Overview
What is Assembly Terrace Inc?
Assembly Terrace Inc is a nonprofit organization established to manage a 60-unit apartment complex named Assembly Terrace Apartments, located in Winston-Salem, North Carolina. The organization was founded in compliance with Section 202 of the National Housing Act and has entered into regulatory agreements with the Federal Housing Administration (FHA) section of HUD. A Project Rental Assistance Contract (PRAC) is in place to provide financial assistance for low-income families or individuals residing in the complex. The nonprofit's primary objective is to ensure the smooth operation of the apartment community, offering affordable housing options to eligible residents.
Is Assembly Terrace Inc legitimate?
Assembly Terrace Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Assembly Terrace 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:
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What is the mission statement of Assembly Terrace Inc?
Assembly Terrace Inc, as a not-for-profit organization, was established with the purpose of managing a 60-unit apartment community in Winston Salem, NC, known as Assembly Terrace Apartments. The organization was established under Section 202 of the National Housing Act, and it operates under the regulatory agreements with the Federal Housing Administration section of HUD. A Project Rental Assistance Contract (PRAC) is in place, providing rental assistance for low-income families or individuals residing in this community. Essentially, Assembly Terrace Inc's mission revolves around managing and providing affordable housing options for those in need.
Who is the CEO of Assembly Terrace Inc?
Dr Leila Vickers is the President of Assembly Terrace Inc.
What is the revenue of Assembly Terrace Inc?
Assembly Terrace Inc's revenue in 2023 was $410,859.
Who are the executives of Assembly Terrace Inc and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for Assembly Terrace Inc?
Assembly Terrace Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Assembly Terrace Inc
Assembly Terrace Inc, a not-for-profit corporation, was established with a mission to manage and operate a 60-unit apartment community. This community, known as Assembly Terrace Apartments, is located in Winston Salem, NC. Assembly Terrace Inc was organized under Section 202 of the National Housing Act and has entered into regulatory agreements with the Federal Housing Administration section of HUD. The primary objective of this organization is to provide rent assistance for low-income families or individuals through a Project Rental Assistance Contract (PRAC). This support allows these families to afford housing, contributing to their overall well-being and stability.
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Impact
October, 2024
Assembly Terrace Inc operates a 60-unit apartment community in Winston-Salem, NC, called Assembly Terrace Apartments, providing crucial housing for low-income families and individuals. By being organized under Section 202 of the National Housing Act, the organization ensures that its operations align with federal regulations designed to promote affordable housing.
The provision of rent assistance through the Project Rental Assistance Contract (PRAC) significantly alleviates the financial burden on residents, allowing them to secure stable housing. This initiative fosters a supportive community environment, contributing to overall social stability and improving the quality of life for its residents. Assembly Terrace Inc plays a vital role in addressing housing needs in the area, promoting accessibility and affordable living solutions amidst economic challenges.
This information is meant to be a general summary of Assembly Terrace 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 2023.
- Investment Income: $4,625
- Program Service Revenue: $243,254
- Gross Receipts: $410,859
Assets and Liabilities:
- Total Assets: $1,434,850
- Total Liabilities: $3,407,473
- Net Assets: -$1,972,623
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$243,254
Organization Details
Founding Year
1993
Phone
(336) 765-0424Principal Officer
Dr Leila Vickers
Main Address
3731 UNIVERSITY PARKWAY, WINSTON SALEM, NC, 271064018
NTEE Category
Code: L22Z - Housing
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