Overview
What is Mchi Affordable Acquisitions Inc?
Mchi Affordable Acquisitions Inc is a nonprofit organization that supports an affiliate by investing in affordable housing for low-income individuals. They acquire, renovate, manage, and maintain two housing facilities, offering 174 units through rental subsidy programs. Additionally, they own a third property in Monterey County, providing 85 affordable housing units to residents in Salinas, CA. This nonprofit's mission is to contribute to the community by making housing accessible and affordable for those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79%, Three-Star out of Four Star Rating.
Mchi Affordable Acquisitions Inc has achieved a solid 79% score, reflective of its effective management and commitment to accountability. The organization boasts a fully independent board, with all eight members meeting the criteria for independence, which enhances transparency in its governance. Additionally, Mchi demonstrates strong financial health, evidenced by a low liabilities to assets ratio of 0.21% and a perfect program expense ratio of 100%.
Strengths of the organization include well-established policies related to conflict of interest, whistleblower protections, and document retention, all of which contribute to its responsible operation. Furthermore, the organization has shown no material diversion of assets, reinforcing its reliability and ethical standards. While the overall rating is commendable, potential donors or stakeholders may want to keep an eye on the specific strategies and effectiveness of its programs to ensure alignment with personal values and expectations.
This AI summary has been generated from information found on Charity Navigator.
Is Mchi Affordable Acquisitions Inc legitimate?
Mchi Affordable Acquisitions Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mchi Affordable Acquisitions 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $110,537
For more financial information, click here
What is the mission statement of Mchi Affordable Acquisitions Inc?
Mchi Affordable Acquisitions Inc is an organization dedicated to supporting an affiliate by acquiring, rehabilitating, operating, maintaining, and repairing two affordable housing facilities. These facilities provide a total of 174 apartment units to individuals with low income, made possible through rental subsidy programs. The entity also owns and manages one additional affordable residential rental property, offering 85 units in Monterey County, specifically located in Salinas, CA. This property also caters to low-income tenants. In essence, Mchi Affordable Acquisitions Inc plays a crucial role in providing affordable housing options to those in need.
Who is the CEO of Mchi Affordable Acquisitions Inc?
John Rose is the Hacm Appointee of Mchi Affordable Acquisitions Inc.
What is the revenue of Mchi Affordable Acquisitions Inc?
Mchi Affordable Acquisitions Inc's revenue in 2022 was $1,296,105.
Who are the executives of Mchi Affordable Acquisitions Inc and what are their salaries?
The average compensation at Mchi Affordable Acquisitions Inc during 2022 was $110,537. There is 1 employee at Mchi Affordable Acquisitions Inc.
Here are 7 key members and their salaries:
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- Related: $25,324
- Other: $0
Where can I find the form 990 for Mchi Affordable Acquisitions Inc?
Mchi Affordable Acquisitions Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mchi Affordable Acquisitions Inc
Mchi Affordable Acquisitions Inc is a dedicated entity that supports an affiliate by taking on the acquisition, rehabilitation, operation, maintenance, and repair of two affordable housing facilities. Their mission is to make 174 apartment units available to individuals with low incomes, utilizing rental subsidy programs. By doing so, Mchi Affordable Acquisitions Inc plays a vital role in providing affordable housing options for those in need, contributing to a more equitable living environment.
Beyond supporting their affiliate, Mchi Affordable Acquisitions Inc also manages an affordable residential rental housing property located in Monterey County, California. This property offers 85 apartment units to low-income tenants, further solidifying their commitment to affordable housing. Through their efforts, Mchi Affordable Acquisitions Inc helps to address the housing needs of those with limited financial resources, thereby contributing to the well-being and stability of the community.
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Impact
July, 2024
Mchi Affordable Acquisitions Inc's impact lies in providing essential support to its affiliate through the acquisition, rehabilitation, operation, maintenance, and repair of two affordable housing facilities. These efforts result in the availability of 174 apartment units for low-income individuals through rental subsidy programs. Additionally, the organization owns a residential rental housing property in Monterey County, offering 85 apartment units to low-income tenants in Salinas, CA. Mchi Affordable Acquisitions' dedication to affordable housing serves as a vital resource for individuals in need of stable and secure housing options.
This information is meant to be a general summary of Mchi Affordable Acquisitions 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: $716,733
- Gross Receipts: $1,296,105
Assets and Liabilities:
- Total Assets: $20,767,066
- Total Liabilities: $344,117
- Net Assets: $20,422,949
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM INVESTMENT INC
Revenue
$502,235
GROSS RENTAL INCOME
Revenue
$200,282
OTHER TENANT CHARGES
Revenue
$11,299
LAUNDRY AND OTHER INCO
Revenue
$2,917
Organization Details
Founding Year
1999
Phone
(831) 775-5000Principal Officer
John Rose
Main Address
123 RICO STREET, SALINAS, CA, 93907
NTEE Category
Code: L200 - Housing
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