Overview
What is Long Island Partnership Clt Housing Development Fund Company Inc?
Long Island Partnership Clt Housing Development Fund Company Inc, established as Long Island's first regional community land trust, is a nonprofit organization dedicated to addressing the critical affordable housing needs of low- and moderate-income families in Nassau and Suffolk Counties, New York. Operating under a unique shared-equity model, the nonprofit retains ownership of the land and leases it to homeowners for a 99-year term, while homeowners purchase and own the physical structure of the homes. In 2022, the organization continued its pre-development and construction work, rebuilding 23 Superstorm Sandy-damaged homes and starting construction on several new ones in both counties. Additionally, eight homes were sold to eligible home buyers who would not otherwise have afforded a new home in the market. The mission of Long Island Partnership Clt Housing Development Fund Company Inc is to provide housing opportunities for individuals of low income, ensuring strong, vital communities across Long Island.
Official website here: www.lihp.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Long Island Partnership Clt Housing Development Fund Company Inc has received a two-star rating from Charity Navigator, indicating a need for improvement in several areas. With an overall score of 66%, the organization exhibits strengths in maintaining a high program expense ratio of 92.81%, which suggests a commitment to directing funds toward its mission. Additionally, it has effective policies in place such as a conflict of interest policy and a whistleblower policy, both of which are important for governance and accountability.
However, the nonprofit faces significant challenges regarding its governance structure. A concerning 33% of its board members are independent, which is below the ideal standard, and the organization has only one independent board member. Furthermore, it has not posted its tax form on its website, which undermines transparency. The liabilities to assets ratio of 80.69% raises concerns about the organization's financial health, suggesting that it may carry a high level of debt relative to its assets.
In summary, while Long Island Partnership Clt Housing Development Fund Company Inc shows a strong commitment to its programming, it needs to enhance its governance practices and improve financial transparency to build trust with stakeholders and the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Long Island Partnership Clt Housing Development Fund Company Inc legitimate?
Long Island Partnership Clt Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Long Island Partnership Clt Housing Development Fund Company 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: $0
For more financial information, click here
Official website here: www.lihp.org
What is the mission statement of Long Island Partnership Clt Housing Development Fund Company Inc?
Long Island Partnership CLT Housing Development Fund Company Inc, established with the objective of providing housing for individuals of low income, operates within Nassau and Suffolk Counties in New York. This is in compliance with any federal or state low income housing capital program or other affordable housing initiatives. Long Island Partnership CLT, being the first regional community land trust in the region, seeks to strengthen and sustain vibrant communities across Long Island by developing and maintaining permanently affordable homes for people of all ages. In an innovative approach to address the critical need for affordable housing for low- and moderate-income families, Long Island Partnership CLT provides below-market homeownership opportunities that preserve perpetual affordability and collaborates with key municipal partners. Under its shared-equity model, the company retains ownership of the land and leases it to homeowners for a renewable term of 99 years, while the homeowners purchase and own the physical structure.
Official website here: www.lihp.org
Who is the CEO of Long Island Partnership Clt Housing Development Fund Company Inc?
Peter J Elkowitz Jr is the President of Long Island Partnership Clt Housing Development Fund Company Inc.
Official website here: www.lihp.org
What is the revenue of Long Island Partnership Clt Housing Development Fund Company Inc?
Long Island Partnership Clt Housing Development Fund Company Inc's revenue in 2022 was $3,631,973.
Official website here: www.lihp.org
Who are the executives of Long Island Partnership Clt Housing Development Fund Company Inc and what are their salaries?
There 2 volunteers at Long Island Partnership Clt Housing Development Fund Company Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $319,326
- Other: $55,165
- Compensation: $0
- Related: $219,585
- Other: $13,745
- Compensation: $0
- Related: $175,825
- Other: $11,844
- Compensation: $0
- Related: $169,336
- Other: $11,453
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.lihp.org
Where can I find the form 990 for Long Island Partnership Clt Housing Development Fund Company Inc?
Long Island Partnership Clt Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lihp.org
Learn more at the official website: www.lihp.org
Mission Statement of Long Island Partnership Clt Housing Development Fund Company Inc
Long Island Partnership CLT Housing Development Fund Company, Inc., a pioneer in its field, was established with a mission to provide housing for individuals of low income in both Nassau and Suffolk Counties, New York. This nonprofit organization adheres to the guidelines set by federal or state low income housing capital programs or other affordable housing initiatives. As the first regional community land trust in Long Island, its purpose extends beyond just providing housing. It aims to foster strong, vibrant communities by developing and maintaining permanently affordable homes for individuals of all ages.
This innovative solution, known as the shared-equity model, addresses the critical need for affordable housing for low- and moderate-income families. Under this model, Long Island Partnership CLT retains ownership of the land, while leasing it to homeowners for a renewable term of 99 years. Simultaneously, the homeowners purchase and hold ownership interest in the physical structure. This unique approach ensures the perpetual affordability of homes, thereby providing below-market homeownership opportunities for families in need. The nonprofit's mission is not just about providing housing; it's about engaging key municipal partners and contributing to the betterment of communities across Long Island.
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Impact
July, 2024
Long Island Partnership Clt Housing Development Fund Company Inc's impact is substantial in addressing the critical affordable housing needs of low- and moderate-income families in Nassau and Suffolk counties in New York. Through its innovative shared-equity model, LIPCLT provides below-market homeownership opportunities that preserve perpetual affordability. By developing and managing permanently affordable homes, LIPCLT contributes to the creation of strong and vital communities across Long Island. In 2022, the organization continued its pre-development and construction work toward rebuilding homes damaged by Superstorm Sandy, as well as initiating the next phase of scattered site developments. Additionally, eight homes were sold to eligible home buyers who met income guidelines, enabling them to afford a new home in the marketplace. LIPCLT's work not only provides much-needed housing options but also fosters long-term community sustainability and inclusivity.
This information is meant to be a general summary of Long Island Partnership Clt Housing Development Fund Company 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: $2,000,815
- Gross Receipts: $3,631,973
Assets and Liabilities:
- Total Assets: $3,304,336
- Total Liabilities: $2,888,212
- Net Assets: $416,124
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALES AND DEVELOPER FEES
Revenue
$1,970,963
GROUND LEASE FEES
Revenue
$20,382
PROGRAM APPLICATION FEES
Revenue
$7,400
RENTAL - 55 E. LOCUST
Revenue
$1,975
REIMBURSEMENT OF FEES
Revenue
$95
Organization Details
Founding Year
2016
Phone
(631) 435-4710Principal Officer
Peter J Elkowitz Jr
Main Address
180 OSER AVENUE SUITE 800, HAUPPAUGE, NY, 11788
Website
www.lihp.orgNTEE Category
Code: L82 - Housing
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