Overview
What is City First Homes Inc?
City First Homes Inc., established in 2007, is a nonprofit organization based in Washington D.C., specifically at 1 Thomas Circle NW 700. Their primary mission is to expand access to affordable homeownership and promote stability for low- and moderate-income families in the district. To achieve this, they offer pre- and post-purchase support, resale assistance, and post-purchase homeowner support through their Shared Appreciation Purchase Assistance Program. In 2022, they introduced a mortgage program, set up as a Special Purpose Credit Program (SPCP) under the Equal Credit Opportunity Act, aimed at supporting Black and Latino first-time homeowners in D.C. Renamed as "Homes by CFE," City First Homes continues to respond to the housing needs of its community.
Official website here: www.homesbycfe.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97%, Four-Star out of Four Star rating
City First Homes Inc has earned a remarkable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial management. The charity's overall score is based entirely on its performance in the Accountability & Finance beacon, achieving a perfect score in multiple categories, indicating robust organizational practices and transparency.
The organization boasts a high percentage of independent board members at 90%, along with a well-structured board size. The absence of material diversion of assets and the inclusion of key policies such as conflict of interest, whistleblower, and document retention policies further enhance its credibility. The fiscal health is evidenced by a low liabilities to assets ratio of 42.66% and a commendable program expense ratio of 89.49%, showing that a significant portion of funds is directed towards its mission.
While the charity displays strong financial health and governance, the review does not highlight any specific limitations or areas for improvement. Overall, City First Homes Inc stands out as a reliable organization that effectively utilizes its resources to fulfill its mission.
This AI summary has been generated from information found on Charity Navigator.
Is City First Homes Inc legitimate?
City First Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. City First Homes 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.homesbycfe.org
What is the mission statement of City First Homes Inc?
City First Homes Inc, established in 2007, is a non-profit organization with a mission to expand access to affordable homeownership and promote stability for low- and moderate-income families. This mission is particularly focused on Washington, D.C., and it responds to crisis situations, such as the foreclosure crisis. City First Homes supports this objective by providing pre- and post-purchase homebuyer support, resale assistance, and post-purchase homeowner support through their Shared Appreciation Purchase Assistance Program. In 2022, the organization launched a mortgage program specifically for Black and Latino first-time homeowners in D.C. and rebranded itself as "Homes by CFE."
Official website here: www.homesbycfe.org
Who is the CEO of City First Homes Inc?
Oswaldo Acosta is the President And Ceo of City First Homes Inc. The CEO's salary of City First Homes Inc is $0 and their total compensation is $315,840.
Official website here: www.homesbycfe.org
What is the revenue of City First Homes Inc?
City First Homes Inc's revenue in 2022 was $589,290.
Official website here: www.homesbycfe.org
Who are the executives of City First Homes Inc and what are their salaries?
Here are 8 key members and their salaries (City First Homes Inc's CEO's salary is $0 and their total compensation is $315,840):
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- Related: $315,840
- Other: $0
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- Other: $0
Official website here: www.homesbycfe.org
Where can I find the form 990 for City First Homes Inc?
City First Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.homesbycfe.org
Learn more at the official website: www.homesbycfe.org
Mission Statement of City First Homes Inc
City First Homes, established in 2007, is a non-profit organization committed to expanding access to affordable homeownership and promoting stability for low- and moderate-income families in Washington, D.C. This mission is in response to the foreclosure crisis, aiming to address housing needs within the community. The organization provides pre-and post-purchase homebuyer support, resale assistance, and post-purchase homeowner support through its Shared Appreciation Purchase Assistance Program. In 2022, City First Homes launched a mortgage program, set up as a Special Purpose Credit Program (SPCP) under the Equal Credit Opportunity Act, specifically targeting black and Latino first-time homeowners in D.C. The organization has rebranded itself as "Homes by CFE" to reflect this new initiative. Overall, City First Homes is dedicated to improving housing opportunities and fostering stability for families within its community.
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Impact
July, 2024
City First Homes Inc's impact is significant in expanding access to affordable homeownership, promoting stability for low- and moderate-income families in Washington, D.C., and responding to the foreclosure crisis. They support affordable housing in the District of Columbia and provide pre- and post-purchase homebuyer support, resale assistance, and post-purchase homeowner support through programs like the Shared Appreciation Purchase Assistance Program. In 2022, they launched a mortgage program specifically targeting Black and Latino first-time homeowners in DC. Their efforts under the rebranded name "Homes by CFE" contribute to creating a more equitable housing landscape in the city.
This information is meant to be a general summary of City First Homes 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.
- Investment Income: $2,665
- Gross Receipts: $589,290
Assets and Liabilities:
- Total Assets: $4,426,453
- Total Liabilities: $0
- Net Assets: $4,426,453
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Organization Details
Founding Year
2007
Phone
(202) 745-4490Principal Officer
Oswaldo Acosta
Main Address
1 THOMAS CIRCLE NW 700, WASHINGTON, DC, 20005
Website
www.homesbycfe.orgNTEE Category
Code: L20 - Housing
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