Maac Housing Corporation
- Assets
- $47.1m
- Revenue
- $4.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Chula Vista, CA
- Founding
- 11/2004
- Data as of
- 12/2021
- EIN
- 33-0913559
Organization Overview
Maac Housing Corporation is located in Chula Vista, CA. The organization was established in 2004. 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. Maac 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WELFARE MAAC HOUSING CORPORATION WAS ORGANIZED AND OPERATED FOR THE PURPOSE OF PROMOTING DECENT, SAFE AND AFFORDABLE HOUSING FOR LOW INCOME PERSONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
CARLSBAD LAUREL TREE APARTMENTS-CARLSBAD APARTMENTS CONSISTS OF A 138-UNIT LOW INCOME HOUSING PROJECT IN 23 RESIDENTIAL BUILDINGS TOGETHER WITH OPEN SPACE AND RECREATIONAL AMENITIES LOCATED IN SAN DIEGO COUNTY, CALIFORNIA, IN WHICH MAAC HOUSING CORPORATION (MHC) SERVES AS A LIMITED PARTNER. MAAC PRESIDENT JOHN ADAMS MANOR APARTMENTS, LLC (MAAC PJAM LLC)- MAAC PJAM LLC WAS FORMED IN MARCH 2016 WITH MHC AS THE SOLE MEMBER FOR THE PURPOSE OF ACQUIRING THE PRESIDENT JOHN ADAMS MANOR APARTMENTS (THE PROJECT) FROM THE PJAM LP, AN AFFILIATED PARTNERSHIP. THE GENERAL PARTNER IS PJAM INC., A CALIFORNIA EXEMPT ORGANIZATION. THE PROJECT CONSISTS OF 300 UNITS OF AFFORDABLE RENTAL HOUSING IN 38 RESIDENTIAL BUILDINGS LOCATED IN THE CITY SAN DIEGO, CALIFORNIA. MHC BECAME THE SOLE OWNER OF THE APARTMENT PROJECT IN MAY 2016, RECEIVING AN ALLOCATION OF 100% OF THE LOSSES AS ITS SOLE MEMBER. MAAC SAN MARTIN DE PORRES LLC-EFFECTIVE JUNE 1, 2017, SAN MARTIN DE PORRES, L.P., SOLD THE PROJECT TO SAN MARTIN DE PORRES, LLC, A WHOLLY OWNED SUBSIDIARY OF MAAC HOUSING CORPORATION. THE PROJECT CONSISTS OF A 116-UNIT, AFFORDABLE RENTAL HOUSING APARTMENT LOCATED IN THE CITY OF SPRING VALLEY, SAN DIEGO COUNTY, CALIFORNIA. MAAC COMMUNITY CENTER WAS TRANSFERRED TO MCC CHULA VISTA, LLC, A SOLE MEMBER SUBSIDIARY OF MAAC HOUSING CORP, AS OF MAY, 2017. THE PROJSCT IS A 73,000 SQUARE FOOT PROPERTY LOCATED IN CHULA VISTA, CALIFORNIA, WHICH IS USED FOR A CHARTER SCHOOL AND VARIOUS PROGRAMS. DURING 2020, MAAC HOUSING CORP BECAME A LIMITED PARTNER IN TWO ADDITIONAL PARTNERSHIPS: MAAC IVY LP (99.99%) AND MAAC NATIONAL CITY LP (99.99%). THESE ENTITIES HOLD LAND TO BE DEVELOPED INTO AFFORDABLE RENTAL HOUSING PROJECTS, WITH CONSTRUCTION EXPECTED TO COMMENCE IN 2022. MHC WAS FORMED TO PROVIDE DECENT, SAFE AND AFFORDABLE HOUSING FOR LOW INCOME PERSONS AND FAMILIES. IN ADDITION, THESE PROJECTS CREATE SUPPORTIVE COMMUNITIES, INCLUDE QUALITY PROPERTY MANAGEMENT, TENANT GOVERNANCE COUNCILS, CULTURALLY- SENSITIVE SOCIAL SERVICES, WORK SKILL ENHANCEMENT PROGRAMS, COMMUNITY LEADERSHIP AND ORGANIZATION, AND INTERVENTION STRATEGIES FOR CHILDREN AND YOUTH. THEY PROVIDE A COMPREHENSIVE PROGRAM OF SUPPORT SERVICES TO THEIR RESIDENTS, INCLUDING A DIVERSE AND CULTURALLY APPROPRIATE LIBRARY, AN AFTER-SCHOOL READING PROGRAM, ON-SITE CHILDCARE, AN ACTIVE TENANT ASSOCIATION, A LUNCH PROGRAM, AND A SUMMER CAMP PARTICIPATION PROGRAM. MHC WAS FORMED TO SUPPORT THE METROPOLITAN AREA ADVISORY COMMITTEE ON ANTI-POVERTY OF SAN DIEGO COUNTY, INC, A CALIFORNIA NONPROFIT BENEFIT CORPORATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Arnulfo Manriquez CEO | OfficerTrustee | 0.5 | $0 |
C Anthony Valladolid Chairperson | OfficerTrustee | 0.5 | $0 |
Jesse Allen Secretary | OfficerTrustee | 0.5 | $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 | $4,004,754 |
| Investment income | $905,546 |
| 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 | $4,910,300 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $351,057 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $58,292 |
| Payroll taxes | $31,903 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,085 |
| Fees for services: Accounting | $25,889 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $250 |
| Advertising and promotion | $4,504 |
| Office expenses | $17,867 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $869,699 |
| Travel | $2,027 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $341,870 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,204,328 |
| Insurance | $162,210 |
| All other expenses | $131,053 |
| Total functional expenses | $3,734,885 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,363,798 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $34,666 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,577,132 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $53,092 |
| Net Land, buildings, and equipment | $13,389,308 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | -$527,993 |
| Intangible assets | $0 |
| Other assets | $7,219,284 |
| Total assets | $47,109,287 |
| Accounts payable and accrued expenses | $511,970 |
| Grants payable | $0 |
| Deferred revenue | $1,676 |
| 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 | $5,195,251 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $88,261 |
| Total liabilities | $5,797,158 |
| Net assets without donor restrictions | $41,312,129 |
| 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 | $47,109,287 |
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Rubicon Programs Inc Richmond, CA | $13,905,498 | $18,401,820 |
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