Overview
What is Preservation Housing Partners?
Preservation Housing Partners, established in 2005, is a nonprofit organization based in Bloomfield Hills, Michigan. Its primary mission is to provide affordable housing for individuals with low to moderate income. They accomplish this by investing, constructing, acquiring, and rehabilitating multifamily residential properties. As of December 31, 2022, Preservation Housing Partners owns and operates seven such communities, including Fox Haven Apartments in Raleigh, North Carolina, and St. Andrew's Homes Apartments in Charlotte, North Carolina. The organization also invests in properties that qualify for historic rehabilitation tax credits. With a focus on affordable housing, Preservation Housing Partners aims to contribute positively to the communities it serves.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 84%, Three-Star out of Four Star rating
Preservation Housing Partners has received a solid rating of 84%, indicating a strong level of accountability and financial health. The overall score reflects the charity's commitment to maintaining high standards, particularly in its governance and financial practices, with a perfect score for its independent board structure and comprehensive oversight mechanisms.
The organization boasts an impressive record of responsible financial management, demonstrated by its low material diversion of assets and adherence to conflict of interest and whistleblower policies. The board consists of a majority of independent members, which enhances transparency and mitigates risks related to governance. Additionally, its program expenses are commendably high, suggesting a focus on mission-driven activities.
However, the charity’s liabilities to assets ratio is slightly above the ideal range, which could be a point of concern for potential donors. While the organization demonstrates effective management practices, stakeholders may want to monitor this financial metric to ensure the charity remains sustainable in the long term. Overall, Preservation Housing Partners appears to be a trustworthy nonprofit with a dedicated approach to its fiscal responsibilities.
This AI summary has been generated from information found on Charity Navigator.
Is Preservation Housing Partners legitimate?
Preservation Housing Partners is a legitimate nonprofit organization registered as a 501(c)(3) entity. Preservation Housing Partners 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: $596,430
For more financial information, click here
What is the mission statement of Preservation Housing Partners?
Preservation Housing Partners is dedicated to creating and preserving affordable housing for individuals with low to moderate incomes. The organization achieves this mission by investing in, constructing, acquiring, and rehabilitating multifamily residential properties. As of December 31, 2022, Preservation Housing Partners has a 100% ownership interest in seven entities managing affordable housing communities across the United States. These properties include Fox Haven Apartments in Raleigh, North Carolina, Heritage House Apartments in Lewisburg, Pennsylvania, and several others, each offering affordable housing options for their respective communities.
Who is the CEO of Preservation Housing Partners?
Robert S Diedrich is the President of Preservation Housing Partners.
What is the revenue of Preservation Housing Partners?
Preservation Housing Partners's revenue in 2022 was $2,883,171.
Who are the executives of Preservation Housing Partners and what are their salaries?
The average compensation at Preservation Housing Partners during 2022 was $298,215. There are 2 employees at Preservation Housing Partners.
Here are 6 key members and their salaries:
- Compensation: $359,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $170,000
- Related: $0
- Other: $0
Where can I find the form 990 for Preservation Housing Partners?
Preservation Housing Partners's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Preservation Housing Partners
Preservation Housing Partners, established under Section 501(C)(3) of the Internal Revenue Code in 2005, is a nonprofit organization dedicated to creating and preserving affordable housing for individuals with very low to moderate income. Their mission is achieved through strategic investments, construction, acquisition, and rehabilitation of multifamily residential properties. The corporation's primary goal is to provide housing solutions for those who fall within the income brackets of very low, low, and moderate income tenants.
To further expand its mission, Preservation Housing Partners has taken on the challenge of historic rehabilitation projects. By investing in properties that qualify for Historical Rehabilitation Tax Credits under Section 47 of the Internal Revenue Code, the organization has successfully restored and transformed several apartment communities. As of December 31, 2022, Preservation Housing Partners holds a 100% ownership interest in seven entities, each owning and operating affordable housing communities. These properties include Fox Haven Apartments in Raleigh, North Carolina, Heritage House Apartments in Lewisburg, Pennsylvania, Lewis Village Apartments in Elizabethtown, North Carolina, Northwoods Apartments in Burgaw, North Carolina, St. Andrew's Homes Apartments in Charlotte, North Carolina, Walnut Woods Apartments in Raleigh, North Carolina, and Spring Brook Manor Apartments in Eaton Rapids, Michigan.
In summary, Preservation Housing Partners is a nonprofit organization committed to improving the living conditions of low-income families by investing in, constructing, acquiring, and rehabilitating multifamily residential properties. Through its historical rehabilitation projects, the organization is not only preserving the charm of older properties but also providing affordable housing options for those in need.
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Impact
October, 2024
Preservation Housing Partners plays a crucial role in addressing the housing affordability crisis by creating and preserving affordable housing options for very low to moderate-income tenants. Through strategic investments, construction, and rehabilitation of multifamily residential properties, this organization directly impacts communities by increasing the availability of safe and stable housing.
As of December 31, 2022, Preservation Housing Partners owns and operates seven diverse affordable housing communities across North Carolina and Michigan. These properties, including Fox Haven Apartments, Heritage House Apartments, and Spring Brook Manor Apartments, provide refuge for families and individuals who might otherwise struggle to find quality housing within their budget.
Additionally, the organization invests in historical rehabilitations, enhancing the character and integrity of neighborhoods while ensuring these properties remain accessible to those in need. The commitment to affordable housing not only supports tenant stability but also contributes to the overall health and resilience of communities by fostering diverse and inclusive living environments.
This information is meant to be a general summary of Preservation Housing Partners. 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: $36,614
- Program Service Revenue: $1,146,112
- Gross Receipts: $2,914,137
Assets and Liabilities:
- Total Assets: $17,662,133
- Total Liabilities: $9,834,936
- Net Assets: $7,827,197
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,146,112
Organization Details
Founding Year
2005
Phone
(248) 933-8560Principal Officer
Robert S Diedrich
Main Address
5184 IRON GATE, BLOOMFIELD HILLS, MI, 48304
NTEE Category
Code: L21 - Housing
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