Overview
What is Los Angeles County Housing Development Corporation?
The Los Angeles County Housing Development Corporation, established in 1989, is a nonprofit public benefit corporation based in Alhambra, California. With a mission to better the community, the organization constructed, owns, and manages a 35-unit apartment project in the unincorporated Willowbrook area of Los Angeles County. Known as the Cannon Apartments Project, this endeavor was endorsed under Section 241(F) of the National Housing Act, thereby securing insurance support from the Secretary of Housing and Urban Development. All units in this project qualify for federal rent subsidies under Section 8 of the U.S. Housing Act of 1937, as amended. The corporation's work continues to provide affordable housing solutions and support for residents in the area.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56%, One-Star out of Four Star rating.
The Los Angeles County Housing Development Corporation received a low rating of 56% from Charity Navigator, indicating concerns regarding its financial transparency and accountability. While the organization boasts a fully independent board, it has significant gaps in essential financial practices, such as not providing financial statements and lacking a whistleblower policy.
Despite these issues, the nonprofit performs well in program expenses, directing over 83% of its resources towards its mission. However, the liabilities to assets ratio raises concerns, highlighting potential financial instability. The absence of key documents such as tax forms and policies related to document retention further detracts from its overall rating.
This AI summary has been generated from information found on Charity Navigator.
Is Los Angeles County Housing Development Corporation legitimate?
Los Angeles County Housing Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Los Angeles County Housing 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.
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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What is the mission statement of Los Angeles County Housing Development Corporation?
The Los Angeles County Housing Development Corporation was established in 1989 as a nonprofit public benefit corporation. Its primary mission is to construct, own, and operate a 35-unit apartment project, known as the Cannon Apartments Project. This project, located in an unincorporated area of Los Angeles County, California, was endorsed for insurance under Section 241(F) of the National Housing Act. All units in this project qualify for federal rent subsidies under Section 8 of the U.S. Housing Act of 1937. The corporation's goal is to provide affordable housing options, ensuring subsidized rent for the residents.
Who is the CEO of Los Angeles County Housing Development Corporation?
Joseph Kelly is the Chairman of Los Angeles County Housing Development Corporation.
What is the revenue of Los Angeles County Housing Development Corporation?
Los Angeles County Housing Development Corporation's revenue in 2022 was $1,239,064.
Who are the executives of Los Angeles County Housing Development Corporation and what are their salaries?
Here are 4 key members and their salaries:
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
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Where can I find the form 990 for Los Angeles County Housing Development Corporation?
Los Angeles County Housing Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Los Angeles County Housing Development Corporation
Los Angeles County Housing Development Corporation, established in 1989, was incorporated as a nonprofit public benefit corporation with a specific mission. This organization aimed to construct, own, and operate a 35-unit apartment project, located in the unincorporated Willowbrook area of Los Angeles County, California. The project, known as the Cannon Apartments Project, was endorsed for insurance under Section 241(F) of the National Housing Act, with the Secretary of Housing and Urban Development. All the units in this project qualify for federal rent subsidy, pursuant to Section 8 of the U.S. Housing Act of 1937, as amended. In simpler terms, Los Angeles County Housing Development Corporation was founded to provide affordable housing solutions, ensuring that the constructed apartments receive necessary insurance and are eligible for federal rent subsidies.
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Impact
July, 2024
Los Angeles County Housing Development Corporation's impact can be seen in its commitment to providing affordable housing in the Willowbrook area of Los Angeles County. By constructing and operating the 35-unit Cannon Apartments project, this organization facilitates access to quality housing for individuals and families in need. The project's endorsement for insurance under Section 241(F) of the National Housing Act demonstrates the corporation's dedication to meeting housing regulations and standards. Additionally, the qualification for federal rent subsidy under Section 8 of the U.S. Housing Act of 1937 ensures that residents benefit from financial assistance, further promoting housing affordability. Through these efforts, Los Angeles County Housing Development Corporation contributes significantly to addressing housing challenges in the region.
This information is meant to be a general summary of Los Angeles County Housing Development Corporation. 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: $149
- Program Service Revenue: $727,358
- Gross Receipts: $1,239,064
Assets and Liabilities:
- Total Assets: $10,667,458
- Total Liabilities: $11,476,907
- Net Assets: -$809,449
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$716,715
INVESTOR SERVIE FEE IN
Revenue
$123,909
INVESTMENT IN ATHENS V
Revenue
-$26
INVESTMENT ACTIVITY IN
Revenue
-$27
INVESTMENT ACTIVITY IN
Revenue
-$42,278
Organization Details
Founding Year
1989
Phone
(626) 296-6298Principal Officer
Joseph Kelly
Main Address
700 W MAIN STREET, ALHAMBRA, CA, 91801
NTEE Category
Code: L25 - Housing
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