Overview
What is Lakewood Senior Citizens Inc?
Lakewood Senior Citizens Inc is a nonprofit organization based in Lakewood, Ohio. They have sold their three senior apartment buildings to taxable entities, transforming them into qualified low-income housing projects, as per Section 42 of the Internal Revenue Code. These buildings have also undergone historic rehabilitation, adhering to Section 47 of the Internal Revenue Code. The organization continues to hold a small percentage of these entities and possesses note receivables for the seller financing provided. Their primary focus is to provide affordable senior housing options within the community.
Official website here: www.westerlyapartments.com
Is Lakewood Senior Citizens Inc legitimate?
Lakewood Senior Citizens Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lakewood Senior Citizens 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:
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Official website here: www.westerlyapartments.com
What is the mission statement of Lakewood Senior Citizens Inc?
Lakewood Senior Citizens Inc. sold its three senior apartment buildings to taxable entities, enabling them to operate as qualified low-income housing projects in accordance with Section 42 of the Internal Revenue Code. These buildings have also undergone renovations as historic rehabilitation projects in line with Section 47 of the Internal Revenue Code. Lakewood Senior Citizens Inc. retains a small percentage of ownership in these entities and holds note receivables for the seller financing provided. The primary objective of these transactions is to ensure that these senior apartment buildings continue to serve as affordable housing options for low-income individuals.
Official website here: www.westerlyapartments.com
Who is the CEO of Lakewood Senior Citizens Inc?
Donnald Heckelmoser is the CEO of Lakewood Senior Citizens Inc The CEO's salary of Lakewood Senior Citizens Inc is $0 and their total compensation is $0.
Official website here: www.westerlyapartments.com
What is the revenue of Lakewood Senior Citizens Inc?
Lakewood Senior Citizens Inc's revenue in 2022 was $299,695.
Official website here: www.westerlyapartments.com
Who are the executives of Lakewood Senior Citizens Inc and what are their salaries?
Here are 14 key members and their salaries (Lakewood Senior Citizens Inc's CEO's salary is $0 and their total compensation is $0):
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Official website here: www.westerlyapartments.com
Where can I find the form 990 for Lakewood Senior Citizens Inc?
Lakewood Senior Citizens Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.westerlyapartments.com
Learn more at the official website: www.westerlyapartments.com
Mission Statement of Lakewood Senior Citizens Inc
Lakewood Senior Citizens Inc, a nonprofit organization, sold its three senior apartment buildings to taxable entities. The purpose of this sale was to transform these buildings into Qualified Low-Income Housing Projects, as outlined in Section 42 of the Internal Revenue Code. These projects were also renovated as Historic Rehabilitation Projects in accordance with Section 47 of the Internal Revenue Code. After the sale, Lakewood Senior Citizens Inc still maintains a small percentage of ownership in these entities and holds note receivables for the seller financing provided. In essence, Lakewood Senior Citizens Inc is committed to ensuring that these senior apartments continue to serve as affordable housing options for low-income seniors, while also preserving the historical significance of the buildings.
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Impact
October, 2024
Lakewood Senior Citizens Inc has made a significant impact in the community by transforming all three senior apartment buildings into qualified low-income housing projects. This initiative not only provides affordable living options for seniors but also ensures that the properties have been renovated in compliance with historic rehabilitation standards. By selling these buildings to taxable entities, they have positioned them to operate in accordance with Section 42 of the Internal Revenue Code, promoting the availability of low-income housing.
The organization continues to play a role in the management and financial structure of these properties, retaining a small ownership stake in the taxable entities and holding note receivables from the seller financing provided. This strategic approach not only supports the housing needs of seniors in Lakewood but also fosters community development through historic preservation. By facilitating access to affordable and improved housing, Lakewood Senior Citizens Inc contributes to the overall well-being of senior citizens in the area, ensuring they have safe, dignified places to call home.
This information is meant to be a general summary of Lakewood Senior Citizens 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: $1,135
- Program Service Revenue: $300,057
- Gross Receipts: $299,695
Assets and Liabilities:
- Total Assets: $16,133,312
- Total Liabilities: $979,288
- Net Assets: $15,154,024
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$300,057
Organization Details
Founding Year
1961
Principal Officer
Donnald Heckelmoser
Website
www.westerlyapartments.comNTEE Category
Code: L22 - Housing
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