Overview
What is Nyc Neighborhood Capital Corporation?
Nyc Neighborhood Capital Corporation is a certified charitable organization based in New York City, specifically at ONE LIBERTY PLAZA, New York, NY 10006. Its primary mission is to serve as a Qualified Community Development Entity (CDE) under the Federal New Markets Tax Credit (NMTC) program. The corporation forms and manages subsidiary Limited Liability Companies, which are also certified as CDEs, to receive equity contributions. These contributions are primarily utilized to make Qualified Low-Income Community Investments within the city of New York. The corporation's activities aim to further the interests of the city, contributing to its charitable operations.
Official website here: www.edc.nyc
Is Nyc Neighborhood Capital Corporation legitimate?
Nyc Neighborhood Capital Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Nyc Neighborhood Capital 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
For more financial information, click here
Official website here: www.edc.nyc
What is the mission statement of Nyc Neighborhood Capital Corporation?
The NYC Neighborhood Capital Corporation is organized with a primary mission to carry out charitable operations, specifically functioning as a Qualified Community Development Entity (CDE) under the Federal New Markets Tax Credit (NMTC) program. Its role involves forming and managing subsidiary Limited Liability Companies, which are also certified as CDEs. These subsidiaries receive equity contributions, primarily used to make qualified low-income community investments within their service area. The corporation's activities aim to further the interests of the city it serves. In essence, the NYC Neighborhood Capital Corporation facilitates investments to aid low-income communities, promoting development and growth within its designated area.
Official website here: www.edc.nyc
What is the revenue of Nyc Neighborhood Capital Corporation?
Nyc Neighborhood Capital Corporation's revenue in 2023 was $1,650,807.
Official website here: www.edc.nyc
Who are the executives of Nyc Neighborhood Capital Corporation and what are their salaries?
Here are 21 key members and their salaries:
- Compensation: $0
- Related: $181,844
- Other: $18,323
- Compensation: $0
- Related: $47,538
- Other: $0
- Compensation: $0
- Related: $149,308
- Other: $19,718
- Compensation: $0
- Related: $207,948
- Other: $33,268
- Compensation: $0
- Related: $116,192
- Other: $14,616
- Compensation: $0
- Related: $111,654
- Other: $15,351
- Compensation: $0
- Related: $218,077
- Other: $30,251
- Compensation: $0
- Related: $159,576
- Other: $22,341
- Compensation: $0
- Related: $196,692
- Other: $22,849
- Compensation: $0
- Related: $141,916
- Other: $22,703
- Compensation: $0
- Related: $143,538
- Other: $7,339
- Compensation: $0
- Related: $251,982
- Other: $0
- Compensation: $0
- Related: $90,077
- Other: $12,498
- Compensation: $0
- Related: $23,265
- Other: $3,257
- Compensation: $0
- Related: $148,922
- Other: $22,176
- Compensation: $0
- Related: $138,615
- Other: $0
- Compensation: $0
- Related: $212,125
- Other: $38,160
- Compensation: $0
- Related: $109,808
- Other: $15,303
- Compensation: $0
- Related: $74,971
- Other: $4,691
- Compensation: $0
- Related: $160,973
- Other: $12,931
- Compensation: $0
- Related: $204,616
- Other: $36,831
Official website here: www.edc.nyc
Where can I find the form 990 for Nyc Neighborhood Capital Corporation?
Nyc Neighborhood Capital Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.edc.nyc
Learn more at the official website: www.edc.nyc
Mission Statement of Nyc Neighborhood Capital Corporation
Nyc Neighborhood Capital Corporation, a charitable organization, is primarily tasked with carrying out operations that align with the city of New York's interests. In a more specific context, the corporation operates as a Qualified Community Development Entity (CDE) under the Federal New Markets Tax Credit (NMTC) program. Its main objective is to form and manage subsidiary Limited Liability Companies, also certified as CDEs, to receive equity contributions. These contributions are primarily utilized to make Qualified Low-Income Community Investments within Nyc Neighborhood Capital Corporation's "service area" in the city of New York. The corporation's activities also aim to advance the interests of the city of New York.
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Impact
October, 2024
The NYC Neighborhood Capital Corporation significantly enhances low-income communities throughout New York City by functioning as a Qualified Community Development Entity (CDE) under the New Markets Tax Credit (NMTC) program. This role allows the Corporation to attract equity contributions that directly support various initiatives aimed at community improvement.
By forming and managing subsidiary limited liability companies, the Corporation is able to allocate NMTCs effectively, ensuring that funds are directed toward qualified low-income community investments. These investments help stimulate local economies, create jobs, improve infrastructure, and foster essential services in underserved areas.
Through its focused efforts, the NYC Neighborhood Capital Corporation not only addresses the immediate economic needs of these communities but also plays a vital role in promoting long-term sustainable development. Its commitment to advancing the interests of the City of New York contributes to the overall enhancement of quality of life for residents in its service areas.
This information is meant to be a general summary of Nyc Neighborhood Capital 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 2023.
- Investment Income: $127,712
- Program Service Revenue: $1,523,095
- Gross Receipts: $1,650,807
Assets and Liabilities:
- Total Assets: $4,961,294
- Total Liabilities: $39,477
- Net Assets: $4,921,817
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSET MANAGEMENT FEE I
Revenue
$719,167
PLACEMENT AND SERVICES
Revenue
$450,000
SPONSOR FEE INCOME
Revenue
$300,000
INCENTIVE MANAGEMENT F
Revenue
$53,826
FLOW-THROUGH INCOME FR
Revenue
$102
Organization Details
Founding Year
2014
Principal Officer
Spencer Hobson
Website
www.edc.nycNTEE Category
Code: S30 - Community improvement
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