Pawtucket Central Falls Development Corporation

Organization Overview

Pawtucket Central Falls Development Corporation is located in Pawtucket, RI. The organization was established in 1994. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 06/2021, Pawtucket Central Falls Development Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pawtucket Central Falls 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 06/2021, Pawtucket Central Falls Development Corporation generated $1.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $1.2m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (5.5%) per year over the past 6 years. 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

PROVIDE AFFORDABLE HOUSING

Describe the Organization's Program Activity:

Part 3 - Line 4a

PCDC AND PCDC HOMES (THE AGENCY) WERE FORMED TO EXPAND THE HOUSING OPPORTUNITIES FOR LOW AND MODERATE INCOME FAMILIES WITHIN THE CITY OF PAWTUCKET, RHODE ISLAND. AS OF JULY 1, 2014 THEY MERGED WITH REALTY ENDEAVORS FOR AFFORDABLE COMMUNITY HOUSING, INC. A SMILIAR ORGANIZATION OPERATING IN CENTRAL FALLS, RI. TOGETHER AS PAWTUCKET CENTRAL FALLS DEVELOPMENT CORP. THEY EFFECTUATE THIS PURPOSE BY COORDINATING THE PURCHASE AND REHABILITATION OF DETERIORATED BUILDINGS AND THE CONSTRUCTION OF NEW BUILDINGS IN ORDER TO PROVIDE AFFORDABLE HOUSING FOR SUCH FAMILIES. THE ORGANIZATION PROVIDES AFFORDABLE HOUSING THROUGH FEDERAL GRANTS UNDER THE FOLLOWING HOME INVESTMENT PARTICIPATION PROGRAMS:RENTAL REHABILITATIONS- THE ORGANIZATION ACQUIRES AND REHABILITATES MULTIFAMILY HOUSES WHICH ARE SUBSEQUENTLY MADE AVAILABLE FOR RENT TO QUALIFIED FAMILIES. THESE UNITS ARE RENTED ON A ONE YEAR LEASE BASIS AND ARE MANAGED BY FERLAND PROPERTY MANAGEMENT COMPANY.HOME OWNERSHIP PROGRAM - THE ORGANIZATION ACQUIRES AND REHABILITATES HOUSES AND SELLS THE PROPERTIES TO QUALIFIED FAMILIES, GENERALLY AT BELOW ITS COSTS AND ARE FULLY SUBSIDIZED BY FEDERAL GRANTS.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Ed Wojcik Architect Ltd
Architecture
$341,575
Maloney Properties
Property Management
$112,296
Digregorio Corporation
Construction
$857,918
Stand Corporation
Construction
$273,523
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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $749,013
All other contributions, gifts, grants, and similar amounts not included above$26,346
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$775,359
Total Program Service Revenue$470,944
Investment income $952
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income -$548,238
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $37,141
Miscellaneous Revenue$0
Total Revenue $1,193,933

Grants Recieved

Over the last fiscal year, we have identified 10 grants that Pawtucket Central Falls Development Corporation has recieved totaling $334,880.

Awarding OrganizationAmount
Local Initiatives Support Corporation

New York, NY

PURPOSE: SEE PART IV

$153,000
Centreville Savings Bank Charitable Foundation

West Warwick, RI

PURPOSE: EXEMPT PURPOSE

$60,000
United Way Of Rhode Island Inc

Providence, RI

PURPOSE: DESIGNATED DONATION/GRANT

$51,280
The Rhode Island Community Foundation

Providence, RI

PURPOSE: COVID-19 VACCINATION INCENTIVE FUND GRANT; PCF DEVELOPMENT HOMEOWNERSHIP PROGRAM; HOMEOWNERSHIP PROGRAM

$30,000
Bank Of America Charitable Foundation Inc

Charlotte, NC

PURPOSE: OPERATIONAL SUPPORT

$20,000
Coastal1 Credit Union

Pawtucket, RI

PURPOSE: CHARITABLE CONTRIBUTIONS

$10,000
View Grant Recipient Profile

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