Plano Housing Corporation

What it reported doing in 2024

The purpose of Plano Housing Corporation (PHC)is to become involved in construction of not-for-profit housing and urban rehabilitation in Collin County, Texas, in cooperation and coordination with the city of Plano, Texas for the acquisition, establishment, improvement, and maintenance of housing to benefit all citizens and residents of the City of Plano, Texas and especially those persons disadvantaged in any way. Plano Housing Corporation through Plano Family 001, LP has purchased land in downtown Plano and closed on the property July 31, 2019 and construction began in August 2019 on the one hundred thirty-nine (139) units of Phase One Patriot Park. Patriot Park is available to the general population, but with preferences for artists and for Veterans. This is the first phase of a two phase project which will have a minimum of two-hundred twenty (220) units in total. As of year end 2020 Patriot Park is approximately seventy-five percent (75%) complete with an estimated date of completion and one hundred percent (100%) occupancy in mid 2021. Predevelopment work has started on Phase II for Patriot Park for the remaining additional eighty-one (81) units. Veranda 40 Town-homes land was purchased and exchange of 2016 credits to 2018 credits were approved in May 2018 by the TDHCA. Construction to build forty (40) townhomes for workforce housing in North Plano, Texas started in March 2019. In September of 2020 Veranda Town homes' forty (40) units were completed and certificates of occupancy granted by the City of Plano, Texas. Veranda Townhomes are one-hundred percent (100%) Project Based Walker Vouchers with a twenty (20) year contract. By November 2020 Veranda Townhomes were one-hundred percent (100%)leased. Douglas Visions (a Plano, Texas nonprofit) was engaged to provide social services to the residents of Patriot Park and Veranda Townhomes. Douglass Visions has deep roots in the community and a excellent history of serving the City of Plano, Texas. The teams in place will assure upward mobility for the residents living in Patriot Park and Veranda Townhomes. Integrating these families into the community and connecting with services needed will be paramount to their success and the success of these properties.Patriot Park and Veranda Townhomes continue to remain one-hundred percent (100%) occupied in 2021. Plano Housing Corporation has invested proceeds for the needs of these residents during the Covid pandemic working with local individuals and other nonprofit organizations.Phase II of Patriot Park vacant land was sold in 2021. PHC completed predevelopment on the site including approved site plan to facilitate the sale of the property. Proceeds from the sale of the property were placed in certificates of deposits. PHC started receiving developer fees on Veranda and Patriot Park and was able to make donations to the community in order to fulfill its promise to the community for supporting Veranda and Patriot Park.Predevelopment and market analysis continues on potential Eco homes in Garland, TX with Citi Salutes. Volunteer hours from individuals in the community, Citibank, and Douglas Visions were over two thousand (2,000) hours. This number was less than prior years due to Covid restrictions.In 2023 the PHC board of directors and the executive director continued to be involved in the day to day operations of Patriot Park and Veranda Townhomes. They worked with Legacy Church and Citibank volunteers to provide social services, stock food pantries, provide rental assistance, and other activities for the residents as well as mentoring life skills to the residents. Plano Housing Corporation provides outreach to the local community and other nonprofit organizations. PHC has continued its support of local nonprofits in Collin County Texas through donations to assist those in need in order to honor its commitment to the Plano Texas City Council. Plano Housing Corporation continued its annual Christmas drive to provide food and presents

Financial Efficiency

• Mission deployment rate: 33.8%; rating input score 34
• Program expense ratio: 54.4%; rating input score 54
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
• Governance controls: 7 of 8 controls in place; rating input score 88
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Fail
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 24%; rating input score 80; 80th percentile among comparable filings
• Total-asset coverage ratio: 8.35; rating input score 90; 90th percentile among comparable filings
• Liabilities to assets ratio: 0.01; rating input score 71; 71st percentile among comparable filings
• Officer compensation ratio: 28.9%; rating input score 7; 7th percentile among comparable filings

Growth

• Program expense growth: 4% per year; rating input score 100; 37th percentile among comparable filings
• Revenue growth: 7.6% per year; rating input score 100; 57th percentile among comparable filings
• Asset growth: 21.1% per year; rating input score 100; 83rd percentile among comparable filings