Overview
What is Community Homes Housing Development Fund Company?
Community Homes Housing Development Fund Company, based in New York City, is a nonprofit organization dedicated to expanding and enhancing the city's affordable housing inventory. With a focus on underserved populations such as minorities, immigrants, and low- and moderate-income individuals, the company acquires, rehabilitates, or builds one- to four-family homes. They strongly believe in the wealth-generating potential of home ownership in communities and subsequently sell the homes they develop to families within their target demographic. To ensure these families are prepared for homeownership, they provide referrals to an affiliate counseling and training provider.
Official website here: www.aafe.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 79% - Three-Star out of Four Star Rating
Community Homes Housing Development Fund Company has earned a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The score is based entirely on the Accountability & Finance beacon, which reflects the organization's commitment to transparency and responsible financial management.
The nonprofit exhibits strong practices, as evidenced by its perfect scores in critical areas such as financial statements oversight, conflict of interest policy, and whistleblower policy. Additionally, the organization maintains a commendable program expense ratio of 81.04%, demonstrating a focus on directing funds towards its mission rather than administrative costs.
However, while the overall score is positive, the liabilities to assets ratio of 52.17% points to a moderate level of indebtedness. This may warrant further attention to ensure long-term sustainability and financial stability. Overall, the organization shows solid performance in accountability and finance, furthering its mission in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Community Homes Housing Development Fund Company legitimate?
Community Homes Housing Development Fund Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Community Homes Housing Development Fund Company 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
Official website here: www.aafe.org
What is the mission statement of Community Homes Housing Development Fund Company?
The Community Homes Housing Development Fund Company, often referred to as CHHDFC, was established with a mission to enhance and improve the availability of affordable housing in various communities. This organization primarily focuses on promoting and fostering home ownership among minority, immigrant, low-income, and underserved populations. To achieve this goal, CHHDFC acquires, rehabilitates, or constructs one- to four-family homes. After completing the development process, the company sells these homes to families within the targeted population. Recognizing the wealth-generating potential of home ownership, CHHDFC assists these families in preparing to purchase their homes through collaborations with affiliate counseling and training providers.
Official website here: www.aafe.org
Who is the CEO of Community Homes Housing Development Fund Company?
Thomas Yu is the Secretary of Community Homes Housing Development Fund Company.
Official website here: www.aafe.org
What is the revenue of Community Homes Housing Development Fund Company?
Community Homes Housing Development Fund Company's revenue in 2022 was $1,113,756.
Official website here: www.aafe.org
Who are the executives of Community Homes Housing Development Fund Company and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $163,579
- Other: $13,682
- Compensation: $0
- Related: $142,982
- Other: $43,741
- Compensation: $0
- Related: $160,060
- Other: $40,689
- Compensation: $0
- Related: $268,262
- Other: $53,542
- Compensation: $0
- Related: $63,837
- Other: $1,921
- Compensation: $0
- Related: $96,262
- Other: $10,776
Official website here: www.aafe.org
Where can I find the form 990 for Community Homes Housing Development Fund Company?
Community Homes Housing Development Fund Company's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.aafe.org
Learn more at the official website: www.aafe.org
Mission Statement of Community Homes Housing Development Fund Company
Community Homes Housing Development Fund Company, established with a mission, aims to increase and enhance the affordable housing stock in cities, particularly focusing on underserved populations such as minority, immigrant, low-income, and underrepresented communities. This nonprofit organization believes in the transformative power of home ownership and strives to promote and advance it within these communities. To achieve this goal, Community Homes Housing Development Fund Company acquires, rehabilitates, or builds one-to-four-family homes, and subsequently sells them to eligible families. By doing so, the organization supports the wealth-generating effects of home ownership within these communities. To prepare families for homeownership, Community Homes Housing Development Fund Company also refers them to an affiliate counseling and training provider. In summary, the mission of Community Homes Housing Development Fund Company is to enhance affordable housing options and promote home ownership for underserved populations, thereby fostering community growth and wealth creation.
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Impact
October, 2024
Community Homes Housing Development Fund Company (CHHDFC) significantly impacts New York City by enhancing the availability of affordable housing for minority, immigrant, low- to moderate-income, and underserved populations. By acquiring, rehabilitating, and building new one- to four-family homes, CHHDFC not only increases the affordable housing stock but also fosters home ownership in these communities.
The organization recognizes the wealth-generating potential of home ownership and actively participates in selling the developed homes to families within targeted demographics. Furthermore, CHHDFC prioritizes the long-term success of these families by providing resources and referrals to affiliated counseling and training providers, which equip them with the necessary knowledge and skills for home purchasing. This holistic approach contributes to stable communities, economic mobility, and increased equity in access to housing. Overall, CHHDFC plays a vital role in shaping a more inclusive and sustainable housing landscape in New York City.
This information is meant to be a general summary of Community Homes Housing Development Fund Company. 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.
- Program Service Revenue: $461,304
- Gross Receipts: $4,095,747
Assets and Liabilities:
- Total Assets: $13,038,441
- Total Liabilities: $6,803,107
- Net Assets: $6,235,334
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$287,326
LOAN INTEREST INCOME
Revenue
$173,978
Organization Details
Founding Year
2000
Phone
(212) 964-2288Principal Officer
Thomas Yu
Main Address
2 ALLEN STREET 7TH FLOOR, NEW YORK, NY, 10002
Website
www.aafe.orgNTEE Category
Code: L25 - Housing
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