Overview
What is Drake Manor Housing Development Fund Company Inc?
Drake Manor Housing Development Fund Company Inc is a nonprofit organization situated in Albany, New York. Their primary mission is to provide affordable housing for low-income senior citizens. They achieve this by acquiring and managing a 20-unit apartment complex in the city, operating under section 202 of the National Housing Act. This initiative enables eligible senior residents to access reasonably priced rental units, ensuring they maintain a comfortable living standard.
Is Drake Manor Housing Development Fund Company Inc legitimate?
Drake Manor Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Drake Manor Housing Development Fund Company 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $55,278
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What is the mission statement of Drake Manor Housing Development Fund Company Inc?
Drake Manor Housing Development Fund Company is dedicated to providing affordable living solutions for low-income seniors. They accomplish this by acquiring and managing a 20-unit apartment complex in compliance with Section 202 of the National Housing Act. This housing facility offers rental apartments to eligible individuals in need, thereby contributing to the well-being of this particular population segment. The company's mission aligns with the goal of ensuring senior citizens have access to housing that fits their income level, thereby fostering a sense of community and security.
What is the revenue of Drake Manor Housing Development Fund Company Inc?
Drake Manor Housing Development Fund Company Inc's revenue in 2024 was $195,748.
Who are the executives of Drake Manor Housing Development Fund Company Inc and what are their salaries?
The average compensation at Drake Manor Housing Development Fund Company Inc during 2024 was $18,426. There are 3 employees at Drake Manor Housing Development Fund Company Inc.
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Where can I find the form 990 for Drake Manor Housing Development Fund Company Inc?
Drake Manor Housing Development Fund Company Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Drake Manor Housing Development Fund Company Inc
Drake Manor Housing Development Fund Company, a nonprofit organization, is dedicated to providing low-income senior housing. They accomplish this mission by acquiring and managing a 20-unit apartment complex in an unspecified city, operating under Section 202 of the National Housing Act. This establishment offers affordable rental apartments to eligible low-income individuals, providing them with a secure and suitable living space. By offering this service, Drake Manor Housing Development Fund Company contributes to the well-being and comfort of senior citizens who may be financially constrained, ensuring they can maintain their independence and dignity within a supportive community.
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Impact
October, 2024
Drake Manor Housing Development Fund Company Inc significantly impacts the community by providing affordable housing specifically tailored for low-income seniors in Albany, New York. By managing a 20-unit apartment complex, the organization ensures that eligible individuals have access to safe and affordable rental options. This initiative not only addresses housing insecurity among seniors but also fosters a supportive environment where individuals can maintain their independence and dignity. Additionally, the presence of affordable housing plays a crucial role in promoting the overall well-being and stability of vulnerable populations, contributing to the vitality of the local community.
This information is meant to be a general summary of Drake Manor Housing Development Fund Company 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 2024.
- Investment Income: $310
- Program Service Revenue: $192,594
- Gross Receipts: $195,748
Assets and Liabilities:
- Total Assets: $339,532
- Total Liabilities: $28,225
- Net Assets: $311,307
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PAYM
Revenue
$113,789
RENTAL REVENUE
Revenue
$78,805
Organization Details
Founding Year
1997
Principal Officer
Sharon Smith
NTEE Category
Code: L210 - Housing
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