Overview
What is Sharon Manor Homes Inc?
Sharon Manor Homes Inc is a nonprofit organization established under North Carolina state laws, with the primary objective of constructing and operating a rental housing project. The project, located in Charlotte, North Carolina, serves as elderly housing units, adhering to the guidelines of Section 202 of the National Housing Act. The organization has undergone refinancing of its HUD Section 202 loan in 2007 and 2021, with HUD mortgage insurance under Section 223(F) of the National Housing Act. The project is currently operating under the name Sharon Manor Homes and is regulated by HUD in terms of rent charges and operating methods. Occupancy is restricted to very low-income households with at least one person aged 62 or older. The project receives a substantial portion of its rental income from HUD under a Section 8 Housing Assistance Payment Agreement. The organization's primary mission focuses on providing housing for the elderly, with HUD-insured financing playing a significant role in its operations.
Is Sharon Manor Homes Inc legitimate?
Sharon Manor Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sharon Manor Homes 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 Sharon Manor Homes Inc?
Sharon Manor Homes Inc was established as a non-profit corporation under North Carolina state law, with the primary objective of constructing and operating a rental housing project. This project falls under Section 202 of the National Housing Act. In 2007 and 2021, the project's mortgage was refinanced, the latter being insured by HUD under Sections 207/223(F) of the National Housing Act. The project consists of 39 elderly housing units and is regulated by HUD regarding rent charges and operating methods. Occupancy is restricted to very low-income households with at least one resident aged 62 or older. The organization's mission primarily revolves around providing suitable housing for this demographic.
Who is the CEO of Sharon Manor Homes Inc?
Dr James Thomas is the Director of Sharon Manor Homes Inc.
What is the revenue of Sharon Manor Homes Inc?
Sharon Manor Homes Inc's revenue in 2022 was $314,053.
Who are the executives of Sharon Manor Homes 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 Sharon Manor Homes Inc?
Sharon Manor Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Sharon Manor Homes Inc
Sharon Manor Homes Inc, established as a non-profit corporation under North Carolina's laws, was founded with the primary objective of constructing and managing a rental housing project. This project falls under Section 202 of the National Housing Act. The organization has undergone refinancing processes in 2007 and February 2021, with the most recent refinancing being insured by HUD under Section 207/223(F) in compliance with Section 223(A) (7) of the National Housing Act.
The project, currently operating as Sharon Manor Homes, consists of 39 HUD-assisted elderly housing units. These units are subject to strict regulations by HUD, governing rent charges and operating methods. The occupancy of the project is restricted to very low-income households, with at least one resident aged 62 years or older. Sharon Manor Homes Inc's mission is to provide affordable housing solutions for this specific demographic, ensuring they have a safe and comfortable living environment.
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Impact
October, 2024
Sharon Manor Homes Inc significantly impacts the community by providing affordable housing specifically designed for elderly individuals. Located in Charlotte, North Carolina, this project offers 39 HUD-assisted units exclusively for very low-income households with at least one member aged 62 or older. By aligning with federal regulations under the National Housing Act, Sharon Manor ensures that its residents have access to stable, affordable shelter, which is crucial for their well-being.
The financial structure of Sharon Manor includes substantial support from HUD, with a considerable portion of its income derived from a Section 8 Housing Assistance Payment Agreement. In 2022, rental revenue from HUD accounted for approximately 66.7% of the total revenue, underscoring its reliance on government support to maintain affordability for its residents.
Moreover, through regular refinancing of its loans, Sharon Manor remains financially stable, allowing it to continuously serve its target demographic. By maintaining a focus on very low-income seniors, the project helps alleviate housing insecurity for one of the most vulnerable populations, promoting dignity and quality of life among its residents. In essence, Sharon Manor Homes Inc plays a vital role in enriching the lives of elderly individuals in the Charlotte area by providing them with necessary housing support and stability.
This information is meant to be a general summary of Sharon Manor Homes 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: $206
- Program Service Revenue: $104,377
- Gross Receipts: $314,053
Assets and Liabilities:
- Total Assets: $1,275,725
- Total Liabilities: $1,505,436
- Net Assets: -$229,711
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENTS CHARLOTTE NC
Revenue
$104,377
Organization Details
Founding Year
1985
Phone
(336) 545-9000Principal Officer
Dr James Thomas
Main Address
C/O BMC 408 BATTLEGROUND AVE, GREENSBORO, NC, 27401
NTEE Category
Code: L22 - Housing
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