Foundation For Affordable Housing
- Assets
- $529.1m
- Revenue
- $34.7m
- Investments
- $0.0
- Employees
- 3
- Location
- Omaha, NE
- Founding
- 07/1995
- Data as of
- 12/2021
- EIN
- 47-0785685
Organization Overview
Foundation For Affordable Housing is located in Omaha, NE. The organization was established in 1995. 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 12/2021, Foundation For Affordable Housing employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Affordable Housing 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, Foundation For Affordable Housing generated $34.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 72.3% each year . All expenses for the organization totaled $48.9m during the year ending 12/2021. While expenses have increased by 80.0% 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
SEE SCHEDULE OTHE FOUNDATION FOR AFFORDABLE HOUSING HAS BEEN FORMED FOR THE EXEMPT PURPOSE OF CONSTRUCTING, PURCHASING, OWNING, AND OPERATING AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME INDIVIDUALS THROUGH ITS WHOLLY-OWNED SUBSIDIARIES AND OTHER AFFILIATES. DURING 2021 FOUNDATION FOR AFFORDABLE HOUSING ACQUIRED 15 ADDITIONAL AFFORDABLE HOUSING PROJECTS: SORRENTO (246 UNITS); TOSCANA (172 UNITS); WELLINGTON (236 UNITS); OASIS (116 UNITS); PELHAM (422 UNITS); WESTCHESTER (116 UNITS); TREE HOUSE (458 UNITS); CHERRY GROVE (104 UNITS); RIVERSTONE (106 UNITS); SILVER BLUFF (126 UNITS); TWIN OAKS (56 UNITS); PICKENS GARDENS (76 UNITS); NORTH AUGUSTA GARDENS (101 UNITS); ABBEVILLE (112 UNITS); AND CROSLAND (56 UNITS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Hiatt President | OfficerTrustee | 55 | $990,000 |
Mitchell Hiatt Vice President And General Counsel | OfficerTrustee | 60 | $302,000 |
Drew Fitch Vice President | OfficerTrustee | 5 | $9,900 |
Steve Cocrell Director | Trustee | 1 | $9,900 |
Dave Wilkinson Director | Trustee | 1 | $9,900 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Redline Development Group Development And Acquisition Services | 12/30/21 | $4,917,408 |
Berkadia Commercial Mortgage Llc Financing Services | 12/30/21 | $630,848 |
Arbor Realty Trust Inc Financing Services | 12/30/21 | $633,226 |
Sunbelt Multifamily Properties Llc Property Management Services | 12/30/21 | $2,130,138 |
Parker Poe Adams & Bernstein Llp Legal Services | 12/30/21 | $975,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $34,702,287 |
| Investment income | $34,434 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,736,721 |
| 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. | $1,321,700 |
| Compensation of current officers, directors, key employees. | $1,321,700 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,632,826 |
| Pension plan accruals and contributions | $1,486 |
| Other employee benefits | $243,882 |
| Payroll taxes | $243,476 |
| Fees for services: Management | $1,159,187 |
| Fees for services: Legal | $123,008 |
| Fees for services: Accounting | $253,264 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,194,852 |
| Advertising and promotion | $309,204 |
| Office expenses | $671,684 |
| Information technology | $208 |
| Royalties | $0 |
| Occupancy | $3,877,555 |
| Travel | $19,277 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $19,765,271 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,465,001 |
| Insurance | $1,312,613 |
| All other expenses | $381,532 |
| Total functional expenses | $48,939,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,923,955 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $512,618 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $658,128 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,037,052 |
| Net Land, buildings, and equipment | $456,192,487 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,767 |
| Intangible assets | $0 |
| Other assets | $62,731,217 |
| Total assets | $529,060,224 |
| Accounts payable and accrued expenses | $2,052,710 |
| 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 | $511,616,870 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $37,054,925 |
| Total liabilities | $550,724,505 |
| Net assets without donor restrictions | $0 |
| 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 | -$21,664,281 |
| Total liabilities and net assets/fund balances | $529,060,224 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Foundation For Affordable Housing Omaha, NE | $529,060,224 | $34,736,721 |
Mercy Housing California Denver, CO | $227,832,939 | $51,666,218 |
Northeast Denver Housing Center Inc Denver, CO | $58,407,194 | $39,072,373 |
Mercy Housing Inc Denver, CO | $121,949,049 | $44,644,651 |
One Vision Clear Lake, IA | $49,722,327 | $26,134,344 |
Mercy Housing Lakefront Denver, CO | $45,086,430 | $37,545,157 |
Friendship Haven Inc Fort Dodge, IA | $50,931,455 | $22,390,428 |
Brothers Redevelopment Inc Edgewater, CO | $28,566,111 | $21,890,998 |
Habitat For Humanity International Inc Omaha, NE | $36,900,454 | $19,457,975 |
North East Community Action Corporation Bowling Green, MO | $19,489,309 | $16,722,475 |
Habitat For Humanity International Inc Des Moines, IA | $24,118,438 | $12,529,342 |
South Of Market Mercy Housing Denver, CO | $1,397,293 | $161,294 |