Overview
What is Opendoor Housing Fund?
The Opendoor Housing Fund is a nonprofit organization based in Potomac, Maryland. Their primary mission is to support the acquisition, rehabilitation, ownership, and operation of affordable residential housing for low-income individuals and families in the Washington D.C. area. By providing funds for home ownership and rental housing, this organization contributes to sustainable economic and community development, benefiting working families and special needs populations. The Opendoor Housing Fund's activities aim to improve living conditions and promote social welfare in the community they serve.
Official website here: www.odhf.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (61%, Two-Star out of Four Star rating)
The Opendoor Housing Fund has received a Two-Star rating from Charity Navigator, indicating that there are notable areas for improvement within its operations. The organization has scored well in certain areas, specifically with perfect scores for independent board member presence and program expense ratio. However, it has significant shortcomings in accountability and financial transparency, as reflected in its overall score.
Key strengths of the Opendoor Housing Fund include a fully independent board and a solid program expense ratio, suggesting that funds are being directed appropriately towards its mission. Conversely, the organization struggles with compliance in areas such as conflict of interest and whistleblower policies, as well as transparency in financial documentation on its website. These limitations highlight potential governance issues that could affect stakeholder trust.
To enhance its standing and effectiveness, the organization should address the deficiencies noted in its policies and financial transparency. Improvements in these areas could not only bolster its rating but also strengthen community confidence and support for its housing initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Opendoor Housing Fund legitimate?
Opendoor Housing Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Opendoor Housing Fund 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.odhf.org
What is the mission statement of Opendoor Housing Fund?
The Opendoor Housing Fund, in its mission, focuses on promoting sustainable economic and community development. It achieves this by providing financial support for both home ownership and rental housing. The fund is particularly dedicated to assisting working families and special needs populations. By offering loans, it aids in the acquisition, rehabilitation, ownership, and operation of affordable residential housing for low-income individuals and families. This initiative ultimately contributes to improving living conditions and fostering community growth.
Official website here: www.odhf.org
Who is the CEO of Opendoor Housing Fund?
John Mcdermott is the Principal Officer of Opendoor Housing Fund.
Official website here: www.odhf.org
What is the revenue of Opendoor Housing Fund?
Opendoor Housing Fund's revenue in 2021 was $0.
Official website here: www.odhf.org
Who are the executives of Opendoor Housing Fund and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.odhf.org
Where can I find the form 990 for Opendoor Housing Fund?
Opendoor Housing Fund's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.odhf.org
Learn more at the official website: www.odhf.org
Mission Statement of Opendoor Housing Fund
Opendoor Housing Fund is committed to fostering sustainable economic growth and community development by offering financial assistance for homeownership and rental housing. This nonprofit organization targets working families and special needs populations, aiming to provide them with affordable housing options. Through its mission, Opendoor Housing Fund provides loans to support the acquisition, rehabilitation, ownership, and operation of residential properties, thereby ensuring that low-income individuals and families in the Washington D.C. area can secure suitable housing. By promoting affordable housing, Opendoor Housing Fund contributes to the overall well-being of the community and supports the financial stability of its residents.
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Impact
October, 2024
Opendoor Housing Fund plays a pivotal role in fostering sustainable economic and community development in the Washington, DC area. By providing financial support for homeownership and rental housing, it addresses the needs of working families and special needs populations. The fund enables the acquisition, rehabilitation, and operation of affordable residential housing, ensuring that low-income individuals and families have access to safe and stable living environments. This impact not only enhances the quality of life for these communities but also contributes to the overall economic vitality of the region. Through its dedicated efforts, Opendoor Housing Fund cultivates a more inclusive housing landscape, facilitating opportunities for those who might otherwise face barriers to stable housing.
This information is meant to be a general summary of Opendoor Housing Fund. 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 2021.
Assets and Liabilities:
- Total Assets: $2,228
- Total Liabilities: $322,062
- Net Assets: -$319,834
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Organization Details
Founding Year
2002
Phone
(301) 655-6343Principal Officer
John Mcdermott
Main Address
PO BOX 59868, POTOMAC, MD, 20859
Website
www.odhf.orgNTEE Category
Code: L122 - Housing
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