Overview
What is Covenant Place Inc?
Covenant Place Inc is a nonprofit organization established in Smithfield, Virginia. Their primary mission is to manage and operate a 40-unit apartment complex named Covenant Place Apartments, catering to low-income families or individuals. The organization was founded in accordance with Section 202 of the National Housing Act, and they have entered into regulatory agreements with the Federal Housing Administration (FHA) section of HUD. These agreements govern the operation of the community. The organization receives funding through a Project Rental Assistance Contract (PRAC), which helps cover rent expenses for eligible residents, while HUD pays the remaining balance. Covenant Place Inc is dedicated to providing affordable housing solutions in the Smithfield area.
Is Covenant Place Inc legitimate?
Covenant Place Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Covenant Place 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 Covenant Place Inc?
Covenant Place Inc, as a not-for-profit corporation, was established with the purpose of managing and operating a 40-unit apartment complex, known as Covenant Place Apartments. This organization was established in compliance with Section 202 of the National Housing Act, and has signed regulatory agreements with the Federal Housing Administration (FHA) section of HUD. A Project Rental Assistance Contract (PRAC) is in place, providing financial aid for low-income families or individuals, with HUD covering the remaining balance of the rent. The primary mission of Covenant Place Inc is to ensure affordable housing for those in need, thereby contributing to the well-being and stability of these families or individuals.
What is the revenue of Covenant Place Inc?
Covenant Place Inc's revenue in 2023 was $328,918.
Who are the executives of Covenant Place Inc and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Covenant Place Inc?
Covenant Place Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Covenant Place Inc
Covenant Place Inc, a nonprofit corporation, was established with a mission to own and manage a 40-unit apartment community. This community, named Covenant Place Apartments, is situated in an undisclosed location. The organization was founded in compliance with Section 202 of the National Housing Act, amended, and entered into a standard regulatory agreement with the Federal Housing Administration (FHA) section of HUD. The primary objective of Covenant Place Inc is to provide rental assistance to low-income families or individuals through a Project Rental Assistance Contract (PRAC). Under this contract, the nonprofit organization assumes the responsibility of managing the rent for eligible families, while HUD covers the remaining balance. The mission of Covenant Place Inc is to ensure affordable housing for those in need, thereby contributing to the well-being of the community.
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Impact
October, 2024
Covenant Place Inc has made a significant impact in Smithfield, VA, by providing affordable housing solutions through its 40-unit apartment community, Covenant Place Apartments. The organization operates under the regulations set forth by the Federal Housing Administration (FHA) and the HUD, ensuring that low-income families and individuals have access to safe and stable housing.
The Project Rental Assistance Contract (PRAC) allows tenants to receive essential rent assistance, bridging the gap between what they can afford and the actual cost of housing. This initiative directly addresses the pressing need for affordable living options in the community, thereby enhancing the quality of life for its residents. By fostering a supportive environment, Covenant Place Inc not only contributes to housing stability but also promotes community well-being and social equity. The commitment to these values positions Covenant Place as a vital resource for those facing housing challenges in the area.
This information is meant to be a general summary of Covenant Place 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 2023.
- Investment Income: $35
- Program Service Revenue: $150,904
- Gross Receipts: $328,918
Assets and Liabilities:
- Total Assets: $561,790
- Total Liabilities: $1,657,574
- Net Assets: -$1,095,784
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$150,904
Organization Details
Founding Year
1993
Principal Officer
Barbara P Wiggins
NTEE Category
Code: L20Z - Housing
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