2024-11-07T01:27:59-06:00 2023-12-31 221478099 COHNREZNICK LLP ONE BOSTON PLACE SUITE 500 BOSTON MA 02108 990 2023-01-01 043292614 NEW HOPE COMMUNITY CAPITAL INC NEWH 8572218600 CO TCB 185 DARTMOUTH STREET BOSTON MA 02116 THOMAS BUONOPANE VICE PRESIDENT 8572218600 2024-11-06 1 1 LAURA KIELCZEWSKI P00740769 6176481400 2024-10-27 2023 2024-10-15 13:58:12Z THOMAS BUONOPANE C/O TCB 185 DARTMOUTH STREET BOSTON MA 02116 7426665 0 X WWW.NEWHOPEHOUSINGINC.ORG X 1991 MA THE PRIMARY PURPOSE OF THE CORPORATION IS TO PROMOTE COMMUNITY DEVELOPMENT BY DIRECTING ITS ACTIVITIES TOWARD IMPROVING THE SOCIAL AND ECONOMIC CONDITIONS OF UNDERSERVED PEOPLE, INCLUDING RESIDENTS OF ECONOMICALLY DISTRESSED COMMUNITIES, LOW-INCOME PERSONS AND OTHER UNDERSERVED PERSONS WHO LACK ADEQUATE ACCESS TO CAPITAL AND FINANCIAL SERVICES. 6 6 0 6 0 0 1650000 976265 4349202 2732193 1580027 3718207 0 0 7579229 7426665 1145014 3950888 0 0 0 0 0 0 0 2364009 2539691 3509023 6490579 4070206 936086 44271905 62167256 34743401 51702666 9528504 10464590 X THE PRIMARY PURPOSE OF THE CORPORATION IS TO PROMOTE COMMUNITY DEVELOPMENT BY DIRECTING ITS ACTIVITIES TOWARD IMPROVING THE SOCIAL AND ECONOMIC CONDITIONS OF UNDERSERVED PEOPLE, INCLUDING RESIDENTS OF ECONOMICALLY DISTRESSED COMMUNITIES, LOW-INCOME PERSONS AND OTHER UNDERSERVED PERSONS WHO LACK ADEQUATE ACCESS TO CAPITAL AND FINANCIAL SERVICES. 0 0 6247526 3950888 2732193 NEW HOPE WAS FORMED IN 1991 AS A CHARITABLE CORPORATION UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, SPECIFICALLY FOR THE PURPOSES OF (A) PROMOTING, DEVELOPING, RENOVATING, MANAGING, AND FACILITATING THE CREATION OF AFFORDABLE HOUSING AT THE LOWEST POSSIBLE COST TO INDIVIDUALS AND FAMILIES OF LOW AND VERY LOW INCOMES; (B) PROMOTING SOCIAL WELFARE AND COMBATING COMMUNITY DETERIORATION THROUGH SUCH AFFORDABLE HOUSING ACTIVITIES; (C) IMPROVING BLIGHTED, DECAYED OR SUBSTANDARD AREAS IN ORDER TO PROMOTE ECONOMIC DEVELOPMENT AND PROVIDE EMPLOYMENT OPPORTUNITIES; AND (D) ANY OTHER TAX-EXEMPT ACTIVITIES THAT PROMOTE SUCH PURPOSES. NEW HOPE HAS PROVIDED CAPITAL FOR AFFORDABLE AND MIXED-INCOME HOUSING AND RELATED COMMUNITY DEVELOPMENT ACTIVITIES. IT DOES SO BY FACILITATING PRIVATE EQUITY INVESTMENTS IN AND MAKING GRANTS AND LOANS IN SUPPORT OF SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT WORK. IN SHORT, NEW HOPE PROMOTES THE CHARITABLE PURPOSE OF AFFORDABLE HOUSING FOR THE DIRECT BENEFIT OF POOR AND DISTRESSED INDIVIDUALS AND FAMILIES, WHICH ARE CHARITABLE CLASSES.NEW HOPE'S CHARITABLE PURPOSES WERE INCLUDES MAKING INVESTMENTS IN, AND GRANTS AND LOANS TO, NONPROFIT ORGANIZATIONS AND NONPROFIT-SPONSORED AFFORDABLE HOUSING PROJECTS AND ENTITIES. IN THIS CAPACITY, NEW HOPE SERVES AS A SYNDICATOR OF AFFORDABLE HOUSING DEVELOPMENTS GENERATING FEDERAL LOW INCOME HOUSING TAX CREDITS ("LIHTCS") AND RECEIVES CERTAIN FEES AND REIMBURSEMENT OF EXPENSES IN CONNECTION WITH ITS ROLE AS SYNDICATOR. NEW HOPE IS MISSION-DRIVEN AND ONLY WORKS ON AFFORDABLE HOUSING PROJECTS CONTROLLED BY ONE OR MORE CHARITABLE ENTITIES. PURSUANT TO INVESTOR SERVICES AGREEMENTS, NEW HOPE INTRODUCES POTENTIAL LIHTC INVESTORS TO INVESTMENT OPPORTUNITIES IN AFFORDABLE HOUSING PROJECTS, ASSISTS INVESTORS IN ANALYZING THE FINANCIAL FEASIBILITY AND FINANCIAL STRUCTURE OF PROJECTS AND MONITORS LIHTC INVESTORS' INVESTMENTS IN PROJECTS. NEW HOPE ONLY PROVIDES THESE SERVICES IN CONNECTION WITH AFFORDABLE RENTAL HOUSING PROJECTS THAT ARE CONTROLLED BY ONE OR MORE 501(C)(3) CHARITABLE ORGANIZATIONS.NEW HOPE ALSO FORMS SINGLE-PURPOSE ENTITIES (TYPICALLY LIMITED LIABILITY COMPANIES) TO SERVE AS INVESTMENT FUNDS ("LIHTC FUNDS") THROUGH WHICH LIHTC INVESTORS INVEST IN LOW-INCOME HOUSING PROJECTS THAT ADVANCE THE CHARITABLE PURPOSES OF NEW HOPE BY INCREASING THE POOL OF EQUITY AVAILABLE FOR INVESTMENT IN AFFORDABLE HOUSING AND MAKING EQUITY AVAILABLE TO DISADVANTAGED POPULATIONS OR UNDERSERVED COMMUNITIES. TYPICALLY, A LIHTC FUND WILL HAVE A 99.99% LIMITED PARTNERSHIP INTEREST (OR NON-MANAGING MEMBER INTEREST IN THE CASE OF AN LLC) IN THE ENTITY THAT OWNS THE AFFORDABLE HOUSING PROJECT. NEW HOPE SERVES AS THE MANAGER OF THE LIHTC FUND AND PROVIDES MANAGEMENT AND ADMINISTRATIVE SERVICES FOR WHICH IT RECEIVES FEES.IN ITS 29-YEAR HISTORY, NEW HOPE HAS RAISED MORE THAN $300 MILLION IN EQUITY WHICH HAS BEEN INVESTED IN AFFORDABLE AND MIXED INCOME HOUSING DEVELOPMENTS SPONSORED BY TAX-EXEMPT ORGANIZATIONS. IT HAS SPONSORED OR CO-SPONSORED FOURTEEN INVESTMENT FUNDS WHICH HAVE INVESTED IN MORE THAN 65 AFFORDABLE HOUSING OR MIXED INCOME DEVELOPMENTS IN FOURTEEN STATES THAT HOUSE APPROXIMATELY 5,000 HOUSEHOLDS. NEW HOPE ALSO ADVANCES ITS MISSION BY MAKING GRANTS AND LOANS IN SUPPORT OF AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT ACTIVITIES AND TAX-EXEMPT ORGANIZATIONS PURSUING SIMILAR MISSIONS, INCLUDING GRANTS TO COMMUNITY BUILDERS. 6247526 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 1 7 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 1 0 0 0 0 0 1 1 0 0 1 1 0 0 0 0 0 0 0 MA X JESSE ELTON 8572218600 185 DARTMOUTH STREET BOSTON MA 02116 X ALLEN FELIZ DIRECTOR 0.20 X 0 0 0 BEVERLY BATES DIRECTOR 0.20 X 0 0 0 JENNY NETZER DIRECTOR/PRESIDENT 0.20 X X 0 0 0 LEONARD CLARK DIRECTOR/TREASURER 0.20 X X 0 0 0 MICHAEL GILLIGAN DIRECTOR 0.20 X 0 0 0 NAVJEET BAL DIRECTOR 0.20 X 0 0 0 JESSICA JESSE ELTON VICE PRESIDENT 0.20 X 0 0 0 THOMAS BUONOPANE VICE PRESIDENT 0.20 X 0 0 0 0 0 0 0 0 0 0 THE COMMUNITY BUILDERS INC 185 DARTMOUTH STREET BOSTON MA 02116 ACCOUNTING AND CONSULTING 400000 1 176265 800000 976265 INTEREST ON NOTE RECEIVABLE 531390 2732193 2732193 2732193 569763 569763 3148444 0 3148444 3148444 3148444 7426665 2732193 0 3718207 3950888 3950888 23256 11848 11408 54070 54070 416346 253200 163146 3755 3755 1839062 1839062 13973 8845 5128 PROVISION FOR LOAN LOSS 183683 183683 5546 5546 6490579 6247526 243053 0 3043225 1393958 5800000 40446155 54261564 10475 409851 708160 229323 63890 72560 44271905 62167256 641672 944305 176265 5800000 33922154 44949757 3310 8604 34743401 51702666 X 9528504 10464590 9528504 10464590 44271905 62167256 936086 0 X 0 1 X 1 0 X 1650000 976265 2626265 1459288 1783879 2339630 4349202 2732193 12664192 1459288 1783879 2339630 5999202 3708458 15290457 0 0 0 15290457 499133 569763 1068896 499133 569763 1068896 64929 64929 1459288 1783879 2404559 6498335 4278221 16424282 0.93100 0.95860 0.06510 0.03660 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2021 AMOUNT: $ 64,929. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 DUE TO RELATED PARTIES 8604 8604 X 7426665 0 7426665 0 7426665 6490579 0 6490579 0 6490579 PART X, LINE 2: THE CORPORATION IS RECOGNIZED AS A 501(C)(3) CHARITABLE ORGANIZATION AND IS EXEMPT FROM INCOME TAXES WITH RESPECT TO CHARITABLE ACTIVITIES, EXCEPT FOR UNRELATED BUSINESS INCOME. THERE WAS NO UNRELATED BUSINESS INCOME DURING THE YEARS ENDED DECEMBER 31, 2023 AND 2022. ACCORDINGLY, NO PROVISION OR BENEFIT FOR INCOME TAXES HAS BEEN RECORDED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. TAX RETURNS REQUIRED TO BE COMPLETED BY TAX-EXEMPT ENTITIES ARE FILED WITH THE INTERNAL REVENUE SERVICE ("IRS") AND OTHER TAXING AUTHORITIES. THESE INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE IRS FOR A PERIOD OF THREE YEARS. WHILE NO INCOME TAX RETURNS ARE CURRENTLY BEING EXAMINED BY THE IRS, TAX YEARS SINCE 2020 REMAIN OPEN FOR EXAMINATION. 0 NANNIE HELEN OWNER LLC 122 E 42ND ST RM 4900 NEW YORK NY 10168 821808929 2987244 0 TO FURTHER THE GRANTEE'S PURPOSE OF DEVELOPING HOUSING FOR LOW INCOME FAMILIES. TCB CLARION LLC 185 DARTMOUTH STREET BOSTON MA 02116 384052407 135623 0 TO FURTHER THE GRANTEE'S PURPOSE OF DEVELOPING HOUSING FOR LOW INCOME FAMILIES. THE COMMUNITY BUILDERS INC 185 DARTMOUTH STREET BOSTON MA 02116 042324773 501(C)(3) 28021 0 TO SUPPORT COMMUNITY AND ECONOMIC DEVELOPMENT IN CHICAGO, WGWC DEVELOPMENT SERVICES LLC C/O 185 DARTMOUTH STREET BOSTON MA 02116 800000 0 THE DEVELOPMENT OF THE SANKOFA VILLAGE WELLNESS CENTER. 1 3 FORM 990, PART VI, SECTION A, LINE 3 THE ORGANIZATION DELEGATED CONTROL OVER MANAGEMENT DUTIES TO ITS MANAGEMENT AGENT, THE COMMUNITY BUILDERS, INC. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY THE ACCOUNTING DEPARTMENT AND MANAGEMENT OF THE ORGANIZATION. AFTER THEIR REVIEW AND APPROVAL, A COPY OF THE TAX RETURN IS PROVIDED TO THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. NEW HOPE FUND VIII MANAGER LLC 185 DARTMOUTH STREET BOSTON MA 02116 043292614 LOW INCOME HOUSING MA 0 0 NEW HOPE COMMUNITY CAPITAL INC NEW HOPE FUND IX MANAGER LLC 185 DARTMOUTH STREET BOSTON MA 02116 043292614 LOW INCOME HOUSING MA 0 0 NEW HOPE COMMUNITY CAPITAL INC KENSINGTON SQUARE II LIMITED PARTNERSHIP 185 DARTMOUTH STREET BOSTON MA 02116 061409367 LOW-INCOME HOUSING MA NEW HOPE FUND HOUSING INC RELATED 64106 545171 0 1 0.99000 KENT STREET HOUSING LIMITED PARTNERSHIP 185 DARTMOUTH STREET BOSTON MA 02116 043339803 LOW-INCOME HOUSING MA NEW HOPE FUND HOUSING INC RELATED -84690 -3055870 0 0 0.99990 NEW HOPE FUND VII LLC 185 DARTMOUTH STREET BOSTON MA 02116 208073239 LOW-INCOME HOUSING MA NEW HOPE FUND HOUSING INC RELATED -119 74286 0 1 0.00010 TCB MASHPEE VILLAGE LIMITED PARTNERSHIP 185 DARTMOUTH STREET BOSTON MA 02116 043216757 LOW-INCOME HOUSING MA NEW HOPE FUND HOUSING INC RELATED 55997 1880339 0 0 0.99000 NEW HOPE SLP INC 185 DARTMOUTH STREET BOSTON MA 02116 454209882 LOW-INCOME HOUSING MA NEW HOPE HOUSING INC C 1.00000 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0