The Housing Fund Inc
- Assets
- $29.9m
- Revenue
- $1.9m
- Investments
- $1.8m
- Employees
- 0
- Location
- Nashville, TN
- Founding
- 06/1996
- Data as of
- 09/2020
- EIN
- 62-1632388
Organization Overview
The Housing Fund Inc is located in Nashville, 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 09/2020, Housing Fund Inc generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $1.7m during the year ending 09/2020. As we would expect to see with falling revenues, expenses have declined by (2.4%) per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE HOUSING FUND PROVIDES RESOURCES AND CREATIVE LEADERSHIP TO HELP INDIVIDUALS AND COMMUNITIES CREATE AND MAINTAIN AFFORDABLE AND HEALTHY PLACES IN WHICH LOW AND MODERATE INCOME PEOPLE LIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HOUSING RESILIENCY FUND IS A GRANT 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 320 HOUSEHOLDS IN DAVIDSON COUNTY WITH $157,497 IN CURRENT YEAR DISBURSEMENTS AND COMMITTED AN ADDITIONAL $650,000 FOR THE NEXT 4 YEARS TO SUPPORT THE FAMILIES WITH INCOMES AT 100% OR BELOW AMI.
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 2,616 AFFORDABLE HOUSING UNITS HAVE BEEN CONSTRUCTED OR REHABILITATED USING FUNDS FROM THE HOUSING FUND, WITH OVER $72,011,000 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 3,900 FAMILIES HAVE BEEN ASSISTED IN PURCHASING A HOME, WITH $29,000,000 LENT. IN FY 2021, OVER $2,579,000 WAS LENT AND 236 HOUSEHOLDS SERVED.
COMMUNITY LAND TRUST (CLT) IS A STEWARDSHIP PROGRAM TO PROTECT COMMUNITY ASSETS AND PROVIDE PERMANENTLY AFFORDABLE HOUSING OPPORTUNITIES FOR GENERATIONS OF LOWER-INCOME FAMILIES AND COMMUNITIES. THE METHOD BY WHICH IT ACCOMPLISHES THIS IS CALLED "SHARED EQUITY OWNERSHIP". METRO NASHVILLE, IN CONJUNCTION WITH THE BARNES FUND HAS DONATED 15 PROPERTIES VALUED AT $485,900 TO THE HOUSING FUND FOR THE PURPOSE OF CLT. THESE ARE SCATTERED SITE PROPERTIES IN THE FOLLOWING ZIP CODES: 37115, 37138, 37207, 37208, 37210 AND 37218. THE HOUSING FUND WILL CREATE HOUSING ON THESE PROPERTIES AND FIND LOW TO MODERATE INCOME FAMILIES TO PURCHASE THESE HOUSES AND SIGN A GROUND LEASE WITH THE HOUSING FUND. A GROUND LEASE IS AN AGREEMENT BETWEEN CLT AND THE BUYER WHICH OUTLINES THE TERMS AND CONDITIONS FOR PARTICIPATING IN THE CLT. HOMEOWNERS AGREE TO RESALE ARRANGEMENTS THAT PROVIDE A SELLER WITH A SHARE OF THE HOME'S EQUITY WHILE ENSURING THE HOME REMAINS AFFORDABLE FOR OTHER LOW TO MODERATE INCOME FAMILITES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marshall Crawford President/ceo | Officer | 40 | $175,144 |
David Parrish Chief Financial Officer | Officer | 40 | $114,363 |
Philip Mccutchan Board Chair | OfficerTrustee | 1 | $0 |
Amy Broadwater Board Secretary/treasurer | OfficerTrustee | 1 | $0 |
Ashley Propst Board Vice Chair | OfficerTrustee | 1 | $0 |
Jessica Leveen Farr Board Of Directors | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,006,603 |
| Investment income | $65,402 |
| 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 | $1,868,716 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $198,340 |
| 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 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 | $38,450 |
| Fees for services: Accounting | $26,950 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,514 |
| Advertising and promotion | $10,442 |
| Office expenses | $69,926 |
| Information technology | $28,247 |
| Royalties | $0 |
| Occupancy | $109,022 |
| Travel | $14,289 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $277,914 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,466 |
| Insurance | $12,002 |
| All other expenses | $0 |
| Total functional expenses | $1,705,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,804,447 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $22,158 |
| Accounts receivable, net | $123,141 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $18,427,388 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $22,654 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,824,456 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $105,190 |
| Total assets | $29,942,007 |
| Accounts payable and accrued expenses | $399,929 |
| 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 | $16,570,668 |
| Other liabilities | $217,520 |
| Total liabilities | $17,188,117 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $12,753,890 |
Grants Awarded
Over the last fiscal year, The Housing Fund Inc has awarded $49,198 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
WESTMINISTER HOME CONNECTION PURPOSE: TORNADO REPAIRS - RE-ROOF SIX DAMAGED HOMES WITH THESE FUNDS | $25,000 |
Nashville, TN PURPOSE: REPAIRS ON AFFORDABLE HOUSING BUILDS IMPACTED BY TORNADO | $11,850 |
15TH AVENUE BAPTIST CHURCH PURPOSE: TORNADO REPAIRS | $6,900 |
COUNTRY GENTLEMAN PURPOSE: BUILDING REPAIRS | $5,448 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that The Housing Fund Inc has recieved totaling $56,250.
| Awarding Organization | Amount |
|---|---|
United Way Of Middle Tennessee Inc Nashville, TN PURPOSE: SUB-RECIPIENT GRANTS | $56,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North East Community Action Corporation Bowling Green, MO | $19,489,309 | $16,722,475 |
Big Canoe Property Owners Association Inc And Subsidiary Big Canoe, GA | $48,180,026 | $19,159,834 |
Shelter House Inc Reston, VA | $6,743,159 | $14,877,410 |
Alexandria Housing Development Corporation Alexandria, VA | $129,711,642 | $8,689,601 |
Habitat For Humanity Of Greater Nashville Nashville, TN | $71,491,096 | $16,513,254 |
Virginia Supportive Housing Richmond, VA | $30,778,021 | $11,444,363 |
Habitat For Humanity International Inc Memphis, TN | $13,622,959 | $12,248,424 |
Housing Partnership Inc Louisville, KY | $43,644,315 | $10,025,390 |
Habitat For Humanity Of Kansas City Kansas City, MO | $24,127,378 | $10,262,500 |
Our Lady Of Peace Inc Roanoke, VA | $13,777,109 | $11,564,075 |
Guardian Center Inc Ooltewah, TN | $1,527,267 | $10,632,560 |
Jerusalem House Inc Atlanta, GA | $4,358,598 | $7,877,090 |