FAQ
Are you a qualified 501(c)(3)?
Yes, Tapestry received its 501(c)(3) determination letter from the IRS on April 27, 1999 and confirmation of private operating foundation status on June 20, 2019.
What are your criteria for purchasing properties?
Multifamily properties with at least 150 units in growth markets, especially in Florida, Georgia, and Texas. For more information, please see our Acquisition Criteria.
As a 501(c)(3), does Tapestry pay real estate taxes on properties it owns?
In many states, entities with 501(c)(3) status do not pay real estate taxes in connection with their ownership of certain types of properties. In Florida, for example, if a property is owned by a 501(c)(3) and the incomes of the tenants at that property do not exceed 120% of area median income, the property is exempt from ad valorem real estate taxes.
Does Tapestry partner with real estate developers or investors?
Tapestry partners with experienced multifamily investors, developers, and operators in connection with the purchase, development, and long-term operation of multifamily housing for low- to moderate-income families. Feel free to contact us to discuss how we may be able to work together.
Will Tapestry accept donations of real estate?
Yes, Tapestry can accept donations of real estate either through an outright gift or an IRS Section 170 Bargain Sale. We understand that some properties may need repairs, or are underperforming and may require additional investment. All donors are urged to obtain advice from qualified legal and tax professionals in connection with their donations.
Will Tapestry collaborate with other nonprofit organizations?
Yes, we value strategic relationships with nonprofit organizations local to properties we purchase or develop. These relationships further our respective missions to make meaningful impacts on the lives of our residents.