Affordable Housing Network Inc
- Assets
- $25.7m
- Revenue
- $5.7m
- Investments
- $0.0
- Employees
- 12
- Location
- Cedar Rapids, IA
- Founding
- 01/2008
- Data as of
- 06/2022
- EIN
- 20-8640691
Organization Overview
Affordable Housing Network Inc is located in Cedar Rapids, IA. The organization was established in 2008. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Affordable Housing Network Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Affordable Housing Network 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 06/2022, Affordable Housing Network Inc generated $5.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $6.9m during the year ending 06/2022. While expenses have increased by 0.1% per year over the past 7 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
TO PROVIDE AFFORDABLE HOUSING TO INDIVIDUALS AND FAMILIES IN NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE HOUSING RENTALS: AHNI OWNS 688 AFFORDABLE HOUSING RENTAL UNITS AND MANAGES 100 AFFORDABLE HOUSING RENTAL UNITS, FOR A TOTAL OF 788 RENTAL UNITS INTENDED TO BE RENTED TO INDIVIDUALS AND FAMILIES WITH LOW TO VERY LOW INCOME. INCOME BETWEEN 50% AND 80% OF AREA MEDIAN INCOME (AMI) IS "LOW INCOME AND INCOME BETWEEN 30% AND 50% OF AMI IS "VERY LOW INCOME." AHNI PROVIDES THE FOLLOWING SERVICES TO INSURE A STABLE AND CLEAN LIVING ENVIRONMENT: RENTAL AGENT SERVICES AND FACILITY MAINTENANCE.
NEIGHBORHOOD REVITALIZATION: AHNI OPERATES A NEIGHBORHOOD REVITALIZATION PROJECT IN THE WELLINGTON HEIGHTS NEIGHBORHOOD OF CEDAR RAPIDS DESIGNED TO INCREASE HOME OWNERSHIP, DECREASE DENSITY.AND RETURN A NEIGHBORHOOD BACK TO THE MAJESTIC AND STABLE PLACE IT ONCE WAS. AHNI HAS REHABBED & SOLD 35 HOMES AND CURRENTLY HAS 69 RENTAL UNITS IN THE WELLINGTON HEIGHTS NEIGHBORHOOD AND ARE CURRENTLY RENTING PROPERTIES AND BUILDING NEW HOUSES AS FUNDING AND BUYERS PERMIT. PROPERTIES PREVIOUSLY REHABILITATED ARE OFFERED TO THE COMMUNITY AS IMPROVED RENTALS, RENT-TO-OWN, AND HOMES FOR SALE WITH THE ULTIMATE GOAL OF GUIDING CHILDREN AND FAMILIES TO SUCCESSFUL OUTCOMES AND STRENGTHENING THE COMMUNITY. IN ADDITION AHNI OPERATES AN AFFORDABLE HOUSING REVITALIZATION PROJECT IN DUBUQUE. THIS IS DONE IN CONJUNCTION WITH THE CITY OF DUBUQUE AND THEIR MULTI-YEAR PLAN TO INCREASE HOME OWNERSHIP AND CREATE A STABLE, RESPECTFUL RENTAL ENVIRONMENT. AHNI HAS PURCHASED AND REHABBED 4 PROPERTIES AND SOLD THEM AS AFFORDABLE HOMES IN THE LAST YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lydia Brown Chair | OfficerTrustee | 2 | $0 |
Jim Choate Treasurer | OfficerTrustee | 1 | $0 |
Nancy Hill-Davis Vice Chair | OfficerTrustee | 1 | $0 |
Karl Hoffman Secretary | OfficerTrustee | 1 | $0 |
Richard Allen Director | Trustee | 1 | $0 |
Emily Flowergarden Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kay Construction Llc Construction Rehab | 6/29/22 | $540,582 |
Serv Pro Cedar Rapids Water Mitigation | 6/29/22 | $352,770 |
Woodroof Construction Llc Construction Rehab | 6/29/22 | $236,937 |
Chsni Construction Rehab | 6/29/22 | $199,263 |
Bel Aire Home Improvement Construction Rehab | 6/29/22 | $175,725 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $593,390 |
| All other contributions, gifts, grants, and similar amounts not included above | $76,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $669,890 |
| Total Program Service Revenue | $5,085,765 |
| Investment income | $21,882 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$488,688 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,702,234 |
| 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. | $111,285 |
| Compensation of current officers, directors, key employees. | $111,285 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,096,178 |
| Pension plan accruals and contributions | $3,889 |
| Other employee benefits | $115,265 |
| Payroll taxes | $30,580 |
| Fees for services: Management | $462,022 |
| Fees for services: Legal | $94,587 |
| Fees for services: Accounting | $64,554 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,402 |
| Advertising and promotion | $360 |
| Office expenses | $42,197 |
| Information technology | $18,730 |
| Royalties | $0 |
| Occupancy | $997,566 |
| Travel | $31,273 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,037 |
| Interest | $447,188 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,082,501 |
| Insurance | $489,745 |
| All other expenses | $4,460 |
| Total functional expenses | $6,854,214 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $519,983 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,124,775 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $921,897 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $181,765 |
| Net Land, buildings, and equipment | $14,334,390 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | -$1,037,452 |
| Intangible assets | $0 |
| Other assets | $8,685,427 |
| Total assets | $25,730,785 |
| Accounts payable and accrued expenses | $4,767,527 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $3,794,025 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,377,667 |
| Unsecured mortgages and notes payable | $1,070,909 |
| Other liabilities | $252,388 |
| Total liabilities | $19,262,516 |
| Net assets without donor restrictions | $6,468,269 |
| 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 | $25,730,785 |