Overview
What is Bay Interfaith Housing?
Bay Interfaith Housing, based in Bay Village, Ohio, is a nonprofit organization that sold its senior apartment building to a taxable entity, enabling it to operate as a low-income housing project in compliance with Section 42 of the Internal Revenue Code. This renovated building has also undergone historic rehabilitation, adhering to Section 47 of the Internal Revenue Code. Bay Interfaith Housing continues to maintain a small ownership stake in the project and holds a note receivable for the seller financing provided. The organization's primary mission is to contribute to the provision of affordable housing for senior citizens, demonstrating its commitment to community development and social welfare.
Official website here: www.knickerbockerapartment.com
Is Bay Interfaith Housing legitimate?
Bay Interfaith Housing is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bay Interfaith Housing 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:
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Official website here: www.knickerbockerapartment.com
What is the mission statement of Bay Interfaith Housing?
Bay Interfaith Housing sold their senior apartment building to a taxable entity, enabling it to operate as a qualified low-income housing project under Section 42 of the Internal Revenue Code. The building underwent historic rehabilitation, as per Section 47 of the Internal Revenue Code. The entity now owns and manages the property, continuing to hold a small percentage and a note receivable for the seller financing provided. In essence, Bay Interfaith Housing's mission can be interpreted as contributing to the provision of affordable housing for senior citizens by selling their property to an entity that adheres to government regulations and guidelines.
Official website here: www.knickerbockerapartment.com
Who is the CEO of Bay Interfaith Housing?
Jay Magee is the President of Bay Interfaith Housing.
Official website here: www.knickerbockerapartment.com
What is the revenue of Bay Interfaith Housing?
Bay Interfaith Housing's revenue in 2023 was $14,468.
Official website here: www.knickerbockerapartment.com
Who are the executives of Bay Interfaith Housing and what are their salaries?
Here are 11 key members and their salaries:
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Official website here: www.knickerbockerapartment.com
Where can I find the form 990 for Bay Interfaith Housing?
Bay Interfaith Housing's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.knickerbockerapartment.com
Learn more at the official website: www.knickerbockerapartment.com
Mission Statement of Bay Interfaith Housing
Bay Interfaith Housing, a nonprofit organization, sold their senior apartment building to a taxable entity. This entity now operates the building as a qualified low-income housing project, in line with Section 42 of the Internal Revenue Code. Furthermore, the building underwent renovation as a historic rehabilitation project, in accordance with Section 47 of the Internal Revenue Code. Bay Interfaith Housing continues to maintain a minor stake in the taxable entity, also holding a note receivable for the financing they provided during the sale. This ensures their ongoing involvement in the project's success.
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Impact
August, 2024
Bay Interfaith Housing's impact is evident in their successful sale of a senior apartment building to a taxable entity for operation as a qualified low-income housing project. This initiative not only meets the requirements of the Internal Revenue Code but also has resulted in the renovation of the building as a historic rehabilitation project. By continuing to own a small percentage of the taxable entity and holding a note receivable for seller financing, Bay Interfaith Housing has facilitated the creation of affordable housing opportunities for seniors in need.
This information is meant to be a general summary of Bay Interfaith Housing. 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.
- Gross Receipts: $14,488
Assets and Liabilities:
- Total Assets: $3,379,799
- Total Liabilities: $1,000,000
- Net Assets: $2,379,799
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Organization Details
Founding Year
1968
Phone
(440) 871-3234Principal Officer
Jay Magee
Main Address
27100 KNICKERBOCKER, BAY VILLAGE, OH, 44140
NTEE Category
Code: L210 - Housing
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