Overview
What is Pennsylvania Home Lending Collaborative Inc?
Pennsylvania Home Lending Collaborative Inc is a nonprofit organization located in Reading, Pennsylvania. Its primary mission is to promote and facilitate first-time homeownership for qualified individuals and families, particularly those of modest means, within participating or qualified service areas. To achieve this, the organization collaborates with six other NeighborWorks organizations covering most of Pennsylvania. They provide lending services and capital to help clients secure first-time homeownership and offer affordable financial assistance for necessary home repairs and renovations. The lack of capital for these families is contributing to the deterioration of Pennsylvania's housing stock, lowering living standards for occupants. To ensure responsible homeownership, borrowers must complete various education and counseling programs. In 2022, the organization assisted 32 families in buying their first homes, lending $384,769 in down payment and closing cost assistance loans. Despite some past-due loans, the organization's loan portfolio remains strong relative to the national economy. The organization also promotes the use of 'green technology,' encouraging energy-efficient investments.
Is Pennsylvania Home Lending Collaborative Inc legitimate?
Pennsylvania Home Lending Collaborative Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Pennsylvania Home Lending Collaborative 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Pennsylvania Home Lending Collaborative Inc?
Pennsylvania Home Lending Collaborative Inc's mission is centered around promoting and facilitating first-time home ownership for qualifying individuals and families, with a particular focus on those of modest means residing in participating or qualified service areas. The organization accomplishes this by providing affordable financial assistance and flexible underwriting, working in collaboration with six other established NeighborWorks organizations. Beyond promoting home ownership, the collaborative also assists existing homeowners in their service areas with necessary home repairs and renovations through affordable financial assistance. The organization recognizes the critical need for capital among families with modest means and little equity in their homes, which is contributing to the deterioration of Pennsylvania's housing stock. Moreover, the collaborative offers access to loan products that encourage families to utilize green technology, resulting in lower energy costs. All borrowers are required to complete various educational and counseling programs to ensure responsible homeownership. In 2022, the collaborative assisted 32 families in purchasing their first homes, providing considerable down payment and closing cost assistance loans. Despite past due loans, the organization's loan portfolio remained strong relative to the national economy.
Who is the CEO of Pennsylvania Home Lending Collaborative Inc?
Stephen Gieringer is the Chair & Corporate Secretar of Pennsylvania Home Lending Collaborative Inc. The CEO's salary of Pennsylvania Home Lending Collaborative Inc is $0 and their total compensation is $155,070.
What is the revenue of Pennsylvania Home Lending Collaborative Inc?
Pennsylvania Home Lending Collaborative Inc's revenue in 2022 was $278,435.
Who are the executives of Pennsylvania Home Lending Collaborative Inc and what are their salaries?
There 6 volunteers at Pennsylvania Home Lending Collaborative Inc.
Here are 7 key members and their salaries (Pennsylvania Home Lending Collaborative Inc's CEO's salary is $0 and their total compensation is $155,070):
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- Related: $132,874
- Other: $22,196
Where can I find the form 990 for Pennsylvania Home Lending Collaborative Inc?
Pennsylvania Home Lending Collaborative Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Pennsylvania Home Lending Collaborative Inc
Pennsylvania Home Lending Collaborative Inc, a nonprofit organization, is dedicated to promoting and facilitating first-time home ownership for qualifying individuals and families in designated areas. Its primary mission is to assist low-income families, specifically those with an annual income below 80% of the Area Median Income (AMI), in realizing their dream of homeownership. To achieve this, the organization collaborates with six other NeighborWorks organizations to provide affordable financial assistance and flexible underwriting in their respective service areas.
The collaborative's lending efforts aim to provide capital and lending services to those seeking first-time home ownership in their regions. In addition to promoting homeownership, Pennsylvania Home Lending Collaborative Inc also assists existing homeowners in maintaining residency through affordable financial assistance for necessary home repairs and renovations. This service is particularly important for homeowners of modest means or those with limited equity in their homes, as the lack of capital is contributing to the deterioration of Pennsylvania's housing stock and lowering living standards for its occupants.
The organization also encourages the use of 'green technology' in home repairs and renovations, providing loan products that incentivize energy-efficient improvements. All borrowers are required to complete various educational programs, including homebuyer education classes, individual budget and credit counseling, and pre- and post-purchase counseling, as applicable. In 2022, Pennsylvania Home Lending Collaborative Inc assisted 32 families in buying their first homes, lending a total of $384,769 in down payment and closing cost assistance loans. Despite a few past-due loans, the total PHLC loan portfolio remained strong relative to the national economy.
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Impact
October, 2024
The Pennsylvania Home Lending Collaborative Inc. significantly impacts the communities it serves by promoting and facilitating first-time homeownership for qualifying individuals and families. With a focus on low to moderate-income clients, this initiative addresses a critical need within Pennsylvania, where many aspiring homeowners struggle to access the necessary financial resources for purchasing a home.
By collaborating with six established NeighborWorks organizations, the PHLC enhances its reach across the majority of the state, ensuring that its lending services and capital are available where they are most needed. In 2022, the organization helped 32 families achieve their dream of homeownership by providing $384,769 in down payment and closing cost assistance loans. This effort not only fosters a sense of stability and community among new homeowners but also contributes positively to the local housing market.
Additionally, the organization supports existing homeowners by offering affordable financing for vital home repairs and renovations, addressing the issue of housing stock deterioration due to lack of investment. This not only improves living conditions for families but also helps maintain the overall quality of neighborhoods.
The PHLC encourages sustainable practices by providing access to loan products that facilitate investment in green technology, further lowering energy costs for families and promoting an environmentally friendly approach to homeownership. Moreover, all borrowers are required to engage in educational programs on homebuying and financial management, equipping them with the knowledge to navigate the complexities of homeownership successfully.
In summary, the Pennsylvania Home Lending Collaborative Inc. plays a crucial role in promoting homeownership, enhancing living conditions, and fostering sustainable development in Pennsylvania, ultimately contributing to stronger, more resilient communities.
This information is meant to be a general summary of Pennsylvania Home Lending Collaborative 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: $1,113
- Program Service Revenue: $277,322
- Gross Receipts: $278,435
Assets and Liabilities:
- Total Assets: $3,283,912
- Total Liabilities: $3,000,820
- Net Assets: $283,092
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEE REVENUE
Revenue
$162,508
MORTGAGE INTEREST
Revenue
$114,814
Organization Details
Founding Year
2014
Phone
(610) 372-8433Principal Officer
Stephen Gieringer
Main Address
213 N 5TH STREET, READING, PA, 19601
NTEE Category
Code: L20 - Housing
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