Overview
What is Long Island Partnership Housing Development Fund Company Inc?
Long Island Partnership Housing Development Fund Company Inc, based in Hauppauge, New York, is a nonprofit organization dedicated to providing affordable housing solutions. They achieve this by acquiring and holding land titles from both public and private sources, securing financing for pre-development and construction activities, constructing homes, and ultimately transferring the land and completed units to eligible homebuyers. In 2022, they completed and transferred four housing units to qualified homeowners in Suffolk County, ensuring affordable housing for income-eligible families. To maintain affordability, they established an affiliate entity, Long Island Partnership CLT Housing Development Fund Company Inc, which retains ownership of the land within its land trust and leases it to homebuyers for a 99-year term. This shared-equity model allows for the sale of homes at below-market prices, preserving affordability in perpetuity.
Official website here: www.lihp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Long Island Partnership Housing Development Fund Company Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The nonprofit scored exceptionally high, with a 96% overall score that is solely derived from its Accountability & Finance metrics, indicating that it effectively manages its financial resources and adheres to best practices in governance.
The organization demonstrates a commitment to transparency and ethical practices, evidenced by a fully independent board and robust policies, including conflict of interest and whistleblower protections. Additionally, the organization has a high program expense ratio of 87.36%, which suggests that it allocates a substantial portion of its budget towards its programs rather than administrative costs.
While the ratings highlight significant strengths, there is no mention of specific programmatic outcomes or impacts, which could provide a fuller picture of the organization's effectiveness in achieving its mission. Nonetheless, the high accountability and financial management standards suggest that it is a trustworthy option for potential donors and supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Long Island Partnership Housing Development Fund Company Inc legitimate?
Long Island Partnership Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Long Island Partnership 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.
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For more financial information, click here
Official website here: www.lihp.org
What is the mission statement of Long Island Partnership Housing Development Fund Company Inc?
Long Island Partnership Housing Development Fund Company Inc was established with a primary objective of acquiring land, both from public and private sources, and securing financing for pre-development and construction activities. Their mission involves holding title to the land, constructing homes, and ultimately transferring completed housing units to homeowners. This process is in line with the organization's tax-exempt purpose, which is to provide housing solutions. The company's activities are funded through various grants, ensuring the development and rehabilitation of homes for homeowners.
Official website here: www.lihp.org
Who is the CEO of Long Island Partnership Housing Development Fund Company Inc?
Peter J Elkowitz Jr is the President / of Long Island Partnership Housing Development Fund Company Inc.
Official website here: www.lihp.org
What is the revenue of Long Island Partnership Housing Development Fund Company Inc?
Long Island Partnership Housing Development Fund Company Inc's revenue in 2022 was $1,677,517.
Official website here: www.lihp.org
Who are the executives of Long Island Partnership Housing Development Fund Company Inc and what are their salaries?
There 34 volunteers at Long Island Partnership Housing Development Fund Company Inc.
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Official website here: www.lihp.org
Where can I find the form 990 for Long Island Partnership Housing Development Fund Company Inc?
Long Island Partnership Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lihp.org
Learn more at the official website: www.lihp.org
Mission Statement of Long Island Partnership Housing Development Fund Company Inc
Long Island Partnership Housing Development Fund Company Inc was established with a specific mission. This organization was formed with the primary objective of acquiring land from both government and private sources. Once the land is secured, it proceeds to secure financing for pre-development and construction activities through various grants. The company then constructs homes and transfers the completed units and land to homebuyers, aligning with its tax-exempt purpose. In essence, Long Island Partnership Housing Development Fund Company Inc plays a critical role in the development and rehabilitation of housing units, ultimately providing homes to homeowners.
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Impact
July, 2024
Long Island Partnership Housing Development Fund Company Inc's impact is significant in providing affordable housing options to income-eligible families in Suffolk County. In 2022, they completed and transferred 4 home units to homebuyers who would not have been able to afford a new home in the market otherwise. Additionally, the organization has multiple other properties under construction, ensuring more families will have access to affordable housing options.
Through their shared-equity model, Long Island Partnership Housing Development Fund Company Inc ensures that the homes remain affordable in perpetuity by retaining ownership of the land within its land trust while allowing homebuyers to own the physical structure. This enables income-eligible families to purchase homes at below-market prices, addressing the critical issue of affordable housing in the region.
This information is meant to be a general summary of Long Island Partnership 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: $31,220
- Program Service Revenue: $1,607,580
- Gross Receipts: $1,688,713
Assets and Liabilities:
- Total Assets: $2,814,671
- Total Liabilities: $122,846
- Net Assets: $2,691,825
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALES AND DEVELOPER FEES
Revenue
$1,607,580
Organization Details
Founding Year
1988
Phone
(631) 435-4710Principal Officer
Peter J Elkowitz Jr
Main Address
180 OSER AVENUE SUITE 800, HAUPPAUGE, NY, 11788
Website
www.lihp.orgNTEE Category
Code: L200 - Housing
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