Fifth Street Highrise Inc
- Assets
- $15.1m
- Revenue
- $4.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 10/1979
- Data as of
- 02/2024
- EIN
- 61-0734695
Organization Overview
Fifth Street Highrise Inc, operating under the name Jo Blanton House, is located in Louisville, KY. 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. This organization is the central organization for a national or regional group of organizations. Jo Blanton House 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 02/2024, Jo Blanton House generated $4.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (53.6%) each year. All expenses for the organization totaled $2.7k during the year ending 02/2024. As we would expect to see with falling revenues, expenses have declined by (55.4%) per year over the past 8 years. 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
A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF KENTUCKY. THE CORPORATION WASORGANIZED AS A NONPROFIT ORGANIZATION TO ACQUIRE, OWN, CONSTRUCT ANDOPERATE J.O. BLANTON HOUSE, A 258-UNIT APARTMENT COMPLEX IN LOUISVILLE,KENTUCKY. THE CORPORATION RECEIVES HOUSING ASSISTANCE PAYMENTS FROMTHE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PURSUANT TOSECTION 236 OF THE NATIONAL HOUSING ACT, AS AMENDED. ON OCTOBER 19,2018, THE PROPERTY SOLD TO JO BLANTON AFFORDABLE LIMITED PARTNERSHIP.FIFTH STREET HIGHRISE INC. NOW FUNDS THE PROJECT THROUGH A SELLERCARRYBACK LOAN, AND IS THE MANAGING MEMBER OF FIFTH STREET HOUSING GP,LLC. FIFTH STREET HOUSING GP, LLC IS THE GENERAL PARTNER OF JO BLANTONAFFORDABLE LIMITED PARTNERSHIP. THE MAIN PURPOSE OF FIFTH STREETHIGHRISE INC. GOING FORWARD WILL BE TO SERVE AS A FINANCING ARM OF THELOW INCOME PROJECT NOW OWNED BY JO BLANTON AFFORDABLE LIMITEDPARTNERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FIFTH STREET HIGHRISE, INC. WAS ORGANIZED AS A NONPROFIT ORGANIZATION, IN ACCORDANCE WITH THE STATE OF KENTUCKY, TO ACQUIRE, OWN, CONSTRUCT AND OPERATE J.O. BLANTON HOUSE, A 258-UNIT APARTMENT COMPLEX IN LOUISVILLE,KENTUCKY. THE CORPORATION RECEIVES HOUSING ASSISTANCE PAYMENTS FROM THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PURSUANT TO SECTION 236 OF THE NATIONAL HOUSING ACT, AS AMENDED. ON OCTOBER 19, 2018, THE PROPERTY SOLD TO JO BLANTON AFFORDABLE LIMITED PARTNERSHIP.FIFTH STREET HIGHRISE INC. NOW FUNDS THE PROJECT THROUGH A SELLER CARRYBACK LOAN, AND IS THE MANAGING MEMBER OF FIFTH STREET HOUSING GP, LLC. FIFTH STREET HOUSING GP, LLC IS THE GENERAL PARTNER OF JO BLANTON AFFORDABLE LIMITED PARTNERSHIP. THE MAIN PURPOSE OF FIFTH STREET HIGHRISE INC. GOING FORWARD WILL BE TO SERVE AS A FINANCING ARM OF THE LOW INCOME PROJECT NOW OWNED BY JO BLANTON AFFORDABLE LIMITED PARTNERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cecil Brookins President | OfficerTrustee | 1 | $0 |
Lawrence Dulin Vice President | OfficerTrustee | 1 | $0 |
Charles V Piphus Jr Secretary | OfficerTrustee | 1 | $0 |
James Mack Director | Trustee | 1 | $0 |
Arned Arter Director | Trustee | 1 | $0 |
Adolph Thompkins Director | Trustee | 1 | $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 | $0 |
| Investment income | $4,273 |
| 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 | $4,273 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,660 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,660 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,204,432 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $13,420,021 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $494,135 |
| Intangible assets | $0 |
| Other assets | $25,246 |
| Total assets | $15,143,834 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $15,143,834 |
| 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 | $15,143,834 |