Pontiac ILF Limited Dividend Housing Association Limited

Pontiac ILF Limited Dividend HousingAssociation Limited Partnership

HUD Project No. 044-35621

Financial Report

with Supplemental Information

December 31, 2015

Pontiac ILF Limited Dividend Housing AssociationLimited PartnershipHUD Project No. 044-35621

Certificate of Partners

We certify that we have examined the attached financial statements and supplementalinformation of HUD Project No. 044-35621, Pontiac ILF Limited Dividend Housing AssociationLimited Partnership, and to the best of our knowledge and belief, the same is a true statement ofthe financial condition as of December 31, 2015.

______________________________Brian W. CarnaghiPresbyterian Villages of Michigan,PV North, LLC - Managing GeneralPartner

March 10, 2016

Date

______________________________Jerome E. FinisPathway of Pontiac, Inc.General Partner

March 10, 2016

Date

ID# 30-0099650

Employer Identification Number


Management Agent's Certification

We certify that we have examined the attached financial statements and supplementalinformation of HUD Project No. 044-35621, Pontiac ILF Limited Dividend Housing AssociationLimited Partnership, and to the best of our knowledge and belief, the same is a true statement ofthe financial condition as of December 31, 2015.

______________________________Dana PhelanPresbyterian Villages of Michigan

March 10, 2016

Date

(248) 281-2057

Telephone Number

ID# 38-1387145

Management Company EmployerIdentification Number

Kevin Centala

Property Manager


Contents

Report Letter 1-2

Financial Statements

Balance Sheet 3-4

Statement of Profit and Loss 5-7

Statement of Partners’ Equity 8

Statement of Cash Flows 9-10

Notes to Financial Statements 11-18

Supplemental Information 19

Report Letter 20

Balance Sheet Data 21-22

Statement of Profit and Loss Data 23-25

Statement of Partners’ Equity Data 26

Statement of Cash Flows Data 27-28

Supplemental Information 29

Schedule of Changes in Fixed Asset Accounts 30

Computation of Surplus Cash 31

Schedule of Net Operating Cash Flows - Partnership 32

Report on Internal Control Over Financial Reporting and on Compliance andOther Matters Based on an Audit of Financial Statements Performed inAccordance with Government Auditing Standards 33-35

Report on Compliance for Each Major HUD Program and Report on InternalControl Over Compliance Required by the Consolidated Audit Guide forAudits of HUD Programs 36-38

Schedule of Findings and Questioned Costs 39-40

Schedule of Status of Prior Audit Findings and Questioned Costs 41-42

Independent Auditor's Report

To the PartnersPontiac ILF Limited Dividend Housing

Association Limited Partnership

Report on the Financial Statements

We have audited the accompanying financial statements of Pontiac ILF Limited Dividend HousingAssociation Limited Partnership (the "Partnership"), which comprise the balance sheet as of December31, 2015 and 2014 and the related statements of profit and loss, partners' equity, and cash flows for theyears then ended, and the related notes to the financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. Weconducted our audits in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan andperform the audits to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to thePartnership's preparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinionon the effectiveness of the Partnership’s internal control. Accordingly, we express no such opinion. Anaudit also includes evaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of Pontiac ILF Limited Dividend Housing Association Limited Partnership as ofDecember 31, 2015 and 2014 and the results of its operations and its cash flows for the years thenended in accordance with accounting principles generally accepted in the United States of America.

1

Carol.Rendak

New Stamp

Carol.Rendak

New Stamp



Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated March 10, 2016on our consideration of Pontiac ILF Limited Dividend Housing Association Limited Partnership's internalcontrol over financial reporting and on our tests of its compliance with certain provisions of laws,regulations, contracts, grant agreements, and other matters. The purpose of that report is to describethe scope of our testing of internal control over financial reporting and compliance and the results of thattesting, and not to provide an opinion on the internal control over financial reporting or on compliance.That report is an integral part of an audit performed in accordance with Government Auditing Standards inconsidering Pontiac ILF Limited Dividend Housing Association Limited Partnership's internal control overfinancial reporting and compliance.

March 10, 2016By: Linda A. Yudasz

Engagement Partner2601 Cambridge Court, Suite 500

Auburn Hills, MI 48326

Federal ID Number: 38-1357951

Phone Number: (248) 375-7100

2


Balance Sheet

December 31, 2015 December 31, 2014

Assets

Current AssetsCash - Operations (Note 2) $ 794,034 $ 879,887Tenant accounts receivable 8,335 10,737Accounts receivable - HUD 18,082 1,824

Prepaid expenses 41,877 37,095

Total current assets 862,328 929,543

Deposits - Held in TrustTenant deposits held in trust 65,198 52,457

Deposits - FundedEscrow deposits 70,764 73,606Replacement reserve 167,736 145,426

Other reserves 83,043 129,133

Total deposits - Funded 321,543 348,165

Fixed Assets

Land and land improvements 1,583,583 1,485,105

Buildings and building improvements 13,675,556 13,670,299

Building equipment (portable) 628,105 625,064

Total fixed assets 15,887,244 15,780,468

Accumulated depreciation (5,443,749) (5,006,523)

Net fixed assets 10,443,495 10,773,945

Other Assets

Deferred financing costs - Net 39,004 40,360

Total assets $ 11,731,568 $ 12,144,470

See Notes to Financial Statements. 3


Balance Sheet (Continued)

December 31, 2015 December 31, 2014

Liabilities and Partners’ Equity

Current LiabilitiesAccounts payable - Operations $ 17,656 $ 14,965Accounts payable - Entity (Note 4) 9,325 9,325Accrued wages payable (Note 4) 2,971 11,783Accrued payroll taxes payable (Note 4) 2,393 901Accrued interest payable - First mortgage 15,257 15,547Accrued property taxes 41,197 41,283Mortgage payable - First mortgage (Note 3) 96,298 92,759

Prepaid resident rent 1,414 2,467

Total current liabilities 186,511 189,030

Tenant deposits held in trust (contra) 48,075 46,168

Long-term Liabilities

Mortgage payable - First mortgage (Note 3) 4,785,870 4,882,167

Other loans and notes payable (Note 4) 256,085 300,970

Total long-term liabilities 5,041,955 5,183,137

Total liabilities 5,276,541 5,418,335

Partners’ Equity

Partners' equity 6,455,027 6,726,135

Total partners’ equity 6,455,027 6,726,135

Total liabilities and partners’ equity $ 11,731,568 $ 12,144,470



Statement of Profit and Loss

Year Ended

December 31,

2015

December 31,

2014

Rent RevenueGross potential $ 511,015 $ 484,991Tenant assistance payments 1,033,199 1,039,459

Miscellaneous rent revenue 392 -

Total rent revenue (potential at 100 percentoccupancy) 1,544,606 1,524,450

Vacancies

Apartments (78,678) (71,932)

Net rent revenue (rent revenue lessvacancies) 1,465,928 1,452,518

Financial RevenueProject operations 571 491

Investments - Replacement reserve 37 57

Total financial revenue 608 548

Other RevenueLaundry and vending revenue 912 277

Miscellaneous revenue 819 441

Total other revenue 1,731 718

Total revenue 1,468,267 1,453,784

Administrative ExpensesConventions and meetings 775 1,028Advertising and marketing 5,555 2,452Other renting expenses 5,338 1,318Office salaries (Note 4) 71,601 69,273Office expenses 18,471 19,074Management fee (Note 4) 73,383 72,840Manager or superintendent salaries (Note 4) 51,526 49,364Legal expenses 3,899 5,031Auditing expenses 12,075 18,920Bad debts 4,231 -

Miscellaneous administrative expenses 3,759 1,830

Total administrative expenses 250,613 241,130



Statement of Profit and Loss (Continued)

Year Ended

December 31,

2015

December 31,

2014

Utilities ExpenseElectricity $ 25,324 $ 27,880Water 59,930 55,546

Gas 7,900 9,635

Total utilities expense 93,154 93,061

Operating and Maintenance ExpensesPayroll (Note 4) 76,177 86,917Supplies 55,667 49,251Contracts 104,053 88,487Garbage and trash removal 14,059 13,154Security payroll/contract 29,407 29,107Snow removal 31,478 21,367Vehicle and maintenance equipment operation and repairs 5,205 8,052

Miscellaneous operating and maintenance expenses 2,932 588

Total operating and maintenance expenses 318,978 296,923

Taxes and InsuranceReal estate taxes 40,698 52,298Payroll taxes (FICA) (Note 4) 14,013 14,551Property and liability insurance (hazard) 53,910 50,446Workers' compensation 4,003 4,100

Health insurance and other employee benefits 24,063 16,492

Total taxes and insurance 136,687 137,887

Financial ExpensesInterest on first mortgage payable 184,686 188,106Mortgage insurance premium/Service charge 22,333 22,737

Miscellaneous financial expenses 220 34

Total financial expenses 207,239 210,877

Total Costs of Operations BeforeDepreciation and Amortization 1,006,671 979,878

Profit Before Depreciation andAmortization 461,596 473,906

Depreciation Expense 437,226 432,769

Amortization Expense 1,356 1,614



Statement of Profit and Loss (Continued)

Year Ended

December 31,

2015

December 31,

2014

Corporate or Mortgagor Entity Expenses

Other expenses (Note 4) $ 9,325 $ 9,325

Net entity expenses 9,325 9,325

Net Income $ 13,689 $ 30,198



Statement of Partners’ Equity

GeneralPartner

LimitedPartner Total

Balance - January 1, 2014 $ 343,217 $ 6,435,884 $ 6,779,101

Net income 30 30,168 30,198

Distributions to partners (8,573) (74,591) (83,164)

Balance - December 31, 2014 334,674 6,391,461 6,726,135

Net income 14 13,675 13,689

Distributions to partners (190,750) (94,047) (284,797)

Balance - December 31, 2015 $ 143,938 $ 6,311,089 $ 6,455,027



Statement of Cash Flows

Year Ended

December 31,

2015

December 31,

2014

Cash Flows from Operating Activities

Receipts:

Rental $ 1,453,803 $ 1,446,480

Interest 608 548

Total receipts 1,454,411 1,447,028

Disbursements:

Administrative (45,299) (45,401)

Management fee (73,383) (72,840)

Utilities (93,154) (93,061)

Salaries and wages (208,116) (205,601)

Operating and maintenance (242,801) (210,006)

Real estate taxes (40,784) (52,053)

Property insurance (58,933) (53,226)

Miscellaneous taxes and insurance (40,587) (35,144)

Tenant security deposits (10,834) (3,561)

Interest payments - First mortgage (184,976) (188,385)

Mortgage insurance premium (23,145) (21,011)

Miscellaneous financial (6,333) (2,380)

Entity/Construction disbursements (9,325) (9,325)

Total disbursements (1,037,670) (991,994)

Net cash provided by operating activities 416,741 455,034

Cash Flows from Investing Activities

Net withdrawal from (deposit to) the mortgage escrow account 2,842 (1,920)

Net deposit to the reserve for replacement account (22,310) (22,166)

Net withdrawal from (deposit to) other reserve 46,090 (19,630)

Net purchase of fixed assets (106,776) (14,343)

Net cash used in investing activities (80,154) (58,059)

Cash Flows from Financing Activities

Principal payments - First mortgage (92,758) (89,350)

Payments on other loans payable (44,885) (165,537)

Distributions (284,797) (83,164)

Net cash used in financing activities (422,440) (338,051)

Net (Decrease) Increase in Cash (85,853) 58,924

Cash - Beginning of year 879,887 820,963

Cash - End of year $ 794,034 $ 879,887



Statement of Cash Flows (Continued)

A reconciliation of net income to net cash from operating activities is as follows:

Year Ended

December 31,

2015

December 31,

2014

Net income $ 13,689 $ 30,198

Adjustments to reconcile net income to net cash from operatingactivities:

Depreciation 437,226 432,769

Amortization 1,356 1,614

Increase in assets:

Tenant accounts receivable (1,829) (4,932)

Accounts receivable - Other (16,258) (1,824)

Prepaid expenses (5,835) (1,054)

Cash restricted for tenant security deposits (12,741) (4,817)

Increase (decrease) in liabilities:

Accounts payable - Operations 2,691 1,906

Accrued liabilities (7,406) 197

Accrued interest payable (290) (279)

Tenant security deposits held in trust 1,907 1,256

Other changes to reconcile net income to net cash fromoperating activities 4,231 -

Net cash provided by operating activities $ 416,741 $ 455,034


Pontiac ILF Limited Dividend Housing AssociationLimited Partnership

Notes to Financial StatementsDecember 31, 2015 and 2014

Note 1 - Nature of Business and Significant Accounting Policies

Pontiac ILF Limited Dividend Housing Association Limited Partnership (the"Partnership") was formed on June 30, 2001 under the Michigan Uniform LimitedPartnership Act for the purpose of acquiring, owning, constructing, and operating a 150-unit apartment complex known as The Village of Oakland Woods (the "Project") locatedin Pontiac, Michigan, financed in part with the proceeds of a mortgage insured by theU.S. Department of Housing and Urban Development (HUD) under Sections 221(d)(4)and 223(a)(7) of the National Housing Act. The Partnership purchased the Project onSeptember 20, 2002.

Operations of the Partnership are limited to the rental of apartment units owned by thePartnership. Under the terms of the Regulatory Agreement executed in connection withobtaining the mortgage loan, HUD regulates rents and distributions to partners.

Significant accounting policies are as follows:

Basis of Accounting - The Partnership maintains its accounting records and preparesits financial statements on an accrual basis, which is in accordance with accountingprinciples generally accepted in the United States of America.

Accounts Receivable - Tenant accounts receivable are stated at net rent amounts. Thesubsidy receivable is stated at the invoiced amount. The Partnership believes allaccounts receivable to be fully collectible; accordingly, no allowance for doubtfulaccounts is required. If amounts are determined to be uncollectible, they are charged tooperations at that time. Bad debt expense for the year ended December 31, 2015 is$4,231.

Fixed Assets - Land, buildings, and other depreciable assets are recorded at cost.Depreciation is calculated using the straight-line method over the estimated useful livesof assets ranging from 5 to 40 years. Depreciation expense was $437,226 and $432,769for the years ended December 31, 2015 and 2014, respectively. For income taxpurposes, accelerated lives and methods are used. Maintenance, repairs, and renewalsthat do not involve any substantial betterments are charged to expense when incurred.Expenditures that increase the useful life of the property are capitalized.

Impairment of Assets - The Partnership recognizes impairment of long-lived assetsused in operations when indicators of impairment are present and the undiscountedcash flows estimated to be generated by those assets are less than the assets' carryingamount. No impairment of the Partnership's rental property has occurred.

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Note 1 - Nature of Business and Significant Accounting Policies(Continued)

Deferred Financing Costs - Deferred financing costs at December 31, 2015 consist of$45,559 in loan financing costs and $158,025 in tax credit fees, which are amortizedover the life of the loan and the tax credit period, respectively. Amortization expensewas $1,356 and $1,614 for the years ended December 31, 2015 and 2014, respectively.Accumulated amortization at December 31, 2015 and 2014 was $164,580 and $163,224,respectively.

Partner Contributions and Distributions - The Partnership has one general partner,Pathway of Pontiac, Inc. (the "General Partner"), with a .049 percent interest, onemanaging general partner, PV North LLC (the "Managing General Partner"), with a .051percent interest, and one limited partner, SunAmerica Housing Fund 1050 (the "LimitedPartner"), with a 99.9 percent interest.

The Limited Partner has made all required capital contributions totaling $9,742,732 asadjusted for additional tax credits and payment of legal fees. In accordance with thepartnership agreement, the General Partner has contributed the required $100 incapital.

Partner Allocation of Profits and Losses - Profits or losses from operations of thePartnership are allocated annually between the General Partner and the Limited Partnerin the ratio of .1 percent and 99.9 percent, respectively. Profits and losses arising fromthe sale, refinancing, or other disposition of all or substantially all of the Partnership'sassets will be specially allocated as prioritized in the partnership agreement. Additionally,the partnership agreement provides for other instances in which special allocation ofprofits, losses, and distributions may be required.

Net cash flows, as more completely described in the partnership agreement, are mainlycomprised of all cash received from rents, lease payments, and certain other sources,minus all cash expenditures, all expenses unpaid and properly accrued which have beenincurred in the operation of the Partnership's business, payments on loans, andpayments to increase reserves.

Net cash flow, as defined by the partnership agreement, as amended by the FifthAmendment dated January 27, 2011, is distributed as follows:

(1) First, to the payment of any tax credit shortfall to the Limited Partner

(2) Second, to the payment of the annual asset management fee to an affiliate of theLimited Partner

(3) Third, to the payment of any outstanding excess Limited Partner loan amount andthen to the payment of any remaining Limited Partner loans and General Partnerloans pro rata

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(4) Fourth, until the development fee is paid in full, 70 percent to the developer aspayment of development fee and 30 percent to the investment partnership as a cashdistribution

(5) Fifth, if any operating deficit loans from a General Partner exist, 70 percent to suchGeneral Partner with no interest accrual as repayment of such operating deficitloans, and 30 percent to the investment partnership as a cash distribution

(6) Sixth, out of a maximum of 63 percent of net cash flow, in the following priorities:

(a) First, to PV North LLC as repayment of the GP-AHP Loan, an annual amountequal to 7 percent of the original principal balance of such GP-AHP Loan, untilsuch GP-AHP Loan is repaid in full

(b) Second, to the repayment of the PVM Loans until such PVM Loans are repaid infull

(c) Third, to the General Partners as a distribution in an amount which will, with thedistribution defined under Section 11.01(a)(vii) of the partnership agreement,fully repay the General Partner's capital accounts in the Partnership

(d) Fourth, to Pathway Senior Living of Michigan, LLC (aka Gibson Avenue, LLC) asan Incentive Management Fee, an amount equal to 7 percent of gross income,with any such amounts payable to Pathway Senior Living of Michigan, LLC notpaid in any year to cumulate and be payable solely from net cash flow in futureyears

(7) Seventh, any remaining cash thereafter shall go (a) 9.69 percent to the repayment ofthe PVM Loans until such loans are repaid in full and thereafter, to PV North LLC,(b) 9.31 percent to Pontiac, and (c) 81 percent to the Limited Partner as adistribution

Rental Income - The Partnership records apartment rentals at gross potential rent asadjusted for vacancy loss. Rental income is recognized as rentals become due. Rentalpayments received in advance are deferred until earned. All leases between thePartnership and the tenants of the property are operating leases.

13




Units that are designated for occupancy by eligible low-income tenants under aSection 8 housing assistance payment (HAP) contract require tenants to contribute aportion of the contract rent based on formulas prescribed by the U.S. Department ofHousing and Urban Development. Housing assistance payments are received for thebalance of contract rent from HUD. The current contract expires on January 30, 2023.Approximately 70 and 72 percent of rental revenue was received pursuant to the HAPcontracts for 2015 and 2014, respectively.

Income Taxes - No income tax provision has been recorded in the financial statementssince income or loss of the Partnership is required to be reported by the respectivepartners on their individual income tax returns.

Use of Estimates - The preparation of financial statements in conformity with generallyaccepted accounting principles requires management to make estimates andassumptions that affect the reported amounts of assets and liabilities and disclosure ofcontingent assets and liabilities at the date of the financial statements and the reportedamounts of revenue and expenses during the reporting period. Actual results coulddiffer from those estimates.

Deposits - Funded - The funds held by the mortgagee represent escrows andrestricted funds for taxes, insurance, and a replacement reserve. The taxes andinsurance escrows and the replacement reserve consist of deposits by the Partnershipto offset specific expenses and to replace structural elements and mechanical equipmentupon consent of HUD. According to the Regulatory Agreement, the required monthlydeposit to the replacement reserve is $1,856 per month as authorized by HUD.

The partnership agreement requires an additional monthly contribution of $1,894 to anadditional partnership replacement reserve account. This reserve is reported as otherreserves on the balance sheet.

Deposits Held in Trust - In accordance with the Regulatory Agreement with HUD,the Partnership is required to maintain a tenant security deposit trust account. Theamount must at all times be equal to or exceed the aggregate of all outstandingobligations to tenants for refundable security deposits. The tenant security deposits fundconsists of cash.

Regulatory Agreement - Regulatory Agreements with HUD and MSHDA were signedin connection with the HUD-insured mortgage note and the allocation of low-incomehousing tax credits by MSHDA. No violations were reported for the years endedDecember 31, 2015 and 2014.

14




Subsequent Events - The financial statements and related disclosures includeevaluation of events up through and including March 10, 2016, which is the date thefinancial statements were available to be issued.

Note 2 - Cash and Short-term Investments

The Partnership maintains its cash in bank deposit accounts, which, at times, mayexceed federally insured limits. The Partnership has not experienced any losses in suchaccounts. Management believes the Partnership is not exposed to any significant creditrisk on cash. Operating cash also includes approximately $344,000 of operating reservesin a separate account held by the Partnership as required by the partnership agreement.These reserves were funded at the time of the initial closing to cover operating deficitsof the Partnership.

Note 3 - Mortgage Payable

The Partnership refinanced its HUD-insured commercial mortgage with Berkadia onJanuary 27, 2011 in the amount of $5,300,000. The mortgage note bears interest at 3.75percent. Beginning March 1, 2011 through maturity on September 1, 2044, the note ispayable in monthly principal and interest installments of $23,145. The mortgage isinsured by HUD under Sections 221(d)(4) and 223(a)(7) under the National HousingAct. The note is collateralized by real estate held for lease and an assignment of rentsand leases.

Minimum principal payments to maturity as of December 31, 2015 are as follows:

2016 $ 96,2982017 99,9712018 103,7852019 107,7452020 111,856

Thereafter 4,362,513

Total $ 4,882,168

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Note 4 - Related Party Transactions

Accounts and Notes Receivable/Payable - Operations - The salaries and wages andthe related payroll taxes and benefits for the employees of the Partnership are paid byPresbyterian Villages of Michigan (PVM) as the management agent. The Partnershipreimburses PVM for these expenses. During 2015 and 2014, the Partnership paid PVM$220,637 and $220,153, respectively, for reimbursable payroll costs. The managementcompany utilizes a centralized disbursement subsidiary payroll account held to paycertain payroll-related costs. The balance in this account related to payroll costs and isreported in accrued wages and payroll taxes payable as $5,364 and $12,684 atDecember 31, 2015 and 2014, respectively.

Related Party Payables and Loans - The Partnership had unsecured noninterest-bearing advances outstanding of $9,885 to PVM at December 31, 2014, used to fundprior year capital improvements. There was no advance outstanding as of December 31,2015. These amounts are recorded in other long-term loans and notes payable asrepayment is subject to net cash flow or from proceeds upon the sale of the Project ordissolution of the Partnership.

Affordable Housing Program Loan (AHP Loan) - The Managing General Partnerloaned the Partnership $500,000 in 2002. The loan was funded from the proceeds of agrant from the Federal Home Loan Bank (FHLB) under the Affordable HousingProgram. The loan term is 15 years and bears no interest. Annual installments arepayable from net cash flow. The loan balance was $256,085 and $291,085 at December31, 2015 and 2014, respectively.

Developer Fees - All developer fees have been paid in full as of December 31, 2012.

Management Fees - The Partnership has contracted with PVM to providemanagement services to the Partnership. Effective July 1, 2014, the monthlymanagement fee is not to exceed 5.18 percent of residential income collected.Management fees reported in 2015 and 2014 totaled $73,383 and $72,840, respectively.

Partnership Asset Management Fee - The Partnership incurs an annual assetmanagement fee of $7,500 payable to an affiliate of the Limited Partner. The feeincreases annually up to 2 percent. Partnership asset management fees incurred andaccrued in 2015 and 2014 were $9,325. For the year ended December 31, 2015, thefees were not increased from their 2014 amounts.

16



Note 4 - Related Party Transactions (Continued)

Partnership Incentive Management Fee - The Partnership incurs an annual incentivemanagement fee payable to Pathway Senior Living of Michigan, LLC (aka GibsonAvenue, LLC), an affiliate of one of the General Partners. The fee is equal to 7 percentof gross income per annum, limited to the net cash flow of the Partnership, and ispayable on a cumulative basis to the extent that there is cash flow in an amount and inthe priority set forth in the partnership agreement. No amounts have been incurred oraccrued at December 31, 2015 and 2014.

Note 5 - Current Vulnerability Due to Certain Concentrations

The Partnership's sole asset is The Village of Oakland Woods (the "Project"). TheProject’s operations are concentrated in the multifamily real estate market. In addition,the Project operates in a heavily regulated environment. The operations of the Projectare subject to the administrative directives, rules, and regulations of federal, state, andlocal regulatory agencies, including, but not limited to, HUD. Such administrativedirectives, rules, and regulations are subject to change by an Act of Congress or anadministrative change mandated by HUD. Such changes may occur with little notice orinadequate funding to pay for the related cost, including additional administrativeburden, to comply with a change.

Note 6 - Contingency

The Project's low-income housing tax credits are contingent on its ability to maintaincompliance with applicable sections of Section 42. Failure to maintain compliance withoccupant eligibility, and/or unit gross rent, or to correct noncompliance within aspecified time period could result in recapture of previously taken tax credits plusinterest. In addition, such potential noncompliance may require an adjustment to thecontributed capital by the investor limited partner.

Note 7 - Property Purchase Price

According to the partnership agreement, PVM, as an affiliate of the Managing GeneralPartner, has an option to purchase the Partnership's Project at the end of the low-income housing tax credit compliance period, anticipated in 2017, at a price whichwould be at least the fair market value of the property, while protecting thePartnership's tax benefits from the Project. The term of this right of first refusal shallcommence one day after the compliance period and shall terminate one year thereafter.

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Note 8 - Low-income Housing Tax Credits (Unaudited)

The Partnership was allocated low-income housing tax credits by the Michigan StateHousing Development Authority totaling $12,187,230. For the year ended December31, 2014, $145,765 of the final credits were claimed. As of December 31, 2015, thereare no remaining tax credits.

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Supplemental Information

19

Independent Auditor's Report on Supplemental Information



We have audited the financial statements of HUD Project No. 044-35621, Pontiac ILF LimitedDividend Housing Association Limited Partnership as of and for the year ended December 31,2015 and have issued our report thereon dated March 10, 2016, which contained an unmodifiedopinion on those financial statements. Our audit was made for the purpose of forming anopinion on the financial statements taken as a whole. The supplemental information on pages21 through 32 is presented for the purpose of additional analysis and is not a required part of thefinancial statements. For purposes of electronic submission to the U.S. Department of Housingand Urban Development, Real Estate Assessment Center (REAC), the supplemental informationis also deemed to include the financial data template information as presented in the balancesheet and the statements of profit and loss, partners' equity, and cash flows. Such information isthe responsibility of management and was derived from and relates directly to the underlyingaccounting and other records used to prepare the financial statements. The information hasbeen subjected to the auditing procedures applied in the audit of the financial statements andcertain additional procedures, including comparing and reconciling such information directly tothe underlying accounting and other records used to prepare the financial statements or to thefinancial statements themselves, and other additional procedures in accordance with auditingstandards generally accepted in the United States of America. In our opinion, the information isfairly stated in all material respects in relation to the financial statements as a whole.

March 10, 2016

20

Carol.Rendak

New Stamp

Carol.Rendak

New Stamp


Balance Sheet DataDecember 31, 2015

Assets

Current Assets1120 Cash - Operations $ 794,0341130 Tenant accounts receivable 8,3351135 Accounts receivable - HUD 18,082

1200 Prepaid expenses 41,877

1100T Total current assets 862,328

Deposits - Held in Trust1191 Tenant deposits held in trust 65,198

Deposits - Funded1310 Escrow deposits 70,7641320 Replacement reserve 167,736

1330 Other reserves 83,043

1300T Total deposits - Funded 321,543

Fixed Assets

1410 Land and land improvements 1,583,583

1420 Buildings and building improvements 13,675,556

1440 Building equipment (portable) 628,105

1400T Total fixed assets 15,887,244

1495 Accumulated depreciation (5,443,749)

1400N Net fixed assets 10,443,495

Other Assets

1520 Deferred financing costs - Net 39,004

1000T Total assets $ 11,731,568

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Balance Sheet Data (Continued)December 31, 2015

Liabilities and Partners’ Equity

Current Liabilities2110 Accounts payable - Operations $ 17,6562113 Accounts payable - Entity 9,3252120 Accrued wages payable 2,9712121 Accrued payroll taxes payable 2,3932131 Accrued interest payable - First mortgage 15,2572150 Accrued property taxes 41,1972170 Mortgage payable - First mortgage 96,2982210 Prepaid revenue 1,414

2122T Total current liabilities 186,511

2191 Tenant deposits held in trust (contra) 48,075

Long-term Liabilities2320 Mortgage payable - First mortgage 4,785,8702324 Other loans and notes payable 256,085

2300T Total long-term liabilities 5,041,955

2000T Total liabilities 5,276,541

Partners’ Equity3130 Partners' equity 6,455,027

3130 Total partners’ equity 6,455,027

2033T Total liabilities and partners' equity $ 11,731,568

22


Statement of Profit and Loss DataYear Ended December 31, 2015

Rent Revenue5120 Gross potential $ 511,0155121 Tenant assistance payments 1,033,1995190 Miscellaneous rent revenue 392

5100T Total rent revenue (potential at 100 percent occupancy) 1,544,606

Vacancies5220 Apartments (78,678)

5200T Total vacancies (78,678)

5152N Net rent revenue (rent revenue less vacancies) 1,465,928

Financial Revenue5410 Project operations 5715440 Investments - Replacement reserve 37

5400T Total financial revenue 608

Other Revenue5910 Laundry and vending revenue 9125990 Miscellaneous revenue 819

5900T Total other revenue 1,731

5000T Total revenue 1,468,267

Administrative Expenses6203 Conventions and meetings 7756210 Advertising and marketing 5,5556250 Other renting expenses 5,3386310 Office salaries 71,6016311 Office expenses 18,4716320 Management fee 73,3836330 Manager or superintendent salaries 51,5266340 Legal expenses 3,8996350 Auditing expenses 12,0756370 Bad debts 4,2316390 Miscellaneous administrative expenses 3,759

6263T Total administrative expenses 250,613

Utilities Expense6450 Electricity 25,3246451 Water 59,9306452 Gas 7,900

6400T Total utilities expense 93,15423


Statement of Profit and Loss Data (Continued)Year Ended December 31, 2015

Operating and Maintenance Expenses6510 Payroll $ 76,1776515 Supplies 55,6676520 Contracts 104,0536525 Garbage and trash removal 14,0596530 Security payroll/contract 29,4076548 Snow removal 31,4786570 Vehicle and maintenance equipment operation and repairs 5,2056590 Miscellaneous operating and maintenance expenses 2,932

6500T Total operating and maintenance expenses 318,978

Taxes and Insurance6710 Real estate taxes 40,6986711 Payroll taxes (FICA) 14,0136720 Property and liability insurance (hazard) 53,9106722 Workers' compensation 4,0036723 Health insurance and other employee benefits 24,063

6700T Total taxes and insurance 136,687

Financial Expenses6820 Interest on first mortgage payable 184,6866850 Mortgage insurance premium/Service charge 22,3336890 Miscellaneous financial expenses 220

6800T Total financial expenses 207,239

6000T Total Costs of Operations Before Depreciation andAmortization 1,006,671

5060T Profit Before Depreciation and Amortization 461,596

6600 Depreciation Expense 437,226

6610 Amortization Expense 1,356

Corporate or Mortgagor Entity Expenses7190 Other expenses 9,325

7100T Net entity expenses 9,325

3250 Net Income $ 13,689

24


Statement of Profit and Loss Data (Continued)Supplemental Information

Year Ended December 31, 2015

S1000-010 1 Total principal required under the mortgage, even if payments undera workout agreement are less or more than those required underthe mortgage $ 92,758

S1000-020 2 Replacement reserve deposits required by the Regulatory Agreementor amendments thereto, even if payments may be temporarilysuspended or waived 22,273

S1000-030 3 Replacement reserve or residual receipt releases that are included asexpense items on this profit and loss statement 0

S1000-040 4 Project improvement reserve releases under the flexible subsidyprogram that are included as expense items on this profit and lossstatement 0

25


Statement of Partners’ Equity DataYear Ended December 31, 2015

GeneralPartner

LimitedPartner Total

S1100-010 Balance - January 1, 2015 $ 334,674 $ 6,391,461 $ 6,726,135

3250 Net income 14 13,675 13,689

S1200-420 Distributions to partners (190,750) (94,047) (284,797)

3130 Balance - December 31, 2015 $ 143,938 $ 6,311,089 $ 6,455,027

26


Statement of Cash Flows DataYear Ended December 31, 2015

Cash Flows from Operating ActivitiesReceipts:

S1200-010 Rental $ 1,453,803

S1200-020 Interest 608

S1200-040 Total receipts 1,454,411

Disbursements:S1200-050 Administrative (45,299)S1200-070 Management fee (73,383)S1200-090 Utilities (93,154)S1200-100 Salaries and wages (208,116)S1200-110 Operating and maintenance (242,801)S1200-120 Real estate taxes (40,784)S1200-140 Property insurance (58,933)S1200-150 Miscellaneous taxes and insurance (40,587)S1200-160 Tenant security deposits (10,834)S1200-180 Interest payments - First mortgage (184,976)S1200-210 Mortgage insurance premium (23,145)S1200-220 Miscellaneous financial (6,333)

S1200-225 Entity/Construction disbursements (9,325)

S1200-230 Total disbursements (1,037,670)

S1200-240 Net cash provided by operating activities 416,741

Cash Flows from Investing ActivitiesS1200-245 Net withdrawal from the mortgage escrow account 2,842S1200-250 Net deposit to the reserve for replacement account (22,310)S1200-255 Net withdrawal from other reserve 46,090

S1200-330 Net purchase of fixed assets (106,776)

S1200-350 Net cash used in investing activities (80,154)

Cash Flows from Financing ActivitiesS1200-360 Principal payments - First mortgage (92,758)S1200-370 Principal payments on other loans payable (44,885)S1200-420 Distributions (284,797)

S1200-460 Net cash used in financing activities (422,440)

S1200-470 Net Decrease in Cash (85,853)

S1200-480 Cash - Beginning of year 879,887

S1200T Cash - End of year $ 794,034

27


Statement of Cash Flows Data (Continued)Year Ended December 31, 2015

A reconciliation of net income to net cash from operating activities is as follows:

3250 Net income $ 13,689Adjustments to reconcile net income to net cash from operating

activities:6600 Depreciation 437,2266610 Amortization 1,356

Increase in assets:S1200-490 Tenant accounts receivable (1,829)S1200-500 Accounts receivable - Other (16,258)S1200-520 Prepaid expenses (5,835)S1200-530 Cash restricted for tenant security deposits (12,741)

Increase (decrease) in liabilities:S1200-540 Accounts payable - Operations 2,691S1200-560 Accrued liabilities (7,406)S1200-570 Accrued interest payable (290)S1200-580 Tenant security deposits held in trust 1,907S1200-600 Other changes to reconcile net income to net cash from

operating activities 4,231

S1200-610 Net cash provided by operating activities $ 416,741

28


Supplemental InformationYear Ended December 31, 2015

1. Schedule of Reserve for Replacements - In accordance with the provisions of theRegulatory Agreement, restricted cash is held by Berkadia to be used for replacement ofproperty with the approval of HUD as follows:

1320P Balance - January 1, 2015 $ 145,426

1320DT Monthly deposits ($1,856.10 x 12) 22,273

1320INT Interest 37

1320 Balance - December 31, 2015 $ 167,736

2. Schedule of Residual Receipts - N/A

3. Computation of Surplus Cash - Form HUD 93486 - See attached

4. Schedule of Changes in Fixed Asset Accounts - See attached

5. Schedule of 5300 Accounts - N/A

6. Schedule of 6900 Accounts - N/A

7. Nursing Home Data - N/A

8. Detail of Accounts:

7190 Partnership asset management fee $ 9,325

S1200-225 Partnership asset management fee $ 9,325

S1200-600 Bad debt expense $ 4,231

5990 Damage charges $ 819

29

Pontiac ILF Limited Dividend Housing Association Limited PartnershipHUD Project No. 044-35621

Schedule of Changes in Fixed Asset AccountsYear Ended December 31, 2015

Assets Accumulated Depreciation

Balance

January 1,

2015 Additions Deductions

Balance

December 31,

2015

Balance

January 1,

2015

Current

Provision Deductions

Balance

December 31,

2015

Net BookValue

December 31,

2015

1410 Land and land improvements $ 1,485,105 $ 98,478 $ - $ 1,583,583 $ 547,819 $ 57,245 $ - $ 605,064 $ 978,5191420 Buildings and building improvements 13,670,299 5,257 - 13,675,556 3,899,575 360,412 - 4,259,987 9,415,569

1440 Building equipment (portable) 625,064 3,041 - 628,105 559,129 19,569 - 578,698 49,407

Total $ 15,780,468 $ 106,776 $ - $ 15,887,244 $ 5,006,523 $ 437,226 $ - $ 5,443,749 $ 10,443,495

Fixed Asset Addition Detail:

Land and land improvements -Driveways and sidewalks $ 98,478

Buildings and building improvements:Replace water service lines 2,282Replace parking lot lights 1,745Replace boiler motor 1,230

Building equipment (portable) -

Carpeting 3,041

Total $ 106,776

30


Computation of Surplus CashYear Ended December 31, 2015

S1300-010 Cash $ 859,232

1135 Accounts Receivable - HUD 18,082

S1300-040 Total Cash 877,314

Current ObligationsS1300-050 Accrued Mortgage (or Bond) Interest Payable 15,257

S1300-075 Accounts Payable - 30 Days 17,656

S1300-100 Accrued Expenses (Not Escrowed) 5,364

2210 Prepaid Revenue 1,414

2191 Tenant/Patient Deposits Held In Trust (Contra) 48,075

S1300-140 Total Current Obligations 87,766

S1300-150 Surplus Cash $ 789,548

S1300-200 Amount Available For Distribution During Next FiscalPeriod $ 789,548

31


Schedule of Net Operating Cash Flows - PartnershipDecember 31, 2015

Cash Received: Net rental revenue $ 1,465,536

Other revenue 2,123

Adjustments for tenant and HUD receivables and prepaid rents (13,856)

Total cash received 1,453,803

Current Obligations:Total expenses 1,454,578

Depreciation and amortization (438,582)

Partnership fees (9,325)

Bad debt (4,231)

Principal payments 92,758

Beginning expense accruals (84,479)

Ending expense accruals 79,265

Required deposits to reserves 45,000

Total cash expenditures 1,134,984

HUD SurplusCash:

$789,548

Net operating cash flows before fees, payments, anddistributions

$ 318,819

LP asset management fee $ 9,325

Payment on GP-AHP Loan $ 35,000

PVM North, LLC - Return of capital $ 165,856

Distribution - PVM North, LLC (9.69%) $ 10,527

Distribution - Pathway of Pontiac, Inc. (9.31% ) $ 10,114

Distribution - Limited Partner (81.00%) $ 87,997

32

Report on Internal Control Over FinancialReporting and on Compliance and OtherMatters Based on an Audit of Financial

Statements Performed in Accordance withGovernment Auditing Standards

33

Report on Internal Control Over Financial Reporting and on Complianceand Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards


To Management and the PartnersPontiac ILF Limited Dividend Housing


We have audited, in accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in Government AuditingStandards issued by the Comptroller General of the United States, the financial statements ofPontiac ILF Limited Dividend Housing Association Limited Partnership (the "Partnership"), whichcomprise the balance sheet as of December 31, 2015 and the related statements of profit andloss, partners’ equity, and cash flows for the year then ended, and the related notes to thefinancial statements, which collectively comprise the Partnership's financial statements, and haveissued our report thereon dated March 10, 2016.

Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered Pontiac ILFLimited Dividend Housing Association Limited Partnership's internal control over financialreporting (internal control) to determine the audit procedures that are appropriate in thecircumstances for the purpose of expressing our opinion on the financial statements, but not forthe purpose of expressing an opinion on the effectiveness of the Partnership's internal control.Accordingly, we do not express an opinion on the effectiveness of the Partnership's internalcontrol.

A deficiency in internal control exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assigned functions, toprevent, or detect and correct, misstatements on a timely basis. A material weakness is adeficiency, or a combination of deficiencies, in internal control such that there is a reasonablepossibility that a material misstatement of the Partnership's financial statements will not beprevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency,or a combination of deficiencies, in internal control that is less severe than a material weakness,yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the firstparagraph of this section and was not designed to identify all deficiencies in internal control thatmight be material weaknesses or significant deficiencies. Given these limitations, during our auditwe did not identify any deficiencies in internal control that we consider to be materialweaknesses. However, material weaknesses may exist that have not been identified.

34

Carol.Rendak

New Stamp

Carol.Rendak

New Stamp

To Management and the PartnersPontiac ILF Limited Dividend Housing


Compliance and Other Matters

As part of obtaining reasonable assurance about whether Pontiac ILF Limited Dividend HousingAssociation Limited Partnership's financial statements are free from material misstatement, weperformed tests of its compliance with certain provisions of laws, regulations, contracts, andgrant agreements, noncompliance with which could have a direct and material effect on thedetermination of financial statement amounts. However, providing an opinion on compliancewith those provisions was not an objective of our audit and, accordingly, we do not express suchan opinion. The results of our tests disclosed no instances of noncompliance or other mattersthat are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control andcompliance and the results of that testing, and not to provide an opinion on the effectiveness ofthe Partnership's internal control or on compliance. This report is an integral part of an auditperformed in accordance with Government Auditing Standards in considering the Partnership'sinternal control and compliance. Accordingly, this communication is not suitable for any otherpurpose.

March 10, 2016

35

Report on Compliance for Each Major HUDProgram and Report on Internal Control

Over Compliance Required by theConsolidated Audit Guide for

Audits of HUD Programs

36

Report on Compliance for Each Major HUD Program and

Report on Internal Control Over Compliance Required by theConsolidated Audit Guide for Audits of HUD Programs




Report on Compliance for Each Major HUD Program

We have audited Pontiac ILF Limited Dividend Housing Association Limited Partnership'scompliance with the compliance requirements described in the Consolidated Audit Guide forAudits of HUD Programs (the "audit guide") that could have a direct and material effect on PontiacILF Limited Dividend Housing Association Limited Partnership's major U.S. Department ofHousing and Urban Development (HUD) programs for the year ended December 31, 2015.The major HUD programs are the mortgage which is insured by HUD under Section 223(a)(7)and Housing Assistance Payments through Section 8.

Management's Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts,and grants applicable to its HUD program.

Auditor's Responsibility

Our responsibility is to express an opinion on compliance for each of Pontiac ILF LimitedDividend Housing Association Limited Partnership's major HUD programs based on our audit ofthe compliance requirements referred to above.

We conducted our audit of compliance in accordance with auditing standards generally acceptedin the United States of America; the standards applicable to financial audits contained inGovernment Auditing Standards, issued by the Comptroller General of the United States; and theaudit guide. Those standards and the audit guide require that we plan and perform the audit toobtain reasonable assurance about whether noncompliance with the types of compliancerequirements referred to above that could have a direct and material effect on a major HUDprogram occurred. An audit includes examining, on a test basis, evidence about Pontiac ILFLimited Dividend Housing Association Limited Partnership's compliance with thoserequirements and performing such other procedures as we considered necessary in thecircumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for eachmajor HUD program. However, our audit does not provide a legal determination of Pontiac ILFLimited Dividend Housing Association Limited Partnership's compliance.

37

Carol.Rendak

New Stamp

Carol.Rendak

New Stamp



Opinion on Each Major HUD Program

In our opinion, Pontiac ILF Limited Dividend Housing Association Limited Partnership complied,in all material respects, with the compliance requirements referred to above that could have adirect and material effect on its major HUD program for the year ended December 31, 2015.

Report on Internal Control over Compliance

Management of Pontiac ILF Limited Dividend Housing Association Limited Partnership isresponsible for establishing and maintaining effective internal control over compliance with thecompliance requirements referred to above. In planning and performing our audit of compliance,we considered Pontiac ILF Limited Dividend Housing Association Limited Partnership's internalcontrol over compliance with the requirements that could have a direct and material effect oneach major HUD program to determine the auditing procedures that are appropriate in thecircumstances for the purpose of expressing an opinion on compliance for each major HUDprogram and to test and report on internal control over compliance in accordance with the auditguide, but not for the purpose of expressing an opinion on the effectiveness of internal controlover compliance. Accordingly, we do not express an opinion on the effectiveness of thePartnership's internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a controlover compliance does not allow management or employees, in the normal course of performingtheir assigned functions, to prevent, or detect and correct, noncompliance with a compliancerequirement of a HUD program on a timely basis. A material weakness in internal control overcompliance is a deficiency, or a combination of deficiencies, in internal control over compliancesuch that there is a reasonable possibility that material noncompliance with a compliancerequirement of a HUD program will not be prevented, or detected and corrected, on a timelybasis. A significant deficiency in internal control over compliance is a deficiency, or a combinationof deficiencies, in internal control over compliance with a compliance requirement of a HUDprogram that is less severe than a material weakness in internal control over compliance, yetimportant enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described inthe first paragraph of this section and was not designed to identify all deficiencies in internalcontrol over compliance that might be material weaknesses or significant deficiencies. We didnot identify any deficiencies in internal control over compliance that we consider to be materialweaknesses. However, material weaknesses may exist that have not been identified.

The purpose of this report on internal control over compliance is solely to describe the scope ofour testing of internal control over compliance and the results of that testing based on therequirements of the audit guide. Accordingly, this report is not suitable for any other purpose.

March 10, 2016

38

Schedule of Findings and Questioned Costs

39


Schedule of Findings and Questioned CostsYear Ended December 31, 2015

1. Corrective Actions Not Started or in Progress:

Reference

Number Finding

Questioned

Costs

Our audit disclosed no findings that are required to be reportedherein under Government Auditing Standards or the ConsolidatedAudit Guide for Audits of HUD Programs.

2. Corrective Actions Completed:

Reference

Number Finding

Questioned

Costs

Our audit disclosed no findings that are required to be reportedherein under Government Auditing Standards or the ConsolidatedAudit Guide for Audits of HUD Programs.

40

Schedule of Status of Prior Audit Findings andQuestioned Costs

41


Schedule of Status of Prior Audit Findings and Questioned CostsYear Ended December 31, 2015

1. Findings Reported in Previous Audit Reports:

Reference

Number Finding

Audit Report Dated February 23, 2015, for the Period Ended December 31,2014, Issued by Plante & Moran, PLLC

2014-001 Narrative - The Partnership failed to refund the security deposit to a tenant within30 days of their move-out date. This was caused by the Partnership not following itsown policy to ensure that the security deposit was refunded timely. Managementrecognized that the refund was late and made the deposit subsequently andprocedures are in place to ensure that the future refunds are remitted timely.

Status Indicator - Cleared

Reporting Period - December 31, 2014

2. Findings from Audit, Attestation, or Other Studies Performed by HUD,Other Federal Agencies, or a Contract Administrator:

Reference

Number Finding

There were no reports issued by HUD OIG or other federal agencies or contractadministrators during the period covered by this audit.

3. Findings from Letters or Reports Issued by HUD Management:

Reference

Number Finding

There were no reports issued by HUD management during the period covered bythis audit.

42

Documents

Pontiac ILF Limited Dividend Housing Association Limited