Overview
What is Hub Ii Housing Development Fund Co Inc?
Hub Ii Housing Development Fund Co Inc is a nonprofit organization situated in Washingtonville, New York, specifically at 11 Silk Circle. Their primary mission is to develop and provide affordable housing for senior citizens, individuals with disabilities, and other individuals of low and moderate income levels. This venture includes the construction of a 64-unit apartment project, tailored to cater to the needs of this specific demographic. By focusing on low-income housing development, Hub Ii Housing Development Fund Co Inc contributes to the community, ensuring that a diverse group of individuals can access safe and affordable living spaces.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 71% (Two-Star out of Four Stars)
Hub II Housing Development Fund Co Inc has received a 71% rating from Charity Navigator, which indicates a Two-Star evaluation. This rating reflects a strong commitment to program expenses, with an impressive program expense ratio of 99.71%. The organization demonstrates good governance practices, with an independent board and effective financial auditing, leading to high scores in governance and accountability.
Despite its strengths in financial management and board independence, the organization faces challenges with its liabilities to assets ratio, which currently stands at 233.63%. This significant ratio suggests a concerning level of debt relative to assets, which could impact financial stability and future operations. While the organization excels in many areas, the high liability may raise questions about long-term sustainability.
Overall, Hub II Housing Development Fund Co Inc shows a solid commitment to its mission through efficient use of funds and strong governance. However, potential donors and stakeholders should consider the financial challenges highlighted by the liabilities to assets ratio when evaluating the organization's overall health.
This AI summary has been generated from information found on Charity Navigator.
Is Hub Ii Housing Development Fund Co Inc legitimate?
Hub Ii Housing Development Fund Co Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hub Ii Housing Development Fund Co 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:
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What is the mission statement of Hub Ii Housing Development Fund Co Inc?
Hub Ii Housing Development Fund Co Inc's mission is centered around providing affordable housing options. Their primary goal is to cater to the needs of senior citizens, individuals with disabilities, and other individuals with low and moderate incomes. To achieve this, the company is engaged in the development of housing projects, specifically a 64-unit apartment project, designed to accommodate this demographic. The organization's mission is to contribute to a more inclusive and equitable living environment by making housing affordable for these groups, thereby improving their quality of life.
Who is the CEO of Hub Ii Housing Development Fund Co Inc?
Joseph Galante is the President of Hub Ii Housing Development Fund Co Inc.
What is the revenue of Hub Ii Housing Development Fund Co Inc?
Hub Ii Housing Development Fund Co Inc's revenue in 2022 was $835,371.
Who are the executives of Hub Ii Housing Development Fund Co Inc and what are their salaries?
Here are 6 key members and their salaries:
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Where can I find the form 990 for Hub Ii Housing Development Fund Co Inc?
Hub Ii Housing Development Fund Co Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hub Ii Housing Development Fund Co Inc
Hub Ii Housing Development Fund Co Inc is an organization committed to providing affordable housing solutions. Its primary mission is to cater to the needs of senior citizens, individuals with disabilities, and other individuals of low and moderate income. This nonprofit endeavors to develop low-income housing projects, with a notable example being a 64-unit apartment project specifically designed for these groups of people. By offering affordable housing options, Hub Ii Housing Development Fund Co Inc aims to contribute to the well-being and stability of its target demographic, providing them with a secure place to live and call home.
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Impact
October, 2024
Hub II Housing Development Fund Co Inc significantly impacts the community by addressing the critical need for affordable housing. Through the development of a 64-unit apartment project in Washingtonville, NY, the organization provides much-needed living spaces for senior citizens, handicapped individuals, and others with low to moderate incomes. This initiative not only enhances the quality of life for its residents but also fosters a sense of community and belonging.
By creating accessible housing options, Hub II plays a vital role in reducing housing insecurity and contributing to the well-being of vulnerable populations. The project enables seniors and individuals with disabilities to live independently while enjoying the support and amenities that encourage community engagement. Overall, Hub II Housing Development Fund Co Inc serves as a crucial resource in promoting affordable housing and improving the living conditions for those in need.
This information is meant to be a general summary of Hub Ii Housing Development Fund Co 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: $525
- Program Service Revenue: $164,690
- Gross Receipts: $835,371
Assets and Liabilities:
- Total Assets: $1,146,111
- Total Liabilities: $2,677,684
- Net Assets: -$1,531,573
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTS-ROCKY KNOLL APAR
Revenue
$164,690
Organization Details
Phone
(845) 496-7772Principal Officer
Joseph Galante
Main Address
11 SILK CIRCLE, WASHINGTONVILLE, NY, 10992
NTEE Category
Code: L200 - Housing
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