Nonprofit · EIN 57-1090154
ATLANTIC HOUSING FOUNDATION INC
Tax-exempt · DALLAS, TX 75207
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 (amended) | $120,912,541 | $117,636,361 | $3,276,180 | $439,221,223 | $529,157,055 | -$89,935,832 |
| December 31, 2023 | 990 (amended) | $101,000,581 | $112,402,795 | -$11,402,214 | $528,140,962 | $625,952,365 | -$97,811,403 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $104,486,232
- Investment income
- $16,426,309
- Net gain from sales of assets
- $13,188,274
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $1,327,344
- Compensation of officers, directors and key employees
- $1,880,663
- Other salaries and wages
- $3,912,091
- Salaries, compensation and benefits (total)
- $6,635,602
- Professional fundraising fees
- $0
- Legal fees
- $27,374
- Travel
- $44,326
- Depreciation
- $16,426,065
- Program services (functional)
- $115,083,554
- Management and general (functional)
- $2,552,807
Balance sheet and other
- Total assets, start of year
- $528,140,962
- Total assets, end of year
- $439,221,223
- Total liabilities, end of year
- $529,157,055
- Net assets, end of year
- -$89,935,832
- Land, buildings and equipment
- $275,991,507
- Net assets without donor restrictions
- -$89,935,832
- Gross receipts
- $189,249,267
- Employees
- 408
- Year formed
- 1999
- State of legal domicile
- SC
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Michael Nguyen | President & CEO Trustee or director, Officer | 40 | $574,498 | $33,472 |
| Wilfredo Saqueton | CFO, Scty,Treas Officer | 40 | $289,611 | $19,571 |
| Carrie Stumfall | COO | 40 | $232,354 | $20,609 |
| Timothy Cone | Dir Development | 40 | $225,471 | $16,718 |
| Heather Baker | Dir Property Mgmt | 40 | $176,862 | $11,722 |
| Kent Foster | Assoc Dir of Dev | 40 | $165,502 | $6,862 |
| Keria Caldwell | Mgr of Asset Risk | 40 | $148,835 | $6,869 |
| Ruben Gomez | Trustee LI Rep Trustee or director | 2 | $10,000 | $0 |
| Stepanie Laxton | Trustee LI Rep Trustee or director | 2 | $10,000 | $0 |
| Michael Duffy | Chairman Trustee or director | 2 | $10,000 | $0 |
| Alan Naul | Trustee Trustee or director | 2 | $10,000 | $0 |
| Rachel Hayden | Trustee Trustee or director | 2 | $10,000 | $0 |
| Amanda Mccullough | Trustee LI Rep Trustee or director | 2 | $10,000 | $0 |
| James Kilpatrick Smith | Trustee Trustee or director | 2 | $5,000 | $0 |
| Robert Voelker | Trustee Trustee or director | 0 | $2,500 | $0 |
990 for the year ended December 31, 2023: 15 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Michael Nguyen | President & CEO Trustee or director, Officer | 40 | $902,167 | $8,117 |
| Kent Foster | Assoc Dir of Dev | 40 | $343,403 | $2,883 |
| Wilfredo Saqueton | CFO, Scty,Treas Officer | 40 | $285,370 | $8,583 |
| Shelia Maness | Dir-Human Resource | 40 | $183,665 | $6,537 |
| Evan Nance | Propty Controller | 40 | $147,593 | $6,537 |
| Megan Cue | Assoc Dir Prop Mgt | 40 | $123,449 | $5,217 |
| Mary Jackson | Dir Property Mgmt | 40 | $115,619 | $4,239 |
| Daniel B French | Trustee Trustee or director | 10 | $10,000 | $0 |
| Ruben Gomez | Trustee LI Rep Trustee or director | 2 | $10,000 | $0 |
| Stepanie Laxton | Trustee LI Rep Trustee or director | 2 | $10,000 | $0 |
| RICHARD WHALEY | Trustee Trustee or director | 2 | $10,000 | $0 |
| Michael Duffy | Chairman Trustee or director | 2 | $10,000 | $0 |
| Alan Naul | Trustee Trustee or director | 2 | $10,000 | $0 |
| Rachel Hayden | Trustee Trustee or director | 2 | $10,000 | $0 |
| Amanda Popken | Trustee LI Rep Trustee or director | 2 | $10,000 | $0 |
Address and contacts
- Address (IRS master file)
- 4770 IBERIA AVE STE 100, DALLAS, TX 75207-5508
- In care of
- % DANIEL B FRENCH PRES
- Principal officer (990 for 2024)
- Michael Nguyen, 4770 Iberia Avenue Suite 100, Dallas, TX 75207
- Signed the 990
- Michael Nguyen, President & CEO
- Phone
- (469) 206-8900
- Website
- www.atlantichousing.org
- Return prepared by
- M GROUP LLP
Mission
To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. Provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.In order to further assist the communities the Foundation serves or will serve, the board amended the Articles of Incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the IRS and the South Carolina Secretary of State as of April 24, 2004. The board of directors concluded that
Program accomplishments
- During 2001 the Foundation acquired two low-income multi-family rental housing projects located in Columbia, South Carolina. Ashton at Longcreek Apartments consists of 220 units and Stoney Creek Apartments consists of 196 units. During 2002 the Foundation acquired a low-income multi-family project in Ft. Worth, Texas known as Quail Ridge Apartments (296 units), a HUD insured low-income multi-family project in San Antonio, Texas known as The Waters at Elm Creek Apartments (200 units) and a HUD insured low-income multi-family project in Austin, Texas known as The Waters at Bluff Springs Apartments (300 units).During 2003 the Foundation acquired fourteen (14) low-income multi-family projectsknown as Villas at Sonterra (156 units) in San Antonio, Texas, Silverleaf Villas (176 units) in Ft. Worth, Texas, Arbors at Denton (191 units of student housing)in Denton, Texas, Arbors at Sam Houston (228 units of student housing) in Huntsville, Texas, Arbors at Sam Houston II (192 units of student housing) in Huntsville, Texas, Westfield Apartments (136 units of student housing) in San Marcos, Texas, Arrowood Apartments (304 units) in Houston, Texas, Waterchase Apartments (134 units) in Dallas, Texas, Redbud Trails Apartments (150 units) in McKinney, Texas, Stone Creek Apartments (200 units) in Lewisville, Texas, Tall Timbers Apartments (256 units) in Houston, Texas, Hillcrest Apartments (298 units) in Ft. Worth, Texas, Heather Ridge Apartments (204 units) in Irving, Texas and Covington Creek Apartments (248 units) in Irving, Texas. The Foundation serves as the .01% general partner in The Waters at Willow Run, LP, a LIHTC tax-exempt bond project consisting of 242 units. The project was completed and placed in service during 2016. The Foundation serves as the .01% general partner in The Waters at Sunrise, LP, a LIHTC tax-exempt bond project consisting of 300 units. The project was completed and placed in service during 2016 and 2017.The Foundation serves as the .01% general partner in The Waters at Magnolia Bay, LP, a LIHTC tax-exempt bond and HUD financed project consisting of 300 units. The Project was completed and placed in service during 2017 and 2016. During 2016, the Corporation formed Waters at St. James, LP (St. James), a South Carolina limited partnership, to develop 336 units of low and moderate income housing in Goosecreek, South Carolina. St. James is financed using a combination of tax-exempt bonds, a Freddie Mac mortgage and limited partner LIHTC equity. St. James was placed in service during 2017 and 2018. The Foundation serves as the .01% general partner in The Waters at St. James, LP. During 2016, Stonebriar Village of Plainview, Ltd., a Texas limited partnership, 100 unit LIHTC apartment complex in Plainview, Texas, was assigned to the Foundation. Stonebriar Village was sold to a third party during 2025.During 2016, the Foundation sold Ashton at Long Creek Apartments to a related party. The Foundation formed Waters at Longcreek, LP to acquire and rehabilitate the property (formerly known as Ashton), using LIHTC tax-exempt bonds and HUD insured financing. The Foundation serves as the .01% general partner. The project was completed and placed in service during 2018 and 2019. During 2016, the Foundation sold Stoney Creek Apartments to a related party. The Foundation formed Waters at Berryhill, LP to acquire and rehabilitate the property (formerly known as Stoney)using LIHTC equity, tax-exempt bonds and HUD insured financing. The foundation serves as the .01% general partner. The project was completed and placed in service during 2018 and 2019.During 2017, the Corporation formed Waters at Willow Lake, LP (Willow Lake), a South Carolina limited partnership, to develop 144 units of low and moderate income housing in Columbia, South Carolina. Willow Lake is financed using a combination of a tax-exempt loan, a Freddie Mac loan and limited partner LIHTC equity. The Foundation serves as the .01% general partner in The Waters at Willow Lake, LP. The project was completed and placed in service during 2019 and 2020. During 2017, the Corporation formed Waters at Gateway, LP (Gateway), a Georgia limited partnership, to develop 276 units of low and moderate income housing in Savannah, Georgia. Gateway is financed using a combination of a Freddie Mac tax exempt loan and limited partner LIHTC equity. The project was completed and placed in service during 2019During 2018, the Corporation was assigned the sole member interest of University Bridge,LLC, a Florida limited liability company, to develop and operate a 20-story, 886-unit, 1,244-bed residential tower to house students, faculty, and staff of Florida International University in Sweetwater, Florida. The property is subject to Student Housing Regulatory Agreements, which define student rental restrictions under Internal Revenue Code Section 145. University Bridge was financed using a combination of tax-exempt and taxable bonds. The project was completed and placed in service in 2020. During 2019, the Corporation acquired nine housing rental projects (known as the Southeast Portfolio) consisting of (1) a 108 unit project known as Afton Gardens in Roanoke, VA; (2) a 200 unit project known as Boulder Creek in Greenville, SC; (3) a 136 unit project known as Brentwood Crossing in Highpoint, NC;(4) a 204 unit project known as Brittany Woods in Valdosta, GA; (5) a 81 unit project known as Cedar Moor in Raleigh, NC; (6) a 150 unit project known as Crescent Hill in Spartanburg, SC; (7) a 200 unit project known as Spring Grove in Taylors, SC; (8) a 61 unit project known as Temple Court in Miami, FL; and (9) a 101 unit project known as Timber Ridge in Charlotte, NC. The Projects are subject to land use restriction agreements restricting the use of the projects to low income and very low-income individuals, as defined. The Projects were financed collectively using a combination of a Tax-Exempt Freddie Mac Notes and Tax Exempt Subordinate Multifamily Housing Revenue Bonds. The Southeast Portfolio projects were sold to an unrelated party during 2024.During 2019, the Corporation acquired a 288 unit project known as AHF-James Crossing Acquisition, LP (James Crossing) in Lynchburg, Virginia and a 47 unit project, Gretna Village, LP ("Gretna"), located in Gretna, Virginia. The Partnerships assumed VHDA mortgage notes payable and are regulated under agreements with the Virginia Housing Development Authority (VHDA) and HUD. The Partnerships are subject to tax regulatory agreements and land use restriction agreements restricting the use of the project to low income and very low income individuals and families. During 2024, Gretna was sold to a third party. In 2021, James Crossing was sold to a related party. The Foundation formed Waters at James Crossing, LP, a Virginia Limited Partnership to acquire and rehabilitate the property (formerly known as James Crossing), using LIHTC equity and tax-exempt bonds. The Foundation serves as the .01% general partner. Waters at James Crossing was completed and placed in service during 2024.During 2019, the Corporation acquired a 200 unit project, AHF-Shemwood Crossing, LLC (Shemwood) located in Greenville, South Carolina. During 2022, the Foundation sold Shemwood to a related party. The Foundation formed Waters at Augusta, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Shemwood), using LIHTC equity and tax-exempt bonds. The Foundation serves as the .01% general partner. Waters at Augusta was completed and placed in service during 2024.In 2020, the Corporation purchased land in Arlington, and formed AHF-OP Acquisition South LLC, to be develop a housing project for students attending the University of Texas at Arlington. During 2020, the Foundation sold Parkview to a related party. The Foundation formed Waters at Ribaut, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Parkview), using LIHTC equity and a tax-exempt multifamily note. The Foundation serves as the .01% general partner. Waters at Ribaut was placed in service during 2021 and 2022.During 2020, the Foundation sold Orleans Garden to a related party. The Foundation formed Waters at West Ashley, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Orleans Garden), using LIHTC equity and tax-exempt bonds. The Foundation serves as the .01% general partner. Waters at West Ashley was placed in service during 2022 and 2023.During 2020, the Foundation formed Waters at Oakbrook, LP (Oakbrook), a South Carolina limited partnership, to acquire, construct and operate a 216 unit LIHTC project in Summerville, South Carolina. The Foundation serves as the .01% general partner. Waters at Oakbrook was placed in service during 2022 and 2023.In December 2021, the Corporation acquired 19.98 acres of land in North Port, Florida to develop 288 units of affordable work force housing. On MaExpenses $115,083,554 · grants $1,327,344 · revenue $104,486,232
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 57-1090154
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2000
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Housing and shelter (L25)
- Assets (IRS master file)
- $439,221,223
- Income (IRS master file)
- $189,249,267
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $120,912,541 | $117,636,361 | $439,221,223 | IRS |
| 990 | December 2023 | $101,000,581 | $112,402,795 | $528,140,962 | IRS |
| 990 | December 2022 | $98,028,406 | $106,224,237 | $540,951,595 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 57-1090154).
Questions about ATLANTIC HOUSING FOUNDATION INC
- What is the EIN of ATLANTIC HOUSING FOUNDATION INC?
- The employer identification number (EIN) of ATLANTIC HOUSING FOUNDATION INC is 57-1090154.
- Is ATLANTIC HOUSING FOUNDATION INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2000.
- Are donations to ATLANTIC HOUSING FOUNDATION INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does ATLANTIC HOUSING FOUNDATION INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of ATLANTIC HOUSING FOUNDATION INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did ATLANTIC HOUSING FOUNDATION INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of ATLANTIC HOUSING FOUNDATION INC?
- The 990 for the year ended December 31, 2024 names Michael Nguyen.
- Who are the officers and directors of ATLANTIC HOUSING FOUNDATION INC?
- The 990 for the year ended December 31, 2024 lists 15 people; 15 received compensation from the organization, the highest $574,498 (Michael Nguyen, President & CEO).
- How much revenue does ATLANTIC HOUSING FOUNDATION INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $120,912,541, expenses of $117,636,361 and total assets of $439,221,223 at year end.
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