2025-02-18T07:39:17-06:00 2024-05-31 943108253 NOVOGRADAC & COMPANY LLP 1300 EAST 9TH ST SUITE 900 CLEVELAND OH 44114 990 2023-06-01 237020073 BAY INTERFAITH HOUSING BAYI 4408713234 27100 KNICKERBOCKER BAY VILLAGE OH 44140 JAY MAGEE PRESIDENT 4408713234 2025-02-17 1 0 RENEE BEAVER P00167058 2162989000 2023 2025-03-06 01:10:19Z JAY MAGEE 27100 KNICKERBOCKER BAY VILLAGE OH 44140 436063 0 X WWW.KNICKERBOCKERAPARTMENT.COM X 1968 OH BAY INTERFAITH HOUSING SOLD THEIR SENIOR APARTMENT BUILDING TO A TAXABLE ENTITY TO OPERATE AS A QUALIFIED LOW-INCOME HOUSING PROJECT WITHIN THE MEANING OF SECTION 42 OF THE INTERNAL REVENUE CODE AND HAS BEEN RENOVATED AS A HISTORIC REHABILITATION PROJECT IN ACCORDANCE WITH SECTION 47 OF THE INTERNAL REVENUE CODE. THE ENTITY COONTINUES TO OWN A SMALL PERCENTAGE OF THE TAXABLE ENTITY AND HOLDS A NOTE RECEIVABLE FOR THE SELLER FINANCING PROVIDED. 11 11 0 11 0 0 14488 1700 0 0 0 83 -20 434280 14468 436063 0 0 0 0 0 0 0 0 0 52488 13753 52488 13753 -38020 422310 3379799 4252109 1000000 1450000 2379799 2802109 X BAY INTERFAITH HOUSING SOLD THEIR SENIOR APARTMENT BUILDING TO A TAXABLE ENTITY TO OPERATE AS A QUALIFIED LOW-INCOME HOUSING PROJECT WITHIN THE MEANING OF SECTION 42 OF THE INTERNAL REVENUE CODE AND HAS BEEN RENOVATED AS A HISTORIC REHABILITATION PROJECT IN ACCORDANCE WITH SECTION 47 OF THE INTERNAL REVENUE CODE. THE ENTITY COONTINUES TO OWN A SMALL PERCENTAGE OF THE TAXABLE ENTITY AND HOLDS A NOTE RECEIVABLE FOR THE SELLER FINANCING PROVIDED. 0 0 13753 1700 BAY INTERFAITH HOUSING SOLD THEIR SENIOR APARTMENT BUILDING TO A TAXABLE ENTITY TO OPERATE AS A QUALIFIED LOW-INCOME HOUSING PROJECT WITHIN THE MEANING OF SECTION 42 OF THE INTERNAL REVENUE CODE AND HAS BEEN RENOVATED AS A HISTORIC REHABILITATION PROJECT IN ACCORDANCE WITH SECTION 47 OF THE INTERNAL REVENUE CODE. THE ENTITY COONTINUES TO OWN A SMALL PERCENTAGE OF THE TAXABLE ENTITY AND HOLDS A NOTE RECEIVABLE FOR THE SELLER FINANCING PROVIDED. 13753 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 OH X TRAVON HUGHES HOUSING MANAGER 4408713234 27100 KNICKERBOCKER BAY VILLAGE OH 44140 X JAY MAGEE PRESIDENT 2.00 X X 0 0 0 FRED BOWER DIRECTOR 1.00 X 0 0 0 HARRY HUHNDORFF DIRECTOR 1.00 X 0 0 0 DOUGLAS LAWTON VICE PRESIDENT 2.00 X X 0 0 0 JIM HOFELICH SECRETARY 2.00 X X 0 0 0 ROBERT EMMERICH DIRECTOR 1.00 X 0 0 0 DONNA HARLAND DRESING DIRECTOR 1.00 X 0 0 0 JOHN ENGELBRECHT DIRECTOR 1.00 X 0 0 0 MARIAN HARMOUNT DIRECTOR 1.00 X 0 0 0 KEITH MCGREGOR DIRECTOR 1.00 X 0 0 0 LISA HAMMOND JOHNSON DIRECTOR 1.00 X 0 0 0 0 0 0 0 0 0 0 0 1700 1700 83 83 DEVELOPER FEE REVENUE 531110 403030 403030 OPERATING ADVANCE REIM 531110 31250 31250 434280 436063 434363 0 0 1700 1700 7636 7636 4417 4417 13753 13753 0 0 X 180571 199089 403792 1898361 2348361 1300867 1300867 3379799 4252109 1000000 1450000 1000000 1450000 X 2379799 2802109 2379799 2802109 3379799 4252109 422310 0 X 0 0 0 X 6111 5715 58149 14488 1700 86163 6111 5715 58149 14488 1700 86163 86163 72527 57448 60908 0 83 190966 434280 434280 711409 0.12110 0.57960 X 0 INVESTMENTS IN KNICKERBOCKER SENIOR APARTMENTS, LLC 1300867 C 1300867 FORM 990, PART VI, SECTION A, LINE 3 LSC SERVICE CORPORATION IS THE MANAGEMENT COMPANY. THEY MANAGE THE DAILY OPERATIONS. THE BOARD APPROVES AN ANNUAL BUDGET, RECEIVES MONTHLY FINANCIALS AND QUARTERLY REVIEWS FROM THE MANAGEMENT COMPANY. FORM 990, PART VI, SECTION A, LINE 6 SPONSORING MEMBERS ARE FOUR LOCAL CHURCHES: BAY UNITED METHODIST, BAY PRESBYTERIAN, ST. BARNABAS-ANGLICAN, AND BETHESDA-ON-THE-BAY LUTHERAN. TRUSTEES ARE FROM THE MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS MEET ANNUALLY AND ELECT OFFICERS AND TRUSTEES. SEE 7B. FORM 990, PART VI, SECTION A, LINE 7B AT THE ANNUAL MEETING OF THE MEMBERS, THEY VOTE TO RATIFY AND APPROVE PROCEDURES AND ACTIONS OF THE TRUSTEES AND OFFICERS SINCE THE LAST ANNUAL MEMBERS MEETING. FORM 990, PART VI, SECTION B, LINE 11B MANAGEMENT AND THE BOARD REVIEW FORM 990 AND APPROVE OR MAKES CORRECTIONS BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY GET SIGNED CONFLICT OF INTEREST FORMS BACK FROM TRUSTEES. IF THEY HAVE A CONFLICT THE BOARD WOULD REVIEW. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION AND THE BUDGET ARE PREPARED BY THE MANAGING AGENT AND HOUSING MANAGER. THE TRUSTEES REVIEW AND APPROVE PRIOR TO YEAR-END. MONTHLY ACTUAL AND COMPARISON TO BUDGET FINANCIALS ARE SENT TO TRUSTEES. FORM 990, PART VI, SECTION C, LINE 18 THE COMPANY DOES NOT DISCLOSE GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS TO THE PUBLIC. FORM 990, PART VI, SECTION C, LINE 19 THE COMPANY DOES NOT DISCLOSE GOVERNING DOCUMENTS, POLICIES AND FINANCIAL STATEMENTS TO THE PUBLIC. FORM 990, PART X, LINE 7 NOTES AND LOANS RECEIVABLE CONSIST OF THE FOLLOWING: ITEM #1: SELLER NOTES RECEIVABLES - DURING 2017 THE BOARD OF DIRECTORS OF BAY INTERFAITH HOUSING, INC. ENTERED INTO VARIOUS CONTRACTS AND AGREEMENTS TO ALLOW FOR THE SALE OF THE KNICKERBOCKER APARTMENT BUILDING. THE SALE OCCURRED ON DECEMBER 21, 2018 AS A NON- CASH/SELLER FINANCED DEAL AND ALLOWS BAY INTERFAITH HOUSING, INC. TO PURCHASE THE APARTMENT BUILDING BACK AFTER A STATUTORY PERIOD, FROM THE PURCHASER, KNICKERBOCKER SENIOR APARTMENTS, LLC. THE SALE ALLOWS THE PROJECT TO CONTINUE AS A MULTIFAMILY SENIOR APARTMENT BUILDING AND RAISE CAPITAL FOR EXTENSIVE RENOVATIONS. BECAUSE OF THE SALE AND THE RENOVATION FUNDING REQUIREMENTS BAY INTERFAITH HOUSING, INC. INCORPORATED TWO NEW OHIO TAXABLE ENTITIES. THE ENTITY CONTINUES TO OWN A SMALL PERCENTAGE OF THE TAXABLE ENTITIES AND HOLDS A NOTE RECEIVABLE FOR THE SELLER FINANCING PROVIDED. ITEM #2: FUNDING NOTES RECEIVABLES - ON DECEMBER 21, 2018 BAY INTERFAITH HOUSING, INC . ENTERED INTO A SURPLUS CASH NOTE (THE NOTE) WITH KNICKERBOCKER SENIOR APARTMENTS, LLC FOR $1,700,000. THE NOTE CALLS FOR 3 . 31% INTEREST TO ACCRUE AND PAYMENTS MADE ONLY FROM 75% OF KNICKERBOCKER SENIOR APARTMENTS, LLC'S AVAILABLE SURPLUS CASH. ALL UNPAID PRINCIPAL AND INTEREST IS DUE ON THE NOTE'S DECEMBER 31, 2060 MATURITY DATE. ITEM #3: FUNDING NOTES RECEIVABLES - ON JANUARY 5, 2021, BAY INTERFAITH HOUSING, INC. OBTAINED A $450,000 LOAN FROM CUYAHOGA COUNTY THROUGH THE HOME PROGRAM WHICH IT THEN LOANED TO KSA, LLC. THE NOTE BEARS NO INTEREST AND IS SECURED BY AN OPEN-END MORTGAGE ON THE PROPERTY. THE NOTE IS DUE IN FULL ON DECEMBER 31, 2060, ITS MATURITY DATE. FORM 990, PART X, LINE 13 AS PART OF THE SALE AND RENOVATIONS OF THE KNICKERBOCKER APARTMENT BUILDING THE PROJECT CONTRIBUTED $301,000 TO KSA, LLC FOR A GENERAL PARTNER INTEREST. PER THE OPERATING AGREEMENT, THE PROJECT WAS REQUIRED TO CONTRIBUTE AN ADDITIONAL $1,000,000 TO KSA, LLC DURING THE FISCAL YEAR ENDED 5 / 31/ 22. THE PROJECT FUNDED THIS CONTRIBUTION WITH A NON- INTEREST BEARING PROMISSORY NOTE THAT WILL BE DUE IN FULL ON JUNE 1, 2060. THE CONTRIBUTED CAPITAL IS RECORDED ON THE PROJECT'S BALANCE SHEET AS INVESTMENT IN KNICKERBOCKER SENIOR APARTMENTS , LLC . 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