Nhs Redevelopment Corporation
- Assets
- $6.7m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 07/1980
- Data as of
- 03/2024
- EIN
- 36-3014600
Organization Overview
Nhs Redevelopment Corporation is located in Chicago, IL. The organization was established in 1980. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nhs Redevelopment 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 03/2024, Nhs Redevelopment Corporation generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.4%) each year. All expenses for the organization totaled $473.0k during the year ending 03/2024. As we would expect to see with falling revenues, expenses have declined by (16.6%) per year over the past 9 years. 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
STRENGTHEN NEIGHBORHOODS AND PROVIDE HIGH-QUALITY, AFFORDABLE HOUSING OPPORTUNITIES FOR LOW- AND MODERATE-INCOME FAMILIES BY DEVELOPING PROPERTIES THROUGHOUT THE CITY OF CHICAGO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NHSRC DEVELOPS AND PRESERVES SINGLE-FAMILY HOUSING. AS A NON-PROFIT DEVELOPER AND PARTNER, NHSRC HAS HELPED CREATE AND DEVELOP MORE THAN 425 UNITS OF AFFORDABLE RENTAL HOUSING FOR SENIOR CITIZENS LIVING IN THE ROSELAND, SOUTH CHICAGO, AND WRIGHTWOOD NEIGHBORHOODS. NHSRC SECURES VACANT PROPERTIES TO BE LATER USED IN ITS EFFORT TO STABILIZE NEIGHBORHOODS BY REHABBING HOMES AND AFFORDABLY SELLING THEM TO HOMEOWNER-OCCUPANTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristine Jurmu President | OfficerTrustee | 5 | $0 |
Christine Kolb Secretary | OfficerTrustee | 5 | $0 |
Adrienne Whitney Vice President | OfficerTrustee | 5 | $0 |
Paul Viamis Treasurer | OfficerTrustee | 5 | $0 |
Molly Ekerdt Director | Trustee | 5 | $0 |
Allison Porter-Bell Director | Trustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Villa Capital Properties Llc Property Management | 3/30/18 | $681,898 |
Frempong I & Ii Construction | 3/30/18 | $447,845 |
Kmw Communities Construction | 3/30/18 | $241,110 |
Mccrary Consulting Construction | 3/30/18 | $190,542 |
Certified Electric Solutions Construction | 3/30/18 | $152,919 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $93,716 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $98,716 |
| Total Program Service Revenue | $313,210 |
| Investment income | $1,456,699 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$73,294 |
| Net Gain/Loss on Asset Sales | $72,490 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,872,265 |
| 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. | $111,223 |
| Compensation of current officers, directors, key employees. | $17,857 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $239,880 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $44,648 |
| Payroll taxes | $22,010 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,209 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,385 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $13,597 |
| Total functional expenses | $472,952 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $384,221 |
| Savings and temporary cash investments | $1,780,785 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $197,771 |
| 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 | $0 |
| Net Land, buildings, and equipment | $468,359 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,856,404 |
| Total assets | $6,687,540 |
| Accounts payable and accrued expenses | $17,212 |
| Grants payable | $0 |
| Deferred revenue | $388,057 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $1,750,000 |
| Other liabilities | $4,347,917 |
| Total liabilities | $6,503,186 |
| Net assets without donor restrictions | $184,354 |
| Net assets with donor restrictions | $0 |
| 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 | $6,687,540 |