Overview
What is Atlantic Housing Foundation Inc?
The Atlantic Housing Foundation Inc is a nonprofit organization based in Dallas, Texas, dedicated to acquiring, constructing, and operating affordable housing projects for low-income individuals and families, elderly, and disabled persons. Since 2001, the Foundation has acquired and developed numerous multi-family rental housing projects across various locations in Texas and South Carolina, including Columbia, Fort Worth, San Antonio, Denton, Huntsville, San Marcos, Houston, McKinney, Lewisville, and Irving. Their projects consist of several hundred units each and are financed using a combination of tax-exempt bonds, Freddie Mac mortgages, and limited partner LIHTC equity. The Foundation's mission is to provide decent, safe, and sanitary housing, aid to the poor and distressed, and reduce government burden through affordable housing. They have also expanded their purpose to include providing student housing. The Foundation serves as the general partner in several limited partnerships and has formed various LPs to acquire and rehabilitate properties using LIHTC equity and tax-exempt bonds.
Official website here: www.atlantichousing.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 77% (Three-Star out of Four Star Rating)
The Atlantic Housing Foundation Inc has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and finance management. The score reflects strengths in governance, with 88% of board members being independent and a full audit committee in place, ensuring transparency and oversight. Additionally, the organization has robust policies for conflict of interest and whistleblower protections, contributing positively to its governance structure.
However, the organization faces some challenges, particularly in its financial ratios. With a liabilities to assets ratio of 115.72%, it raises concerns about financial stability and the ability to manage debts effectively. While the high program expense ratio of 97.77% showcases a strong commitment to programmatic spending, there remains a need for improvement in financial sustainability to bolster overall performance.
In summary, while Atlantic Housing Foundation Inc demonstrates commendable governance practices and a dedication to program funding, it needs to address its financial health to enhance its long-term viability and further support its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Atlantic Housing Foundation Inc legitimate?
Atlantic Housing Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Atlantic Housing Foundation 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: $2,432,851
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,177,153
For more financial information, click here
Official website here: www.atlantichousing.org
What is the mission statement of Atlantic Housing Foundation Inc?
The Atlantic Housing Foundation Inc is dedicated to fostering affordable housing solutions for low-income individuals, families, the elderly, and individuals with mental or physical disabilities. The organization strives to provide decent, safe, and sanitary housing, as well as social services, to help integrate these communities and mitigate prejudice and discrimination. In addition to its primary focus on housing, the Foundation has expanded its charitable purposes to include student housing. By doing so, it aims to alleviate community deterioration, reduce neighborhood tensions, and lessen the government's burden in providing housing for those in need. The board of directors made this amendment and filed it with the IRS and South Carolina Secretary of State in April 2004.
Official website here: www.atlantichousing.org
Who is the CEO of Atlantic Housing Foundation Inc?
Michael Nguyen is the President & Ceo of Atlantic Housing Foundation Inc. The CEO's salary of Atlantic Housing Foundation Inc is $985,902 and their total compensation is $992,248.
Official website here: www.atlantichousing.org
What is the revenue of Atlantic Housing Foundation Inc?
Atlantic Housing Foundation Inc's revenue in 2022 was $98,028,406.
Official website here: www.atlantichousing.org
Who are the executives of Atlantic Housing Foundation Inc and what are their salaries?
The average compensation at Atlantic Housing Foundation Inc during 2022 was $10,671. There are 432 employees at Atlantic Housing Foundation Inc.
Here are 15 key members and their salaries (Atlantic Housing Foundation Inc's CEO's salary is $985,902 and their total compensation is $992,248):
- Compensation: $985,902
- Related: $0
- Other: $6,346
- Compensation: $306,925
- Related: $0
- Other: $3,941
- Compensation: $283,506
- Related: $0
- Other: $7,568
- Compensation: $198,264
- Related: $0
- Other: $5,824
- Compensation: $164,147
- Related: $0
- Other: $6,033
- Compensation: $157,585
- Related: $0
- Other: $6,033
- Compensation: $144,436
- Related: $0
- Other: $6,062
- Compensation: $114,586
- Related: $0
- Other: $0
- Compensation: $15,000
- Related: $0
- Other: $0
- Compensation: $12,500
- Related: $0
- Other: $0
- Compensation: $10,000
- Related: $0
- Other: $0
- Compensation: $10,000
- Related: $0
- Other: $0
- Compensation: $10,000
- Related: $0
- Other: $0
- Compensation: $10,000
- Related: $0
- Other: $0
- Compensation: $10,000
- Related: $0
- Other: $0
Official website here: www.atlantichousing.org
Where can I find the form 990 for Atlantic Housing Foundation Inc?
Atlantic Housing Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.atlantichousing.org
Learn more at the official website: www.atlantichousing.org
Mission Statement of Atlantic Housing Foundation Inc
Atlantic Housing Foundation Inc is a charitable organization dedicated to fostering and providing affordable housing solutions for low-income individuals, families, the elderly, and those with mental or physical disabilities. The foundation's mission extends beyond just housing, as it also aims to improve the living conditions and social integration of the people it serves.
In areas where inadequate housing exists for these groups, Atlantic Housing Foundation Inc steps in to construct, rehabilitate, and operate qualified and affordable housing units. The foundation's humanitarian efforts do not stop at housing alone, as it also provides essential aid, food, clothing, and social services to those in need. Moreover, the organization strives to reduce neighborhood tensions and eliminate prejudice and discrimination through its provision of affordable housing.
In an effort to expand its reach and make a more significant impact, Atlantic Housing Foundation Inc amended its Articles of Incorporation in 2004, adding the charitable purpose of providing student housing to its mission. The foundation's board of directors recognized the importance of this addition in helping to support and uplift communities by providing adequate housing options for students, further reducing the burden on governments and improving the overall quality of life for individuals and families.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Atlantic Housing Foundation Inc significantly impacts communities by addressing the pressing need for affordable housing for low-income individuals, families, the elderly, and those with disabilities. By acquiring, constructing, rehabilitating, and operating various multi-family housing projects across multiple states, the foundation creates safe, decent, and sanitary living environments where they are otherwise lacking.
The foundation's efforts extend beyond merely providing housing; they also focus on the social and economic integration of vulnerable populations, aiming to combat community deterioration, alleviate neighborhood tensions, and eliminate prejudice and discrimination. Through comprehensive support systems, they facilitate access to social services, helping residents achieve stability and contribute positively to their communities.
Recent projects demonstrate the foundation’s growth and adaptability in response to community needs, including the provision of student housing, which addresses the specific challenges faced by students who may struggle with housing affordability. The foundation's strategic partnerships, such as serving as a general partner in various limited partnerships, enable it to leverage resources effectively for the development of affordable housing.
Overall, Atlantic Housing Foundation Inc plays a crucial role in enhancing the quality of life for low-income populations, fostering safe communities, and reducing the financial burden on government social services through the diligent provision of affordable housing solutions.
This information is meant to be a general summary of Atlantic Housing Foundation 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: $7,273,346
- Program Service Revenue: $90,755,060
- Gross Receipts: $110,705,851
Assets and Liabilities:
- Total Assets: $540,951,595
- Total Liabilities: $625,998,766
- Net Assets: -$85,047,171
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Developer fee income
Revenue
$1,633,586
Other misc Income
Revenue
$649,236
Other tenant income
Revenue
$6,976,651
Property management fees
Revenue
$967,714
Rental Income
Revenue
$80,527,873
Organization Details
Founding Year
1999
Phone
(469) 206-8900Principal Officer
Michael Nguyen
Main Address
4770 Iberia Avenue Suite 100, DALLAS, TX, 75207
Website
www.atlantichousing.orgNTEE Category
Code: L25 - Housing
If you are a representative of Atlantic Housing Foundation Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.