Cambridge Affordable Housing Corporation
- Assets
- $128.7m
- Revenue
- $13.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Cambridge, MA
- Founding
- 05/1990
- Data as of
- 12/2021
- EIN
- 22-3026442
Organization Overview
Cambridge Affordable Housing Corporation is located in Cambridge, MA. The organization was established in 1990. 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. Cambridge Affordable Housing 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 12/2021, Cambridge Affordable Housing Corporation generated $13.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.7% each year . All expenses for the organization totaled $14.2m during the year ending 12/2021. While expenses have increased by 21.8% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
MANAGEMENT & SERVICES FOR RELATED ORGANIZATIONS WHICH OWN & OPERATE LOW INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE HOUSING - MANAGEMENT AND SUPPORTING SERVICES FOR RELATED ORGANIZATIONS WHICH OWN AND OPERATE HOUSING FOR LOW AND MODERATE INCOME PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael J Johnston Clerk | OfficerTrustee | 1 | $0 |
Elaine Derosa President | OfficerTrustee | 1 | $0 |
Louis Bacci III Vice President | OfficerTrustee | 1 | $0 |
Gerald J Clark Treasurer | OfficerTrustee | 1 | $0 |
Brenda Snowden Downing Deputy Executive Director | Officer | 1 | $0 |
John Filip Chief Financial Officer | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $167,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $375,312 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $542,312 |
| Total Program Service Revenue | $12,367,855 |
| Investment income | $8,317 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $148,075 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,147,216 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $542,312 |
| 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 | $1,070,961 |
| Pension plan accruals and contributions | $279,236 |
| Other employee benefits | $248,862 |
| Payroll taxes | $0 |
| Fees for services: Management | $476,468 |
| Fees for services: Legal | $4,087 |
| Fees for services: Accounting | $17,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,661 |
| Advertising and promotion | $0 |
| Office expenses | $97,402 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,448,887 |
| Travel | $3,818 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,694,662 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,705,226 |
| Insurance | $105,513 |
| All other expenses | $122,348 |
| Total functional expenses | $14,174,942 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,235,751 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $193,016 |
| 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 | $442,601 |
| Net Land, buildings, and equipment | $65,217,939 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $45,592,747 |
| Total assets | $128,682,054 |
| Accounts payable and accrued expenses | $3,176,526 |
| Grants payable | $0 |
| Deferred revenue | $19,322 |
| 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 | $103,387,071 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $21,848,922 |
| Total liabilities | $128,431,841 |
| Net assets without donor restrictions | $250,213 |
| 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 | $128,682,054 |
Grants Recieved
Over the last fiscal year, we have identified 7 grants that Cambridge Affordable Housing Corporation has recieved totaling $249,812.
| Awarding Organization | Amount |
|---|---|
Herb And Maxine Jacobs Foundation Inc Boston, MA PURPOSE: GENERAL | $100,000 |
T Rowe Price Program For Charitable Giving Inc Baltimore, MD PURPOSE: SPECIAL PROJECT | $63,000 |
Cambridge Community Foundation Cambridge, MA PURPOSE: PROGRAM ASSISTANCE | $50,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $30,000 |
Oneworld Boston Inc Woburn, MA PURPOSE: AFFORDABLE HOUSING PROGRAM | $5,000 |
Gap Foundation San Francisco, CA PURPOSE: FOR CIVIC & COMMUNITY ENGAGEMENT | $1,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
First Chinese Presbyterian Community Affairs Home Attendant C New York, NY | $26,741,134 | $40,973,137 |
Corporation For Supportive Housing New York, NY | $191,922,281 | $44,983,722 |
Harbor Homes Inc Nashua, NH | $29,802,318 | $34,009,669 |
Lantern Community Services Inc New York, NY | $8,603,902 | $30,172,757 |
Pathstone Corporation Rochester, NY | $88,645,469 | $21,347,590 |
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 |
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 |