2025-03-07T07:51:03-06:00 2024-06-30 420714325 RSM US LLP 919 EAST MAIN STREET SUITE 1800 RICHMOND VA 23219 990 2023-07-01 770545135 HOUSING TRUST SILICON VALLEY HOUS 4087033837 75 E SANTA CLARA STREET 1350 SAN JOSE CA 95113 ANTONIETA RAMOS CHIEF EXECUTIVE OFFICER 4087033837 2025-03-03 1 0 MEREDITH BELL P01696827 8042822121 2025-03-03 2023 2025-03-06 01:10:19Z ANTONIETA RAMOS 75 E SANTA CLARA STREET 1350 SAN JOSE CA 95113 36762368 0 X WWW.HOUSINGTRUSTSV.ORG X 2000 CA WE USE TRANSFORMATIVE HOUSING FINANCE AND PUBLIC AND PRIVATE PARTNERSHIPS TO CREATE MORE EQUITABLE AND AFFORDABLE COMMUNITIES. 14 14 36 17 0 0 13398570 4597128 7179861 7573754 2477493 4341906 -28083 8218 23027841 16521006 160491 499091 0 0 4913211 5545974 0 0 827377 3644220 3877037 8717922 9922102 14309919 6598904 244644739 276529893 118779685 135997410 125865054 140532483 X OUR MISSION AT HOUSING TRUST SILICON VALLEY, IS TO USE TRANSFORMATIVE HOUSING FINANCE AND PUBLIC AND PRIVATE PARTNERSHIPS TO CREATE MORE EQUITABLE AND AFFORDABLE COMMUNITIES. 0 0 3540234 129091 6776109 THE COMPETITIVE REAL ESTATE MARKET IN THE GREATER BAY AREA CREATES A CHALLENGING ENVIRONMENT FOR AFFORDABLE HOUSING DEVELOPMENT. SINCE 2000, HOUSING TRUST HAS MADE LOANS TO 193 AFFORDABLE HOUSING PROJECTS, TOTALING OVER $553 MILLION IN FUNDING AND RESULTING IN 17,558 AFFORDABLE RENTAL HOMES. OUR BORROWERS ARE TYPICALLY COMMUNITY-BASED, NON-PROFIT AND MISSION ALIGNED FOR-PROFIT AFFORDABLE HOUSING DEVELOPERS WHOSE COLLECTIVE MISSION IS TO INCREASE AND PRESERVE THE AFFORDABLE HOUSING STOCK IN THE COMMUNITIES THEY SERVE, AND BY SO DOING, REVITALIZE SUCH COMMUNITIES. WE LEND IN THE GREATER BAY AREA INCLUDING ALAMEDA, CONTRA COSTA, MARIN, MONTEREY, NAPA, SACRAMENTO, SAN BENITO, SAN FRANCISCO, SAN JOAQUIN, SAN MATEO, SANTA CLARA, SANTA CRUZ, SOLANO, AND SONOMA COUNTIES. 736410 0 788893 SIX-FIGURE DOWN PAYMENTS CAN PUT THE DREAM OF HOMEOWNERSHIP OUT OF REACH. HOUSING TRUST OFFERS FIRST TIME HOMEBUYERS THE EDUCATION AND COUNSELING, DEFERRED INTEREST LOANS AND BELOW MARKET PURCHASE PROGRAMS THAT CAN BRING THAT DREAM CLOSER TO REALITY. HOUSING TRUST'S HOMEBUYER TEAM OFFERS ONE-ON-ONE SESSIONS THAT COVER TOPICS INCLUDING SAVING FOR A DOWN PAYMENT AND RESERVES, HOW TO SELECT AND WORK WITH REALTORS AND MORTGAGE LOAN OFFICERS AND WHAT TO EXPECT UPON CLOSING ON A NEW HOME. HOUSING TRUST'S FINANCIAL PRODUCTS REDUCE THE BURDEN OF 20% DOWN PAYMENT REQUIREMENTS AND BRIDGE THE GAP BETWEEN WHAT LOW- TO MIDDLE-INCOME BUYERS CAN AFFORD TO BORROW AND THE EQUITY REQUIRED TO DO SO. SINCE 2000 WE HAVE OFFERED HOMEBUYER DOWN PAYMENT ASSISTANCE AS DEFERRED, AMORTIZING AND EQUITY SHARE LOANS, DEPENDING ON INCOME LEVEL AND NEEDS OF THE BORROWER. OUR LOANS UNDER THESE PROGRAMS RANGE FROM $6,500 TO $250,000. WE HAVE MADE 2,615 DOWN PAYMENT ASSISTANCE LOANS TOTALING OVER $62 MILLION SINCE OUR FOUNDING. IN FY24, HOUSING TRUST PROVIDED EDUCATION AND COUNSELING TO 1,583 HOPEFUL HOMEBUYERS, MADE TWENTY TWO DOWN PAYMENT ASSISTANCE LOANS. 529639 370000 0 POLICY AND EDUCATION: HOUSING TRUST ENGAGES IN POLICY AND EDUCATION EFFORTS TO STRENGTHEN THE AFFORDABLE HOUSING MARKET IN OUR REGION. THIS INCLUDES SUPPORTING LOCAL AND STATE INITIATIVES THAT PROMOTE AFFORDABLE HOUSING DEVELOPMENT AND ADVOCATING FOR POLICIES THAT ADDRESS HOUSING AFFORDABILITY. 1600794 0 8752 OTHER PROGRAMS 1600794 0 8752 6407077 1 1 0 1 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 53 0 1 36 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 14 14 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X X X JULIE MAHOWALD CFO AND HEAD OF PAR 4087033837 75 E SANTA CLARA STREET 1350 SAN JOSE CA 95113 JOE ANZALONE CHAIR 4.00 X X 0 0 0 LISA GUTIERREZ FIRST/SECOND VICE-CHAIR 1.00 X X 0 0 0 KEVIN DEEBLE TREASURER 1.00 X X 0 0 0 SHARON LEE SECRETARY 1.00 X X 0 0 0 JANA BARSTEN DIRECTOR 1.00 X 0 0 0 MIKE BEASLEY DIRECTOR 1.00 X 0 0 0 TATIANA BLANK DIRECTOR 1.00 X 0 0 0 ART FATUM DIRECTOR (UNTIL 02/01/24) 1.00 X 0 0 0 JONATHAN FEARN DIRECTOR 1.00 X 0 0 0 KATIE FERRICK DIRECTOR 1.00 X 0 0 0 FIONA HSU DIRECTOR 1.00 X 0 0 0 MEG MCGRAW-SCHERER DIRECTOR 1.00 X 0 0 0 HILDA RAMIREZ DIRECTOR (UNTIL 02/01/24) 1.00 X 0 0 0 CRAIG ROBINSON DIRECTOR (UNTIL 02/01/24) 1.00 X 0 0 0 DANA STRANZ DIRECTOR 1.00 X 0 0 0 TIM STEELE DIRECTOR 1.00 X 0 0 0 AHMAD THOMAS DIRECTOR 1.00 X 0 0 0 JULIE QUINN CHIEF PROG & IMPACT OFF. (BEG 01/24) 40.00 X 0 0 0 ANTONIETA RAMOS CHIEF EXECUTIVE OFFICER 40.00 X 429813 0 20290 JULIE MAHOWALD CFO & HEAD OF P'SHIPS AND STRATEGY 40.00 X 299491 0 32085 PRATHIT THAKER CHIEF CREDIT OFFICER (UNTIL 10/20/23) 40.00 X 173051 0 33423 FATHIA MACAULEY CHIEF LENDING OFF. (UNTIL 06/18/24) 40.00 X 225277 0 25572 NAZMIN BISHOP CHIEF DEV. & COM. OFFICER 40.00 X 170407 0 37410 GUADALUPE DE LOURDES MEDINA MENDEZ HUMAN RESOURCES DIRECTOR 40.00 X 175699 0 19200 BRENT MALLOY CONTROLLER 40.00 X 158099 0 34989 STEPHANEY KIPPLE MULTIFAMILY LENDING MANAGER 40.00 X 148618 0 15012 VIVIAN VO ACCOUNTING MANAGER 40.00 X 149112 0 18696 MARTHA LOPEZ MANAGER, LOAN ADMIN 40.00 X 140284 0 24468 2069851 0 261145 19 0 1 0 RSM US LLP 5155 PAYSPHERE CIRCLE CHICAGO IL 60674 TAX AND AUDIT FEES 141750 1 170500 355000 4071628 4597128 INTEREST INCOME ON LOA 531390 5261460 5261460 PROGRAM SERVICE FEE 531390 2312294 2312294 7573754 4188925 4188925 20358971 20205990 152981 152981 152981 0 170500 35372 -35372 -35372 OTHER INCOME 900099 43590 43590 43590 16521006 7573754 0 4350124 499091 499091 1426895 575847 617409 233639 3157657 1886690 1016507 254460 196950 102683 72970 21297 425426 257138 106970 61318 339046 188599 112308 38139 81066 49818 31248 154729 154729 42081 42081 934856 644479 148888 141489 6947 96 6851 51076 19504 26428 5144 309787 170530 99058 40199 39998 16710 21418 1870 31563 13126 14366 4071 1817385 1817120 188 77 73473 40445 23494 9534 85792 750 85042 DONATIONS & SPONSORSHIP 33265 27750 5515 215019 96701 109029 9289 9922102 6407077 2687648 827377 10002 290 64908130 70667965 277500 624998 512744 787715 154295208 179485109 225820 224711 540352 443872 133814 96480 24281521 7076787 0 16873570 0 692268 244644739 276529893 1501809 2237033 9915453 19825380 5034083 2940840 11816733 10250841 84788960 90144869 5722647 10598447 118779685 135997410 X 82875276 110740752 42989778 29791731 125865054 140532483 244644739 276529893 X 6598904 505356 7563169 X 0 1 X 1 1 1 X 15224448 11287252 16913530 13398570 4597128 61420928 15224448 11287252 16913530 13398570 4597128 61420928 42824358 18596570 826677 166058 445941 2441644 4188925 8069245 48415 2274 5421 5394 43590 105094 69595267 40898171 0.26720 0.36800 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2019 AMOUNT: $ 1,999. 2020 AMOUNT: $ 2,274. 2021 AMOUNT: $ 5,421. 2022 AMOUNT: $ 5,394. 2023 AMOUNT: $ 43,590. FUNDRAISING INCOME - 2019 AMOUNT: $ 46,416. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 348000 348000 9591331 9939331 646967 161742 0 0 513037 1000000 585668 646967 2745672 4118508 48000 48000 48000 348000 492000 128259 250000 146417 161742 686418 1029627 0 5034083 36230385 38323628 2940840 1 X 540352 443872 96480 96480 U.S. TREASURY BONDS 16873570 F 16873570 NON-RECOURSE PARTICIPANT LOAN CAPITAL 10509081 ALLOWANCE FOR CREDIT LOSSES - OFF BALANCE SHEET 89366 10598447 X 23413469 505356 6429188 6934544 16478925 42081 42081 16521006 8062636 0 8062636 42081 1817385 1859466 9922102 PART IV, LINE 2B: IN MARCH 2020, HOUSING TRUST ENTERED INTO A SERVICES AGREEMENT WITH GOOGLE ENDEAVOR, LLC, A WHOLLY OWNED FUND OF GOOGLE LLC (GOOGLE). GOOGLE HAS COMMITTED $71.9 MILLION TO CREATE A SEPARATE LAUNCH INITIATIVE FUND, AN AFFORDABLE HOUSING FUND AIMED TO ACCELERATE THE START-UP AND PRESERVATION OF HOMES. LAUNCH INITIATIVE IS A STRATEGIC PARTNERSHIP WHICH ENHANCES HOUSING TRUST'S LENDING CAPACITY AND PROVIDES HOUSING TRUST AND GOOGLE OPPORTUNITIES TO INVEST IN A BROADER RANGE OF AFFORDABLE HOUSING PROJECTS. HOUSING TRUST'S RESPONSIBILITIES INCLUDE SOURCING, UNDERWRITING, CLOSING AND SERVICING LOANS, TAKING AT LEAST A 10% PARTICIPATION IN THE LOANS AND PROVIDING MANAGEMENT SERVICES FOR THE FUND INCLUDING ACCOUNTING. AS THE SERVICER, AT JUNE 30, 2024, HOUSING TRUST HOLDS $2,940,840 BELONGING TO GOOGLE WHICH IS INCLUDED AS RESTRICTED CASH AND CASH EQUIVALENTS, AND THE ASSOCIATED LIABILITY AS FUNDS HELD FOR OTHERS ON THE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION. PART X, LINE 2: HOUSING TRUST BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. HOUSING TRUST'S FEDERAL AND STATE INFORMATION RETURNS FOR THE YEARS 2020 THROUGH 2023 ARE SUBJECT TO EXAMINATION BY REGULATORY AGENCIES, GENERALLY FOR THREE AND FOUR YEARS AFTER THEY WERE FILED FOR FEDERAL AND STATE, RESPECTIVELY. PART XI, LINE 2D - OTHER ADJUSTMENTS: RECLASS OF PROVISION FOR LOAN LOSS 6,429,188. PART XII, LINE 4B - OTHER ADJUSTMENTS: RECLASS OF INTEREST EXPENSE 1,817,385. INVESTOR BRIEFING 165500 165500 3933 16976 2500 9583 REGIONAL EVENTS 5000 5000 2380 170500 170500 3933 19356 2500 9583 35372 -35372 1 FAMILY SUPPORTIVE HOUSING 692 N KING RD SAN JOSE CA 95133 770101637 501(C)(3) 9091 0 PARTIAL LOAN FORGIVEN SVHOME 350 W JULIAN STREET BUILDING 5 SAN JOSE CA 95110 814755729 501(C)(3) 55000 0 PROGRAM SUPPORT NPH ACTION FUND POLITICAL ISSUES COMMITTEE 49 STEVENSON STREET SUITE 500 SAN FRANCISCO CA 94105 833147694 527 300000 0 CAMPAIGN SUPPORT CHARITIES HOUSING 1400 PARKMOOR AVENUE SUITE 190 SAN JOSE CA 95126 770359848 501(C)(3) 60000 0 PROGRAM SUPPORT ABODE PROPERTY MANAGEMENT 40849 FREMONT BLVD FREMONT CA 94538 942650901 501(C)(3) 60000 0 PROGRAM SUPPORT 4 1 PART I, LINE 2: THE ORGANIZATION PUBLISHES INITIAL GRANT GUIDELINES AND ACCEPTS APPLICATIONS FROM QUALIFIED ORGANIZATIONS. THE PROGRAM COMMITTEE REVIEWS ALL GRANT APPLICANTS AND APPROVES THE AWARD OF ALL GRANTS. THE RECIPIENT ORGANIZATION MUST REPORT MONTHLY THE STATUS OF ALL GRANT FUNDS RECEIVED AND THE WAY IN WHICH THESE FUNDS HAVE BEEN DISBURSED IN ACCORDANCE WITH THE INITIAL PURPOSE. X X X X X 1 0 0 0 0 0 0 1 0 ANTONIETA RAMOS CHIEF EXECUTIVE OFFICER 352463 0 76050 0 1300 0 16500 0 5031 0 451344 0 0 0 JULIE MAHOWALD CFO & HEAD OF P'SHIPS AND STRATEGY 286143 0 13348 0 0 0 14393 0 18819 0 332703 0 0 0 FATHIA MACAULEY CHIEF LENDING OFF. (UNTIL 06/18/24) 215100 0 10177 0 0 0 10835 0 15978 0 252090 0 0 0 NAZMIN BISHOP CHIEF DEV. & COM. OFFICER 166203 0 4204 0 0 0 7859 0 32928 0 211194 0 0 0 PRATHIT THAKER CHIEF CREDIT OFFICER (UNTIL 10/20/23 168552 0 4499 0 0 0 5295 0 29143 0 207489 0 0 0 GUADALUPE DE LOURDES MEDINA MENDEZ HUMAN RESOURCES DIRECTOR 167790 0 7909 0 0 0 8502 0 12360 0 196561 0 0 0 BRENT MALLOY CONTROLLER 150580 0 7519 0 0 0 7902 0 28322 0 194323 0 0 0 VIVIAN VO ACCOUNTING MANAGER 142052 0 6910 0 150 0 7221 0 12463 0 168796 0 0 0 MARTHA LOPEZ MANAGER, LOAN ADMIN 132985 0 7299 0 0 0 6704 0 18677 0 165665 0 0 0 STEPHANEY KIPPLE MULTIFAMILY LENDING MANAGER 142082 0 6536 0 0 0 7116 0 9002 0 164736 0 0 0 PART I, LINE 4A FATHIA MACAULEY RECEIVED A SEVERANCE PAYMENT IN JUNE 2024 OF $72,857. PART I, LINE 7 THE CEO RECEIVED A NON-FIXED DISCRETIONARY BONUS APPROVED BY THE BOARD OF DIRECTORS. EMPLOYEES RECEIVED NON-FIXED DISCRETIONARY BONUSES BASED ON ORGANIZATIONAL AND INDIVIDUAL PERFORMANCE. FORM 990, PART VI, SECTION B, LINE 11B THE 990 IS REVIEWED BY THE AUDIT COMMITTEE, WHO RECOMMENDS THE 990 FOR APPROVAL BY THE ENTIRE BOARD. THE ENTIRE BOARD RECEIVES A COPY OF THE FORM 990 PRIOR TO FILING IN SUFFICIENT TIME TO POSE ANY QUESTIONS OR GIVE COMMENTS AND APPROVES THE 990 FORM 990, PART VI, SECTION B, LINE 12C EACH BOARD MEMBER MUST COMPLETE AND SIGN A CONFLICT OF INTEREST POLICY ANNUALLY. NEW BOARD MEMBERS OR THOSE BEING CONSIDERED ARE EVALUATED TO SEE IF THERE EXIST ANY CONFLICT OF INTEREST. THE CHIEF EXECUTIVE OFFICER OR OTHER OFFICER OR PERSON WITH SUBSTANTIAL INFLUENCE OVER HOUSING TRUST SHALL DISCLOSE TO THE BOARD ALL MATERIAL FACTS REGARDING HIS OR HER AFFILIATION WITH ANY PERSON WITH WHOM HOUSING TRUST IS CONSIDERING ENTERING A TRANSACTION. IF THE BOARD IS EVALUATING A BUSINESS DEALING WITH AN ENTITY THAT A BOARD MEMBER HAS SOME INVOLVEMENT, THE BOARD MEMBER RECUSES THEMSELVES FROM ALL DISCUSSION AND FROM VOTING. IN ADDITION THE BOARD MEMBER ALSO EXCUSED THEMSELVES FROM THE MEETING TO ALLOW OTHER MEMBERS TO DISCUSS THE DEAL CANDIDLY. FORM 990, PART VI, SECTION B, LINE 15 THE PERSONNEL COMMITTEE RELIES UPON SALARY SURVEY DATA TO DETERMINE THE REASONABLENESS OF THE COMPENSATION OF CHIEF EXECUTIVE OFFICER. CHIEF EXECUTIVE USES COMPARABILITY DATA TO DETERMINE COMPENSATION OF THE CHIEF FINANCIAL OFFICER AND HEAD OF PARTNERSHIPS & STRATEGY, CHIEF LENDING OFFICER, CHIEF DEVELOPMENT & COMMUNICATIONS OFFICER, CHIEF CREDIT OFFICER AND CHIEF PROGRAM & IMPACT OFFICER. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS ARE AVAILABLE AT THE ORGANIZATION OFFICES WHICH ARE AVAILABLE FOR INSPECTION MONDAY TO FRIDAY (EXCEPT HOLIDAYS), 9AM TO 5PM. POST AUDITED FINANCIALS ON WEBSITE. FORM 990, PART XI, LINE 9: CREDIT FROM LOAN LOSS PROVISION 6,429,188. IMPACT OF ADOPTION OF ASC 326 1,133,981. LTOA LLC 75 E SANTA CLARA STREET 1350 SAN JOSE CA 95113 460669111 AFFORDABLE HOUSING CA 0 0 HOUSING TRUST SILICON VALLEY