Milford Housing Development Corperation
- Assets
- $34.7m
- Revenue
- $10.3m
- Investments
- $251.4k
- Employees
- 29
- Location
- Milford, DE
- Founding
- 04/1979
- Data as of
- 12/2021
- 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 12/2021, Milford Housing Development Corperation employed 29 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 12/2021, Milford Housing Development Corperation generated $10.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $10.1m during the year ending 12/2021. While expenses have increased by 6.2% per year over the past 7 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
2021
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 |
|---|---|---|---|
David Moore President | Officer | 50 | $160,564 |
Christina Stanley Vice Preside | Officer | 50 | $131,804 |
Russell Huxtable Vice Pres. | Officer | 50 | $123,846 |
Jennifer Kintz Treasurer | Officer | 50 | $86,536 |
Nancy Choma Director | Trustee | 2 | $0 |
Joseph Herbert Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,276,719 |
| All other contributions, gifts, grants, and similar amounts not included above | $773,876 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,050,595 |
| Total Program Service Revenue | $8,917,342 |
| Investment income | $37,538 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$532,233 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,337,525 |
| 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 | $2,696,482 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $890,857 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,844 |
| Fees for services: Accounting | $174,495 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,090 |
| Office expenses | $203,553 |
| Information technology | $45,737 |
| Royalties | $0 |
| Occupancy | $1,690,704 |
| Travel | $7,828 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,758 |
| Interest | $937,423 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,424,998 |
| Insurance | $456,644 |
| All other expenses | $23,445 |
| Total functional expenses | $10,122,363 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $4,490,433 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $850,333 |
| 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 | $419,378 |
| Net Land, buildings, and equipment | $22,682,739 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $251,438 |
| Investments—program-related | $0 |
| Intangible assets | $128,147 |
| Other assets | $5,854,933 |
| Total assets | $34,677,401 |
| Accounts payable and accrued expenses | $855,290 |
| Grants payable | $0 |
| Deferred revenue | $1,204,517 |
| 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 | $32,475,562 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,577,164 |
| Total liabilities | $42,112,533 |
| Net assets without donor restrictions | -$8,711,870 |
| Net assets with donor restrictions | $1,276,738 |
| 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 | $34,677,401 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Milford Housing Development Corperation has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Mary W Rawlins Memorial Tr Wilmington, DE PURPOSE: LOW INCOME HOUSING | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arundel Community Development Services Inc Annapolis, MD | $42,935,600 | $33,111,572 |
Community Options New York Inc Princeton, NJ | $30,057,554 | $34,330,215 |
1260 Housing Development Corporation Philadelphia, PA | $75,955,661 | $16,577,131 |
Affordable Housing Alliance Inc Neptune, NJ | $23,008,220 | $15,041,931 |
New Community Corporation Newark, NJ | $92,222,632 | $16,838,314 |
Housing Development Corporation Midatlantic Lancaster, PA | $24,908,226 | $11,939,671 |
Milford Housing Development Corperation Milford, DE | $34,677,401 | $10,337,525 |
Daughter Of Miriam Association Clifton, NJ | $0 | $8,577,466 |
Project Plase Inc Baltimore, MD | $6,563,951 | $8,999,720 |
Fox Lake Ahf Inc Newark, NJ | $17,499,126 | $5,986,974 |
Norris Square Community Alliance Philadelphia, PA | $13,759,138 | $8,779,038 |
1st Cerebral Palsy Of New Jersey Inc Belleville, NJ | $2,942,759 | $6,851,396 |