Overview
What is Southeastern Massachusetts Affordab?
Southeastern Massachusetts Affordab is a nonprofit organization, specifically based in Brockton, Massachusetts. Their primary mission is to create affordable housing options for individuals with low to moderate income. They accomplish this by purchasing and rehabilitating multifamily homes within the city, owning and managing 42 units of residential rental housing. These units are rented out to qualified tenants at reduced rates, with additional subsidization from Section 8 Housing Assistance. In addition to providing housing, the organization also seeks to expand its affordable housing efforts by purchasing houses under foreclosure, rehabilitating them, and selling them to households whose income meets the affordability requirements, as stipulated by the Department of Housing and Urban Development. The homes are required to remain affordable for the duration of the Housing Investment Funds grant contract. This nonprofit organization's mission is dedicated to improving the living situations of low to moderate income individuals in the Southeastern Massachusetts area.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star rating)
Southeastern Massachusetts Affordable has received a stellar Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. The charity's overall score of 94% reflects a strong emphasis on transparency, with all evaluation criteria focused on Accountability & Finance. This rating suggests that the organization effectively manages its resources while maintaining clear and accessible financial practices.
The organization demonstrates significant strengths, including a fully independent board of directors, which fosters unbiased decision-making. Furthermore, it has established comprehensive policies regarding conflicts of interest, whistleblowing, and document retention, all of which contribute to its strong governance framework. The charity also maintains a robust program expense ratio of 83.37%, indicating that a large portion of its funds is directed towards its mission-driven activities rather than administrative costs.
Despite the positive aspects, there are no specific limitations mentioned in the data. The charity's performance on various financial metrics, such as a low liabilities to assets ratio of 41.67%, suggests sound financial management practices. Overall, Southeastern Massachusetts Affordable stands out as a reputable organization committed to transparency and effective use of funds in its community efforts.
This AI summary has been generated from information found on Charity Navigator.
Is Southeastern Massachusetts Affordab legitimate?
Southeastern Massachusetts Affordab is a legitimate nonprofit organization registered as a 501(c)(3) entity. Southeastern Massachusetts Affordab 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.
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What is the mission statement of Southeastern Massachusetts Affordab?
The mission of Southeastern Massachusetts Affordab, as outlined, is centrally focused on providing housing solutions for individuals with low to moderate income. In accordance with the Department of Housing and Urban Development's definition, the organization strives to make affordable housing accessible. This is accomplished through various initiatives, such as purchasing and rehabilitating multi-family homes within Brockton to create rental units. These units are then rented out to qualified tenants at reduced rates, with operations further subsidized through Section 8 housing assistance. Additionally, the organization acquires houses under foreclosure, rehabilitating them for sale to households meeting the affordability requirements. These homes are required to maintain their affordability status for a specified period, as specified in the Home Investment Funds grant contract.
Who is the CEO of Southeastern Massachusetts Affordab?
Thomas Thibeault is the Executive Di of Southeastern Massachusetts Affordab.
What is the revenue of Southeastern Massachusetts Affordab?
Southeastern Massachusetts Affordab's revenue in 2022 was $694,826.
Who are the executives of Southeastern Massachusetts Affordab and what are their salaries?
There 14 volunteers at Southeastern Massachusetts Affordab.
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Where can I find the form 990 for Southeastern Massachusetts Affordab?
Southeastern Massachusetts Affordab's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Southeastern Massachusetts Affordab
Southeastern Massachusetts Affordab, as a nonprofit organization, is dedicated to providing housing solutions for individuals with low to moderate income, in line with the guidelines set by the Department of Housing and Urban Development. This mission is accomplished through various initiatives. The organization purchases and rehabilitates multifamily homes within the city of Brockton, transforming them into affordable rental units for eligible tenants. These housing units are rented out at reduced rates, with operations further subsidized through Section 8 Housing Assistance. Additionally, Southeastern Massachusetts Affordab acquires houses under foreclosure, rehabilitates them, and sells them to households whose income falls within the affordability requirements, as specified in 24 CFR, Part 92.254. These homes are required to maintain their affordability status for the duration of the Home Investment Funds grant contract. In essence, Southeastern Massachusetts Affordab's mission is focused on creating and sustaining affordable housing options for those in need, thereby contributing to a more equitable living environment.
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Impact
July, 2024
Southeastern Massachusetts Affordab's impact is significant as it provides affordable housing for low to moderate-income individuals in the city of Brockton. By owning and managing 42 units of residential rental housing, the organization offers reduced rental rates to tenants who qualify based on their income levels. Additionally, Southeastern Massachusetts Affordab purchases and rehabilitates multifamily homes within Brockton, ensuring that more individuals have access to affordable housing options. This not only helps address the housing needs of the community but also contributes to stabilizing neighborhoods and improving overall quality of life for residents.
This information is meant to be a general summary of Southeastern Massachusetts Affordab. 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: $14,210
- Program Service Revenue: $288,541
- Gross Receipts: $694,826
Assets and Liabilities:
- Total Assets: $5,957,717
- Total Liabilities: $2,482,635
- Net Assets: $3,475,082
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DWELLING RENT
Revenue
$288,541
Organization Details
Founding Year
1996
Phone
(508) 588-6880Principal Officer
Thomas Thibeault
Main Address
45 GODDARD ROAD, BROCKTON, MA, 02301
NTEE Category
Code: L20 - Housing
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