MASSHOUSING PROPERTY ACQUISITION &… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1990

Legal Domicile

Principal Officer

RACHEL MADDEN

Phone

6178541850

Tax Period

2022-07-01 to 2023-06-30

Mission

TO ACQUIRE, OWN, MANAGE AND/OR SELL (OR OTHERWISE DISPOSE OF) REAL AND/OR PERSONAL PROPERTY RELATING TO, WITHOUT LIMITATION, FORECLOSURES OF MULTIFAMILY PROPERTIES FINANCED BY THE MASSACHUSETTS HOUSING FINANCE AGENCY ("MASSHOUSING") OR OTHER REAL AND/OR PERSONAL PROPERTY (INCLUDING BUT NOT LIMITED TO PLEDGED COLLATERAL) TO BE ACQUIRED BY, OR OTHERWISE TRANSFERRED TO OR FOR THE BENEFIT OF, MASSHOUSING IN CONNECTION WITH MASSHOUSING'S MULTIFAMILY BUSINESS LINE AND (2) TO ENGAGE IN ANY ACTIVITIES DIRECTLY OR INDIRECTLY RELATED OR INCIDENTAL THERETO FOR WHICH LIMITED LIABILITY COMPANIES MAY BE ORGANIZED UNDER CHAPTER 156C OF THE MASSACHUSETTS GENERAL LAWS.

Program Service Accomplishments

Program 1

Expenses: $400,000

MASSACHUSETTS HOUSING FINANCE AGENCY (MASSHOUSING) TOOK A 50% OWNERSHIP SHARE OF A PROPERTY (41 ROSEMARY LANE, BARNSTABLE, MA) AS PART OF A $6.9M DEFICIENCY JUDGEMENT FROM THE GUARANTOR OF THE...

MASSACHUSETTS HOUSING FINANCE AGENCY (MASSHOUSING) TOOK A 50% OWNERSHIP SHARE OF A PROPERTY (41 ROSEMARY LANE, BARNSTABLE, MA) AS PART OF A $6.9M DEFICIENCY JUDGEMENT FROM THE GUARANTOR OF THE PROPERTY IN MARCH 2022. MASSHOUSING HAS CREATED AN LLC CALLED "PADCO REALTY HOLDINGS" AS THE LEGAL OWNER OF THE ROSEMARY LANE PROPERTY. THE SOLE MEMBER OF THE LLC IS MASSHOUSING PROPERTY ACQUISITION & DISPOSITION CORPORATION. THE OWNERSHIP SHARE WAS SOLD IN NOVEMBER 2022, AND THE NET PROCEEDS FROM THE SALE WERE GRANTED BACK TO MASSHOUSING.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $0

Other Revenue $0

TOTAL REVENUE $0

Expense Breakdown

Grants Paid $400,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $400,000

Other Expenses $0

TOTAL EXPENSES $400,000

Year-over-Year Comparison

	2022	2021	Change
Revenue	N/A	$400,000	-1.0%
Expenses	$400,000	N/A	N/A
Net Income	N/A	$400,000	N/A

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,310,207

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL J DIRRANE	DIRECTOR	0.10	Director	$0	$0	$0
EDWARD AUGUSTUS	DIRECTOR (BEGAN 6/1/2023)	0.10	Director	$0	$0	$0
THOMAS FLYNN	DIRECTOR	0.10	Director	$0	$0	$0
PING YIN CHAI	DIRECTOR (TERM. 9/7/22)	0.10	Director	$0	$0	$0
PATRICIA MCARDLE	DIRECTOR	0.10	Director	$0	$0	$0
JERALD FELDMAN	DIRECTOR	0.10	Director	$0	$0	$0
JENNIFER MADDOX	DIRECTOR (TERM. 6/1/23)	0.10	Director	$0	$0	$0
CAROLINA AVELLANEDA	DIRECTOR-VICE CHAIR	0.10	Director	$0	$0	$0
MARK ATTIA TERM 123	DIRECTOR (FOR MICHAEL HEFFERNAN)	0.10	Director	$0	$0	$0
JEANNE PINADO	DIRECTOR-CHAIR	0.10	Director	$0	$0	$0
KAITLYN CONNORS BEGAN 123	DIRECTOR (FOR MATTHEW GORZKOWIZC)	0.10	Director	$0	$0	$0
CARMEN PANACOPOULOS	DIRECTOR (BEGAN 9/9/22)	0.10	Director	$0	$0	$0
COLIN MCNIECE	CLERK	0.20	Officer	$0	$132,096	$406,205
CHRYSTAL KORNEGAY	PRESIDENT	0.20	Officer	$0	$35,063	$360,257
HENRY MUKASA	VICE PRESIDENT (TERM. 3/1/23)	0.20	Officer	$0	$232,451	$491,082
CAROL MCIVER	ASSISTANT CLERK	0.20	Officer	$0	$94,365	$310,596
RACHEL MADDEN	TREASURER	0.20	Officer	$0	$119,112	$387,500
PAUL SCOLA BEGAN 101122	ASSISTANT TREASURER	0.20	Officer	$0	$138,723	$354,567
CYNTHIA LACASSE TERM 123	SR. DIR. OF RENTAL BUSINES	1.00	Highest	$0	$75,986	$316,677
SERGIO ALVES FERREIRA	SR. DIRECTOR OF RENTAL UND	1.00	Highest	$0	$125,699	$390,683
MOUNZER M AYLOUCHE	VP OF HOME OWNERSHIP	1.00	Highest	$0	$185,832	$458,948
KEVIN MELLO	SR DIRECTOR OF HO SERVICING & OPS	1.00	Highest	$0	$151,575	$417,315
MARK H TEDEN	VP MULTIFAMILY PROGRAMS	1.00	Highest	$0	$107,134	$370,255

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2023	No data	$400,000	No data	No data
2022	$400,000	No data	$400,000	No data

MASSHOUSING PROPERTY ACQUISITION & DISPOSITION CORPORATION