Totals
- Total revenue
- $9,716,108
- Total expenses
- $1,818,382
- Contributions and grants received
- $103,345
- Grants paid
- $0
- Program service revenue
- $3,053,833
- Investment income
- $6,558,930
- Other revenue
- $0
- Total assets, end of year
- $67,857,889
- Total liabilities, end of year
- $9,837,376
- Net assets or fund balances, end of year
- $58,020,513
- Program services expenses (Part IX)
- $1,818,382
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,818,382
Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$103,345
-
2a · Program service revenue: MISCELLANEOUS INCOME
total $867,470 · related or exempt $867,470
-
2b · Program service revenue: RENTAL INCOME
total $2,186,363 · related or exempt $2,186,363
-
3 · Investment income
total $2,251,771 · excluded $2,251,771
-
4 · Income from investment of tax-exempt bond proceeds
total $0
-
5 · Royalties
total $0
-
6d · Net rental income or loss
total $0
-
7a · Gross sales of assets other than inventory
other assets $4,307,159
-
7c · Gain or loss
other assets $4,307,159
-
7d · Net gain or loss
total $4,307,159 · excluded $4,307,159
-
8c · Net income from fundraising events
total $0
-
9c · Net income from gaming
total $0
-
10c · Net income from sales of inventory
total $0
-
11e · Other revenue, total
$0
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $0
-
2 · Grants to domestic individuals
total $0
-
3 · Grants to foreign organizations and individuals
total $0
-
4 · Benefits paid to or for members
total $0
-
5 · Compensation of officers, directors and key employees
total $0
-
6 · Compensation of disqualified persons
total $0
-
7 · Other salaries and wages
total $54,946 · program services $54,946
-
8 · Pension plan contributions
total $0
-
9 · Other employee benefits
total $4,858 · program services $4,858
-
10 · Payroll taxes
total $4,366 · program services $4,366
-
11a · Fees: management
total $10,922 · program services $10,922
-
11b · Fees: legal
total $0
-
11c · Fees: accounting
total $0
-
11d · Fees: lobbying
total $0
-
11e · Fees: professional fundraising services
total $0
-
11f · Fees: investment management
total $0
-
11g · Fees: other
total $0
-
12 · Advertising and promotion
total $0
-
13 · Office expenses
total $57 · program services $57
-
14 · Information technology
total $0
-
15 · Royalties
total $0
-
16 · Occupancy
total $0
-
17 · Travel
total $110 · program services $110
-
18 · Travel or entertainment for public officials
total $0
-
19 · Conferences, conventions and meetings
total $0
-
20 · Interest
total $147,495 · program services $147,495
-
21 · Payments to affiliates
total $0
-
22 · Depreciation, depletion and amortization
total $0
-
23 · Insurance
total $28,394 · program services $28,394
-
24a · Other expenses: K-1 RENTAL EXPENSES
total $1,150,024 · program services $1,150,024
-
24b · Other expenses: DEPRECIATION
total $283,157 · program services $283,157
-
24c · Other expenses: REPAIR & MAINT
total $95,535 · program services $95,535
-
24d · Other expenses: TAXES & FILING FEES
total $14,656 · program services $14,656
-
24e · All other expenses
total $23,862 · program services $23,862
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $624,500 · end of year $626,695
-
2 · Savings and temporary cash investments
end of year $1,000,000
-
3 · Pledges and grants receivable
end of year $0
-
4 · Accounts receivable
beginning of year $1,129,077 · end of year $17,227,892
-
5 · Loans and receivables from officers and key people
end of year $0
-
6 · Loans and receivables from disqualified persons
end of year $0
-
7 · Other notes and loans receivable
beginning of year $38,174,270 · end of year $31,132,765
-
8 · Inventories for sale or use
end of year $0
-
9 · Prepaid expenses and deferred charges
beginning of year $7,840 · end of year $23,435
-
10a · Land, buildings and equipment: cost or other basis
$10,394,142
-
10b · Land, buildings and equipment: accumulated depreciation
$4,445,839
-
10c · Land, buildings and equipment, net
beginning of year $5,991,971 · end of year $5,948,303
-
11 · Investments: publicly traded securities
end of year $0
-
12 · Investments: other securities
end of year $0
-
13 · Investments: program-related
beginning of year $16,179 · end of year $0
-
14 · Intangible assets
end of year $0
-
15 · Other assets
beginning of year $15,366,309 · end of year $11,898,799
-
17 · Accounts payable and accrued expenses
beginning of year $7,631,733 · end of year $18,326
-
19 · Deferred revenue
end of year $15,049
-
23 · Secured mortgages and notes payable
beginning of year $2,672,399 · end of year $2,617,176
-
25 · Other liabilities
beginning of year $81,287 · end of year $7,186,825
-
27 · Net assets without donor restrictions
beginning of year $50,924,727 · end of year $58,020,513
Mission and programs · 2024
Mission
WELFAREMAAC HOUSING CORPORATION WAS ORGANIZED AND OPERATED FOR THE PURPOSE OF PROMOTING DECENT, SAFE AND AFFORDABLE HOUSING FOR LOW INCOME PERSONS
-
CARLSBAD LAUREL TREE APARTMENTS-CARLSBAD APARTMENTS CONSISTS OF A 138-UNIT LOW INCOME HOUSING PROJECT IN 23 RESIDENTIAL BUILDINGS TOGETHER WITH OPEN SPACE AND RECREATIONAL AMENITIES LOCATED IN SAN DIEGO COUNTY, CALIFORNIA, IN WHICH MAAC HOUSING CORPORATION (MHC) SERVES AS A LIMITED PARTNER. MAAC PRESIDENT JOHN ADAMS MANOR APARTMENTS, LLC (MAAC PJAM LLC)- MAAC PJAM LLC WAS FORMED IN MARCH 2016 WITH MHC AS THE SOLE MEMBER FOR THE PURPOSE OF ACQUIRING THE PRESIDENT JOHN ADAMS MANOR APARTMENTS (THE PROJECT) FROM THE PJAM LP, AN AFFILIATED PARTNERSHIP. THE GENERAL PARTNER IS PJAM INC., A CALIFORNIA EXEMPT ORGANIZATION. THE PROJECT CONSISTS OF 300 UNITS OF AFFORDABLE RENTAL HOUSING IN 38 RESIDENTIAL BUILDINGS LOCATED IN THE CITY SAN DIEGO, CALIFORNIA. MHC BECAME THE SOLE OWNER OF THE APARTMENT PROJECT IN MAY 2016, RECEIVING AN ALLOCATION OF 100% OF THE LOSSES AS ITS SOLE MEMBER. MAAC SAN MARTIN DE PORRES LLC-EFFECTIVE JUNE 1, 2017, SAN MARTIN DE PORRES, L.P., SOLD THE PROJECT TO SAN MARTIN DE PORRES, LLC, A WHOLLY OWNED SUBSIDIARY OF MAAC HOUSING CORPORATION. THE PROJECT CONSISTS OF A 116-UNIT, AFFORDABLE RENTAL HOUSING APARTMENT LOCATED IN THE CITY OF SPRING VALLEY, SAN DIEGO COUNTY, CALIFORNIA. MAAC COMMUNITY CENTER WAS TRANSFERRED TO MCC CHULA VISTA, LLC, A SOLE MEMBER SUBSIDIARY OF MAAC HOUSING CORP, AS OF MAY, 2017. THE PROJSCT IS A 73,000 SQUARE FOOT PROPERTY LOCATED IN CHULA VISTA, CALIFORNIA, WHICH IS USED FOR A CHARTER SCHOOL AND VARIOUS PROGRAMS. DURING 2020, MAAC HOUSING CORP BECAME A LIMITED PARTNER IN TWO ADDITIONAL PARTNERSHIPS: MAAC IVY LP (99.99%) AND MAAC NATIONAL CITY LP (99.99%). THESE ENTITIES HOLD LAND TO BE DEVELOPED INTO AFFORDABLE RENTAL HOUSING PROJECTS, WITH CONSTRUCTION EXPECTED TO COMMENCE IN 2022. MHC WAS FORMED TO PROVIDE DECENT, SAFE AND AFFORDABLE HOUSING FOR LOW INCOME PERSONS AND FAMILIES. IN ADDITION, THESE PROJECTS CREATE SUPPORTIVE COMMUNITIES, INCLUDE QUALITY PROPERTY MANAGEMENT, TENANT GOVERNANCE COUNCILS, CULTURALLYSENSITIVE SOCIAL SERVICES, WORK SKILL ENHANCEMENT PROGRAMS, COMMUNITY LEADERSHIP AND ORGANIZATION, AND INTERVENTION STRATEGIES FOR CHILDREN AND YOUTH. THEY PROVIDE A COMPREHENSIVE PROGRAM OF SUPPORT SERVICES TO THEIR RESIDENTS, INCLUDING A DIVERSE AND CULTURALLY APPROPRIATE LIBRARY, AN AFTER-SCHOOL READING PROGRAM, ON-SITE CHILDCARE, AN ACTIVE TENANT ASSOCIATION, A LUNCH PROGRAM, AND A SUMMER CAMP PARTICIPATION PROGRAM. MHC WAS FORMED TO SUPPORT THE METROPOLITAN AREA ADVISORY COMMITTEE ON ANTI-POVERTY OF SAN DIEGO COUNTY, INC, A CALIFORNIA NONPROFIT BENEFIT CORPORATION.
Expenses $1,818,382 · Revenue $3,053,833
As filed on the 2024 return.
Listed in Part VII
-
Arnulfo ManriquezARNULFO MANRIQUEZ
CEO/TREASURER
- Total calculated
- $399,882
- From this org
- $0
- From related orgs
- $376,900
- Other
- $22,982
- Hours/week
- 0.5 + 40 related
Schedule J breakdown matched by us
- Base
- not reported + $376,900 related
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported + $22,982 related
- Filer's total
- not reported + $399,882 related
-
Austin FoyeAUSTIN FOYE
CFO
- Total calculated
- $233,101
- From this org
- $0
- From related orgs
- $213,188
- Other
- $19,913
- Hours/week
- 0.5 + 40 related
Schedule J breakdown matched by us
- Base
- not reported + $213,188 related
- Bonus
- not reported
- Other
- not reported
- Deferred
- not reported
- Nontaxable benefits
- not reported + $19,913 related
- Filer's total
- not reported + $233,101 related
-
Shreya SasakiSHREYA SASAKI
Secretary
- Total calculated
- $0
- Hours/week
- 0.5 + 0.5 related
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
None.
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
501(C)3 · LOW INCOME HOUSING · CA
Taxable family on this return
Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.
Disregarded entities
Part I: entities that legally are the filer and file no return of their own.
-
MAAC PRESIDENT JOHN ADAMS MANOR LLC
LOW INCOME HOUSING · CA · income $997,478 · assets $33,899,189
Directly controlled by MHC
-
SAN MARTIN DE PORRES LLC
LOW INCOME HOUSING · CA · income $585,013 · assets $13,526,736
Directly controlled by MHC
-
LOW INCOME HOUSING · CA · income $931,092 · assets $8,532,309
Directly controlled by MHC
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
CARLSBAD LAUREL TREE APARTMENTS LP
LOW INCOME HOUSING · CA · 99.99% owned · share of income $5,695,312 · share of assets $5,278,862
Directly controlled by MHC
-
MAAC SENDERO LP
LOW INCOME HOUSING · CA · 0.1% owned
Directly controlled by MAAC
-
MAAC NATIONAL CITY LP
LOW INCOME HOUSING · CA · 99.99% owned
Directly controlled by MHC
-
MAAC IVY LP
LOW INCOME HOUSING · CA · 99.99% owned
Directly controlled by MHC
-
MERCADO 2019 LP
LOW INCOME HOUSING · CA · 99% owned
Directly controlled by MHC
-
CREST ON IMPERIAL LP
LOW INCOME HOUSING · CA · 0.1% owned
Directly controlled by MAAC
-
SENIORS ON BROADWAY LP
LOW INCOME HOUSING · CA · 99.99% owned · share of income $253,844 · share of assets $6,533,660
Directly controlled by MHC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 14 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202543189349315559
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