Overview
What is Regal Oaks Apartments Inc?
Regal Oaks Apartments Inc is a nonprofit organization that operates a 24-unit apartment complex in Hendersonville, North Carolina, under Section 202 of the National Housing Act. The U.S. Department of Housing and Urban Development regulates the project's rental rates and operating methods, ensuring it serves its intended purpose. A significant portion of the project's income comes from a HUD-funded rental assistance contract. The organization's mission is to provide affordable housing for those in need, contributing positively to the local community.
Is Regal Oaks Apartments Inc legitimate?
Regal Oaks Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Regal Oaks Apartments 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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What is the mission statement of Regal Oaks Apartments Inc?
Regal Oaks Apartments Inc's mission is centered around owning and operating a 24-unit apartment complex, adhering to Section 202 of the National Housing Act. This project is subject to regulation by the U.S. Department of Housing and Urban Development, specifically in terms of rental rates and operating methods. Notably, a significant portion of the rental income for the complex is derived from a Project Rental Assistance Contract with HUD. The organization's primary focus is to provide housing under this contract, ensuring compliance with the regulations set by HUD.
Who is the CEO of Regal Oaks Apartments Inc?
Sheryl Fortune is the President of Regal Oaks Apartments Inc.
What is the revenue of Regal Oaks Apartments Inc?
Regal Oaks Apartments Inc's revenue in 2022 was $163,069.
Who are the executives of Regal Oaks Apartments Inc and what are their salaries?
There 14 volunteers at Regal Oaks Apartments Inc.
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Where can I find the form 990 for Regal Oaks Apartments Inc?
Regal Oaks Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Regal Oaks Apartments Inc
Regal Oaks Apartments Inc, as a mission-driven organization, is committed to owning and operating a 24-unit apartment complex. This venture is carried out under Section 202 of the National Housing Act. The U.S. Department of Housing and Urban Development (HUD) regulates this project, overseeing the rental rates and operating methods to ensure fairness and efficiency. Moreover, a substantial portion of the rental income for Regal Oaks Apartments is received from HUD, as the units are covered under a Project Rental Assistance Contract with the department. This arrangement allows Regal Oaks Apartments Inc to provide affordable housing solutions while adhering to strict regulatory guidelines. The organization's mission is to provide a secure and comfortable living environment for its residents, leveraging the financial support and regulatory oversight provided by HUD.
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Impact
October, 2024
Regal Oaks Apartments Inc plays a vital role in the community by providing affordable housing through its 24-unit apartment complex in Hendersonville, North Carolina. Designed under Section 202 of the National Housing Act, the project aims to meet the housing needs of low-income individuals, particularly the elderly, by offering regulated rental rates and operating methods in compliance with guidelines set by the U.S. Department of Housing and Urban Development (HUD).
The organization's impact is further amplified by its partnership with HUD through a project rental assistance contract, which ensures a significant portion of the rental income is subsidized. This support not only stabilizes the financial operations of the apartment complex but also enhances the security and affordability for residents, allowing them to live in a safe and supportive environment.
Moreover, Regal Oaks Apartments contributes to the local economy by maintaining a steady occupancy in its units, thereby fostering community stability. It serves as a critical resource for individuals seeking affordable housing options, playing an instrumental role in addressing housing needs at the local level. Through its dedicated mission, Regal Oaks Apartments Inc significantly enhances the quality of life for its residents and strengthens the community as a whole.
This information is meant to be a general summary of Regal Oaks Apartments 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: $188
- Program Service Revenue: $91,925
- Gross Receipts: $163,069
Assets and Liabilities:
- Total Assets: $2,900,460
- Total Liabilities: $3,592,868
- Net Assets: -$692,408
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTAL PAYMENTS
Revenue
$90,351
TENANT CHARGES
Revenue
$1,550
MISCELLANEOUS REVENUE
Revenue
$24
Organization Details
Founding Year
2014
Phone
(828) 692-4744Principal Officer
Sheryl Fortune
Main Address
214 NORTH KING STREET, HENDERSONVILLE, NC, 28792
NTEE Category
Code: L21 - Housing
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