Ridgewood Bushwick Homesteading Assistance Housing Development Fun
- Assets
- $19.0m
- Revenue
- $640.9k
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 06/2007
- Data as of
- 06/2021
- EIN
- 20-4093236
Organization Overview
Ridgewood Bushwick Homesteading Assistance Housing Development Fun is located in New York, NY. The organization was established in 2007. 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. Ridgewood Bushwick Homesteading Assistance Housing Development Fun 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, Ridgewood Bushwick Homesteading Assistance Housing Development Fun generated $640.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (13.3%) each year. All expenses for the organization totaled $573.3k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (7.3%) per year over the past 6 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
TO FACILITATE FINANCING, PHYSICAL REHABILITATION, AND CO-OP CONVERSION OF CERTAIN MULTI-FAMILY DWELLINGS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RIDGEWOOD BUSHWICK HDFC IS A JOINT VENTURE BETWEEN UHAB AND RISEBORO COMMUNITY PARTNERSHIP. IT SERVES AS INTERIM OWNER OF 17 FOUR- TO SIX-UNIT BUILDINGS, COMPRISED OF 89 UNITS OF LOW-INCOME HOUSING, IN THE BUSHWICK SECTION OF BROOKLYN. ON BEHALF OF THE HDFC, UHAB FACILITATES FINANCING AND PROVIDES RENOVATION MANAGEMENT AND OVERSIGHT, AS WELL AS RESIDENT TRAINING AND TECHNICAL ASSISTANCE. UHAB WILL ALSO UNDERTAKE THE CREATION OF A COMMUNITY LAND TRUST AND THE COOPERATIVE CONVERSION LEGAL WORK FOR THIS SCATTER-SITE AFFORDABLE HOUSING DEVELOPMENT, WHICH IS BECOMING A COMMUNITY COOPERATIVE ON A LAND TRUST. RISEBORO COMMUNITY PARTNERSHIP HAS BEEN RESPONSIBLE FOR THE MANAGEMENT OF THE BUILDINGS AND RESIDENT RELOCATION DURING CONSTRUCTION, WHICH IS COMPLETED ON ALL BUILDINGS. WE ARE AWAITING APPROVAL OF THE COMMUNITY LAND TRUST/COOPERATIVE OFFERING FROM THE NEW YORK STATE ATTORNEY GENERAL
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Reicher Co-Chair | OfficerTrustee | 1 | $0 |
Scott Short Co-Chair | OfficerTrustee | 1 | $0 |
Richard Heitler Secretary/treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $530,846 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $102,508 |
| 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 | $640,875 |
| 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 | $12,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $12,742 |
| Advertising and promotion | $0 |
| Office expenses | $98,917 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $219,348 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $214 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,741 |
| Insurance | $59,166 |
| All other expenses | $0 |
| Total functional expenses | $573,319 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $735,381 |
| Savings and temporary cash investments | $102,510 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $88,084 |
| 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 | $28,400 |
| Net Land, buildings, and equipment | $50,210 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,994,932 |
| Total assets | $18,999,517 |
| Accounts payable and accrued expenses | $130,695 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $23,427 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $33,988 |
| Total liabilities | $188,110 |
| Net assets without donor restrictions | $18,811,407 |
| 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 | $18,999,517 |
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Lantern Community Services Inc New York, NY | $8,603,902 | $30,172,757 |
Pathstone Corporation Rochester, NY | $88,645,469 | $21,347,590 |
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 |
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Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |