Nha Properties Inc
- Assets
- $26.7m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 5
- Location
- Nantucket, MA
- Founding
- 09/1998
- Data as of
- 06/2023
- EIN
- 04-3247717
Organization Overview
Nha Properties Inc, operating under the name Housing Nantucket, is located in Nantucket, MA. The organization was established in 1998. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 06/2023, Housing Nantucket employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Nantucket 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 06/2023, Housing Nantucket generated $3.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.9% each year. All expenses for the organization totaled $1.3m during the year ending 06/2023. While expenses have increased by 5.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE AND SUPPORT DIVERSE TYPES OF SAFE, SUITABLE, AND SANITARY LIVING ACCOMODATIONS FOR LOW, MODERATE AND MIDDLE INCOME YEAR-ROUND RESIDENTS OF NANUTUCKET COUNTY. THIS MISSION IS ACCOMPLISHED THROUGH RENTAL, HOMEOWNERSHIP, AND EDUCATIONAL PROGRAMMING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE AFFORDABLE RENTAL PROGRAM AND HOUSE RECYCLING PROGRAM - THE AFFORDABLE RENTAL PROGRAM IS A SCATTERED SITE PROGRAM OF 38 AFFORDABLE YEAR-ROUND RENTAL HOMES AVAILABLE TO LOW, MODERATE AND MIDDLE-INCOME NANTUCKET RESIDENTS. MOST OF THESE HOMES HAVE BEEN DEVELOPED THROUGH THE HOUSE RECYCLING PROGRAM, AND SOME WERE NEWLY CONSTRUCTED. HOUSE RECYCLING IS AN INNOVATIVE AND COST-EFFECTIVE PROGRAM WHERE PRIVATE INDIVIDUALS DONATE UNWANTED BUT STRUCTURALLY SOUND DWELLINGS TO HOUSING NANTUCKET (HN). HN RELOCATES BUILDINGS TO HN'S LAND, WHICH IS PERMANENTLY DEED-RESTRICTED FOR AFFORDABLE HOUSING PURPOSES. THEN HN REHABILITATES AND RENTS THE DWELLINGS AT AFFORDABLE RATES TO INCOME-QUALIFIED YEAR-ROUND NANTUCKET RESIDENTS. DWELLINGS RANGE FROM ONE-BEDROOM COTTAGES TO FOUR-BEDROOM HOMES. PROPERTIES ARE REGULARLY INSPECTED AND MAINTAINED TO ENSURE QUALITY LIVING ENVIRONMENTS FOR TENANTS.
RELOCATABLE DWELLING PROGRAM - WHEN HN CANNOT USE STRUCTURALLY SOUND DWELLINGS THAT ARE OFFERED TO THEM THROUGH THE HOUSE RECYCLING PROGRAM, HN WILL SELL THE DWELLING TO A THIRD PARTY WHO IS RESPONSIBLE FOR MOVING THE DWELLING VIA AN ASSIGNMENT OF HOUSING NANTUCKET'S RIGHT ON THE DONATED PROPERTY.
THE NANTUCKET HOUSING NEEDS COVENANT PROGRAM - (THE COVENANT PROGRAM) CREATES SCATTERED SITE, MIDDLE INCOME HOME-OWNERSHIP OPPORTUNITIES. TO INCENTIVIZE THE INITIAL CREATION OF A COVENANT HOME, PRIVATE PROPERTY OWNERS ARE ALLOWED ZONING RELIEF WHICH ENABLES THEM TO SELL A PORTION OF THEIR LAND THAT IS OTHERWISE NOT SUB-DIVIDABLE. IN EXCHANGE, THE OWNERS RECORD A DEED RESTRICTION WHICH PERMANENTLY RESTRICTS OWNERSHIP TO QUALIFIED YEAR-ROUND ISLANDERS. COVENANT HOME PURCHASERS MUST BE YEAR-ROUND RESIDENTS EARNING LESS THAN 150% OF THE AREA MEDIAN INCOME. THE TRANSACTION PRICE OF A COVENANT HOME MUST BE BELOW THE MAXIMUM SALE PRICE, WHICH IS RESET ANNUALLY AND DETERMINED BY AN AFFORDABILITY FORMULA. COVENANT HOMEOWNERS ARE SUBJECT TO A RESIDENCY/OCCUPANCY REQUIREMENT AS WELL AS RESALE RESTRICTIONS.
HOUSING NANTUCKET'S EDUCATIONAL PROGRAMMING - INCLUDES FIRST TIME HOME-BUYER EDUCATION AND REBUILDING YOUR CREDIT CLASSES. THESE CLASSES ARE OFFERED THROUGH TRADITIONAL CLASSROOM LEARNING AS WELL AS THROUGH AN ONLINE PLATFORM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter T Kaizer President | OfficerTrustee | 1 | $0 |
Stacy G Montes Vice President | OfficerTrustee | 1 | $0 |
Paul A Wolf Jr Treasurer | OfficerTrustee | 1 | $0 |
Robert Liddle Clerk | OfficerTrustee | 1 | $0 |
Bertyl V Johnson Director | Trustee | 1 | $0 |
Dobrimir Sultanov Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Barret Enterprises Construction | 6/29/18 | $123,486 |
James Robinson Construction | 6/29/18 | $125,175 |
Thirty Acre Wood Llc Construction | 6/29/18 | $121,987 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $88,951 |
| Membership dues | $0 |
| Fundraising events | $66,604 |
| Related organizations | $0 |
| Government grants | $2,160,217 |
| All other contributions, gifts, grants, and similar amounts not included above | $362,308 |
| Noncash contributions included in lines 1a–1f | $98,500 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,678,080 |
| Total Program Service Revenue | $742,523 |
| Investment income | $20,551 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $40,160 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$14,759 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,495,787 |
| 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 | $390,231 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $20,807 |
| Payroll taxes | $32,651 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,464 |
| Fees for services: Accounting | $14,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,408 |
| Fees for services: Other | $2,920 |
| Advertising and promotion | $26,194 |
| Office expenses | $7,442 |
| Information technology | $6,013 |
| Royalties | $0 |
| Occupancy | $30,140 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,759 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $401,211 |
| Insurance | $48,927 |
| All other expenses | $0 |
| Total functional expenses | $1,298,054 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $211,220 |
| Savings and temporary cash investments | $567,660 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,709 |
| 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 | $10,774 |
| Net Land, buildings, and equipment | $25,416,047 |
| Investments—publicly traded securities | $514,712 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $26,732,122 |
| Accounts payable and accrued expenses | $16,992 |
| 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 | $9,047,804 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $21,954 |
| Total liabilities | $9,086,750 |
| Net assets without donor restrictions | $16,027,172 |
| Net assets with donor restrictions | $1,618,200 |
| 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 | $26,732,122 |