City First Homes Inc
- Assets
- $7.0m
- Revenue
- $73.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 03/2009
- Data as of
- 12/2023
- EIN
- 26-2335395
Organization Overview
City First Homes Inc, operating under the name Homes By Cfe, is located in Washington, DC. The organization was established in 2009. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homes By Cfe 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, Homes By Cfe generated $73.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (19.0%) each year. All expenses for the organization totaled $335.3k during the year ending 12/2023. 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
CITY FIRST HOMES (DBA HOMES BY CFE) INCREASES HOMEOWNERSHIP FOR LOW- TO MODERATE-INCOME HOUSEHOLDS, STRENGTHENING DISINVESTED COMMUNITIES AND HELPING TO BUILD GENERATIONAL WEALTH AND OPPORTUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CITY FIRST HOMES SUPPORTS AFFORDABLE HOUSING IN THE DISTRICT OF COLUMBIA AND PROVIDES PRE-AND POST-PURCHASE HOMEBUYER SUPPORT, RESALE ASSISTANCE, AND POST-PURCHASE HOMEOWNER SUPPORT VIA THE SHARED APPRECIATION PURCHASE ASSISTANCE PROGRAM. IN 2022, CFH LAUNCHED A MORTGAGE PROGRAM, SET UP AS A SPECIAL PURPOSE CREDIT PROGRAM (SPCP) UNDER THE EQUAL CREDIT OPPORTUNITY ACT, AIMED AT BLACK AND LATINO FIRST-TIME HOMEOWNERS IN DC AND REBRANDED ITSELF AS "HOMES BY CFE".
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Oswaldo Acosta President And Chief Executive Officer | OfficerTrustee | 40 | $0 |
Mary Ann Donovan Director | Trustee | 1 | $0 |
Priya Jayachandran Director | Trustee | 1 | $0 |
Lori Chatman Director | Trustee | 1 | $0 |
Amber Kuchar-Bell Director | Trustee | 1 | $0 |
Shannon Scott Director | Trustee | 1 | $0 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $12,370 |
| 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 | $72,969 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,587 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,050 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $282,000 |
| Advertising and promotion | $0 |
| Office expenses | $13,948 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $3,751 |
| Total functional expenses | $335,336 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,801,138 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,500,000 |
| Accounts receivable, net | $13,049 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,719,791 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,487 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,035,465 |
| Accounts payable and accrued expenses | $1,799 |
| Grants payable | $0 |
| Deferred revenue | $3,000,000 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $178 |
| Total liabilities | $3,001,977 |
| Net assets without donor restrictions | $4,033,488 |
| 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 | $7,035,465 |