Thursday, October 20, 2011

.005% and Subsidized Corporates

First Hartford Corp. has a .005% ownership interest in and is a general partner of Rockland Place Apartments Limited Partnership (the “Partnership”) which was formed under the laws of the Commonwealth of Massachusetts on May 15, 2006, for the purpose of owning and operating a rental housing project financed with loans from Massachusetts Housing Finance Agency (MHFA) and subsidies from U.S. Department of Housing and Urban Development (HUD).  Due to higher rents, rental income from the apartment complex in Rockland, MA increased approximately $247,000 during fiscal year 2010.
      The Partnership entered into an agreement with the Rockland Housing Authority whereby the Housing Authority has the option to purchase the property after the 15-year tax credit compliance period on January 1, 2024, from the Partnership. What would this mean for residents in 2024 ?
     Tenants on Martha Drive and Hannah Way have been told to write rent checks to SpringGate Apartments instead of Rockland Place.  All of the following companies are the SUBSIDIARIES of First Hartford Corp.:
First Hartford Realty Corporation, incorporated in Delaware;  Lead Tech Inc., Connecticut; Parkade Center Inc., Texas;  Plainfield Parkade Inc., Connecticut; Putnam Parkade Inc., Connecticut; EH+N Construction Company, Delaware; Independence Park Asset Management Co LLC, Delaware; Dover Parkade LLC, Delaware; DE 150 Corp, Delaware; Brewery Parkade, Inc., Rhode Island; Cranston Parkade LLC, Rhode Island; Tri-City Plaza, Inc., New Jersey; Bangor Parkade, Inc., Maine; CP Associates LLC, Rhode Island; Trolley Barn Associates LLC, Rhode Island; Main Street NA Parkade LLC, Connecticut;  Cranston/BVT Associates Limited Partnership, Rhode Island; FHRC Management Corp., Delaware; The Shoppes at Rio Grande Valley LP, Texas; First Hartford Rio Grande Valley LP, Texas;  Triangle Center Inc., Delaware merged into First Hartford Realty Corp January 1, 2010.
     All of the following subsidiaries of First Hartford Corp. are incorporated in Massachusetts: 1150 Union Street Corp.,  Connolly + Partners LLC,  Rockland Place Apartments LLC,  Rockland Place Developers LLC,  Rockland Place Apartments LP,  EH+N U Inc., First Hartford Plumbing Inc.,  FALAH Corp.,  Clarendon Hill Somerville Limited PartnershipClarendon Developer LLCClarendon Hill Somerville LLC.
      Quite a list of subsidiaries!  So, why do residents still see the name of Cornerstone Corporation at the Rockland Place Apartments along Hannah Way and Martha Drive in Rockland, MA?   For good reasons, residents and potential residents should have the right to know the name of every person having, or ever having, a vested interest in any subsidized property like Rockland Place dba SpringGate Apartments. Having this type of information could help a consumer protect themselves against those who are above-the-law.

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