Denver Dry Development Corporation

Denver Dry Development Corporation is a nonprofit organization situated in Denver, Colorado, at 1555 California Street 200. Their primary mission is to operate and manage commercial and residential rental properties, with a focus on providing affordable housing for low-income individuals. This commitment stems from their adherence to Section 42 of the Internal Revenue Code. Originally, the organization acted as a general partner in a partnership responsible for operating the property. In 2009, they acquired the tax credit limited partner's interest in the project. Subsequently, they restructured their debt with the City and County of Denver and the Denver Urban Renewal Authority, and refinanced the first mortgage. These financial changes ensured the project's long-term financial stability. The project houses fifty-one units, with thirty-nine designated for low-income residents, and also includes a commercial space leased to a not-for-profit trade organization.

Denver Dry Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Denver Dry Development Corporation 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.

Here are some key statistics you may want to consider:

Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $134,693

For more financial information, click here

Denver Dry Development Corporation's mission is centered around providing low-income housing. Initially, the organization played a significant role in a partnership that managed a property adhering to Section 42 of the Internal Revenue Code. Later, in 2009, the corporation acquired the tax credit-limited partner's interest in the project. Post-acquisition, the organization underwent financial changes, including restructuring debt and refinancing the first mortgage. These adjustments strengthened the project's financial stability. The Organization continues to fulfill its mission by offering housing to low-income individuals, in accordance with a Land Use Restriction Agreement. The project also includes commercial space, which is leased to a non-profit trade association.

Tracy Huggins is the Vice President of Denver Dry Development Corporation.

Denver Dry Development Corporation's revenue in 2022 was $1,322,978.

The Denver Dry Development Corporation’s most recent form 990 was submitted in 2022 and can be accessed here