Porter Avenue Housing Development Fund Corporation
- Assets
- $11.5m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 05/2003
- Data as of
- 06/2021
- EIN
- 13-4178045
Organization Overview
Porter Avenue Housing Development Fund Corporation is located in New York, NY. The organization was established in 2003. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Porter Avenue Housing Development Fund Corporation 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 06/2021, Porter Avenue Housing Development Fund Corporation generated $1.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.0% each year. All expenses for the organization totaled $2.0m during the year ending 06/2021. 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
TRANSITIONAL RESIDENCE AND ASSISTANCE TO FORMERLY HOMELESS MEN OF LOW INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PETER JAY SHARP CENTER FOR OPPORTUNITY IS A STATE-OF-THE-ART, 400-BED TRANSITIONAL RESIDENCE AT 89 PORTER AVENUE IN BUSHWICK, BROOKLYN. DEVELOPED AND OVERSEEN BY THE NONPROFIT THE DOE FUND, IT IS A WORKING COMMUNITY OPERATED BY AND FOR PEOPLE WHO HAVE EXPERIENCED HOMELESSNESS OR WHO HAVE RETURNED FROM INCARCERATION. AS A HOME OF THE DOE FUND'S READY, WILLING & ABLE PROGRAM, THE CENTER PROVIDES PAID WORK, HOUSING, AND SUPPORT SERVICES TO ITS RESIDENTS. THIS "THREE-LEGGED STOOL" MODEL HAS HELPED THOUSANDS OF PEOPLE SUCCESSFULLY TRANSITION OUT OF HOMELESSNESS, AND MULTIPLE STUDIES HAVE SHOWN IT REDUCES THE CHANCE OF RECIDIVATING BY 62%. THE CENTER BOTH BUILDS COMMUNITY FOR INDIVIDUALS EXPERIENCING HOMELESSNESS AND PROVIDES CRUCIAL RESOURCES UNIQUE TO THEIR DIVERSE NEEDS, FROM CASE MANAGEMENT TO CAREER TRAINING, ADDICTION RECOVERY, AND ADULT BASIC EDUCATION.IN ADDITION, THE CENTER IS ONE OF THREE ASSESSMENT AND REFERRAL LOCATIONS FOR THE DEPARTMENT OF HOMELESS SERVICES. IN THIS CAPACITY, IT PROVIDES SHORT-TERM HOUSING FOR INDIVIDUALS UNTIL THEY ARE ASSIGNED TO A FACILITY AND/OR PROGRAM BY DHS. THE CENTER ALSO OFFERS BEDS TO INDIVIDUALS OUTSIDE OF READY, WILLING & ABLE WHO ARE WORKING OR LOOKING FOR WORK, BUT DO NOT HAVE A PLACE TO LIVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harriet Mcdonald President & CEO As Of 1/27/21 | OfficerTrustee | 1 | $0 |
George T Mcdonald President & CEO To 1/26/21 | OfficerTrustee | 1 | $0 |
Steven Koppel Chairman | OfficerTrustee | 0.25 | $0 |
Rachel Licht Treasurer Until 4/22/21 | OfficerTrustee | 0.25 | $0 |
Anthony Mangione Chief Financial Officer | Officer | 1 | $0 |
Bill Thompson Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,488,234 |
| 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 | $1,488,234 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $1,488,234 |
| 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 | $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 | $12,360 |
| Advertising and promotion | $0 |
| Office expenses | $58 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $620,129 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,388,208 |
| Insurance | $0 |
| All other expenses | $25 |
| Total functional expenses | $2,020,780 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| 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 | $11,526,466 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,526,466 |
| Accounts payable and accrued expenses | $0 |
| 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 | $11,898,333 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,333,802 |
| Total liabilities | $17,232,135 |
| Net assets without donor restrictions | -$5,705,669 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $11,526,466 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
1260 Housing Development Corporation Philadelphia, PA | $75,955,661 | $16,577,131 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |
Highbridge Community Housing Development Fund Corporation Bronx, NY | $37,198,979 | $10,077,862 |
Harlem West Ii Housing Dev Fund Co Inc New York, NY | $7,149,098 | $1,214,746 |
Housing Development Corporation Midatlantic Lancaster, PA | $24,908,226 | $11,939,671 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |