Aafe Community Development Fund Inc
- Assets
- $7.5m
- Revenue
- $597.6k
- Investments
- $0.0
- Employees
- 2
- Location
- New York, NY
- Founding
- 09/2000
- Data as of
- 12/2021
- EIN
- 13-4103352
Organization Overview
Aafe Community Development Fund Inc is located in New York, NY. The organization was established in 2000. 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, Aafe Community Development Fund Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Aafe Community 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 12/2021, Aafe Community Development Fund Inc generated $597.6k 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 (9.5%) each year. All expenses for the organization totaled $581.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (8.6%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
AFFE COMMUNITY DEVELOPMENT FUND, INC. PROVIDES TARGETED TECHNICAL ASSISTANCE AND AFFORDABLE SECOND MORTGAGE LOANS TO ENHANCE HOME-OWNERSHIP OPPORTUNITIES FOR LOW AND MODERATE INCOME RESIDENTS OF NEW YORK CITY, INCLUDING ASIAN-AMERICANS, MINORITIES AND IMMIGRANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOME OWNERSHIP PROGRAM - THIS PROGRAM PROVIDES TARGETED TECHNICAL ASSISTANCE TO ENHANCE HOMEOWNERSHIP FOR LOW AND MODERATE INCOME ASIAN-AMERICANS AND OTHER MINORITY AND IMMIGRANT RESIDENTS OF NEW YORK CITY. SERVICES INCLUDE: FIRST TIME HOMEBUYER TRAINING, MORTGAGE REFERRAL AND ORIGINATION, HOMEOWNERSHIP RETENTION, LANDLORD COUNSELING, AND MORTGAGE DELINQUENCY AND DEFAULT RESOLUTION.
CDFI AND LOAN PROGRAM - THE CDFI AND LOAN PROGRAM PROVIDES AFFORDABLE FINANCING TO HELP FIRST-TIME HOME BUYERS IN NEW YORK CITY WITH THEIR DOWNPAYMENTS; THUS LOWERING THE LOAN-TO-VALUE RATIO OF THEIR PRIMARY MORTGAGE. THIS PROGRAM ALSO OFFERS A RANGE OF AFFORDABLE DOWN PAYMENT, EMERGENCY REPAIR AND HOME REHABILITATION LOAN PRODUCTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eddie Wong Deputy Managing Director | Officer | 35 | $71,954 |
Heidie Joo Burwell Board Chair | OfficerTrustee | 1 | $0 |
Jennifer Sun Co-Executive Director/secretary | OfficerTrustee | 1 | $0 |
Thomas Yu Co-Executive Director/treasurer | OfficerTrustee | 1 | $0 |
Jessie Lee Managing Director | Officer | 35 | $0 |
Tim Jung Chief Financial Officer (outgoing) | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $107,434 |
| All other contributions, gifts, grants, and similar amounts not included above | $181,017 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $288,451 |
| Total Program Service Revenue | $112,307 |
| Investment income | $3,552 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $137,164 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $597,615 |
| 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. | $85,636 |
| Compensation of current officers, directors, key employees. | $8,564 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $87,525 |
| Pension plan accruals and contributions | $2,077 |
| Other employee benefits | $9,397 |
| Payroll taxes | $15,558 |
| Fees for services: Management | $0 |
| 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 | $49,940 |
| Advertising and promotion | $0 |
| Office expenses | $28,081 |
| Information technology | $23,669 |
| Royalties | $0 |
| Occupancy | $58,470 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $108,179 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $90,021 |
| Insurance | $11,479 |
| All other expenses | $530 |
| Total functional expenses | $581,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $843,625 |
| Savings and temporary cash investments | $1,155,275 |
| Pledges and grants receivable | $46,006 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $754,290 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,816 |
| Net Land, buildings, and equipment | $3,173,266 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,561,576 |
| Total assets | $7,541,854 |
| Accounts payable and accrued expenses | $61,445 |
| 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 | $1,941,261 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,259,129 |
| Total liabilities | $3,261,835 |
| Net assets without donor restrictions | $4,069,829 |
| Net assets with donor restrictions | $210,190 |
| 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 | $7,541,854 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Aafe Community Development Fund Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Aspire Of Western New York Inc Getzville, NY | $37,144,710 | $73,972,719 |
Allegheny Council To Improve Our Neighborhoods-Housing Incorporated Pittsburgh, PA | $58,739,057 | $67,049,805 |
Commission On Economic Opportunity Of Luzerne County Wilkesbarre, PA | $24,684,280 | $41,061,242 |
Community First Fund Lancaster, PA | $129,035,730 | $44,963,943 |
Neighborhood Assistance Corporation Of America Boston, MA | $267,784,866 | $49,655,624 |
Womens Housing And Economic Development Corporation Bronx, NY | $29,527,353 | $27,859,543 |
Joint Ownership Entity New York City Corp New York, NY | $155,995,039 | $17,434,025 |
Breaking Ground Housing Development Fund Corporation New York, NY | $193,138,085 | $25,961,669 |
Highland Park Community Development Corporation Brooklyn, NY | $3,265,910 | $15,414,103 |
Centerboard Inc Lynn, MA | $21,186,335 | $15,673,773 |
Beyond Owners Group Inc Willow Street, PA | $131,731,512 | $8,827,345 |
Springpoint Senior Living Inc Cherry Hill, NJ | $72,542,176 | $10,591,630 |