Coalition For Nonprofit Housing And Economic Development, operating under the name Economic Development Inc, is located in Washington, DC. The organization was established in 1994. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Economic Development Inc employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Inc 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, Economic Development Inc generated $2.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $4.5m during the year ending 12/2023. While expenses have increased by 21.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
CNHED HAS ACHIEVED SUCCESSES THAT COMBINES EFFECTIVE ADVOCACY, POLICY MAKING, PUBLIC EDUCATION, CAPACITY BUILDING, INFORMATION AND ANALYSIS, AND ENGAGES MEMBERS AND ALLIES IN A PRACTICAL MANNER TO HELP ENSURE THAT LOW-INCOME RESIDENTS HAVE HOUSING AND ECONOMIC OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING FOR ALL CAMPAIGN:NATIONALLY RECONGIZED HOUSING FOR ALL CAMPAIGNED GENERATED POLITICAL WILL FOR THE DISTRICT TO INVEST MORE THAN $1 BILLION FOR THE HOUSING PRODUCTION TRUST FUND FROM FY2001- FY2022. TO THIS DATE, AS RESULTED IN THE ACQUISTION PRODUCTION OR PRESERVATION OF MORE THAN 10 THOUSAND AFFORABLE HOMES WITH OVER 3,000 HOMES IN THE PIPELINE. ON THE ECONOMIC DEVELOPMENT, CNHED PROVIDED TECHNICAL ASSISTANCE TO THE COUNCIL AND CRAFT THE DISTRICTS FIRST LOW INCOME HOUSING TAX CREDIT WHICH HAS FUNDED AT 1 MILLION ANNUALLY. THOUGH IT IS AWAITING REGULATION TO BE IMPLEMENTED, CNHEDS ADVOCACY RESULTED IN THE APPROPRIATION OF 14.5 MILLION INCLUDING IN THE 2010 - 2012 BUDGET FOR SMALL BUSINESSES TECHNICAL ASSISTANCE. THESE FUNDS ARE USED TO ASSISTS UP TO 3,000 SMALL BUSINESSES ANNUALLY. IN MAY 2022, CNHED HOSTED THE HOUSING & ECONOMIC JUSTICE FOR ALL RALLY WITH OVER 200 REGISTRANTS. PARTICIPANTS DISCUSSED TOOLS AND RESOURCES TO PROVIDE AFFORDABLE HOUSING TO DISTRICT OF COLUMBIA RESIDENTS IN THE FACE OF A CHANGING JOB MARKET. MAYOR BOWSER ANNOUNCED AN APPROVED $5 MILLION+ IN INVESTMENTS FOR AFFORDABLE HOUSING PROJECTS FOR FY 2023. IN SEPTEMBER 2022, CNHED LAUNCHED ITS NEWEST ADVOCACY AND COMMUNITY ENGAGEMENT INITIATIVE: THE COMMUNITY VOICES WORKING GROUP! THE COMMUNITY VOICES WORKING GROUP (CVWG) PROVIDES A SPACE FOR LOW-TO-MODERATE-INCOME (LMI) BLACK, INDIGENOUS, AND PEOPLE OF COLOR (BIPOC) WHO HAVE LIVED EXPERIENCE TO OBTAIN TOOLS, TRAINING, AND RESOURCES THAT WILL ASSIST THEM IN CONVEYING THEIR PERSPECTIVES AND ACHIEVING THEIR POLICY AND ADVOCACY GOALS. THE CVWG WORKS IN PARTNERSHIP WITH CNHEDS OTHER WORKING GROUPS IN DEVELOPING SOLUTIONS, AND BUDGET RECOMMENDATIONS, AND TACKLING OTHER ISSUES FACING THE COMMUNITY DEVELOPMENT FIELD. AS TRUSTED ADVOCATES WITHIN THEIR COMMUNITIES, CVWG MEMBERS WILL CULTIVATE, MOTIVATE, AND ENGAGE THEIR NEIGHBORS TO TAKE ACTION ON ISSUES THAT IMPACT THEM THE MOST.
CNHED:A 501(C)(3) MEMBER ASSOCIATION FOUNDED IN 1991 THAT LEADS AND SUPPORTS THE COMMUNITY DEVELOPMENT FIELD IN WASHINGTON, DC. CNHEDS 180 ORGANIZATIONAL MEMBERS INCLUDE NONPROFIT AND FOR-PROFIT AFFORDABLE HOUSING DEVELOPERS, HOUSING COUNSELING AND ERVICE AGENCIES, COMMUNITY ECONOMIC DEVELOPMENT ORGANIZATIONS, WORKFORCE AND BUSINESS DEVELOPMENT ENTITIES, LENDERS, INTERMEDIARIES AND GOVERNMENT AGENCIES. FOR THE FISCAL YEAR 2023 BUDGET, CNHED HELPED ACHIEVE INCREASES IN KEY COMMUNITY ECONOMIC DEVELOPMENT PROGRAMS, INCLUDING $444 MILLION FOR THE HOUSING PRODUCTION TRUST FUND, THE LINCHPIN TO CREATING AND PRESERVING AFFORDABLE HOUSING IN DC, AND $7.1 MILLION FOR GREAT STREETS, THE DISTRICTS COMMERCIAL REVITALIZATION INITIATIVE TO TRANSFORM EMERGING CORRIDORS INTO LIVABLE, WALKABLE, AND SHOPPABLE NEIGHBORHOOD RETAIL EXPERIENCES. IN SUMMARY, OUR ADVOCACY AND POLICY EFFORTS LEAD TO THE DISTRICT INVESTING MILLIONS OF DOLLARS IN ADDITIONAL LOCAL FUNDING FOR AFFORDABLE HOUSING AND ECONOMIC DEVELOPMENT PROGRAMS THAT WORK. IN ADDITION TO $444 MILLION FOR THE HOUSING PRODUCTION TRUST FUND, WE SECURED $153.3 MILLION FOR OTHER AFFORDABLE HOUSING PROGRAMS, $30.2 MILLION FOR PROGRAMS ASSISTING SMALL BUSINESSES, AND $6.6 MILLION FOR WORKFORCE DEVELOPMENT PROGRAMS AND SUPPORT
CONNECTING CAPITAL AND COMMUNITY(3C) INITIATIVE:IN 2022, CNHED PARTNERED WITH THE CENTER FOR COMMUNITY INVESTMENT (CCI) TO LAUNCH THE CONNECTING CAPITAL AND COMMUNITY (3C) INITIATIVE, A THREE-YEAR, MULTI-SECTOR INITIATIVE SUPPORTED BY JP MORGAN CHASE TO ADVANCE EQUITABLE HOUSING RESULTS FOR LOW-TO-MODERATE-INCOME (LMI) BLACK, INDIGENOUS, AND PEOPLE OF COLOR (BIPOC), FAMILIES AND INDIVIDUALS AND TO STRENGTHEN THE LOCAL HOUSING ECOSYSTEM IN WASHINGTON, D.C. CNHEDS 3C INITIATIVE LEVERAGES EXISTING RELATIONSHIPS TO INFORM THE PRIORITIES AND BUILD NEW RESOURCES TO ADDRESS THE RACIAL WEALTH GAP AND MITIGATE DISPLACEMENT PRESSURES THROUGH A FOCUSED STRATEGY AROUND HOUSING AFFORDABILITY. THIS IS ACHIEVED BY INCREASING THE SUPPLY OF SAFE, AFFORDABLE HOUSING TO MEET DEMAND THROUGH HIGH-VOLUME, SMALL-SCALE (50 UNITS) DEVELOPMENT-FOCUSED PIPELINE STRATEGIES. CNHEDS APPROACH CONSISTS OF THE FOLLOWING: [1] PROPERTIES OF 2-4 UNITS ENABLE LONGTIME LOW- AND MODERATE-INCOME RESIDENTS TO PURCHASE 24-UNIT BUILDINGS AND TO BUILD WEALTH AS RESIDENT OWNERS WILL REDUCE RACIAL WEALTH DISPARITIES. [2] PROPERTIES OF 5-49 UNITS SUPPORT DEVELOPERS FOCUSED ON AFFORDABLE HOUSING PRESERVATION.
DC COMMUNITY ANCHOR PARTNERSHIP:THE DC COMMUNITY ANCHOR PARTNERSHIP (DCAP) IS A COLLABORATIVE OF PROMINENT ANCHOR INSTITUTIONS COMMITTED TO LEVERAGING THEIR OPERATIONS TO ADVANCE EQUITABLE ECONOMIC DEVELOPMENT IN THE DISTRICT OF COLUMBIA. AN INITIATIVE OF THE COALITION FOR NONPROFIT HOUSING AND ECONOMIC DEVELOPMENT (CNHED), DCAP BRINGS TOGETHER A NETWORK OF DC HEALTH SYSTEMS AND UNIVERSITIES DEDICATED TO USING THEIR PROCUREMENT POWER TO INCREASE MARKET OPPORTUNITIES FOR DC MINORITY-OWNED BUSINESSES (DC MBES). THE DC COMMUNITY ANCHOR PARTNERSHIP (DCAP) WORKS WITH LOCAL ANCHOR INSTITUTIONS (PLACED-BASED ENTITIES INCLUDING HOSPITALS, UNIVERSITIES AND, NEW UTILITY COMPANIES), USING THEIR PROCUREMENT POWER TO BETTER SUPPORT THE GROWTH OF LOCAL, DC-BASED MINORITY-OWNED BUSINESS ENTERPRISES (MBES). IN JANUARY 2022, GEORGETOWN UNIVERSITY ANNOUNCED THE LAUNCH OF THEIR FIRST-EVER SUPPLIER DIVERSITY PROGRAM, WHICH DCAP HELPED TO DESIGN. THE PROGRAM INCLUDES THE FOLLOWING GOALS: CONTRIBUTE AT LEAST $8M OF LOCAL SUPPLIER SPEND TO DC-BASED DIVERSE SUPPLIERS SPEND A MINIMUM OF 20% OF THE UNIVERSITYS TOTAL SUPPLIER BUDGET ON DIVERSE SUPPLIERS ENSURE THAT AT LEAST 10% OF THE UNIVERSITYS ACTIVE SUPPLIERS ARE DIVERSE, WITH A FOCUS ON CONSTRUCTION, SUPPLIES, PROFESSIONAL SERVICES AND REPAIR AND MAINTENANCE. DCAP REFERRED FIVE ARCHITECTURE AND TWO GENERAL CONTRACTING MBES TO CHILDRENS NATIONAL HOSPITAL FOR A TOTAL OF SEVEN DCAP BUSINESSES AWARDED MASTER SERVICES AGREEMENTS (MSAS). DCAP RECORDED $186M IN SPENDING WITH LOCAL, MINORITY-OWNED COMPANIES BY ITS ANCHOR INSTITUTIONS AND INCREASED PARTICIPATING ANCHOR INSTITUTIONS FROM 10 TO 11.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Stephen Glaude President And CEO | Officer | 40 | $264,626 |
Jherrica Spikes Chief Operating Officer | 40 | $234,586 | |
Evette Banfield Chief Economic Development Of | 40 | $206,272 | |
Ryan Trout Chief Housing Officer | 40 | $182,685 | |
Phillip Berkaw Sr Director Dcap | 40 | $166,786 | |
Evelyn Kasongo Director Capital & Community | 40 | $143,941 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Johnson Cooper Consulting Consultant For Dcap Deliverables | 12/30/21 | $210,385 |
George Washington University Consultant For Elevate Program | 12/30/21 | $102,000 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $40,444 |
All other contributions, gifts, grants, and similar amounts not included above | $2,399,173 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $2,439,617 |
Total Program Service Revenue | $36,850 |
Investment income | $108,529 |
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 | $2,593,485 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $101,241 |
Grants and other assistance to domestic individuals. | $18,490 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $0 |
Compensation of current officers, directors, key employees. | $264,626 |
Compensation of current officers, directors, key employees. | $39,157 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $1,701,313 |
Pension plan accruals and contributions | $72,621 |
Other employee benefits | $155,412 |
Payroll taxes | $141,038 |
Fees for services: Management | $0 |
Fees for services: Legal | $6,780 |
Fees for services: Accounting | $15,950 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $1,288,372 |
Advertising and promotion | $0 |
Office expenses | $70,055 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $181,005 |
Travel | $106,755 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $255,965 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $19,435 |
Insurance | $14,329 |
All other expenses | $0 |
Total functional expenses | $4,548,342 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $6,126,795 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $2,441,382 |
Accounts receivable, net | $5,000 |
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 | $7,325 |
Net Land, buildings, and equipment | $58,609 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,031,024 |
Total assets | $9,670,135 |
Accounts payable and accrued expenses | $233,246 |
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 | $1,110,202 |
Total liabilities | $1,343,448 |
Net assets without donor restrictions | $394,991 |
Net assets with donor restrictions | $7,931,696 |
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 | $9,670,135 |
Over the last fiscal year, Coalition For Nonprofit Housing And Economic Development has awarded $87,500 in support to 2 organizations.
Grant Recipient | Amount |
---|---|
HOUSING COUNSELING SERVICES INC PURPOSE: Housing Project Grant | $37,500 |
1302 EAST CAPITOL STREET NE LLC PURPOSE: Housing Project Grant | $50,000 |