Avesta Housing Development Corporation

Organization Overview

Avesta Housing Development Corporation is located in Portland, ME. The organization was established in 1976. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Avesta Housing Development Corporation employed 55 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Avesta Housing Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Avesta Housing Development Corporation generated $13.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $10.4m during the year ending 12/2021. While expenses have increased by 5.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

DEVELOPMENT AND MAINTENANCE OF LOW INCOME HOUSING.

Describe the Organization's Program Activity:

Part 3 - Line 4a

ALL EXPENSES RELATE TO DEVELOPMENT AND MAINTENANCE OF LOW INCOME ELDERLY HOUSING AND SECTION 8 EXISTING HOUSING RENTAL PROGRAMS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Curtis Thaxter Llc
Legal
$258,605
Orix Real Estate Capital
Finance
$142,277
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $4,223,242
All other contributions, gifts, grants, and similar amounts not included above$1,335,233
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$5,558,475
Total Program Service Revenue$6,458,804
Investment income $229,427
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $868,167
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $13,114,873

Grants Recieved

Over the last fiscal year, we have identified 10 grants that Avesta Housing Development Corporation has recieved totaling $430,708.

Awarding OrganizationAmount
John T Gorman Foundation

Portland, ME

PURPOSE: $125,000 FOR THE SILVER HEARTH FUND; $20,000 TO SUPPORT THE MAINE AFFORDABLE HOUSING COALITION

$145,000
United Way Inc

Portland, ME

PURPOSE: Community Investment, Donor Designations

$78,420
Five Together Foundation Tr

Philadelphia, PA

PURPOSE: TO FURTHER THE EXEMPT PURPOSE OF THE RECEIPIENT

$75,000
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: OPERATIONAL SUPPORT

$30,000
Kennebunk Savings Bank Foundation

Kennebunk, ME

PURPOSE: SILVER HEARTH FUND CAPITAL CAMPAIGN

$25,000
Kennebunk Savings Bank Foundation

Kennebunk, ME

PURPOSE: SILVER HEARTH FUND CAMPITAL CAMPAIGN

$25,000
View Grant Recipient Profile

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