Housing Development Fund Inc
- Assets
- $51.0m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 27
- Location
- Stamford, CT
- Founding
- 11/2003
- Data as of
- 06/2023
- EIN
- 06-1276156
Organization Overview
Housing Development Fund Inc is located in Stamford, CT. The organization was established in 2003. According to its NTEE Classification (L12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Housing & Shelter and related organizations. As of 06/2023, Housing Development Fund Inc employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Development Fund Inc 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 Development Fund Inc generated $3.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $3.3m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (3.1%) per year over the past 8 years. 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 FACILITATE THE DEVELOPMENT OF AFFORDABLE HOUSING, BOTH RENTAL AND HOMEOWNERSHIP, AND ASSIST HOUSEHOLDS TO BECOME OWNERS OF AFFORDABLE HOMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOMEBUYER ASSISTANCE UNDERWRITING - HDF PROVIDES ASSISTANCE IN LOANS FOR DOWN PAYMENTS AND LOW INTEREST SECOND MORTGAGES.
PROPERTY MANAGEMENT - TO ATTRACT ALL POSSIBLE RENTERS WHO ARE THE LEAST LIKELY TO APPLY FOR AFFORDABLE HOUSING UNITS IN THE REGION. POSSIBLE RENTERS ARE SUBJECT TO CERTAIN STATE MEDIAN INCOME LIMITATIONS.
HOMEBUYER ASSISTANCE COUNSELING - PROVIDE LOW INTEREST, FLEXIBLE FINANCING AND TECHNICAL ASSISTANCE TO DEVELOPERS BY PROVIDING HOMEBUYER ASSISTANCE FINANCING AND HOMEOWNERSHIP COUNSELING TO HOMEBUYERS.
MULTI-FAMILY HOUSING - PROVIDE CONSTRUCTION AND PERMANENT LOANS AND RELATED ASSISTANCE TO PROVIDERS OF MULTI-FAMILY HOUSING TO ENABLE THEM TO EXPAND LOW AND MODERATE INCOME HOUSING OPPORTUNITIES FOR FAMILIES IN SOUTHWESTERN CT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joan Carty President & CEO (until 5/2023) | OfficerTrustee | 39 | $254,100 |
Gina Delano Interim CFO (until 6/2023) | Officer | 20 | $145,343 |
Kiley Gosselin President & CEO | OfficerTrustee | 39 | $0 |
Clay Fowler Chair | OfficerTrustee | 3 | $0 |
Michael Weinstock Vice Chair | OfficerTrustee | 3 | $0 |
Michael Hunter Treasurer | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $76,650 |
| Related organizations | $0 |
| Government grants | $549,074 |
| All other contributions, gifts, grants, and similar amounts not included above | $247,902 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $873,626 |
| Total Program Service Revenue | $2,191,169 |
| Investment income | $343,489 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$41,364 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,366,920 |
| 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. | $573,729 |
| Compensation of current officers, directors, key employees. | $104,320 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,239,433 |
| Pension plan accruals and contributions | $69,367 |
| Other employee benefits | $87,618 |
| Payroll taxes | $213,675 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,561 |
| Fees for services: Accounting | $48,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $130,479 |
| Advertising and promotion | $6,910 |
| Office expenses | $86,055 |
| Information technology | $128,132 |
| Royalties | $0 |
| Occupancy | $109,761 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $406,717 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $37,070 |
| Insurance | $78,770 |
| All other expenses | $0 |
| Total functional expenses | $3,327,155 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $488,195 |
| Savings and temporary cash investments | $10,297,205 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $256,584 |
| 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 | $97,677 |
| Net Land, buildings, and equipment | $1,189,166 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $34,871,789 |
| Intangible assets | $0 |
| Other assets | $3,755,964 |
| Total assets | $50,956,580 |
| Accounts payable and accrued expenses | $215,413 |
| 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 | $17,517,420 |
| Unsecured mortgages and notes payable | $5,000,000 |
| Other liabilities | $38,528 |
| Total liabilities | $22,771,361 |
| Net assets without donor restrictions | $27,345,659 |
| Net assets with donor restrictions | $839,560 |
| 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 | $50,956,580 |