RHEA as New Owner of Spring Gate Apts.???

Residents ought to know who their landlords are.  They've been told by management that Spring Gate Apartments, formerly named Rockland Place, has a new owner named RHEA.   However, documents continue to list First Hartford Corporation with owner, Neil H. Ellis and Connolly & Partners LLC, William Connolly, as affiliated owners.  FHRC, another affiliate of First Hartford Corp., is listed as management company.

  Principles of Consolidation: The accompanying consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and all other entities in which the Company has a controlling financial interest. The latter includes those in which the Company has been determined to be the primary beneficiary of a variable interest entity or otherwise meets certain criteria as a sole general partner or managing member in accordance with the consolidation guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC). As such, included in the consolidated financial statements as of April 30, 2026 and 2025 are the accounts of Rockland Schoolhouse Apartments, LP (“Rockland Schoolhouse”) and TVM Owner, LLC (“The Village at Manville”). Also, included in the financial statements as of April 30, 2026 are the accounts of OT Owner, LLC (“Oak Tree Village I”) and LL Owner, LLC (“Lincoln Lofts”). Rockland Place Apartments Limited Partnership (“Rockland”) and Clarendon Hill Somerville Limited Partnership (“Clarendon”) had been consolidated as variable interest entities as of April 30, 2023. On May 19, 2023, the Company bought out the 99.99% limited partnership interests in both Rockland and Clarendon for $930,140 and $2,200,735, respectively. After these transactions, the Company owned 100% and 99.99%, respectively, of Rockland and Clarendon. There was no income statement impact as a result of these two equity transactions. On October 9, 2024, the Company sold its property in Rockland for $15,505,000 plus the assumption of its remaining debt on the property. This transaction resulted in a gain of $10,612,791.   

You can find additional 2026 information at the following link:  https://www.otcmarkets.com/file/company/financial-report/583190/content

Here is some of the information we found on the name Rhea.

Corporate Governance at State Street

John Rhea serves on the Board of Directors for State Street Corporation, a massive, historic financial institution based in Boston.

Beyond his board role in Boston financial circles, Rhea is an expert in the exact asset class that Boston Financial manages: Low-Income Housing Tax Credits (LIHTC).

*Note: To date it looks like Boston Financial monitors compliance of Spring Gate or Rockland Place Apts. (or whatever they're calling it nowadays.)

Low Income Housing Tax Credit Funds

 Boston Capital

Founded: 1974 by Jack Manning and Herb Collins. 
Focus: Historically a major player in multifamily apartment properties and LIHTC equity investments, having invested in thousands of properties nationwide.
Current Operations: Operates significantly through Boston Capital Finance (BCF), which provides construction-to-permanent tax-exempt bond financing and conventional loans for affordable housing properties. 

Boston Financial

Founded: 1969 (making it one of the country's longest-standing syndicators focused exclusively on affordable housing).
Ownership: Acquired by ORIX USA in 2016 and operates as a wholly owned subsidiary of ORIX Corporation.
Major Milestone: In late 2020, Boston Financial acquired Boston Capital's sizeable LIHTC fund portfolio, which nearly doubled Boston Financial's equity under management to $15 billion at the time.
Boston Financial acquired Boston Capital's large low-income housing tax credit fund portfolio in December 2020. This major deal doubled Boston Financial's equity under management to $15 billion, while Boston Capital shifted its core focus toward debt financing through Boston Capital Finance. 
Key Differences and Status
Boston Financial: Operates as a major national investment manager and subsidiary of ORIX USA that specializes in raising equity and managing portfolios under the Low-Income Housing Tax Credit (LIHTC) program.
Boston Capital: Transitioned away from its traditional LIHTC fund sector after selling that portfolio, now operating primarily as a boutique affordable housing lender via Boston Capital Finance.