Overview
What is Wake County Opportunities Corp?
Wake County Opportunities Corp is a nonprofit organization established with the mission of owning and operating a 17-unit apartment community named Dorothy Nixon Allen Manor, located in Holly Springs, NC. The corporation was founded in accordance with Section 202 of the National Housing Act and has entered into standard regulatory agreements with the Federal Housing Administration (FHA) section of HUD. This partnership allows for the provision of rental assistance to low-income families or individuals through a Housing Assistance Payment Contract (HAP Contract) under the Section 8 program of the National Housing Act. The organization's primary objective is to provide affordable housing options in the community.
Is Wake County Opportunities Corp legitimate?
Wake County Opportunities Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wake County Opportunities 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 Corp?
Wake County Opportunities Corp was established with the objective of managing a 17-unit apartment complex known as Dorothy Nixon Allen Manor. This initiative was carried out in accordance with Section 202 of the National Housing Act, and the corporation has entered into a standard regulatory agreement with the Federal Housing Administration (FHA) section of HUD. The corporation operates under this agreement, which governs the community's operations. A Housing Assistance Payment Contract (HAP Contract) is in place, providing financial assistance for rent for low-income families or individuals, as stipulated by the Section 8 program of the National Housing Act. In essence, the mission of Wake County Opportunities Corp is to provide affordable housing options for low-income families or individuals, facilitated through the Section 8 program and regulatory agreements with the FHA.
Who is the CEO of Wake County Opportunities Corp?
Howard Patterson is the Chairman of Wake County Opportunities Corp.
What is the revenue of Wake County Opportunities Corp?
Wake County Opportunities Corp's revenue in 2023 was $156,603.
Who are the executives of Wake County Opportunities 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 Corp?
Wake County Opportunities Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Wake County Opportunities Corp
Wake County Opportunities Corp, a not-for-profit organization, was established with the mission to own and manage a 17-unit apartment community named Dorothy Nixon Allen Manor. This mission was carried out in accordance with Section 202 of the National Housing Act, amended. The corporation entered into a standard regulatory agreement with the Federal Housing Administration (FHA) segment of HUD, which governs the operation of the community.
To ensure affordability, Wake County Opportunities Corp secured a Housing Assistance Payment Contract (HAP Contract) through the Section 8 program of the National Housing Act. This contract provides rental assistance to low-income families or individuals, helping to make housing more accessible for those who might otherwise struggle to afford it. By offering this vital service, Wake County Opportunities Corp plays a significant role in promoting housing stability and enhancing the living conditions for its community members.
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Impact
October, 2024
Wake County Opportunities Corp significantly impacts the community by managing the Dorothy Nixon Allen Manor, a 17-unit apartment community in Holly Springs, NC. This facility provides safe and affordable housing for low-income families and individuals. By being organized under Section 202 of the National Housing Act, Wake County Opportunities Corp adheres to federal regulations while fostering a supportive living environment.
Through the Housing Assistance Payment (HAP) Contract linked to the Section 8 program, the organization ensures that residents receive essential rent assistance. This support enables families and individuals to secure housing stability, which is crucial for their well-being and overall quality of life. The presence of this apartment community not only addresses immediate housing needs but also contributes to the broader goal of enhancing social equity and reducing homelessness in the region. Overall, Wake County Opportunities Corp plays a vital role in promoting affordable housing solutions in Wake County.
This information is meant to be a general summary of Wake County Opportunities 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: $584
- Program Service Revenue: $43,367
- Gross Receipts: $156,603
Assets and Liabilities:
- Total Assets: $215,588
- Total Liabilities: $367,390
- Net Assets: -$151,802
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$43,367
Organization Details
Founding Year
1990
Phone
(336) 414-6947Principal Officer
Howard Patterson
Main Address
567 E HARGETT STREET, RALEIGH, NC, 27601
NTEE Category
Code: L22 - Housing
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