Overview
What is Northshore Housing Initiative Inc?
Northshore Housing Initiative Inc. is a community-focused nonprofit organization situated in Covington, Louisiana. Their primary mission is to provide affordable housing in the Northshore area. They operate as a community land trust, investing in land to help moderate-income homebuyers purchase properties using a shared equity model. By leasing the land to homebuyers with a long-term lease that includes a resale formula, Northshore Housing Initiative ensures affordability is preserved for future homebuyers. They have successfully closed on 17 properties so far, with funding for land purchases and operational costs provided by St. Tammany Parish Grants. The organization also collaborates with local partners to offer homebuyer and financial literacy training, ensuring safe and affordable mortgages for homebuyers.
Official website here: www.northshorelandtrust.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star Rating
Northshore Housing Initiative Inc has achieved a remarkable score of 96%, reflecting its strong commitment to accountability and financial responsibility. With a Four-Star rating, this organization demonstrates excellence in governance, primarily evidenced by its fully independent board comprising 87% independent members. The absence of material diversion of assets further underscores its integrity and sound financial practices.
The charity showcases a solid program expense ratio of 69.08%, indicating that a significant portion of its funds is directed towards its mission-related activities. This is complemented by a favorable liabilities to assets ratio of just 3.24%, suggesting a healthy financial position. Additionally, the organization maintains comprehensive policies, such as conflict of interest and whistleblower protocols, ensuring transparency and ethical management.
Overall, the strengths of Northshore Housing Initiative Inc lie in its robust governance and effective allocation of resources towards its programs. There are no noted limitations in the data, which points to a well-functioning and accountable organization that is dedicated to serving its community effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Northshore Housing Initiative Inc legitimate?
Northshore Housing Initiative Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northshore Housing Initiative 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $69,525
For more financial information, click here
Official website here: www.northshorelandtrust.org
What is the mission statement of Northshore Housing Initiative Inc?
Northshore Housing Initiative Inc, as a community land trust, is committed to the long-term stewardship of land and the affordability of workforce housing in the area. Using a shared equity model, the organization assists moderate-income homebuyers in purchasing a home by investing in the land. The land is leased to the homebuyer by the trust with a long-term lease that includes a resale formula, ensuring affordability is preserved for the next homebuyer. The mission of Northshore Housing Initiative Inc is to provide affordable housing options, thereby contributing to the community's sustainable growth and supporting the needs of its residents.
Official website here: www.northshorelandtrust.org
Who is the CEO of Northshore Housing Initiative Inc?
Jennifer Dexter is the Vice President of Northshore Housing Initiative Inc.
Official website here: www.northshorelandtrust.org
What is the revenue of Northshore Housing Initiative Inc?
Northshore Housing Initiative Inc's revenue in 2022 was $65,767.
Official website here: www.northshorelandtrust.org
Who are the executives of Northshore Housing Initiative Inc and what are their salaries?
The average compensation at Northshore Housing Initiative Inc during 2022 was $69,525. There is 1 employee and 7 volunteers at Northshore Housing Initiative Inc.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $57,012
- Related: $0
- Other: $0
Official website here: www.northshorelandtrust.org
Where can I find the form 990 for Northshore Housing Initiative Inc?
Northshore Housing Initiative Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.northshorelandtrust.org
Learn more at the official website: www.northshorelandtrust.org
Mission Statement of Northshore Housing Initiative Inc
Northshore Housing Initiative Inc, a community-based organization, is committed to the mission of providing affordable housing in the Northshore area. As a community land trust, the organization takes on the stewardship of land and leverages a shared equity model to ensure the long-term affordability of workforce housing. By investing in the land, Northshore Housing Initiative Inc enables moderate-income homebuyers to purchase a home. The land is leased to the homebuyer by the trust, and the lease includes a resale formula. This formula ensures that affordability is preserved for the next homebuyer, ensuring the sustainability of affordable housing in the community. In essence, Northshore Housing Initiative Inc plays a vital role in making homeownership a viable option for those with moderate incomes, thereby contributing to the community's social and economic fabric.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
August, 2024
Northshore Housing Initiative Inc's impact lies in its mission to provide affordable housing for the Northshore area through its innovative owner-identified homeownership program. By operating as a community land trust, the organization helps moderate-income homebuyers purchase homes by investing in the land and ensuring long-term affordability. Through partnerships and grants, Northshore Housing Initiative has facilitated the purchase of 17 properties to date, ensuring safe and affordable mortgages for homebuyers. This initiative not only addresses the immediate housing needs of the community but also seeks to preserve affordability for future generations through its shared equity model.
This information is meant to be a general summary of Northshore Housing Initiative 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.
- Gross Receipts: $65,767
Assets and Liabilities:
- Total Assets: $696,606
- Total Liabilities: $22,638
- Net Assets: $673,968
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
2001
Phone
(985) 893-3172Principal Officer
Jennifer Dexter
Main Address
222 NORTH VERMONT STREET 201C, COVINGTON, LA, 70433
Website
www.northshorelandtrust.orgNTEE Category
Code: L99 - Housing
If you are a representative of Northshore Housing Initiative Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.