Neighborhood Housing Services Of New York City Inc

Organization Overview

Neighborhood Housing Services Of New York City Inc is located in New York City, NY. The organization was established in 1987. 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 12/2021, Neighborhood Housing Services Of New York City Inc employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Neighborhood Housing Services Of New York City 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 12/2021, Neighborhood Housing Services Of New York City Inc generated $4.8m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.9%) each year. All expenses for the organization totaled $4.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (7.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

NHSNYC REVITALIZES UNDERSERVED NEIGHBORHOODS BY HELPING RESIDENTS BUY, MAINTAIN AND STAY IN THEIR HOMES. NHSNYC EMPOWERS RESIDENTS THROUGH HOMEOWNERSHIP EDUCATION, FINANCIAL CAPABILITY BUILDING, AND COMMUNITY LEADERSHIP TRAINING. WORKING IN PARTNERHSIP WITH GOVERNMENT AND BUSINESS, WE ARE LED BY LOCAL RESIDENTS AND GUIDED BY LOCAL NEEDS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

LENDING: NEIGHBORHOOD HOUSING SERVICES OF NEW YORK CITY, INC. (NHSNYC) IS A FEDERALLY-CERTIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION (CDFI). OUR LENDING PLATFORM ENABLES NHSNYC TO ORIGINATE LOANS AND GRANTS FOR THE ACQUISITION OR PRESERVATION OF 1-TO-4 FAMILY PROPERTIES THROUGHOUT NEW YORK CITY, INCLUDING HOUSES AS WELL AS UNITS IN COOPERATIVE AND CONDOMINIUM DEVELOPMENTS. NHSNYC ALSO HAS THE ABILITY TO PROVIDE RENOVATION AND REPAIR LOANS FOR SMALL BUILDINGS, WITH BETWEEN ONE-TO-TWENTY HOUSING UNITS. IN 2017, NEIGHBORWORKS AMERICA SELECTED NHSNYC TO ADMINISTER A $7.5 MILLION WELLS FARGO NEIGHBORHOODLIFT PROGRAM IN NEW YORK CITY. THROUGH THIS WORK, WE PROVIDED MORE THAN 300 LOW- AND MODERATE-INCOME FAMILIES WITH A FORGIVABLE LOAN OF $20,000 FOR DOWNPAYMENT OR CLOSING COST ASSISTANCE TO HELP PURCHASE HOMES IN QUEENS, BROOKLYN, OR THE BRONX. THESE LOANS WILL BE FORGIVEN AFTER FIVE YEARS, CONDITIONED ON CLIENTS RESIDING IN THE HOME AS THEIR PRIMARY RESIDENCE FOR THOSE FIVE YEARS. IN 2013, NHSNYC RECEIVED $9.5 MILLION FROM A SIMILAR WELLS FARGO PROGRAM, THROUGH WHICH WE HELPED 450 FAMILIES SUSTAINABLY ACHIEVE HOMEOWNERSHIP. SINCE 2006, WE HAVE ALSO ADMINISTERED THE NEW YORK CITY DEPARTMENT OF HOUSING PRESERVATION AND DEVELOPMENT'S HOMEFIRST PROGRAM, WHICH PROVIDES FIRST-TIME HOME BUYERS EARNING 80% OR LESS THAN THE AREA MEDIAN INCOME WITH A FORGIVABLE LOAN EQUAL TO 6% OF THEIR PROPERTY'S PURCHASE PRICE, WITH A CURRENT MAXIMUM $40,000.


EDUCATION COUNSELING: NHSNYC CURRENTLY OPERATES IN FIVE OFFICES THROUGHOUT NEW YORK CITY. THESE INCLUDE OUR HOMEOWNERSHIP CENTER HEADQUARTERS IN MIDTOWN MANHATTAN, A SATELLITE OFFICE IN THE TRANSPORT WORKERS UNION COUNSELING CENTER IN THE NORTH BRONX, A SATELLITE PRESENCE IN SOUTH BRONX, HARLEM, AND A COUNSELING CENTER IN DISTRICT COUNCIL 37'S LOWER MANHATTAN OFFICE SERVING 121,000 MUNICIPAL EMPLOYEE UNION MEMBERS IN NYC. IN EACH LOCATION, NHSNYC PROVIDES EDUCATION AND COUNSELING SERVICES THAT ENABLE OUR CLIENTS TO MAKE INFORMED CHOICES WHEN PURCHASING A HOME. SPECIFICALLY, WE TEACH FAMILIES HOW TO ASSESS AND MAINTAIN THEIR PERSONAL FINANCES, INCLUDING INDENTIFYING AN AFFORADALE MONTHLY HOUSING COST THAT DOES NOT EXCEED 36% OF TOTAL INCOME. WHEN CLIENTS ARE INTERESTED IN PURSUING HOMEOWNERSHIP, WE ENROLL THEM IN OUR EIGHT-HOUR HOME BUYERS EDUCATION CLASS, WHICH TEACHES PARTICIPANTS ABOUT CREDIT, EFFECTIVE MONEY MANAGEMENT TECHNIQUES, AS WELL AS THE MORTGAGE APPLICATION AND HOME BUYING PROCESS, USING A CURRICULUM DEVELOPED BY NEIGHBORWORKS AMERICA (NWA), ENTITILED "REALIZING THE AMERICAN DREAM." NHSNYC ALSO ASSISTS CLIENTS IN COMPLETING ONLINE HOMEOWNERSHIP COURSE, CALLED E-HOME.


RENTAL INCOME AND REHABILITATION LENDING INTEREST


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Board, Officers & Key Employees

Name (title)Compensation
Derrick Griggs
CEO
$203,583
Marita R Bankhead
Director Of Lending
$106,511
Donald E Tom
Board Treasurer
$0
Jamie Thomas
Board Secretary
$0
David Bagatelle
Board President
$0
Blondel Pinnock
Member
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$160,125
Related organizations$0
Government grants $2,702,114
All other contributions, gifts, grants, and similar amounts not included above$509,608
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$3,371,847
Total Program Service Revenue$743,615
Investment income $112
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $365,950
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $4,808,509

Grants Recieved

Over the last fiscal year, we have identified 4 grants that Neighborhood Housing Services Of New York City Inc has recieved totaling $111,987.

Awarding OrganizationAmount
The Center For New York City

New York, NY

PURPOSE: HOUSING & LEGAL COUNSELING

$57,500
The Housing Partnership Network Inc

Boston, MA

PURPOSE: HOUSING COUNSELING PROGRAM & ADMINISTRATION

$44,852
The Housing Partnership Network Inc

Boston, MA

PURPOSE: HOUSING STABILIZATION (RENTER STABILIZATION/EVICTION PREVENTION & HOMEOWNER ASSISTANCE/FORECLOSURE PREVENTION)

$9,600
Amazonsmile Foundation

Seattle, WA

PURPOSE: GENERAL SUPPORT

$35
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$1,975,383
Other Expense$1,975,383

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