Overview
What is Foundation For Affordable Housing?
The Foundation For Affordable Housing is a nonprofit organization headquartered at 11640 Arbor Street Suite 201, Omaha, NE, 68144. Established for the purpose of constructing, purchasing, owning, and operating affordable housing units for low and moderate-income individuals and families, the Foundation has expanded its reach in 2022 by acquiring six additional affordable housing projects. These projects include Village Station (160 units), Paces Run (260 units), The Maples (325 units), Abbott Arms (Cayce) (100 units), Heritage Court (149 units), and Harry C White Manor (56 units), with a total of 1,180 new affordable housing units. The Foundation's mission remains unwavering, aiming to provide essential housing solutions for individuals and families in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Foundation For Affordable Housing has received a two-star rating from Charity Navigator, indicating areas that require attention despite a strong score in accountability and finance. The organization boasts a fully independent board and excellent oversight mechanisms, achieving perfect scores in several accountability categories, including financial statements and conflict of interest policies.
However, the foundation faces significant challenges in transparency and governance. Key policies, such as a whistleblower policy and document retention guidelines, are missing, which raises concerns about its operational integrity. Additionally, the organization's liabilities exceed its assets, resulting in a poor score in this area, which may affect its financial stability and long-term sustainability.
Overall, while the Foundation For Affordable Housing demonstrates strong commitment to its programs with a high program expense ratio, it must address its governance deficiencies and improve transparency to enhance its rating and build greater trust with stakeholders and the community.
This AI summary has been generated from information found on Charity Navigator.
Is Foundation For Affordable Housing legitimate?
Foundation For Affordable Housing is a legitimate nonprofit organization registered as a 501(c)(3) entity. Foundation For Affordable Housing 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: $1,461,575
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,864,029
For more financial information, click here
What is the mission statement of Foundation For Affordable Housing?
The Foundation for Affordable Housing is a non-profit organization dedicated to constructing, purchasing, owning, and managing affordable housing units for individuals and families with low to moderate income. The foundation's primary goal is to provide affordable housing solutions for those in need. In 2022, the organization expanded its affordable housing initiatives by acquiring six new projects: Village Station (160 units), Paces Run (260 units), The Maples (325 units), Abbott Arms (Cayce) (100 units), Heritage Court (149 units), and Harry C White Manor (56 units). Through these acquisitions, the Foundation for Affordable Housing continues to make a significant impact on the lives of many individuals and families, ensuring they have access to safe and affordable housing.
Who is the CEO of Foundation For Affordable Housing?
Mark Hiatt is the President of Foundation For Affordable Housing.
What is the revenue of Foundation For Affordable Housing?
Foundation For Affordable Housing's revenue in 2022 was $68,326,602.
Who are the executives of Foundation For Affordable Housing and what are their salaries?
The average compensation at Foundation For Affordable Housing during 2022 was $1,581,401. There are 4 employees at Foundation For Affordable Housing.
Here are 6 key members and their salaries:
- Compensation: $9,900
- Related: $0
- Other: $0
- Compensation: $9,900
- Related: $0
- Other: $0
- Compensation: $9,900
- Related: $0
- Other: $0
- Compensation: $995,000
- Related: $0
- Other: $0
- Compensation: $350,000
- Related: $0
- Other: $0
- Compensation: $86,875
- Related: $0
- Other: $0
Where can I find the form 990 for Foundation For Affordable Housing?
Foundation For Affordable Housing's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Foundation For Affordable Housing
The Foundation for Affordable Housing, a nonprofit organization, is dedicated to the exempt purpose of constructing, purchasing, owning, and operating affordable housing units for low and moderate-income individuals and families. By forming this organization, the Founders aimed to address the housing needs of those with limited financial resources.
Through its wholly-owned subsidiaries and affiliates, the Foundation provides affordable housing solutions to individuals and families in need. In 2022 alone, the Foundation expanded its reach by acquiring six additional affordable housing projects: Village Station (160 units), Paces Run (260 units), The Maples (325 units), Abbott Arms (Cayce) (100 units), Heritage Court (149 units), and Harry C White Manor (56 units). With each new acquisition, the Foundation continues to make strides in providing affordable housing for those who face financial adversity.
The Foundation's mission is to provide a safe and affordable living environment for individuals and families, enabling them to focus on other aspects of their lives. By offering affordable housing, the Foundation plays a crucial role in ensuring its residents have stable housing, which is a fundamental human need. The organization's efforts contribute significantly to the overall well-being and stability of its residents, and the communities in which they live.
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Impact
October, 2024
Foundation For Affordable Housing significantly impacts the community by providing affordable housing options for low and moderate-income individuals and families. In 2022 alone, the organization acquired six additional housing projects, totaling over 1,000 units. These include Village Station (160 units), Paces Run (260 units), The Maples (325 units), Abbott Arms (100 units), Heritage Court (149 units), and Harry C. White Manor (56 units). By constructing, purchasing, owning, and operating these properties, it plays a crucial role in enhancing the availability of quality housing, fostering stability, and improving the overall quality of life for underserved populations in Omaha, NE. This type of housing not only caters to essential needs but also contributes to community development and economic growth in the region.
This information is meant to be a general summary of Foundation For Affordable Housing. 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: $2,770,001
- Program Service Revenue: $65,556,601
- Gross Receipts: $68,326,602
Assets and Liabilities:
- Total Assets: $662,375,296
- Total Liabilities: $703,724,706
- Net Assets: -$41,349,410
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$49,851,652
OTHER RENTAL PROJECT INCOME
Revenue
$15,704,949
Organization Details
Founding Year
1995
Phone
(402) 506-4985Principal Officer
Mark Hiatt
Main Address
11640 ARBOR STREET SUITE 201, OMAHA, NE, 68144
NTEE Category
Code: L200 - Housing
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