Overview
What is Housing Development Corporation Of Rock Hill?
Housing Development Corporation of Rock Hill is a nonprofit organization situated in Rock Hill, South Carolina. Its primary mission is to assist low and moderate-income individuals in becoming homeowners. The corporation achieves this by purchasing houses, selling them to eligible buyers, and utilizing the sale proceeds to construct more homes. Additionally, the organization conducts pre-purchase financial counseling and provides down payment and closing cost assistance funded by federal grants. To further support the local community, Housing Development Corporation of Rock Hill utilizes Community Development Block Grant funding for the rehabilitation of older, owner-occupied homes.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90%, Four-Star out of Four Star Rating
The Housing Development Corporation Of Rock Hill received an impressive Four-Star rating from Charity Navigator, indicating a strong commitment to accountability and financial health. The organization scored 90% overall, reflecting a robust accountability and finance score which is crucial for donor confidence. This rating is based entirely on their performance in these areas, showcasing their effective management of resources.
Strengths of the organization include a fully independent board, comprised of 12 members, which enhances governance quality. Furthermore, they have demonstrated a commitment to transparency through their well-documented financial statements, earning full points in audit assessments. The lack of material diversion of assets and a strong conflict of interest policy further emphasize their responsible financial practices.
However, while the organization excels in accountability and finance, it is important for potential donors to consider the overall impact and scope of their programs. This rating primarily focuses on financial management rather than programmatic effectiveness, so interested parties may want to investigate the specific outcomes of their initiatives to gain a complete understanding of the nonprofit's impact.
This AI summary has been generated from information found on Charity Navigator.
Is Housing Development Corporation Of Rock Hill legitimate?
Housing Development Corporation Of Rock Hill is a legitimate nonprofit organization registered as a 501(c)(3) entity. Housing Development Corporation Of Rock Hill 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 Housing Development Corporation Of Rock Hill?
The Housing Development Corporation of Rock Hill's mission is centered around assisting individuals with low to moderate income levels to become homeowners. They accomplish this by purchasing homes and selling them to eligible buyers, utilizing the proceeds to construct more homes. The organization also offers pre-purchase financial counseling and provides assistance with down payments and closing costs, funded by federal grants. Moreover, they utilize Community Development Block Grant funding to rehabilitate older homes that are owner-occupied.
Who is the CEO of Housing Development Corporation Of Rock Hill?
Corinne Sferrazza is the Chair of Housing Development Corporation Of Rock Hill.
What is the revenue of Housing Development Corporation Of Rock Hill?
Housing Development Corporation Of Rock Hill's revenue in 2022 was $1,357,523.
Who are the executives of Housing Development Corporation Of Rock Hill and what are their salaries?
There 10 volunteers at Housing Development Corporation Of Rock Hill.
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Where can I find the form 990 for Housing Development Corporation Of Rock Hill?
Housing Development Corporation Of Rock Hill's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Housing Development Corporation Of Rock Hill
The Housing Development Corporation of Rock Hill is committed to assisting individuals with low and moderate income in achieving homeownership. The organization accomplishes this by purchasing homes, subsequently selling them to income-qualified buyers. The profits from these sales are then utilized to construct additional homes, creating a continuous cycle of home provision. Furthermore, the organization conducts pre-purchase financial counseling and offers down payment and closing cost assistance, funded by federal grants. Additionally, the Housing Development Corporation of Rock Hill utilizes Community Development Block Grant funding to renovate older homes that are owner-occupied.
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Impact
July, 2024
Housing Development Corporation Of Rock Hill's impact can be seen in its efforts to help low and moderate-income individuals achieve homeownership. By purchasing homes, selling them to income-qualified buyers, and reinvesting the proceeds to build more homes, the organization is actively addressing the issue of affordable housing in the community. Additionally, their provision of pre-purchase financial counseling and assistance with down payments and closing costs, funded by federal grants, further supports individuals in their journey towards becoming homeowners. Through initiatives like rehabilitating older homes with Community Development Block Grant funding, the organization is making a tangible difference in improving housing options for those in need.
This information is meant to be a general summary of Housing Development Corporation Of Rock Hill. 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: $62
- Gross Receipts: $1,357,523
Assets and Liabilities:
- Total Assets: $5,179,513
- Total Liabilities: $1,649,265
- Net Assets: $3,530,248
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Organization Details
Founding Year
1991
Phone
(803) 326-2463Principal Officer
Corinne Sferrazza
Main Address
PO BOX 11706, ROCK HILL, SC, 29730
NTEE Category
Code: L20Z - Housing
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