Homestead Affordable Development Corporation
- Assets
- $0.0
- Revenue
- $241.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 02/2015
- Data as of
- 12/2020
- EIN
- 47-1656765
Organization Overview
Homestead Affordable Development Corporation is located in Chicago, IL. The organization was established in 2015. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. Homestead Affordable 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 12/2020, Homestead Affordable Development Corporation generated $241.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (41.4%) each year. All expenses for the organization totaled $2.0m during the year ending 12/2020. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Homestead Affordable Development Corporation has awarded 28 individual grants totaling $1,816,569. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
HADC'S MISSION IS TO PROVIDE AFFORDABLE HOUSING TO MODERATE AND LOW INCOME FAMILIES AND SENIORS IN THE MIDWEST REGION OF THE UNITED STATES. ONE OF THE MOST PRESSING PROBLEMS IN THE MIDWEST, AND ACROSS THE U.S., HAS BEEN AND CONTINUES TO BE PROVIDING ADEQUATE, SAFE AND CLEAN AFFORDABLE HOUSING FOR THE VERY LOW, LOW AND MODERATE INCOME FAMILIES AND SENIOR CITIZENS. AS THE U.S. ECONOMY IMPROVES, IT HAS LEFT IN ITS WAKE A LARGER DIVIDE IN RENTAL PRICES AND THE "HOUSING WAGE."
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHICAGO HOUSE PROJECT: CHICAGO HOUSE HAS PARTNERED WITH HOMESTEAD AFFORDABLE DEVELOPMENT CORP TO DEVELOP A MULTI-USE FACILITY AT 6001 N. CLARK ST. IN CHICAGO, ILLINOIS. THE SITE CURRENTLY CONSISTS OF A VACANT, SINGLE-STORY BUILDING WITH AN ADJACENT PARKING LOT. THE PROPERTY CURRENTLY IS OWNED BY A COMMERCIAL ENTERPRISE THAT OPERATES SEVERAL GROCERY STORES IN THE CHICAGOLAND AREA AND THE OWNER HAS EXPRESSED HIS INTEREST IN OPERATING A GROCERY STORE ON THE FIRST FLOOR OF THIS PROPERTY FOLLOWING DEVELOPMENT. CHICAGO HOUSE AND HOMESTEAD PLAN TO ACQUIRE OWNERSHIP OF THE PROPERTY FROM THE INVESTOR AND THEN CONSTRUCT AT LEAST TWO ADDITIONAL STORIES ON TOP OF THE EXISTING STRUCTURE. THE COMPLETED PROJECT WOULD INCLUDE OFFICE SPACE FOR CHICAGO HOUSE ON THE SECOND FLOOR AND AFFORDABLE HOUSING UNITS FOR CHICAGO HOUSE CLIENTS ON THE THIRD FLOOR.
THE BOULEVARD PROJECT: HOMESTEAD AFFORDABLE DEVELOPMENT COMPANY, A CHICAGO 501(C)(3) AFFORDABLE HOUSING DEVELOPER, IN PARTNERSHIP WITH THE BOULEVARD, A CHICAGO 501(C)(3). IS SEEKING TO BUILD A NINE - UNIT PILOT PROJECT LOCATED AT 401 N MONTICELL O IN CHICAGO, IL WITH TWO END GOALS: I) TO DEMONSTRATE THE FEASIBILITY OF USING UP-CYCLED HIGH-GAUGE STEEL FRAMING TO PRODUCE HOUSING; AND, II) TO PROVIDE PERMANENT SUPPORTIVE HOUSING FOR THE BOULEVARD'S, HOMELESS CLIENTS. THIS PROJECT WILL PRODUCE NINE UNITS OF 640 SQ. FT. ONE-BEDROOM APARTMENTS AT A ROUGHLY 25% OR MORE IN COST SAVINGS AND IN APPROXIMATELY HALF THE CONSTRUCTION TIME OF A TRADITIONAL NEW CONSTRUCTION PROJECT. THIS PROJECT WILL CREATE ARCHITECTURALLY AND ESTHETICALLY BEAUTIFUL NEW HOUSING THAT IS ENVIRONMENTALLY FRIENDLY AS WELL AS ENERGY EFFICIENT.
PROGRAM DEVELOPMENT: HADC PURCHASED THE LOT LOCATED AT 401 N MONTICELL O IN CHICAGO, IL AND HAS SUBSEQUENTLY DONATED IT TO HE INTERFAITH HOUSING DEVELOPMENT CORPORATION OF CHICAGO, AN ILLINOIS NOT-FOR-PROFIT CORPORATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Monica Makin Executive Director | OfficerTrustee | 20 | $38,400 |
Howard Conant President/treasurer | OfficerTrustee | 1 | $0 |
Meredith George Secretary | OfficerTrustee | 1 | $0 |
Jeffrey Freidman Board Member | 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 | $14,714 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $226,786 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $241,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,824,737 |
| 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. | $38,400 |
| Compensation of current officers, directors, key employees. | $7,680 |
| 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 | $5,729 |
| Fees for services: Accounting | $7,933 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $103,581 |
| Information technology | $166 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $59 |
| 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 | $1,295 |
| All other expenses | $0 |
| Total functional expenses | $1,981,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Homestead Affordable Development Corporation has awarded $1,816,569 in support to 28 organizations.
| Grant Recipient | Amount |
|---|---|
HOUSING OPPORTUNITIES FOR WOMEN | | | $163,000 |
SARAH'S CIRCLE | | | $163,000 |
THE INTERFAITH HOUSING DEV CORP | | | $201,569 |
ALTERNATIVES INC | | | $100,000 |
CHICAGO COALITION FOR THE HOMELESS | | | $100,000 |
CIRCESTEEM INC | | | $100,000 |