Overview
What is Carmel Housing Development Fund Company Inc?
Carmel Housing Development Fund Company Inc is a nonprofit organization situated in New York City, specifically at 1011 First Avenue, New York, NY 10022. Their primary mission is to support low-income housing, catering to distressed residents who receive rent subsidies through the HUD Section 8 program. Through program-related investments, they provide necessary housing and related facilities for a diverse range of individuals, including low-income people, the elderly, and those with disabilities. The organization's activities aim to enhance the overall living conditions of these vulnerable groups, contributing to a more inclusive and equitable community.
What are the reviews and ratings of this charity?
Charity Navigator Rating 39%, Zero-Star out of Four Stars . ting.
Carmel Housing Development Fund Company Inc has received a low rating from Charity Navigator, indicating significant concerns regarding its financial accountability and transparency. The organization scored particularly poorly in financial statements, posting a score of 0 out of 15 points, which raises questions about the reliability of its financial reporting practices. While it does have an independent board and maintains certain policies related to conflict of interest and whistleblowing, these strengths are overshadowed by its lack of financial transparency.
The organization has a solid structure with an independent board that meets governance standards, scoring full points in board independence and size. However, the absence of posted financial documents and a program expense ratio of 0% suggest that the organization is not effectively utilizing its resources or communicating its impact to the public. This lack of information could deter potential donors and supporters who are looking for transparency in nonprofit operations.
Overall, while there are a few governance strengths, the financial performance metrics indicate a troubling lack of accountability, which could hinder the organization’s ability to effectively serve its mission. Interested stakeholders should proceed with caution, given the significant financial reporting issues highlighted in the evaluation.
This AI summary has been generated from information found on Charity Navigator.
Is Carmel Housing Development Fund Company Inc legitimate?
Carmel Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Carmel 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Carmel Housing Development Fund Company Inc?
Carmel Housing Development Fund Company Inc's mission is to support low-income housing and related facilities for a wide range of individuals in need, including the elderly and disabled. They accomplish this through program-related investments. Specifically, the organization invests in an entity that provides affordable housing to distressed residents who receive rental subsidies through the HUD Section 8 program. Their goal is to provide housing solutions to the broadest spectrum of low- and moderate-income individuals, ensuring they have access to suitable living conditions.
Who is the CEO of Carmel Housing Development Fund Company Inc?
Beatriz Diaz Taveras is the President of Carmel Housing Development Fund Company Inc.
What is the revenue of Carmel Housing Development Fund Company Inc?
Carmel Housing Development Fund Company Inc's revenue in 2022 was $1,080,482.
Who are the executives of Carmel Housing Development Fund Company Inc and what are their salaries?
There 5 volunteers at Carmel Housing Development Fund Company Inc.
Here are 5 key members and their salaries:
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Where can I find the form 990 for Carmel Housing Development Fund Company Inc?
Carmel Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Carmel Housing Development Fund Company Inc
Carmel Housing Development Fund Company Inc, as a nonprofit organization, is dedicated to supporting low-income housing and related facilities for individuals who fall into the categories of low-income persons, elderly persons, and handicapped persons in need. The organization accomplishes this mission through program-related investments. It extends its support to a broad range of individuals within these categories, aiming to make a significant impact on their living situations.
In concrete terms, Carmel Housing Development Fund Company Inc achieves its mission by holding a note that it has classified as a program-related investment in an entity providing low-income housing. This entity caters primarily to distressed residents who receive rent subsidies through the HUD Section 8 program. By investing in such entities, Carmel Housing Development Fund Company Inc plays a vital role in making affordable housing options available to those who might otherwise struggle to secure adequate living conditions.
In summary, Carmel Housing Development Fund Company Inc's mission revolves around providing support for low-income housing and related facilities for a diverse group of individuals. Through program-related investments, the organization contributes to the development and maintenance of affordable housing options, ultimately aiming to improve the living conditions of those most in need.
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Impact
August, 2024
Carmel Housing Development Fund Company Inc plays a crucial role in providing low-income housing and related facilities to individuals in need. By supporting low-income housing initiatives and offering rent subsidies through programs like HUD Section 8, the organization directly impacts the lives of poor and distressed residents. Its focus on ensuring housing accessibility for low and moderate-income individuals, including the elderly and handicapped, demonstrates a commitment to addressing housing challenges for vulnerable populations in New York. Through its program-related investments, Carmel Housing Development Fund Company Inc contributes to fostering stable and supportive communities for those most in need of affordable housing solutions.
This information is meant to be a general summary of Carmel 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: $3,894
- Program Service Revenue: $1,076,588
- Gross Receipts: $1,080,482
Assets and Liabilities:
- Total Assets: $14,548,901
- Total Liabilities: $333,564
- Net Assets: $14,215,337
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PRI - INTEREST
Revenue
$998,857
ADMINISTRATIVE FEES
Revenue
$77,731
Organization Details
Founding Year
1980
Phone
(212) 371-1000Principal Officer
Beatriz Diaz Taveras
Main Address
1011 FIRST AVENUE, NEW YORK, NY, 100224134
NTEE Category
Code: L20 - Housing
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