Providence Housing Development Corporation

Organization Overview

Providence Housing Development Corporation is located in Rochester, NY. The organization was established in 1946. 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. As of 12/2022, Providence Housing Development Corporation employed 87 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Providence Housing Development 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 12/2022, Providence Housing Development Corporation generated $6.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.3% each year . All expenses for the organization totaled $6.3m during the year ending 12/2022. While expenses have increased by 17.7% per year over the past 8 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

CREATE AFFORDABLE HOUSING FOR LOW INCOME HOUSEHOLDS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

EVICTION PREVENTION PILOT INITIATIVE IS A COUNTY WIDE PROGRAM TO ASSIST RESIDENTS AT RISK OF EVICTION. THE PILOT IS RELATED TO PREVENTION OF EVICTIONS AS A RESULT OF THE NOVEL CORONAVIRUS PANDEMIC. FUNDING HAS BEEN PROVIDED TO MONROE COUNTY AND CITY OF ROCHESTER FROM FEDERAL FUNDS RECEIVED IN 2022 THROUGH THE EMERGENCY RENTAL ASSISTANCE PROGRAM (ERAP). MONROE COUNTY AND THE CITY SELECTED VENDORS FROM A COMPETITIVE RFP PROCESS TO DISTRIBUTE FUNDS THROUGHOUT THE COMMUNITY.THIS PROGRAM IS SUPPORTED BY CONTRIBUTIONS.


PROVIDENCE'S PROPERTY DEVELOPMENT DEPARTMENT PROVIDES REAL ESTATE DEVELOPMENT SERVICES TO CREATE AND PRESERVE AFFORDABLE HOUSING FOR LOW AND MODERATE-INCOME FAMILIES, SENIORS, AND SPECIAL NEEDS POPULATIONS. PROVIDENCE DEVELOPS AFFORDABLE HOUSING IT OWNS AND MANAGES DIRECTLY AND WORKS COLLABORATIVELY WITH SOCIAL SERVICE AGENCIES TO CREATE PERMANENT SUPPORTIVE HOUSING. PROVIDENCE ALSO PROVIDES REAL ESTATE DEVELOPMENT CONSULTING SERVICES. PROVIDENCE IS EXPERIENCED IN A WIDE ARRAY OF FEDERAL, STATE, AND MUNICIPAL CAPITAL FUNDING PROGRAMS, INCLUDING LIHTC, HTF/HOME, FHLB, RD AND HUD PROGRAMS.THIS ALSO INCLUDES ALL OTHER PROGRAMS.


HOMELESS GRANTS, PROVIDENCE ADMINISTERS 6 PERMANENT SUPPORTIVE HOUSING GRANT PROGRAMS FUNDED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. THE PROGRAMS SERVED OVER 250 HOUSEHOLDS DURING THE YEAR, PROVIDING AFFORDABLE RENTAL HOUSING WITH SUPPORTIVE SERVICES TO FORMERLY HOMELESS INDIVIDUALS AND FAMILIES. IN ADDITION TO BEING HOMELESS, EACH HOUSEHOLD HAS AT LEAST ONE FAMILY MEMBER WHO HAS A QUALIFYING DISABILITY; SUCH AS MENTAL HEALTH, PHYSICAL DISABILITIES, HIV/AIDS AND/OR ADDICTION. THESE PROGRAMS SEEK TO PROVIDE INDIVIDUALS AND THEIR FAMILIES WITH THE OPPORTUNITY TO LIVE INDEPENDENTLY, WHILE RECEIVING NEEDED SUPPORT SERVICES. (CONTINUED ON SCHEDULE O) PROVIDENCE ADMINISTERED 2 EMERGENCY SOLUTION GRANT FUNDS BY THE CITY OF ROCHESTER/MONROE COUNTY FOR A RAPID REHOUSING PROGRAM. FUNDS ARE USED TO PAY SECURITY DEPOSIT, 1-3 MONTHS OF RENT AND PROVIDE SUPPORT SERVICES FOR UP TO ONE YEAR. IN 2022, OVER 40 HOUSEHOLDS RECEIVED ASSISTANCE.


THE PROPERTY MANAGEMENT DEPARTMENT PROVIDES FULL PROPERTY MANAGEMENT SERVICES TO 1,116 UNITS OF AFFORDABLE HOUSING IN 33 PROPERTIES. THE ORGANIZATION'S SERVICE AREA ENCOMPASSES THE 12-COUNTY REGION CONTAINED WITHIN THE DIOCESE OF ROCHESTER. THE DEPARTMENT MANAGES LOW-INCOME HOUSING FOR FAMILIES, SENIORS AND SPECIAL NEEDS POPULATIONS. THE PROPERTIES ARE MANAGED UNDER VARIOUS AFFORDABLE HOUSING PROGRAMS INCLUDING LOW INCOME HOUSING TAX CREDIT, HOME AND AHP. OUR PROFESSIONAL EXPERTISE ENCOMPASSES SUCH AREAS AS PHYSICAL ASSET MANAGEMENT AND MAINTENANCE, MARKETING AND LEASING, FINANCIAL REPORTING AND CONTROLS, AND ADMINISTRATION.


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Board, Officers & Key Employees

Name (title)Compensation
Frederick A Herman
Treasurer
$0
Daniel Saperstone
Board Member
$0
Lisa M Passero CPA
Board Member
$0
FR Joseph Hart
Vice President
$0
Dorothy Hall
Board Member
$0
Ronald W Hughes
Board Member
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Heveron & Company
Auditing Services
$153,420
Labella Associates Pc
Construction
$146,376
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $4,858,676
All other contributions, gifts, grants, and similar amounts not included above$13,260
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$4,871,936
Total Program Service Revenue$1,703,196
Investment income $103,958
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $7,437
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $6,919,368

Peer Organizations

Organization NameAssets
Hudson River Housing
Poughkeepsie, NY
$18,993,641
1260 Housing Development Corporation
Philadelphia, PA
$16,943,789
Services For The Underserved Inc
New York, NY
$15,624,121
Division Housing Corporation
Brooklyn, NY
$16,618,579
Rupco Inc
Kingston, NY
$12,849,253
Boston Tremont Housing Development Fund Corporation
New York, NY
$15,029,377
New Community Corporation
Newark, NJ
$13,153,735
Housing Development Corporation Midatlantic
Lancaster, PA
$15,903,025
Rochester Management Inc
Rochester, NY
$11,884,676
Highbridge Community Housing Development Fund Corporation
Bronx, NY
$9,848,134
Cambridge Affordable Housing Corporation
Cambridge, MA
$10,017,577
Augustus & James Corporation
New York, NY
$14,956,375
St Margarets House Housing Development Fund Corporation
New York, NY
$10,355,247
Equinox Inc
Albany, NY
$10,375,764
New Samaritan Corporation Inc
Storrs, CT
$8,177,032
Southeast Grand St Guild Hdf Co Inc Residential Management Assoc Inc
Garden City, NY
$10,599,055
Cambridge Community Housing Development Inc
Cambridge, MA
$7,704,327
Oub Court Housing Company Inc
Bronx, NY
$8,421,675
Xiente
Philadelphia, PA
$9,936,492
Evernorth
Burlington, VT
$9,285,260
2life Partners Inc
Brighton, MA
$16,563,108
Jerome Avenue Care For The Homeless
New York, NY
$7,843,480
Hebrew Home Housing Development Fund Co Inc
Bronx, NY
$6,188,304
Gilman Housing Trust Inc
St Johnsbury, VT
$8,401,434
Fordham Bedford Housing Corp
Bronx, NY
$8,688,426

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