Boston Tremont Housing Development Fund Corporation

The information for Boston Tremont Housing Development Fund Corporation is as of the organization's most recent filing in December 2021. This organization is located in New York, NY. It has been in existence for 5 years, following its founding in 2016.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Boston Tremont Housing Development Fund Corporation's NTEE code is L21. The "L" tells us that the organization is classified along with Housing & Shelter. The "21" tells us that the organization is focused on Low-Income & Subsidized Rental Housing. The NTEE describes organizations in this category as those that develop, rehabilitate, manage, and/or provide rental housing that is available to people who qualify based on income, age, or disability for publicly subsidized housing, such as HUD housing or housing assistance under Section 8 of the Housing and Urban Development Act.

Every organization is also governed by a specific section of the Internal Revenue Code. This organization happens to fall under Section 4, which includes Civic Leagues, Social Welfare Organizations, and Local Associations of Employees. These organizations are dedicated to promoting civic engagement, social welfare, and representing the interests of local employees.

Perhaps the most accurate way to understand the organization's goals is by looking at its mission. The mission of the Boston Tremont Housing Development Fund Corporation is to provide affordable housing to low and moderate-income families in New York City.

Program Areas

The organization's general fund encompasses various activities, including providing low and moderate-income housing for families in New York City. The fund also includes the ownership and operation of Lambert Houses, a housing project located in the Bronx borough of New York City. Lambert Houses consists of 518 dwelling units. This information is reported within the general fund as it is not specifically reported by another fund or program.

Organization Staffing

Boston Tremont Housing Development Fund Corporation is run by Adam Weinstein, who is the President/CEO. The organization has 41 employees, of whom 3 are paid more than $100k per year (according to the organization's most recent 990 tax filing). There are no volunteers supporting the paid staff.

Board Governance

The Boston Tremont Housing Development Fund Corporation appears to be well-governed based on the provided information. While the organization has a small number of voting members, the fact that there are no independent members may raise concerns about potential conflicts of interest. However, it is reassuring to see that potential conflicts of interest do not exist, indicating that the organization has taken steps to ensure transparency and accountability. The delegation of management to an outside firm suggests that the organization is focused on efficient and professional operations. The documentation of board and committee meetings further demonstrates a commitment to transparency and accountability. The presence of a conflict of interest policy, along with requirements for disclosure of conflicts, indicates that the organization is proactive in addressing and managing potential conflicts. The presence of a written whistleblower policy and document retention policy further highlights the organization's commitment to ethical practices and accountability. However, it is worth noting that the organization does not substantiate and review leadership and officer's salaries, which may raise questions about the organization's financial management and transparency in this area. Overall, the Boston Tremont Housing Development Fund Corporation appears to have strong governance practices in place. However, it is important for the organization to consider incorporating independent members into its board to further enhance transparency and mitigate potential conflicts of interest. Additionally, reviewing and substantiating leadership and officer's salaries would provide further reassurance to stakeholders regarding the organization's financial management.

Organization Growth

The Boston Tremont Housing Development Fund Corporation has experienced significant growth over the given time period. Program Service Revenue increased from $5.8 million in 2016 to $14.5 million in 2021, while Investment Income grew from $292 in 2016 to $10.4 million in 2021. Other Revenue also saw an increase from $9.4 thousand in 2016 to $45.1 thousand in 2021. Total Revenue showed substantial growth, rising from $5.8 million in 2016 to $24.9 million in 2021. Additionally, the organization's employee salaries increased from $26.0 thousand in 2016 to $3.1 million in 2021. Although Total Expenses also increased from $6.0 million in 2016 to $13.1 million in 2021, this can be attributed to the organization's growth and expansion. Overall, the nonprofit organization has experienced significant growth in terms of revenue, investment income, other revenue, employee salaries, and total expenses over the given time period.