2026-08-10T10:25:37-05:00 2025-09-30 161187988 Heveron & Company CPAs PLLC 260 Plymouth Avenue South Rochester NY 14608 990 2024-10-01 161265765 PathStone Development Corporation PATH 5855466340 400 East Avenue Rochester NY 14607 Ruperto Montero VP for Finance 5855466340 2026-08-10 1 1 Stephanie Annunziata P00195472 5852322956 2026-07-28 2024 2025-03-06 01:10:19Z Ruperto Montero 400 East Avenue Rochester NY 14607 1719916 0 X www.pathstone.org X 1984 NY Developing housing that will be affordable over the long-term for low and moderate income families. 12 12 1 11 0 0 150000 310000 1154376 710246 275932 296225 171279 403445 1751587 1719916 0 0 0 0 56088 67044 0 0 0 1856781 2567589 1912869 2634633 -161282 -914717 31653230 30220358 5197107 4517943 26456123 25702415 X To develop high quality, affordable housing for low and moderate income families; to professionally manage the housing; to assist and encourage residents' participation to ensure that developments offer a satisfying living environment; and to create communities that are assets to residents, the larger community, and to PathStone Development Corporation. 0 0 937630 931791 REAL ESTATE DEVELOPMENT:PathStone and its affiliates work with community partners, nonprofits, private developers and government officials to design and build housing that is affordable, accessible and seamlessly integrated into the community in which it is built. The services offered are: development and acquisition of affordable rental housing for families, farmworkers, seniors, and special needs populations while also offering affordable single-family for sale home construction. 47 affordable housing units have been developed and $27,000,000 has been invested in affordable housing developments. (Continued on Schedule O)Services are provided by PathStone and its affiliates and are available in: Indiana, New York, Pennsylvania, and Puerto Rico.Future projects include a pipeline of over 1,000 units of preservation, new construction, and adaptive re-use opportunities. Single family for sale redevelopment continues in Indiana with three of four sites completed. Our present developments include the new construction of workforce housing LEED Gold and Zero development located adjacent to the Amazon Roc 1 fulfillment center. We also received two awards including the redevelopment of Creekside Clearing which will include the preservation of 32 units and the new construction of 15 units and a 65 unit mixed-use family new construction project including a childcare center. Two homes are under construction and another 36 are in predevelopment in Indiana. In Puerto Rico, the Carolinas redevelopment and the La Merced Elderly Center will provide 319 units of mixed income housing in collaboration with the local Public Housing Authority and Department of Housing. We are committed to provide housing to meet the needs of the communities we work in communities representing 2,512 units and 4,570 residents. Services are currently provided in: New York and Indiana. 651179 178677 RENTAL PROPERTY PORTFOLIO:Consists of the corporate legal entities required to own and operate affordable residential rental communities and the commercial properties owned by PathStone Corporation and its affiliate entities. Limited partnerships, limited liability companies and equity holding corporations are established to maintain the long-term ownership and organizational structure required by the PathStone Corporation Board of Directors and governmental and private lenders. The portfolio provides housing for qualifying families, individuals, farmworkers, seniors, and special needs population. (Continued on Schedule O)The portfolio consisted of 74 affordable housing communities comprised 3220 units that provided high-quality, affordable homes for 6,679 residents. The portfolio has rental properties in Indiana, New York, Pennsylvania, and Puerto Rico. 1588809 1 1 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 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 1 1 0 0 0 1 13 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 1 1 NY X X The Organization 5855466340 400 East Avenue Rochester NY 14607 Jean A Lowe Board Chair 0.40 0.30 X X 0 0 0 Patrick Tobin Member 0.40 1.50 X 0 0 0 Dirk Schneider Board Vice Chair 0.40 0.20 X X 0 0 0 Wilma Alejandro Ramirez Member 0.40 0.20 X 0 0 0 Yvonne Thompson Member 0.40 0.20 X 0 0 0 Miriam Zinter Member 0.40 0.20 X 0 0 0 Serena Compitello Board Secretary 0.40 1.00 X X 0 0 0 Lindsay Mohr Member 0.40 0.20 X 0 0 0 Tim Norman Board Treasurer 0.40 0.20 X X 0 0 0 Michael Nuccitelli Member 0.40 0.20 X 0 0 0 Joel Barrett Member 0.40 0.20 X 0 0 0 Ruperto Montero Vice President for Finance 1.00 41.60 X 0 243827 16391 Alexander D Castro Senior Vice President 0.40 41.60 X 0 283714 17545 Leslie W Kernan Jr Assistant Secretary 0.40 40.50 X 0 221743 6660 Jason Sackett President 0.40 40.40 X 52838 100874 3038 Christina Brooks VP of Property Management 0.40 40.20 X 0 156319 26695 52838 1006477 70329 0 0 1 0 0 310000 310000 Real Estate Developmen 531310 552837 552837 Rental Property Portfo 531110 157409 157409 710246 296225 296225 3223 0 3223 3223 3223 Forgiveness of Debt 900099 378273 378273 Other Income 900099 21949 21949 400222 1719916 1110468 0 299448 X 62030 24812 37218 5014 2006 3008 12964 12964 4945 3600 1345 39980 39980 929831 704079 225752 5390 5390 33588 33588 286611 286611 18986 18986 10753 10753 11026 11026 25265 25265 38127 38127 Bad Debt Expense 603131 603131 Predevelopment Write-Of 408504 408504 Admin Costs Charged by 135390 135390 3098 3098 2634633 1588809 1045824 0 447610 548652 358264 1347488 70922 72887 2717700 2717700 8506 7183 2773609 1398823 1635957 1374786 6522892 6616642 19891379 17535020 31653230 30220358 1230386 1148749 1060 2328 13669 15000 1243534 1100201 2708458 2251665 5197107 4517943 X 26456123 25702415 26456123 25702415 31653230 30220358 X -914717 93550 67459 X X 0 1 X 1 0 X X 1 PathStone Corporation Inc 160984913 10 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 218211 218211 946758 859737 87021 430562 417777 12785 121309 121309 0 1056769 1056769 1374786 Investment in Subsidiaries 6616642 C 6616642 Escrow Deposits 11071 Receivable from Related Organizations 16912147 Right of Use Asset 611802 17535020 Due to Related Parties 1639863 Lease Liability 611802 2251665 Part IV, Line 2b: The escrow represents security deposits held for the Organization's tenants. 0 0 0 0 0 0 0 0 0 Alexander D Castro Senior Vice President 0 283714 0 0 0 0 0 8628 0 8917 0 301259 0 0 Ruperto Montero Vice President for Finance 0 243827 0 0 0 0 0 7977 0 8414 0 260218 0 0 Leslie W Kernan Jr Assistant Secretary 0 221743 0 0 0 0 0 6652 0 8 0 228403 0 0 Christina Brooks VP of Property Management 0 156319 0 0 0 0 0 4690 0 22005 0 183014 0 0 Jason Sackett President 52838 100874 0 0 0 0 0 3026 0 12 52838 103912 0 0 Part I, Line 3 PathStone Development Corporation does not have an Executive Director, however, the wages and benefits of all top management employees of the parent corporation are determined by the personnel committee of the parent company, PathStone Corporation, as part of its ongoing wage comparative studies and benefit budgeting process. The process includes independent review, comparability data, and deliberation by a compensation committee. Form 990, Part VI, Section A, line 6 PathStone Corporation is the sole member of the organization. Form 990, Part VI, Section A, line 7a PathStone Corporation elects all of the directors of the organization. Form 990, Part VI, Section A, line 7b The only decisions of the governing body subject to the approval of the member are the decisions to dissolve the organization, to amend the by-laws and to divest the organization of corporate assets, individually or in the aggregate, in an amount greater than $25,000. Form 990, Part VI, Section B, line 11b A draft copy of the return is distributed to the members of the board for comments before filing. Form 990, Part VI, Section B, line 12c During the new board member orientation, the policy is fully explained by the President and attorney. The board member understands that it is important to follow the policy at all times during his or her term on the board. It is made clear that if any conflict arises, that the policy is in effect and should be followed. This is also re-emphasized annually when the policy is signed on a yearly basis. In addition to the Conflict of Interest Policy, the organization's parent Company, PathStone Corporation, has a questionnaire that all employees must fill out annually to determine whether they have a real or potential conflict of interest. If any potential conflicts are learned about through this or any other method, they are reviewed by the Executive Staff member for that division, and ultimately by the President/CEO of PathStone Corporation. The CEO of PathStone Corporation has the ultimate responsibility for determining whether or not a conflict exists and he or she, in conjunction with the Senior Vice President for Human Resources of PathStone and the Executive Staff member for that employee's division, will determine the course of action necessary. Form 990, Part VI, Section B, line 15a PathStone Development Corporation only employs the President of the company. All other employees are officially employed by the parent company, PathStone Corporation. The wages and benefits of all top management employees are determined by the personnel committee of the parent company, PathStone Corporation, as part of its ongoing wage comparative studies and benefit budgeting process. The process includes independent review, comparability data, and deliberation by a compensation committee. Form 990, Part VI, Section C, line 19 PathStone Development Corporation makes its governing documents (Bylaws and Certificate of Incorporation) available to the public upon written request. PathStone prints an annual report which is made public each year. Copies are mailed to stakeholders and it is readily available to the public. Form 990, Part IX, line 11g Contracted Personnel Services: Program service expenses 659,960. Management and general expenses 225,752. Fundraising expenses 0. Total expenses 885,712. Consultant Fees: Program service expenses 44,119. Management and general expenses 0. Fundraising expenses 0. Total expenses 44,119. Form 990, Part XI, line 9: Transfer from Related Parties 67,459. Form 990, Part XII, Line 3a The Organization's federal expenditures are included in the consolidated Single Audit Reports of the parent company, PathStone Corporation. Alloway Housing Development Fund Corporation 7 Prince Street Rochester NY 14607 203574586 Affordable Housing NY 501(c)(3) Line 12a, I PathStone Development Corporation 0 Housing Opportunities Housing Development Fund Corporation 7 Prince Street Rochester NY 14607 161386456 Affordable Housing NY 501(c)(3) Line 12a, I PathStone Development Corporation 0 PathStone Corporation Inc 400 East Avenue Rochester NY 14607 160984913 Affordable Housing NY 501(c)(3) Line 12a, I N/A 0 PathStone Housing Action Corporation 400 East Avenue Rochester NY 14607 161183242 Affordable Housing NY 501(c)(3) Line 10 PathStone Development Corporation 0 The Housing Council at PathStone 75 College Avenue Rochester NY 14607 160991179 Home Ownership NY 501(c)(3) Line 12a, I PathStone Corporation 0 Wilson Commencement Park 251 Joseph Avenue Rochester NY 14605 222667299 Transitional Housing NY 501(c)(3) Line 10 PathStone Corporation 0 Wilson Commencement Park HDFC 400 East Avenue Rochester NY 14607 223080471 Transitional Housing NY 501(c)(3) Line 10 Wilson Commencement Park 0 Ada Ridge Partners II LLC 400 East Avenue Rochester NY 14607 262373989 Affordable Housing NY N/A N/A 0 0 Ada Ridge Partners LP 400 East Avenue Rochester NY 14607 161592991 Affordable Housing NY N/A N/A 0 0 Albion Senior Living LLC 400 East Avenue Rochester NY 14607 260345950 Affordable Housing NY N/A N/A 0 0 Alturas de Castaner LP 400 East Avenue Rochester NY 14607 203947099 Affordable Housing NY N/A N/A 0 0 Andrews Terrace LLC 400 East Avenue Rochester NY 14607 203199493 Affordable Housing NY N/A N/A 0 0 Anthony Square LP 7 Prince Street Rochester NY 14607 161589159 Affordable Housing NY N/A N/A 0 0 Beechwood Apartments LLC 400 East Avenue Rochester NY 14607 273685642 Affordable Housing NY N/A N/A 0 0 Bradmar Village LLC 400 East Avenue Rochester NY 14607 272288636 Affordable Housing NY N/A N/A 0 0 Breckenridge on Seneca LLC 7 Prince Street Rochester NY 14607 300730121 Affordable Housing NY N/A N/A 0 0 Brower Road LLC 400 East Avenue Rochester NY 14607 030485949 Affordable Housing NY N/A N/A 0 0 Canal Place LP 7 Prince Street Rochester NY 14607 752975899 Affordable Housing NY N/A N/A 0 0 Canal View Senior Housing LLC 400 East Avenue Rochester NY 14607 204440054 Affordable Housing NY N/A N/A 0 0 Castle Street Associates LP 400 East Avenue Rochester NY 14607 161311570 Affordable Housing NY N/A N/A 0 0 Cedar Creek Housing LLC 400 East Avenue Rochester NY 14607 900347268 Affordable Housing NY N/A N/A 0 0 Central Place LP 7 Prince Street Rochester NY 14607 161520376 Affordable Housing NY N/A N/A 0 0 Clayton Heights LP 7 Prince Street Rochester NY 14607 412124095 Affordable Housing NY N/A N/A 0 0 Clifton Commons Associates LP 400 East Avenue Rochester NY 14607 161386724 Affordable Housing NY N/A N/A 0 0 Creekside Clearing LP 7 Prince Street Rochester NY 14607 050607089 Affordable Housing NY N/A N/A 0 0 Crerand Commons LLC 400 East Avenue Rochester NY 14607 811064094 Affordable Housing NY N/A N/A 0 0 Destiny at WCP LP 400 East Avenue Rochester NY 14607 562623875 General Housing NY N/A N/A 0 0 Eastman Reserve LLC 400 East Avenue Rochester NY 14607 824590505 Affordable Housing NY N/A N/A 0 0 Elliott's Landing LP 7 Prince Street Rochester NY 14607 204754791 Affordable Housing NY N/A N/A 0 0 Elmgrove Place LP 7 Prince Street Rochester NY 14607 061716252 Affordable Housing NY N/A N/A 0 0 Fullerton Lofts LP 400 East Avenue Rochester NY 14607 475278308 Affordable Housing NY N/A N/A 0 0 Gettysburg Scattered Sites Associates 400 East Avenue Rochester NY 14607 251645782 Affordable Housing NY N/A N/A 0 0 Hale Court LP 7 Prince Street Rochester NY 14607 204754992 Affordable Housing NY N/A N/A 0 0 Highland Meadows Partners LLC 400 East Avenue Rochester NY 14607 134220309 Affordable Housing NY N/A N/A 0 0 Lander Street Partners II LP 400 East Avenue Rochester NY 14607 061473326 Affordable Housing NY N/A N/A 0 0 Lander Street Partners III LLC 400 East Avenue Rochester NY 14607 562523429 Affordable Housing NY N/A N/A 0 0 Lander Street Partners LP 400 East Avenue Rochester NY 14607 061445495 Affordable Housing NY N/A N/A 0 0 Lehigh Managing Member LLC 400 East Avenue Rochester NY 14607 270212774 Affordable Housing NY N/A N/A 0 0 LivMoor Portfolio LLC 400 East Avenue Rochester NY 14607 863274133 Affordable Housing NY N/A N/A 0 0 Long Pond Senior Apartments LLC 400 East Avenue Rochester NY 14607 471416559 Affordable Housing NY N/A N/A 0 0 Macartovin Apartments LLC 400 East Avenue Rochester NY 14607 823579645 Affordable Housing NY N/A N/A 0 0 Marketview Housing LP 7 Prince Street Rochester NY 14607 161435368 Affordable Housing NY N/A N/A 0 0 Marketview Phase II LP 7 Prince Street Rochester NY 14607 161458119 Affordable Housing NY N/A N/A 0 0 MJ Estates II LLC 7 Prince Street Rochester NY 14607 271006415 Affordable Housing NY N/A N/A 0 0 MJ Estates LP 7 Prince Street Rochester NY 14607 208685429 Affordable Housing NY N/A N/A 0 0 Monica Homes LLC 7 Prince Street Rochester NY 14607 611592249 Affordable Housing NY N/A N/A 0 0 Niagara Place LP 7 Prince Street Rochester NY 14607 161478044 Affordable Housing NY N/A N/A 0 0 Ontario Place LP 7 Prince Street Rochester NY 14607 752975886 Affordable Housing NY N/A N/A 0 0 Oxford Crossing Apartments LP 400 East Avenue Rochester NY 14607 464704700 Affordable Housing NY N/A N/A 0 0 PABH Development LLC 400 East Avenue Rochester NY 14607 463601271 Affordable Housing NY N/A N/A 0 0 PathStone Wedgepoint LLC 400 East Avenue Rochester NY 14607 472752876 Affordable Housing NY N/A N/A 0 0 Pinnacle Apartments LLC 7 Prince Street Rochester NY 14607 455425869 Affordable Housing NY N/A N/A 0 0 Portal De San German LLC 400 East Avenue Rochester NY 14607 270380502 Affordable Housing NY N/A N/A 0 0 Rexford Place LP 7 Prince Street Rochester NY 14607 202201905 Affordable Housing NY N/A N/A 0 0 Sisson Reserve II LLC 400 East Avenue Rochester NY 14607 383911384 Affordable Housing NY N/A N/A 0 0 Sisson Reserve LLC 400 East Avenue Rochester NY 14607 352430293 Affordable Housing NY N/A N/A 0 0 SLM Apartments LLC 7 Prince Street Rochester NY 14607 844394993 Affordable Housing NY N/A N/A 0 0 Stone Quarry Apartments LLC 7 Prince Street Rochester NY 14607 471372693 Affordable Housing NY N/A N/A 0 0 Stonewood Village LLC 400 East Avenue Rochester NY 14607 264557007 Affordable Housing NY N/A N/A 0 0 Susan B Anthony LP 7 Prince Street Rochester NY 14607 043812069 Affordable Housing NY N/A N/A 0 0 Thompson Building Associates LP 400 East Avenue Rochester NY 14607 161421270 Affordable Housing NY N/A N/A 0 0 Towpath III LP 400 East Avenue Rochester NY 14607 453566045 Affordable Housing NY N/A N/A 0 0 Washington Park Associates LP 400 East Avenue Rochester NY 14607 161299635 Affordable Housing NY N/A N/A 0 0 Woodward LP 7 Prince Street Rochester NY 14607 161489242 Affordable Housing NY N/A N/A 0 0 Baird Road Development LLC 7 Prince Street Rochester NY 14607 884130964 Affordable Housing NY N/A N/A 0 0 Crerand Commons MM Corporation 7 Prince Street Rochester NY 14607 811075426 General Partner in L.P. Transactions NY PathStone Development Corporation C 1.00000 1 Destiny at Wilson Commencement Park Corporation 400 East Avenue Rochester NY 14607 421716011 General Partner in L.P. Transactions NY N/A C 0 Eastman Reserve MM Corporation 400 East Avenue Rochester NY 14607 824633121 General Partner in L.P. Transactions NY N/A C 0 Jamestown Managing Member LLC 400 East Avenue Rochester NY 14607 272288510 General Partner in L.P. Transactions NY N/A C 0 Marketview Housing Inc 7 Prince Street Rochester NY 14607 161435367 General Partner in L.P. Transactions NY PathStone Development Corporation C 79524 5201092 1.00000 1 PathStone Breckenridge Inc 7 Prince Street Rochester NY 14607 454541829 General Partner in L.P. Transactions NY PathStone Development Corporation C 1692 509312 1.00000 1 PathStone Long Pond Inc 400 East Avenue Rochester NY 14607 471383101 General Partner in L.P. Transactions NY PathStone Development Corporation C 166970 1.00000 1 PathStone Stone Quarry Inc 400 East Avenue Rochester NY 14607 471215361 General Partner in L.P. Transactions NY PathStone Development Corporation C 100000 1.00000 1 PathStone Wedgepoint MM Corporation 400 East Avenue Rochester NY 14607 472778399 General Partner in L.P. Transactions NY PathStone Development Corporation C 151000 1.00000 1 PathStone Whitehall Acres LLC 400 East Avenue Rochester NY 14607 471684629 General Partner in L.P. Transactions NY N/A C 0 PDC Towpath Corporation 7 Prince Street Rochester NY 14607 453667522 General Partner in L.P. Transactions NY PathStone Development Corporation C 1.00000 1 PHEDCO Investments Inc 400 East Avenue Rochester NY 14607 251663084 General Partner in L.P. Transactions NY N/A C 0 Pinnacle Managing Member LLC 7 Prince Street Rochester NE 14607 455430014 General Partner in L.P. Transactions NY PathStone Development Corporation C 6 1.00000 1 RHAC Development Corporation 400 East Avenue Rochester NY 14607 161262619 General Partner in L.P. Transactions NY N/A C 0 RHOC Crossman Inc 400 East Avenue Rochester NY 14607 270017600 General Partner in L.P. Transactions NY N/A C 0 Rural Housing Opportunities Development Corp 400 East Avenue Rochester NY 14607 050575748 General Partner in L.P. Transactions NY N/A C 0 Sisson Reserve MM II LLC 400 East Avenue Rochester NY 14607 463135735 General Partner in L.P. Transactions NY N/A C 0 Sisson Reserve MM LLC 400 East Avenue Rochester NY 14607 364717781 General Partner in L.P. Transactions NY N/A C 0 Sisson Sewage Works Corporation 400 East Avenue Rochester NY 14607 472245715 General Partner in L.P. Transactions NY N/A C 0 Slater Neighborhood Inc 7 Prince Street Rochester NY 14607 271006036 General Partner in L.P. Transactions NY PathStone Development Corporation C 56126 1.00000 1 Baird Road MM LLC 400 East Avenue Rochester NY 14607 920603632 General Partner in L.P. Transactions NY N/A C 0 Churchview MM LLC 400 East Avenue Rochester NY 14607 992642761 General Partner in L.P. Transactions NY N/A C 0 0 1 0 1 1 0 0 0 0 0 0 1 1 1 1 1 1 0 0 Part II The filing organization has related parties that are subordinates included in an IRS group ruling with its affiliate, PathStone Housing Action Corporation. Related organizations included in that group ruling are not listed in Schedule R per IRS instructions.