2024-09-12T17:52:49-04:00 2023-12-31 860811326 J A HONDORP CPA LTD 60 E RIO SALADO PKWY STE 900 Tempe AZ 85281 990 2023-01-01 264584304 OUR COASTAL VILLAGE INC OUR 8857 N 63RD PLACE PARADISE VALLEY AZ 85253 LAYNE MORRILL DIRECTOR 6024326291 2024-06-15 false true RANDY L DETHERAGE P01279364 4807550701 2024-09-12 2023 2024-08-08 14:25:15Z 420383 false X OURCOASTALVILLAGE.ORG X 2009 OR PROVIDING RELIEF TO THE POOR, DISTRESSED, AND DISADVANTAGED ON THE CENTRAL OREGON COAST, PRIMARILY THROUGH AFFORDABLE HOUSING. 5 3 0 5 0 0 155958 156604 14500 254748 -49563 9031 0 120895 420383 17500 0 0 0 0 96547 149841 96547 167341 24348 253042 2851716 3104758 422500 422500 2429216 2682258 PROVIDING RELIEF TO THE POOR, DISTRESSED, AND DISADVANTAGED ON THE CENTRAL OREGON COAST, PRIMARILY THROUGH AFFORDABLE HOUSING. false false OPERATION OF A 21 UNIT LIHTC AFFORDABLE WORKFORCE HOUSING DEVELOPMENT THROUGH FISTERRA GARDENS TOWNHOMES LP, A LIMITED PARTNERSHIP IN WHICH OUR COASTAL VILLAGE , INC. IS GENERAL PARTNER. THE PROJECT WAS COMPLETED IN 2019. ALL UNITS ARE SET ASIDE FOR HOUSEHOLDS EARNING NOT MORE THAN 60% OF AREA MEDIAN INCOME. SINCE COMPLETION ALL UNITS HAVE BEEN RENTED TO ELIGIBLE HOUSEHOLDS. SUPERVISION OF AN AFFORDABILITY COVENANT APPLICABLE TO SEVEN TOWNHOUSE UNITS OWNED BY PERSONS EARNING AT OR UNDER 80% OF AREA MEDIAN INCOME. ALL FUTURE BUYERS OR TENANTS MUST MEET THE INCOME ELIGIBILITY. RESALE PRICES CANNOT EXCEED THE PRICE PAID PLUS 2% PER YEAR FOR EACH FULL YEAR OF OWNERSHIP. 167341 254708 DEVELOPMENT OF A 24 UNIT LIHTC AFFORDABLE RENTAL HOUSING COMPLEX IN FLORENCE OR, KNOWN AS OAK MANOR APARTMENTS, OF WHICH SIX UNITS WILL BE AVAILABLE TO HOUSEHOLDS EARNING AT OR UNDER 30% OF AREA MEDIAN INCOME; AND EIGHTEEN UNITS WILL BE AVAILABLE TO HOUSEHOLDS EARNING AT OR UNDER 60% OF AREA MEDIAN INCOME. CONSTRUCTION BEGAN IN APRIL 2023 AND WILL END IN MARCH 2024. 167341 254708 167341 true false false false false false false false false false false true true false true false false false false false false false false false false false false false false false false false false false false true false true false false false false true true false false true false true 0 0 false 0 false false false false false false false false false false false false false false false X 5 3 true false false false false false false true true true false true true true true false true true false false OR X X K LAYNE MORRILL 6024326291 8857 N 63RD PLACE PARADISE VALLEY AZ 85253 K LAYNE MORRILL PRESIDENT DIRECTOR 0.00 0.00 X X 141750 0 0 DENNIS SNYDER DIRECTOR 0.00 0.00 X 0 0 0 JAMES CRAIG DIRECTOR 0.00 0.00 X 0 0 0 ELIZABETH MORRILL DIRECTOR SECRETARY 0.00 0.00 X X 0 0 0 141750 0 0 1 false false false 156604 156604 MISC REVENUE 531390 1748 1748 OMA DEV FEES 531390 253000 253000 254748 16193 16193 -7162 -7162 -7162 -7162 420383 263779 0 0 X 17500 17500 DEVELOPMENT EXPENSES 145375 145375 4466 4466 167341 167341 0 0 512651 69505 3335 48393 618848 2290672 2413070 2851716 3104758 422500 422500 422500 422500 X 2429216 2682258 2429216 2682258 2851716 3104758 253042 0 X false false false X 6660 7500 9800 5958 6604 36522 6660 7500 9800 5958 6604 36522 13412 23110 3609 5598 4122 13158 16193 42680 79202 250109 0.29180 0.36630 X GP EQUITY INVESTMENT FGT 48393 C US TREASURIES 570455 C 618848 SPONSOR SUBORDINATED LOAN TO FGT 1963060 C SPONSOR SUB LOAN TO OMA 430000 C EQUITY INV OMA GP 20010 C 2413070 SERIES FTG PROJECT NOTES 422500 422500 K LAYNE MORRILL DIRECTORPRES 141750 DIRECTOR FEES false Supplemental Information for Schedule L OUR COASTAL VILLAGE, INC. DEVELOPED A 7-UNIT AFFORDABLE HOUSING PROJECT IN YACHATS, OR AT A COST OF ABOUT $1.5 MILLION. T$HE PLANNING FOR THAT PROJECT BEGAN IN 2009 AND ZONING CHANGES WERE REQUIRED THAT TOOK NEARLY TWO YEARS. THEN THE DESIGN AND PLANNING PHASES TOOK ANOTHER YEAR; FOLLOWED BY CONSTRUCTION. THE PROJECT WAS LEASED TO QUALIFYING TENANTS FOR FIVE YEARS BEFORE WE WERE ABLE TO QUALIFY OUR FIRST TENANT FOR A LOAN TO PURCHASE THE TOWNHOUSE HE WAS RENTING. SINCE THEN, WE HAVE SOLD ALL SIX REMAINING UNITS, FOUR OF WHICH SOLD IN 2021. ALL UNITS HAVE BEEN SOLD ON A BASIS THAT MAKES THEM PERMANETLY AFFORDABLE. THROUGHOUT THE FIVE-YEAR DEVELOPMENT PERIOD MR. MORRILL TOOK NO COMPENSATION FOR SERVICES RENDERED. A TYPICAL DEV FEE IS ABOUT 15% OF A PROJECTS COSTS WHICH IN THIS CASE WOULD BE $225,000. THE BOARD APPROVED $100,000 DEVELOPMENT FEE FOR THIS PROJECT. IN 2018, THE FIRST $27,000 WAS PAID; IN 2019, ANOTHER $27,000 WAS PAID; AND IN 2021 THE FINAL $46,000 WAS PAID. OUR COASTAL VILLAGE, INC. DEVELOPED A 21-UNIT AFFORDABLE WORKFORCE HOUSING PROJECT IN YACHATS, OREGON, WHICH IS OWNED BY FISTERRA GARDENS TOWNHOMES LP, OF WHICH OUR COASTAL VILLAGE, INC., IS THE GENERAL PARTNER. ON THIS PROJECT, OUR COASTAL VILLAGE INC. IS ALLOWED A DEVELOPMENT FEE OF $650,000, PAYABLE OVER TIME. IN 2018 AND 2019, OUR COASTAL VILLAGE, INC. RECEIVED TOWARD THIS DEVELOPMENT FEE A TOTAL OF $239,000. IN 2020, OUR COASTAL VILLAGE, INC. RECEIVED $153,532 TOWARD THIS DEVELOPMENT FEE. THE REMAINING BALANCE OF $257,860 WILL BE PAID OVER A PERIOD OF THIRTEEN YEARS. IN 2020 AND 2021, RESPECTIVELY, OCV RECEIVED $10,169 AND $14,500 TOWARD THE DEFERRED DEVELOPMENT FEE. IN 2016-2018 MR. MORRILL RECEIVED NO COMPENSATION FOR HIS WORK ON THE FGT PROJECT. AFTER COMPLETION, THE BOARD APPROVEDDEVELOPMENT FEE TO MR. MORRILL FOR HIS SERVICES ON THE FGT PROJECT EQUAL TO 50% OF THE DEVELOPMENT FEES OCV RECEIVED FROM THE OWNER, OR $325,000. IN PRIOR YEARS $242,082 WAS PAID TO MR. MORRILL TOWARD THIS DEVELOPMENT FEE. IN 2022 OCV PAID MR. MORRILL $4,000 TOWARD THIS DEVELOPMENT FEE, AND IN 2023 OCV PAID MR. MORRILL THE FINAL $41,750. OUR COASTAL VILLAGE, INC. IS DEVELOPING A 24-UNIT AFFORDABLE WORKFORCE HOUSING PROJECT IN FLORENCE, OREGON, WHICH IS OWNED BY OAK MANNER APARTMENTS LP, OF WHICH OUR COASTAL VILLAGE, INC., IS THE SOLE MEMBER OF GENERAL PARTNER OMA, GP, LLC. OAK MANOR APARTMENTS WILL BE PLACED IN SERVICE DURING 2024. OAK MANOR APARTMENTS WILL PAY OUR COASTAL VILLAGE INC. A DEVELOPMENT FEE OF $1,580,000. IN 2023 OAK MANOR APARTMENTS PAID OUR COASTAL VILLAGE $253,000. IN 2024 OAK MANOR APARTMENTS WILL PAY OUR COASTAL VILLAGE, INC. ANOTHER $253,000. IN 2025, OAK MANOR APARTMENTS WILL PAY OUR COASTAL VILLAGE $650,000. THE BALANCE OF $314,032 (TOGETHER WITH INTEREST AT 2.50% PER ANNUM) WILL BE PAID OUT OF CASH FLOW OVER THIRTEEN YEARS AFTER OAK MANOR APARTMENTS IS PLACED IN SERVICE. FOR HIS SERVICES IN DEVELOPING OAK MANOR APARTMENTS, THE BOARD APPROVED A DEVELOPMENT FEE FOR MR. MORRILL EQUAL TO 33.33% OF THE DEVELOPMENT FEE RECEIVED FROM OAK MANOR APARTMENTS LP. DURING 2023, OUR COASTAL VILLAGE, INC. PAID MR. MORRILL $100,000 AS A DEVELOPMENT FEE, AND THE BALANCE WILL BE PAID OVER TIME AS OAK MANOR APARTMENTS LP PAYS ITS DEVELOPMENT FEE TO OUR COASTAL VILLAGE, INC. Officer directors etc family relationship Part VI line 2 K. LAYNE MORRILL AND ELIZABETH R. MORRILL ARE HUSBAND AND WIFE Form 990 governing body review Part VI line 11 THE BOARD REVIEWS THE FORM 990 AT THE NEXT MEETING AFTER IT IS FILED. Officer director etc mailing address Part VI line 9 DENNIS SNYDER, PO BOX 208, YACHATS, OR 97498-0208JAMES CRAIG, 852 AQUA VISTA LOOP, YACHATS, OR 97498 Conflict of interest policy compliance Part VI line 12c WE ARE A SMALL ORGANIZATION AND ENGAGE IN VERY FEW TRANSACTIONS. ALL MEMBERS OF THE BOARD OF DIRECTORS ARE AWARE OF ALL TRANSACTIONS AND REVIEW THE CONFILICT OF INTEREST POLICY AS A REGULAR ITEM AT BOARD MEETINGS. CEO executive director top management comp Part VI line 15a THE PROCESS OF DETERMINING COMPENSATION FOR THE PRESIDENT/DIRECTOR WAS REVIEWED AND APPROVED BY THE ORGANIZATIONS BOARD Governing documents etc available to public Part VI line 19 A COPY OF THE FORM 990 IS FILED WITH THE STATE OF OREGON DEPARTMENT OF JUSTICE AND IS AVAILABLE FOR REVIEW THROUGH THAT ORGANIZATION. WE HAVE COPIES OF OUR GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IN ELECTRONIC FORMAT THAT WE EMAIL TO PERSONS WHO REQUEST THEM. OUR GOVERNING DOCUMENTS ARE ALSO POSTED ON OUR WEBSITE. List of other expenses Part IX line 24e LEGAL & ACCOUNTING 2,850RESIDENT SERVICES FGT 1,180TAXES & LICENSES 150MISC EXP 246FGT OPERATONS 40 JHWF LLC NO EIN 8857 N 63RD PLACE PARADISE VALLEY AZ 85253 HOLDS TITLE TO TOWNHOMES OR OUR COASTAL VILLAGE INC FISTERRA GAREENS TOWNHOMES LTD PTNS 8857 N 63RD PL PARADISE VALLEY AZ 85253 320512223 AFFORDABLE HOUSING OR OUR COASTAL VILLAGE INC RELATED -18 false false 0.00010 false true false true false false false false false false false true false false false false false false false FISTERRA GARDENS TH -GP EQUITY B COST-ALL ITEMS PAID IN CASH FISTERRA GARDEN TH SPONSOR SUB LOAN D COST-ALL ITEMS PAID IN CASH FISTERRA GARDEN TH-DEVELOP FEE L COST-ALL ITEMS PAID IN CASH OAK MANOR APARTMENTS LP B 20010 EQUITY REQUIRED TO FUND PROJECT COSTS OAK MANOR APARTMENTS LP D 430000 SPONSOR DEBT REQUIRED TO FUND PROJ COSTS OAK MANOR APARTMENTS LP L 100000 MARKET COMPARISON FISTERRA GARDENS TOWNHOMES LP L 41750 MARKET COMPARISON