Bay Area Housing Corporation
- Assets
- $68.0m
- Revenue
- $7.2m
- Investments
- $0.0
- Employees
- 6
- Location
- Los Gatos, CA
- Founding
- 09/2003
- Data as of
- 06/2022
- EIN
- 55-0830072
Organization Overview
Bay Area Housing Corporation is located in Los Gatos, CA. The organization was established in 2003. 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 06/2022, Bay Area Housing Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bay Area Housing 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 06/2022, Bay Area Housing Corporation generated $7.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $5.0m during the year ending 06/2022. While expenses have increased by 2.2% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HOUSING OPPORTUNITIES FOR PEOPLE WITH DEVELOPMENTAL DISABILITIES & LOW INCOME POPULATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY MANAGEMENT - IN COOPERATION WITH THE DEPARTMENT OF DEVELOPMENTAL SERVICES, SAN ANDREAS REGIONAL CENTER ("SARC") AND GOLDEN GATE REGIONAL CENTER ("GGRC"), THE ORGANIZATION HAS DEVELOPED A WELLRESPECTED HOUSING ORGANIZATION WITH A FINANCIALLY SUSTAINABLE PORTFOLIO.BAHC CURRENTLY OWNS 49, SCATTERED SITE, SINGLE FAMILY HOMES IN THE BAY AREA. HOMES WILL PROVIDE PERMANENT HOUSING OPPORTUNITIES FOR A VULNERABLE AND OFTEN INVISIBLE PART OF THE COMMUNITY. CURRENT CAPACITY PROVIDES SPECIALIZED HOUSING FOR UP TO 195 INDIVIDUALS AT ANY ONE TIME. OVER THE YEARS, BAHC'S HOMES HAVE BEEN A SAFE, SUPPORTIVE HOME FOR AN ESTIMATED 400 PEOPLE, AND WILL CONTINUE TO BE A COMMUNITY RESOURCE INTO THE FUTURE.CASA MILAGRO - IN 2007, THE ORGANIZATION FORMED A LIMITED LIABILITY COMPANY, CASA MILAGRO, LLC. THIS LLC HOLDS THE 32 HOMES ACQUIRED UNDER THE BAY AREA HOUSING PLAN, BETWEEN 2003 AND 2011. THESE PROPERTIES WERE REFINANCED WITH A 15 YEAR BOND ISSUED IN 2011.MAS MILAGROS - IN 2010, THE ORGANIZATION FORMED ANOTHER LIMITED LIABILITY COMPANY, MAS MILAGROS, LLC. THIS LLC HOLDS 4 PROPERTIES, ACQUIRED BETWEEN 2011 AND 2015. THESE PROPERTIES HAVE "FORGIVABLE" LOANS FROM CITY AND COUNTY OF SANTA CLARA, AND ARE ENCUMBERED BY RESTRICTIVE COVENANTS. INTEREST IS ACCRUED ANNUALLY, HOWEVER NO PAYMENTS ARE MADE AND LOANS WILL BE FORGIVEN OVER TIME.CPP PROPERTIES - CPP HOLDS 13 PROPERTIES ACQUIRED UNDER THE COMMUNITY PLACEMENT PLAN ("CPP"), BETWEEN 2016 AND 2022. THESE PROPERTIES WERE FINANCED WITH A COMBINATION OF GRANTS FROM THE STATE OF CALIFORNIA AND COMMERCIAL LOANS. IN FISCAL YEAR 2021-22 THE ORGANIZATION ADDED ONE HOME TO THE CPP PORTFOLIO. RENOVATIONS ARE ONGOING AT YEAR END. BAHC IS ACTIVELY WORKING CONTRACTS TO ACQUIRE AND RENOVATE TWO ADDITIONAL CPP HOMES IN THE NEXT YEAR.
PROJECT DEVELOPMENT - BAHC IS ACTIVE IN SEEKING NEW PROPERTIES TO ADD TO ITS PORTFOLIO TO EXPAND ITS MISSION IN PROVIDING SPECIAL NEEDS HOUSING FOR THOSE WITH DEVELOPMENTAL DISABILITIES. BAHC IS ACTIVE IN SECURING CONTRACTS TO UTILIZE ITS EXPERTISE IN PROJECT DEVELOPMENT AND MANAGEMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kris Mccann President Of Board/ed | Officer | 40 | $175,433 |
Carol Turner CFO | Officer | 40 | $116,110 |
Irma Velasquez Board Co-Chair | OfficerTrustee | 0.3 | $0 |
Kathy Robinson Secretary | OfficerTrustee | 0.3 | $0 |
John Gundersen Board Chair | OfficerTrustee | 0.3 | $0 |
Clare Mcdermott Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $34,045 |
| Related organizations | $0 |
| Government grants | $1,108,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,590 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,170,635 |
| Total Program Service Revenue | $7,258,217 |
| Investment income | $967 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,236,523 |
| Net Income from Fundraising Events | $23,501 |
| Net Income from Gaming Activities | $374 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,223,971 |
| 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. | $318,603 |
| Compensation of current officers, directors, key employees. | $80,944 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $345,626 |
| Pension plan accruals and contributions | $10,369 |
| Other employee benefits | $36,402 |
| Payroll taxes | $47,149 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $93,176 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $28,800 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $30,301 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,158,221 |
| Travel | $3,320 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,617,194 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,094,391 |
| Insurance | $163,369 |
| All other expenses | $0 |
| Total functional expenses | $4,974,588 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,088,164 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $9,747 |
| Accounts receivable, net | $394,260 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $88,091 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $45,089 |
| Net Land, buildings, and equipment | $58,765,927 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,638,078 |
| Total assets | $68,029,356 |
| Accounts payable and accrued expenses | $240,226 |
| Grants payable | $0 |
| Deferred revenue | $389,578 |
| Tax-exempt bond liabilities | $9,107,007 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,545,151 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,893,091 |
| Total liabilities | $23,175,053 |
| Net assets without donor restrictions | $38,409,067 |
| Net assets with donor restrictions | $6,445,236 |
| 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 | $68,029,356 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Bay Area Housing Corporation has recieved totaling $17,528.
| Awarding Organization | Amount |
|---|---|
Nordson Corporation Foundation Westlake, OH PURPOSE: GENERAL OPERATING SUPPORT | $10,000 |
Los Altos Community Foundation Los Altos, CA PURPOSE: OPERATIONS | $7,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $28 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Eden Investments Inc Hayward, CA | $35,016,313 | $30,534,205 |
Turk Street Inc San Francisco, CA | $36,581,577 | $10,576,295 |
A Community Of Friends Los Angeles, CA | $60,441,352 | $19,454,068 |
Oregon Coast Community Action Coos Bay, OR | $16,109,030 | $18,585,692 |
Abode Communities Los Angeles, CA | $48,420,643 | $18,096,266 |
Habitat For Humanity Portland Metro East Portland, OR | $35,667,707 | $17,313,274 |
Vista Del Monte Affordable Housing Inc Keene, CA | $19,598,964 | $14,888,615 |
Rubicon Programs Inc Richmond, CA | $13,905,498 | $18,401,820 |
Sacramento Self-Help Housing Inc Sacramento, CA | $3,575,796 | $15,208,752 |
The Mortgage Capital Development Company Oakland, CA | $77,426,961 | $21,275,511 |
Century Housing Corporation Culver City, CA | $579,661,365 | $33,491,484 |
Oregon Affordable Housing Assistance Corporation Salem, OR | $27,410,918 | $14,226,353 |