Overview
What is Homeownership Preservation Foundation?
The Homeownership Preservation Foundation, situated in Farmington Hills, Michigan, is a nonprofit organization dedicated to supporting low to moderate-income homebuyers. They work in partnership with mortgage lenders, acting as an intermediary to connect clients with HUD-certified housing counselors. This service provides homebuyers with valuable education and guidance, aiding them in acquiring and maintaining homeownership. Affordable programs offered by the foundation may include assistance with down payments and closing costs, conditioned upon the completion of homebuyer education and personalized counseling sessions. The foundation's mission is to promote and educate financially distressed individuals on how to sustain homeownership, ultimately preserving and encouraging homeownership within their community.
Official website here: www.995hope.org
What are the reviews and ratings of this charity?
Homeownership Preservation Foundation has received an impressive Four-Star out of Four Star rating from Charity Navigator, with an overall score of 96%. This rating reflects the organization's strong commitment to accountability and finance, underscored by a perfect score in several key areas, including board independence, financial oversight, and the absence of any material diversion of assets.
The foundation boasts an exemplary structure, featuring a fully independent board and robust policies for governance. The program expense ratio is notably high at 95.37%, indicating that a significant portion of their funds is directed toward fulfilling their mission. Such strong fiscal management practices suggest that donors can have confidence in the effective use of their contributions.
Unfortunately, there are no user reviews available from GreatNonprofits, leaving a gap in insights regarding the public sentiment towards the foundation's programs and services. Nonetheless, the charity's strong accountability profile positions it as a reputable organization in the nonprofit sector focused on housing preservation.
This AI summary has been generated from information found on Charity Navigator.
Is Homeownership Preservation Foundation legitimate?
Homeownership Preservation Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Homeownership Preservation Foundation 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: $1,417,374
For more financial information, click here
Official website here: www.995hope.org
What is the mission statement of Homeownership Preservation Foundation?
The Homeownership Preservation Foundation's mission is centered around promoting and preserving homeownership for financially distressed individuals. They achieve this by providing educational and counseling services. The foundation works closely with mortgage lenders, offering their low to moderate income clients access to HUD-certified housing counselors. This support aids these clients in acquiring and maintaining homeownership. Some of these assistance programs include down payment and closing cost assistance, which are offered upon completion of homebuyer education and one-on-one housing counseling.
Official website here: www.995hope.org
Who is the CEO of Homeownership Preservation Foundation?
Kristen Holt is the President & Ceo of Homeownership Preservation Foundation. The CEO's salary of Homeownership Preservation Foundation is $0 and their total compensation is $542,929.
Official website here: www.995hope.org
What is the revenue of Homeownership Preservation Foundation?
Homeownership Preservation Foundation's revenue in 2022 was $10,640,592.
Official website here: www.995hope.org
Who are the executives of Homeownership Preservation Foundation and what are their salaries?
There 11 volunteers at Homeownership Preservation Foundation.
Here are 18 key members and their salaries (Homeownership Preservation Foundation's CEO's salary is $0 and their total compensation is $542,929):
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Related: $504,816
- Other: $38,113
- Compensation: $0
- Related: $274,276
- Other: $39,530
- Compensation: $0
- Related: $352,175
- Other: $45,727
- Compensation: $0
- Related: $321,561
- Other: $35,134
- Compensation: $0
- Related: $178,991
- Other: $43,294
- Compensation: $0
- Related: $183,316
- Other: $52,465
- Compensation: $0
- Related: $158,344
- Other: $46,886
Official website here: www.995hope.org
Where can I find the form 990 for Homeownership Preservation Foundation?
Homeownership Preservation Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.995hope.org
Learn more at the official website: www.995hope.org
Mission Statement of Homeownership Preservation Foundation
The Homeownership Preservation Foundation, in its mission, works towards promoting, educating, and counseling financially distressed individuals on how to sustain homeownership. This nonprofit organization provides education and counseling services to financially challenged homeowners, aiming to preserve and promote homeownership. It accomplishes this by administering affordable lending programs on behalf of banks and non-bank mortgage lenders. Through these programs, low to moderate income clients gain access to HUD-certified housing counselors, empowering them to attain and maintain homeownership. Some of these programs even offer down payment and closing cost assistance to borrowers who complete homebuyer education and/or one-on-one housing counseling.
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Impact
July, 2024
Homeownership Preservation Foundation's impact lies in providing education and counseling to financially distressed homeowners, aiming to preserve and promote homeownership. Through pre-purchase counseling and administering affordable lending programs, HPF assists low to moderate-income clients in accessing HUD-certified housing counselors to support their ability to attain and sustain homeownership. Some of the programs include offering down payment and closing cost assistance to borrowers who complete homebuyer education and receive one-on-one housing counseling.
This information is meant to be a general summary of Homeownership Preservation Foundation. 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: -$229,852
- Program Service Revenue: $10,430,442
- Gross Receipts: $11,034,816
Assets and Liabilities:
- Total Assets: $10,911,422
- Total Liabilities: $3,136,624
- Net Assets: $7,774,798
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
COUNSELING FEES
Revenue
$10,097,274
DISREGARDED LLC PROF SERVICES
Revenue
$333,168
Organization Details
Founding Year
2003
Phone
(248) 553-5400Principal Officer
Kristen Holt
Main Address
36500 CORPORATE DRIVE, FARMINGTON HILLS, MI, 48331
Website
www.995hope.orgNTEE Category
Code: P51 - Human services
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