Overview
What is Scotland Community Development Inc?
Scotland Community Development Inc, established in 1965, is a nonprofit organization based in Potomac, Maryland. Its primary mission is to offer housing solutions for low-income residents, aligning with Section 221(D)(3) of the National Housing Act. In 2017, the organization sold its 75-unit apartment complex and related assets to Scotland Townhomes Limited Partnership for $4.5 million, simultaneously providing a $4 million loan. This transaction resulted in a 20% stake in Scotland General Partnership, LLC, which is part of the partnership and made an initial investment of $200,000 in the arrangement. Subsequently, the partnership entered into an agreement with the State of Maryland, utilizing HUD's Cranston-Gonzalez National Affordable Housing Act, Section 811 Project Rental Assistance Demonstration Programs, to provide rental assistance to individuals with disabilities at Scotland Townhomes.
Is Scotland Community Development Inc legitimate?
Scotland Community Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Scotland Community Development 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:
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What is the mission statement of Scotland Community Development Inc?
Scotland Community Development Inc's primary mission is to provide housing solutions for individuals with low income, as outlined under Section 221(D)(3) of the National Housing Act. In essence, the organization is dedicated to constructing, managing, and maintaining affordable housing complexes for this demographic. Following the sale of its apartment complex in Potomac, Maryland, Scotland Community Development Inc continued its commitment to housing by entering a user agreement with the State of Maryland, which established Section 811 Project Rental Assistance Demonstration Programs. These programs provide rental assistance to individuals with disabilities residing in the Scotland Townhomes.
Who is the CEO of Scotland Community Development Inc?
Iris Neal is the President/Director of Scotland Community Development Inc.
What is the revenue of Scotland Community Development Inc?
Scotland Community Development Inc's revenue in 2022 was $373,435.
Who are the executives of Scotland Community Development Inc and what are their salaries?
There 10 volunteers at Scotland Community Development Inc.
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Where can I find the form 990 for Scotland Community Development Inc?
Scotland Community Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Scotland Community Development Inc
Scotland Community Development Inc, established in 1965, is a not-for-profit organization with a mission to provide housing for low-income residents. This mission is carried out under Section 221(D)(3) of the National Housing Act. The organization's primary purpose has been to develop, construct, own, manage, and maintain a 75-unit low-income housing apartment complex. In 2017, Scotland Community Development Inc sold its apartment complex and related assets to Scotland Townhomes Limited Partnership for $4.5 million, retaining a 20% interest in Scotland General Partnership, which is part of the partnership. Following the sale, the partnership entered into a user agreement with the State of Maryland, establishing HUD's Cranston-Gonzalez National Affordable Housing Act, Section 811 Project Rental Assistance Demonstration Programs. These programs provide rental assistance to persons with disabilities at Scotland Townhomes. In essence, Scotland Community Development Inc's mission is to facilitate affordable housing solutions for those in need, aligning with federal housing acts and policies.
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Impact
October, 2024
Scotland Community Development Inc has made a significant impact by providing affordable housing options to low-income residents in Potomac, Maryland. Established in 1965, it played a crucial role in developing, constructing, and managing a 75-unit low-income housing apartment complex. The organization’s efforts have been instrumental in ensuring stable housing for vulnerable populations, addressing the pressing need for affordable living spaces.
The sale of the apartment complex in 2017 marked a transition for the organization, allowing it to reinvest in affordable housing initiatives. By providing a substantial loan and maintaining a partnership interest in a new entity, Scotland Community Development Inc continues to influence the housing landscape positively. The collaboration with the State of Maryland further enhances its impact by facilitating rental assistance for individuals with disabilities, demonstrating a commitment to inclusivity and equitable housing support.
Overall, Scotland Community Development Inc's ongoing involvement in affordable housing initiatives not only meets immediate housing needs but also contributes to the broader goal of fostering community stability and improving the quality of life for residents.
This information is meant to be a general summary of Scotland Community Development 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: $5,648
- Program Service Revenue: $367,787
- Gross Receipts: $373,435
Assets and Liabilities:
- Total Assets: $7,677,378
- Total Liabilities: $15,987
- Net Assets: $7,661,391
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM RELATED INT.
Revenue
$240,000
RENTAL INCOME
Revenue
$124,500
GROUND LEASE INTEREST
Revenue
$3,287
Organization Details
Founding Year
1965
Phone
(301) 983-2248Principal Officer
Iris Neal
Main Address
7838 SCOTLAND DRIVE, POTOMAC, MD, 20854
NTEE Category
Code: L21Z - Housing
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