Freeport Housing Trust is an independent non-profit corporation, not a Town agency or Housing Authority. However, the Trust works closely with the Town of Freeport as it seeks to meet community housing needs. FHT is recognized by the IRS as a 501(c)(3) charitable organization; donations to the Housing Trust are fully tax deductible. Although FHT is tax exempt, we pay the Town almost $100,000 annually in real estate taxes.
Based on its 501(c)(3) status, Board composition and community focus, FHT has been certified as a Community Housing Development Corporation (CHDO). As a CHDO, the Trust is eligible for special funding sources available only to community-based housing organizations.
Board and Staff
Freeport Housing Trust is governed by a Board of Directors whose volunteer members have full responsibility for the affairs of the organization. According to its bylaws, the board’s composition includes at least four low-income members who are usually recruited from among the residents of FHT housing.
Freeport Housing Trust has one staff person, an Executive Director, who reports directly to the Board of Directors. The Executive Director is responsible for carrying out the goals and priorities set by the Board, including finding and working on housing development opportunities as well as oversight of existing properties. FHT rental properties are managed by a third-party property management company that is hired to be responsible for day-to day rental operations.
Due to the requirements of various funding sources used to develop affordable housing, Freeport Housing Trust has a number of subsidiary organizations that act as ownership entities for its various properties. Members of the FHT Board of Directors are also directors of Freeport Senior Housing, Inc. and FHT Holdings, Inc., often joking about the need to wear three different hats during meetings.
FHT Holdings, Inc. was established to act as the General Partner for projects developed using the Low Income Housing Tax Credit (LIHTC) Program. LIHTC projects are set up as limited partnerships, with the limited partners investing cash equity in the deal in exchange for the benefits of the tax credits. FHT Holdings serves as general partner for two LIHTC-financed housing communities: Oak Leaf 2 and Varney Square Estates. Freeport Senior Housing is the successor to Oakleaf Housing Trust, Inc. originally created to own Oak Leaf Terrace. The name was changed when the nonprofit entity took over ownership of an additional senior property. When Brookside Village completed it’s LIHTC compliance period the LIHTC partnership was dissolved and the ownership was taken over by Freeport Senior Housing.