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RESIDENT SERVICE STAFF CONNECT RESIDENTS WITH EXISTING COMMUNITY RESOURCES AND SERVICE PROVIDERS, ADVOCATE FOR RESIDENTS, SPONSOR COMMUNITY BUILDING ACTIVITIES, COORDINATE ON-SITE CLASSES AND WORKSHOPS, AND OFFER SITE-BASED PROGRAMS INCLUDING AN EVICTION PREVENTION PROGRAM, FINANCIAL EDUCATION, AN EMERGENCY FUND, AND A COMPREHENSIVE YOUTH AND FAMILY PROGRAM. 438046 777394 HOUSING DEVELOPMENT - THE ORGANIZATION CREATES AND PRESERVES AFFORDABLE HOUSING THROUGH NEW CONSTRUCTION AND THE ACQUISITION/REHABILITATION OF EXISTING MULTIFAMILY PROPERTIES AND HISTORIC BUILDINGS. THE ORGANIZATION'S RENTAL HOUSING SERVES LOW AND VERY LOW-INCOME FAMILIES AND INDIVIDUALS, SENIORS, PEOPLE WITH DISABILITIES, FORMERLY HOMELESS PEOPLE, VETERANS, AND HOUSEHOLDS ESCAPING DOMESTIC VIOLENCE. 274653 232879 ASSET MANAGEMENT - THE ORGANIZATION IS THE MANAGING GENERAL PARTNER OR MANAGING MEMBER FOR SEVERAL LIMITED PARTNERSHIPS (LPS)/ LIMITED LIABILITY COMPANIES (LLCS) THAT OWN AFFORDABLE RENTAL UNITS IN OREGON AND WASHINGTON. THE ORGANIZATION MANAGES THIS PORTFOLIO TO ENSURE THAT EACH PROPERTY IS WELL-MAINTAINED, FINANCIALLY SUSTAINABLE AND MAKES A POSITIVE CONTRIBUTION TO ITS NEIGHBORHOOD. 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OF HOUS 40.00 X 105299 0 14400 JOSEPH HUGHES PRESIDENT 1.00 X X 0 0 0 RIAD SAHLI SECRETARY/TR 1.00 X X 0 0 0 LARRY BYERS BOARD MEMBER 1.00 X 0 0 0 JASON HSU BOARD MEMBER 1.00 X 0 0 0 SHAWN MORGAN BOARD MEMBER 1.00 X 0 0 0 403430 48911 3 false true false 24416 424021 1923106 1818953 2371543 PROPERTY OWNERSHIP 531110 5079225 5079225 HOUSING DEVELOPMENT 236116 777394 777394 PROGRAM SERVICE CONTRACT FEES 624200 530179 530179 RESIDENT SERVICES FEES 624200 260868 260868 ASSET MANAGEMENT FEES 531310 232879 232879 6880545 910001 910001 INSURANCE PROCEEDS 900099 202901 202901 OTHER INCOME 900099 3765 3765 206666 10368755 6884310 1112902 194560 115766 67746 11048 1296328 1145932 150396 38145 34315 3830 119865 104726 15139 125748 106823 18082 843 56574 56574 24827 24827 547141 465272 81869 179699 168212 10980 507 941616 933009 8223 384 455354 455354 1004238 1004238 394657 380880 13777 REPAIRS & MAINTENANCE 1698533 1697027 1438 68 PROPERTY MANAGEMENT 1001825 1001825 CREDIT LOSSES, OTHER 368468 355763 12705 CREDIT LOSSES, PRGM LOANS 140000 140000 279195 266083 12538 574 8866773 8375225 478124 13424 869874 1053158 8958659 5883089 721403 1227838 29766967 29696138 120423 182077 36709159 14250123 18347648 22459036 3611361 3971215 2304439 2611131 12737318 16555993 77438092 83639675 334023 753529 60049 113585 3200318 3070650 28194929 33107547 249352 256227 32038671 37301538 X 38600745 40170942 6798676 6167195 45399421 46338137 77438092 83639675 X 1501982 180734 -744000 X false true X true false X 2272171 435104 115871 625064 2371543 5819753 8274693 1037640 7830884 10192203 6880545 34215965 10546864 1472744 7946755 10817267 9252088 40035718 1621622 749494 2199591 4225504 673706 9469917 1621622 749494 2199591 4225504 673706 9469917 30565801 635408 465950 838929 686876 910001 3537164 635408 465950 838929 686876 910001 3537164 20020 206666 226686 11182272 1938694 8785684 11524163 10368755 43799568 0.69790 0.68420 0.08000 0.07000 X PART III, LINE 12 OTHER INCOME 23,785 INSURANCE PROCEEDS 202,901 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 8866773 8866773 593339 148335 468724 469152 609495 593339 2140710 3211065 117181 117288 152374 148335 535178 802767 3497938 3497938 32565209 13947216 18617993 238070 47783 190287 407942 255124 152818 22459036 DEVELOPMENT FEES RECEIVABLE 10634787 CONSTRUCTION IN PROGRESS 5694713 TENANT SECURITY DEPOSITS 226493 16555993 SECURITY DEPOSITS PAYABLE 230012 ACCRUED INTEREST 26215 256227 10524662 180734 180734 10343928 24827 24827 10368755 8841946 8841946 24827 24827 8866773 X X false false false false false false false false false SARAH STEVENSON EXECUTIVE DIRECTOR 159909 8344 9594 177847 JULIE GARVER SENIOR DEVELOPER 138222 6979 9594 154795 A STATE OF OREGON 936001787 2015-12-31 4022658 QUALIFIED 501C(3) NONHOSPITAL false false false A 952008 4022658 20113 4002545 false false true true A true false true true false true false true A false false true false false false false false false A false PURPOSE OF ISSUE DESCRIPTION STATE OF OREGON QUALIFIED 501C(3) NONHOSPITAL X 1 1818953 false false false FORM 990, PAGE 1, ITEM B THIS AMENDED FORM 990 FOR THE TAX YEAR ENDING JUNE 30, 2024 IS BEING FILED SOLELY TO ATTACH A COPY OF THE IRC 168(H)(6)(F)(II)ELECTION STATEMENT FILED BY GARDEN PARK GP LLC, EIN 92-3726064(THE "TAX-EXEMPT CONTROLLED ENTITY"). THE ELECTION STATEMENT WAS TIMELY FILED WITH THE TAX-EXEMPT CONTROLLED ENTITY'S FORM 1120 FOR THE TAXABLE YEAR TO WHICH THE ELECTION FIRST APPLIES (12/31/2023). NO CHANGES ARE BEING MADE TO THE ORGANIZATION'S PREVIOUSLY REPORTED REVENUE, EXPENSES, ASSETS, LIABILITIES, NET ASSETS, UNRELATED BUSINESS TAXABLE INCOME (UBTI), OR TAX LIABILITY. THIS AMENDMENT IS INTENDED TO SATISFY THE REQUIREMENT THAT A COPY OF THE ELECTION STATEMENT BE ATTACHED TO THE FEDERAL RETURN OF EACH TAX-EXEMPT OWNER, INCLUDING INNOVATIVE HOUSING INC. EIN 93-0877440. FORM 990, PAGE 2, PART III, LINE 4D ASSET MANAGEMENT - THE ORGANIZATION IS THE MANAGING GENERAL PARTNER OR MANAGING MEMBER FOR SEVERAL LIMITED PARTNERSHIPS (LPS)/ LIMITED LIABILITY COMPANIES (LLCS) THAT OWN AFFORDABLE RENTAL UNITS IN OREGON AND WASHINGTON. THE ORGANIZATION MANAGES THIS PORTFOLIO TO ENSURE THAT EACH PROPERTY IS WELL-MAINTAINED, FINANCIALLY SUSTAINABLE AND MAKES A POSITIVE CONTRIBUTION TO ITS NEIGHBORHOOD. ASSET MANAGEMENT INCLUDES HIRING AND SUPERVISING PROFESSIONAL PROPERTY MANAGERS, COMPLIANCE AND REPORTING, HANDLING AUDITS/TAX MATTERS, AND STRUCTURING/REFINANCING DEBT. FORM 990, PAGE 6, PART VI, LINE 11B MEMBERS OF THE BOARD ARE GIVEN A COPY OF FORM 990 TO REVIEW PRIOR TO FILING. ANY QUESTIONS, COMMENTS OR OBSERVATIONS ARE PRESENTED TO THE EXECUTIVE DIRECTOR FOR CLARIFICATION. FORM 990, PAGE 6, PART VI, LINE 12C THE EXECUTIVE DIRECTOR AND BOARD PRESIDENT MONITOR THE CONFLICT OF INTEREST POLICY AND THE ORGANIZATION HAS A STANDING INFORMAL POLICY OF NOT CONDUCTING BUSINESS WITH ANY BOARD MEMBERS OR BOARD MEMBERS' RELATIVES. FORM 990, PAGE 6, PART VI, LINE 15A EXECUTIVE DIRECTOR COMPENSATION IS DETERMINED BY THE BOARD OF DIRECTORS BASED ON COMPARABILITY DATA GATHERED FROM RELIABLE SURVEYS OF COMPENSATION FOR SIMILAR POSITIONS OR DATA FOR AT LEAST THREE SIMILARLY SITUATED EMPLOYEES IN COMPARABLE POSITIONS. FORM 990, PAGE 6, PART VI, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 THE ORGANIZATION ADOPTED FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARD CODIFICATION (ASC) 326 EFFECTIVE JULY 1, 2023, USING THE MODIFIED RETROSPECTIVE APPROACH FOR ALL FINANCIAL ASSETS MEASURED AT AMORTIZED COSTS. AS A RESULT OF THE ADOPTION OF THE NEW STANDARD, THE ORGANIZATION RECORDED A TRANSITION ADJUSTMENT THAT INCLUDED AN INCREASE TO THE ALLOWANCE FOR CREDIT LOSSES FOR NOTES RECEIVABLE AND RELATED INTEREST RECEIVABLE OF 744,000, RESULTING IN A NET DECREASE OF 744,000 TO NET ASSETS WHICH REFLECTS THE TRANSITION ADJUSTMENTS NOTED ABOVE AND REPRESENTS THE CUMULATIVE EFFECT OF ADOPTING FASB ASC 326. 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