Housing Development Fund Inc
- Assets
- $52.0m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 29
- Location
- Stamford, CT
- Founding
- 11/2003
- Data as of
- 06/2022
- EIN
- 06-1276156
Organization Overview
Housing Development Fund Inc is located in Stamford, CT. The organization was established in 2003. According to its NTEE Classification (L12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Housing Development Fund Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Development Fund Inc 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 06/2022, Housing Development Fund Inc generated $5.3m 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 $3.2m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FACILITATE THE DEVELOPMENT OF AFFORDABLE HOUSING, BOTH RENTAL AND HOMEOWNERSHIP, AND ASSIST HOUSEHOLDS TO BECOME OWNERS OF AFFORDABLE HOMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOMEBUYER ASSISTANCE UNDERWRITING - HDF PROVIDES ASSISTANCE IN LOANS FOR DOWN PAYMENTS AND LOW INTEREST SECOND MORTGAGES.
HOMEBUYER ASSISTANCE COUNSELING - PROVIDE LOW INTEREST, FLEXIBLE FINANCING AND TECHNICAL ASSISTANCE TO DEVELOPERS BY PROVIDING HOMEBUYER ASSISTANCE FINANCING AND HOMEOWNERSHIP COUNSELING TO HOMEBUYERS.
MULTI-FAMILY HOUSING - PROVIDE CONSTRUCTION AND PERMANENT LOANS AND RELATED ASSISTANCE TO PROVIDERS OF MULTI-FAMILY HOUSING TO ENABLE THEM TO EXPAND LOW AND MODERATE INCOME HOUSING OPPORTUNITIES FOR FAMILIES IN SOUTHWESTERN CT.
PROPERTY MANAGEMENT - TO ATTRACT ALL POSSIBLE RENTERS WHO ARE THE LEAST LIKELY TO APPLY FOR AFFORDABLE HOUSING UNITS IN THE REGION. POSSIBLE RENTERS ARE SUBJECT TO CERTAIN STATE MEDIAN INCOME LIMITATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joan Carty President & CEO | OfficerTrustee | 39 | $254,100 |
Gina Delano Interim CFO | Officer | 20 | $145,343 |
Clay Fowler Chair | OfficerTrustee | 3 | $0 |
Bert Hunter Treasurer | OfficerTrustee | 3 | $0 |
Annie Lazarus Secretary | OfficerTrustee | 3 | $0 |
Michael Weinstock Vice Chair | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $71,575 |
| Related organizations | $0 |
| Government grants | $2,927,178 |
| All other contributions, gifts, grants, and similar amounts not included above | $123,033 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,121,786 |
| Total Program Service Revenue | $2,110,723 |
| Investment income | $90,617 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$21,456 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,301,670 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $454,698 |
| Compensation of current officers, directors, key employees. | $90,316 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,257,435 |
| Pension plan accruals and contributions | $61,906 |
| Other employee benefits | $84,417 |
| Payroll taxes | $194,199 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,357 |
| Fees for services: Accounting | $53,275 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $110,056 |
| Advertising and promotion | $10,304 |
| Office expenses | $63,499 |
| Information technology | $105,291 |
| Royalties | $0 |
| Occupancy | $88,076 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $466,917 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $35,880 |
| Insurance | $64,149 |
| All other expenses | $0 |
| Total functional expenses | $3,161,206 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $413,374 |
| Savings and temporary cash investments | $8,299,394 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $157,465 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $91,355 |
| Net Land, buildings, and equipment | $1,226,236 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $32,987,669 |
| Intangible assets | $0 |
| Other assets | $8,857,581 |
| Total assets | $52,033,074 |
| Accounts payable and accrued expenses | $446,625 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $18,153,998 |
| Unsecured mortgages and notes payable | $5,000,000 |
| Other liabilities | $177,186 |
| Total liabilities | $23,777,809 |
| Net assets without donor restrictions | $26,931,999 |
| Net assets with donor restrictions | $1,323,266 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $52,033,074 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Housing Development Fund Inc has recieved totaling $84,005.
| Awarding Organization | Amount |
|---|---|
Goodnow Fund Darien, CT PURPOSE: HOMEOWNERSHIP EQUITY FUND | $50,000 |
Grace J Fippinger Foundation Inc Stamford, CT PURPOSE: AFFORDABLE HOUSING | $15,000 |
Grace J Fippinger Foundation Inc Stamford, CT PURPOSE: AFFORDABLE HOUSING | $15,000 |
Savings Bank Of Danbury Foundation Inc Danbury, CT PURPOSE: EXEMPT PURPOSES | $2,000 |
Savings Bank Of Danbury Foundation Inc Danbury, CT PURPOSE: EXEMPT PURPOSES | $2,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Endowment Analysis
| Beg. Balance | $428,755 |
| Other Expense | $428,755 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Housing Investment Corp Boston, MA | $51,753,115 | $18,783,706 |
Bluehub Loan Fund Inc Boston, MA | $271,825,520 | $22,754,955 |
Bridgeport Neighborhood Trust Inc Bridgeport, CT | $32,575,822 | $5,985,060 |
The Housing Partnership Fund Inc Boston, MA | $55,046,443 | $7,425,102 |
Housing Development Fund Inc Stamford, CT | $52,033,074 | $5,301,670 |
Charles T Sitrin Network Of Homes & Services Inc New Hartford, NY | $5,734,568 | $2,565,351 |
St Andrews Housing Dev Fund Co Bronx, NY | $6,076,696 | $1,599,941 |
Concorse Gardens Housing Development Fund Company Inc New York, NY | $6,125,545 | $1,915,994 |
Our Lady Of Fatima Apartments Housing Dev Fund Company Inc Brooklyn, NY | $6,530,778 | $972,901 |
American Friends Of Belz Inc Brooklyn, NY | $1,617,806 | $1,168,906 |
S H Housing Development Fund Corp New York, NY | $3,549,105 | $166,911 |
384 Grand Street Housing Development Fund Company Inc New York, NY | $6,755,977 | $3,220,703 |