Overview
What is Detroit Affordable Homes Inc?
Detroit Affordable Homes Inc, also known as Affiliated Developers Inc, is a nonprofit organization based in Berkley, Michigan. Their primary mission is to develop and preserve affordable housing for Extremely Low, Very Low, and Low-Income families, as well as seniors, disabled, and disadvantaged populations. They have managed to accomplish this through various activities, such as finalizing cost audits, stabilizing lease-ups, securing permanent debt, and asset management. Their portfolio includes a 261-unit scattered site RD project in central Oklahoma, which was financed through tax-exempt bonds, USDA 515 and 538 debt. The organization's work extends beyond just construction and management, as they also apply for government incentives and oversee construction projects to ensure they meet the necessary standards.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 71%, Two-Star out of Four Star rating.
Detroit Affordable Homes Inc has received a two-star rating from Charity Navigator, which indicates that while the organization shows some strengths in governance and financial management, there are significant areas for improvement. The charity has a high Program Expense Ratio of 97.53%, suggesting that it allocates a substantial portion of its funding towards its programs rather than administrative costs.
The organization benefits from a fully independent board and has demonstrated strong performance in areas such as the Liabilities to Assets Ratio and conflict-of-interest policies, earning top scores in these categories. However, it falls short in transparency, as it has not posted its financial statements, tax forms, or certain policies on its website, which has negatively impacted its overall accountability score.
In summary, while Detroit Affordable Homes Inc exhibits strong financial ratios and board independence, its lack of transparency and missing documentation on its website raise concerns about its accountability. Addressing these limitations could enhance its reputation and the trust of its stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Detroit Affordable Homes Inc legitimate?
Detroit Affordable Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Detroit Affordable Homes 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: $292,985
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Detroit Affordable Homes Inc?
Detroit Affordable Homes Inc's mission is centered around the development and preservation of affordable housing. This organization targets Extremely Low, Very Low, and Low Income families, as well as seniors, disabled individuals, and disadvantaged populations. Their activities extend beyond just building housing, encompassing asset management of existing projects, underwriting new developments, overseeing construction, and pursuing government incentives. The organization's mission is to provide a stable living environment for these vulnerable groups, ensuring they have access to affordable housing. In the context of their operations, they managed a 261-unit scattered site project in central Oklahoma, finalizing audit costs, securing permanent debt, and ensuring stable lease-ups.
Who is the CEO of Detroit Affordable Homes Inc?
Kirk B Bruce is the Executive Director of Detroit Affordable Homes Inc.
What is the revenue of Detroit Affordable Homes Inc?
Detroit Affordable Homes Inc's revenue in 2022 was $1,410,973.
Who are the executives of Detroit Affordable Homes Inc and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $292,985
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Detroit Affordable Homes Inc?
Detroit Affordable Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Detroit Affordable Homes Inc
Detroit Affordable Homes Inc, as a nonprofit organization, is dedicated to the development and preservation of affordable housing options for Extremely Low Income (ELI), Very Low Income (VLI), and Low Income (LI) families, as well as seniors, disabled individuals, and disadvantaged populations. The mission of Detroit Affordable Homes Inc encompasses various aspects, including the development and preservation of existing affordable housing projects, asset management, underwriting new projects, overseeing construction, and applying for government incentives.
By assuming this role, Detroit Affordable Homes Inc aims to provide stable living environments for individuals and families who are financially challenged. The organization's mission is not just limited to constructing new housing units but also involves managing and preserving existing projects to ensure they remain affordable for their intended residents. Furthermore, Detroit Affordable Homes Inc seeks to secure funding through government incentives, which is crucial in supporting the development of new affordable housing projects. This comprehensive approach to addressing housing affordability issues enables Detroit Affordable Homes Inc to contribute significantly to the well-being of its target communities.
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Impact
July, 2024
Detroit Affordable Homes Inc's impact is significant in developing and preserving affordable housing for extremely low, very low, and low-income families, seniors, disabled individuals, and disadvantaged populations. Specifically, their Oklahoma Central Region Portfolio project involves 261 scattered sites with a capital stack that includes tax-exempt bonds, USDA 515 and 538 debt. In 2022, Detroit Affordable Homes Inc focused on finalizing cost audits, stabilizing lease-ups, securing permanent debt, and managing assets. Their mission is to ensure access to affordable housing for those in need, with a focus on asset management, underwriting new projects, overseeing construction, and applying for government incentives. This work directly addresses the critical need for housing assistance and support for vulnerable populations.
This information is meant to be a general summary of Detroit Affordable Homes 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.
- Program Service Revenue: $1,386,710
- Gross Receipts: $1,568,141
Assets and Liabilities:
- Total Assets: $2,481,481
- Total Liabilities: $150,800
- Net Assets: $2,330,681
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Mgmt, loss monitoring sale fees - FSA
Revenue
$76,255
RTO income - OK Portfolio 11 properties
Revenue
$86,288
Developer fees - Nemont Manor
Revenue
$28,937
Developer fees - OK Portfolio 11 properties
Revenue
$808,349
Developer fees - Oakwood Village
Revenue
$386,881
Organization Details
Founding Year
2009
Phone
(248) 629-9155Principal Officer
Kirk B Bruce
Main Address
PO Box 725378, Berkley, MI, 480725378
NTEE Category
Code: L21 - Housing
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