Overview
What is Chinatown Preservation Housing Development Fund Companyinc?
Chinatown Preservation Housing Development Fund Companyinc is a nonprofit organization situated in New York City, specifically at 141 Norfolk Street, New York, NY 10002. Their primary mission involves acquiring, preserving, and operating affordable rental housing for families with low to median incomes. They currently manage six buildings, providing a total of 132 units within New York City. This organization plays a significant role in ensuring that affordable housing remains accessible within the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Chinatown Preservation Housing Development Fund Companyinc has received a two-star rating on Charity Navigator, indicating that there are areas where the organization can improve. The organization scored 64% overall, with particular strengths in program expense ratio, demonstrating a commitment to allocating a significant portion of its funds towards programs. The financial statements and oversight committee were also rated positively, showcasing an adherence to some accountability measures.
However, the organization faces concerns related to governance, as evidenced by the absence of independent board members and issues with the transparency of its financial documents. The liabilities to assets ratio of 110.36% raises questions about financial stability, and the lack of a publicly accessible website further hinders transparency. Additionally, the organization has not posted its tax forms online, which is a significant drawback for accountability.
While the nonprofit has established policies like conflict of interest and whistleblower protections, the overall lack of independent oversight and governance issues suggests that there is room for improvement. Strengthening these areas could enhance the organization's credibility and effectiveness in serving its community.
This AI summary has been generated from information found on Charity Navigator.
Is Chinatown Preservation Housing Development Fund Companyinc legitimate?
Chinatown Preservation Housing Development Fund Companyinc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Chinatown Preservation Housing Development Fund Companyinc 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
What is the mission statement of Chinatown Preservation Housing Development Fund Companyinc?
The Chinatown Preservation Housing Development Fund Companyinc is committed to acquiring, preserving, and operating affordable rental housing for families with low to median incomes. Their mission is to provide a stable living environment for these families, ensuring they have access to affordable housing options. The company currently manages six low-income housing buildings with a total of 132 units, situated in various locations. Their goal is to make a significant impact by supporting the housing needs of these income groups, contributing to the well-being and stability of their communities.
Who is the CEO of Chinatown Preservation Housing Development Fund Companyinc?
Thomas Yu is the Assistant Secretary of Chinatown Preservation Housing Development Fund Companyinc.
What is the revenue of Chinatown Preservation Housing Development Fund Companyinc?
Chinatown Preservation Housing Development Fund Companyinc's revenue in 2022 was $2,331,872.
Who are the executives of Chinatown Preservation Housing Development Fund Companyinc and what are their salaries?
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $163,579
- Other: $13,682
- Compensation: $0
- Related: $160,060
- Other: $40,689
- Compensation: $0
- Related: $268,262
- Other: $53,087
- Compensation: $0
- Related: $96,262
- Other: $10,776
Where can I find the form 990 for Chinatown Preservation Housing Development Fund Companyinc?
Chinatown Preservation Housing Development Fund Companyinc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Chinatown Preservation Housing Development Fund Companyinc
Chinatown Preservation Housing Development Fund Companyinc is an organization dedicated to acquiring, preserving, and operating affordable rental housing for families with low to median incomes. Their mission is to provide a stable living environment for these families, ensuring they have access to housing that fits their financial situation. By acquiring and preserving existing housing units, the company is able to maintain the affordability of these properties, preventing them from being converted into more expensive units. Additionally, Chinatown Preservation Housing Development Fund Companyinc operates these properties, ensuring the buildings are well-maintained and safe for its residents. Their efforts contribute to the overall stability and well-being of low to median income families, providing them with a secure place to call home.
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Impact
October, 2024
Chinatown Preservation Housing Development Fund Company Inc. plays a vital role in the New York community by acquiring, preserving, and operating affordable rental housing for low to median-income families. With ownership of six low-income housing buildings that collectively offer 132 units, it directly addresses the pressing need for accessible housing in a rapidly gentrifying city.
By providing stable housing options, the organization helps to combat displacement and supports families in maintaining their cultural and community ties. This housing initiative not only enhances living conditions but also fosters a sense of belonging among residents. Furthermore, by ensuring that affordable housing remains available, it contributes to the overall economic diversity and stability of the neighborhood, ultimately helping to reduce crime associated with housing instability. Through its efforts, the organization is instrumental in preserving the cultural heritage of Chinatown while supporting the well-being of its residents.
This information is meant to be a general summary of Chinatown Preservation Housing Development Fund Companyinc. 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: $6,598
- Program Service Revenue: $2,278,599
- Gross Receipts: $2,331,872
Assets and Liabilities:
- Total Assets: $25,403,465
- Total Liabilities: $28,035,941
- Net Assets: -$2,632,476
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$2,248,020
BAD DEBT RECOVERIES
Revenue
$30,579
Organization Details
Founding Year
2005
Phone
(212) 477-2265Principal Officer
Thomas Yu
Main Address
141 NORFOLK STREET, NEW YORK, NY, 10002
NTEE Category
Code: I20 - Crime
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