Housing Assistance Corporation
- Assets
- $7.1m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 18
- Location
- Hendersonville, NC
- Founding
- 04/1989
- Data as of
- 12/2021
- EIN
- 58-1831757
Organization Overview
Housing Assistance Corporation is located in Hendersonville, NC. The organization was established in 1989. 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, Housing Assistance Corporation employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Assistance Corporation 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, Housing Assistance Corporation generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. While expenses have increased by 1.2% 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 HOUSING ASSISTANCE CORPORATION IS A PRIVATE, NON-PROFIT ORGANIZATION COMMITTED TO PROVIDING SAFE AND AFFORDABLE HOUSING FOR PERSONS OF LIMITED INCOME LIVING IN HENDERSON COUNTY AND SURROUNDING AREAS, BECAUSE WE BELIEVE EVERY HUMAN BEING DESERVES THE OPPORTUNITY TO LIVE IN A DECENT HOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MULTI-FAMILY DEVELOPMENT:HAC HAS CREATED 370 UNITS OF AFFORDABLE RENTAL HOUSING IN HENDERSON COUNTY OVER THE LAST 32 YEARS, WITH 78 BEING COMPLETED IN 2020. HAC HAS ALSO REHABBED 8 UNITS IN 2017. THE UNITS ARE ALL AFFORDABLE, SOME ARE TRANSITIONAL HOUSING, AND ALL SERVE VARIOUS POPULATIONS INCLUDING SENIORS, FAMILIES, VETERANS, AGRICULTURAL WORKERS, DOMESTIC ABUSE SURVIVORS, AND PEOPLE WITH PHYSICAL, MENTAL OR DEVELOPMENT DISABILITIES.
SINGLE-FAMILY DEVELOPMENT:IN 2020 HAC COMPLETED 4 SINGLE FAMILY HOMES IN HENDERSON COUNTY AND BEGAN CONSTRUCTION ON 8 OTHERS WHICH WILL BE COMPLETED IN 2021. OVER ITS HISTORY HAC HAS BUILT 185 SINGLE FAMILY HOMES IN HENDERSON COUNTY AND IS WORKING TO EXPAND TO POLK AND TRANSYLVANIA COUNTIES IN 2021. OUR HOUSING COUNSELORS WORKED WITH 330 HOUSEHOLDS TO MOVE TOWARD HOME OWNERSHIP IN 2020.
HOME REPAIR AND REHABILITATION:HAC COMPLETED 170 REPAIRS FOR 47 HOUSEHOLDS OR 79 PEOPLE IN 2020. IN 2020, 78 VOLUNTEERS RECORDED 550 HOURS OF SERVICES TO HELP PEOPLE ATTAIN OR PRESERVE SAFE, AFFORDABLE HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ashlynn Landreth Mccoy Incoming Executive Director | Officer | 40 | $70,100 |
Sean Rose Interim Executive Director | Officer | 40 | $68,206 |
Sarah Kimmey Grymes Outgoing Executive Director | Officer | 40 | $1,518 |
M Hilton Swing President | OfficerTrustee | 2 | $0 |
Daniel Heyman Treasurer | OfficerTrustee | 2 | $0 |
Sheryl Fortune Vice President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jerry T Whitmire Grading Grading, Erosion Control, And Storm Drai | 12/30/17 | $589,938 |
Steppe Construction Pump Station For Oklawaha Village | 12/30/17 | $140,550 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $552 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $596,661 |
| All other contributions, gifts, grants, and similar amounts not included above | $322,667 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $919,880 |
| Total Program Service Revenue | $808,805 |
| Investment income | $10,879 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $249,506 |
| Net Income from Fundraising Events | $26,339 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,074,001 |
| 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. | $139,824 |
| Compensation of current officers, directors, key employees. | $20,974 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $529,775 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $104,833 |
| Payroll taxes | $52,078 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $34,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,496 |
| Advertising and promotion | $0 |
| Office expenses | $20,683 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $15,446 |
| Travel | $3,221 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $12,290 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $153,547 |
| Insurance | $48,565 |
| All other expenses | $33,848 |
| Total functional expenses | $1,915,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,630,540 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $109,440 |
| Accounts receivable, net | $21,506 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,489,986 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,720 |
| Net Land, buildings, and equipment | $2,704,927 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,671 |
| Intangible assets | $0 |
| Other assets | $1,065,908 |
| Total assets | $7,059,698 |
| Accounts payable and accrued expenses | $81,823 |
| Grants payable | $0 |
| Deferred revenue | $1,064,085 |
| 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 | $1,340,648 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,355 |
| Total liabilities | $2,503,911 |
| Net assets without donor restrictions | $3,012,863 |
| Net assets with donor restrictions | $1,542,924 |
| 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 | $7,059,698 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Housing Assistance Corporation has recieved totaling $167,078.
| Awarding Organization | Amount |
|---|---|
Pisgah Health Foundation Brevard, NC PURPOSE: HOME REPAIR | $50,000 |
Wnc Bridge Foundation Asheville, NC PURPOSE: NOW/IMPACT GRANT | $44,000 |
North Carolina Community Foundation Inc Raleigh, NC PURPOSE: HUMAN SERVICES | $37,500 |
Gateway Wellness Foundation Marion, NC PURPOSE: LITTLE WHITE OAK POLK COUNTY INFRASTRUCTURE | $15,000 |
Charles F Bacon Trust Uw 1-20707-02 Dallas, TX PURPOSE: UNRESTRICTED GENERAL | $15,000 |
Community Foundation Of Henderson County Inc Hendersonville, NC | | $5,578 |
Endowment Analysis
| Beg. Balance | $42,134 |
| Earnings | $6,587 |
| Admin Expense | $329 |
| Grants | $1,867 |
| Ending Balance | $46,525 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Choanoke Area Development Assoc Rich Square, NC | $3,243,319 | $10,393,050 |
Association For Retarded Citizens Housing Development Services Inc Greensboro, NC | $38,855,283 | $9,434,004 |
Twin Rivers Opportunities Inc New Bern, NC | $1,111,953 | $5,873,122 |
John Sparks Manor Inc Union City, GA | $0 | $5,675,234 |
Larry Moore Manor Inc Union City, GA | $0 | $4,277,912 |
Lewinsville Retirement Residence McLean, VA | $23,915,511 | $4,142,115 |
Rhg-Afforable Housing Ii Inc Atlanta, GA | $13,550,062 | $7,175,901 |
Broadway Towers Inc Atlanta, GA | $17,531,706 | $3,119,210 |
Partners In Hope Inc Myrtle Beach, SC | $10,489,405 | $3,015,967 |
C O R E Programs Inc Charlotte, NC | $3,904,146 | $3,649,405 |
Santee Lynches Affordable Housing And Community Development Corp Sumter, SC | $22,034,704 | $3,598,391 |
Clairmont Oaks Inc Decatur, GA | $12,058,022 | $3,642,909 |