Overview
What is Roanoke Housing Dev Corp?
Roanoke Housing Development Corporation is a non-profit organization, established with the purpose of constructing and managing a 33-unit apartment complex named Roanoke Commons in Raleigh, North Carolina. The organization operates under Section 202 of the National Housing Act and has entered into regulatory agreements with the Federal Housing Administration (FHA) section of HUD, ensuring the community's operation follows standard guidelines. The organization secures rental assistance for low-income families through a Project Rental Assistance Contract (PRAC). The primary mission of Roanoke Housing Development Corporation is to provide affordable housing for individuals in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
Roanoke Housing Development Corporation has achieved a 79% rating from Charity Navigator, indicating a solid performance in accountability and finance. The organization features a fully independent board, which is a positive indicator of governance. It has successfully implemented several policies, including conflict of interest and whistleblower protections, demonstrating their commitment to transparency and ethical operations.
The charity excels in financial oversight, as evidenced by its high scores in audit and oversight practices. Additionally, it allocates a significant portion of its budget towards programs, with a program expense ratio of 77.83%, reflecting a strong focus on its mission. The organization appears to have effective practices in place to manage its resources responsibly.
However, while the organization demonstrates strong governance and financial health, the salaries of key personnel may raise questions about compensation levels relative to the organization's size. Understanding how these salaries align with industry standards could provide better insight into the efficiency of the organization’s financial management. Overall, Roanoke Housing Development Corporation shows a commendable dedication to its mission and responsible governance practices.
This AI summary has been generated from information found on Charity Navigator.
Is Roanoke Housing Dev Corp legitimate?
Roanoke Housing Dev Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Roanoke Housing Dev 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Roanoke Housing Dev Corp?
Roanoke Housing Development Corporation was established with the objective of constructing and managing a 33-unit apartment community, named Roanoke Commons, in Raleigh, North Carolina. This was carried out in accordance with Section 202 of the National Housing Act, amended. The corporation entered into standard regulatory agreements with the Federal Housing Administration section of HUD to govern the operation of this community. A Project Rental Assistance Contract (PRAC) is in place, providing financial assistance in the form of rent for low-income families or individuals residing in this complex. The mission of Roanoke Housing Development Corporation can be summarized as providing affordable housing solutions and financial aid to low-income families or individuals.
Who is the CEO of Roanoke Housing Dev Corp?
Mia Bailey is the Chair of Roanoke Housing Dev Corp.
What is the revenue of Roanoke Housing Dev Corp?
Roanoke Housing Dev Corp's revenue in 2022 was $594,238.
Who are the executives of Roanoke Housing Dev Corp and what are their salaries?
Here are 13 key members and their salaries:
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- Other: $0
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- Related: $254,163
- Other: $15,303
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- Related: $194,083
- Other: $12,618
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- Related: $179,957
- Other: $10,533
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- Related: $143,709
- Other: $10,307
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- Related: $137,542
- Other: $7,181
- Compensation: $0
- Related: $132,275
- Other: $14,535
- Compensation: $0
- Related: $136,308
- Other: $7,728
- Compensation: $0
- Related: $82,447
- Other: $8,357
Where can I find the form 990 for Roanoke Housing Dev Corp?
Roanoke Housing Dev Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Roanoke Housing Dev Corp
Roanoke Housing Development Corporation, a non-profit organization, was established with a mission to construct and manage a 33-unit apartment community named Roanoke Commons. Operating under Section 202 of the National Housing Act, the corporation entered into regulatory agreements with the Federal Housing Administration section of HUD, governing the operation of the community. The primary objective of Roanoke Housing Development Corporation is to provide affordable housing for low-income families or individuals through a Project Rental Assistance Contract (PRAC). This contract ensures financial assistance to eligible tenants, making housing more accessible and affordable, thereby contributing to their overall well-being.
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Impact
July, 2024
Roanoke Housing Dev Corp's impact is evident through the construction, ownership, and operation of Roanoke Commons, a 33-unit apartment community in Raleigh, North Carolina. This initiative provides much-needed affordable housing options for low-income families or individuals in the area. By organizing under Section 202 of the National Housing Act and entering into FHA regulatory agreements with HUD, Roanoke Housing Dev Corp plays a crucial role in addressing housing challenges and supporting the community's housing needs. Through initiatives like the Project Rental Assistance Contract (PRAC), the organization ensures that vulnerable populations have access to safe and stable housing, ultimately contributing to the overall well-being and quality of life of residents.
This information is meant to be a general summary of Roanoke Housing Dev 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 2022.
- Investment Income: -$1,276
- Program Service Revenue: $187,223
- Gross Receipts: $595,702
Assets and Liabilities:
- Total Assets: $1,934,051
- Total Liabilities: $2,065,416
- Net Assets: -$131,365
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$187,223
Organization Details
Founding Year
1987
Phone
(336) 765-0424Principal Officer
Mia Bailey
Main Address
PO BOX 2185, RALEIGH, NC, 27602
NTEE Category
Code: L21Z - Housing
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