Innovative Housing Inc
- Assets
- $72.2m
- Revenue
- $8.1m
- Investments
- $3.7m
- Employees
- 15
- Location
- Portland, OR
- Founding
- 12/1985
- Data as of
- 06/2021
- EIN
- 93-0877440
Organization Overview
Innovative Housing Inc is located in Portland, OR. The organization was established in 1985. 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. As of 06/2021, Innovative Housing Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovative Housing 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 06/2021, Innovative Housing Inc generated $8.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $6.4m during the year ending 06/2021. While expenses have increased by 6.6% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOP, PRESERVE AND OPERATE AFFORDABLE HOUSING FOR LOW AND MODERATE-INCOME HOUSEHOLDS AND PROVIDE SERVICES TO RESIDENTS TO MAINTAIN HOUSING STABLITY, IMPROVE QUALITY OF LIFE AND BREAK THE CYCLE OF POVERTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY OWNERSHIP: IN ADDITION TO THE PROPERTIES OWNED BY LP/LLCS, IHI DIRECTLY OWNS 425 AFFORDABLE RENTAL UNITS AT TEN PORTLAND AREA PROPERTIES.
RESIDENT SERVICES: IHI COMPLEMENTS ITS HOUSING WITH RESIDENT SERVICES DESIGNED TO HELP RESIDENTS MAINTAIN THEIR HOUSING STABILITY, IMPROVE THEIR QUALITY OF LIFE, AND BREAK THE CYCLE OF POVERTY.
HOUSING DEVELOPMENT: INNOVATIVE HOUSING CREATES AND PRESERVES AFFORDABLE HOUSING THROUGH NEW CONSTRUCTION AND THE ACQUISITION/REHABILITATION OF EXISTING MULTIFAMILY PROPERTIES AND HISTORIC BUILDINGS.
ASSET MANAGEMENT: IHI IS THE MANAGING GENERAL PARTNER OR MANAGING MEMBER OF 14 LIMITED PARTNERSHPS/LIMITED LIABLITY COMPANIES THAT OWN 1,407 AFFORDABLE RENTAL UNITS IN OREGON AND WASHINGTON.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Stevenson Executive Director | Officer | 32 | $150,000 |
Julie Garver Housing Developer | 40 | $127,000 | |
Shawn Morgan Board Member | Officer | 1 | $0 |
Riad Sahli Board Member | Officer | 1 | $0 |
Joseph Hughes President | Officer | 1 | $0 |
Darcy Vincent Board Member | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Silco Commerical Construction Construction | 6/29/21 | $3,616,055 |
Emerick Architects Design Services | 6/29/21 | $797,109 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $51,000 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $384,104 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $435,104 |
| Total Program Service Revenue | $7,152,475 |
| Investment income | $465,950 |
| 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 | $8,053,529 |
| 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. | $164,100 |
| Compensation of current officers, directors, key employees. | $57,435 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $723,991 |
| Pension plan accruals and contributions | $31,246 |
| Other employee benefits | $73,583 |
| Payroll taxes | $73,100 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,659 |
| Fees for services: Accounting | $18,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,050 |
| Advertising and promotion | $0 |
| Office expenses | $27,113 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,439 |
| Travel | $3,005 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $704,664 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,072,391 |
| Insurance | $11,064 |
| All other expenses | $51,413 |
| Total functional expenses | $6,374,477 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $191,481 |
| Savings and temporary cash investments | $6,281,649 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $333,600 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,695,777 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $148,957 |
| Net Land, buildings, and equipment | $19,094,553 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,746,889 |
| Investments—program-related | $1,548,490 |
| Intangible assets | $0 |
| Other assets | $19,126,029 |
| Total assets | $72,167,425 |
| Accounts payable and accrued expenses | $436,008 |
| Grants payable | $0 |
| Deferred revenue | $46,316 |
| 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 | $34,070,238 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $34,552,562 |
| Net assets without donor restrictions | $30,940,992 |
| Net assets with donor restrictions | $6,673,871 |
| 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 | $72,167,425 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Innovative Housing Inc has recieved totaling $18,005.
| Awarding Organization | Amount |
|---|---|
Ocf Joseph E Weston Public Foundation Portland, OR PURPOSE: Housing | $12,000 |
Oregon Community Foundation Portland, OR PURPOSE: Housing | $6,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northwest Housing Alternatives Inc Milwaukie, OR | $66,415,282 | $18,428,543 |
Burbank Housing Development Corporation Santa Rosa, CA | $103,460,619 | $16,261,747 |
Coachella Valley Housing Coalition Indio, CA | $146,778,624 | $17,127,596 |
Community Corporation Of Santa Monica Santa Monica, CA | $197,338,615 | $17,598,823 |
La Cooperativa Campesina De California Sacramento, CA | $2,765,549 | $15,334,359 |
Peoples Self-Help Housing Corporation San Luis Obispo, CA | $133,211,546 | $24,033,272 |
Eden Housing Management Inc Hayward, CA | $4,182,332 | $13,392,435 |
Southern California Housing Development Corporation Of Rancho Cucamonga, CA | $47,199,427 | $11,969,013 |
Mission Housing Development Corp San Francisco, CA | $63,790,844 | $19,251,297 |
Santa Barbara Affordable Housing Group Santa Barbara, CA | $111,093,068 | $10,555,389 |
Wakeland Housing And Development Corporation San Diego, CA | $68,610,015 | $24,988,463 |
Kaweah Management Company Visalia, CA | $89,940,808 | $9,935,142 |