The Housing Fund Inc
- Assets
- $48.6m
- Revenue
- $10.6m
- Investments
- $1.8m
- Employees
- 0
- Location
- Madison, TN
- Founding
- 06/1996
- Data as of
- 09/2023
- EIN
- 62-1632388
Organization Overview
The Housing Fund Inc is located in Madison, TN. The organization was established in 1996. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is the central organization for a national or regional group of organizations. Housing Fund 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 09/2023, Housing Fund Inc generated $10.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.1% each year . All expenses for the organization totaled $4.2m during the year ending 09/2023. While expenses have increased by 9.8% 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.
Since 2020, Housing Fund Inc has awarded 11 individual grants totaling $1,068,811. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES RESOURCES TO HELP CREATE & MAINTAIN AFFORDABLE & HEALTHY PLACES TO LIVE
Describe the Organization's Program Activity:
DEVELOPMENT LOAN PROGRAMS - PROVIDES LOANS FOR DEVELOPMENT OF AFFORDABLE HOUSING IN ALL AREAS, AS WELL AS LOANS FOR COMMUNITY FACILITIES IN LOW-TO-MODERATE INCOME TRACTS. FROM INCEPTION, OVER 3,215 AFFORDABLE HOUSING UNITS HAVE BEEN CONSTRUCTED OR REHABILITATED USING FUNDS FROM THE HOUSING FUND, WITH OVER $89,474,000 LENT.
DOWNPAYMENT ASSISTANCE PROGRAMS - HELPS LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES IN BECOMING SUCCESSFUL HOMEOWNERS BY PROVIDING DOWN PAYMENT AND CLOSING COST LOANS. ASSISTANCE IS PROVIDED ON A GRADUATED BASIS, DEPENDING ON HOUSEHOLD INCOME. FROM INCEPTION, MORE THAN 4,400 FAMILIES HAVE BEEN ASSISTED IN PURCHASING A HOME, WITH $37,600,000 LENT. IN FY 2023, OVER $5,018,000 WAS LENT AND 294 HOUSEHOLDS SERVED.
THE HOUSING RESILIENCY FUND IS A GRANT STARTED IN FY21 TO HELP OFFSET THE RECENT PROPERTY TAX INCREASE FOR LOW- TO MODERATE-INCOME HOMEOWNERS IN NASHVILLE. THE PRIMARY OBJECTIVE OF THE HOUSING RESILIENCY FUND IS TO PRESERVE AFFORDABILITY FOR EXISTING HOMEOWNERS. DURING THE YEAR, THE HOUSING RESILIENCY FUND SUPPORTED 146 HOUSEHOLDS IN DAVIDSON COUNTY WITH $103,750 IN CURRENT YEAR DISBURSEMENTS TO SUPPORT THE FAMILIES WITH INCOMES AT 100% OR BELOW AMI. IN FY22, THF EXPANDED THE HOUSING RESILIENCY FUND TO ASSIST LANDLORDS TO HELP PREVENT THE INCREASE IN PROPERTY TAXES FROM BEING PASSED THROUGH TO THE LOW AND MODERATE INCOME TENANTS. IN FY23 THF ASSISTED 16 LANDLORDS WITH PROPERTY TAX GRANTS THAT OFFSET THE PROPERTY TAXES ON 68 UNITS HELPING 98 INDIVIDUALS STAY IN THEIR RENTALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ashley Propst Board Chair | OfficerTrustee | 1 | $0 |
Alberto Arechiga Board Secretary/treasurer | OfficerTrustee | 1 | $0 |
Tera Bloecher Board Of Directors | Trustee | 1 | $0 |
Rodrick Butler Board Of Directors | Trustee | 1 | $0 |
Ronald Crutcher Board Of Directors | Trustee | 1 | $0 |
Angela Curtis Board Of Directors | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,061,249 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,537,593 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,598,842 |
| Total Program Service Revenue | $1,518,017 |
| Investment income | $447,882 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$18 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,564,723 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $124,826 |
| Grants and other assistance to domestic individuals. | $361,317 |
| 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 | $36,507 |
| Fees for services: Accounting | $29,970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,500 |
| Advertising and promotion | $97,466 |
| Office expenses | $190,043 |
| Information technology | $53,985 |
| Royalties | $0 |
| Occupancy | $79,035 |
| Travel | $39,745 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $636,493 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $68,827 |
| Insurance | $30,951 |
| All other expenses | $0 |
| Total functional expenses | $4,174,620 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,067,725 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $22,158 |
| Accounts receivable, net | $255,873 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $25,351,473 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,842 |
| Net Land, buildings, and equipment | $1,827,744 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,841,384 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,159,531 |
| Total assets | $48,556,730 |
| Accounts payable and accrued expenses | $860,986 |
| Grants payable | $949,497 |
| Deferred revenue | $1,197,440 |
| 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 | $23,777,395 |
| Other liabilities | $697,993 |
| Total liabilities | $27,483,311 |
| Net assets without donor restrictions | $15,952,143 |
| Net assets with donor restrictions | $5,121,276 |
| 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 | $48,556,730 |
Grants Awarded
Over the last fiscal year, The Housing Fund Inc has awarded $124,826 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
HABITAT FOR HUMANITY PURPOSE: BUILD NEW CONDO UNITS | $92,520 |
AFRICAN AMERICAN ALLIANCE OF CDFI CEOS PURPOSE: TORNADO RELIEF - MISSISSIPPI | $10,000 |
DISMAS HOUSE PURPOSE: PROPERTY TAX ASSISTANCE | $22,306 |