Overview
What is Metro North Gardens Housing Development Fund Corporation?
Metro North Gardens Housing Development Fund Corporation is a nonprofit organization established in September 1983, primarily focused on providing affordable housing for low-income individuals. Situated in New York, NY, the organization manages a 48-unit apartment complex in the Bronx. It operates under the National Housing Act and regulations, with its rent and operational methods regulated by the U.S. Department of Housing and Urban Development (HUD). The project is subject to Section 8 Housing Assistance Payments agreements with HUD, and a substantial portion of its income comes from HUD as its primary program. The corporation's main mission is to offer housing solutions for those in need, contributing to the local community by providing affordable living spaces.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Metro North Gardens Housing Development Fund Corporation has a Charity Navigator rating of 67%, which classifies it as a Two-Star out of Four Stars organization. The score reflects a need for improvement, particularly in its financial stability, as indicated by its liabilities to assets ratio which is significantly low at 92.55%. This suggests potential financial risk, even though the organization has shown strong performance in other areas.
Strengths of the organization include a fully independent board, which demonstrates a commitment to governance and accountability. The board is composed entirely of independent members, and the organization has a solid program expense ratio of 92.03%, indicating that a substantial portion of its funds goes directly to its programs. Additionally, the organization maintains transparency with documented board meeting minutes and has no reported material diversion of assets.
Despite these strengths, the high liabilities to assets ratio raises concerns about the financial health of the organization. Addressing these financial challenges will be crucial for improving its overall rating and ensuring long-term sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Metro North Gardens Housing Development Fund Corporation legitimate?
Metro North Gardens Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Metro North Gardens Housing Development Fund Corporation 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
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What is the mission statement of Metro North Gardens Housing Development Fund Corporation?
The Metro North Gardens Housing Development Fund Corporation was established with the goal of providing housing for individuals with low income, in compliance with the National Housing Act. The corporation is regulated by the U.S. Department of Housing and Urban Development (HUD) with regard to rental charges and operating methods. The project is subject to Section 8 Housing Assistance Payments agreements with HUD, and a substantial portion of its rental income is derived from HUD, serving as its primary source of income. The corporation's main mission is to offer affordable housing solutions to those in need, in line with the regulations set by HUD.
Who is the CEO of Metro North Gardens Housing Development Fund Corporation?
Ronald Montessi is the Secretary of Metro North Gardens Housing Development Fund Corporation.
What is the revenue of Metro North Gardens Housing Development Fund Corporation?
Metro North Gardens Housing Development Fund Corporation's revenue in 2022 was $963,980.
Who are the executives of Metro North Gardens Housing Development Fund Corporation and what are their salaries?
Here are 4 key members and their salaries:
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Where can I find the form 990 for Metro North Gardens Housing Development Fund Corporation?
Metro North Gardens Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Metro North Gardens Housing Development Fund Corporation
Metro North Gardens Housing Development Fund Corporation, established in 1983, is a nonprofit organization dedicated to providing affordable housing for individuals with low income, as outlined in the National Housing Act. Regulated by the U.S. Department of Housing and Urban Development (HUD), the corporation adheres to specific rental charges and operating methods set by HUD. The project, consisting of 48 units, is subject to Section 8 Housing Assistance Payments agreements with HUD, and a substantial portion of its rental income is sourced from HUD, serving as its primary program. In essence, Metro North Gardens Housing Development Fund Corporation's mission is to offer housing opportunities for individuals in need, adhering to HUD regulations, and receiving financial support from the department to make this possible.
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Impact
August, 2024
Metro North Gardens Housing Development Fund Corporation's impact is crucial in providing affordable housing for low-income individuals in New York City. The corporation's mission, established in 1983, focuses on offering housing opportunities under the National Housing Act and regulations enforced by the U.S. Department of Housing and Urban Development (HUD). By managing a 48-unit apartment complex, the corporation plays a vital role in addressing the housing needs of the community. Additionally, the corporation's participation in Section 8 Housing Assistance Payments agreements with HUD ensures that a significant portion of the project's rental income comes from HUD, making it a reliable source of affordable housing for those in need. By offering programs for low-income housing, Metro North Gardens Housing Development Fund Corporation greatly impacts the lives of individuals who require safe and affordable housing options in the Bronx, NY area.
This information is meant to be a general summary of Metro North Gardens Housing Development Fund Corporation. 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: $1,402
- Program Service Revenue: $954,255
- Gross Receipts: $963,980
Assets and Liabilities:
- Total Assets: $6,973,216
- Total Liabilities: $6,459,596
- Net Assets: $513,620
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$954,255
Organization Details
Founding Year
1983
Phone
(718) 993-6798Principal Officer
Ronald Montessi
Main Address
C/O FOXY MGMT / 500 TRINITY AVENUE, BRONX, NY, 10455
NTEE Category
Code: L20 - Housing
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