Vanmew Housing Development Fund Corp
- Assets
- $1.2m
- Revenue
- $288.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Brooklyn, NY
- Founding
- 08/2013
- Data as of
- 12/2021
- EIN
- 80-0819115
Organization Overview
Vanmew Housing Development Fund Corp is located in Brooklyn, NY. The organization was established in 2013. 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 an independent organization and not affiliated with a larger national or regional group of organizations. Vanmew Housing Development Fund Corp 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, Vanmew Housing Development Fund Corp generated $288.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $373.4k during the year ending 12/2021. 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
VANMEW HOUSING DEVELOPMENT FUND CORPORATION (THE "CORPORATION") HAS ENTERED INTO REGULATORY AND FINANCING AGREEMENTS WITH THE NEW YORK STATE HOUSING FINANCE AGENCY AND THE NEW YORK CITY DEPARTMENT OF HOUSING PRESERVATION DEVELOPMENT (HPD) TO ACQUIRE APARTMENT BUILDINGS FOR PURPOSES OF OPERATING AND MAINTAINING RENTAL PROPERTIES AT APPROVED RATES FOR PERSONS OF LOW-INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION PROVIDED HOUSING TO LOW-INCOME TENANTS IN ITS 30 RESIDENTIAL AND 1 COMMERCIAL UNITS HOUSED IN FOUR MULTI-STORY BUILDINGS (THE "PROJECT"). SINCE THE PROJECT WAS DEVELOPED THROUGH PROCEEDS OF LONG-TERM LOANS UNDER THE ARTICLE VIII OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK AND THE CITY OF NEW YORK HOUSING PRESERVATION AND DEVELOPMENT (HPD), THE CORPORATION CONTINUOUSLY OPERATE, MAINTAIN AND MANAGE THE PROJECT IN ACCORDANCE WITH THE REQUIREMENTS OF HPD, SPECIFICALLY IN TERMS OF ADMITTING ELIGIBLE TENANTS ONLY.
THE CORPORATION PROVIDED HOUSING TO LOW-INCOME TENANTS IN ITS 30 RESIDENTIAL AND 1 COMMERCIAL UNITS HOUSED IN FOUR MULTI-STORY BUILDINGS (THE "PROJECT"). SINCE THE PROJECT WAS DEVELOPED THROUGH PROCEEDS OF LONG-TERM LOANS UNDER THE ARTICLE VIII OF THE PRIVATE HOUSING FINANCE LAW OF THE STATE OF NEW YORK AND THE CITY OF NEW YORK HOUSING PRESERVATION AND DEVELOPMENT (HPD), THE CORPORATION CONTINUOUSLY OPERATE, MAINTAIN AND MANAGE THE PROJECT IN ACCORDANCE WITH THE REQUIREMENTS OF HPD, SPECIFICALLY IN TERMS OF ADMITTING ELIGIBLE TENANTS ONLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Thomas Chairman | OfficerTrustee | 4 | $0 |
Michael Bailey Member | Trustee | 2 | $0 |
Steve Cromity Treasurer | OfficerTrustee | 2 | $0 |
Carmen Lourdes Martinez Vice Chair | OfficerTrustee | 2 | $0 |
Allyson Franklin ESQ Member | Trustee | 0.25 | $0 |
Val Henry President/ceo | Officer | 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 | $285,238 |
| Investment income | $1,417 |
| 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 | $288,273 |
| 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 | $54,843 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,570 |
| Payroll taxes | $4,523 |
| Fees for services: Management | $22,999 |
| Fees for services: Legal | $3,925 |
| Fees for services: Accounting | $14,266 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $729 |
| Advertising and promotion | $0 |
| Office expenses | $4,409 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $70,347 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,237 |
| Insurance | $36,322 |
| All other expenses | $636 |
| Total functional expenses | $373,402 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,388 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $23,066 |
| 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 | $11,320 |
| Net Land, buildings, and equipment | $1,015,059 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $160,480 |
| Total assets | $1,224,313 |
| Accounts payable and accrued expenses | $60,235 |
| 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 | $1,729,929 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $109,731 |
| Total liabilities | $1,899,895 |
| Net assets without donor restrictions | -$675,582 |
| 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 | $1,224,313 |
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Pathstone Corporation Rochester, NY | $88,645,469 | $21,347,590 |
1260 Housing Development Corporation Philadelphia, PA | $75,955,661 | $16,577,131 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
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Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |