Overview
What is Neighborhood Housing Services Of New York City?
Neighborhood Housing Services of New York City (NHSNYC) is a federally-certified Community Development Financial Institution (CDFI) based in New York City, with a mission to revitalize underserved neighborhoods by creating and preserving affordable housing. With a workforce of 22 employees, NHSNYC originates loans and grants for the acquisition or preservation of 1-to-4 family properties throughout the city, including houses, cooperatives, and condominium developments. The organization also provides renovation and repair loans for small buildings with between one-to-twenty housing units. In 2022, NHSNYC received a $7.5 million grant from Wells Fargo to expand lending through an Open Access Fund, helping low to moderate income borrowers bridge the gap to homeownership. NHSNYC empowers individuals and families to invest in, preserve, and improve their neighborhoods, homes, and futures, offering financial and homeownership education, loan origination, and mortgage facilitation to support the attainment and sustainability of homeownership for underserved New Yorkers.
Official website here: www.nhsnyc.org
What are the reviews and ratings of this charity?
85% rating from Charity Navigator indicates that Neighborhood Housing Services of New York City has a solid performance overall, earning a Three-Star out of Four Star rating. The organization excels in Accountability & Finance with a score of 90%, suggesting strong governance and financial management practices. Key factors contributing to this score include the presence of an independent board and a comprehensive conflict of interest policy.
The financial stewardship is commendable, with a program expense ratio of 89.53%, indicating that a large portion of funds are directed towards its mission-driven activities. This reflects the organization's commitment to effectively utilizing its resources for community benefit. Furthermore, the organization has robust oversight mechanisms, evidenced by its audit and oversight committee.
However, while the organization shows strong performance in financial accountability and governance, it only received a score of 10% in Culture & Community, which may suggest areas for improvement in community engagement and organizational culture. Overall, the nonprofit is well-managed and financially responsible, but there may be opportunities for enhancing its connection and impact within the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Neighborhood Housing Services Of New York City legitimate?
Neighborhood Housing Services Of New York City is a legitimate nonprofit organization registered as a 501(c)(3) entity. Neighborhood Housing Services Of New York City 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: $295,305
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,106,911
For more financial information, click here
Official website here: www.nhsnyc.org
What is the mission statement of Neighborhood Housing Services Of New York City?
Neighborhood Housing Services of New York City (NHSNYC) aims to revitalize underserved communities by creating and preserving affordable housing and providing opportunities for homeownership education, financial assistance, and community leadership. Through financial empowerment and affordable lending, NHSNYC enables individuals and families to invest in, preserve, and improve their neighborhoods, homes, and futures. In partnership with the private sector, government agencies, local residents, and businesses, NHSNYC offers a wide range of services based on the unique needs of each community, including financial and homeownership education, loan origination, and mortgage facilitation to support the attainment and sustainability of homeownership for underserved New Yorkers. The ultimate goal is to support the realization of the best possible quality of life for each New Yorker, starting with a stable home.
Official website here: www.nhsnyc.org
Who is the CEO of Neighborhood Housing Services Of New York City?
Derrick Griggs is the Treasurer of Neighborhood Housing Services Of New York City. The CEO's salary of Neighborhood Housing Services Of New York City is $186,788 and their total compensation is $216,634.
Official website here: www.nhsnyc.org
What is the revenue of Neighborhood Housing Services Of New York City?
Neighborhood Housing Services Of New York City's revenue in 2022 was $12,319,217.
Official website here: www.nhsnyc.org
Who are the executives of Neighborhood Housing Services Of New York City and what are their salaries?
The average compensation at Neighborhood Housing Services Of New York City during 2022 was $63,737. There are 22 employees at Neighborhood Housing Services Of New York City.
Here are 17 key members and their salaries (Neighborhood Housing Services Of New York City's CEO's salary is $186,788 and their total compensation is $216,634):
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- Compensation: $186,788
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- Other: $10,790
Official website here: www.nhsnyc.org
Where can I find the form 990 for Neighborhood Housing Services Of New York City?
Neighborhood Housing Services Of New York City's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nhsnyc.org
Learn more at the official website: www.nhsnyc.org
Mission Statement of Neighborhood Housing Services Of New York City
Neighborhood Housing Services of New York City (NHSNYC) is a mission-driven organization that breathes new life into underserved neighborhoods by creating and preserving affordable housing and providing opportunities for homeownership education, financial assistance, and community leadership. NHSNYC empowers individuals and families to invest in, preserve, and improve their neighborhoods, homes, and futures.
Through financial empowerment and affordable lending, NHSNYC enables New Yorkers to achieve and sustain homeownership. Partnering with the private sector, government agencies, local residents, and businesses, NHSNYC offers a wide range of services tailored to the needs of each community it serves. These services include financial and homeownership education, loan origination, and mortgage facilitation. NHSNYC's ultimate goal is to help each New Yorker attain the best quality of life possible, starting with a stable home.
NHSNYC plays a pivotal role in supporting the realization of a stable home for underserved New Yorkers. By offering financial assistance and homeownership education, NHSNYC equips individuals and families with the knowledge and resources they need to successfully navigate the homebuying process. Through its lending initiatives, NHSNYC makes homeownership an attainable goal for those who might otherwise be excluded from the housing market. NHSNYC's commitment to its communities goes beyond providing affordable housing – it fosters transformative change, one stable home and family at a time.
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Impact
October, 2024
Neighborhood Housing Services of New York City (NHSNYC) significantly impacts underserved communities by revitalizing neighborhoods through the creation and preservation of affordable housing. By offering tailored financial empowerment initiatives, NHSNYC enables individuals and families to access homeownership education, financial assistance, and community leadership opportunities.
As a certified Community Development Financial Institution (CDFI), NHSNYC provides a robust lending platform that facilitates loans and grants aimed at acquiring or preserving 1-to-4 family properties throughout New York City. This includes both single-family homes and units within cooperative and condominium developments. Additionally, NHSNYC addresses the needs of small building owners with renovation and repair loans for properties housing one to twenty units.
In 2022, NHSNYC garnered recognition from Wells Fargo, which awarded $7.5 million to expand their lending capabilities. This grant particularly aims to establish an open-access fund designed to assist low to moderate-income borrowers in overcoming financial barriers to home purchase.
By adopting a holistic approach that includes collaboration with the private sector, government agencies, and local residents, NHSNYC aligns its services with the specific needs of the communities it serves. Overall, the organization plays a vital role in supporting homeownership sustainability and enhancing the quality of life for New Yorkers, beginning with the foundational element of stable housing.
This information is meant to be a general summary of Neighborhood Housing Services Of New York City. 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: $495
- Program Service Revenue: $1,365,768
- Gross Receipts: $12,414,400
Assets and Liabilities:
- Total Assets: $25,135,298
- Total Liabilities: $21,147,629
- Net Assets: $3,987,669
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REHAB, LENDING PROGRAM
Revenue
$1,365,768
Organization Details
Founding Year
1982
Phone
(212) 519-2553Principal Officer
Derrick Griggs
Main Address
306 WEST 37TH ST SUITE 1101, NEW YORK CITY, NY, 10018
Website
www.nhsnyc.orgNTEE Category
Code: L800 - Housing
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