﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2024v5.2">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-11-19T16:01:35-06:00</ReturnTs>
    <TaxPeriodEndDt>2024-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>582487348</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>Aprio Advisory Group LLC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2002 Summit Boulevard Suite 120</AddressLine1Txt>
        <CityNm>Atlanta</CityNm>
        <StateAbbreviationCd>GA</StateAbbreviationCd>
        <ZIPCd>30319</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2024-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>581949667</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>The Paces Foundation Inc</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>PACE</BusinessNameControlTxt>
      <PhoneNum>4044319696</PhoneNum>
      <USAddress>
        <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
        <CityNm>Smyrna</CityNm>
        <StateAbbreviationCd>GA</StateAbbreviationCd>
        <ZIPCd>30080</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>Mark Du Mas</PersonNm>
      <PersonTitleTxt>Vice President</PersonTitleTxt>
      <PhoneNum>7704319696</PhoneNum>
      <SignatureDt>2025-11-19</SignatureDt>
      <DiscussWithPaidPreparerInd>1</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>1</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>Stacy Cullen</PreparerPersonNm>
      <PTIN>P00974308</PTIN>
      <PhoneNum>4048929651</PhoneNum>
      <PreparationDt>2025-11-19</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2024</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="13">
    <IRS990PF documentId="RetDoc1235000001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>92965132</FMVAssetsEOYAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>176059</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>529034</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>529034</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>301170</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>301170</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>12433323</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>35324500</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>12433323</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc2001500001">7963704</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>0</OtherIncomeNetInvstIncmAmt>
        <OtherIncomeAdjNetIncmAmt>7963704</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>21403290</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>13263527</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>7963704</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>1958300</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>0</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstAdjNetIncmAmt>814662</CompOfcrDirTrstAdjNetIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>1143638</CompOfcrDirTrstDsbrsChrtblAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>418908</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsNetInvstIncmAmt>0</OthEmplSlrsWgsNetInvstIncmAmt>
        <OthEmplSlrsWgsAdjNetIncmAmt>0</OthEmplSlrsWgsAdjNetIncmAmt>
        <OthEmplSlrsWgsDsbrsChrtblAmt>418908</OthEmplSlrsWgsDsbrsChrtblAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002100001">15479</LegalFeesRevAndExpnssAmt>
        <LegalFeesNetInvstIncmAmt>15479</LegalFeesNetInvstIncmAmt>
        <LegalFeesAdjNetIncmAmt>0</LegalFeesAdjNetIncmAmt>
        <LegalFeesDsbrsChrtblAmt>0</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2002200001">20127</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>0</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesAdjNetIncmAmt>20127</AccountingFeesAdjNetIncmAmt>
        <AccountingFeesChrtblPrpsAmt>0</AccountingFeesChrtblPrpsAmt>
        <InterestRevAndExpnssAmt>5024239</InterestRevAndExpnssAmt>
        <InterestNetInvstIncmAmt>5024239</InterestNetInvstIncmAmt>
        <InterestAdjNetIncmAmt>0</InterestAdjNetIncmAmt>
        <InterestDsbrsChrtblAmt>0</InterestDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc2002500001">186694</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>0</TaxesNetInvstIncmAmt>
        <TaxesAdjNetIncmAmt>186694</TaxesAdjNetIncmAmt>
        <TaxesDsbrsChrtblAmt>0</TaxesDsbrsChrtblAmt>
        <DeprecAndDpltnRevAndExpnssAmt>1385667</DeprecAndDpltnRevAndExpnssAmt>
        <DeprecAndDpltnNetInvstIncmAmt>1385667</DeprecAndDpltnNetInvstIncmAmt>
        <DeprecAndDpltnAdjNetIncmAmt>0</DeprecAndDpltnAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc2003200001">5760042</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>21296</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>516836</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>5221910</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>14769456</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>6446681</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>1538319</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>6784456</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>38225</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>38225</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>14807681</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>6446681</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>1538319</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>6822681</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>6595609</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>6816846</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>6425385</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>2335467</CashBOYAmt>
        <CashEOYAmt>9762214</CashEOYAmt>
        <CashEOYFMVAmt>9762214</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>1916156</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>1923920</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>1923920</SavAndTempCashInvstEOYFMVAmt>
        <AcctRcvblAmt>55482</AcctRcvblAmt>
        <AcctRcvblBOYAmt>164737</AcctRcvblBOYAmt>
        <AcctRcvblEOYAmt>55482</AcctRcvblEOYAmt>
        <AcctRcvblEOYFMVAmt>55482</AcctRcvblEOYFMVAmt>
        <OtherNtsAndLoansRcvblAmt>4825766</OtherNtsAndLoansRcvblAmt>
        <OtherRcvblAllwncDbtflAcctAmt>0</OtherRcvblAllwncDbtflAcctAmt>
        <OtherNtsAndLoansRcvblBOYAmt>2581815</OtherNtsAndLoansRcvblBOYAmt>
        <OtherNtsAndLoansRcvblEOYAmt>4825766</OtherNtsAndLoansRcvblEOYAmt>
        <OtherNtsAndLoansRcvblEOYFMVAmt>4825766</OtherNtsAndLoansRcvblEOYFMVAmt>
        <PrepaidExpensesBOYAmt>922495</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>166343</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>166343</PrepaidExpensesEOYFMVAmt>
        <CorporateStockBOYAmt>5565525</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc2018900001">4817578</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>4817578</CorporateStockEOYFMVAmt>
        <OtherInvestmentsBOYAmt>6843086</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc2018100001">4746574</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>4746574</OtherInvestmentsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>57843019</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>9250115</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>49622655</LandBOYAmt>
        <LandEOYAmt>48592904</LandEOYAmt>
        <LandEOYFMVAmt>48592904</LandEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc2046600001">17880062</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc2046600001">18074351</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc2046600001">18074351</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>87831998</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>92965132</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>92965132</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>180815</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>743129</AccountsPayableEOYAmt>
        <DeferredRevenueBOYAmt>14346</DeferredRevenueBOYAmt>
        <MortgagesAndNotesPayableBOYAmt>62789147</MortgagesAndNotesPayableBOYAmt>
        <MortgagesAndNotesPayableEOYAmt referenceDocumentId="RetDoc2203400001">58015043</MortgagesAndNotesPayableEOYAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc2065700001">4355827</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc2065700001">6142461</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>67340135</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>64900633</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>20491863</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>28064499</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>20491863</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>28064499</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>87831998</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>92965132</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>20491863</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>6595609</ExcessRevenueOverExpensesAmt>
        <OtherIncreasesAmt referenceDocumentId="RetDoc2049700001">977027</OtherIncreasesAmt>
        <SubtotalAmt>28064499</SubtotalAmt>
        <OtherDecreasesAmt>0</OtherDecreasesAmt>
        <TotNetAstOrFundBalancesEOYAmt>28064499</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>Campbell Creek, Pines by the Creek, Timber Chase, and Sequoyah Village</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>21425000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>10324048</CostOrOtherBasisAmt>
          <GainOrLossAmt>11100952</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11100952</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>Autumn Ridge</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>13899500</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>12567129</CostOrOtherBasisAmt>
          <GainOrLossAmt>1332371</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>1332371</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>12433323</CapitalGainNetIncomeAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>94754</InvestmentIncomeExciseTaxAmt>
        <TaxUnderSection511Amt>0</TaxUnderSection511Amt>
        <SubtotalAmt>94754</SubtotalAmt>
        <SubtitleATaxAmt>0</SubtitleATaxAmt>
        <TaxBasedOnInvestmentIncomeAmt>94754</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>5000</EstimatedPlusOvpmtIncmTxAmt>
        <ExemptFrgnOrgTaxWthldAtSrceAmt>0</ExemptFrgnOrgTaxWthldAtSrceAmt>
        <ExtsnRequestIncomeTaxPaidAmt>0</ExtsnRequestIncomeTaxPaidAmt>
        <BackupWithholdingWithheldAmt>0</BackupWithholdingWithheldAmt>
        <TotalPaymentsAndCreditsAmt>5000</TotalPaymentsAndCreditsAmt>
        <EsPenaltyAmt>238</EsPenaltyAmt>
        <TaxDueAmt>89992</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>0</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>0</MoreThan100SpentInd>
        <Form1120POLFiledInd>0</Form1120POLFiledInd>
        <Section4955OrganizationTaxAmt>0</Section4955OrganizationTaxAmt>
        <Section4955ManagersTaxAmt>0</Section4955ManagersTaxAmt>
        <TaxReimbursedAmt>0</TaxReimbursedAmt>
        <ActivitiesNotPreviouslyRptInd>0</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>0</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>0</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>0</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>0</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>1</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>GA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>1</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>1</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>0</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>0</OwnControlledEntityInd>
        <DonorAdvisedFundInd>0</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>1</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>Mark Du Mas</IndividualWithBooksNm>
        <PhoneNum>4044319696</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
          <CityNm>Smyrna</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30080</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>0</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>0</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>0</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>0</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>0</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>0</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>0</PaymentToGovernmentOfficialInd>
        <UncorrectedPriorActsInd>0</UncorrectedPriorActsInd>
        <UndistributedIncomePYInd>0</UndistributedIncomePYInd>
        <BusinessHoldingsInd>0</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>0</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>0</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>0</InfluenceLegislationInd>
        <InfluenceElectionInd>0</InfluenceElectionInd>
        <GrantsToIndividualsInd>0</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>0</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>0</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>0</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>0</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>0</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>0</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Betty Jones</PersonNm>
          <USAddress>
            <AddressLine1Txt>2335 Shell Road</AddressLine1Txt>
            <CityNm>Savannah</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>31404</ZIPCd>
          </USAddress>
          <TitleTxt>Board Member</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Julie Bowen</PersonNm>
          <USAddress>
            <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
            <CityNm>Smyrna</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30080</ZIPCd>
          </USAddress>
          <TitleTxt>Board Member</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Robert Ryan</PersonNm>
          <USAddress>
            <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
            <CityNm>Smyrna</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30080</ZIPCd>
          </USAddress>
          <TitleTxt>Board Member</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Mark Du Mas</PersonNm>
          <USAddress>
            <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
            <CityNm>Smyrna</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30080</ZIPCd>
          </USAddress>
          <TitleTxt>President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>978000</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Kevin Kirby</PersonNm>
          <USAddress>
            <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
            <CityNm>Smyrna</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30080</ZIPCd>
          </USAddress>
          <TitleTxt>Secretary</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>Renee Sandell</PersonNm>
          <USAddress>
            <AddressLine1Txt>1014 Chesterfield Place</AddressLine1Txt>
            <CityNm>Marietta</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30064</ZIPCd>
          </USAddress>
          <TitleTxt>Vice-President</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>362792</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>Stephen Bauhan</PersonNm>
          <USAddress>
            <AddressLine1Txt>512 Michigan Ave</AddressLine1Txt>
            <CityNm>Decatur</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30030</ZIPCd>
          </USAddress>
          <TitleTxt>Vice President/Chief</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>265436</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>Lori T Bobier</PersonNm>
          <USAddress>
            <AddressLine1Txt>1086 Woodcroft Chase</AddressLine1Txt>
            <CityNm>Marietta</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30064</ZIPCd>
          </USAddress>
          <TitleTxt>Director of Assets</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>158577</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <CompensationHighestPaidEmplGrp>
          <PersonNm>Teagan P Livingston</PersonNm>
          <USAddress>
            <AddressLine1Txt>2115 Lake Park Dr Apt J</AddressLine1Txt>
            <CityNm>Smyrna</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30080</ZIPCd>
          </USAddress>
          <TitleTxt>Development Coordina</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>40.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>76467</CompensationAmt>
          <EmployeeBenefitsAmt>0</EmployeeBenefitsAmt>
          <ExpenseAccountAmt>0</ExpenseAccountAmt>
        </CompensationHighestPaidEmplGrp>
        <OtherEmployeePaidOver50kCnt>0</OtherEmployeePaidOver50kCnt>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Soho Housing Partners LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>1408 N Westshore Blvd Ste 804</AddressLine1Txt>
            <CityNm>Tampa</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>33607</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Development consulting</ServiceTypeTxt>
          <CompensationAmt>2485650</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <BusinessNameLine1Txt>I5 Consulting LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>415 16th Avenue East</AddressLine1Txt>
            <CityNm>Seattle</CityNm>
            <StateAbbreviationCd>WA</StateAbbreviationCd>
            <ZIPCd>98112</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>Development consulting</ServiceTypeTxt>
          <CompensationAmt>117000</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
        <ContractorPaidOver50kCnt>0</ContractorPaidOver50kCnt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>The organization sponsors the development and operation of affordable housing for low-income individuals in order to meet the housing needs of the low income residents</Description1Txt>
        <Expenses1Amt>6843977</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>The organization sponsors the development and operation of affordable housing for low income individuals in order to meet the housing needs of the low income residents. During the year the organization sponsored construction and operations of the affordable apartment facilities.</Description1Txt>
        <Expenses1Amt>21296</Expenses1Amt>
        <TotalAmt>21296</TotalAmt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>5191551</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>6048838</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>11240389</TotalFMVOfUnusedAssetsAmt>
        <ReductionClaimedAmt>0</ReductionClaimedAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>11240389</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>168606</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>11071783</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>553589</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <Sect4942j3j5FndtnAndFrgnOrgInd>X</Sect4942j3j5FndtnAndFrgnOrgInd>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>6822681</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>21296</ProgramRelatedInvstTotalAmt>
        <QualifyingDistributionsAmt>6843977</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <PrivateOperatingFoundationsGrp>
        <PrivateOperatingFndtnRulingDt>1997-01-23</PrivateOperatingFndtnRulingDt>
        <Section4942j5Ind>X</Section4942j5Ind>
        <LessorAdjNetIncmMinInvstRetGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <TotalAmt>0</TotalAmt>
        </LessorAdjNetIncmMinInvstRetGrp>
        <QualifyingDistributionsGrp>
          <CurrentYearAmt>6843977</CurrentYearAmt>
          <Year1Amt>2449367</Year1Amt>
          <Year2Amt>5338733</Year2Amt>
          <Year3Amt>530273</Year3Amt>
          <TotalAmt>15162350</TotalAmt>
        </QualifyingDistributionsGrp>
        <QualifyingDistriNotUsedDrtGrp>
          <CurrentYearAmt>0</CurrentYearAmt>
          <Year1Amt>0</Year1Amt>
          <Year2Amt>0</Year2Amt>
          <Year3Amt>0</Year3Amt>
          <TotalAmt>0</TotalAmt>
        </QualifyingDistriNotUsedDrtGrp>
        <QualifyingDistriMadeDrtGrp>
          <CurrentYearAmt>6843977</CurrentYearAmt>
          <Year1Amt>2449367</Year1Amt>
          <Year2Amt>5338733</Year2Amt>
          <Year3Amt>530273</Year3Amt>
          <TotalAmt>15162350</TotalAmt>
        </QualifyingDistriMadeDrtGrp>
        <TwoThirdsMinimumInvstRetGrp>
          <CurrentYearAmt>369059</CurrentYearAmt>
          <Year1Amt>260728</Year1Amt>
          <Year2Amt>195447</Year2Amt>
          <Year3Amt>190781</Year3Amt>
          <TotalAmt>1016015</TotalAmt>
        </TwoThirdsMinimumInvstRetGrp>
      </PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>Mark Du Mas</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
            <CityNm>Smyrna</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30080</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>7704319696</RecipientPhoneNum>
          <RecipientEmailAddressTxt>mark@pacesfoundation.org</RecipientEmailAddressTxt>
          <FormAndInfoAndMaterialsTxt>N/A</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>N/A</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>N/A</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Feller Park Neighborhood Association</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3663 Lake Estates Way</AddressLine1Txt>
            <CityNm>Atlanta</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30349</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>pc</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Humanitarian Aid and Support</GrantOrContributionPurposeTxt>
          <Amt>3000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Densho</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1416 S Jackson Street</AddressLine1Txt>
            <CityNm>Seattle</CityNm>
            <StateAbbreviationCd>WA</StateAbbreviationCd>
            <ZIPCd>98144</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Humanitarian Aid and Support</GrantOrContributionPurposeTxt>
          <Amt>30000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Brownsville Assembly of God</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3100 W De Soto St</AddressLine1Txt>
            <CityNm>Pensacola</CityNm>
            <StateAbbreviationCd>FL</StateAbbreviationCd>
            <ZIPCd>32505</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>pc</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Humanitarian Aid and Support</GrantOrContributionPurposeTxt>
          <Amt>3000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Alabama Affordable Housing Association</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1105 Southview Ln</AddressLine1Txt>
            <CityNm>Tuscaloosa</CityNm>
            <StateAbbreviationCd>AL</StateAbbreviationCd>
            <ZIPCd>35405</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Humanitarian Aid and Support</GrantOrContributionPurposeTxt>
          <Amt>2000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Equipping the Saints</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1254 Keezletown Road</AddressLine1Txt>
            <CityNm>Weyers Cave</CityNm>
            <StateAbbreviationCd>VA</StateAbbreviationCd>
            <ZIPCd>24486</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Humanitarian Aid and Support</GrantOrContributionPurposeTxt>
          <Amt>100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Miscellaneous</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>2730 Cumberland Boulevard</AddressLine1Txt>
            <CityNm>Smyrna</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30080</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>Pc</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Humanitarian Aid and Support</GrantOrContributionPurposeTxt>
          <Amt>100</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>Georiga Sheriff's Association</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1000 Sheriffs Way</AddressLine1Txt>
            <CityNm>Madison</CityNm>
            <StateAbbreviationCd>GA</StateAbbreviationCd>
            <ZIPCd>30650</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>Humanitarian Aid and Support</GrantOrContributionPurposeTxt>
          <Amt>25</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>38225</TotalGrantOrContriPdDurYrAmt>
        <TotalGrantOrContriApprvFutAmt>0</TotalGrantOrContriApprvFutAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <ProgramServiceRevenueDtl>
          <Desc>Affordable Hsg Development</Desc>
          <BusinessCd>531390</BusinessCd>
          <RelatedOrExemptFunctionIncmAmt>1004458</RelatedOrExemptFunctionIncmAmt>
        </ProgramServiceRevenueDtl>
        <ProgramServiceRevenueDtl>
          <Desc>Affordable Hsg Operation</Desc>
          <BusinessCd>531110</BusinessCd>
          <RelatedOrExemptFunctionIncmAmt>6959246</RelatedOrExemptFunctionIncmAmt>
        </ProgramServiceRevenueDtl>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>529034</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>301170</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>37</ExclusionCd>
          <ExclusionAmt>12433323</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>Income from Partnerships</Desc>
          <BusinessCd>531390</BusinessCd>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <UnrelatedBusinessTaxblIncmAmt>0</UnrelatedBusinessTaxblIncmAmt>
          <ExclusionAmt>13263527</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>7963704</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>21227231</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>1A</LineNumberTxt>
          <RelationshipStatementTxt>The foundation's tax exempt purpose is to further the development and operation of affordable housing for low-income individuals. The organization has sponsored the development and construction of several projects. The foundation oversees the operation of these projects and provides certain supportive services to the residents of the facilities. The foundation has received funds from each of these projects developments to cover its expenses and to provide certain Services.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>1B</LineNumberTxt>
          <RelationshipStatementTxt>The foundation's tax exempt purpose is to further the development and operation of affordable housing for low-income individuals. The organization has developed and constructed a 50 unit multi-family Apartment project for low-income families known as Gateway Townhomes. The foundation operates the property and provides certain supportive services to the residents of the facility.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>0</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>0</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>0</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>0</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>0</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>0</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>0</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>0</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>0</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>0</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1234500001">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>Federal Home Loan Bank AHP Grants</BusinessNameLine1Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>1475 Peachtree Street NE</AddressLine1Txt>
          <CityNm>Atlanta</CityNm>
          <StateAbbreviationCd>GA</StateAbbreviationCd>
          <ZIPCd>30309</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>176059</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc2002200001">
      <AccountingFeesDetail>
        <CategoryTxt>Bookkeeping &amp; Accounting</CategoryTxt>
        <Amt>20127</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>20127</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc2018900001">
      <InvestmentsCorporateStockGrp>
        <StockNm>Merrill Lynch Brokerage Account</StockNm>
        <EOYBookValueAmt>4817578</EOYBookValueAmt>
        <EOYFMVAmt>4817578</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc2018100001">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>Investment in Affordable Housing Entities</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>3540502</BookValueAmt>
        <EOYFMVAmt>3540502</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>Land Held for Development</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>1206072</BookValueAmt>
        <EOYFMVAmt>1206072</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="RetDoc2002100001">
      <LegalFeesGrp>
        <CategoryTxt>Legal &amp; Professional</CategoryTxt>
        <LegalFeesAmt>15479</LegalFeesAmt>
        <NetInvestmentIncomeAmt>15479</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <MortgagesAndNotesPayableSch documentId="RetDoc2203400001">
      <MortgageAmt>58015043</MortgageAmt>
      <NotePayableGrp>
        <LenderNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Florida Housing Finance Corp</BusinessNameLine1Txt>
          </BusinessName>
        </LenderNameGrp>
        <BalanceDueAmt>5621419</BalanceDueAmt>
        <LoanMaturityDt>2036-08</LoanMaturityDt>
        <SecurityProvidedBorrowerTxt>Gateway Townhomes</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>GATEWAY TOWNHOMES DEVELOPMENT COSTS</LoanPurposeTxt>
      </NotePayableGrp>
      <NotePayableGrp>
        <LenderNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Ameris Bank</BusinessNameLine1Txt>
          </BusinessName>
        </LenderNameGrp>
        <BalanceDueAmt>1045841</BalanceDueAmt>
        <LoanMaturityDt>2035-08</LoanMaturityDt>
        <SecurityProvidedBorrowerTxt>Gateway Townhomes</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>GATEWAY TOWNHOMES DEVELOPMENT COSTS</LoanPurposeTxt>
      </NotePayableGrp>
      <NotePayableGrp>
        <LenderNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>RedStonePublic Finance Authority</BusinessNameLine1Txt>
          </BusinessName>
        </LenderNameGrp>
        <BalanceDueAmt>43800000</BalanceDueAmt>
        <LoanMaturityDt>2058-12</LoanMaturityDt>
        <SecurityProvidedBorrowerTxt>St. Mary's Villas</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>ST. MARY'S VILLAS DEVELOPMENT COSTS</LoanPurposeTxt>
      </NotePayableGrp>
      <NotePayableGrp>
        <LenderNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>HVPG Lender</BusinessNameLine1Txt>
          </BusinessName>
        </LenderNameGrp>
        <BalanceDueAmt>6676783</BalanceDueAmt>
        <LoanMaturityDt>2025-01</LoanMaturityDt>
        <SecurityProvidedBorrowerTxt>St/ Mary's Villas</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>ST. MARY'S VILLAS DEVELOPMENT COSTS</LoanPurposeTxt>
      </NotePayableGrp>
      <NotePayableGrp>
        <LenderNameGrp>
          <BusinessName>
            <BusinessNameLine1Txt>Low Income Investment Fund</BusinessNameLine1Txt>
          </BusinessName>
        </LenderNameGrp>
        <BalanceDueAmt>871000</BalanceDueAmt>
        <NoteDt>2022-07</NoteDt>
        <LoanMaturityDt>2023-07</LoanMaturityDt>
        <SecurityProvidedBorrowerTxt>Roof Street Development</SecurityProvidedBorrowerTxt>
        <LoanPurposeTxt>LAND ACQUISITION FOR DEVELOPOMENT</LoanPurposeTxt>
      </NotePayableGrp>
    </MortgagesAndNotesPayableSch>
    <OtherAssetsSchedule documentId="RetDoc2046600001">
      <OtherAssetsScheduleGrp>
        <Desc>Deferred Loan Costs</Desc>
        <BOYBookValueAmt>946732</BOYBookValueAmt>
        <EOYBookValueAmt>850598</EOYBookValueAmt>
        <EOYFMVAmt>850598</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>Receivables from Affiliates</Desc>
        <BOYBookValueAmt>3835472</BOYBookValueAmt>
        <EOYBookValueAmt>2840036</EOYBookValueAmt>
        <EOYFMVAmt>2840036</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>Development Fee Receivables</Desc>
        <BOYBookValueAmt>2007640</BOYBookValueAmt>
        <EOYBookValueAmt>1919448</EOYBookValueAmt>
        <EOYFMVAmt>1919448</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>Advances to Affiliates</Desc>
        <BOYBookValueAmt>11090218</BOYBookValueAmt>
        <EOYBookValueAmt>12464269</EOYBookValueAmt>
        <EOYFMVAmt>12464269</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc2003200001">
      <OtherExpensesScheduleGrp>
        <Desc>Development Costs</Desc>
        <RevenueAndExpensesPerBooksAmt>21296</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>21296</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Operating Costs - Gateway</Desc>
        <RevenueAndExpensesPerBooksAmt>336461</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>336461</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Operating Costs - St Mary</Desc>
        <RevenueAndExpensesPerBooksAmt>2250799</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2250799</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Meals &amp; Entertainment</Desc>
        <RevenueAndExpensesPerBooksAmt>97173</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>97173</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Telephone</Desc>
        <RevenueAndExpensesPerBooksAmt>7291</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>7291</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Office Expense</Desc>
        <RevenueAndExpensesPerBooksAmt>28514</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>28514</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Education &amp; Seminars</Desc>
        <RevenueAndExpensesPerBooksAmt>4752</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>4752</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Utilities</Desc>
        <RevenueAndExpensesPerBooksAmt>23226</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>23226</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Repairs &amp; Maintenance</Desc>
        <RevenueAndExpensesPerBooksAmt>8709</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>8709</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Postage &amp; Delivery</Desc>
        <RevenueAndExpensesPerBooksAmt>8810</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>8810</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Health Insurance</Desc>
        <RevenueAndExpensesPerBooksAmt>70874</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>70874</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Dues &amp; SUbscriptions</Desc>
        <RevenueAndExpensesPerBooksAmt>25802</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>25802</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Auto Expenses</Desc>
        <RevenueAndExpensesPerBooksAmt>5189</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>5189</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Marketing &amp; Promotions</Desc>
        <RevenueAndExpensesPerBooksAmt>790</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>790</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Computer Maintenance</Desc>
        <RevenueAndExpensesPerBooksAmt>41050</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>41050</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Bank Charges</Desc>
        <RevenueAndExpensesPerBooksAmt>43690</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>43690</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Consulting</Desc>
        <RevenueAndExpensesPerBooksAmt>2634650</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>0</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>2634650</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>Other Costs</Desc>
        <RevenueAndExpensesPerBooksAmt>150966</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>150966</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc2001500001">
      <OtherIncomeDetail>
        <Desc>Affordable Hsg Development</Desc>
        <RevenueAndExpensesPerBooksAmt>1004458</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>1004458</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>Affordable Hsg Operation</Desc>
        <RevenueAndExpensesPerBooksAmt>6959246</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>6959246</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherIncreasesSchedule documentId="RetDoc2049700001">
      <OtherIncreasesDetail>
        <Desc>Prior Period Adjustment</Desc>
        <Amt>977027</Amt>
      </OtherIncreasesDetail>
    </OtherIncreasesSchedule>
    <OtherLiabilitiesSchedule documentId="RetDoc2065700001">
      <OtherLiabilitiesDetail>
        <Desc>Tenant Security Deposits</Desc>
        <BOYBookValueAmt>124064</BOYBookValueAmt>
        <EOYBookValueAmt>127706</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>Accrued Interest</Desc>
        <BOYBookValueAmt>3913399</BOYBookValueAmt>
        <EOYBookValueAmt>5714755</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>Other Liabilities</Desc>
        <BOYBookValueAmt>318364</BOYBookValueAmt>
        <EOYBookValueAmt>300000</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="RetDoc2002500001">
      <TaxesDetail>
        <CategoryTxt>Payroll Taxes</CategoryTxt>
        <Amt>95086</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>95086</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>Other Taxes</CategoryTxt>
        <Amt>91608</Amt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>91608</AdjustedNetIncomeAmt>
        <DisbursementsCharitablePrpsAmt>0</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>