Overview
What is Lbb Corp?
Lbb Corp is a nonprofit organization situated in Newport, Rhode Island, specifically at 50 Washington Square. Their primary mission is to provide affordable housing for individuals with low income, following the guidelines of HUD Section 202. They are involved in the development and ownership of such housing units, aiming to make a significant contribution to the community by offering affordable living options.
Is Lbb Corp legitimate?
Lbb Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lbb Corp 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 Lbb Corp?
Lbb Corp's mission is centered around developing and maintaining affordable housing units for individuals with low income, falling under the HUD Section 202. The company is committed to owning and operating these affordable housing units, providing a much-needed living solution for this specific demographic. Their primary objective is to make housing more accessible and affordable for individuals who may otherwise struggle with housing costs. Lbb Corp's work in this area aims to contribute positively to the community by providing a stable living environment for individuals in need.
Who is the CEO of Lbb Corp?
Robert Sabel is the President of Lbb Corp.
What is the revenue of Lbb Corp?
Lbb Corp's revenue in 2022 was $341,133.
Who are the executives of Lbb Corp and what are their salaries?
There 3 volunteers at Lbb Corp.
Here are 3 key members and their salaries:
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- Other: $0
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Where can I find the form 990 for Lbb Corp?
Lbb Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Lbb Corp
Lbb Corp, as a organization, is dedicated to a mission that involves developing and owning affordable housing for individuals falling under HUD Section 202. This mission is geared towards providing affordable living spaces for individuals classified as low income. In essence, Lbb Corp specializes in owning and operating low income housing units, all in compliance with HUD Section 202 regulations.
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Impact
October, 2024
Lbb Corp plays a crucial role in addressing the affordable housing crisis by developing and owning housing units specifically designed for low-income individuals under HUD Section 202 in Newport, Rhode Island. By focusing on this demographic, Lbb Corp not only provides essential housing options but also contributes to the overall stability and well-being of the community.
The organization's commitment to low-income housing ensures that vulnerable populations have access to safe and affordable living conditions, which is vital for their health and economic security. Through its activities, Lbb Corp mitigates the impacts of housing insecurity and homelessness, allowing residents to thrive in a supportive environment.
In addition to providing housing, Lbb Corp's operations can stimulate local economies by creating jobs during the construction and maintenance of housing units. This, in turn, fosters a sense of community and enhances the quality of life for residents. By prioritizing long-term affordability, Lbb Corp helps to ensure that low-income families can remain in their neighborhoods, preserving the fabric of the community in Newport.
This information is meant to be a general summary of Lbb Corp. 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: $281
- Program Service Revenue: $336,625
- Gross Receipts: $341,133
Assets and Liabilities:
- Total Assets: $5,700,470
- Total Liabilities: $855,350
- Net Assets: $4,845,120
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTS
Revenue
$170,532
RENTAL SUBSIDIES
Revenue
$166,093
Organization Details
Founding Year
2007
Phone
(401) 846-5114Principal Officer
Robert Sabel
Main Address
50 WASHINGTON SQUARE, NEWPORT, RI, 02840
NTEE Category
Code: L22 - Housing
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