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Mortgage
Mortgage
The PHA has a $22,000,000 mortgage with a 2.85% interest rate for a 10-year term due in 2031. We have no update if we will be able to pay our mortgage in full or if we will need to refinance again.
Promissory Notes
Promissory Notes
In 2023, the board took out two loans from one of our sponsors, Tiara Reality, in the amount of $625,000 to buy and renovate apartments at the PHA with a 24% interest rate. The board took out another loan in 2024 with the same sponsor for $386,000 at 24% interest rate. All 3 loans had a payback period of 8 months and an $1,667 increase for every 10 days the loans went unpaid. As of the end of 2025, the promissory notes have not been paid back and have started accruing interest.
Dream Project Management
Dream Project Management
Don Roberts, our board President, was approved by the Board in 2022 to serve as the project manager for all PHA projects, receiving 6% compensation for all PHA projects.
Dream Project Management
Dream Project Management
Don's project management company has made $195,1793 based on our 2024 financial statements between 2023 and 2024.
Wasted Income
Wasted Income
Two professional apts in the C-wing are empty and have been rented out or used for the benefit of the shareholders. The 3 commercial businesses in the basement have been empty, and only one has been rented since the pandemic. This is unused space that could and should be used to generate revenue for the PHA. It also looks like one of the commercial spaces is being used for storage and trash. It is in a state that is not ready for any tenant to rent and use.
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