Overview
What is Lincoln Towers Housing Development Fund Corporation?
Lincoln Towers Housing Development Fund Corporation is a nonprofit organization based in Elmsford, New York. With a workforce of three individuals, their primary mission is centered around acquiring and operating a residential rental project, specifically an 89-unit complex situated in New Rochelle, New York. This project is supported by the United States Department of Housing and Urban Development under Section 8 Conversion Programs, aimed at providing affordable housing options. The organization's activities are focused on managing this project in accordance with the National Housing Act.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Stars)
Lincoln Towers Housing Development Fund Corporation has received a Two-Star rating from Charity Navigator, indicating a moderate level of financial health and accountability. The organization demonstrates strong governance with 100% independent board members and effective oversight through its audit committee, which reflects positively on its operational integrity.
Strengths include a high program expense ratio of 95.48%, suggesting that most of its funds are directed toward its mission rather than administrative costs. The organization also maintains transparency by documenting board meeting minutes and reporting no material diversion of assets, which are positive indicators of accountability.
However, the rating is tempered by a concerning liabilities to assets ratio of 148.28%, signaling potential financial risks. While the organization shows commendable commitment to its programs, its financial stability may require closer monitoring to ensure long-term sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Lincoln Towers Housing Development Fund Corporation legitimate?
Lincoln Towers Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lincoln Towers 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: $135,997
For more financial information, click here
What is the mission statement of Lincoln Towers Housing Development Fund Corporation?
The Lincoln Towers Housing Development Fund Corporation's mission is centered around acquiring and managing an 89-unit residential rental project, situated somewhere in the United States, under the National Housing Act. This mission is carried out under the support of the US Department of Housing and Urban Development, specifically through Section 8 Conversion Programs. Their primary objective is to provide low-income housing units, contributing to the overall housing market and supporting individuals requiring affordable housing options.
Who is the CEO of Lincoln Towers Housing Development Fund Corporation?
Rev Dr Michael J Rouse is the Chair of Lincoln Towers Housing Development Fund Corporation.
What is the revenue of Lincoln Towers Housing Development Fund Corporation?
Lincoln Towers Housing Development Fund Corporation's revenue in 2022 was $1,977,813.
Who are the executives of Lincoln Towers Housing Development Fund Corporation and what are their salaries?
The average compensation at Lincoln Towers Housing Development Fund Corporation during 2022 was $45,332. There are 3 employees at Lincoln Towers Housing Development Fund Corporation.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Lincoln Towers Housing Development Fund Corporation?
Lincoln Towers Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Lincoln Towers Housing Development Fund Corporation
Lincoln Towers Housing Development Fund Corporation is an organization with a mission to obtain and manage a 89-unit residential rental project, situated in New Rochelle, New York. This mission is carried out under the umbrella of the National Housing Act. In simpler terms, the corporation seeks to acquire and manage an affordable housing complex, providing shelter for low-income individuals, with financial support from the United States Department of Housing and Urban Development, specifically through Section 8 Conversion Programs.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Lincoln Towers Housing Development Fund Corporation plays a vital role in enhancing the housing landscape in New Rochelle, NY, by operating an 89-unit residential rental project that specifically caters to low-income residents. By acquiring and managing these units under the National Housing Act, the organization contributes significantly to community stability and economic diversity.
The project is supported by the U.S. Department of Housing and Urban Development through the Section 8 Conversion Programs, ensuring that affordable housing options remain accessible for those in need. This initiative not only helps alleviate housing insecurity but also fosters a sense of community among residents by providing safe and decent living conditions.
Moreover, by maintaining a focus on low-income housing, Lincoln Towers helps to mitigate the challenges faced by vulnerable populations, improving their quality of life and offering them the opportunity to thrive in a supportive environment. Overall, the impact of Lincoln Towers Housing Development Fund Corporation extends far beyond just providing shelter; it embodies a commitment to building stronger communities through sustainable and affordable housing solutions.
This information is meant to be a general summary of Lincoln Towers 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: $14,996
- Program Service Revenue: $425,688
- Gross Receipts: $1,977,813
Assets and Liabilities:
- Total Assets: $8,040,061
- Total Liabilities: $11,570,255
- Net Assets: -$3,530,194
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTAL INCOME
Revenue
$416,210
LAUNDRY INCOME
Revenue
$5,617
PARKING INCOME
Revenue
$3,861
Organization Details
Founding Year
1997
Phone
(914) 592-5434Principal Officer
Rev Dr Michael J Rouse
Main Address
5 West Main Street, Elmsford, NY, 10523
NTEE Category
Code: L21 - Housing
If you are a representative of Lincoln Towers Housing Development Fund Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.