Alexandria Housing Development Corporation
- Assets
- $186.8m
- Revenue
- $12.3m
- Investments
- $0.0
- Employees
- 15
- Location
- Alexandria, VA
- Founding
- 08/2007
- Data as of
- 12/2022
- EIN
- 84-1650039
Organization Overview
Alexandria Housing Development Corporation, operating under the name Housing Alexandria, is located in Alexandria, VA. The organization was established in 2007. 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. As of 12/2022, Housing Alexandria employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Alexandria 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 12/2022, Housing Alexandria generated $12.3m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 35.9% each year . All expenses for the organization totaled $17.5m during the year ending 12/2022. While expenses have increased by 40.3% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO DEVELOP AND PRESERVE AFFORDABLE HOUSING IN THE CITY OF ALEXANDRIA, VA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION ACQUIRED PARKSTONE ALEXANDRIA APARTMENTS ON JANUARY 28, 2020. THE ORGANIZATION OWNS AND OPERATES THIS 326-UNIT APARTMENT COMPLEX LOCATED IN ALEXANDRIA, VIRGINIA. THE ORGANIZATION IS THE SOLE MEMBER AND DEVELOPER FOR AHDC PC DR, LLC.
IN FEBRUARY 2022, THE ORGANIZATION ACQUIRED THE SQUARE AT 511 (FORMALLY PARK VUE APARTMENTS). THIS ACQUISITION PRESERVED A MARKET RATE PROPERTY FOR PERMANENT AFFORDABILITY. AS A RESULT OF THIS ACQUISITION BY THE ORGANIZATION, ALL 196 UNITS WILL BE PERMANENTLY RESTRICTED TO RENTS NOT TO EXCEED 60% OF AMI.
THE ORGANIZATION EXISTS TO DEVELOP AND PRESERVE AFFORDABLE HOUSING IN THE CITY OF ALEXANDRIA, VA. IN 2022, THE ORGANIZATION TOOK STEPS TO ESTABLISH A SHARED EQUITY HOMEOWNERSHIP PROGRAM AND RECEIVED FINANCING AWARDS TO ASSIST IN BUILDING THE ORGANIZATION'S FIRST HOMEOWNERSHIP PROGRAM. FUNDING AWARDS INCLUDE: $5.0 MM FROM THE CITY OF ALEXANDRIA, $2.5 MM FROM VIRGINIA HOUSING, AND $500,000 FROM THE NORTHERN VIRGINIA REGIONAL COMMISSION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Abramson Chair | OfficerTrustee | 5 | $0 |
Robert Burns Vice Chair | OfficerTrustee | 2 | $0 |
Charles Pittman Treasurer | OfficerTrustee | 2 | $0 |
John Corrado Secretary | OfficerTrustee | 2 | $0 |
Catherine Pharis Director | Trustee | 2 | $0 |
Michael Caison Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davis Carter Scott Ltd Architecture | 12/30/22 | $1,535,277 |
Advanced Project Management Inc Project Management | 12/30/22 | $576,239 |
Moya Design Partners Llc Design | 12/30/22 | $301,406 |
Rust Orling Architecture Architect | 12/30/22 | $272,838 |
Trinity Group Construction Inc Construction | 12/30/22 | $233,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $49,506 |
| Related organizations | $0 |
| Government grants | $444,667 |
| All other contributions, gifts, grants, and similar amounts not included above | $97,832 |
| Noncash contributions included in lines 1a–1f | $1,411 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $592,005 |
| Total Program Service Revenue | $11,682,438 |
| Investment income | $18,976 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$8,730 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,284,689 |
| 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. | $263,269 |
| Compensation of current officers, directors, key employees. | $79,850 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,864,316 |
| Pension plan accruals and contributions | $47,392 |
| Other employee benefits | $144,270 |
| Payroll taxes | $145,443 |
| Fees for services: Management | $447,516 |
| Fees for services: Legal | $48,045 |
| Fees for services: Accounting | $93,205 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $120,668 |
| Advertising and promotion | $60,347 |
| Office expenses | $305,889 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,200,812 |
| Travel | $1,536 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,182 |
| Interest | $66,157 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,839,610 |
| Insurance | $38,063 |
| All other expenses | $67,075 |
| Total functional expenses | $17,486,321 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,237,213 |
| Savings and temporary cash investments | $17,781 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $383,224 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,475,411 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $94,048 |
| Net Land, buildings, and equipment | $153,016,973 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | -$773 |
| Intangible assets | $0 |
| Other assets | $19,615,735 |
| Total assets | $186,839,612 |
| Accounts payable and accrued expenses | $5,990,515 |
| Grants payable | $0 |
| Deferred revenue | $16,010,947 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $335,816 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $163,770,419 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $713,439 |
| Total liabilities | $186,821,136 |
| Net assets without donor restrictions | -$313,979 |
| Net assets with donor restrictions | $332,455 |
| 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 | $186,839,612 |