Overview
What is Housing Corporation Of Arlington?
Housing Corporation of Arlington is a nonprofit organization situated in Arlington, Massachusetts. Their primary mission is to offer and advocate for affordable housing options for low and moderate-income families and individuals in the local area and surrounding communities, while fostering social and economic diversity. To accomplish this, the corporation acquires, develops, improves, sells, remortgages, and leases affordable housing properties in Arlington. They also manage associated mortgage and rental costs, in addition to providing other social and civic services to benefit this income demographic. Their work encompasses the operation of 61 rental units, with costs including direct property expenses, staff time, and back-office costs attributed to the overall affordable housing program. The corporation currently employs 6 individuals to carry out its mission.
Official website here: www.housingcorparlington.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Housing Corporation of Arlington has received a two-star rating from Charity Navigator, indicating that there are areas where the organization needs to improve. With an overall score of 70%, it shows strong performance in cultural and community aspects, scoring 90. However, the accountability and finance segment is notably weaker, with a score of 66, primarily due to a high ratio of liabilities to assets at 96.99%, which raises concerns about financial stability.
Strengths of the organization include a fully independent board, effective feedback collection and usage, and comprehensive policies in place for conflict of interest and whistleblower protection. These elements reflect a commitment to governance and ethical practices. Additionally, the program expense ratio is fairly high at 80.72%, indicating that a significant portion of funds are directed toward program services rather than administrative costs.
Despite these strengths, the organization faces significant limitations in financial management, particularly highlighted by the missing tax form on its website. This lack of transparency could hinder donor confidence. Overall, while there are positive attributes noted, the Housing Corporation of Arlington must address its financial accountability to enhance its overall rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Housing Corporation Of Arlington legitimate?
Housing Corporation Of Arlington is a legitimate nonprofit organization registered as a 501(c)(3) entity. Housing Corporation Of Arlington submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $131,614
Professional Fundraising Fees: $0
Other Salaries and Wages: $392,572
For more financial information, click here
Official website here: www.housingcorparlington.org
What is the mission statement of Housing Corporation Of Arlington?
The Housing Corporation of Arlington's mission is centered around providing and advocating for decent and affordable housing for low and moderate-income families and individuals. This organization strives to promote social and economic diversity. Their mission involves acquiring, developing, improving, selling, managing (mortgage, remortgage), and leasing affordable housing. The primary focus is on the town of Arlington, providing housing at rental rates below market rates. The corporation also extends its services beyond housing, offering various social and civic benefits to low and moderate-income members of society. This is achieved through their affordable housing program, which includes rental property costs, staff time, and back-office expenses attributed to the overall program.
Official website here: www.housingcorparlington.org
Who is the CEO of Housing Corporation Of Arlington?
Thomas Nee is the President of Housing Corporation Of Arlington.
Official website here: www.housingcorparlington.org
What is the revenue of Housing Corporation Of Arlington?
Housing Corporation Of Arlington's revenue in 2022 was $3,008,942.
Official website here: www.housingcorparlington.org
Who are the executives of Housing Corporation Of Arlington and what are their salaries?
The average compensation at Housing Corporation Of Arlington during 2022 was $87,364. There are 6 employees at Housing Corporation Of Arlington.
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- Compensation: $65,614
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Official website here: www.housingcorparlington.org
Where can I find the form 990 for Housing Corporation Of Arlington?
Housing Corporation Of Arlington's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.housingcorparlington.org
Learn more at the official website: www.housingcorparlington.org
Mission Statement of Housing Corporation Of Arlington
Housing Corporation of Arlington, as a nonprofit organization, is committed to providing and advocating for decent, affordable housing for low and moderate-income families and individuals in various communities. Its primary mission is to acquire, develop, improve, sell, manage, and lease affordable housing units. The corporation aims to make a positive impact on society by offering affordable housing options, ensuring social and economic diversity. Beyond housing, Housing Corporation of Arlington also provides other social and civic services to benefit low and moderate-income members of society.
In operation, the organization's affordable housing program offers apartments at rental levels below market rates. This program is provided through 61 rental units owned by Housing Corporation of Arlington. The program encompasses not only the direct costs of the rental properties but also the staff time and back-office costs associated with Housing Corporation of Arlington's overall affordable housing program. Through its dedication to providing affordable housing and related services, Housing Corporation of Arlington seeks to contribute positively to the lives of individuals and families in need, promoting a more inclusive and equitable society.
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Impact
July, 2024
The Housing Corporation of Arlington's impact is significant in providing and advocating for decent, affordable housing for low and moderate-income families and individuals in Arlington and surrounding communities. Through their affordable housing program, they offer apartments at rental levels below market rates, contributing to the economic diversity of the area. The organization's efforts in acquiring, developing, improving, selling, managing, and leasing affordable housing in Arlington have helped to address the housing needs of low and moderate-income families. Additionally, by providing social and civic services to benefit these members of society, the Housing Corporation of Arlington plays a crucial role in promoting community well-being and stability.
This information is meant to be a general summary of Housing Corporation Of Arlington. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $1
- Program Service Revenue: $1,416,273
- Gross Receipts: $3,008,942
Assets and Liabilities:
- Total Assets: $50,946,980
- Total Liabilities: $49,418,555
- Net Assets: $1,528,425
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPER FEES
Revenue
$883,412
RENTAL INCOME
Revenue
$532,861
Organization Details
Founding Year
1986
Phone
(781) 859-5294Principal Officer
Thomas Nee
Main Address
252 MASSACHUSETTS AVENUE, ARLINGTON, MA, 02474
Website
www.housingcorparlington.orgNTEE Category
Code: L82Z - Housing
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