Overview
What is Farmingdale Housing Development Fund Company Inc?
Farmingdale Housing Development Fund Company Inc is a nonprofit organization, primarily established to provide affordable housing for low-income elderly and handicapped individuals who can live independently. Located in Farmingdale, New York, the organization operates an 80-unit apartment facility, designated as HUD Project Number 012 EH 288. Regulated by the U.S. Department of Housing and Urban Development (HUD), the project's rental charges and operating methods are regulated by HUD, and it also benefits from Section 8 Housing Assistance Payments (HAP) agreements with HUD. The majority of the project's rental income derives from HUD. In essence, the company's mission is to develop housing for those in need, in line with federal aid provisions.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Farmingdale Housing Development Fund Company Inc has received a Three-Star rating from Charity Navigator, indicating a strong level of accountability and financial health. The charity excels in several key areas, including having a fully independent board and comprehensive financial oversight. Their liabilities to assets ratio is low, which suggests financial stability, and they demonstrate a commitment to transparency by documenting board meeting minutes.
The organization has a solid program expense ratio, directing approximately 69.33% of its resources toward its programs, which is effective in demonstrating its focus on mission-related activities. The absence of any material diversion of assets further reinforces its integrity and responsible management of funds. These factors contribute to the overall positive assessment of the charity’s operations.
Despite its strengths, there are no specific notes on program outcomes or the impact of its initiatives in the provided data. While the financial metrics are strong, potential donors and supporters may wish to seek additional information on the charity's program effectiveness to gain a full understanding of its overall impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Farmingdale Housing Development Fund Company Inc legitimate?
Farmingdale Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Farmingdale Housing Development Fund Company 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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What is the mission statement of Farmingdale Housing Development Fund Company Inc?
Farmingdale Housing Development Fund Company Inc is established with the primary objective of developing housing facilities on a non-profit basis, specifically catering to elderly and handicapped individuals of low income. The company aims to address the lack of suitable housing for such individuals. To support this initiative, the company relies on federal, state, or municipal aid in the form of mortgages, as defined by Section 572 of the Private Housing Finance Law of New York. The tenants residing in these properties contribute towards the housing costs, with the remaining amount subsidized by the U.S. Department of H.U.D through Section 8 Rent Assistance Payments.
Who is the CEO of Farmingdale Housing Development Fund Company Inc?
Stephen Kressel is the Board Member of Farmingdale Housing Development Fund Company Inc.
What is the revenue of Farmingdale Housing Development Fund Company Inc?
Farmingdale Housing Development Fund Company Inc's revenue in 2022 was $1,487,868.
Who are the executives of Farmingdale Housing Development Fund Company Inc and what are their salaries?
There 14 volunteers at Farmingdale Housing Development Fund Company Inc.
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Where can I find the form 990 for Farmingdale Housing Development Fund Company Inc?
Farmingdale Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Farmingdale Housing Development Fund Company Inc
Farmingdale Housing Development Fund Company Inc, a non-profit organization, was established with the primary mission of providing housing for individuals who are elderly, low-income, and disabled. These individuals are capable of living independently, yet often struggle to find suitable housing options. The organization ensures that the rents paid by the tenants are subsidized, thanks to Section 8 Rent Assistance Payments from the US Department of HUD.
The company's mission is deeply rooted in the provision of housing projects for the aforementioned group of individuals. These projects are developed on a not-for-profit basis, and they are aided by either federally-aided mortgages, state-aided mortgages, or municipally-aided mortgages, as defined by Section 572 of the Private Housing Finance Law of the State of New York. The organization's mission is to address the lack of adequate housing for such individuals, thereby contributing to a more inclusive and equitable housing landscape.
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Impact
July, 2024
Farmingdale Housing Development Fund Company Inc's impact is significant in providing affordable housing options for low-income, elderly, and handicapped individuals in Farmingdale, New York. The company operates an 80-unit apartment facility that offers subsidized rents through Section 8 rent assistance payments from the US Department of Housing and Urban Development (HUD). This enables these vulnerable populations to live independently in a safe and affordable environment.
By offering housing options tailored to the needs of the elderly and handicapped individuals with limited means, Farmingdale Housing Development Fund Company Inc plays a crucial role in addressing the housing challenges faced by these communities. This not only provides a comfortable living space but also fosters a sense of community and support among residents facing similar circumstances. The company's mission to develop housing projects on a non-profit basis demonstrates a commitment to improving the quality of life for those who may not have access to adequate housing options otherwise.
This information is meant to be a general summary of Farmingdale Housing Development Fund Company 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: $7,527
- Program Service Revenue: $1,477,231
- Gross Receipts: $1,487,868
Assets and Liabilities:
- Total Assets: $3,536,925
- Total Liabilities: $1,082,912
- Net Assets: $2,454,013
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,477,231
Organization Details
Founding Year
1983
Phone
(516) 486-1000Principal Officer
Stephen Kressel
Main Address
CO STANAN MANAGEMENT 33 FRONT ST, HEMPSTEAD, NY, 11550
NTEE Category
Code: L21Z - Housing
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