESIDENT 1.00 X X 0 0 0 HARRY MELANDER BOARD MEMBER 1.00 0.10 X 0 0 0 DAVID LINDSAY TREASURER/SECRETARY 1.00 X X 0 0 0 STEVEN WILSON BOARD MEMBER 1.00 X 0 0 0 BARBARA M MCQUILLAN EXECUTIVE DIRECTOR 40.00 0.10 X 224242 0 29312 KEN ISAACSON DEVELOPMENT MANAGER 40.00 X 155788 0 27422 DEBRA PALMQUIST SENIOR ASSET MANAGER 40.00 X 138666 0 26858 MARGARET METZDORF SENIOR ASSET MANAGER 40.00 X 127325 0 25152 646021 0 108744 4 0 1 0 0 33406 1000 34406 RENTAL INCOME 531110 3676831 3676831 DEVELOPMENT & MGMT FEE 531390 1374116 1374116 PROGRAM RELATED INT 531390 261782 261782 OTHER PROGRAM RELATED 531110 68151 68151 5380880 104031 104031 INSURANCE PROCEEDS 531110 507529 507529 507529 6026846 5380880 0 611560 203 203 253554 228199 25355 566970 490063 76907 24537 21198 3339 74402 64571 9831 52401 45822 6579 1726 1726 79984 63987 15997 63273 63273 17804 14416 3388 23214 18571 4643 1933076 1920615 12461 13549 10839 2710 356104 356104 1193077 1187296 5781 219057 214030 5027 RENTAL PROP OPER EXP 829744 829744 UNRECOVERABLE PROJ EXP 67199 67199 PREDEVELOPMENT EXPENSE 10174 10174 5780048 5606304 173744 0 2854930 708546 5822749 7533613 1487448 1722814 97816 158226 46688449 18919829 14123339 27768620 3010153 1673699 2431651 4210502 29828086 43776020 3953116 5440882 216880 35736 15072540 26421419 257684 251279 19500220 32149316 X 10302346 11601184 25520 25520 10327866 11626704 29828086 43776020 X 246798 1052040 X X 0 1 X 1 0 X 55764 162131 743571 22978 34406 1018850 55764 162131 743571 22978 34406 1018850 1018850 105131 62561 30662 8053 104031 310438 174079 507529 681608 2010896 18459948 0.50670 0.73780 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: INSURANCE PROCEEDS - 2022 AMOUNT: $ 174,079. 2023 AMOUNT: $ 507,529. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3091645 3091645 41710974 17411219 24299755 770639 558158 212481 1115191 950452 164739 27768620 RESTRICTED ESCROWS & RESERVES 3345500 SECURITY DEPOSITS 217182 PRE-DEVELOPMENT ADVANCES 596753 LEASE RIGHT OF USE ASSET 51067 4210502 TENANT DEPOSITS 181323 LEASE LIABILITY 69956 251279 X PART X, LINE 2: THE ORGANIZATION REVIEWS AND ASSESSES ITS TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN TAX RETURNS. BASED ON THIS ASSESSMENT THE ORGANIZATION DETERMINES WHETHER IT IS MORE LIKELY THAN NOT THAT THE POSITION WOULD BE SUSTAINED UPON EXAMINATION BY TAX AUTHORITIES. THE ORGANIZATION'S ASSESSMENT HAS NOT IDENTIFIED ANY SIGNIFICANT POSITIONS THAT IT BELIEVES WOULD NOT BE SUSTAINED UNDER EXAMINATION. X X X 0 0 0 0 0 0 0 0 0 BARBARA M MCQUILLAN EXECUTIVE DIRECTOR 219838 0 4404 0 0 0 10129 0 19183 0 253554 0 0 0 KEN ISAACSON DEVELOPMENT MANAGER 151666 0 4122 0 0 0 7921 0 19501 0 183210 0 0 0 DEBRA PALMQUIST SENIOR ASSET MANAGER 135339 0 3327 0 0 0 6377 0 20481 0 165524 0 0 0 MARGARET METZDORF SENIOR ASSET MANAGER 124025 0 3300 0 0 0 6291 0 18861 0 152477 0 0 0 FORM 990, PART III, LINE 4A TCHDC HAS ONE PROGRAM, WHICH IS THE DEVELOPMENT, OPERATION AND OWNERSHIP OF AFFORDABLE RENTAL HOUSING. DURING 2023 TCHDC OVERSAW THE OWNERSHIP OF 21 PROPERTIES WITH A TOTAL OF 1059 UNITS LOCATED IN THE METRO AREA AND IN OWATONNA. IN FEBRUARY 2023 TCHDC REFINANCED BRANDT JENS KLUGE LIMITED PARTNERSHIP (D/B/A 653 ARTIST LOFTS) AND COMPLETED SIGNIFICANT EXTERIOR CAPITAL IMPROVEMENTS. IN APRIL 2023 TCHDC CLOSED ON THE PERMANENT FINANCING AND MHFA HOUSING INFRASTRUCTURE BONDS (HIB) FOR THE SUBSTANTIAL REHABILITATION OF PARKVIEW TOWNHOMES, A PROPERTY ACQUIRED IN 2019. CONSTRUCTION COMMENCED IMMEDIATELY, CONTINUED THROUGHOUT 2023 AND WILL BE COMPLETE IN 2024. OUR WORK ON SELBY WILKINS, LLLP WHICH IS THE SUBSTANTIAL REHABILITATION OF 53 UNITS OF AFFORDABLE HOUSING, INCLUDING THE CREATION OF 8 NEW 2 BEDROOM UNITS, CONTINUED AND IS EXPECTED TO BE COMPLETED IN 2024. IN 2023 TCHDC BOUGHT OUT THE 20% INTEREST OF OUR CO-GENERAL PARTNER AND IS NOW THE SOLE GENERAL PARTNER OF CALIBRE RIDGE LIMITED PARTNERSHIP. DURING 2023 WE COMPLETED THE OCCUPANCY RELATED CONSTRUCTION AND SUBSTANTIAL REHABILITATION OF THE MAPLEWOOD GARDENS DEVELOPMENT WHICH IS A 29 UNIT 100% SECTION 8 PROPERTY AND EXPECT TO CLOSE OUT ON OUR PERMANENT MHFA FINANCING IN 2024. FORM 990, PART IV, LINE 12 THE TAX RETURN INCLUDES TWIN CITIES HOUSING DEVELOPMENT CORPORATION AND 31 DISREGARDED ENTITIES. AUDITED FINANCIAL STATEMENTS INCLUDE TWIN CITIES HOUSING DEVELOPMENT CORPORATION AND THE DISREGARDED ENTITIES AS WELL AS OTHER RELATED ENTITIES. CONSEQUENTLY THERE ARE NO SEPARATE AUDITED FINANCIAL STATEMENTS OF THE TAX RETURN GROUPING. THE COMPONENTS OF THE TAX RETURN GROUPING, I.E. TWIN CITIES HOUSING DEVELOPMENT CORPORATION AND THE DISREGARDED ENTITIES, HAVE BEEN AUDITED WITHIN THE LARGER GROUP. THE TWIN CITIES HOUSING DEVELOPMENT CORPORATION BOARD REVIEWS BOTH THE AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND THIS TAX RETURN. FORM 990, PART VI, SECTION A, LINE 1A THERE ARE NO MATERIAL DIFFERENCES IN VOTING RIGHTS AMONG MEMBERS OF THE BOARD OF DIRECTORS AND THE BOARD OF DIRECTORS HAS NOT DELEGATED BROAD AUTHORITY TO AN EXECUTIVE COMMITTEE OR SIMILAR COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE AUDIT COMMITTEE REVIEWS THE FORM 990 AT A MEETING ATTENDED BY THE TAX PREPARER AND MAKES A RECOMMENDATION TO THE BOARD. ALL BOARD MEMBERS ARE GIVEN A COPY OF THE FORM 990 PRIOR TO THE BOARD MEETING AT WHICH THE AUDIT COMMITTEE RECOMMENDATION IS CONSIDERED. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, BOARD AND STAFF ARE REQUIRED TO COMPLETE AN UPDATED CONFLICT OF INTEREST DISCLOSURE FORM. THE BOARD AND STAFF ARE GIVEN A COPY OF THE CONFLICT OF INTEREST POLICY AT THAT TIME TO USE IN IDENTIFYING POTENTIAL CONFLICTS. THE POLICY DESCRIBES POTENTIAL CONFLICTS IN GREAT DETAIL. THE EXECUTIVE DIRECTOR AND ACCOUNTING MANAGER COLLECT THESE FORMS AND THE EXECUTIVE DIRECTOR REVIEWS ALL FORMS SO THAT SHE IS AWARE OF POTENTIAL CONFLICTS. THE EXECUTIVE DIRECTOR IS RESPONSIBLE FOR BRINGING POTENTIAL CONFLICTS TO THE ATTENTION OF THE BOARD IN ADDITION TO INDIVIDUAL BOARD MEMBERS RAISING POTENTIAL CONFLICTS THAT THEY MAY HAVE. IF THE EXECUTIVE DIRECTOR BELIEVES THAT A CONFLICT EXISTS, A MEMORANDUM DESCRIBING THE RELEVANT FACTS IS PREPARED FOR THE BOARD AND IS INCLUDED AS A PART OF THE MINUTES. AT THE MEETING AT WHICH THE CONFLICT IS DISCUSSED, THE TCHDC DIRECTOR WITH THE CONFLICT (THE TCHDC DIRECTOR) IS NOT COUNTED IN DETERMINING THE PRESENCE OF A QUORUM FOR THE VOTE ON THE RELATED TRANSACTION. THE TCHDC DIRECTOR DOES NOT PARTICIPATE IN THE DISCUSSION OF THE TRANSACTION IN WHICH HE OR SHE IS INTERESTED UNLESS THE TCHDC DIRECTOR IS AWARE OF MATERIAL UNDISCLOSED FACTS PERTAINING TO THE TRANSACTION. THE TCHDC DIRECTOR MAY RESPOND TO QUESTIONS, HOWEVER HE OR SHE SHALL NOT ATTEMPT TO EXERT HIS OR HER PERSONAL INFLUENCE WITH RESPECT TO THE MATTER, EITHER AT OR OUTSIDE THE MEETING. THE TCHDC DIRECTOR WILL NOT VOTE ON THE TRANSACTION AND WILL BE RECORDED AS NOT VOTING. FORM 990, PART VI, SECTION B, LINE 15A IN 2022, THE BOARD RETAINED A NATIONAL COMPENSATION CONSULTANT TO REVIEW THE EXECUTIVE DIRECTOR COMPENSATION INCLUDING COMPARISON TO THE SALARIES OF OTHER EXECUTIVE DIRECTORS OF SIMILAR ORGANIZATIONS. THE BOARD REVIEWED THIS WRITTEN REPORT ALONG WITH ADDITIONAL INFORMATION PROVIDED BY THE EXECUTIVE DIRECTOR IN DECEMBER 2022. THIS REVIEW AND A DETERMINATION OF THE EXECUTIVE DIRECTOR'S COMPENSATION WAS DOCUMENTED IN THE BOARD MINUTES IN NOVEMBER 2023. FORM 990, PART VI, SECTION C, LINE 19 THE TCHDC ARTICLES OF INCORPORATION, BYLAWS, FINANCIAL STATEMENTS AND CONFLICT OF INTEREST STATEMENT ARE AVAILABLE UPON REQUEST. THEY ARE MAINTAINED IN THE CORPORATE FILES AND REQUESTS ARE PRESENTED TO THE ACCOUNTING MANAGER. FORM 990, PART XI, LINE 9: NET PARTNERSHIP REORGANIZATIONS 566,252. CURRENT YEAR INTERCOMPANY NET ASSETS ELIMINATIONS -598,319. TIMING RECONCILIATION RELATED TO FEES 956,246. PRIOR YEAR NONPROFIT ENTITY NET ASSETS REPORTED IN SEPARATE 990 127,861. TCHDC BJK LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 205729685 HOUSING MN 169509 11000 TCHDC TCHDC CALIBRE RIDGE LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN 71368 TCHDC TCHDC CAPITOL CITY LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 331096636 HOUSING MN 40100 TCHDC TCHDC EAST SIDE COMMONS LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN -16 200000 TCHDC TCHDC HICKORY RIDGE LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN -23 -78901 TCHDC TCHDC HOMEWOOD LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 331096666 HOUSING MN -165090 100 TCHDC TCHDC JAMESTOWN HOMES LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN -59 186926 TCHDC TCHDC LIBERTY PLAZA LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 412008528 HOUSING MN 244193 164284 TCHDC TCHDC NORTHGATE WOODS LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN -1 250695 TCHDC TCHDC NICOLLET ISLAND LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN 90 TCHDC TCHDC PHILLIPS PLACE LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 331096658 HOUSING MN 51 TCHDC TCHDC PORTLAND PLACE LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 331096632 HOUSING MN TCHDC TCHDC ROSEMOUNT LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 205152501 HOUSING MN 44996 TCHDC TCHDC TILSNER LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN -141966 25000 TCHDC TCHDC SPG LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 453612037 HOUSING MN 41492 49998 TCHDC TCHDC ST ALBAN'S PARK LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HOUSING MN 40288 85590 TCHDC TCHDC ST ALBAN'S PARK DEVELOPER LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HSG DEVELOPMENT MN 210724 TCHDC TCHDC DALE STREET LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 HSG DEVELOPMENT MN 25730 TCHDC TCHDC MAPLEWOOD GARDENS LLC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 831790120 HOUSING MN TCHDC TCHDC SELBY COMMONS LLC 1360 ENERGY PARK DRIVE STE 210 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RIDGE LIMITED PARTNERSHIP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 411733862 HOUSING MN 888336 1737588 TCHDC ROSEMOUNT 2006 LIMITED PARTNERSHIP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 205573453 HOUSING MN 504781 3763217 TCHDC PARKVIEW HEIGHTS LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 834580959 HOUSING MN 286397 9634763 TCHDC TCHDC LIMITED 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 411604050 HOUSING MN 501(C)4 N/A TCHDC 1 BRANDT JENS KLUGE LP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 411706530 HOUSING MN TCHDC BJK LLC RELATED 169509 1839891 0 0 0.49500 HOMEWOOD LP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 861113291 HOUSING MN TCHDC HOMEWOOD LLC RELATED -165090 2782471 0 0 0.99990 LIBERTY PLAZA LP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 412011735 HOUSING MN TCHDC LIBERTY PLAZA LLC RELATED 244193 9113590 0 0 0.99990 NICOLLET ISLAND HISTORIC HOMES LP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 363518765 HOUSING MN TCHDC NICOLLET ISLAND LLC RELATED 90 -44706 0 0 TILSNER BUILDING LP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 411735426 HOUSING MN TCHDC TILSNER LLC RELATED -141966 2290850 0 0 0.50490 TWELVE-SIXTEEN ASSOCIATES LP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 411550042 HOUSING MN TCHDC RELATED 130 51110 0 1 0.00670 EAST SIDE COMMONS LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 371611835 HOUSING MN TCHDC EAST SIDE COMMONS LLC RELATED -16 1075774 0 0 ST PHILIP'S GARDENS II LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 383853857 HOUSING MN TCHDC SPG LLC RELATED 41492 929454 0 0 NORTHGATE WOODS II LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 800576451 HOUSING MN TCHDC NORTHGATE WOODS LLC RELATED -1 1343544 0 0 ST ALBAN'S PARK II LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 900861065 HOUSING MN TCHDC ST ALBAN'S PARK LLC RELATED 40288 582042 0 0 HICKORY RIDGE LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 800950335 HOUSING MN TCHDC HICKORY RIDGE LLC RELATED -23 291739 0 0 JAMESTOWN HOMES LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 383930348 HOUSING MN TCHDC JAMESTOWN HOMES LLC RELATED -59 1073855 0 0 PARKVIEW HEIGHTS LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 834580959 HOUSING MN TCHDC PARKVIEW HEIGHTS LLC RELATED -53643 426 0 0 PRAIRIE ESTATES LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 834580808 HOUSING MN TCHDC PRAIRIE ESTATES LLC RELATED -43 1667007 0 0 SELBY WILKINS LLLP 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 843088733 HOUSING MN TCHDC SELBY WILKINS LLC RELATED -40 11898261 0 0 HOUSING FOR THE CITIES 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 411545003 HOUSING MN N/A C 1.00000 0 TCHDC ACQUISITIONS INC 1360 ENERGY PARK DRIVE STE 210 ST PAUL MN 55108 411987076 HOUSING MN N/A C 1.00000 0 1 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 TILSNER BUILDING LIMITED PARTNERSHIP A 15957 AUDIT TILSNER BUILDING LIMITED PARTNERSHIP A 253 AUDIT LIBERTY PLAZA LIMITED PARTNERSHIP L 58995 AUDIT PART I AND III THE ORGANIZATION IS THE SOLE MEMBER OF VARIOUS LIMITED LIABILITY COMPANIES. THE GENERAL PARTNER IN PARKVIEW HEIGHTS, LLLP IS TCHDC PARKVIEW HEIGHTS, LLC OF WHICH THE ORGANIZATION IS THE SOLE MEMBER. FROM JANUARY 1, 2023-APRIL 30, 2023 THE LIMITED PARTNER WAS TCHDC LIMITED. PARKVIEW HEIGHTS, LLLP WAS REPORTED IN PART III. AS OF MAY 1, 2023, TCHDC LIMITED EXITED THE PARTNERSHIP AND THE ORGANIZATION BECAME LIMITED PARTNER AND PARKVIEW HEIGHTS, LLLP BECAME A WHOLLY OWNED AND A DISREGARDED ENTITY. FOR THE PERIOD OF MAY 1, 2023-DECEMBER 31, 2023, PARKVIEW HEIGHTS, LLLP IS REPORTED AS A DISREGARDED ENTITY IN PART I. PART V, LINE 1A THE ORGANIZATION'S EXEMPT PURPOSE IS TO PROMOTE THE DEVELOPMENT OF LOW AND MODERATE INCOME HOUSING. THE ORGANIZATION IS THE SOLE MEMBER OF VARIOUS LIMITED LIABILITY COMPANIES. ALL OF THESE ENTITIES HAVE BEEN FORMED TO ACCOMPLISH THE ORGANIZATION'S EXEMPT PURPOSE BY HOLDING GENERAL OR LIMITED PARTNER INTERESTS IN VARIOUS REAL ESTATE LIMITED PARTNERSHIPS. ALL ENTITIES WERE ORGANIZED FOR THE PURPOSE OF ACQUIRING, OPERATING, AND HOLDING FOR INVESTMENT LOW AND MODERATE-INCOME HOUSING. INTEREST INCOME WAS RECEIVED ON LOANS TO TILSNER BUILDING LIMITED PARTNERSHIP.