Overview
What is Neighborhood Lending Services Inc?
Neighborhood Lending Services Inc., established in 1987, is a nonprofit organization based in Chicago, Illinois. Their primary mission is to provide affordable financing for home purchases, improvements, or refinances in the city of Chicago and South Suburban Cook County. The organization, licensed as an Illinois Residential Mortgage Lender, works to revitalize underserved neighborhoods by offering fixed-rate mortgage loans to low- and moderate-income borrowers in Chicago, Kane County, and South Suburban Cook County. Through partnerships with the City of Chicago, Neighborhood Lending Services Inc. also provides forgivable and deferred loans to complement their mortgage products. The organization's main purpose is to support low- and moderate-income individuals by improving their residencies and preventing housing deterioration in targeted neighborhoods.
Official website here: www.nhschicago.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Star Rating)
Neighborhood Lending Services Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The organization scored a high 95% in this category, which showcases its commitment to transparency and effective financial management. The rating indicates that donors can trust the organization to utilize contributions responsibly.
The nonprofit boasts a fully independent board, with all eight members meeting the criteria for independence. This governance structure contributes to the organization’s strong oversight, as evidenced by its perfect scores in areas such as audit and oversight committee effectiveness and the absence of material diversion of assets. Additionally, the organization has established comprehensive policies, including conflict of interest and whistleblower policies, which further enhance its accountability.
While the financial stability appears solid, with a liabilities-to-assets ratio of 51.03%, the organization maintains a commendable program expense ratio of 76.65%, indicating a significant portion of its budget is directed towards its mission-driven programs. Overall, Neighborhood Lending Services Inc demonstrates a robust framework for accountability and effective use of resources, making it a reliable choice for donors.
This AI summary has been generated from information found on Charity Navigator.
Is Neighborhood Lending Services Inc legitimate?
Neighborhood Lending Services Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Neighborhood Lending Services 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,559,752
For more financial information, click here
Official website here: www.nhschicago.org
What is the mission statement of Neighborhood Lending Services Inc?
Neighborhood Lending Services Inc, established with the purpose of operating without profit, aims to support low- and moderate-income individuals primarily residing in targeted neighborhoods. Their mission is twofold. Firstly, they provide affordable fixed-rate mortgage loans to help these borrowers improve their residencies. Secondly, they strive to prevent the deterioration of existing housing stock in these neighborhoods. Lastly, they aim to enhance housing opportunities for individuals of low- and moderate-income, contributing to the overall improvement of these communities.
Official website here: www.nhschicago.org
Who is the CEO of Neighborhood Lending Services Inc?
Dwayne Shipp is the President of Neighborhood Lending Services Inc. The CEO's salary of Neighborhood Lending Services Inc is $0 and their total compensation is $247,746.
Official website here: www.nhschicago.org
What is the revenue of Neighborhood Lending Services Inc?
Neighborhood Lending Services Inc's revenue in 2023 was $2,840,462.
Official website here: www.nhschicago.org
Who are the executives of Neighborhood Lending Services Inc and what are their salaries?
There 7 volunteers at Neighborhood Lending Services Inc.
Here are 11 key members and their salaries (Neighborhood Lending Services Inc's CEO's salary is $0 and their total compensation is $247,746):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $219,714
- Other: $28,032
- Compensation: $0
- Related: $159,575
- Other: $8,961
- Compensation: $0
- Related: $115,784
- Other: $15,914
- Compensation: $0
- Related: $111,106
- Other: $17,319
Official website here: www.nhschicago.org
Where can I find the form 990 for Neighborhood Lending Services Inc?
Neighborhood Lending Services Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.nhschicago.org
Learn more at the official website: www.nhschicago.org
Mission Statement of Neighborhood Lending Services Inc
Neighborhood Lending Services Inc, a non-profit organization, was established with a primary mission to revitalize underserved communities in Chicago, Kane County, and South Suburban Cook County. The organization's purpose is multifaceted. Firstly, it aims to receive, administer, and disburse funds for charitable, educational, and scientific purposes without personal gain. Secondly, Neighborhood Lending Services Inc focuses on providing affordable fixed-rate mortgage loans to low- and moderate-income borrowers, aiming to improve their residencies. By doing so, the organization seeks to prevent the deterioration of existing housing stock in these target neighborhoods. Lastly, the non-profit strives to create improved housing opportunities for individuals of low- and moderate-income, contributing to the overall betterment of these communities.
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Impact
October, 2024
Neighborhood Lending Services Inc. (NLS) plays a crucial role in revitalizing underserved neighborhoods in the Chicago area by providing affordable fixed-rate mortgage loans to low- and moderate-income borrowers. Since its inception in 1987, NLS has focused on enhancing homeownership opportunities, offering financing for home purchases, improvements, and refinancing.
By targeting specific communities, particularly in Chicago and South Suburban Cook County, NLS helps to prevent the deterioration of the existing housing stock and encourages sustainable living conditions. Their partnerships with the City of Chicago further amplify their impact, allowing them to offer forgivable and deferred loans that complement their mortgage products.
The majority of NLS's loans are directed towards low- and moderate-income neighborhoods, significantly contributing to the economic stability and development of these areas. Through these initiatives, NLS not only facilitates home ownership but also fosters community growth and revitalization, ensuring that residents have access to safe and affordable housing.
This information is meant to be a general summary of Neighborhood Lending Services 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.
- Program Service Revenue: $2,345,861
- Gross Receipts: $2,840,462
Assets and Liabilities:
- Total Assets: $24,089,231
- Total Liabilities: $12,293,181
- Net Assets: $11,796,050
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CONTRACTUAL SERVICES
Revenue
$1,760,094
SERVICING FEES
Revenue
$585,767
Organization Details
Founding Year
1987
Phone
(773) 329-4144Principal Officer
Dwayne Shipp
Main Address
1279 N MILWAUKEE AVENUE, CHICAGO, IL, 60622
Website
www.nhschicago.orgNTEE Category
Code: L820 - Housing
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