Overview
What is New Development Corporation?
New Development Corporation is a nonprofit organization situated in Grand Rapids, Michigan, with a focus on promoting homeownership and affordable housing. They specialize in rehabilitating dilapidated homes to meet city codes, subsequently selling them to income-qualified buyers. This initiative not only increases the city's tax base due to rising home values but also enhances the value of surrounding properties. The organization's mission is to alleviate neighborhood blight in targeted low and moderate-income areas, working closely with low-income individuals to help them acquire and maintain homeownership. They also facilitate homeowner repair grants and provide tax return preparation assistance. With a small workforce of four employees, New Development Corporation is dedicated to improving housing conditions and fostering stable, quality living for eligible individuals.
Official website here: www.newdevelopmentcorp.org
Is New Development Corporation legitimate?
New Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Development Corporation 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: $69,546
Professional Fundraising Fees: $0
Other Salaries and Wages: $28,721
For more financial information, click here
Official website here: www.newdevelopmentcorp.org
What is the mission statement of New Development Corporation?
The New Development Corporation's mission is centered around promoting home ownership and affordable housing in low and moderate income areas. Their primary goal is to alleviate neighborhood blight in these targeted areas. They achieve this by collaborating with low-income individuals, assisting them in obtaining and retaining home ownership. The corporation also facilitates homeowner repair grants and tax return preparation services. In addition, they rehabilitate dilapidated homes to meet city codes, sell them at market value to income-qualified buyers, thereby increasing the city's tax base and surrounding property values. The corporation's efforts contribute to providing affordable, stable, and quality housing for low and moderate income individuals. During 2022, one such home was successfully sold.
Official website here: www.newdevelopmentcorp.org
Who is the CEO of New Development Corporation?
Aj Fossel is the President of New Development Corporation.
Official website here: www.newdevelopmentcorp.org
What is the revenue of New Development Corporation?
New Development Corporation's revenue in 2022 was $219,208.
Official website here: www.newdevelopmentcorp.org
Who are the executives of New Development Corporation and what are their salaries?
The average compensation at New Development Corporation during 2022 was $24,567. There are 4 employees and 45 volunteers at New Development Corporation.
Here are 10 key members and their salaries:
- Compensation: $47,879
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- Other: $21,667
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Official website here: www.newdevelopmentcorp.org
Where can I find the form 990 for New Development Corporation?
New Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.newdevelopmentcorp.org
Learn more at the official website: www.newdevelopmentcorp.org
Mission Statement of New Development Corporation
New Development Corporation, in its mission, aims to promote home ownership and affordable housing in targeted low and moderate income areas. The organization's goal is to alleviate neighborhood blight and improve living conditions for these communities. To achieve this, the corporation works closely with low-income individuals, providing guidance and support to help them acquire and maintain home ownership.
In addition to promoting home ownership, New Development Corporation also facilitates home repair grants and tax return preparation services for eligible individuals. The corporation rehabilitates dilapidated homes, bringing them up to city code, and sells them to income-qualified buyers. This process not only benefits the new homeowners by providing them with stable, quality housing at market value, but also increases the city's tax base as the home's value rises. Moreover, the value of surrounding properties also tends to increase due to these improvements, making the area more attractive and desirable.
During 2022, New Development Corporation successfully sold one such home, demonstrating its commitment to its mission and its ability to make a positive impact in the lives of low and moderate income families.
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Impact
October, 2024
New Development Corporation significantly impacts communities by promoting home ownership and affordable housing in targeted low to moderate income areas. Their efforts focus on the rehabilitation of dilapidated homes, ensuring they meet city code, and then selling these homes to income-qualified buyers. This process not only revitalizes neighborhoods but also helps alleviate blight, enhancing the overall quality of life for residents.
By enabling low-income individuals to access stable and quality housing at market value, New Development Corporation fosters sustainable communities. The sale of rehabilitated homes increases the city's tax base as home values rise, subsequently boosting the value of surrounding properties. This economic upliftment creates a positive cycle that benefits both homeowners and the broader community.
In 2022, the organization successfully sold one home, exemplifying its commitment to helping individuals attain and maintain home ownership. Additionally, they facilitate homeowner repair grants and offer services like tax return preparation, further supporting residents in achieving financial stability. The overall effect of the New Development Corporation's initiatives manifests in stronger neighborhoods, increased economic activity, and a sustained reduction in neighborhood blight.
This information is meant to be a general summary of New Development Corporation. 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: $3
- Program Service Revenue: $119,488
- Gross Receipts: $219,208
Assets and Liabilities:
- Total Assets: $144,845
- Total Liabilities: $49,072
- Net Assets: $95,773
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HOME REHAB & SALE, DEVELOP FEE
Revenue
$140,062
PROPERTY COST AND IMPROVEMENTS
Revenue
-$120,509
NEIGHBORHOOD IMPROVEMENT GRANTS
Revenue
$90,885
MANAGE INCOME QUALIFED PROPERTY
Revenue
$9,050
Organization Details
Founding Year
1996
Phone
(616) 361-7500Principal Officer
Aj Fossel
Main Address
205 Carrier St NE, Grand Rapids, MI, 49505
Website
www.newdevelopmentcorp.orgNTEE Category
Code: L20 - Housing
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