Affordable Housing Development Corp
- Assets
- $2.5m
- Revenue
- $598.6k
- Investments
- $292.1k
- Employees
- 0
- Location
- Boynton Beach, FL
- Founding
- 04/1997
- Data as of
- 12/2022
- EIN
- 65-0678966
Organization Overview
Affordable Housing Development Corp is located in Boynton Beach, FL. The organization was established in 1997. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Affordable Housing Development Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING FOR LOW AND MODERATELY LOW INCOME FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING RESIDENTIAL UNITS AT A RENT WHICH IS LOWER THAN THE USUAL MARKET RATE TO LOW AND MODERATELY LOW-INCOME FAMILIES. THE ORGANIZATION OWNS 71 SUCH RENTAL UNITS.EXPENSES INCURRED ARE INCIDENTAL TO PROVIDING HOUSING FACILITIES LIKE MAINTENANCE, REPAIRS, MANAGEMENT FEES, INTEREST, TAXES, UTILITIES, ETC
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Eisenson Director | Trustee | 0.1 | $0 |
Frank Mossucco Director Treasurer | Trustee | 0.1 | $0 |
Vito R Difronzo President | Officer | 15 | $0 |
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 | $579,800 |
| Investment income | $6,685 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $12,156 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $598,641 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $135,079 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,545 |
| Advertising and promotion | $0 |
| Office expenses | $1,721 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $80,399 |
| Travel | $249 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $80,177 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $126,547 |
| Insurance | $46,780 |
| All other expenses | $645 |
| Total functional expenses | $565,609 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $223,075 |
| Savings and temporary cash investments | $322,889 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $1,630,348 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $292,107 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,468,419 |
| Accounts payable and accrued expenses | $21,375 |
| 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 | $1,330,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $54,045 |
| Total liabilities | $1,405,420 |
| 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 | $1,062,999 |
| Total liabilities and net assets/fund balances | $2,468,419 |