Overview
What is New York Mortgage Coalition Inc?
The New York Mortgage Coalition Inc is a nonprofit organization, consisting of financial institutions and community housing agencies, situated in New York City. Their mission is to expand homeownership opportunities for low and moderate income individuals and families, particularly in New York City and surrounding counties. The coalition accomplishes this by supporting its neighborhood-based nonprofit members in pre-purchase counseling, post-purchase education, and financial literacy programs. They offer the public access to resources such as competitive, fixed-rate loans, closing cost grants, and down payment assistance, aiding in achieving the dream of homeownership. Through their one-on-one counseling program, around two-thirds of enrolled families become mortgage-ready within six to twelve months. Since its inception, New York Mortgage Coalition Inc has provided housing counseling services to over 30,000 families, contributing to the origination of over $1 billion in affordable first-home mortgages.
Official website here: www.nymc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating.
The New York Mortgage Coalition Inc has achieved an impressive score of 96%, placing it in the Four-Star category, which indicates a high level of accountability and financial health. The overall score reflects a singular focus on accountability, with no financial concerns raised in the most recent fiscal year (FY2022). The organization boasts a fully independent board and strong measures for financial oversight.
Strengths noted include a 93.21% program expense ratio, demonstrating that the majority of its resources are directed toward its mission-related activities. It also has robust governance policies in place, including conflict of interest and whistleblower policies, as well as comprehensive documentation practices. Furthermore, the absence of any material diversion of assets reinforces its integrity.
While the data is overwhelmingly positive, there are no specific limitations mentioned within the provided statistics. Overall, the New York Mortgage Coalition Inc appears to operate with a high degree of transparency and accountability, making it a trustworthy organization for potential donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is New York Mortgage Coalition Inc legitimate?
New York Mortgage Coalition Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New York Mortgage Coalition 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: $163,340
Professional Fundraising Fees: $0
Other Salaries and Wages: $163,678
For more financial information, click here
Official website here: www.nymc.org
What is the mission statement of New York Mortgage Coalition Inc?
The New York Mortgage Coalition (NYMC) is a nonprofit organization that collaborates with financial institutions and community housing agencies with the aim of expanding homeownership opportunities for low and moderate income individuals and families. Their mission is to support neighborhood-based nonprofit members in providing pre-purchase counseling, post-purchase education, and financial literacy programs. The coalition offers the public access to information on competitive, fixed-rate loans, closing cost grants, and down payment assistance to help achieve the dream of homeownership. Additionally, NYMC supports its member agencies that play a leading role in preserving homeownership by offering informational workshops and one-on-one counseling to troubled homeowners through foreclosure prevention programs.
Official website here: www.nymc.org
Who is the CEO of New York Mortgage Coalition Inc?
Carolyn Rebecca Senn is the Executive Dir. of New York Mortgage Coalition Inc.
Official website here: www.nymc.org
What is the revenue of New York Mortgage Coalition Inc?
New York Mortgage Coalition Inc's revenue in 2022 was $1,455,744.
Official website here: www.nymc.org
Who are the executives of New York Mortgage Coalition Inc and what are their salaries?
The average compensation at New York Mortgage Coalition Inc during 2022 was $65,404. There are 5 employees and 17 volunteers at New York Mortgage Coalition Inc.
Here are 18 key members and their salaries:
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Official website here: www.nymc.org
Where can I find the form 990 for New York Mortgage Coalition Inc?
New York Mortgage Coalition Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nymc.org
Learn more at the official website: www.nymc.org
Mission Statement of New York Mortgage Coalition Inc
The New York Mortgage Coalition (NYMC) is a nonprofit organization that brings together financial institutions and community housing agencies with a shared mission. This mission is to expand the opportunity for responsible and sustainable homeownership for minority and low-income individuals and families in various areas of New York, as well as in surrounding counties.
NYMC supports its neighborhood-based nonprofit members in their pre-purchase counseling, post-purchase education, and financial literacy programs. By doing so, the coalition provides the public with access to resources that can help them achieve the dream of homeownership. This includes information on competitive, fixed-rate loans, closing cost grants, and down payment assistance.
In addition to supporting its member agencies, NYMC also plays a significant role in preserving homeownership. It offers informational workshops and one-on-one counseling to troubled homeowners through foreclosure prevention programs. By providing these services, NYMC aims to help individuals and families keep their homes and maintain stability in their lives.
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Impact
October, 2024
New York Mortgage Coalition Inc significantly impacts homeownership opportunities for low and moderate-income individuals and families throughout New York City and its surrounding counties. By providing comprehensive housing counseling services, the organization equips clients with the knowledge and skills needed to navigate the complex home-buying process.
Through its housing counseling program, participants engage in a minimum of eight hours of education, which includes both classroom instruction and personalized one-on-one counseling. This structured approach has resulted in approximately two out of three clients becoming mortgage-ready within six to twelve months of participation. Since its inception, New York Mortgage Coalition has successfully assisted over 30,000 families in achieving their homeownership goals, facilitating the origination of more than $1 billion in affordable first-home mortgages.
The coalition focuses on empowering families from diverse backgrounds, particularly minority and low to moderate-income households, by making financial literacy accessible and promoting responsible, sustainable homeownership. Its collaborative efforts with financial institutions and community housing agencies provide essential resources, including information on competitive fixed-rate loans, closing cost grants, and down payment assistance.
Moreover, the coalition plays a pivotal role in preserving homeownership, especially for those at risk of foreclosure, through workshops and targeted counseling for troubled homeowners. This multifaceted approach not only expands access to homeownership but also fosters a more stable and equitable community landscape. Overall, New York Mortgage Coalition Inc serves as a vital catalyst for positive change in housing equity and economic empowerment.
This information is meant to be a general summary of New York Mortgage Coalition 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: $12,290
- Program Service Revenue: $18,986
- Gross Receipts: $3,256,604
Assets and Liabilities:
- Total Assets: $3,107,511
- Total Liabilities: $1,211,181
- Net Assets: $1,896,330
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADMINISTRATIVE FEE REV
Revenue
$8,700
PROGRAM INCOME
Revenue
$10,286
Organization Details
Founding Year
2001
Phone
(212) 742-0762Principal Officer
Carolyn Rebecca Senn
Main Address
14 WALL STREET 20TH FL, NEW YORK, NY, 10005
Website
www.nymc.orgNTEE Category
Code: L30 - Housing
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