Providence Housing Development Corporation
- Assets
- $12.1m
- Revenue
- $9.5m
- Investments
- $0.0
- Employees
- 76
- Location
- Rochester, NY
- Founding
- 03/1946
- Data as of
- 12/2021
- EIN
- 22-3311544
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 12/2021, Providence Housing Development Corporation employed 76 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 12/2021, Providence Housing Development Corporation generated $9.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.3% each year . All expenses for the organization totaled $9.7m during the year ending 12/2021. While expenses have increased by 28.1% 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
2021
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 2021 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.
HOMELESS GRANTS, PROVIDENCE ADMINISTERS 5 PERMANENT SUPPORTIVE HOUSING GRANT PROGRAMS FUNDED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. THE PROGRAMS SERVED OVER 200 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)IN AUGUST OF 2021, PROVIDENCE WAS AWARDED 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 ONE YEAR.
THE PROPERTY MANAGEMENT DEPARTMENT PROVIDES FULL PROPERTY MANAGEMENT SERVICES TO 1,127 UNITS OF AFFORDABLE HOUSING IN 32 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 A NUMBER OF 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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Sturgis Chief Financial Officer | Officer | 40 | $163,156 |
Helen Bianchi Vice President Of Property | Officer | 40 | $149,921 |
Angela Eicholtz Director Of Development | 40 | $100,642 | |
Mark Greisberger Executive Director | Officer | 40 | $95,361 |
Jack Balinsky Diocesan President | OfficerTrustee | 1 | $0 |
Frederick A Herman Treasurer | OfficerTrustee | 0.4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
El Tower Llc Real Estate Management | 12/30/21 | $314,269 |
Janson Management Llc Real Estate Management | 12/30/21 | $286,800 |
Orchard Place Apartments Real Estate Management | 12/30/21 | $231,098 |
Greece Commons Real Estate Management | 12/30/21 | $528,253 |
Oneseven Realty Inc Real Estate Management | 12/30/21 | $222,356 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,752,586 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,185 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,767,771 |
| Total Program Service Revenue | $1,390,395 |
| Investment income | $102,160 |
| 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 | $9,484,321 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,805,871 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $432,651 |
| Compensation of current officers, directors, key employees. | $267,776 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,305,196 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $229,421 |
| Payroll taxes | $130,496 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,082 |
| Fees for services: Accounting | $32,580 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $224,698 |
| Advertising and promotion | $12,480 |
| Office expenses | $67,032 |
| Information technology | $21,404 |
| Royalties | $0 |
| Occupancy | $124,952 |
| Travel | $17,617 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,328 |
| Interest | $2,231 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,460 |
| Insurance | $292 |
| All other expenses | $50,968 |
| Total functional expenses | $9,675,678 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,459,538 |
| Savings and temporary cash investments | $234,799 |
| Pledges and grants receivable | $190,729 |
| Accounts receivable, net | $752,210 |
| 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 | $0 |
| Net Land, buildings, and equipment | $469,435 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,571,152 |
| Intangible assets | $0 |
| Other assets | $1,453,161 |
| Total assets | $12,131,024 |
| Accounts payable and accrued expenses | $392,495 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,202 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,349,526 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $185,267 |
| Total liabilities | $1,929,490 |
| Net assets without donor restrictions | $10,201,534 |
| 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 | $12,131,024 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Providence Housing Development Corporation has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Enterprise Community Partners Inc Columbia, MD PURPOSE: COMMUNITY PRESERVATION AND DEVELOPMENT | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
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 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |
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 |
Housing Development Corporation Midatlantic Lancaster, PA | $24,908,226 | $11,939,671 |
Augustus & James Corporation New York, NY | $14,865,131 | $12,141,215 |