Housing Development Corporation Midatlantic
- Assets
- $27.2m
- Revenue
- $15.9m
- Investments
- $0.0
- Employees
- 211
- Location
- Lancaster, PA
- Founding
- 08/2011
- Data as of
- 12/2023
- EIN
- 23-1861343
Organization Overview
Housing Development Corporation Midatlantic is located in Lancaster, PA. The organization was established in 2011. 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 12/2023, Housing Development Corporation Midatlantic employed 211 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Development Corporation Midatlantic 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 12/2023, Housing Development Corporation Midatlantic generated $15.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.8% each year. All expenses for the organization totaled $13.4m during the year ending 12/2023. While expenses have increased by 5.2% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
HDC'S MISSION IS TO MANAGE AND DEVELOP QUALITY AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HDC'S PROPERTY MANAGEMENT SERVICES HAS:-SOLID TRACK RECORD OF FINANCIAL RESULTS AND PERFORMANCE-DEDICATED STAFF ENSURING QUALIFIED RESIDENT SELECTION-LICENSED PROFESSIONAL ON-SITE MANAGERS AND EXPERIENCED MAINTENANCE STAFF ON CALL 24 HOURS A DAYHDC PROVIDES LICENSED, PROPERTY MANAGEMENT SERVICES WITH STATE-OF-THE-ART PRACTICES AND SUPERIOR STANDARDS.
HDC'S REAL ESTATE DEVELOPMENT SERVICES FOCUS ON:-MANAGING ON-TIME AND ON-BUDGET NEW CONSTRUCTION WITH A FOCUS ON RENEWABLE ENERGY-PRESERVING HISTORIC OR TROUBLED PROPERTIES THROUGH ACQUISITIONS AND REHABILITATION-CAPITALIZING ON MULTIPLE FINANCING SOURCESTHROUGH ADAPTIVE RE-USE OF OBSOLETE BUILDINGS, PROPERTY REHABILITATION AND NEW CONSTRUCTION, HDC WORKS WITH COMMUNITIES TO FULFILL THEIR DEVELOPMENT OBJECTIVES. STRONG SUPPORT FROM LENDING INSTITUTIONS AS WELL AS PUBLIC AND PRIVATE PARTNERS HAS ALLOWED HDC TO PURSUE THIS PURPOSE AGGRESSIVELY.HDC'S REAL ESTATE DEVELOPMENT TEAM APPROACHES EACH PROJECT WITH THE UNDERSTANDING THAT HDC WILL BE INVOLVED IN THE PRESERVATION OF OWNERSHIP. WITH THAT IN MIND, DECISIONS ON DESIGN AND PRODUCTS ARE MADE WITH ATTENTION TO LONG-TERM MAINTENANCE, OPERATIONAL EFFICIENCY, AND RESIDENT SATISFACTION.
HDC'S RESIDENT SERVICES:-STRENGTHEN THE MENTAL, PHYSICAL, FINANCIAL AND EMOTIONAL HEALTH OF OUR RESIDENTS AND COMMUNITIES-TRAINED RESIDENT SERVICES COORDINATORS ADVOCATE AND CONNECT RESIDENTS TO RESOURCES-CONTRIBUTES TO SELF-SUFFICIENCY AND LONG-TERM STABILITY FOR RESIDENTSTHE RESIDENT SERVICES DEPARTMENT PROVIDES ACCESS TO INFORMATION AND SERVICES TO ENCOURAGE GROWTH, INDEPENDENCE, AND STABILITY IN THE COMMUNITIES SERVED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Sansary Chairman | OfficerTrustee | 0.5 | $0 |
Angela Steele Vice Chair | OfficerTrustee | 0.5 | $0 |
Michael Schober Secretary | OfficerTrustee | 0.5 | $0 |
Kurk Bauman Board Member | Trustee | 0.5 | $0 |
Diane Elliot Board Member | Trustee | 0.5 | $0 |
Edwin Martinez Feliciano Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Yardi Systems Computer Hosting And Application Service | 12/30/22 | $271,184 |
Architectural Concepts Architect Services | 12/30/22 | $195,000 |
Site Design Concepts Civil Engineering | 12/30/22 | $141,285 |
Dominion Due Diligence Environmental, Engineering, And Energy D | 12/30/22 | $114,580 |
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 | $4,540,510 |
| Noncash contributions included in lines 1a–1f | $2,090,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,540,510 |
| Total Program Service Revenue | $10,682,585 |
| Investment income | $537,730 |
| 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 | $15,903,025 |
| 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. | $659,070 |
| Compensation of current officers, directors, key employees. | $59,652 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,247,800 |
| Pension plan accruals and contributions | $190,043 |
| Other employee benefits | $1,084,543 |
| Payroll taxes | $706,296 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $81,802 |
| Fees for services: Accounting | $69,868 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $446,502 |
| Advertising and promotion | $42,219 |
| Office expenses | $163,683 |
| Information technology | $170,573 |
| Royalties | $0 |
| Occupancy | $105,677 |
| Travel | $151,212 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $47,159 |
| Interest | $107,815 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,920 |
| Insurance | $116,308 |
| All other expenses | $101,172 |
| Total functional expenses | $13,394,318 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $352,633 |
| Savings and temporary cash investments | $3,124,251 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,288,514 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,641,125 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $194,501 |
| Net Land, buildings, and equipment | $1,668,550 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,113,204 |
| Intangible assets | $0 |
| Other assets | $1,811,779 |
| Total assets | $27,194,557 |
| Accounts payable and accrued expenses | $2,746,498 |
| Grants payable | $0 |
| Deferred revenue | $557,509 |
| 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 | $4,857,633 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,084,094 |
| Total liabilities | $9,245,734 |
| Net assets without donor restrictions | $17,948,823 |
| 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 | $27,194,557 |