Overview
What is Threshold Housing Development Inc?
Threshold Housing Development Inc, based in Uniontown, Pennsylvania, is a dedicated nonprofit organization with a mission to improve self-sufficiency for low-income, disabled, or elderly individuals and families. Over the past 25 years, they have accomplished this by developing affordable housing through various methods, resulting in over 300 new and rehabilitated homes in Fayette, Greene, and Washington Counties. Their housing development goals are achieved through three programs: new construction, rehabilitation for resale, and the USDA Rural Development Self-Help Program. In the rehabilitation for resale program, families purchase and renovate homes with assistance from Threshold, while in the Self-Help Program, USDA Rural Development provides mortgages for home purchases and renovations. Threshold's initiatives show a strong commitment to empowering vulnerable populations and improving their living conditions.
Official website here: www.thresholdhousingdev.org/fayette-county/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star Rating)
Threshold Housing Development Inc has received a Three-Star rating from Charity Navigator, reflecting an overall score of 81%. This rating is based solely on the Accountability & Finance beacon, indicating the organization is effectively managed in financial terms. The score highlights that the charity adheres to strong standards of financial accountability, with no material diversion of assets reported and a fully independent board.
The organization demonstrates several strengths, including a perfect score for its independent board members and financial statement audits. Its high program expense ratio of 93.34% shows a commitment to allocating resources towards its mission rather than administrative costs. Additional policies such as conflict of interest and whistleblower protections further enhance its accountability practices.
However, the organization faces a challenge with its liabilities to assets ratio, scoring 0 out of 15 points in this area. This suggests potential concerns regarding financial stability that may need addressing going forward. Overall, while Threshold Housing Development Inc shows strong accountability and finance practices, it is essential to monitor its financial health to ensure sustainable operations.
This AI summary has been generated from information found on Charity Navigator.
Is Threshold Housing Development Inc legitimate?
Threshold Housing Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Threshold Housing Development Inc 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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Other Salaries and Wages: $125,479
For more financial information, click here
Official website here: www.thresholdhousingdev.org/fayette-county/
What is the mission statement of Threshold Housing Development Inc?
Threshold Housing Development Inc's mission is centered around promoting self-sufficiency among low-income, disabled, or elderly individuals and families. They achieve this by developing affordable and efficient housing units, offering both rental and ownership options for eligible individuals. Over the past two and a half decades, Threshold has established numerous partnerships, resulting in the development of over 150 new homes and rehabilitated homes across certain counties. Currently, they accomplish their housing development objectives through three programs: new construction, rehabilitation for resale, and the USDA Rural Development Self-Help Program. In the rehabilitation for resale program, Threshold purchases, rehabilitates, and sells homes to families at or below 80% of the area median income, providing necessary funding through a deferred second mortgage. For the USDA Rural Development Self-Help Program, participating families obtain a mortgage from USDA Rural Development to purchase a house and necessary materials for rehabilitation, with Threshold providing guidance and support throughout the process.
Official website here: www.thresholdhousingdev.org/fayette-county/
Who is the CEO of Threshold Housing Development Inc?
David Molchan is the Principal Officer of Threshold Housing Development Inc.
Official website here: www.thresholdhousingdev.org/fayette-county/
What is the revenue of Threshold Housing Development Inc?
Threshold Housing Development Inc's revenue in 2022 was $1,303,982.
Official website here: www.thresholdhousingdev.org/fayette-county/
Who are the executives of Threshold Housing Development Inc and what are their salaries?
The average compensation at Threshold Housing Development Inc during 2022 was $41,826. There are 3 employees at Threshold Housing Development Inc.
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Official website here: www.thresholdhousingdev.org/fayette-county/
Where can I find the form 990 for Threshold Housing Development Inc?
Threshold Housing Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thresholdhousingdev.org/fayette-county/
Learn more at the official website: www.thresholdhousingdev.org/fayette-county/
Mission Statement of Threshold Housing Development Inc
Threshold Housing Development Inc, a nonprofit organization, is committed to enhancing the self-sufficiency of low-income, disabled, or elderly individuals and families. They achieve this mission by developing and promoting affordable housing units for both rental and ownership by these groups. Over the past 25 years, Threshold Housing Development Inc has established numerous innovative partnerships, leading to the development of over 150 new homes and 150 rehabilitated homes in Fayette, Greene, and Washington Counties.
The organization accomplishes its mission through various methods. One of their programs involves purchasing and rehabilitating homes, which are then sold to families at or below 80% of the area median income. Participating families are required to contribute 3% of the total purchase price at closing and secure a mortgage loan for 80% of the cost of the home. The remaining 17% of the purchase price and all closing costs are provided to the family through a deferred second mortgage. Threshold Housing Development Inc has successfully implemented this program using various funding types, most recently through Home Investment Partnerships Program funds subcontracted through local redevelopment authorities.
Another program offered by Threshold Housing Development Inc is the USDA Rural Development Self-Help Program. In this program, families are approved for a mortgage through USDA Rural Development. The mortgage is then used to purchase a house and necessary materials to rehabilitate the house. The homeowner is expected to spend approximately 120 hours rehabilitating the house. Threshold Housing Development Inc provides an experienced construction supervisor to instruct the homeowner in the necessary skills and to offer ongoing support and guidance. This program not only provides affordable housing but also empowers families to actively participate in the process of improving their living conditions.
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Impact
October, 2024
Threshold Housing Development Inc has made a significant impact by addressing the housing needs of low-income, disabled, and elderly individuals and families. Over the past 25 years, the organization has developed and rehabilitated over 300 homes in Fayette, Greene, and Washington counties, providing affordable housing options to those who require them most.
Through its various programs, including new construction, rehabilitation for resale, and the USDA Rural Development Self-Help Program, Threshold fosters self-sufficiency among its participants. By acquiring and modernizing homes, the organization not only enhances the living conditions of families but also promotes long-term stability and empowerment.
The Rehabilitation for Resale program allows families with incomes at or below 80% of the area median to buy homes. By supporting these families with deferred second mortgages, Threshold makes homeownership accessible, facilitating a path to stability and financial independence.
In addition, the USDA Rural Development Self-Help Program involves participants in hands-on home rehabilitation, equipping them with essential skills while simultaneously contributing to their future investment in the property. With an experienced construction supervisor guiding the process, families learn to repair and enhance their homes, further promoting self-sufficiency.
Threshold Housing Development's approach not only transforms the physical landscape of the communities it serves but also changes lives by providing opportunities for people to thrive in secure, affordable housing.
This information is meant to be a general summary of Threshold Housing Development Inc. 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.
- Gross Receipts: $1,303,982
Assets and Liabilities:
- Total Assets: $482,735
- Total Liabilities: $399,225
- Net Assets: $83,510
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Organization Details
Founding Year
1991
Phone
(724) 437-9080Principal Officer
David Molchan
Main Address
55 N BEESON AVENUE, UNIONTOWN, PA, 15401
NTEE Category
Code: L99Z - Housing
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