Overview
What is Coa Senior Housing Inc?
Coa Senior Housing Inc is a nonprofit organization established with the purpose of constructing and operating a rental housing project under Section 202 of the National Housing Act. Located in Clayton, North Carolina, the project consists of 36 HUD-assisted elderly housing units and one market-rate unit used as an administrative rent-free unit, operating under the name of Village Gardens. The project received occupancy approval from HUD on October 21, 1996, and is regulated by HUD regarding rent charges and operating methods. Occupancy is restricted to very low-income households with at least one person aged 62 or older. Coa Senior Housing Inc receives a significant portion of its rental income from HUD under a Project Rental Assistance Contract (PRAC), with HUD providing financing through a Section 202 Capital Advance. The organization operates with a total of 3 employees.
Is Coa Senior Housing Inc legitimate?
Coa Senior Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Coa Senior Housing 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Coa Senior Housing Inc?
Coa Senior Housing Inc was established as a non-profit corporation with the purpose of constructing and operating a rental housing project under Section 202 of the National Housing Act. The project comprises 36 HUD-assisted elderly housing units and one market-rate unit, currently used as an administrative rent-free unit. The project, named Village Gardens, is located in Clayton, North Carolina, and operates under regulatory oversight by HUD, governing rent charges and operating methods. Occupancy is restricted to very low-income households with at least one person aged 62 or older. A significant portion of the project's rental income is derived from HUD under a Project Rental Assistance Contract (PRAC), accounting for 43.6% of total revenue during the year ended December 31, 2022. Financing was provided by HUD with a Section 202 Capital Advance. Overall, Coa Senior Housing Inc's mission focuses on providing affordable housing for elderly individuals with low income.
Who is the CEO of Coa Senior Housing Inc?
Jimmy Parker is the Chair of Coa Senior Housing Inc.
What is the revenue of Coa Senior Housing Inc?
Coa Senior Housing Inc's revenue in 2022 was $259,895.
Who are the executives of Coa Senior Housing Inc and what are their salaries?
There are 3 employees at Coa Senior Housing Inc.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Where can I find the form 990 for Coa Senior Housing Inc?
Coa Senior Housing Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Coa Senior Housing Inc
Coa Senior Housing Inc was established as a non-profit corporation with the primary objective of constructing and managing an elderly housing project under Section 202 of the National Housing Act. This project, named Village Gardens, is located in Clayton, North Carolina, and consists of 36 HUD-assisted elderly housing units and one market-rate unit currently used as an administrative rent-free unit. The project was approved for occupancy by HUD on October 21, 1996, and is subject to HUD regulations regarding rent charges and operating methods. Occupancy is restricted to very low-income households with at least one person aged 62 years or older. A significant portion of the project's rental income is received from HUD under a Project Rental Assistance Contract (PRAC).
Coa Senior Housing Inc's mission is centered around providing affordable housing for the elderly, specifically those with low incomes. The organization received financing for this project from HUD through a Section 202 Capital Advance. The project's capital advance, along with other financial sources, was used to construct and operate the rental housing project. During the year ended December 31, 2022, Coa Senior Housing Inc received 43.6% of its total revenue from HUD under the PRAC, demonstrating the organization's reliance on HUD funding for its operations. The mission of Coa Senior Housing Inc is to provide safe and affordable housing for elderly individuals, ensuring they can live with dignity and independence.
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Impact
October, 2024
Coa Senior Housing Inc significantly impacts the community by providing affordable housing for low-income elderly individuals. Located in Clayton, North Carolina, the organization operates Village Gardens, a housing complex consisting of 36 HUD-assisted units, catering specifically to very low-income households where at least one resident is 62 years or older.
The project plays a crucial role in addressing housing insecurity within this demographic by ensuring that seniors have access to safe, stable living conditions. With financial support through the Project Rental Assistance Contract (PRAC) and a Capital Advance from HUD, Coa Senior Housing Inc maintains affordability in rent, enabling residents to allocate their limited resources to other essential needs such as healthcare and daily living expenses.
By focusing on elderly housing, Coa Senior Housing Inc not only enhances the quality of life for its residents but also contributes to the overall well-being of the community. The presence of such housing projects fosters a supportive environment, helping to reduce isolation among seniors and promoting social engagement. In summary, Coa Senior Housing Inc plays a vital role in ensuring that low-income elderly individuals have safe and affordable housing, ultimately strengthening the fabric of the community.
This information is meant to be a general summary of Coa Senior Housing 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: $180
- Program Service Revenue: $157,847
- Gross Receipts: $259,895
Assets and Liabilities:
- Total Assets: $922,213
- Total Liabilities: $2,275,169
- Net Assets: -$1,352,956
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENTS SMITHFIELD NC
Revenue
$131,862
HUD ALL. SELF CHGD MGT FEE
Revenue
$25,985
Organization Details
Founding Year
1994
Principal Officer
Jimmy Parker
Main Address
1363 W MARKET STREET, SMITHFIELD, NC, 27577
NTEE Category
Code: L22Z - Housing
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