2024-04-24T14:11:31-05:00 2023-06-30 043037870 BOLLUS LYNCH LLP 89 SHREWSBURY STREET WORCESTER MA 01604 990 2022-07-01 043247717 NHA PROPERTIES INC NHAP 5082284422 PO BOX 3149 NANTUCKET MA 02554 PAUL A WOLF JR TREASURER 5082284422 2024-04-24 1 PAUL WOLF JR 999009999 0 BARBARA E KING P00005629 5087557107 2024-04-23 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z HOUSING NANTUCKET PAUL A WOLF JR 75 OLD SOUTH ROAD NANTUCKET MA 02554 3554590 0 X HOUSINGNANTUCKET.ORG X 1994 MA TO CREATE AND SUPPORT DIVERSE TYPES OF SAFE, SUITABLE, AND SANITARY LIVING ACCOMODATIONS FOR LOW, MODERATE AND MIDDLE INCOME YEAR-ROUND RESIDENTS OF NANUTUCKET COUNTY. THIS MISSION IS ACCOMPLISHED THROUGH RENTAL, HOMEOWNERSHIP, AND EDUCATIONAL PROGRAMMING. 9 9 5 0 0 0 1428370 2678080 700105 742523 66031 20551 42759 54633 2237265 3495787 0 0 0 0 328756 443689 0 0 88052 698619 854365 1027375 1298054 1209890 2197733 19174411 26732122 3738718 9086750 15435693 17645372 X PROVIDE SAFE, SANITARY, AND SUITABLE LIVING ACCOMMODATIONS FOR LOW, MODERATE, AND MIDDLE INCOME PERSONS WITHIN NANTUCKET COUNTY. 0 0 951875 720276 THE AFFORDABLE RENTAL PROGRAM AND HOUSE RECYCLING PROGRAM - THE AFFORDABLE RENTAL PROGRAM IS A SCATTERED SITE PROGRAM OF 38 AFFORDABLE YEAR-ROUND RENTAL HOMES AVAILABLE TO LOW, MODERATE AND MIDDLE-INCOME NANTUCKET RESIDENTS. MOST OF THESE HOMES HAVE BEEN DEVELOPED THROUGH THE HOUSE RECYCLING PROGRAM, AND SOME WERE NEWLY CONSTRUCTED. HOUSE RECYCLING IS AN INNOVATIVE AND COST-EFFECTIVE PROGRAM WHERE PRIVATE INDIVIDUALS DONATE UNWANTED BUT STRUCTURALLY SOUND DWELLINGS TO HOUSING NANTUCKET (HN). HN RELOCATES BUILDINGS TO HN'S LAND, WHICH IS PERMANENTLY DEED-RESTRICTED FOR AFFORDABLE HOUSING PURPOSES. THEN HN REHABILITATES AND RENTS THE DWELLINGS AT AFFORDABLE RATES TO INCOME-QUALIFIED YEAR-ROUND NANTUCKET RESIDENTS. DWELLINGS RANGE FROM ONE-BEDROOM COTTAGES TO FOUR-BEDROOM HOMES. PROPERTIES ARE REGULARLY INSPECTED AND MAINTAINED TO ENSURE QUALITY LIVING ENVIRONMENTS FOR TENANTS. 62425 51479 THE NANTUCKET HOUSING NEEDS COVENANT PROGRAM - (THE COVENANT PROGRAM) CREATES SCATTERED SITE, MIDDLE INCOME HOME-OWNERSHIP OPPORTUNITIES. TO INCENTIVIZE THE INITIAL CREATION OF A COVENANT HOME, PRIVATE PROPERTY OWNERS ARE ALLOWED ZONING RELIEF WHICH ENABLES THEM TO SELL A PORTION OF THEIR LAND THAT IS OTHERWISE NOT SUB-DIVIDABLE. IN EXCHANGE, THE OWNERS RECORD A DEED RESTRICTION WHICH PERMANENTLY RESTRICTS OWNERSHIP TO QUALIFIED YEAR-ROUND ISLANDERS. COVENANT HOME PURCHASERS MUST BE YEAR-ROUND RESIDENTS EARNING LESS THAN 150% OF THE AREA MEDIAN INCOME. THE TRANSACTION PRICE OF A COVENANT HOME MUST BE BELOW THE MAXIMUM SALE PRICE, WHICH IS RESET ANNUALLY AND DETERMINED BY AN AFFORDABILITY FORMULA. COVENANT HOMEOWNERS ARE SUBJECT TO A RESIDENCY/OCCUPANCY REQUIREMENT AS WELL AS RESALE RESTRICTIONS. 11896 HOUSING NANTUCKET'S EDUCATIONAL PROGRAMMING - INCLUDES FIRST TIME HOME-BUYER EDUCATION AND REBUILDING YOUR CREDIT CLASSES. THESE CLASSES ARE OFFERED THROUGH TRADITIONAL CLASSROOM LEARNING AS WELL AS THROUGH AN ONLINE PLATFORM. RELOCATABLE DWELLING PROGRAM - WHEN HN CANNOT USE STRUCTURALLY SOUND DWELLINGS THAT ARE OFFERED TO THEM THROUGH THE HOUSE RECYCLING PROGRAM, HN WILL SELL THE DWELLING TO A THIRD PARTY WHO IS RESPONSIBLE FOR MOVING THE DWELLING VIA AN ASSIGNMENT OF HOUSING NANTUCKET'S RIGHT ON THE DONATED PROPERTY. 1026196 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 5 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 MA X ANNE KUSZPA 5082284422 75 OLD SOUTH ROAD NANTUCKET MA 02554 PETER T KAIZER PRESIDENT 1.00 X X 0 0 0 STACY G MONTES VICE PRESIDENT 1.00 X X 0 0 0 PAUL A WOLF JR TREASURER 1.00 X X 0 0 0 ROBERT LIDDLE CLERK 1.00 X X 0 0 0 BERTYL V JOHNSON DIRECTOR 1.00 X 0 0 0 DOBRIMIR SULTANOV DIRECTOR 1.00 X 0 0 0 ROSE MARIE SAMUELS DIRECTOR 1.00 X 0 0 0 LILIANA KOVACEVIC DIRECTOR 1.00 X 0 0 0 EILLEN TAVERAS DIRECTOR 1.00 X 0 0 0 ANNE KUSZPA EXECUTIVE DIRECTOR 40.00 X 137418 0 4510 137418 0 4510 1 0 0 0 0 88951 66604 2160217 362308 98500 2678080 RENTS & TENANT RELATED 531110 691044 691044 COVENANT INCOME 531110 51479 51479 742523 20551 20551 40160 0 40160 40160 40160 44044 66604 58803 -14759 -14759 MISC. INCOME 531110 29232 29232 29232 3495787 771755 0 45952 390231 200831 114400 75000 20807 14590 3967 2250 32651 15320 9729 7602 6464 6464 14020 14020 1408 1408 2920 270 2650 26194 26194 7442 3491 3951 6013 1058 1755 3200 30140 27398 2742 21759 21759 401211 384430 16781 48927 45250 3677 REPAIRS AND MAINTENANCE 267736 267736 LANDSCAPING 16554 16554 OTHER EXPENSES 3577 1315 2262 1298054 1026196 183806 88052 1223954 211220 751070 567660 2029 11709 21703 10774 30232690 4816643 17175655 25416047 514712 19174411 26732122 25237 16992 3704379 9047804 9102 21954 3738718 9086750 X 13761458 16027172 1674235 1618200 15435693 17645372 19174411 26732122 2197733 11946 0 X 0 1 X 1 0 X 899412 203863 621976 1428370 2678080 5831701 660729 680127 634272 708063 771755 3454946 1560141 883990 1256248 2136433 3449835 9286647 0 372000 110512 202750 919611 336635 1941508 372000 110512 202750 919611 336635 1941508 7345139 20125 18373 25208 35332 20551 119589 20125 18373 25208 35332 20551 119589 1580266 902363 1281456 2171765 3470386 9406236 0.78090 0.81190 0.01270 0.01450 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 5603598 5603598 13203374 4774853 8428521 363074 41790 321284 11062644 11062644 25416047 REFUNDABLE ADVANCE - TOWN LOAN PROGRAM 21954 21954 3506325 11946 11946 3494379 1408 1408 3495787 1296646 0 1296646 1408 1408 1298054 PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES HOUSING SUMMIT EVENT 110648 66604 44044 4744 54059 110648 66604 44044 4744 54059 58803 -14759 X 2 98500 FMV 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990 A COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS FORM 990. THE FINANCIAL DATA ON FORM 990 IS RECONCILED TO THE FINANCIAL INFORMATION ON THE AUDITED FINANCIAL STATEMENTS. THE NON-FINANCIAL INFORMATION SUCH AS QUESTIONS CONCERNING GOVERNANCE, POLICIES AND TAX COMPLIANCE ARE REVIEWED TO ENSURE THAT THEY ARE ACCURATELY ANSWERED. CONSIDERATION IS GIVEN AS TO THE COMPLETENESS OF UNRELATED BUSINESS INCOME, IF ANY. FORM 990, PART VI, SECTION B, LINE 12C ENFORCEMENT OF CONFLICTS POLICY 1. DUTY TO DISCLOSE IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. 2. DETERMINING WHETHER A CONFLICT OF INTEREST EXISTS AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. 3. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST A. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. B. THE CHAIRPERSON OF THE GOVERNING BOARD OF COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBATIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION, IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. 4. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY A. IF THE GOVERNING BOARD OF COMMITTEE HAS A REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. B. IF AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL IN REVIEWING AND APPROVING THE COMPENSATION OF ANY COVERED INDIVIDUALS, THE NHA PROPERTIES, INC. BOARD OF DIRECTORS, OR A DELEGATED COMMITTEE OF THE BOARD (REFERRED TO AS THE "APPROVAL BODY" BELOW), WILL UTILIZE THE FOLLOWING PROCESS: 1. IMPARTIAL DECISION MAKERS. THE COMPENSATION ARRANGEMENT MUST BE APPROVED IN ADVANCE (BEFORE ANY PAYMENT IS MADE) BY THE APPROVAL BODY OF NHA COMPOSED ENTIRELY OF INDIVIDUALS WHO DO NOT HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT (EXAMPLE: NEITHER THE EXECUTIVE WHOSE COMPENSATION IS BEING DETERMINED NOR ANY OF HIS/HER FAMILY MEMBERS MAY BE PRESENT DURING THE DISCUSSION/DEBATE OR PARTICIPATE IN THE VOTE). 2. COMPARABILITY DATA. WHEN THE APPROVAL BODY IS CONSIDERGIN COMPENSATION TO COVERED INDIVIDUALS , IT MUST RELY ON COMPARABILITY DATA THAT DEMONSTRATE THE FAIR MARKET VALUE OF THE COMPENSATION IN QUESTION. FOR EXAMPLE, WHEN CRAFTING COMPENSATION PACKAGES, THE APPROVAL BODY MUST SECURE DATA THAT DOCUMENTS COMPENSATION LEVELS FOR SIMILARLY QUALIFIED INDIVIDUALS IN LIKE POSITIONS AT LIKE ORGANIZATIONS. THIS DATA MAY INCLUDE THE FOLLOWING: A. EXPERT COMPENSATION STUDIES BY INDEPENDENT FIRMS; B. WRITTEN JOB OFFERS FOR POSITIONS AT SIMILAR ORGANIZATIONS; C. DOCUMENTED TELEPHONE CALLS ABOUT SIMILAR POSITIONS AT BOTH NONPROFIT AND FOR-PROFIT ORGANIZATIONS; AND D. INFORMATION OBTAINED FROM THE IRS FORM 990 FILINGS OF SIMILAR ORGANIZATIONS. 3. CONCURRENT DOCUMENTATION. THE APPROVAL BODY MUST DOCUMENT HOW IT REACHED ITS DECISIONS, INCLUDING THE DATA ON WHICH IT RELIED. TO QUALIFY AS CONCURRENT DOCUMENTATION, WRITTEN OR ELCTRONIC RECORDS OF THE APPROVAL BODY (SUCH AS MEETING MINUTES) MUST NOTE: A. THE TERMS OF THE COMPENSATION AND THE DATE IT WAS APPROVED; B. THE MEMBERS OF THE APPROVAL BODY WHO WERE PRESENT DURING THE DEBATE ON THE COMPENSATION THAT WAS APPROVED AND THOSE WHO VOTED ON IT; C. THE COMPARABILITY DATA OBTAINED AND RELIED UPON HOW THE DATA WERE OBTAINED; AND D. ANY ACTIONS TAKEN WITH RESPECT TO CONSIDERATION OF THE COMPENSATION BY ANYONE WHO IS OTHERWISE A MEMBER OF THE APPROVAL BODY BUT WHO HAD A CONFLICT OF INTEREST WITH RESPECT TO THE DECISION ON THE COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 ALL GOVERNING DOCUMENTS ARE AVAILABLE FOR INSPECTION BY THE PUBLIC AT THE ORGANIZATION'S OFFICES DURING NORMAL BUSINESS HOURS.