Overview
What is New Hope Community Capital Inc?
New Hope Community Capital Inc, established in 1991, is a Massachusetts-based charitable corporation dedicated to promoting affordable housing for low-income individuals and families. Their mission involves combating community deterioration, improving blighted areas, and fostering economic development by providing employment opportunities. They achieve this by securing funding for affordable and mixed-income housing projects, facilitating private equity investments, and offering grants and loans. New Hope serves as a syndicator of affordable housing developments, generating Federal Low Income Housing Tax Credits (LIHTCs) and providing related services. Over its 29-year history, New Hope has raised over $300 million for housing developments across the U.S., housing approximately 5,000 households.
Official website here: www.newhopehousinginc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning a Two-Star out of Four Star rating.
New Hope Community Capital Inc has received a rating of 73% from Charity Navigator, indicating a moderate level of accountability and financial health. The organization excels in having a fully independent board and provides robust oversight of its financial statements. Notably, it has no material diversion of assets, showcasing sound financial management practices.
However, the rating reflects some weaknesses, particularly in its policies and financial transparency. The absence of a whistleblower policy and document retention policy raises concerns about governance practices. Additionally, the nonprofit does not post its tax forms on its website, which may hinder transparency for stakeholders and potential donors.
While the program expense ratio is commendable at 96.62%, indicating a strong focus on programmatic spending, the liabilities to assets ratio is concerning at 78.47%. This suggests that the organization may have a high level of liabilities relative to its assets, which could impact its financial stability in the long term.
This AI summary has been generated from information found on Charity Navigator.
Is New Hope Community Capital Inc legitimate?
New Hope Community Capital Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Hope Community Capital 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:
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For more financial information, click here
Official website here: www.newhopehousinginc.org
What is the mission statement of New Hope Community Capital Inc?
New Hope Community Capital Inc is an organization with a mission to promote community development. They aim to improve the social and economic conditions of underserved individuals, including low-income people and residents of economically distressed communities. The corporation directs its activities towards providing adequate access to capital and financial services for these groups. New Hope achieves this by facilitating private equity investments, making grants and loans, and serving as a syndicator for affordable housing developments. They work on projects controlled by charitable entities, aiming to increase the equity available for affordable housing and benefit disadvantaged populations. In its 29-year history, New Hope has raised over $300 million in equity for affordable housing developments, sponsored by tax-exempt organizations.
Official website here: www.newhopehousinginc.org
Who is the CEO of New Hope Community Capital Inc?
Thomas Buonopane is the Assistant Treasurer of New Hope Community Capital Inc.
Official website here: www.newhopehousinginc.org
What is the revenue of New Hope Community Capital Inc?
New Hope Community Capital Inc's revenue in 2022 was $7,579,229.
Official website here: www.newhopehousinginc.org
Who are the executives of New Hope Community Capital Inc and what are their salaries?
There 6 volunteers at New Hope Community Capital Inc.
Here are 12 key members and their salaries:
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Official website here: www.newhopehousinginc.org
Where can I find the form 990 for New Hope Community Capital Inc?
New Hope Community Capital Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newhopehousinginc.org
Learn more at the official website: www.newhopehousinginc.org
Mission Statement of New Hope Community Capital Inc
New Hope Community Capital Inc, established in 1991, is a charitable organization with a primary mission to promote community development. This mission is accomplished by focusing on improving the social and economic conditions of underserved individuals, including residents of economically distressed communities, low-income persons, and other underprivileged groups who lack adequate access to capital and financial services.
New Hope achieves its mission by facilitating private equity investments and providing grants and loans for affordable and mixed-income housing and related community development activities. The organization serves as a syndicator of affordable housing developments, generating Federal Low Income Housing Tax Credits (LIHTCs), and receives certain fees and expense reimbursements in connection with this role. New Hope is mission-driven and works exclusively on affordable housing projects controlled by one or more charitable entities.
By introducing potential LIHTC investors to investment opportunities and assisting them in analyzing the financial feasibility and structure of projects, New Hope plays a crucial role in the financing of affordable rental housing developments. The organization also forms single-purpose entities, typically Limited Liability Companies (LLCs), to serve as LIHTC investment funds. New Hope manages these funds, providing management and administrative services for which it receives fees.
In its 29-year history, New Hope has raised over $300 million in equity, which has been invested in affordable and mixed-income housing developments sponsored by tax-exempt organizations. The organization has also sponsored or co-sponsored fourteen investment funds, which have invested in more than 65 affordable housing or mixed-income developments in fourteen states, providing housing for approximately 5,000 households. In addition to these direct investments, New Hope advances its mission by making grants and loans in support of affordable housing and community development activities and tax-exempt organizations pursuing similar missions.
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Impact
July, 2024
New Hope Community Capital Inc's impact is evident in its commitment to promoting community development and improving the social and economic conditions of underserved individuals and families. Through its focus on affordable housing initiatives, New Hope has facilitated the creation of affordable and mixed-income housing options for low and very low-income households. By raising over $300 million in equity and investing in more than 65 affordable housing developments across fourteen states, New Hope has directly benefited approximately 5,000 households.
Furthermore, New Hope's support extends beyond housing projects to include grants and loans that bolster community development activities and empower tax-exempt organizations with similar missions. By providing access to capital and financial services for those who lack adequate resources, New Hope plays a vital role in combating community deterioration and promoting economic development in disadvantaged areas.
In essence, New Hope Community Capital Inc's impactful work in affordable housing not only addresses the immediate housing needs of vulnerable populations but also contributes to the overall well-being and stability of communities facing economic challenges.
This information is meant to be a general summary of New Hope Community Capital 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: $1,580,027
- Program Service Revenue: $4,349,202
- Gross Receipts: $7,579,229
Assets and Liabilities:
- Total Assets: $44,271,905
- Total Liabilities: $34,743,401
- Net Assets: $9,528,504
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON NOTE RECEIVABLE
Revenue
$2,359,038
CHARGE-OFF RECOVERY INCOME
Revenue
$1,985,164
DISPOSITION FEES
Revenue
$5,000
Organization Details
Founding Year
1991
Phone
(857) 221-8600Principal Officer
Thomas Buonopane
Main Address
CO TCB 185 DARTMOUTH STREET, BOSTON, MA, 02116
Website
www.newhopehousinginc.orgNTEE Category
Code: L21 - Housing
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