Ridgeley said NHF could not find a source willing to issue such a bond.
The bankruptcy filing, two days before that deadline, listed the Mancillas' judgment as NHF's largest unsecured debt.
It was the aftermath of this law that led to the court judgment sparking NHF's bankruptcy filing.
The NHF based its figures on analysis of the pre-Budget report by the Institute for Fiscal Studies.
The National Housing Federation (NHF) said it risked locking an entire generation out of the housing market.
She said the employee, who was not identified, no longer works at NHF.
During the two-and-a-half-hour session, creditors' lawyer peppered Ridgely, the designated NHF representative, with questions concerning the nature of NHF's assets.
"What we need to do is to build new homes, " NHF campaigns director Ruth Davison told BBC Radio 4's Today Programme.
Ridgely acknowledged both nonprofits shared similar managers and directors, but described the transaction as repayment on a 2007 loan to NHF.
Mr Healey said while the NHF was right to lobby government, it was in danger of "missing the bigger political picture".
In 2006, Congress nixed one NHF scheme that allowed donors to be paid for serving as directors of their NHF-affiliated mini foundations.
Ridgely described the Vantage Fund as a Massachusetts business trust "owned" by NHF, which she said has final say on its investment.
Meanwhile, Mancillas family lawyer Albert Garcia obtained a turnover order from a Texas judge requiring NHF to cough up assets by Jan. 26.
The NHF has called on the government "and the whole housing industry to take a long-term, joined-up approach to tackle the market difficulties".
But the NHF said this represented a cut of 63% on the previous programme of government spending on homes to rent or buy.
The National Housing Federation (NHF) said the number, including the Plymouth and Torbay unitary areas, increased from 28, 500 in 2010 to 40, 600 in 2011.
The NHF said in Teignbridge alone, 960 families joined the housing waiting list between 2010 and 2011, a rise of nearly 40% to 3, 390.
Noskow, an NHF lawyer, told representatives of about a dozen creditors present at or listening in by telephone to the meeting in Alexandria, Va.
The financial tables that NHF filed with the bankruptcy court did not break out the Vantage Fund's specific holdings and performance, prompting several complaints by creditors'.
In the course of acquiring the turnover order, Garcia grilled NHF Senior Financial Analyst Julia Weltmann under oath for two hours Jan. 8, seeking to locate assets.
"Taking this as a clear indication of Tory priorities, the NHF would do well to consider the threat a Cameron government would pose to affordable housing, " he said.
In a statement after the verdict, NHF President Houk denied liability and disputed that advisers to the Mancillas family were unaware of the IRS ruling and the beneficiary change.
She said NHF's involvement with Scott-Dunne began after the charity started using back-office software sold by his company, Stellar Financial, now part of a holding company called Stellar McKim.
Much of the questioning concerned the Vantage Fund, a still-murky investment vehicle established in 2004 through which NHF made millions of dollars of investments that apparently have gone bad.
Other questions dealt with Ian Scott-Dunne, who NHF staff has identified previously as the charity's investment banker and adviser at the time many of the Vantage Fund investments were made, and whose own enterprises were recipients of funds.
Weltmann said the loan was originally granted in 2005, for a smaller amount, but the company, which produces back-office software used by NHF and other charities, hasn't made interest payments since 2006, so the amount owed has been growing.
The NHF, which represents 1, 200 housing associations in England, said the cost of renting a home had risen by 37% in the past five years and was expected to rise by a further 35% over the next six years.
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