Overview
What is 54th Street Corporation Inc?
54th Street Corporation Inc, established in North Carolina, is a nonprofit organization with a specific mission. They were formed to oversee an 8-unit apartment complex located in Washington, D.C., which was funded and constructed under Section 811 of the National Housing Act. The primary objective of this organization is to provide affordable housing for low-income handicapped individuals. The U.S. Department of Housing and Urban Development (HUD) regulates and administers the project, with lower rental charges to tenants being covered through a Project Rental Assistance Contract (PRAC) provided by HUD. The organization's purpose is to enhance living conditions for the handicapped population in Washington D.C. by offering them suitable housing accommodations.
Is 54th Street Corporation Inc legitimate?
54th Street Corporation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. 54th Street Corporation 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: $23,280
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What is the mission statement of 54th Street Corporation Inc?
The 54th Street Corporation Inc, established under HUD Project No. 000_HD058, is committed to providing affordable housing for individuals with disabilities. Through the utilization of Section 811 of the National Housing Act, they own and manage an eight-unit apartment complex. This project is administered and regulated by the U.S. Department of Housing and Urban Development (HUD), ensuring that the housing is made available to low-income disabled individuals, subject to HUD-regulated rental charges and operating methods. Lower rental charges are covered through a Project Rental Assistance Contract (PRAC) provided by HUD.
Who is the CEO of 54th Street Corporation Inc?
Stephen Bernstein is the President/Ch of 54th Street Corporation Inc.
What is the revenue of 54th Street Corporation Inc?
54th Street Corporation Inc's revenue in 2023 was $98,775.
Who are the executives of 54th Street Corporation 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 54th Street Corporation Inc?
54th Street Corporation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of 54th Street Corporation Inc
54th Street Corporation Inc, a nonprofit organization, was established with a mission to provide affordable housing for individuals with disabilities in Washington D.C. The corporation was formed under the National Housing Act and operates an eight-unit apartment complex, funded and constructed under Section 811 of the act. This program, administered and regulated by the U.S. Department of Housing and Urban Development (HUD), aims to house low-income handicapped individuals. HUD sets the rental charges and operating methods for the project, and the corporation recovers lower rental costs through a Project Rental Assistance Contract (PRAC) provided by HUD. In essence, 54th Street Corporation Inc provides a much-needed living space for individuals with disabilities, ensuring they can live with affordability and dignity.
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Impact
October, 2024
54th Street Corporation Inc plays a vital role in addressing the housing needs of low-income individuals with disabilities in Washington, D.C. By owning and operating an 8-unit apartment complex specifically designed for these residents, the organization ensures access to affordable and suitable housing options that might otherwise be unavailable.
The project is financed through the Section 811 program of the National Housing Act, which is specifically aimed at providing affordable housing for people with disabilities. This regulatory framework not only facilitates lower rental charges for tenants but also ensures that these apartments meet essential standards for accessibility and livability. The operation is further supported by the Project Rental Assistance Contract (PRAC) with HUD, which helps subsidize costs and maintain compliance with federal regulations.
Through its activities, 54th Street Corporation Inc not only contributes to the physical infrastructure of affordable housing but also fosters an inclusive community where individuals with disabilities can thrive. This initiative enhances the quality of life for its residents, helping to alleviate the challenges they face in securing adequate housing. In summary, the impact of 54th Street Corporation Inc is significant; it provides essential housing, promotes independence, and supports the dignity of individuals with disabilities in the community.
This information is meant to be a general summary of 54th Street Corporation 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 2023.
- Investment Income: $1
- Program Service Revenue: $96,970
- Gross Receipts: $98,775
Assets and Liabilities:
- Total Assets: $1,073,971
- Total Liabilities: $15,775
- Net Assets: $1,058,196
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PAYMENTS
Revenue
$68,048
RENT REVENUE-GROSS POTENTIAL
Revenue
$28,922
Organization Details
Founding Year
2005
Phone
(919) 734-1111Principal Officer
Stephen Bernstein
Main Address
PO BOX 2063, GOLDSBORO, NC, 27533
NTEE Category
Code: P73 - Human services
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