Overview
What is Merrimack Valley Housing Partnership Inc?
Merrimack Valley Housing Partnership Inc, located in Lowell, Massachusetts, is a dedicated nonprofit organization with a mission to promote responsible and sustainable homeownership opportunities for individuals with lower and moderate incomes. They achieve this goal by offering comprehensive training and counseling, promoting the utilization of special mortgage products, and advocating for down payment assistance programs. Through their project, Genesis Home Buyer Training Series, they reach over 800 participants annually, with over 60% having incomes below 80% of the area median income. The training series has played a significant role in enabling nearly 8,000 households to purchase their first homes. The organization's efforts contribute to strengthening communities and providing stability for families in need.
Official website here: www.mvhp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 85%
Merrimack Valley Housing Partnership Inc has received an 85% rating from Charity Navigator, which translates to a Three-Star out of Four Star rating. This score reflects the organization's strong performance in areas such as accountability and finance, with notable strengths including a fully independent board and robust oversight measures. The charity scored particularly well in its financial statements and asset management, indicating sound financial practices.
However, the organization has some limitations in its governance policies, as it lacks a whistleblower policy, which is crucial for ensuring transparency and accountability. Despite this shortcoming, the charity demonstrates a commitment to good governance through its conflict of interest policy and proper documentation of board meeting minutes. The program expense ratio stands at 64.02%, suggesting a good portion of its budget is directed towards its programs, though there is room for improvement in this area.
Overall, Merrimack Valley Housing Partnership Inc shows a solid performance in various accountability standards, but addressing its current governance gaps could enhance its credibility and effectiveness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Merrimack Valley Housing Partnership Inc legitimate?
Merrimack Valley Housing Partnership Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Merrimack Valley Housing Partnership Inc 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: $210,784
Professional Fundraising Fees: $0
Other Salaries and Wages: $85,716
For more financial information, click here
Official website here: www.mvhp.org
What is the mission statement of Merrimack Valley Housing Partnership Inc?
Merrimack Valley Housing Partnership Inc's mission is centered around promoting responsible and sustainable home ownership opportunities for individuals with low and moderate income. They achieve this by offering comprehensive training and counseling, as well as advocating for the use of specialized mortgage products and down payment assistance programs. The organization's Project Genesis Home Buyer Training Series, available in English, Spanish, and Khmer, annually reaches over 800 participants, many of whom earn 80% or less of the area median income. As a result, nearly 8,000 households have successfully purchased their first homes after completing the training.
Official website here: www.mvhp.org
Who is the CEO of Merrimack Valley Housing Partnership Inc?
Paulette Renault-Caragianes is the President of Merrimack Valley Housing Partnership Inc.
Official website here: www.mvhp.org
What is the revenue of Merrimack Valley Housing Partnership Inc?
Merrimack Valley Housing Partnership Inc's revenue in 2022 was $631,649.
Official website here: www.mvhp.org
Who are the executives of Merrimack Valley Housing Partnership Inc and what are their salaries?
The average compensation at Merrimack Valley Housing Partnership Inc during 2022 was $74,125. There are 4 employees and 70 volunteers at Merrimack Valley Housing Partnership Inc.
Here are 17 key members and their salaries:
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- Compensation: $86,014
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- Compensation: $92,250
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- Other: $2,990
Official website here: www.mvhp.org
Where can I find the form 990 for Merrimack Valley Housing Partnership Inc?
Merrimack Valley Housing Partnership Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mvhp.org
Learn more at the official website: www.mvhp.org
Mission Statement of Merrimack Valley Housing Partnership Inc
Merrimack Valley Housing Partnership Inc, a nonprofit organization, is committed to promoting responsible and sustainable home ownership opportunities for individuals with low and moderate income levels. To achieve this mission, the organization produces comprehensive training and counseling, as well as advocates for the use of specialized mortgage products and down payment assistance programs.
By providing the Project Genesis Home Buyer Training Series in multiple languages – English, Spanish, and Khmer – the organization reaches over 800 participants annually. A significant portion of these participants, approximately 60%, have incomes that are 80% or less of the area median income. The impact of this training is substantial, with nearly 8,000 families successfully purchasing their first homes after completing the program.
In essence, Merrimack Valley Housing Partnership Inc is dedicated to empowering individuals and families with limited financial resources to become homeowners. Through its training and counseling services, the organization aims to equip them with the necessary knowledge and resources to make informed decisions about home ownership, utilizing specialized mortgage products and down payment assistance programs to make this dream a reality.
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Impact
July, 2024
Merrimack Valley Housing Partnership Inc's impact is significant in promoting responsible and sustainable homeownership opportunities for low and moderate-income earners. Through their comprehensive training and counseling programs, as well as the promotion of special mortgage products and down payment assistance programs, they have enabled over 8,000 households to purchase their first homes. Their Project Genesis Home Buyer Training Series, offered in multiple languages, reaches over 800 participants annually, with more than 60% having incomes of 80% or less than the area median income. This demonstrates the organization's commitment to making homeownership more accessible and empowering individuals and families to achieve this important milestone.
This information is meant to be a general summary of Merrimack Valley Housing Partnership Inc. 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: $1,750
- Program Service Revenue: $49,716
- Gross Receipts: $767,005
Assets and Liabilities:
- Total Assets: $1,472,655
- Total Liabilities: $11,259
- Net Assets: $1,461,396
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
COURSE FEES
Revenue
$49,716
Organization Details
Founding Year
1986
Phone
(978) 459-8490Principal Officer
Paulette Renault-Caragianes
Main Address
PO BOX 1042, LOWELL, MA, 01853
Website
www.mvhp.orgNTEE Category
Code: L20Z - Housing
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