TY 2014 Form 990

Do not include amounts reported on lines 6b, 7b, 8b, 9b, and 10b of Part VIII.	(A) Total expenses	(B) Program service expenses	(C) Management and general expenses	(D) Fundraising expenses
1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21 ....
2	Grants and other assistance to domestic individuals. See Part IV, line 22 ....
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, lines 15 and 16 ............
4	Benefits paid to or for members ....
5	Compensation of current officers, directors, trustees, and key employees ....	441,248	308,013	133,235
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....
7	Other salaries and wages ....	1,191,527	1,000,883	190,644
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	95,613	80,315	15,298
9	Other employee benefits .......	344,049	289,001	55,048
10	Payroll taxes ...........	123,200	103,488	19,712
11	Fees for services (non-employees):
a	Management ......	207,009	173,888	33,121
b	Legal .........	19,089	16,035	3,054
c	Accounting ...........	39,014	32,772	6,242
d	Lobbying ...........
e	Professional fundraising services. See Part IV, line 17
f	Investment management fees ......
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O) ....
12	Advertising and promotion ....	22,316	18,745	3,571
13	Office expenses .......	38,529	32,364	6,165
14	Information technology ......	57,247	48,087	9,160
15	Royalties ..
16	Occupancy ...........	131,003	110,043	20,960
17	Travel ............	36,779	30,894	5,885
18	Payments of travel or entertainment expenses for any federal, state, or local public officials ......
19	Conferences, conventions, and meetings ....	36,727	30,851	5,876
20	Interest ...........	62,989	52,911	10,078
21	Payments to affiliates .......
22	Depreciation, depletion, and amortization .....	26,925	22,617	4,308
23	Insurance ..............
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	INVESTMENT EXPENSES	1,573,575	1,573,575
b	BAD DEBT EXPENSE	196,608	196,608
c	DUES AND SUBSCRIPTIONS	26,661	22,395	4,266
d
e	All other expenses	261,787	239,076	22,711
25	Total functional expenses. Add lines 1 through 24e	4,931,895	4,382,561	549,334	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

Part X Balance Sheet Check if Schedule O contains a response or note to any line in this Part X ..............
	1	Cash–non-interest-bearing .............	100,808	1	249,687
2	Savings and temporary cash investments .........	314,638	2	302,712
3	Pledges and grants receivable, net ...........		3
4	Accounts receivable, net .............	1,823,250	4	1,516,737
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L ..................
			5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
			6
7	Notes and loans receivable, net .............	3,891,675	7	3,041,276
8	Inventories for sale or use ..............		8
9	Prepaid expenses and deferred charges ..........	49,638	9	53,200
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	297,308
b	Less: accumulated depreciation .....	10b	185,695	113,187	10c	111,613
11	Investments—publicly traded securities ..........		11
12	Investments—other securities. See Part IV, line 11 .....		12
13	Investments—program-related. See Part IV, line 11 .....	377,065	13	338,333
14	Intangible assets ...............		14
15	Other assets. See Part IV, line 11 ...........	1,884,603	15	2,040,066
16	Total assets. Add lines 1 through 15 (must equal line 34)......	8,554,864	16	7,653,624
	17	Accounts payable and accrued expenses .........	239,572	17	227,128
18	Grants payable .................		18
19	Deferred revenue ................	5,805	19	4,332
20	Tax-exempt bond liabilities .............		20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..		21
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........		22
23	Secured mortgages and notes payable to unrelated third parties ..	1,250,000	23	0
24	Unsecured notes and loans payable to unrelated third parties ....		24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D....................		25
26	Total liabilities. Add lines 17 through 25.........	1,495,377	26	231,460
		Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets ..............	7,059,487	27	7,422,164
28	Temporarily restricted net assets ...........		28
29	Permanently restricted net assets ...........		29
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds ........		30
31	Paid-in or capital surplus, or land, building or equipment fund .....		31
32	Retained earnings, endowment, accumulated income, or other funds		32
33	Total net assets or fund balances ...........	7,059,487	33	7,422,164
34	Total liabilities and net assets/fund balances ........	8,554,864	34	7,653,624

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
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Attach to Form 990 or Form 990-EZ.
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Information about Schedule A (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public
Inspection

Name of the organization

HOUSING VERMONT

Employer identification number

03-0315075

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 11, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E.)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in

section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross

receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of

its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses

acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box in lines 11a through 11d that describes the type of supporting organization and complete lines 11e, 11f, and 11g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations .............................

Provide the following information about the supported organization(s).

(i)Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i)Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990EZ.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2014

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi)
(Complete only if you checked the box on line 5, 7, or 8 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") ....
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf.......
3	The value of services or facilities furnished by a governmental unit to the organization without charge..
4	Total. Add lines 1 through 3
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..
6	Public support. Subtract line 5 from line 4.

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
7	Amounts from line 4..
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...
9	Net income from unrelated business activities, whether or not the business is regularly carried on..
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..
11	Total support Add lines 7 through 10.

Gross receipts from related activities, etc. (see instructions) ..................

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2014 (line 6, column (f) divided by line 11, column (f)) .........

Public support percentage for 2013 Schedule A, Part II, line 14 ...............

16a

33 1/3% support test—2014. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2013. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2014. If the organization did not check a box on line 13, 16a, or 16b, and line 14
is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain
in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported
organization ..................................................... right arrow

10%-facts-and-circumstances test—2013. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line
15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here.
Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly
supported organization ................................................ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2014

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 9 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .	197,536	424,731	1,139,794	120,300	36,300	1,918,661
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose......	2,575,037	2,699,564	2,623,795	2,411,795	2,695,844	13,006,035
3	Gross receipts from activities that are not an unrelated trade or business under section 513..
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge..
6	Total. Add lines 1 through 5.	2,772,573	3,124,295	3,763,589	2,532,095	2,732,144	14,924,696
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons...						0
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.	1,361,970	1,035,385	929,848	953,709	1,063,484	5,344,396
c	Add lines 7a and 7b..	1,361,970	1,035,385	929,848	953,709	1,063,484	5,344,396
8	Public support (Subtract line 7c from line 6.)						9,580,300

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2010	(b) 2011	(c) 2012	(d) 2013	(e) 2014	(f) Total
9	Amounts from line 6...	2,772,573	3,124,295	3,763,589	2,532,095	2,732,144	14,924,696
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..	98,653	73,042	161,290	129,677	135,393	598,055
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.	98,653	73,042	161,290	129,677	135,393	598,055
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..	11,877	2,062	2,996	1,676	71	18,682
13	Total support. (Add lines 9, 10c, 11, and 12.)..	2,883,103	3,199,399	3,927,875	2,663,448	2,867,608	15,541,433

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization,
check this box and stop here............................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2014 (line 8, column (f) divided by line 13, column (f)) .........

61.640 %

Public support percentage from 2013 Schedule A, Part III, line 15 ...............

58.920 %

Section D. Computation of Investment Income Percentage

Investment income percentage for 2014 (line 10c, column (f) divided by line 13, column (f)) ......

3.850 %

Investment income percentage from 2013 Schedule A, Part III, line 17 .............

4.510 %

19a

33 1/3% support tests—2014. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3% support tests—2013. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990 or 990-EZ) 2014

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 11 of Part I. If you checked 11a of Part I, complete Sections A and B. If you checked 11b of Part I, complete Sections A and C. If you checked 11c of Part I, complete Sections A, D, and E. If you checked 11d of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer (b) and (c) below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked 11a or 11b in Part I, answer (b) and (c) below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations....

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer (b) and (c) below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed, (ii) the reasons for each such action, (iii) the authority under the organization's organizing document authorizing such action, and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (a) its supported organizations; (b) individuals that are part of the charitable class benefited by one or more of its supported organizations; or (c) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in IRC 4958(c)(3)(C)), a family member of a substantial contributor, or a 35-percent controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described in line 7? If “Yes,” complete Part II of Schedule L (Form 990).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined in line 9(a)) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined in line 9(a)) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of IRC 4943 because of IRC 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described in (b) and (c) below, the governing body of a supported organization?

11a

A family member of a person described in (a) above?

11b

A 35% controlled entity of a person described in (a) or (b) above? If “Yes” to a, b, or c, provide detail in Part VI.

11c

Schedule A (Form 990 or 990-EZ) 2014

Page 5

Part IV

Supporting Organizations (continued)

Section B. Type I Supporting Organizations

Yes

Did the directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (1) a written notice describing the type and amount of support provided during the prior tax year, (2) a copy of the Form 990 that was most recently filed as of the date of notification, and (3) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in (2), did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer (a) and (b) below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described in (a) constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer (a) and (b) below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations? Provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI the role played by the organization in this regard.

Schedule A (Form 990 or 990-EZ) 2014

Page 6

Part V – Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

1. Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970. See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 1-1/2% of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by .035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6
7	Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990 or 990-EZ) 2014

Page 7

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity
3 Administrative expenses paid to accomplish exempt purposes of supported organizations
4 Amounts paid to acquire exempt-use assets
5 Qualified set-aside amounts (prior IRS approval required)
6 Other distributions (describe in Part VI). See instructions
7Total annual distributions. Add lines 1 through 6.
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions
9 Distributable amount for 2014 from Section C, line 6
10 Line 8 amount divided by Line 9 amount

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2014	(iii) Distributable Amount for 2014
1 Distributable amount for 2014 from Section C, line 6
2 Underdistributions, if any, for years prior to 2014 (reasonable cause required--see instructions)
3 Excess distributions carryover, if any, to 2014:
a From 2009.......X
b From 2010.......X
c From 2011.......X
d From 2012.......X
e From 2013.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2014 distributable amount
i Carryover from 2009 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from 3f.
4Distributions for 2014 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2014 distributable amount
c Remainder. Subtract lines 4a and 4b from 4.
5 Remaining underdistributions for years prior to 2014, if any. Subtract lines 3g and 4a from line 2 (if amount greater than zero, see instructions)
6 Remaining underdistributions for 2014. Subtract lines 3h and 4b from line 1 (if amount greater than zero, see instructions)
7 Excess distributions carryover to 2015. Add lines 3j and 4c.
8 Breakdown of line 7:
a From 2010.......X
b From 2011.......X
c From 2012.......X
d From 2013.......
e From 2014.......

Schedule A (Form 990 or 990-EZ) (2014)

Schedule A (Form 990 or 990-EZ) 2014

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation

Schedule A (Form 990 or 990-EZ) 2014

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Information about Schedule B (Form 990, 990-EZ, or 990-PF) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Name of the organization

HOUSING VERMONT

Employer identification number

03-0315075

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or
property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution. An organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it does not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Page 2

Name of organization HOUSING VERMONT

Part I	Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Page 3

Name of organization HOUSING VERMONT

Part II	Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (see instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Page 4

Name of organization
HOUSING VERMONT

Employer identification number

03-0315075

Part III

Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10)
that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet

$
Use duplicate copies of Part III if additional space is needed.

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a) No.
from
Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2014)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE C
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527
SchCMd Bullet

Complete if the organization is described below. SchCMd Bullet

Attach to Form 990 or Form 990-EZ.
SchCMd Bullet

Information about Schedule C (Form 990 or 990-EZ) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public
Inspection

If the organization answered "Yes" to Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet

Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet

Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet

Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" to Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet

Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet

Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" to Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet

Section 501(c)(4), (5), or (6) organizations: Complete Part III.

Name of the organization

HOUSING VERMONT

Employer identification number

03-0315075

Part I-A

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV.

Political expenditures .................................... SchCMd Bullet

Volunteer hours ........................................

Part I-B

Complete if the organization is exempt under section 501(c)(3).

Enter the amount of any excise tax incurred by the organization under section 4955 ......... SchCMd Bullet

Enter the amount of any excise tax incurred by organization managers under section 4955 ...... SchCMd Bullet

If the organization incurred a section 4955 tax, did it file Form 4720 for this year? ..............

Yes No

Was a correction made? .........................................

Yes No

If "Yes," describe in Part IV.

Part I-C

Complete if the organization is exempt under section 501(c), except section 501(c)(3).

Enter the amount directly expended by the filing organization for section 527 exempt function activities SchCMd Bullet

Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ................................... SchCMd Bullet

Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b.. SchCMd Bullet

Did the filing organization file Form 1120-POL for this year? ..........................

Yes No

Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.

For Paperwork Reduction Act Notice, see the instructions for Form 990 or 990-EZ.

Cat. No. 50084S

Schedule C (Form 990 or 990-EZ) 2014

Page 2

Part II-A

Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).

A Check SchCMd Bullet

if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN, expenses, and share of excess lobbying expenditures).
B Check SchCMd Bullet

if the filing organization checked box A and "limited control" provisions apply.

Limits on Lobbying Expenditures (The term "expenditures" means amounts paid or incurred.)		(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......
b	Total lobbying expenditures to influence a legislative body (direct lobbying) .......
c	Total lobbying expenditures (add lines 1a and 1b) ...................
d	Other exempt purpose expenditures ........................
e	Total exempt purpose expenditures (add lines 1c and 1d) ...............
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.
	If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
	Not over $500,00020% of the amount on line 1e.
	Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
	Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
	Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
	Over $17,000,000$1,000,000.

g	Grassroots nontaxable amount (enter 25% of line 1f) .................
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................
i	Subtract line 1f from line 1c. If zero or less, enter -0-. ................
j	If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting section 4911 tax for this year? ......................................	Yes No

4-Year Averaging Period Under section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2011	(b) 2012	(c) 2013	(d) 2014	(e) Total

2a	Lobbying nontaxable amount

b	Lobbying ceiling amount (150% of line 2a, column(e))

c	Total lobbying expenditures

d	Grassroots nontaxable amount

e	Grassroots ceiling amount (150% of line 2d, column (e))

f	Grassroots lobbying expenditures

Schedule C (Form 990 or 990-EZ) 2014

Page 3

Part II-B

Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).

For each "Yes" response to lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.

(a)

Yes

(b)

Amount

During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

Volunteers? .........................................

Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ....

Yes

Media advertisements? ....................................

Mailings to members, legislators, or the public? .........................

Publications, or published or broadcast statements? .......................

Grants to other organizations for lobbying purposes? .......................

Direct contact with legislators, their staffs, government officials, or a legislative body? ........

Yes

Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ......

Other activities? ..........................

Total. Add lines 1c through 1i ...............................

Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....

If "Yes," enter the amount of any tax incurred under section 4912 .................

If "Yes," enter the amount of any tax incurred by organization managers under section 4912 .....

If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? .......

Part III-A

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).

Yes

Were substantially all (90% or more) dues received nondeductible by members? ................

Did the organization make only in-house lobbying expenditures of $2,000 or less? ................

Did the organization agree to carry over lobbying and political expenditures from the prior year? ..........

Part III-B

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."

Dues, assessments and similar amounts from members .....................

Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political
expenses for which the section 527(f) tax was paid).

Current year .........................................

Carryover from last year ....................................

Total ............................................

Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .

If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ................................

Taxable amount of lobbying and political expenditures (see instructions) ..............

Part IV

Supplemental Information

Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.

Return Reference	Explanation
PART II-B, LINE 1:	PERSONNEL OF THE COMPANY MEET WITH LEGISLATORS AND THEIR STAFF AND ALSO PROVIDE TESTIMONY TO COMMITTEES IN ORDER TO EDUCATE AND PROVIDE FEEDBACK ON THE IMPACT OF EXISTING LAWS AS WELL AS PROPOSED LEGISLATION THAT BOTH DIRECTLY AND INDIRECTLY IMPACT THE HOUSING DELIVERY SYSTEM.

Schedule C (Form 990 or 990EZ) 2014

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," to Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet

Attach to Form 990.
Information about Schedule D (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public Inspection

Name of the organization

HOUSING VERMONT

Employer identification number

03-0315075

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" to Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised
funds are the organization's property, subject to the organization's exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be
used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" to Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements .......................	2a
b	Total acreage restricted by conservation easements ..................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 8/17/06, and not on a historic structure listed in the National Register ....................	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during
the tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and
enforcement of the conservation easements it holds? .............................

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .......................................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" to Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included in Form 990, Part VIII, line 1 ........................ SchDMd Bullet

(ii)

Assets included in Form 990, Part X .............................. SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:

Revenue included in Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2014

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?........

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" to Form 990,
Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No

If "Yes," explain the arrangement in Part XIII and complete the following table:


c	Beginning balance .................................	1c
d	Additions during the year ..............................	1d
e	Distributions during the year .............................	1e
f	Ending balance ...................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability?

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII .......

Part V

Endowment Funds. Complete if the organization answered "Yes" to Form 990, Part IV, line 10.

		(a)Current year	(b)Prior year	b (c)Two years back	(d)Three years back	(e)Four years back
1a	Beginning of year balance ....
b	Contributions ........
c	Net investment earnings, gains, and losses
d	Grants or scholarships .....
e	Other expenditures for facilities and programs ........
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages in lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations ........................

3a(i)

(ii) related organizations ........................

3a(ii)

If "Yes" to 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(b)Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value
1a	Land .................
b	Buildings ................
c	Leasehold improvements ............	142,512	106,464	36,048
d	Equipment ................	154,796	79,231	75,565
e	Other .................
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).).......				111,613

Schedule D (Form 990) 2014

Page 3

Part VII

InvestmentsOther Securities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)		(b)Book value	(c) Method of valuation: Cost or end-of-year market value
(1)Financial derivatives
(2)Closely-held equity interests
Other








Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

InvestmentsProgram Related. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment		(b) Book value	(c) Method of valuation: Cost or end-of-year market value









Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value
(1) INVESTMENT IN PRE-DEVELOPMENT PROJECT COSTS				2,040,066








Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........				2,040,066

Part X

Other Liabilities. Complete if the organization answered 'Yes' to Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability		(b) Book value
Federal income taxes









Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2014

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......			1	3,721,001
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d	-1,573,575
e	Add lines 2a through 2d .....................			2e	-1,573,575
3	Subtract line 2e from line 1.....................			3	5,294,576
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b.......................			4c	0
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......			5	5,294,576

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' to Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........			1	3,358,321
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities ..........	2a
b	Prior year adjustments ..............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d	-1,573,575
e	Add lines 2a through 2d......................			2e	-1,573,575
3	Subtract line 2e from line 1.....................			3	4,931,896
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.......................			4c	0
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......			5	4,931,896

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b;
Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation
PART X, LINE 2:	THE ORGANIZATION QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. IN ADDITION, THEY HAVE BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A)(1) OF THE INTERNAL REVENUE CODE. CONTRIBUTIONS TO THE ORGANIZATION QUALIFY FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER INTERNAL REVENUE CODE SECTION 170(B)(1)(A). FASB ASC 740, INCOME TAXES, REQUIRES ENTITIES TO DISCLOSE IN THEIR FINANCIAL STATEMENTS THE NATURE OF ANY UNCERTAINTY IN THEIR TAX POSITIONS. FOR TAX EXEMPT ENTITIES, TAX-EXEMPT STATUS ITSELF IS DEEMED TO BE AN UNCERTAINTY, AS EVENTS COULD POTENTIALLY OCCUR TO JEOPARDIZE THEIR TAX-EXEMPT STATUS. MANAGEMENT BELIEVES THE ORGANIZATION HAS NO UNCERTAIN TAX POSITIONS. THE ORGANIZATION ANTICIPATES THAT IT WILL NOT HAVE A CHANGE IN UNCERTAIN TAX POSITIONS DURING THE NEXT TWELVE MONTHS THAT WOULD HAVE A MATERIAL IMPACT ON THEIR CONSOLIDATED FINANCIAL STATEMENTS. IF NECESSARY, THE ORGANIZATION WOULD ACCRUE INTEREST AND PENALTIES ON UNCERTAIN TAX POSITIONS AS A COMPONENT OF THE PROVISION FOR INCOME TAXES. MANAGEMENT BELIEVES THE ORGANIZATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2010.
PART XI, LINE 2D - OTHER ADJUSTMENTS:	IMPAIRMENT LOSS ON INVESTMENTS -1,573,575.
PART XII, LINE 2D - OTHER ADJUSTMENTS:	IMPAIRMENT LOSS ON INVESTMENTS -1,573,575.

Schedule D (Form 990) 2014

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" to Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990.
SchJMediumBullet

Information about Schedule J (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public Inspection

Name of the organization

HOUSING VERMONT

Employer identification number

03-0315075

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed in Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain....

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked in line 1a? ..

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed in Form 990, Part VII, Section A, line 1a with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? ................

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 5a or 5b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ...........................

Any related organization? .........................

If "Yes," to line 6a or 6b, describe in Part III.

For persons listed in Form 990, Part VII, Section A, line 1a, did the organization provide any non-fixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Were any amounts reported in Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III .............................

If "Yes" to line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2014

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported in Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column(B) reported as deferred in prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1NANCY OWENSPRESIDENT	(i) (ii)	140,063 ............................... 0	0 ............................... 0	0 ............................... 0	0 ............................... 0	17,436 ............................... 0	157,499 ............................... 0	0 ............................... 0

Schedule J (Form 990) 2014

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II.
Also complete this part for any additional information.

Return Reference	Explanation

Schedule J (Form 990) 2014

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public
Inspection

Name of the organization

HOUSING VERMONT

Employer identification number

03-0315075

Return Reference	Explanation
FORM 990, PART VI, SECTION A, LINE 6	SEE EXPLANATION FOR LINE 7A
FORM 990, PART VI, SECTION A, LINE 7A	A PERSON OR LEGAL ENTITY MAY BE A MEMBER OF HOUSING VERMONT UPON PAYMENT OF THE ANNUAL MEMBERSHIP FEE. MEMBERS HAVE CERTAIN VOTING RIGHTS. MEMBERSHIP FEES ARE USED TO FURTHER THE MISSION OF HOUSING VERMONT.
FORM 990, PART VI, SECTION A, LINE 8B	NO SUCH OTHER COMMITTEES.
FORM 990, PART VI, SECTION B, LINE 11	SENIOR MANAGEMENT WILL REVIEW AND PRESENT TO THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTIORS WHO WILL APPROVE.
FORM 990, PART VI, SECTION B, LINE 12C	MANAGEMENT COLLECTS AND REVIEWS CONFLICT OF INTEREST DISCLOSURES.
FORM 990, PART VI, SECTION B, LINE 15	COMPENSATION IS REVIEWED AND APPROVED BY THE APPROPRIATE SENIOR STAFF AND BOARD OF DIRECTORS.
FORM 990, PART VI, SECTION C, LINE 19	AVAILABLE IN HARD COPY AT THE HOUSING VERMONT OFFICE.
FORM 990, PART XI, LINE 9:	ROUNDING -3.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2014

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBullet

Attach to Form 990.
MediumBullet

Information about Schedule R (Form 990) and its instructions is at www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public Inspection

Name of the organization

HOUSING VERMONT

Employer identification number

03-0315075

Part I

Identification of Disregarded Entities Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1) HV NONPROFIT 123 ST PAUL STREET BURLINGTON,VT05401 03-0372157	PROMOTE AFFORDABLE HOUSING	VT	501(C)(3)	LINE 11A, I	N/A		No

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2014

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Predominant income(related, unrelated, excluded from tax under sections 512-514)	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?		(k) Percentage ownership
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity		(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No
(1) 1 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504285	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		0.010 %
(2) 10 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 38-3885926	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		0.010 %
(3) 1306 SPRING ST HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 04-3389214	PROMOTE AFFORDABLE HOUSING	VT	HV 1997 INC	RELATED				No		Yes		0.050 %
(4) 2 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504397	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		0.010 %
(5) 3 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504460	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		1.000 %
(6) 4 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504496	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		1.000 %
(7) 5 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504568	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		1.000 %
(8) 6 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504607	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		1.000 %
(9) 65 STATE STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-2073652	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		0.450 %
(10) 7 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504639	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		1.000 %
(11) 8 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-0504672	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC	RELATED				No		Yes		1.000 %
(12) ADDISON HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0352098	PROMOTE AFFORDABLE HOUSING	VT	HV 1995 INC	RELATED				No		Yes		5.000 %
(13) ALBURGH FAMILY HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-1810828	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(14) ALGIERS FAMILY HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 80-0796822	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		0.500 %
(15) ANDERSON I HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0366689	PROMOTE AFFORDABLE HOUSING	VT	HV 2000 INC	RELATED				No		Yes		1.000 %
(16) ANDERSON II HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0365734	PROMOTE AFFORDABLE HOUSING	VT	HV 2000 INC	RELATED				No		Yes		1.000 %
(17) APPLEGATE HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 04-3391284	PROMOTE AFFORDABLE HOUSING	VT	HV APPLEGATE INC	RELATED				No		Yes		0.500 %
(18) ARCHIBALD ST HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0343452	PROMOTE AFFORDABLE HOUSING	VT	HV ARCHIBALD STREET INC	RELATED				No		Yes		1.000 %
(19) ARLINGTON HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0345303	PROMOTE AFFORDABLE HOUSING	VT	HV 1993 INC	RELATED				No		Yes		0.500 %
(20) ARTHURS MAIN STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 45-3078208	PROMOTE AFFORDABLE HOUSING	VT	HV 2011 INC	RELATED				No		Yes		0.500 %
(21) AVENUE APARTMENTS LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 80-0732720	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		0.010 %
(22) AW RICHARDS HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-0219327	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(23) BAILEYBALDWINBARRE HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0358109	PROMOTE AFFORDABLE HOUSING	VT	HV 1998 INC	RELATED				No		Yes		0.500 %
(24) BALDWIN BLOCK HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0370033	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(25) BELLOWS FALLS HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-3294089	PROMOTE AFFORDABLE HOUSING	VT	HV 2008 INC	RELATED				No		Yes		2.500 %
(26) BEMIS BLOCK HSG LTD PSHIP 123 ST PAUL STREET BURLINGTON,VT05401 20-5178421	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(27) BLACK RIVER HSG LTD PSHIP 123 ST PAUL STREET BURLINGTON,VT05401 27-2773689	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		0.450 %
(28) BLAKE COMMONS HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-0704002	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(29) BOBBIN MILL LIMITED PARTNERSHIP 123 ST PAUL STREET BURLINGTON,VT05401 38-3901999	PROMOTE AFFORDABLE HOUSING	VT	HV 2012 INC	RELATED				No		Yes		0.500 %
(30) BRANCHWOOD HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-0229635	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		2.500 %
(31) BRHIP HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 04-3383945	PROMOTE AFFORDABLE HOUSING	VT	HV 1995 INC	RELATED				No		Yes		5.000 %
(32) BRIARS HOUSING LIMITED PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0360755	PROMOTE AFFORDABLE HOUSING	VT	HV 1999 INC	RELATED				No		Yes		0.500 %
(33) BROOKSIDE APARTMENTS LP 123 ST PAUL STREET BURLINGTON,VT05401 26-2985779	PROMOTE AFFORDABLE HOUSING	VT	HV 2007 INC	RELATED				No		Yes		2.500 %
(34) BUS BARNS ALLOCATED HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0366771	PROMOTE AFFORDABLE HOUSING	VT	HV 2000 INC	RELATED				No		Yes		1.000 %
(35) BUS BARNS BOND HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0363570	PROMOTE AFFORDABLE HOUSING	VT	HV 2000 INC	RELATED				No		Yes		1.000 %
(36) BUTLER HOUSE LIMITED PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0372116	PROMOTE AFFORDABLE HOUSING	VT	HV 2002 INC	RELATED				No		Yes		2.500 %
(37) CALLAHAN HSG LTDPSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-4398566	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(38) CANAL STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-0704071	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(39) CEDARS EDGE APARTMENTS LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-3395203	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		0.450 %
(40) CHERRY STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-5408696	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(41) CHT HOME OFFICE LLC 123 ST PAUL STREET BURLINGTON,VT05401 26-3302592	PROMOTE AFFORDABLE HOUSING	VT	HV 2008 INC	RELATED				No		Yes		2.500 %
(42) CITY NEIGHBORHOOD HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 45-1626357	PROMOTE AFFORDABLE HOUSING	VT	HV CITY KEY INC	RELATED				No		Yes		0.500 %
(43) COMMUNITY CAPITAL HOUSING VERMONT FUND 1 LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-2383978	PROMOTE AFFORDABLE HOUSING	VT	GREEN MTN HSG EQUITY FUND INC	RELATED				No		Yes		1.000 %
(44) COMMUNITY CAPITAL HOUSING VERMONT FUND 2 LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 46-0596522	PROMOTE AFFORDABLE HOUSING	VT	GREEN MTN HSG EQUITY FUND INC	RELATED				No		Yes		1.000 %
(45) CREEKVIEW HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-1245556	PROMOTE AFFORDABLE HOUSING	VT	HV 2004 INC	RELATED				No		Yes		2.500 %
(46) CRYSTAL LAKE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0361428	PROMOTE AFFORDABLE HOUSING	VT	HV 1999 INC	RELATED				No		Yes		0.500 %
(47) DEWITT DRIVE LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 45-2598207	PROMOTE AFFORDABLE HOUSING	VT	HV 2011 INC	RELATED				No		Yes		0.500 %
(48) DORSET COMMUNITY HLP 123 ST PAUL STREET BURLINGTON,VT05401 20-3107858	PROMOTE AFFORDABLE HOUSING	VT	HV 2004 INC	RELATED				No		Yes		2.500 %
(49) EASTERN TOWNSHIP HLP 123 ST PAUL STREET BURLINGTON,VT05401 20-5388651	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(50) ECHO HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 55-0790873	PROMOTE AFFORDABLE HOUSING	VT	HV 2002 INC	RELATED				No		Yes		2.500 %
(51) ELLIS BLOCK HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-2759868	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(52) EXNER BLOCK HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0359206	PROMOTE AFFORDABLE HOUSING	VT	HV 1998 INC	RELATED				No		Yes		0.500 %
(53) FALLS HOUSING LIMITED PARTNERSHIP 123 ST PAUL STREET BURLINGTON,VT05401 20-4985602	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(54) FRANKLIN CARRIAGE HOUSE LP 123 ST PAUL STREET BURLINGTON,VT05401 03-0364530	PROMOTE AFFORDABLE HOUSING	VT	HV 2000 INC	RELATED				No		Yes		1.000 %
(55) GRAND ISLE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-0492542	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		2.500 %
(56) GREEN MTN HSG EQUITY FUND II LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-2772928	PROMOTE AFFORDABLE HOUSING	VT	GREEN MTN HSG EQUITY FUND INC	RELATED				No		Yes		0.010 %
(57) GREEN MTN HSG EQUITY FUND III LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-5950415	PROMOTE AFFORDABLE HOUSING	VT	GREEN MTN HSG EQUITY FUND INC	RELATED				No		Yes		0.010 %
(58) GREEN MTN HSG EQUITY FUND IV LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-4698723	PROMOTE AFFORDABLE HOUSING	VT	GREEN MTN HSG EQUITY FUND INC	RELATED				No		Yes		0.010 %
(59) GREEN MTN HSG EQUITY FUND V LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 80-0755201	PROMOTE AFFORDABLE HOUSING	VT	GREEN MTN HSG EQUITY FUND INC	RELATED				No		Yes		0.010 %
(60) GREEN MTN HSG EQUITY FUND 2003 LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 06-1693250	PROMOTE AFFORDABLE HOUSING	VT	GREEN MTN HSG EQUITY FUND INC	RELATED				No		Yes		0.010 %
(61) GREEN MTN SEMINARY HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0364342	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(62) GROTON COMMERCIAL LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-2653250	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		0.450 %
(63) GROTON HSG LTD PARTNERSHIP 123 ST PAUL STREET BURLINGTON,VT05401 06-1687666	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		2.500 %
(64) HARDWICK HSG PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0336228	PROMOTE AFFORDABLE HOUSING	VT	HV 1993 INC	RELATED				No		Yes		50.000 %
(65) HARRINGTON VILLAGE LP 123 ST PAUL STREET BURLINGTON,VT05401 37-1714812	PROMOTE AFFORDABLE HOUSING	VT	HV 2011 INC	RELATED				No		Yes		0.500 %
(66) HEDDING DRIVE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0354590	PROMOTE AFFORDABLE HOUSING	VT	HV 1997 INC	RELATED				No		Yes		0.500 %
(67) HICKORY STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 90-0893774	PROMOTE AFFORDABLE HOUSING	VT	HV FOREST PARK INC	RELATED				No		Yes		0.900 %
(68) HIGHGATE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0328429	PROMOTE AFFORDABLE HOUSING	VT	HV HIGHGATE INC	RELATED				No		Yes		0.500 %
(69) HIGHLAND HILL HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0357098	PROMOTE AFFORDABLE HOUSING	VT	HV 1998 INC	RELATED				No		Yes		0.500 %
(70) HOLY CROSS SNR HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 04-3383945	PROMOTE AFFORDABLE HOUSING	VT	HV 1997 INC	RELATED				No		Yes		0.500 %
(71) HOUSING PV I LLC 123 ST PAUL STREET BURLINGTON,VT05401 27-1992086	PROMOTE AFFORDABLE HOUSING	VT	HV ENERGY 2010 INC	RELATED				No		Yes		50.000 %
(72) HOWARD BLOCK COMMERCIAL LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-0117848	PROMOTE AFFORDABLE HOUSING	VT	HV 2002 INC	RELATED				No		Yes		2.500 %
(73) HOWARD BLOCK HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0372352	PROMOTE AFFORDABLE HOUSING	VT	HV HOWARD BLOCK INC	RELATED				No		Yes		0.500 %
(74) JEFFERSONVILLE ALLOCD HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0370183	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(75) JEFFERSONVILLE BOND HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0370182	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(76) JOHNSON COMMUNITY HLP 123 ST PAUL STREET BURLINGTON,VT05401 27-0219226	PROMOTE AFFORDABLE HOUSING	VT	HV JOHNSHON INC	RELATED				No		Yes		0.500 %
(77) KING STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-1648957	PROMOTE AFFORDABLE HOUSING	VT	HV 2007 INC	RELATED				No		Yes		2.500 %
(78) LAKEVIEW HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0357740	PROMOTE AFFORDABLE HOUSING	VT	HV 1998 INC	RELATED				No		Yes		0.500 %
(79) LAMOILLE VIEW HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 37-1700079	PROMOTE AFFORDABLE HOUSING	VT	HV 2012 INC	RELATED				No		Yes		0.500 %
(80) LIME KILN ALLOCATED HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0369405	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(81) LIME KILN BOND HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0369406	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(82) LINDEN TERRACE HLP 123 ST PAUL STREET BURLINGTON,VT05401 20-8490540	PROMOTE AFFORDABLE HOUSING	VT	HV 2007 INC	RELATED				No		Yes		2.500 %
(83) MAPLE STREET HOUSING LP 123 ST PAUL STREET BURLINGTON,VT05401 61-1696199	PROMOTE AFFORDABLE HOUSING	VT	HV 2012 INC	RELATED				No		Yes		0.500 %
(84) MAPLE TREE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0368319	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(85) MCAULEY SQ ALLOCATED HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0363571	PROMOTE AFFORDABLE HOUSING	VT	HV MCAULEY INC	RELATED				No		Yes		0.500 %
(86) MCAULEY SQUARE BOND HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0366772	PROMOTE AFFORDABLE HOUSING	VT	HV MCAULEY INC	RELATED				No		Yes		0.500 %
(87) MIDDLEBURY SOUTH HLP 123 ST PAUL STREET BURLINGTON,VT05401 20-5689766	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(88) MILL BROOK ALLOCATED HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-2068633	PROMOTE AFFORDABLE HOUSING	VT	7921 GP INC	RELATED				No		Yes		0.900 %
(89) MILL BROOK HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-2068533	PROMOTE AFFORDABLE HOUSING	VT	HV MILL BROOK INC	RELATED				No		Yes		2.500 %
(90) MILL VIEW HSG LTD PSHP 222 RIVERSIDE AVENUE BURLINGTON,VT05401 03-0361427	PROMOTE AFFORDABLE HOUSING	VT	HV 1999 INC	RELATED				No		Yes		0.500 %
(91) MISSISQUOI MANOR HLP 123 ST PAUL STREET BURLINGTON,VT05401 27-0219460	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(92) MORRISVILLE COMMUNITY HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-3554187	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		0.450 %
(93) MORRISVILLE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0345304	PROMOTE AFFORDABLE HOUSING	VT	HV 1993 INC	RELATED				No		Yes		0.500 %
(94) MOUNTAINVIEW ST JAY HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-0229559	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		2.500 %
(95) NEWPORT FAMILY HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-2773648	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		0.500 %
(96) NORTH BENNINGTON ARTS HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0358943	PROMOTE AFFORDABLE HOUSING	VT	HV 1998 INC	RELATED				No		Yes		0.500 %
(97) NORTH BRANCH APTS LIMITED PARTNERSHIP 123 ST PAUL STREET BURLINGTON,VT05401 26-4008514	PROMOTE AFFORDABLE HOUSING	VT	HV 2008 INC	RELATED				No		Yes		2.500 %
(98) O'DELL ALLOCATED HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0372629	PROMOTE AFFORDABLE HOUSING	VT	HV MARKETPLACE INC	RELATED				No		Yes		0.010 %
(99) O'DELL BOND HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0372630	PROMOTE AFFORDABLE HOUSING	VT	HV MARKETPLACE INC	RELATED				No		Yes		0.500 %
(100) ONE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0343170	PROMOTE AFFORDABLE HOUSING	VT	HV 1993 INC	RELATED				No		Yes		50.000 %
(101) OVERLOOK HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0372631	PROMOTE AFFORDABLE HOUSING	VT	HV 2002 INC	RELATED				No		Yes		2.500 %
(102) PARK PLACE HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0355395	PROMOTE AFFORDABLE HOUSING	VT	HV 1998 INC	RELATED				No		Yes		0.500 %
(103) PASSUMPSIC HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-0327267	PROMOTE AFFORDABLE HOUSING	VT	HV 2007 INC	RELATED				No		Yes		2.500 %
(104) PEACHAM HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0334783	PROMOTE AFFORDABLE HOUSING	VT	HV 1991 INC	RELATED				No		Yes		0.500 %
(105) PEARL-UNION SRO HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0359437	PROMOTE AFFORDABLE HOUSING	VT	HV 1998 INC	RELATED				No		Yes		0.500 %
(106) PINE MANOR HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-0219546	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(107) PINE STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-3966681	PROMOTE AFFORDABLE HOUSING	VT	HV 2008 INC	RELATED				No		Yes		2.500 %
(108) PLEASANT STREET HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-3281768	PROMOTE AFFORDABLE HOUSING	VT	HV 2008 INC	RELATED				No		Yes		2.500 %
(109) PORTLAND & MAIN HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0361429	PROMOTE AFFORDABLE HOUSING	VT	HV 1999 INC	RELATED				No		Yes		0.500 %
(110) PROCTORSVILLE GREEN HLP 123 ST PAUL STREET BURLINGTON,VT05401 26-0327053	PROMOTE AFFORDABLE HOUSING	VT	HV 2007 INC	RELATED				No		Yes		2.500 %
(111) QUEENSBURY RD HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0344879	PROMOTE AFFORDABLE HOUSING	VT	HV 1993 INC	RELATED				No		Yes		0.500 %
(112) RAIL CITY FAMILY HOUSING LP 123 ST PAUL STREET BURLINGTON,VT05401 46-3836176	PROMOTE AFFORDABLE HOUSING	VT	HV 2013 INC	RELATED				No		Yes		0.500 %
(113) RICHFORD COMMUNITY HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0364515	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(114) RICHMOND VILLAGE HSG 123 ST PAUL STREET BURLINGTON,VT05401 03-0355527	PROMOTE AFFORDABLE HOUSING	VT	HV 1997 INC	RELATED				No		Yes		0.500 %
(115) RIVER STATION HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-2355479	PROMOTE AFFORDABLE HOUSING	VT	HV RIVER STATION INC	RELATED				No		Yes		0.450 %
(116) ROARING BRANCH HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 45-3514715	PROMOTE AFFORDABLE HOUSING	VT	HV 2011 INC	RELATED				No		Yes		1.000 %
(117) ROSE STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0353064	PROMOTE AFFORDABLE HOUSING	VT	HV 1995 INC	RELATED				No		Yes		5.000 %
(118) ROUND BARN HSG PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-2584582	PROMOTE AFFORDABLE HOUSING	VT	HV 2005 INC	RELATED				No		Yes		0.500 %
(119) RUGGLES HOUSE LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0371607	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(120) RUTLAND COMMUNITY HOUSING 1 LP 123 ST PAUL STREET BURLINGTON,VT05401 27-2528356	PROMOTE AFFORDABLE HOUSING	VT	HV FOREST PARK INC	RELATED				No		Yes		50.000 %
(121) RUTLAND REHAB LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0335341	PROMOTE AFFORDABLE HOUSING	VT	HV 1991 INC	RELATED				No		Yes		0.500 %
(122) SALMON RUN HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-0667100	PROMOTE AFFORDABLE HOUSING	VT	HV 2009 INC	RELATED				No		Yes		2.500 %
(123) SAXTONS RIVER HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0362277	PROMOTE AFFORDABLE HOUSING	VT	HV 1999 INC	RELATED				No		Yes		0.500 %
(124) SHELBURNE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 13-4258897	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		2.500 %
(125) SMALLEST CITY HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0463878	PROMOTE AFFORDABLE HOUSING	VT	HV 2002 INC	RELATED				No		Yes		2.500 %
(126) SMITH HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0371438	PROMOTE AFFORDABLE HOUSING	VT	HV 2001 INC	RELATED				No		Yes		2.500 %
(127) SOUTHVIEW HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-3455288	PROMOTE AFFORDABLE HOUSING	VT	HV 2005 INC	RELATED				No		Yes		0.050 %
(128) STIMSON AND GRAVES HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0340943	PROMOTE AFFORDABLE HOUSING	VT	HV 1993 INC	RELATED				No		Yes		0.500 %
(129) STONE HILL HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-3107791	PROMOTE AFFORDABLE HOUSING	VT	HV 2005 INC	RELATED				No		Yes		0.050 %
(130) SWANTON SCHOOL HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0361169	PROMOTE AFFORDABLE HOUSING	VT	HV 1999 INC	RELATED				No		Yes		0.500 %
(131) SYLVAN WOODS HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-5875519	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(132) TUTTLE BLOCK HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-0804680	PROMOTE AFFORDABLE HOUSING	VT	HV 2004 INC	RELATED				No		Yes		2.500 %
(133) UPPER STORY HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 27-1866529	PROMOTE AFFORDABLE HOUSING	VT	HV 2010 INC	RELATED				No		Yes		2.500 %
(134) VERGENNES HOUSING LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0362236	PROMOTE AFFORDABLE HOUSING	VT	HV 1999 INC	RELATED				No		Yes		0.500 %
(135) VERMONT INVESTOR FUND III LLC 123 ST PAUL STREET BURLINGTON,VT05401 26-0795602	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(136) WAITS RIVER HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-4272577	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(137) WALL STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 32-0030562	PROMOTE AFFORDABLE HOUSING	VT	HV 2002 INC	RELATED				No		Yes		2.500 %
(138) WATERFRONT HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 56-2338657	PROMOTE AFFORDABLE HOUSING	VT	HV WATERFRONT INC	RELATED				No		Yes		0.450 %
(139) WAUGH OPERA HOUSE LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-2111174	PROMOTE AFFORDABLE HOUSING	VT	HV 2004 INC	RELATED				No		Yes		2.500 %
(140) WELLS RIVER HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 04-3383941	PROMOTE AFFORDABLE HOUSING	VT	HV 1997 INC	RELATED				No		Yes		0.500 %
(141) WEST RIVER VALLEY ASSISTED LP 123 ST PAUL STREET BURLINGTON,VT05401 20-5689438	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(142) WEST RIVER VALLEY SUPPORTIVE LP 123 ST PAUL STREET BURLINGTON,VT05401 37-1697483	PROMOTE AFFORDABLE HOUSING	VT	HV 2012 INC	RELATED				No		Yes		0.500 %
(143) WESTGATE ALLOCATED HLP 123 ST PAUL STREET BURLINGTON,VT05401 03-0370536	PROMOTE AFFORDABLE HOUSING	VT	HV WESTGATE INC	RELATED				No		Yes		0.500 %
(144) WESTGATE BOND HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 03-0367863	PROMOTE AFFORDABLE HOUSING	VT	HV WESTGATE INC	RELATED				No		Yes		0.500 %
(145) WHARF LANE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 45-3192578	PROMOTE AFFORDABLE HOUSING	VT	HV 2011 INC	RELATED				No		Yes		0.450 %
(146) WHEELER BROOK HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 26-2796829	PROMOTE AFFORDABLE HOUSING	VT	HV 2007 INC	RELATED				No		Yes		2.500 %
(147) WHITCOMB TERRACE HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-1359606	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		2.500 %
(148) WHITCOMB WOOD HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 37-1459700	PROMOTE AFFORDABLE HOUSING	VT	HV 2003 INC	RELATED				No		Yes		2.500 %
(149) WILDER BLOCK HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 20-3927944	PROMOTE AFFORDABLE HOUSING	VT	HV 2005 INC	RELATED				No		Yes		0.050 %
(150) WILLARD MILL HLP 123 ST PAUL STREET BURLINGTON,VT05401 20-5950362	PROMOTE AFFORDABLE HOUSING	VT	HV 2006 INC	RELATED				No		Yes		2.500 %
(151) WINCHESTER ASSOCIATES 123 ST PAUL STREET BURLINGTON,VT05401 03-0321318	PROMOTE AFFORDABLE HOUSING	VT	HV WINCHESTER INC	RELATED				No		Yes		0.100 %
(152) ARTHURS MAIN STREET HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 45-3078208	PROMOTE AFFORDABLE HOUSING	VT						No		Yes		0.500 %
(153) GREEN MOUNTAIN HOUSING EQUITY FUND VI LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 46-5482844	PROMOTE AFFORDABLE HOUSING	VT		RELATED				No		Yes		1.000 %
(154) LADD HALL LIMITED PARTNERSHIP 123 ST PAUL STREET BURLINGTON,VT05401 47-1002283	PROMOTE AFFORDABLE HOUSING	VT	HV 2012 INC					No		Yes		0.450 %
(155) NORTH PLEASANT HOUSING 2 LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 38-3910645	PROMOTE AFFORDABLE HOUSING	VT	HV 2012 INC					No		Yes		0.450 %
(156) SAFFORD COMMONS HSG LTD PSHP 123 ST PAUL STREET BURLINGTON,VT05401 47-1504720	PROMOTE AFFORDABLE HOUSING	VT	HV 2014 INC					No		Yes		0.450 %
(157) 9 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 37-1700925	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC					No		Yes		1.000 %
(158) 11 VRV 2008 LLC 123 ST PAUL STREET BURLINGTON,VT05401 38-3886239	PROMOTE AFFORDABLE HOUSING	VT	VERMONT RURAL VENTURES INC					No		Yes		1.000 %

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets		Yes	No
(1) 7921 GP INC 123 ST PAUL STREET BURLINGTON,VT05401 26-2637398	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(2) GREEN MOUNTAIN HOUSING EQUITY FUND INC 123 ST PAUL STREET BURLINGTON,VT05401 06-1693248	PROMOTE AFFORDABLE HOUSING	VT	N/A	C			100.000 %		No
(3) HV 1991 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0330517	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(4) HV 1992 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0339807	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(5) HV 1993 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0336226	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(6) HV 1995 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0346602	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(7) HV 1997 INC 123 ST PAUL STREET BURLINGTON,VT05401 04-3383390	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(8) HV 1998 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0357097	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(9) HV 1999 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0359205	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(10) HV 2000 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0363469	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(11) HV 2001 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0368317	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(12) HV 2002 INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0372115	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(13) HV 2003 INC 123 ST PAUL STREET BURLINGTON,VT05401 55-0820560	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(14) HV 2004 INC 123 ST PAUL STREET BURLINGTON,VT05401 20-0764924	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(15) HV 2005 INC 123 ST PAUL STREET BURLINGTON,VT05401 20-3107721	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(16) HV 2006 INC 123 ST PAUL STREET BURLINGTON,VT05401 20-4256779	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(17) HV 2007 INC 123 ST PAUL STREET BURLINGTON,VT05401 20-8490471	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(18) HV 2008 INC 123 ST PAUL STREET BURLINGTON,VT05401 26-2063486	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(19) HV 2009 INC 123 ST PAUL STREET BURLINGTON,VT05401 27-0165568	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(20) HV 2010 INC 123 ST PAUL STREET BURLINGTON,VT05401 27-1866459	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(21) HV 2011 INC 123 ST PAUL STREET BURLINGTON,VT05401 45-2301545	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(22) HV 2012 INC 123 ST PAUL STREET BURLINGTON,VT05401 46-0596701	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(23) HV 2013 INC 123 ST PAUL STREET BURLINGTON,VT05401 35-2486145	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(24) HV APPLEGATE INC 123 ST PAUL STREET BURLINGTON,VT05401 04-3391282	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(25) HV ARCHIBALD STREET INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0340990	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(26) HV CITY KEY INC 123 ST PAUL STREET BURLINGTON,VT05401 45-4115155	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(27) HV EARHWORK INC 123 ST PAUL STREET BURLINGTON,VT05401 41-2097182	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(28) HV ENERGY 2010 INC 123 ST PAUL STREET BURLINGTON,VT05401 45-3732544	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(29) HV ESSEX INC 123 ST PAUL STREET BURLINGTON,VT05401 27-4060495	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(30) HV FOREST PARK INC 123 ST PAUL STREET BURLINGTON,VT05401 27-3405441	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(31) HV FUND MANAGER INC 123 ST PAUL STREET BURLINGTON,VT05401 20-2445908	PROMOTE AFFORDABLE HOUSING	VT	N/A	C			100.000 %		No
(32) HV GENERALS CORP 123 ST PAUL STREET BURLINGTON,VT05401 03-0322504	PROMOTE AFFORDABLE HOUSING	VT	N/A	C			100.000 %		No
(33) HV HIGHGATE INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0327183	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(34) HV HOWARD BLOCK INC 123 ST PAUL STREET BURLINGTON,VT05401 20-0095646	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(35) HV JOHNSON INC 123 ST PAUL STREET BURLINGTON,VT05401 27-0218999	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(36) HV LIMITED INC 123 ST PAUL STREET BURLINGTON,VT05401 20-3622398	PROMOTE AFFORDABLE HOUSING	VT	N/A	C			100.000 %		No
(37) HV MARKETPLACE INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0372628	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(38) HV MCAULEY INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0363470	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(39) HV MILL BROOK INC 123 ST PAUL STREET BURLINGTON,VT05401 26-2068331	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(40) HV RIVER STATION INC 123 ST PAUL STREET BURLINGTON,VT05401 20-2452901	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(41) HV WATERFRONT INC 123 ST PAUL STREET BURLINGTON,VT05401 04-3763442	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(42) HV WESTGATE INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0367862	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(43) HV WESTMINSTER INC 123 ST PAUL STREET BURLINGTON,VT05401 20-0740329	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(44) HV WINCHESTER INC 123 ST PAUL STREET BURLINGTON,VT05401 03-0322505	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No
(45) VERMONT RURAL VENTURES INC 123 ST PAUL STREET BURLINGTON,VT05401 26-1875850	PROMOTE AFFORDABLE HOUSING	VT	N/A	C			100.000 %		No
(46) HV 2014 INC 123 ST PAUL STREET BURLINGTON,VT05401 35-2509899	PROMOTE AFFORDABLE HOUSING	VT	HV GENERALS CORP	C			100.000 %		No

Schedule R (Form 990) 2014

Page 3

Part V

Transactions With Related Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity . . . . . . . . . . . . . . . . . . . . . . .

Yes

b Gift, grant, or capital contribution to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

c Gift, grant, or capital contribution from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Loans or loan guarantees to or for related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

e Loans or loan guarantees by related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Dividends from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Sale of assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h Purchase of assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

i Exchange of assets with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

j Lease of facilities, equipment, or other assets to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

k Lease of facilities, equipment, or other assets from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . .

Yes

l Performance of services or membership or fundraising solicitations for related organization(s) . . . . . . . . . . . . . . . . . . . .

m Performance of services or membership or fundraising solicitations by related organization(s) . . . . . . . . . . . . . . . . . . . .

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) . . . . . . . . . . . . . . . . . . . . .

o Sharing of paid employees with related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

p Reimbursement paid to related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

q Reimbursement paid by related organization(s) for expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

r Other transfer of cash or property to related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

s Other transfer of cash or property from related organization(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved

Schedule R (Form 990) 2014

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2014

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R (see instructions).

Return Reference	Explanation

Schedule R (Form 990) 2014

Additional Data

Software ID:
Software Version:

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	120,800	36,620
9	Program service revenue (Part VIII, line 2g) .........	3,878,797	5,162,585
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	94,345	95,299
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	1,676	71
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)...................	4,095,618	5,294,575
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	0	0
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	2,038,540	2,195,637
16a	Professional fundraising fees (Part IX, column (A), line 11e).....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	1,552,440	2,736,258
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	3,590,980	4,931,895
19	Revenue less expenses. Subtract line 18 from line 12.......	504,638	362,680
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	8,554,864	7,653,624
21	Total liabilities (Part X, line 26).............	1,495,377	231,460
22	Net assets or fund balances. Subtract line 21 from line 20.....	7,059,487	7,422,164

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 4,382,561 including grants of $ ) (Revenue $ 5,122,491 )
	FOSTERING LOW-INCOME HOUSING, AND COMMUNITY DEVELOPMENT, ALLEVIATION AND PREVENTION OF COMMUNITY DETERIORATION THROUGH THE PRODUCTION AND REHABILITATION OF AFFORDABLE HOUSING.

4b	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses4,382,561

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)		(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(1) AMY DEMETROWITZ........................................................................ MEMBER	1.00 .......................	X		0	0	0
(2) BETSY IDE........................................................................ MEMBER	1.00 .......................	X		0	0	0
(3) CHARLIE BAKER........................................................................ MEMBER	1.00 .......................	X		0	0	0
(4) CHIP HART........................................................................ ASSISTANT TREASURER	1.00 .......................	X	X	0	0	0
(5) DAVID TUCKER........................................................................ MEMBER	1.00 .......................	X		0	0	0
(6) JANET SPITLER........................................................................ CHAIR	1.00 .......................	X	X	0	0	0
(7) JOHN VOGEL........................................................................ VICE CHAIR	1.00 .......................	X		0	0	0
(8) MARC LANDRY........................................................................ CHAIR	1.00 .......................	X	X	0	0	0
(9) STEVE MARSH........................................................................ MEMBER	1.00 .......................	X		0	0	0
(10) MOLLY LAMBERT........................................................................ MEMBER	1.00 .......................	X		0	0	0
(11) GLEN VON BERNEWIT........................................................................ TREASURER	40.00 .......................		X	109,283	0	16,546
(12) KATHY BEYER........................................................................ VP - DEVELOPMENT	36.00 .......................		X	98,833	0	5,930
(13) KENN SASSOROSSI........................................................................ VP - ASSET MANAGEMENT	40.00 .......................		X	93,069	0	12,482
(14) NANCY OWENS........................................................................ PRESIDENT	40.00 .......................		X	140,063	0	17,436

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)						(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title

1	Briefly describe the organization’s mission or most significant activities: THE MISSION OF HOUSING VERMONT IS TO PRODUCE PERMANENTLY AFFORDABLE HOUSING AND ENABLE INVESTMENTS IN ECONOMIC AND COMMUNITY DEVELOPMENT TO BENEFIT VERMONTERS THROUGH PARTNERSHIPS WITH COMMUNITIES AND THE PRIVATE SECTOR.
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	11
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	11
5	Total number of individuals employed in calendar year 2014 (Part V, line 2a) ......	5	21
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	0
b	Net unrelated business taxable income from Form 990-T, line 34 .........	7b	0

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)............	441,248	0	52,394

(A) Name and business address	(B) Description of services	(C) Compensation





2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 0

				(A) Total revenue	(B) Related or exempt function revenue	(C) Unrelated business revenue	(D) Revenue excluded from tax under sections 512-514
1a	Federated campaigns..1a		36,300
b	Membership dues....1b		320
c	Fundraising events....1c
d	Related organizations...1d
e	Government grants (contributions)1e

f	All other contributions, gifts, grants, and similar amounts not included above1f

g	Noncash contributions included in lines 1a-1f:$
h	Total. Add lines 1a-1f.......			36,620
			Business Code
2a	STATE TAX CREDIT INCOM		900099	2,466,741	2,466,741
b	DEVELOPMENT FEES		900099	1,618,200	1,618,200
c	MANAGEMENT FEES		900099	951,557	951,557
d	CONSULTING INCOME		900099	126,087	126,087
e
f	All other program service revenue .
g	Total. Add lines 2a–2f........			5,162,585
3	Investment income (including dividends, interest, and other similar amounts).......
4	Income from investment of tax-exempt bond proceeds..			135,393			135,393
5	Royalties...........
		(i) Real	(ii) Personal
6a	Gross rents
b	Less: rental expenses
c	Rental income or (loss)
d	Net rental income or (loss).......
		(i) Securities	(ii) Other
7a	Gross amount from sales of assets other than inventory
b	Less: cost or other basis and sales expenses	39,687	407
c	Gain or (loss)	-39,687	-407
d	Net gain or (loss)..........			-40,094	-40,094
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ..
	a
b	Less: direct expenses ...b
c	Net income or (loss) from fundraising events..
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a
b	Less: direct expenses ...b
c	Net income or (loss) from gaming activities...
10a	Gross sales of inventory, less returns and allowances .
	a
b	Less: cost of goods sold ..b
c	Net income or (loss) from sales of inventory..
Miscellaneous Revenue			Business Code
11a	MISCELLANEOUS		900099	71			71
b
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			71
12	Total revenue. See Instructions......			5,294,575	5,122,491	0	135,464


				(A) Beginning of year		(B) End of year
1	Cash–non-interest-bearing .............			100,808	1	249,687
2	Savings and temporary cash investments .........			314,638	2	302,712
3	Pledges and grants receivable, net ...........				3
4	Accounts receivable, net .............			1,823,250	4	1,516,737
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L ..................
					5
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L
					6
7	Notes and loans receivable, net .............			3,891,675	7	3,041,276
8	Inventories for sale or use ..............				8
9	Prepaid expenses and deferred charges ..........			49,638	9	53,200
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	297,308
b	Less: accumulated depreciation .....	10b	185,695	113,187	10c	111,613
11	Investments—publicly traded securities ..........				11
12	Investments—other securities. See Part IV, line 11 .....				12
13	Investments—program-related. See Part IV, line 11 .....			377,065	13	338,333
14	Intangible assets ...............				14
15	Other assets. See Part IV, line 11 ...........			1,884,603	15	2,040,066
16	Total assets. Add lines 1 through 15 (must equal line 34)......			8,554,864	16	7,653,624
17	Accounts payable and accrued expenses .........			239,572	17	227,128
18	Grants payable .................				18
19	Deferred revenue ................			5,805	19	4,332
20	Tax-exempt bond liabilities .............				20
21	Escrow or custodial account liability. Complete Part IV of Schedule D..				21
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..........				22
23	Secured mortgages and notes payable to unrelated third parties ..			1,250,000	23	0
24	Unsecured notes and loans payable to unrelated third parties ....				24
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17-24). Complete Part X of Schedule D....................				25
26	Total liabilities. Add lines 17 through 25.........			1,495,377	26	231,460
	Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets ..............			7,059,487	27	7,422,164
28	Temporarily restricted net assets ...........				28
29	Permanently restricted net assets ...........				29
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds ........				30
31	Paid-in or capital surplus, or land, building or equipment fund .....				31
32	Retained earnings, endowment, accumulated income, or other funds				32
33	Total net assets or fund balances ...........			7,059,487	33	7,422,164
34	Total liabilities and net assets/fund balances ........			8,554,864	34	7,653,624