EIN 57-1090154

Atlantic Housing Foundation

IRS 501(c) type
501(c)(3)
Num. employees
432
City
State
Year formed
1999
Most recent tax filings
2022-12-01
Description
The Atlantic Housing Foundation builds and renovates affordable housing, enhancing lives through community services for low to moderate income families across the southern United States.
Total revenues
$98,028,406
2022
Total expenses
$106,224,237
2022
Total assets
$540,951,595
2022
Num. employees
432
2022

Program areas at Atlantic Housing Foundation

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 2001 the Foundation also acquired a low-income multi-family project in Ft. Worth, Texas known as Manitoba Apartments (265 units). Manitoba Apartments was sold to a third party during 2019. 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. During 2012, the Foundation acquired land in Austin, TX. 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. During 2014, the Foundation acquired land in Round Rock, TX. 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.During 2015, the Foundation acquired land in Lincolnville, SC. 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, 100% of the limited partner interest of Stonebriar Village of Plainview, Ltd., a Texas limited partnership was assigned to the Foundation. Subsequent to the assignment, the Foundation owned 99.90% of Stonebriar, a 100 unit LIHTC apartment complex in Plainview, TXDuring 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 to be financed using a combination of a Freddie Mac tax exempt loan and limited partner LIHTC equity. The Corporation closed on the land and financing in April, 2018. 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. 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. 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. 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. In 2020, the Corporation purchased land in Arlington, Texas which was developed into a housing project for students. Currently there are 47 housing units on the site, financed with a bank loan. 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 s

Personnel at Atlantic Housing Foundation

NameTitleCompensation
Michael NguyenPresident and Chief$985,902
Carrie StumfallChief Operating
Wil SaquetonChief Financial
La Toya JonesDir of Community
Kent FosterDirector of Development and Acquisitions / Director of Development and Acq / Asset Manager$306,925
...and 10 more key personnel

Financials for Atlantic Housing Foundation

RevenuesFYE 12/2022
Total grants, contributions, etc.$0
Program services$90,755,060
Investment income and dividends$2,250,791
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$5,022,555
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$98,028,406

Form 990s for Atlantic Housing Foundation

Fiscal year endingDate received by IRSFormPDF link
2022-122023-11-10990View PDF
2021-122022-11-14990View PDF
2020-122022-01-14990View PDF
2020-122021-11-15990View PDF
2019-122022-01-14990View PDF
...and 11 more Form 990s
Data update history
April 24, 2024
Updated personnel
Identified 8 new personnel
January 18, 2024
Posted financials
Added Form 990 for fiscal year 2022
December 28, 2023
Used new vendors
Identified 4 new vendors, including , , , and
November 25, 2023
Posted financials
Added Form 990 for fiscal year 2021
July 13, 2023
Used new vendors
Identified 8 new vendors, including , , , , , , , and
Nonprofit Types
Housing and shelter organizationsHeadquarter / parent organizationsCharities
Issues
Human servicesHousing
Characteristics
Community engagement / volunteeringProvides scholarshipsTax deductible donationsAccepts online donations
General information
Address
4770 Iberia Ave Suite 100
Dallas, TX 75207
Metro area
Dallas-Fort Worth-Arlington, TX
County
Dallas County, TX
Website URL
atlantichousing.org/ 
Phone
(469) 206-8900
IRS details
EIN
57-1090154
Fiscal year end
December
Taxreturn type
Form 990
Year formed
1999
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
L21: Public Housing Facilities
NAICS code, primary
62422: Community Housing Services
Parent/child status
Central organization
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