Community Housing Initiative Inc
- Assets
- $4.9m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 5
- Location
- Melbourne, FL
- Founding
- 07/1993
- Data as of
- 06/2024
- EIN
- 59-3142633
Organization Overview
Community Housing Initiative Inc is located in Melbourne, FL. The organization was established in 1993. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2024, Community Housing Initiative Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Community Housing Initiative 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 06/2024, Community Housing Initiative Inc generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $2.3m during the year ending 06/2024. While expenses have increased by 6.3% 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING TO THE VERY LOW, LOW, AND MODERATE-INCOME HOUSEHOLDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE DEVELOPMENT AND OPERATION OF WILLOW BROOK VILLAGE APARTMENTS: C.H.I DEVELOPED AND NOW OPERATES AN AFFORDABLE HOUSING APARTMENT COMPLEX WITH 24 2-BEDROOM AND 32 3-BEDROOM UNITS. THE UNITS ARE LEASED TO FAMILIES OF LOW AND MODERATE-INCOME LEVELS. IN ADDITION, C.H.I PROVIDES VARIOUS OTHER TYPES OF PROGRAMS FOR THEIR RESIDENTS WHICH INDLUDES COUNSELING IN BUDGETING AND FINANCE, CREDIT COUNSELING, HOME MAINTENANCE, AND AFFORDABLE DAYCARE COORDINATION. THE COMPANY ALSO OFFERS HOME OWNERSHIP OPPORTUNITIES TO THEIR RESIDENTS BY ALLOWING THEM TO QUALIFY A PORTION OF THEIR RENT TOWARDS A DOWN PAYMENT.
FIRST TIME HOMEBUYER ASSISTANCE PROGRAMS. WE PROVIDE DOWN PAYMENT, CLOSING COST AND IN SOME INSTANCES REPAIR ASSISTANCE TO VERY LOW, LOW AND MODERATE INCOME PEOPLE SO THAT THEY CAN PURCHASE A FIRST TIME HOME.AS A DEVELOPER, C.H.I. IS BUILDING SINGLE FAMILY HOMES IN THE CITIES OF MELBOURNE AND COCOA THAT WILL BE SOLD TO INCOME ELIGIBLE FIRST TIME HOMEBUYERS. AS OF JUNE 30, 2024, C.H.I HAS COMPLETED OVER 35 INFILL HOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Loretta Williams Treasurer | OfficerTrustee | 0.25 | $0 |
Donna Browning Secretary | OfficerTrustee | 0.25 | $0 |
Tina Johns Chairperson | OfficerTrustee | 0.5 | $0 |
Marilyn Mcandrew Vice Chair | OfficerTrustee | 0.25 | $0 |
Dee Hussey Board Member | Trustee | 0.25 | $0 |
Mack Jackson Board Member | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| 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 | $0 |
| Total Program Service Revenue | $2,061,059 |
| Investment income | $380,153 |
| 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 | $2,441,212 |
| 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. | $121,652 |
| Compensation of current officers, directors, key employees. | $14,965 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $154,161 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $20,444 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $42,503 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $15,673 |
| Information technology | $5,271 |
| Royalties | $0 |
| Occupancy | $1,051,472 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $42,761 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $132,727 |
| Insurance | $93,546 |
| All other expenses | $0 |
| Total functional expenses | $2,277,696 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $514,018 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $335,888 |
| 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 | $40,721 |
| Net Land, buildings, and equipment | $1,056,479 |
| Investments—publicly traded securities | $3,000,267 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,947,373 |
| Accounts payable and accrued expenses | $80,111 |
| Grants payable | $0 |
| Deferred revenue | $1,183,220 |
| 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 | $4,363,542 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,400 |
| Total liabilities | $5,643,273 |
| Net assets without donor restrictions | -$695,900 |
| Net assets with donor restrictions | $0 |
| 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 | $4,947,373 |