Overview
What is Teterboro I Housing Corporation?
Teterboro I Housing Corporation, located in Teterboro, New Jersey, is a nonprofit organization with a mission to provide housing solutions for low and moderate-income families within the borough. Complying with the New Jersey Council on Affordable Housing guidelines and federal tax laws, the corporation aims to offer tax-exempt affordable rental housing. To achieve this goal, Teterboro has partnered with the Housing Authority of Bergen County under Section 8 of the U.S. Department of Housing and Urban Development Housing Assistance Program, providing housing assistance payments for qualified tenants. Their objective is to contribute positively to the local community by offering essential housing opportunities.
Is Teterboro I Housing Corporation legitimate?
Teterboro I Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Teterboro I Housing Corporation 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.
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What is the mission statement of Teterboro I Housing Corporation?
Teterboro I Housing Corporation was established with a primary objective of providing affordable housing to families with moderate to low income levels. The organization was specifically designed to serve this purpose in the community it operates within, without disclosing its exact location. To fulfill its mission, Teterboro has collaborated with the Housing Authority of Bergen County under the Section 8 program of the U.S. Department of Housing and Urban Development's Housing Assistance Program. The corporation makes housing assistance payments on behalf of qualified tenants, enabling them to afford the rental housing provided by Teterboro. The organization operates in compliance with both New Jersey Council on Affordable Housing guidelines and federal income tax laws that facilitate tax-exempt municipal financing of affordable rental housing.
Who is the CEO of Teterboro I Housing Corporation?
Nicholas Saros is the Trustee of Teterboro I Housing Corporation.
What is the revenue of Teterboro I Housing Corporation?
Teterboro I Housing Corporation's revenue in 2022 was $312,729.
Who are the executives of Teterboro I Housing Corporation and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for Teterboro I Housing Corporation?
Teterboro I Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Teterboro I Housing Corporation
Teterboro I Housing Corporation, as an organization, was established with a mission to provide housing opportunities for low and moderate-income families. Its primary objective is to establish a housing development that caters to a substantial portion of its rental units to this specific demographic, adhering to the guidelines set by the New Jersey Council on Affordable Housing and the federal income tax laws that support tax-exempt municipal financing for affordable rental housing. In addition to its initial purpose, Teterboro has entered into an agreement with the Housing Authority of Bergen County under Section 8 of the U.S. Department of Housing and Urban Development Housing Assistance Program. This agreement allows Teterboro to make housing assistance payments on behalf of qualified tenants. In essence, Teterboro I Housing Corporation plays a crucial role in ensuring that low and moderate-income families have access to affordable housing, thereby contributing to a more equitable community.
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Impact
October, 2024
Teterboro I Housing Corporation plays a vital role in addressing the housing needs of low and moderate-income families in Teterboro, New Jersey. By establishing a comprehensive housing development, the organization ensures that a significant portion of its rental units is accessible to these families, in alignment with the New Jersey Council on Affordable Housing requirements.
In addition to creating affordable housing, Teterboro collaborates with the Housing Authority of Bergen County, participating in the Section 8 Housing Assistance Program. This partnership allows Teterboro to provide direct housing assistance payments to qualified tenants, further alleviating the financial burden on families in need.
The impact of Teterboro I Housing Corporation extends beyond just providing shelter; it fosters community stability and enhances the quality of life for residents by ensuring that families have access to safe, decent, and affordable housing options within the borough. This initiative not only supports individual families but also strengthens the overall economic and social fabric of Teterboro.
This information is meant to be a general summary of Teterboro I Housing Corporation. 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: $4,403
- Program Service Revenue: $307,692
- Gross Receipts: $312,729
Assets and Liabilities:
- Total Assets: $1,292,132
- Total Liabilities: $1,042,309
- Net Assets: $249,823
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rent
Revenue
$290,640
SECTION 8 SUBSIDY INCOME
Revenue
$17,052
Organization Details
Phone
(201) 288-1200Principal Officer
Nicholas Saros
Main Address
510 ROUTE 46 WEST, TETERBORO, NJ, 07608
NTEE Category
Code: L20 - Housing
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