Overview
What is Wake County Opportunities Housing Corp?
Wake County Opportunities Housing Corp, operating under the name Holly Springs II Apartments, is a nonprofit organization established with the mission to provide affordable housing for low-income families. Situated in Holly Springs, North Carolina, it owns and manages a 40-unit apartment community. The organization operates under the regulations set by the Federal Housing Administration (FHA) section of HUD, and they have secured a Project Rental Assistance Contract (PRAC) as part of the Section 9 program in the National Housing Act. This contract provides financial assistance to eligible families, thereby making housing more accessible for a significant portion of the local community.
Is Wake County Opportunities Housing Corp legitimate?
Wake County Opportunities Housing Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wake County Opportunities Housing Corp 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.
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What is the mission statement of Wake County Opportunities Housing Corp?
Wake County Opportunities Housing Corp was established with the objective of managing a 40-unit apartment community named Holly Springs II Apartments. This was done in accordance with Section 202 of the National Housing Act, and the corporation has entered into standard regulatory agreements with the Federal Housing Administration section of HUD. A Project Rental Assistance Contract (PRAC) is in place, providing financial assistance for low-income families or individuals, as part of the Section 9 program of the National Housing Act. The primary mission of Wake County Opportunities Housing Corp is to provide affordable housing solutions for those in need, ensuring they can reside in a secure and suitable living environment.
Who is the CEO of Wake County Opportunities Housing Corp?
Howard Patterson is the Chairman of Wake County Opportunities Housing Corp.
What is the revenue of Wake County Opportunities Housing Corp?
Wake County Opportunities Housing Corp's revenue in 2023 was $264,242.
Who are the executives of Wake County Opportunities Housing Corp and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Wake County Opportunities Housing Corp?
Wake County Opportunities Housing Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Wake County Opportunities Housing Corp
Wake County Opportunities Housing Corp was established with the mission to own and manage a 40-unit apartment complex named Holly Springs II Apartments. This organization was established under Section 202 of the National Housing Act, amended, and has entered into a standard regulatory agreement with the Federal Housing Administration (FHA) section of HUD. The primary objective of Wake County Opportunities Housing Corp is to provide rental assistance for low-income families or individuals, as stipulated by the Section 9 program of the National Housing Act. Through a Project Rental Assistance Contract (PRAC), this nonprofit corporation aims to make housing more affordable for those in need.
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Impact
October, 2024
Wake County Opportunities Housing Corp plays a significant role in addressing the housing needs of low-income families in Holly Springs, NC, through the management of Holly Springs II Apartments, a 40-unit apartment community. By operating under the guidelines of Section 202 of the National Housing Act, the organization ensures that affordable housing is available to those in need.
The Project Rental Assistance Contract (PRAC) associated with the operation allows for crucial rent assistance, making it possible for low-income individuals and families to secure stable housing. This initiative not only enhances the living conditions of residents but also contributes positively to the overall community by promoting economic stability and cohesion. The regulatory framework established by the Federal Housing Administration strengthens the organization’s commitment to maintaining a supportive living environment.
In summary, Wake County Opportunities Housing Corp significantly impacts the local community by providing essential housing options for low-income families, thus helping to reduce homelessness and improve quality of life in the area.
This information is meant to be a general summary of Wake County Opportunities Housing Corp. 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: $166
- Program Service Revenue: $122,620
- Gross Receipts: $266,018
Assets and Liabilities:
- Total Assets: $1,956,982
- Total Liabilities: $3,595,774
- Net Assets: -$1,638,792
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$122,620
Organization Details
Founding Year
1998
Phone
(919) 834-4198Principal Officer
Howard Patterson
Main Address
567 E HARGETT STREET, RALEIGH, NC, 27601
NTEE Category
Code: L22 - Housing
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