Overview
What is Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc?
Poah Nmtc2 Title Holding Corporation Co Preservation of Affordable Housing Inc is a nonprofit organization, based in Boston, Massachusetts, with a specific charitable mission. They hold title to or leasehold interest in a rental property, generating income from it. This income is then transferred to Preservation of Affordable Housing Inc (POAH), a tax-exempt organization under Section 501(C)(3), after deducting expenses. The company aims to maintain its status as a Qualified Active Low-Income Community Business under Section 45D of the Internal Revenue Code. The property, located in Chicago, Illinois, currently consists of 24 residential units and approximately 6,800 square feet of commercial space, which operates as Trianon Lofts Apartments, and intends to house a daycare center offering affordable services to low-income individuals.
Official website here: www.poah.org
Is Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc legitimate?
Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing 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
Official website here: www.poah.org
What is the mission statement of Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc?
Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc is established with a charitable purpose. Its primary objective is to hold title to or a leasehold interest in a rental property, collect income from it, and then transfer the income, minus expenses, to Preservation of Affordable Housing Inc, a tax-exempt organization under Section 501(C)(3). The corporation's business objectives also include maintaining its status as a Qualified Active Low-Income Community Business under Section 45D of the Internal Revenue Code. In essence, the corporation's mission is to preserve affordable housing by managing a rental property and channeling its income towards a non-profit organization committed to affordable housing.
Official website here: www.poah.org
Who is the CEO of Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc?
Allison Adduci is the President of Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc.
Official website here: www.poah.org
What is the revenue of Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc?
Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc's revenue in 2022 was $299,104.
Official website here: www.poah.org
Who are the executives of Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc and what are their salaries?
There 3 volunteers at Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $488,895
- Other: $27,343
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $5,500
- Other: $0
- Compensation: $0
- Related: $295,229
- Other: $8,344
- Compensation: $0
- Related: $280,438
- Other: $22,658
Official website here: www.poah.org
Where can I find the form 990 for Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc?
Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.poah.org
Learn more at the official website: www.poah.org
Mission Statement of Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc
Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc is a charitable entity with a specific mission. Operating solely for philanthropic purposes, the corporation holds title to or a leasehold interest in a rental property. Its primary objective is to collect income from this property, while deducting expenses, and then transfer the remaining income to Preservation of Affordable Housing, Inc. (POAH), a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code.
The corporation's mission is centered around maintaining its status as a Qualified Active Low-Income Community Business under Section 45D of the Internal Revenue Code. This means that it prioritizes the preservation of affordable housing, ensuring that the income generated from the property is used for this purpose. By doing so, the corporation plays a crucial role in providing affordable housing options, which is a significant benefit for low-income families and communities. The corporation's mission is thus focused on promoting and preserving affordable housing, ultimately contributing to the well-being and stability of vulnerable populations.
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Impact
October, 2024
Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing Inc plays a crucial role in supporting affordable housing initiatives in urban communities. By holding titles to rental properties, such as the Trianon Lofts Apartments in Chicago, the organization ensures that affordable housing units are available for low-income residents. The mixed-use developments it manages include not only residential apartments but also commercial spaces aimed at serving the community, such as daycare centers that provide essential services at affordable rates.
The entity's operations are focused on collecting income from these properties, which is then reinvested into the organization's mission to preserve and enhance affordable housing options. This model maximizes community resources and supports long-term sustainability in low-income neighborhoods.
In addition to creating affordable living spaces, Poah Nmtc2 contributes to the local economy by increasing access to essential services and fostering community improvement. The commercial spaces within these developments provide job opportunities and contribute to the vibrancy of the neighborhood, thereby enhancing the overall quality of life for residents. By maintaining its status as a qualified active low-income community business, the organization further solidifies its commitment to community development and affordable living.
This information is meant to be a general summary of Poah Nmtc2 Title Holding Corporation Co Preservation Of Affordable Housing 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.
- Program Service Revenue: $299,104
- Gross Receipts: $299,104
Assets and Liabilities:
- Total Assets: $10,147,937
- Total Liabilities: $11,648,488
- Net Assets: -$1,500,551
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$299,104
Organization Details
Founding Year
2015
Phone
(617) 449-0870Principal Officer
Allison Adduci
Main Address
2 OLIVER STREET SUITE 500, BOSTON, MA, 02109
Website
www.poah.orgNTEE Category
Code: S47 - Community improvement
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