Milford Housing Development Corperation
- Assets
- $33.5m
- Revenue
- $10.3m
- Investments
- $243.9k
- Employees
- 21
- Location
- Milford, DE
- Founding
- 04/1979
- Data as of
- 12/2023
- EIN
- 51-0218904
Organization Overview
Milford Housing Development Corperation is located in Milford, DE. The organization was established in 1979. 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, Milford Housing Development Corperation employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Milford Housing Development Corperation 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, Milford Housing Development Corperation generated $10.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $11.6m during the year ending 12/2023. While expenses have increased by 6.4% 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
THE MISSION OF THE MHDC IS TO PROVIDE DECENT, SAFE, AND AFFORDABLE HOUSING SOLUTIONS FOR PEOPLE OF MODEST MEANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE AND MANAGE 189 LOW TO MODERATE INCOME HOUSING UNITS SUBSIDIZED BY HUD AND USDA-RD, GOVERNED BY HUD AND USDA REGULATIONS; TO PROVIDE ASSISTANCE TO INDIVIDUALS UNDER THE USDA SELF HELP HOUSING PROGRAM; TO REHABILITATE HOMES FOR SALE TO FAMILIES OF MODEST MEANS; TO PROVIDE CONSTRUCTION SERVICES TO ENTITIES PROVIDING HOUSING TO FAMILIES OF MODEST MEANS; TO MAINTAIN THE FINANCIAL AND COMPLIANCE RECORDS TO ENSURE THE FAMILIES OF MODEST MEANS ARE RECEIVING THE PROPER BENEFITS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Choma Director | Trustee | $0 | |
Margaret Gallego Director | Trustee | $0 | |
Joseph Herbert Director | Trustee | $0 | |
Thomas Houlihan Vice Chair | Trustee | $0 | |
Lisa Kirkwood Director | Trustee | $0 | |
Matthew Parks Chair | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,266,258 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,202,931 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,469,189 |
| Total Program Service Revenue | $7,937,713 |
| Investment income | $50,274 |
| 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 | $10,266,400 |
| 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 | $3,021,556 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $933,341 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,974 |
| Fees for services: Accounting | $198,810 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,593 |
| Office expenses | $226,599 |
| Information technology | $40,920 |
| Royalties | $0 |
| Occupancy | $1,875,861 |
| Travel | $3,241 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $34,046 |
| Interest | $974,494 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,485,556 |
| Insurance | $571,034 |
| All other expenses | $32,042 |
| Total functional expenses | $11,627,693 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,674,793 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,318,533 |
| 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 | $548,198 |
| Net Land, buildings, and equipment | $20,525,385 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $243,863 |
| Investments—program-related | $0 |
| Intangible assets | $74,261 |
| Other assets | $6,098,981 |
| Total assets | $33,484,014 |
| Accounts payable and accrued expenses | $848,964 |
| Grants payable | $0 |
| Deferred revenue | $2,151,533 |
| 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 | $31,555,519 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,013,497 |
| Total liabilities | $43,569,513 |
| Net assets without donor restrictions | -$11,745,087 |
| Net assets with donor restrictions | $1,659,588 |
| 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 | $33,484,014 |