Overview
What is New Mexico Housing & Community Development Corporation?
New Mexico Housing & Community Development Corporation is a nonprofit organization situated in Truth or Consequences, New Mexico. Their primary mission is to ensure the availability and enhance the quality of affordable housing for moderate and low-income families across the state. They accomplish this through property rehabilitation and professional management. Notably, they have recently completed renovations in their community room, laundry facilities, and landscaping to further improve their services. The organization continues to support elderly and/or disabled families throughout New Mexico by providing them with affordable housing solutions.
Official website here: www.torchousing.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, Two-Star out of Four Star rating
The New Mexico Housing & Community Development Corporation has received a 67% rating from Charity Navigator, indicating some strengths in its operations but also significant areas for improvement. The organization has a fully independent board and maintains a strong program expense ratio of 79%, which suggests that a substantial portion of its funds is directed towards its programs. However, the lack of financial statements and missing governance policies highlight vulnerabilities in accountability and transparency.
The organization scores well in certain accountability metrics, including the absence of material diversion of assets and a favorable liabilities to assets ratio of 24.30%. Despite these positives, critical governance documents such as the conflict of interest policy and whistleblower policy are missing, raising concerns about the organization's governance practices. Additionally, the absence of board meeting minutes and failure to post tax forms on its website further diminish its overall accountability.
In summary, while the New Mexico Housing & Community Development Corporation demonstrates a commitment to its mission through programmatic spending and an independent board, its lack of essential financial documentation and governance policies calls for attention. Addressing these deficiencies could enhance transparency and trust among supporters and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is New Mexico Housing & Community Development Corporation legitimate?
New Mexico Housing & Community Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Mexico Housing & Community 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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Official website here: www.torchousing.org
What is the mission statement of New Mexico Housing & Community Development Corporation?
The New Mexico Housing & Community Development Corporation is dedicated to enhancing the availability and quality of affordable housing options for moderate and low-income families across the state. They achieve this goal through property rehabilitation and professional management strategies. The organization's efforts have been successful in promoting affordable housing, improving the living conditions of many families in need. One of their programs, Help I, offers affordable housing to elderly and/or disabled families in New Mexico. This program has undergone complete renovations, including the community room, laundry facilities, and landscaping, to provide a more comfortable living environment for its residents.
Official website here: www.torchousing.org
Who is the CEO of New Mexico Housing & Community Development Corporation?
Steven Rice is the Chairman of New Mexico Housing & Community Development Corporation.
Official website here: www.torchousing.org
What is the revenue of New Mexico Housing & Community Development Corporation?
New Mexico Housing & Community Development Corporation's revenue in 2022 was $1,136,011.
Official website here: www.torchousing.org
Who are the executives of New Mexico Housing & Community Development Corporation and what are their salaries?
Here are 4 key members and their salaries:
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Official website here: www.torchousing.org
Where can I find the form 990 for New Mexico Housing & Community Development Corporation?
New Mexico Housing & Community Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.torchousing.org
Learn more at the official website: www.torchousing.org
Mission Statement of New Mexico Housing & Community Development Corporation
The New Mexico Housing & Community Development Corporation is dedicated to enhancing the availability and quality of affordable housing for moderate and low-income families across New Mexico. They accomplish this mission through property rehabilitation and professional management strategies. By renovating and managing properties, the corporation ensures that viable housing options become accessible to those who might otherwise struggle to afford them.
In line with their objectives, the New Mexico Housing & Community Development Corporation has implemented programs like the Help program, which offers affordable housing to elderly and/or disabled families throughout the state. This program underwent a comprehensive renovation, transforming its community room, laundry facilities, and landscaping to better serve its residents. This renovation highlights the organization's commitment to providing not just housing, but also comfortable and functional living spaces for its residents.
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Impact
July, 2024
New Mexico Housing & Community Development Corporation's impact can be seen in the successful promotion of the availability and quality of affordable housing for moderate and low-income families throughout New Mexico. Through their activities focusing on property rehabilitation and professional management, the organization plays a vital role in providing housing solutions for those in need. Specifically, their Help I program has resulted in the complete renovation of community rooms, laundry facilities, and landscapes, ultimately benefiting elderly and disabled families across the state. This tangible impact underscores the organization's commitment to addressing housing challenges and improving the lives of individuals and families in New Mexico.
This information is meant to be a general summary of New Mexico Housing & Community 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: $413
- Program Service Revenue: $1,002,173
- Gross Receipts: $1,136,011
Assets and Liabilities:
- Total Assets: $5,498,715
- Total Liabilities: $1,450,103
- Net Assets: $4,048,612
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DWELLING RENTAL
Revenue
$371,978
TENANT ASSISTANCE
Revenue
$569,198
DEVELOPER FEES
GRANTS
Revenue
$60,997
Organization Details
Phone
(575) 894-2244Principal Officer
Steven Rice
Main Address
108 S CEDAR, TRUTH OR CONSEQUENCES, NM, 87901
Website
www.torchousing.orgNTEE Category
Code: L20 - Housing
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