Overview
What is Ridgewood Bushwick Homesteading Assistance Hdfc?
Ridgewood Bushwick Homesteading Assistance Hdfc is a joint venture between UHAB and Riseboro Community Partnership, situated in New York City. With a focus on low-income housing, they temporarily manage 17 multi-unit buildings located in the Bushwick section of Brooklyn, housing 89 units. UHAB plays a crucial role in facilitating financing, overseeing renovations, and providing training and technical assistance to residents. Additionally, UHAB will be responsible for creating a community land trust and handling the legal conversion of this scattered-site affordable housing development into a community cooperative on a land trust. Riseboro Community Partnership manages the buildings and assists with resident relocation during construction.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 70%, Two-Star out of Four Star rating. This rating indicates that Ridgewood Bushwick Homesteading Assistance HDFC has room for improvement in its accountability and finance practices. The organization has received a score of 70% for its overall accountability and finance, which particularly reflects concerns regarding transparency and the availability of financial statements.
Strengths include a strong commitment to program expenditures, with 79.75% of its expenses directed towards its programs. The organization also demonstrates good governance practices with a majority of independent board members and policies in place for conflict of interest, whistleblower protection, and document retention. These practices contribute positively to its operational integrity.
However, notable limitations exist, particularly regarding the absence of public financial statements and meeting minutes, which raises questions about transparency. Additionally, the nonprofit's website is missing essential information that could enhance stakeholder confidence. Addressing these issues could significantly improve its rating and public perception.
This AI summary has been generated from information found on Charity Navigator.
Is Ridgewood Bushwick Homesteading Assistance Hdfc legitimate?
Ridgewood Bushwick Homesteading Assistance Hdfc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ridgewood Bushwick Homesteading Assistance Hdfc 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
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What is the mission statement of Ridgewood Bushwick Homesteading Assistance Hdfc?
Ridgewood Bushwick Homesteading Assistance Hdfc's mission is centered around facilitating financing, physical rehabilitation, and cooperative conversion of certain multi-family dwellings. The organization assumes temporary ownership and management of low-income housing projects, preparing them for conversion into cooperative groups. UHAB, in its role with Ridgewood Bushwick Hdfc, facilitates financing, oversees renovations, and provides resident training and technical assistance. Additionally, UHAB is responsible for creating a community land trust and handling the legal work for the cooperative conversion, transforming this scattered-site affordable housing development into a community cooperative on a land trust. Riseboro Community Partnership manages the buildings and assists with resident relocation during construction.
Who is the CEO of Ridgewood Bushwick Homesteading Assistance Hdfc?
Margy Brown is the Co-Chair of Ridgewood Bushwick Homesteading Assistance Hdfc.
What is the revenue of Ridgewood Bushwick Homesteading Assistance Hdfc?
Ridgewood Bushwick Homesteading Assistance Hdfc's revenue in 2022 was $655,373.
Who are the executives of Ridgewood Bushwick Homesteading Assistance Hdfc and what are their salaries?
There 3 volunteers at Ridgewood Bushwick Homesteading Assistance Hdfc.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $149,659
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Ridgewood Bushwick Homesteading Assistance Hdfc?
Ridgewood Bushwick Homesteading Assistance Hdfc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ridgewood Bushwick Homesteading Assistance Hdfc
Ridgewood Bushwick Homesteading Assistance HDFC, a joint venture between UHAB and Riseboro Community Partnership, is dedicated to facilitating financing, physical rehabilitation, and cooperative conversion of certain multi-family dwellings. The organization's primary purpose is to take title and serve as the interim owner and manager of low-income housing projects prior to their conversion into cooperative groups. UHAB, on behalf of the HDFC, facilitates financing, provides renovation management and oversight, and offers resident training and technical assistance. Additionally, UHAB will undertake the creation of a community land trust and cooperative conversion legal work for this scatter-site affordable housing development, which is becoming a community cooperative on a land trust. Riseboro Community Partnership has been responsible for the management of the buildings and resident relocation during construction, which is completed on all buildings. The organization is currently awaiting approval of the community land trust/cooperative offering from the New York State Attorney General.
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Impact
July, 2024
Ridgewood Bushwick Homesteading Assistance Hdfc's impact is significant in providing affordable housing solutions in the Bushwick section of Brooklyn. As an interim owner of multi-family dwellings comprising 89 units of low-income housing, this organization, in partnership with UHAB and RiseBoro Community Partnership, facilitates financing, physical rehabilitation, and co-op conversion. Through their efforts, they are empowering residents by creating a community cooperative on a land trust, ensuring long-term affordability and community ownership. Their work is instrumental in addressing housing needs and fostering community development in New York City.
This information is meant to be a general summary of Ridgewood Bushwick Homesteading Assistance Hdfc. 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: $10
- Program Service Revenue: $547,171
- Gross Receipts: $655,373
Assets and Liabilities:
- Total Assets: $21,927,959
- Total Liabilities: $1,640,427
- Net Assets: $20,287,532
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$547,171
Organization Details
Founding Year
2005
Phone
(212) 479-3300Principal Officer
Margy Brown
Main Address
120 WALL STREET 2001, NEW YORK, NY, 10005
NTEE Category
Code: L21 - Housing
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