Overview
What is Affordable Housing Development Corp?
Affordable Housing Development Corp is a nonprofit organization situated in Boynton Beach, Florida. Their primary mission is to offer residential units at lower-than-average market rates to families with low and moderately low incomes. They currently own and manage 71 such units, ensuring that essential expenses like maintenance, repairs, management fees, interest, taxes, utilities, and more are covered. This nonprofit organization is dedicated to providing affordable housing, contributing to the well-being and stability of their community's lower-income families.
Official website here: www.none
What are the reviews and ratings of this charity?
Charity Navigator Rating: 57%, One-Star out of Four Star rating.
The Affordable Housing Development Corp has received a low rating of 57%, indicating significant areas for improvement in accountability and financial practices. While the organization benefits from a majority of independent board members, it has faced criticism for not having key financial statements available and lacking essential policies such as conflict of interest and whistleblower policies.
On a positive note, the organization has a commendable program expense ratio of 85.41%, demonstrating a strong commitment to directing funds toward its mission. Additionally, there are no issues regarding material diversion of assets, which suggests that the organization is managing its resources responsibly. However, the absence of critical governance documents and policies hinders its overall performance and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Affordable Housing Development Corp legitimate?
Affordable Housing Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Affordable Housing Development 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
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Official website here: www.none
What is the mission statement of Affordable Housing Development Corp?
The Affordable Housing Development Corp's mission is centered around providing affordable housing solutions. Specifically, they focus on catering to families with low and moderately low income levels. Their primary activity involves offering residential units at rental rates that are lower than the typical market rate. The organization manages 71 such housing units, and the associated expenses include costs related to maintenance, repairs, management fees, interest, taxes, and utilities, among others. The overall goal is to make affordable housing a viable option for those in need.
Official website here: www.none
Who is the CEO of Affordable Housing Development Corp?
Vito R Difronzo is the President of Affordable Housing Development Corp.
Official website here: www.none
What is the revenue of Affordable Housing Development Corp?
Affordable Housing Development Corp's revenue in 2022 was $598,641.
Official website here: www.none
Who are the executives of Affordable Housing Development Corp and what are their salaries?
Here are 3 key members and their salaries:
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Official website here: www.none
Learn more at the official website: www.none
Mission Statement of Affordable Housing Development Corp
Affordable Housing Development Corp is committed to providing affordable housing solutions for families with low and moderately low incomes. This nonprofit organization embodies this mission by offering residential units that are rented out at rates lower than the typical market rate. With a current inventory of 71 such units, Affordable Housing Development Corp takes on the additional expenses associated with maintaining, repairing, managing, and financing these housing facilities. These expenses include management fees, interest, taxes, utilities, and other necessary costs to ensure the availability of affordable housing for eligible families.
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Impact
July, 2024
Affordable Housing Development Corp's impact is evident in its provision of affordable housing for low and moderately low-income families in Boynton Beach, Florida. By owning 71 rental units and offering residential units at rents below the usual market rate, the organization directly addresses the housing needs of those who may struggle to afford housing in the current market. This tangible impact helps families secure stable and safe housing while reducing financial strain and promoting overall well-being. The organization's mission to provide affordable housing plays a vital role in enhancing the quality of life for individuals and families in need within the community.
This information is meant to be a general summary of Affordable Housing Development 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: $18,841
- Program Service Revenue: $579,800
- Gross Receipts: $598,641
Assets and Liabilities:
- Total Assets: $2,468,419
- Total Liabilities: $1,405,420
- Net Assets: $1,062,999
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$579,800
Organization Details
Founding Year
1994
Principal Officer
Vito R Difronzo
Main Address
P O BOX 740405, BOYNTON BEACH, FL, 33474
Website
www.noneNTEE Category
Code: L20Z - Housing
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