Overview
What is New Home Development Company Inc?
New Home Development Company Inc, located in Bryan, Ohio, is a nonprofit organization committed to providing affordable housing options for individuals with no to moderate incomes. With a workforce of 24 employees, this organization has acquired 56 housing units through grants and mortgages. The rents charged are proportionate to the household income, typically ranging from 30-35%. To further assist those in need, New Home Development Company Inc also administers a rent subsidy program and may provide emergency assistance when funding is available. Their mission is to offer affordable housing options primarily for individuals dealing with mental illnesses.
Official website here: www.newhomedevelopment.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92%, Four-Star out of Four Star Rating
New Home Development Company Inc has achieved a high score of 92%, reflecting strong accountability and financial health. This rating is significant as it demonstrates the organization’s commitment to transparency and effective financial management, which are crucial for maintaining donor trust and ensuring funds are used effectively. The organization excels in various areas such as having a completely independent board and robust oversight committees.
The majority of the organization’s metrics are impressive, particularly in areas like the material diversion of assets, where it scored full points. Furthermore, the organization operates with a substantial percentage of its expenses directed towards programs, indicating a strong focus on its mission. The presence of essential policies, such as conflict of interest and whistleblower policies, further underscores its commitment to ethical governance.
While the nonprofit appears to be well-managed with strong financial practices, potential donors might also consider any qualitative aspects of its programs and community impact that are not reflected in the numerical rating. Overall, New Home Development Company Inc stands out as a responsible organization worthy of support.
This AI summary has been generated from information found on Charity Navigator.
Is New Home Development Company Inc legitimate?
New Home Development Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Home Development Company 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: $99,746
Professional Fundraising Fees: $0
Other Salaries and Wages: $349,841
For more financial information, click here
Official website here: www.newhomedevelopment.org
What is the mission statement of New Home Development Company Inc?
New Home Development Company Inc's mission is centered around providing affordable housing options. Specifically, they aim to cater to individuals with low to no income, with a primary focus on those dealing with mental illness. They accomplish this through acquiring housing units using grants and mortgages, and setting rents at a proportion of the household income, typically 30-35%. They also administer a rent subsidy program and offer emergency assistance when funds allow. Notably, they are willing to rent to individuals with no income on a temporary basis.
Official website here: www.newhomedevelopment.org
Who is the CEO of New Home Development Company Inc?
Caren Bauer is the Vice Chair of New Home Development Company Inc.
Official website here: www.newhomedevelopment.org
What is the revenue of New Home Development Company Inc?
New Home Development Company Inc's revenue in 2023 was $1,231,703.
Official website here: www.newhomedevelopment.org
Who are the executives of New Home Development Company Inc and what are their salaries?
The average compensation at New Home Development Company Inc during 2023 was $18,733. There are 24 employees and 5 volunteers at New Home Development Company Inc.
Here are 6 key members and their salaries:
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- Compensation: $86,540
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- Other: $3,503
Official website here: www.newhomedevelopment.org
Where can I find the form 990 for New Home Development Company Inc?
New Home Development Company Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.newhomedevelopment.org
Learn more at the official website: www.newhomedevelopment.org
Mission Statement of New Home Development Company Inc
New Home Development Company Inc, as stated in its mission, is committed to providing affordable housing options for individuals with no to moderate income, with a particular focus on those who primarily suffer from mental illness. The organization's goal is to make housing accessible and affordable, charging rents that are a percentage of the household income, typically ranging between 30-35%. To further support its mission, New Home Development Company Inc also administers a rent subsidy program and may provide emergency assistance when funding is available. The company is also known to consider renting to individuals with no income, albeit on a temporary basis.
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Impact
October, 2024
New Home Development Company Inc. (NHDC) significantly impacts the community by providing affordable housing solutions for individuals with low to moderate incomes, particularly those facing mental health challenges. With a portfolio of 56 housing units obtained through grants and mortgages, NHDC ensures that rents are set at 30-35% of household income, making housing accessible for vulnerable populations.
The organization also administers a rent subsidy program, which further alleviates financial burdens for tenants. In cases of dire need, NHDC offers emergency assistance when funding is available, demonstrating its commitment to supporting residents in crisis. Unique to NHDC's approach is the ability to temporarily offer housing to individuals with no income, allowing them to stabilize their situation without the immediate pressure of rent payments.
By focusing on affordable housing, NHDC not only contributes to the stability of households but also enhances the overall well-being of the community in Bryan, Ohio, fostering inclusive environments where individuals can thrive despite economic and mental health challenges.
This information is meant to be a general summary of New Home Development Company 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 2023.
- Investment Income: $82,597
- Program Service Revenue: $701,421
- Gross Receipts: $1,273,478
Assets and Liabilities:
- Total Assets: $2,985,899
- Total Liabilities: $886,365
- Net Assets: $2,099,534
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADAMHS BOARD
Revenue
$490,500
RENT
Revenue
$210,921
Organization Details
Founding Year
1990
Phone
(419) 519-3075Principal Officer
Caren Bauer
Main Address
617 NORTH WALNUT STREET APT 12, BRYAN, OH, 43506
Website
www.newhomedevelopment.orgNTEE Category
Code: L20Z - Housing
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