Affordable Housing And Economic Development Foundation
- Assets
- $2.0m
- Revenue
- $26.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Honolulu, HI
- Founding
- 10/2015
- Data as of
- 12/2022
- EIN
- 47-5018774
Organization Overview
Affordable Housing And Economic Development Foundation is located in Honolulu, HI. The organization was established in 2015. 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. Affordable Housing And Economic Development Foundation 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 12/2022, Affordable Housing And Economic Development Foundation generated $26.6k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 49.2% each year . All expenses for the organization totaled $7.6k during the year ending 12/2022. While expenses have increased by 27.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS INCORPORATED TO SUPPORT THE PRESERVATION, REHABILITATION AND DEVELOPMENT OF, AND ACCESS TO, AFFORDABLE HOUSING, AND TO SUPPORT ECONOMIC OPPORTUNITIES FOR LOWER-INCOME FAMILIES. THE ORGANIZATION SHALL FUNCTION PRIMARILY AS A FUNDING ORGANIZATION THAT SECURES AFFORDABLE HOUSING AND ECONOMIC OPPORTUNITY GRANTS, LOANS OR OTHER FUNDING FROM GOVERNMENTAL AGENCIES, LENDERS, PUBLIC AND PRIVATE COMPANIES AND CHARITABLE ORGANIZATIONS, AND THEREAFTER PARTNERING WITH AFFORDABLE HOUSING DEVELOPERS AND SERVICE PROVIDERS TO PROMOTE, PRESERVE AND PROVIDE AFFORDABLE HOUSING AND ECONOMIC OPPORTUNITIES TO RESIDENTS IN NEED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION MATERIALLY PARTICIPATED IN THE DEVELOPMENT OF THE FOLLOWING AFFORDABLE HOUSING PROJECTS IN 2022:(1)PROJECTS PREVIOUSLY COMPLETED AND CONTINUALLY IN OPERATION: A.PUA LOKE: 54-UNIT SENIOR RENTAL PROJECT IN LIHUE, KAUAI. B.PAHALA: 8-UNIT MULTIFAMILY RENTAL PROJECT IN PAHALA, HAWAII. C.QUEEN EMMA APARTMENTS: 71-UNIT MULTIFAMILY RENTAL PROJECT IN HONOLULU,OAHU. D.WAIMEA HUAKAI: 35-UNIT SENIOR RENTAL PROJECT IN WAIMEA, KAUAI. E.WAIPAHU TOWER: 64-UNIT MULTIFAMILY RENTAL PROJECT IN WAIPAHU, OAHU. F.RICE CAMP II: 30-UNIT SENIOR RENTAL PROJECT IN LIHUE, KAUAI.(2)PROJECTS CURRENTLY UNDER CONSTRUCTION: A.KOKUA: 223 SENIOR-RENTAL PROJECT IN HONOLULU,HAWAII. B.KAI OLINO: 48-UNIT RENTAL PROJECT IN LIHUE,KAUAI.(3)PROJECTS CURRENTLY IN THE PRE-DEVELOPMENT STAGE SEEKING ENTITLEMENTS AND FINANCING: A.KAPOLEI PARKWAYS (LOT 6):236 MULTIFAMILY RENTAL PROJECT IN KAPOLEI,OAHU. B.KAPOLEI PARKWAYS (LOT 7):169 MULTIFAMILY RENTAL PROJECT IN KAPOLEI,OAHU. C.KAILUA LOFTS: 42 UNIT MULTIFAMILY RENTAL PROJECT IN KAILUA,OAHU. D.LIMA OLA FAMILY:44 UNIT MULTIFAMILY RENTAL PROJECT IN ELEELE,KAUAI. E.LIMA OLA KUPUNA:40 UNIT SENIOR RENTAL PROJECT IN ELEELE, KAUAI. F.POHUKAINA COMMONS:428 MULTIFAMILY RENTAL PROJECT IN HONOLULU,OAHU. G.KEAWALAU (PHASES I, II & III) 531 UNITS MULTIMFAILY AND SENIOR RENTAL PROJECT IN WAIPAHU,OAHU. H.KAHOAPILI:188 MULTIFAMILY RENTAL OR FOR-SALE PROJECT IN SALT LAKE,OAHU. I.KUULEI:34 MULTIFAMILY RENTAL PROJECT IN KAILUA,OAHU. J.NANI O PUNA:32-UNIT FARMWORKER HOUSING PROJECT IN PAHOA,BIG ISLAND. K.HALE OLA: 21-UNIT RENTAL PROJECT IN HONOLULU, OAHU.(4)OTHER WORK: A.THE ORGANIZATION WORKED TO BUILD FURTHER CAPACITY AS AN AFFORDABLE HOUSING NON-PROFIT BY SUBMITTING FUNDING APPLICATIONS UNDER THE LOW-INCOME HOUSING TAX CREDIT PROGRAM AS ADMINISTERED BY THE STATE OF HAWAII. B.THE ORGANIZATION SUBMITTED FUNDING APPLICATIONS FOR VARIOUS GRANTS ADMINISTERED BY STATE AND LOCAL AGENCIES FOR THE ACQUISITION, REHABILITATION AND NEW CONSTRUCTION OF AFFORDABLE RENTAL HOUSING PROJECTS. C.THE ORGANIZATION SUBMITTED APPLICATIONS AND SOLICITATION LETTERS FROM VARIOUS FUNDING ORGANIZATIONS. D.THE ORGANIZATION COORDINATED TENANT SOCIAL SERVICE AND PARTNERSHIP SERVICES WITH AFFILIATES FOR PROJECTS UNDER CONSTRUCTION AND IN OPERATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott W Settle President | OfficerTrustee | 10 | $0 |
David F Fasi Vice President | OfficerTrustee | 1 | $0 |
Misty Kjallman 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 | $26,515 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,515 |
| Total Program Service Revenue | $0 |
| Investment income | $36 |
| 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 | $26,551 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,696 |
| 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 | $0 |
| Fees for services: Accounting | $1,250 |
| 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 | $0 |
| 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 | $648 |
| All other expenses | $0 |
| Total functional expenses | $7,601 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $158,101 |
| Savings and temporary cash investments | $100,701 |
| 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 | $1,730,100 |
| Total assets | $1,988,902 |
| 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 | $1,988,902 |
| 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 | $1,988,902 |