Southwest Florida Affordablehousing Choice Foundation Inc
- Assets
- $19.3m
- Revenue
- $1.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Fort Myers, FL
- Founding
- 03/2009
- Data as of
- 12/2022
- EIN
- 20-4985818
Organization Overview
Southwest Florida Affordablehousing Choice Foundation Inc, operating under the name Sw Florida Housing Foundation Inc, is located in Fort Myers, FL. The organization was established in 2009. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., 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. Sw Florida Housing Foundation 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 12/2022, Sw Florida Housing Foundation Inc generated $1.8m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 26.1% each year . All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 7.9% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP AND PROVIDE AFFORDABLE HOUSING OPPORTUNITIES FOR LOW AND MODERATE INCOME PERSONS OR FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH AWARDS FROM THE NEIGHBORHOOD STABILIZATION PROGRAM (NSP) THE AGENCY CONSTRUCTED/PURCHASED 82 UNITS TO BE RENTED TO LOW INCOME PERSONS OR FAMILIES. THE AGENCY IS THE OWNER/MANAGER OF THESE UNITS. TO QUALIFY TO LIVE IN THESE DEVELOPMENTS, THE PERSON/FAMILY INCOME MUST BE BELOW 50% OF THE AREA MEDIAN INCOME; RENT IS BASED ON THE INCOME OF THE TENANT. DURING THE TAX YEAR, ADDITIONAL LAND WAS PURCHASED TO EXPAND AND FURTHER AFFORDABLE HOUSING. THE AGENCY ALSO PURCHASED AN AGE RESTRICTED PROPERTY WITH 60 UNITS IN MARCH 2020.
THE AGENCY IS THE MANAGING GENERAL PARTNER IN TWO MIXED FINANCE PARTNERSHIPS; 1% OWNERSHIP IN EACH. THE DEVELOPMENTS, PLACED IN SERVICE IN 2014, CONSISTS OF 212 UNITS OF ACC PUBLIC HOUSING AND CONTRACT BASED SECTION 8 UNITS FOR LOW INCOME PERSONS/FAMILIES. THE DEVELOPMENTS ARE EAST POINTE PLACE AND THE LANDINGS AT EAST POINT. EXCESS CASH, PER THE PARTNERSHIP AGREEMENTS, IS DISTRIBUTED TO THE AGENCY ANNUALLY. THESE FUNDS ARE USED TO CONTINUE THE MISSION OF DEVELOPING AFFORDABLE HOUSING FOR LOW AND MODERATE-INCOME FAMILIES/PERSONS. THE AGENCY IS CURRENTLY WORKING TO DEVELOP 3 ADDITIONAL MIXED FINANCED PROPERTIES. 1. THE FOUNDATION PURCHASED LAND IN JUNE 2022 TO REPLACE THE ROYAL PALM PUBLIC HOUSING FACILITY WITH A NEW SENIOR FACILITY ON THIS PURCHASED LAND. NEW FACILITY IS CURRENTLY UNDER DESIGN IN 2023. 2. THE AGENCY HAS BEEN AWARDED TAX CREDITS TO BUILD PHASE II OF EAST POINTE PLACE AND IS PLACING 90 UNITS IN SERVICE BY WINTER 2023. 3. THE AGENCY HAS RETURNED THE AWARDED TAX CREDITS TO REHABILITATE THE PUBLIC HOUSING FACILITY BONAIR TOWERS. WE ARE PLANNING FOR/TO BUILD BACK ON THE ORIGINAL SITE AND SEEK FUNDING THROUGH THE STATE ARPA PROGRAM. 4. WE ARE PLANNING ON AN OFFSITE COMPONENT ON CLEVELAND AVENUE WITH OUR DEVELOPER PARTNERS TO BUILD 92 TAX CREDIT UNITS IN CONJUNCTION WITH THE CHOICE NEIGHBORHOOD IMPLEMENTATION GRANT AWARDED BY HUD. THE PROJECTED CLOSING FOR THIS PHASE IS FEBRUARY 24, 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Strayhorn Chairman | OfficerTrustee | 2 | $0 |
Mattie Young Vice Chair | OfficerTrustee | 1 | $0 |
Richard Fain Director | Trustee | 1 | $0 |
Meg Geltner Director | Trustee | 1 | $0 |
Marcia Davis President | OfficerTrustee | 5 | $196,474 |
Sieglinde Chambliss Secretary/tr | OfficerTrustee | 1 | $81,478 |
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 | $1,296 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,296 |
| Total Program Service Revenue | $1,714,301 |
| Investment income | $97,506 |
| 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 | $1,813,103 |
| 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 | $370,995 |
| Fees for services: Legal | $22,413 |
| Fees for services: Accounting | $3,058 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $21,234 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $130,717 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $314,635 |
| Insurance | $136,243 |
| All other expenses | $5,710 |
| Total functional expenses | $1,516,495 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,439,495 |
| Savings and temporary cash investments | $4,044,185 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $358,730 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,518,031 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $52,139 |
| Net Land, buildings, and equipment | $11,931,611 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $19,344,191 |
| Accounts payable and accrued expenses | $53,762 |
| Grants payable | $0 |
| Deferred revenue | $686,990 |
| 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 | $4,023,503 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,764,255 |
| Net assets without donor restrictions | $13,363,118 |
| Net assets with donor restrictions | $1,216,818 |
| 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 | $19,344,191 |