Atlantic Housing Foundation

What it reported doing in 2024

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 Willo

Financial Efficiency

• Mission deployment rate: 100%; rating input score 100
• Program expense ratio: 97.8%; rating input score 98
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 93.3%; rating input score 93; 21st percentile among comparable filings
• Pay-setting controls: 5 of 6 controls in place; rating input score 83
  • Compensation committee: Pass
  • Independent consultant: Pass
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 88.9%; rating input score 89; 36th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Fail
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 2.7%; rating input score 46; 46th percentile among comparable filings
• Total-asset coverage ratio: 3.73; rating input score 80; 80th percentile among comparable filings
• Liabilities to assets ratio: 1.2; rating input score 4; 4th percentile among comparable filings
• Officer compensation ratio: 1.7%; rating input score 62; 62nd percentile among comparable filings

Growth

• Program expense growth: 7.4% per year; rating input score 100; 60th percentile among comparable filings
• Revenue growth: 6.4% per year; rating input score 100; 55th percentile among comparable filings
• Asset growth: 8.2% per year; rating input score 100; 60th percentile among comparable filings