Preservation Of Affordable Housing Inc
- Assets
- $607.1m
- Revenue
- $179.2m
- Investments
- $0.0
- Employees
- 691
- Location
- Boston, MA
- Founding
- 01/1999
- Data as of
- 12/2021
- EIN
- 31-1616634
Organization Overview
Preservation Of Affordable Housing Inc is located in Boston, MA. The organization was established in 1999. According to its NTEE Classification (L25) the organization is classified as: Housing Rehabilitation, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Preservation Of Affordable Housing Inc employed 691 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Preservation Of Affordable Housing 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 12/2021, Preservation Of Affordable Housing Inc generated $179.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.6% each year . All expenses for the organization totaled $108.5m during the year ending 12/2021. While expenses have increased by 18.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PRESERVATION OF AFFORDABLE HOUSING, INC. (POAH) WAS FORMED TO PRESERVE AND CREATE AFFORDABLE HOUSING FOR PERSONS IN NEED OF SUCH HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
POAH IS DEDICATED TO THE LONG TERM PRESERVATION, CREATION, OWNERSHIP AND OPERATION OF AFFORDABLE HOUSING PROPERTIES. AT DECEMBER 31, 2021 POAH, OR ITS RELATED ORGANIZATIONS OWNED AND OPERATED 12,582 UNITS OF DECENT, SAFE AND AFFORDABLE HOUSING FOR LOW INCOME PERSONS AND FAMILIES.
POAH OR ITS RELATED ORGANIZATIONS ISSUE SELLER, RESERVE, AND SPONSOR NOTES AS A COMPONENT OF ITS PROPERTY PRESERVATION TRANSACTIONS AND IS INCLUDED AS A COMPONENT OF PART VIII LINE 2C, DEVELOPMENT AND MANAGEMENT INCOME.
SOME PROPERTIES OWNED BY POAH OR ITS RELATED ORGANIZATIONS BENEFIT FROM THE ELIMINATION OF HUD-HELD OR HUD-REGULATED DEBT IN CONNECTION WITH CERTAIN TRANSACTIONS, NOTABLY INCLUDING THE RAD CONVERSION OF SECTION 202 CAPITAL ADVANCE PROPERTIES. THESE TRANSACTIONS GENERATE REVENUE THAT APPEARS IN PART VIII LINE 2C, GAIN ON PURCHASE OF PROPERTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Gornstein President & CEO | Officer | 40 | $452,700 |
Rochelle Beeks President Of Poahc | Officer | 40 | $386,067 |
Rodger Brown Managing Dir., Real Estate | Officer | 40 | $349,829 |
Randy Parker Treasurer, Mgr Dir & CFO | Officer | 40 | $337,169 |
Judith Jacobson Mgr Dir, General Counsel | Officer | 32 | $288,298 |
Dena Xifaras Senior Vp, Ownership & Op. | 40 | $262,999 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Karl Schlachter Iii Consulting Services | 12/30/21 | $280,000 |
Compass Working Capital Fss Program Admin | 12/30/21 | $272,807 |
J&j Carpet & General Services Inc Maintenance Services | 12/30/21 | $262,007 |
Cohnreznick Llp Accounting Services | 12/30/21 | $258,350 |
Baker Tilly Virchow Krause Llp Consulting Services | 12/30/21 | $400,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $14,796,187 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,747,785 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $17,543,972 |
| Total Program Service Revenue | $143,808,998 |
| Investment income | $6,337,672 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,426,924 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $179,190,346 |
| 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. | $2,217,989 |
| Compensation of current officers, directors, key employees. | $161,279 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,850,255 |
| Pension plan accruals and contributions | $1,117,968 |
| Other employee benefits | $3,009,580 |
| Payroll taxes | $2,780,307 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $240,902 |
| Fees for services: Accounting | $422,910 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,466,468 |
| Advertising and promotion | $129,165 |
| Office expenses | $952,536 |
| Information technology | $1,035,564 |
| Royalties | $0 |
| Occupancy | $1,443,254 |
| Travel | $392,560 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $105,217 |
| Interest | $30,393,409 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,819,290 |
| Insurance | $2,820,721 |
| All other expenses | $0 |
| Total functional expenses | $108,485,924 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,418,666 |
| Savings and temporary cash investments | $24,543,702 |
| Pledges and grants receivable | $1,288,235 |
| Accounts receivable, net | $17,820,389 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $234,428,731 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,308,353 |
| Net Land, buildings, and equipment | $257,167,444 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $20,071,632 |
| Intangible assets | $1,894,103 |
| Other assets | $32,199,712 |
| Total assets | $607,140,967 |
| Accounts payable and accrued expenses | $2,458,487 |
| Grants payable | $0 |
| Deferred revenue | $1,218,053 |
| 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 | $299,874,692 |
| Unsecured mortgages and notes payable | $10,750,000 |
| Other liabilities | $36,730,822 |
| Total liabilities | $351,032,054 |
| Net assets without donor restrictions | $249,214,228 |
| Net assets with donor restrictions | $6,894,685 |
| 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 | $607,140,967 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Preservation Of Affordable Housing Inc has recieved totaling $941,940.
| Awarding Organization | Amount |
|---|---|
Enterprise Community Partners Inc Columbia, MD PURPOSE: COMMUNITY PRESERVATION AND DEVELOPMENT | $530,000 |
Local Initiatives Support Corporation New York, NY PURPOSE: SEE PART IV | $102,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $100,000 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $60,000 |
The Blackbaud Giving Fund Charleston, SC PURPOSE: GENERAL SUPPORT | $60,000 |
Greater Cincinnati Foundation Cincinnati, OH PURPOSE: GENERAL PURPOSE | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Preservation Of Affordable Housing Inc Boston, MA | $607,140,967 | $179,190,346 |
Praxis Housing Initiatives Inc New York, NY | $17,550,749 | $43,469,449 |
Home Headquarters Inc Syracuse, NY | $61,706,462 | $11,933,384 |
Depaul Properties Inc Rochester, NY | $60,046,501 | $8,018,697 |
Center Communities Of Brookline Inc Boston, MA | $21,612,727 | $5,843,127 |
Hrca Brookline Housing 1550 Beacon Plaza Boston, MA | $18,498,571 | $4,652,823 |
North Shore Community Development Coalition Inc Salem, MA | $17,290,346 | $6,893,056 |
Troy Rehabilitation And Improvement Program Inc Troy, NY | $4,527,116 | $4,140,655 |
Opportunity Headquarters Inc Syracuse, NY | $931,819 | $3,257,864 |
Rebuilding Together-Saratoga County Ballston Spa, NY | $1,364,946 | $2,773,949 |
Mutual Housing Association Of Southwestern Connecticut Inc Trumbull, CT | $16,772,020 | $2,661,661 |
Neighborhood Housing Services Of Rochester Inc Rochester, NY | $8,905,786 | $3,020,780 |