Overview
What is Chn Housing Capital?
Chn Housing Capital is a certified Community Development Financial Institution, headquartered at 2999 Payne Avenue, Cleveland, Ohio 44114. Their primary mission is to make homeownership accessible for low-income individuals and distressed communities, guided by the belief that everyone deserves a home. In 2022, they successfully closed 59 mortgages, predominantly using their Believe Mortgage product, which has been free of delinquencies. The majority of their borrowers identify as African American. Moreover, all appraisals conducted during this period were found to be at or above the purchase price, indicating their commitment to fair valuation practices. The organization is led by a team of eight dedicated individuals.
Official website here: www.chnhousingcapital.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star Rating)
Chn Housing Capital has achieved a Three-Star rating from Charity Navigator, reflecting a strong score in accountability and finance. The organization demonstrates a robust commitment to transparency and governance, with a fully independent board and comprehensive policies in place for conflict of interest, whistleblower protections, and document retention. Their financial health is highlighted by a 100% program expense ratio and a solid working capital ratio, indicating they are effectively utilizing their resources towards their mission.
However, there are some areas of concern, particularly with the liabilities to assets ratio, which stands at 79.95%, and a fundraising efficiency ratio of $0.00. These metrics suggest that while the organization is managing its operational expenses well, there may be challenges in terms of financial leverage and fundraising effectiveness. This could limit their capacity for growth and sustainability in the long term.
Overall, Chn Housing Capital exhibits strong financial accountability and governance practices, essential for maintaining donor trust and effective operations. The organization’s high scores in various governance metrics are commendable, but addressing the financial ratios could enhance their stability and future fundraising efforts.
This AI summary has been generated from information found on Charity Navigator.
Is Chn Housing Capital legitimate?
Chn Housing Capital is a legitimate nonprofit organization registered as a 501(c)(3) entity. Chn Housing Capital 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: $563,296
For more financial information, click here
Official website here: www.chnhousingcapital.org
What is the mission statement of Chn Housing Capital?
Chn Housing Capital, being a certified Community Development Financial Institution, is dedicated to making homeownership accessible to low-income individuals and distressed communities. Guided by the belief that homeownership is a right for everyone, the organization serves its community with this mission in mind. In 2022, Chn Housing Capital successfully closed 59 mortgages, with no delinquencies and all appraisals at or above the purchase price. The majority of their borrowers identify as African American.
Official website here: www.chnhousingcapital.org
Who is the CEO of Chn Housing Capital?
Kevin J Nowak is the President of Chn Housing Capital.
Official website here: www.chnhousingcapital.org
What is the revenue of Chn Housing Capital?
Chn Housing Capital's revenue in 2022 was $3,226,657.
Official website here: www.chnhousingcapital.org
Who are the executives of Chn Housing Capital and what are their salaries?
The average compensation at Chn Housing Capital during 2022 was $70,412. There are 8 employees and 8 volunteers at Chn Housing Capital.
Here are 11 key members and their salaries:
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- Compensation: $141,824
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Official website here: www.chnhousingcapital.org
Where can I find the form 990 for Chn Housing Capital?
Chn Housing Capital's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.chnhousingcapital.org
Learn more at the official website: www.chnhousingcapital.org
Mission Statement of Chn Housing Capital
Chn Housing Capital, as a certified Community Development Financial Institution, is dedicated to serving low-income individuals and distressed communities. Guided by the belief that homeownership should be an attainable goal for everyone, this organization is committed to making a significant impact in this area. It strives to help individuals and communities overcome financial barriers and access the opportunity to become homeowners. In 2022, Chn Housing Capital successfully closed 59 mortgages, demonstrating its effectiveness in its mission. The organization's Believe Mortgage product, in particular, showed impressive results, with no delinquencies and 97% of borrowers identifying as African American. Additionally, 100% of appraisals for these mortgages were at or above the purchase price, further underscoring the organization's success in this area.
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Impact
July, 2024
Chn Housing Capital's impact includes closing 59 mortgages in 2022, with their BELIEVE mortgage product boasting zero delinquencies. The majority of borrowers, 97%, identify as African American, and all appraisals were at or above the purchase price. This organization is dedicated to serving low-income individuals and distressed communities, ensuring that homeownership is accessible to everyone.
This information is meant to be a general summary of Chn Housing Capital. 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: $408
- Program Service Revenue: $281,403
- Gross Receipts: $3,226,657
Assets and Liabilities:
- Total Assets: $9,677,273
- Total Liabilities: $7,738,004
- Net Assets: $1,939,269
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEE REVENUE
Revenue
$215,808
MORTGAGE INTEREST
Revenue
$65,595
Organization Details
Founding Year
2018
Phone
(216) 574-7100Principal Officer
Kevin J Nowak
Main Address
2999 PAYNE AVENUE 134, CLEVELAND, OH, 44114
Website
www.chnhousingcapital.orgNTEE Category
Code: P51 - Human services
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