Horizon Development Properties Inc

Organization Overview

Horizon Development Properties Inc, operating under the name Blue Horizon Management Company, is located in Charlotte, NC. The organization was established in 2001. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Blue Horizon Management Company 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, Blue Horizon Management Company generated $43.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 23.5% each year . All expenses for the organization totaled $49.8m during the year ending 12/2021. While expenses have increased by 26.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

TO PROVIDE AFFORDABLE HOUSING TO ALL QUALIFIED FAMILIES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

HORIZON DEVELOPMENT HAS A TOTAL OF 3,593 UNITS AVAILABLE TO RENT TO FAMILIES MAKING LESS THAN 80% OF AREA MEDIAN INCOME.


INCREASE AFFORDABLE HOUSING OPPORTUNITIES FOR QUALIFIED FAMILIES: WE ARE CONTINUOUSLY LOOKING FOR ADDITIONAL OPPORTUNITIES TO EXPAND OUR CAPACITY AND PROVIDE ADDITIONAL AFFORDABLE HOUSING OPTIONS FOR FAMILIES IN NEED. WE HAVE ENTERED INTO SEVERAL PUBLIC PRIVATE PARTNERSHIPS THAT HORIZON DEVELOPMENT IS THE MAJORITY MEMBER IN. THESE PROJECTS ARE IN THE BEGINNING STAGES.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Emj Construction
Construction
$2,123,220
Gilbraltar Construction Company Inc
Construction
$2,114,124
Urban Atlantic Development Llc
Pre-development Construction
$696,953
North Carolina Housing Finance Agency
Tax Credit Application And Allocation Fe
$691,747
Cmb Services
Janitorial
$458,334
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$4,583,079
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$4,583,079
Total Program Service Revenue$35,238,339
Investment income $32,343
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $145,521
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $43,904,469

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