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        <EOYAmt>10616609</EOYAmt>
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        <EOYAmt>230643</EOYAmt>
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      <TotLiabNetAssetsFundBalanceGrp>
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        <EOYAmt>10616609</EOYAmt>
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      <ReconcilationRevenueExpnssAmt>7015</ReconcilationRevenueExpnssAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>true</AccountantCompileOrReviewInd>
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      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
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        <CurrentTaxYearMinus2YearsAmt>5863976</CurrentTaxYearMinus2YearsAmt>
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      <GovtFurnSrvcFcltsVl170Grp>
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      <TotalCalendarYear170Grp>
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        <CurrentTaxYearMinus3YearsAmt>3934766</CurrentTaxYearMinus3YearsAmt>
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        <TotalAmt>17573325</TotalAmt>
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      <SubstantialContributorsTotAmt>0</SubstantialContributorsTotAmt>
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        <TotalAmt>136917</TotalAmt>
      </GrossInvestmentIncome170Grp>
      <UnrelatedBusinessNetIncm170Grp>
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    <IRS990ScheduleB documentId="IRS990ScheduleB-01">
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        <ContributorBusinessName>
          <BusinessNameLine1>RESTRICTED</BusinessNameLine1>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1>RESTRICTED</AddressLine1>
          <AddressLine2>RESTRICTED</AddressLine2>
          <City>RESTRICTED</City>
          <State>RESTRICTED</State>
          <ZIPCode>RESTRICTED</ZIPCode>
        </ContributorUSAddress>
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        <Desc>Investment in The Kelsey Ayer Station LLC</Desc>
        <BookValueAmt>1990994</BookValueAmt>
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      <OtherAssetsOrgGrp>
        <Desc>Investment in The Kelsey Civic Center LLC</Desc>
        <BookValueAmt>4384210</BookValueAmt>
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      <OtherAssetsOrgGrp>
        <Desc>Investment in The Kelsey Avondale Birmingham LLC</Desc>
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      <OtherAssetsOrgGrp>
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        <BookValueAmt>83783</BookValueAmt>
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      <TotalBookValueOtherAssetsAmt>6611548</TotalBookValueOtherAssetsAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="IRS990ScheduleJ-01">
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      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <CompBasedOnRevenueOfFlngOrgInd>false</CompBasedOnRevenueOfFlngOrgInd>
      <CompBsdOnRevRelatedOrgsInd>false</CompBsdOnRevRelatedOrgsInd>
      <CompBsdNetEarnsFlngOrgInd>false</CompBsdNetEarnsFlngOrgInd>
      <CompBsdNetEarnsRltdOrgsInd>false</CompBsdNetEarnsRltdOrgsInd>
      <AnyNonFixedPaymentsInd>false</AnyNonFixedPaymentsInd>
      <InitialContractExceptionInd>false</InitialContractExceptionInd>
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        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
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        <DeferredCompensationFlngOrgAmt>0</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>0</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>176728</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>176728</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>Caroline Bas</PersonNm>
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        <PersonNm>Irina Meza</PersonNm>
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        <TotalCompensationRltdOrgsAmt>165000</TotalCompensationRltdOrgsAmt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 11b</FormAndLineReferenceDesc>
        <ExplanationTxt>Form 990 is reveiwed by the members of the Board of Directors prior to filing.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 15a</FormAndLineReferenceDesc>
        <ExplanationTxt>We distribute the policy with each new board member and annually to all board members. Board members are asked to report any known conflicts of interests.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>Pt VI, Line 12c</FormAndLineReferenceDesc>
        <ExplanationTxt>The board reviews comparable data, benchmarks salaries against that data and compares data against performance metrics to determine salaries.</ExplanationTxt>
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    </IRS990ScheduleO>
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        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>1 Sansome St 1400</AddressLine1Txt>
          <CityNm>San Francisco</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94104</ZIPCd>
        </USAddress>
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        <PrimaryActivitiesTxt>Housing Development</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CA</LegalDomicileStateCd>
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        <DirectControllingEntityName>
          <BusinessNameLine1Txt>The Kelsey</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
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        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>1 Sansome St 1400</AddressLine1Txt>
          <CityNm>San Francisco</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94104</ZIPCd>
        </USAddress>
        <EIN>870891714</EIN>
        <PrimaryActivitiesTxt>Provide services to public</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>CA</LegalDomicileStateCd>
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        <DirectControllingEntityName>
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        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
      <IdDisregardedEntitiesGrp>
        <DisregardedEntityName>
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        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>1 Sansome St 1400</AddressLine1Txt>
          <CityNm>San Francisco</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>94104</ZIPCd>
        </USAddress>
        <PrimaryActivitiesTxt>Housing Development</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>AL</LegalDomicileStateCd>
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          <BusinessNameLine1Txt>The Kelsey</BusinessNameLine1Txt>
        </DirectControllingEntityName>
      </IdDisregardedEntitiesGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>