Overview
What is Mcdowell Housing Corporation?
Mcdowell Housing Corporation, a North Carolina-based nonprofit organization, was founded with the mission to provide low-income housing solutions in Marion, North Carolina. They constructed and operate Blue Ridge Terrace Apartments, a 60-unit community, under Section 223(F) of the National Housing Act. The corporation collaborates with the Federal Housing Administration (FHA) Section of HUD, ensuring a steady rental income for eligible low-income families through the Section 8 program's Housing Assistance Payment Contract (HAP). The corporation's primary objective is to contribute to affordable housing for individuals and families in Marion, North Carolina.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 71%, earning a Two-Star out of Four Star rating.
Mcdowell Housing Corporation received a Two-Star rating from Charity Navigator, indicating a below-average performance in accountability and finance. The organization has shown strengths in governance, with 100% of its board members being independent and a well-structured audit and oversight committee. Additionally, the program expense ratio is impressive at 97.72%, suggesting that a significant majority of its expenditures are directed toward its mission-related activities.
However, the organization faces notable limitations. A critical issue is the high liabilities to assets ratio of 127.53%, which indicates financial instability. Furthermore, the absence of conflict of interest and whistleblower policies raises concerns regarding transparency and organizational ethics. Lastly, the nonprofit has not made its tax form available on its website, which is a standard expectation for accountability.
Overall, while Mcdowell Housing Corporation demonstrates an effective commitment to its programs, it must address its financial management practices and governance policies to improve its standing and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Mcdowell Housing Corporation legitimate?
Mcdowell Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mcdowell Housing Corporation 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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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Mcdowell Housing Corporation?
The Mcdowell Housing Corporation, established as a North Carolina not-for-profit organization, is committed to providing low-income housing. Specifically, they constructed, own, and manage Blue Ridge Terrace Apartments, a 60-unit community, in compliance with Section 223(F) of the National Housing Act. The corporation operates under the standard regulatory agreements with the Federal Housing Administration (FHA) section of HUD. They secure rent for low-income families or individuals through a Housing Assistance Payment Contract (HAP) provided by the Section 8 program of the National Housing Act. In essence, the Mcdowell Housing Corporation aims to offer affordable housing solutions, ensuring that eligible individuals have a suitable living space.
Who is the CEO of Mcdowell Housing Corporation?
Larry Ramsey is the President of Mcdowell Housing Corporation.
What is the revenue of Mcdowell Housing Corporation?
Mcdowell Housing Corporation's revenue in 2022 was $586,096.
Who are the executives of Mcdowell Housing Corporation and what are their salaries?
There 7 volunteers at Mcdowell Housing Corporation.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Mcdowell Housing Corporation?
Mcdowell Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mcdowell Housing Corporation
Mcdowell Housing Corporation, a North Carolina-based not-for-profit organization, was established with the mission to provide low-income families and individuals with housing. To fulfill this mission, the corporation constructed, owns, and operates Blue Ridge Terrace Apartments, a 60-unit housing community. Mcdowell Housing Corporation operates under the guidelines of Section 223(F) of the National Housing Act, and has entered into regulatory agreements with the Federal Housing Administration section of HUD. The organization's operations are funded through a Housing Assistance Payment Contract (HAP) that provides rent for eligible low-income families, as part of the Section 8 program of the National Housing Act. In essence, Mcdowell Housing Corporation is committed to offering affordable housing solutions, thereby helping low-income individuals and families secure a stable living environment.
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Impact
July, 2024
Mcdowell Housing Corporation's impact lies in providing low-income housing to families and individuals in Marion, North Carolina. Through the construction, ownership, and operation of the Blue Ridge Terrace Apartments, this organization offers essential housing options for those in need. The Housing Assistance Payment contract under the Section 8 program of the National Housing Act ensures that low-income families or individuals receive the necessary support for affordable housing. The work of Mcdowell Housing Corporation helps to address the housing needs of the community and contributes to enhancing the quality of life for its residents.
This information is meant to be a general summary of Mcdowell Housing Corporation. 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: $91
- Program Service Revenue: $174,083
- Gross Receipts: $586,096
Assets and Liabilities:
- Total Assets: $1,095,051
- Total Liabilities: $1,396,551
- Net Assets: -$301,500
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTAL PAYMENTS
Revenue
$160,585
TENANT CHARGES
Revenue
$10,729
LAUNDRY AND VENDING
Revenue
$2,769
Organization Details
Founding Year
1979
Phone
(336) 765-3906Principal Officer
Larry Ramsey
Main Address
2585 W CLEMMONSVILLE RD SUITE 102, WINSTONSALEM, NC, 27127
NTEE Category
Code: L20Z - Housing
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