Atlantic Housing Foundation Inc
Public records show a registered, tax-exempt organization in good standing.
Points to look into
- It owes more than it owns.
These come from the organization's own tax return. There may be a good explanation; ask the charity.
What it says it does
To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. Provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.In order to further assist the communities the Foundation serves or will serve, the board amended the Articles of Incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the IRS and the South Carolina Secretary of State as of April 24, 2004. The board of directors concluded that
- Income
- $120.9 million
- Spending
- $117.6 million
- Spent on programs
- 98%
- Reserves
- -37.3 months of spending
- Largest source of income
- fees for its services, 86%
- Employees
- 408
- Highest pay
- $607,970, president & ceo
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 45 out of 100. Higher than 30% of charities in its peer group (housing, over $100m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
0 of 20It owes 120% of what it owns.
Living within its means
15 of 15Income exceeded spending by 3% of income.
Income trend
15 of 15Income rose 20% on the year before.
Spending floor
15 of 1598% of spending went to programs.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 93 out of 100. Higher than 30% of charities in its peer group (housing, over $100m).
Independent board
25 of 258 of 9 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
0 of 7Reports no written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $115.1 million spent. 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 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 financed using a combination of a Freddie Mac tax exempt loan and limited partner LIHTC equity. 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 Rev
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since May 2000.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.