Overview
What is Las Palmas Housing And Development Corp?
Las Palmas Housing and Development Corp is a California-based nonprofit organization, primarily focused on procuring, constructing, renovating, and sustaining affordable housing facilities for low- and moderate-income families and individuals. Established with the mission to enhance and improve housing solutions, this charitable corporation plays a crucial role in acquiring and rehabilitating properties to provide affordable living spaces for those in need. Their current project involves co-managing an 112-unit senior citizen apartment complex situated in Simi Valley, California, which is entirely inhabited by low-income residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Star rating).
Las Palmas Housing And Development Corp has achieved a solid Three-Star rating from Charity Navigator, reflecting its commitment to accountability and financial transparency. With a score of 79%, the organization demonstrates strong governance practices, including having an entirely independent board and robust policies in place for managing conflicts of interest and whistleblowing.
The organization excels in several key areas, scoring full points in aspects such as material diversion of assets and the liabilities to assets ratio. These indicators suggest financial stability and effective resource management, which are critical for maintaining trust among donors and stakeholders. The program expense ratio also indicates that a significant portion of its expenditures is directed towards fulfilling its mission.
However, while the overall rating is commendable, there may be areas for improvement in the broader context of operational efficiency and impact measurement, though specific limitations are not detailed in the data provided. Overall, Las Palmas Housing And Development Corp demonstrates a solid foundation for ongoing growth and service delivery.
This AI summary has been generated from information found on Charity Navigator.
Is Las Palmas Housing And Development Corp legitimate?
Las Palmas Housing And Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Las Palmas Housing And Development 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
For more financial information, click here
What is the mission statement of Las Palmas Housing And Development Corp?
Las Palmas Housing and Development Corporation is a nonprofit organization dedicated to enhancing and improving affordable housing opportunities for low and moderate-income families and individuals. Established with this purpose in mind, the organization engages in acquiring, developing, rehabilitating, and supporting affordable housing projects. The ultimate goal is to increase the availability of such housing, thereby addressing the housing needs of this income bracket effectively.
Who is the CEO of Las Palmas Housing And Development Corp?
Joseph M Michaels is the President of Las Palmas Housing And Development Corp.
What is the revenue of Las Palmas Housing And Development Corp?
Las Palmas Housing And Development Corp's revenue in 2022 was $1,501,250.
Who are the executives of Las Palmas Housing And Development Corp and what are their salaries?
There 5 volunteers at Las Palmas Housing And Development Corp.
Here are 4 key members and their salaries:
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- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Where can I find the form 990 for Las Palmas Housing And Development Corp?
Las Palmas Housing And Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Las Palmas Housing And Development Corp
Las Palmas Housing and Development Corp is a California-based nonprofit charitable corporation with a mission to enhance and improve housing opportunities for low and moderate-income families and individuals. Established with this purpose, the organization is committed to acquiring, developing, rehabilitating, and supporting affordable housing. The ultimate goal is to increase the availability of such housing, thereby contributing to a more inclusive and equitable community.
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Impact
October, 2024
Las Palmas Housing And Development Corp significantly impacts the affordable housing landscape in California, particularly for low and moderate-income families and individuals. By acquiring, developing, rehabilitating, and supporting affordable housing projects, the organization plays a crucial role in addressing housing shortages and improving living conditions for vulnerable populations.
One of its notable accomplishments is the co-management of Ashlee Apartments, LP, which operates a 112-unit affordable senior citizen apartment complex in Simi Valley. This initiative not only provides secure and stable housing for low-income elderly residents but also fosters a sense of community and belonging among its tenants.
The ongoing commitment to enhancing and expanding affordable housing options reflects Las Palmas' mission to serve those who often face barriers to stable housing. Through its projects, the organization contributes to the well-being and quality of life for individuals and families, ensuring that affordable housing remains an accessible resource in the communities it serves.
This information is meant to be a general summary of Las Palmas Housing And Development 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: $20,647
- Program Service Revenue: $587,788
- Gross Receipts: $1,501,579
Assets and Liabilities:
- Total Assets: $2,953,897
- Total Liabilities: $0
- Net Assets: $2,953,897
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MANAGMENT FEES
Revenue
$291,853
DEVELOPER FEE
Revenue
$295,935
PARTNERSHIP INCOME
Organization Details
Founding Year
2000
Phone
(760) 944-9050Principal Officer
Joseph M Michaels
Main Address
531 ENCINITAS BLVD STE 206, ENCINITAS, CA, 92024
NTEE Category
Code: L20 - Housing
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