Overview
What is Christian Housing Assistance Corporation?
Christian Housing Assistance Corporation (CHAC) is a nonprofit organization based in Waynesboro, Virginia. Their primary mission is to offer affordable housing solutions to low-income families who may not qualify for conventional home loans. They achieve this by purchasing or constructing homes and subsequently selling them to eligible families. The buyers make monthly mortgage payments to CHAC, who retains the contracts of sale on six homes. Additionally, CHAC manages seven homes as rentals, pending the approval of new clients. This organization plays a crucial role in providing housing stability for families in need, helping them transition from renting to homeownership.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning a Two-Star out of Four Star rating. This rating indicates that while the Christian Housing Assistance Corporation demonstrates some reliable practices, there are several areas for improvement that may affect donor trust and organizational transparency.
The organization boasts a strong accountability and finance score, with full marks for board independence and asset management. It operates with a high program expense ratio, indicating that all of its funding is directed towards its programs. However, there are significant shortcomings in transparency, as the charity is missing key policies and documentation related to conflict of interest, whistleblower protections, and document retention.
The absence of a publicly listed website and failure to post essential tax forms on their site detracts from their overall rating. These gaps in policy and communication may raise concerns among potential donors regarding the organization's commitment to transparency and best practices in governance.
This AI summary has been generated from information found on Charity Navigator.
Is Christian Housing Assistance Corporation legitimate?
Christian Housing Assistance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Christian Housing Assistance 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.
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 Christian Housing Assistance Corporation?
The Christian Housing Assistance Corporation's mission is centered around providing affordable housing solutions. Specifically, they aim to assist low-income families who are unable to secure traditional home loans. Their approach involves leasing homes to potential buyers for an initial trial period, after which the families have the opportunity to purchase the properties with financing provided by the corporation. The corporation retains the contracts of sale for six homes, where buyers make regular mortgage payments. Additionally, seven homes are currently being rented out while waiting for new, approved clients.
Who is the CEO of Christian Housing Assistance Corporation?
Michael Garvey is the President of Christian Housing Assistance Corporation.
What is the revenue of Christian Housing Assistance Corporation?
Christian Housing Assistance Corporation's revenue in 2022 was $64,403.
Who are the executives of Christian Housing Assistance Corporation and what are their salaries?
There 8 volunteers at Christian Housing Assistance Corporation.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Christian Housing Assistance Corporation?
Christian Housing Assistance Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Christian Housing Assistance Corporation
Christian Housing Assistance Corporation, or CHAC, is dedicated to providing affordable housing solutions for low-income families. Their mission is to extend a helping hand to families who struggle to secure traditional home loans. By offering low-cost housing options, CHAC enables these families to rent a home for a trial period. Following this trial, the families have the opportunity to purchase the home, with CHAC providing the necessary financing. This innovative approach allows families to eventually become homeowners, breaking the cycle of renting and providing them with a stable living environment. CHAC manages this process by holding the contracts of sale on six homes, where the clients make regular mortgage payments. Additionally, seven homes are currently being rented while awaiting newly approved clients. This nonprofit organization is committed to making a tangible difference in the lives of low-income families, providing them with the chance to own a home and establish a secure foundation for their future.
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Impact
August, 2024
Christian Housing Assistance Corporation's impact is providing affordable housing opportunities to low-income families in Waynesboro, VA. By purchasing or building homes and selling them to these families, they offer a path to homeownership for individuals who may not qualify for traditional home loans. Additionally, CHAC holds contracts of sale on several homes and rents out others to accommodate newly-approved clients. Through their mission of providing low-cost housing and financing options, CHAC is making a tangible difference in improving housing accessibility for those in need.
This information is meant to be a general summary of Christian Housing Assistance 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: $252
- Program Service Revenue: $56,651
- Gross Receipts: $64,403
Assets and Liabilities:
- Total Assets: $1,238,680
- Total Liabilities: $154,155
- Net Assets: $1,084,525
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Mortgage interestfees
Revenue
$12,151
Rent toward purchase
Revenue
$44,500
Organization Details
Founding Year
1969
Phone
(540) 480-6624Principal Officer
Michael Garvey
Main Address
PO Box 722, Waynesboro, VA, 22980
NTEE Category
Code: L20 - Housing
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