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Nonprofiteer
← COMMUNITY HOMES HOUSING DEVELOPMENT FUND COMPANY

Form 990 for tax year 2023

Filed by COMMUNITY HOMES HOUSING DEVELOPMENT FUND COMPANY.

Totals

Total revenue
$3,185,165
Total expenses
$2,734,625
Contributions and grants received
$0
Grants paid
$1,458,967
Program service revenue
$301,565
Investment income
$7
Other revenue
$2,883,593
Total assets, end of year
$12,465,829
Total liabilities, end of year
$5,824,414
Net assets or fund balances, end of year
$6,641,415
Program services expenses (Part IX)
$2,702,902
Management and general expenses
$31,723
Fundraising expenses
$0
Program service expenses (Part III)
$2,702,902

Program services were 98.8% 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.

  • 2a · Program service revenue: LOAN INTEREST INCOME

    total $205,669 · related or exempt $205,669

  • 2b · Program service revenue: RENTAL INCOME

    total $95,896 · related or exempt $95,896

  • 3 · Investment income

    total $7 · excluded $7

  • 10a · Gross sales of inventory

    $4,299,400

  • 10b · Cost of goods sold

    $1,387,436

  • 10c · Net income from sales of inventory

    total $2,911,964 · related or exempt $2,911,964

  • 11a · Other revenue: OTHER

    total $1,067 · related or exempt $1,067

  • 11b · Other revenue: LOSS ON DEFEASANCE OF DEBT

    total -$29,438 · related or exempt -$29,438

  • 11e · Other revenue, total

    -$28,371

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,458,967 · program services $1,458,967

  • 11a · Fees: management

    total $5,127 · program services $5,127

  • 11b · Fees: legal

    total $7,419 · management and general $7,419

  • 11g · Fees: other

    total $187,049 · program services $171,818 · management and general $15,231

  • 13 · Office expenses

    total $298 · program services $298

  • 16 · Occupancy

    total $39,559 · program services $39,559

  • 20 · Interest

    total $293,240 · program services $293,240

  • 22 · Depreciation, depletion and amortization

    total $76,231 · program services $76,231

  • 23 · Insurance

    total $6,704 · program services $6,704

  • 24a · Other expenses: ADMINISTRATIVE FEE

    total $600,000 · program services $600,000

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $23,782 · program services $16,765 · management and general $7,017

  • 24c · Other expenses: VACANCY LOSS EXPENSES

    total $19,678 · program services $19,678

  • 24d · Other expenses: MISCELLANOUS

    total $13,975 · program services $13,975

  • 24e · All other expenses

    total $2,596 · program services $540 · management and general $2,056

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,837,713 · end of year $1,626,133

  • 4 · Accounts receivable

    beginning of year $7,979

  • 7 · Other notes and loans receivable

    beginning of year $6,675,860 · end of year $7,726,886

  • 8 · Inventories for sale or use

    beginning of year $3,539,324

  • 9 · Prepaid expenses and deferred charges

    beginning of year $52,800 · end of year $12,281

  • 10a · Land, buildings and equipment: cost or other basis

    $2,271,358

  • 10b · Land, buildings and equipment: accumulated depreciation

    $201,441

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $2,069,917

  • 15 · Other assets

    beginning of year $924,765 · end of year $1,030,612

  • 17 · Accounts payable and accrued expenses

    beginning of year $48,261 · end of year $25,811

  • 23 · Secured mortgages and notes payable

    beginning of year $1,580,577

  • 25 · Other liabilities

    beginning of year $5,174,269 · end of year $5,798,603

  • 27 · Net assets without donor restrictions

    beginning of year $6,235,334 · end of year $6,641,415

Mission and programs · 2023

Mission

COMMUNITY HOMES HOUSING DEVELOPMENT FUND COMPANY, INC. ("CHHDFC") WAS ESTABLISHED TO INCREASE AND IMPROVE NEW YORK CITY'S AFFORDABLE HOUSING STOCK WHILE PROMOTING AND ADVANCING HOME OWNERSHIP FOR MINORITY, IMMIGRANT, LOW- AND MODERATE- INCOME, AND UNDERSERVED POPULATIONS.

Activities or mission (Part I)

COMMUNITY HOMES HOUSING DEVELOPMENT FUND COMPANY, INC. ("CHHDFC") WAS ESTABLISHED TO INCREASE AND IMPROVE NEW YORK CITY'S AFFORDABLE HOUSING STOCK WHILE PROMOTING AND ADVANCING HOME OWNERSHIP FOR MINORITY, IMMIGRANT, LOW- AND MODERATE- INCOME, AND UNDERSERVED POPULATIONS. CHHDFC ACQUIRES AND SUBSEQUENTLY REHABILITATES OR BUILDS NEW ONE- TO FOUR- FAMILY HOMES. WITH A STRONG BELIEF IN THE WEALTH-GENERATING EFFECTS ON HOME OWNERSHIP IN COMMUNITIES, CHHDFC THEN SELLS THE HOME IT DEVELOPS TO FAMILIES IN TARGETED POPULATIONS. CHHDFC ALSO HELPS TO PREPARE THESE FAMILIES TO PURCHASE THEIR HOMES THROUGH A SYSTEM OF REFERRALS TO AN AFFILIATE COUNSELING AND TRAINING PROVIDER.

  • SINGLE FAMILY HOUSING DEVELOPMENT: RENTAL PROPERTIES OPERATING, REHABILITATION AND SALE IN ACCORDANCE WITH ITS EXEMPT FUNCTION.

    Expenses $2,702,902 · Grants $1,458,967 · Revenue $3,185,158

As filed on the 2023 return.

Listed in Part VII

  • Hsueh Lam Yan

    SECRETARY/DIR. ASSET &PRP. MGT

    Total calculated
    $200,614
    From this org
    $0
    From related orgs
    $178,281
    Other
    $22,333
    Hours/week
    1 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $178,281 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,544 related
    Nontaxable benefits
    $0 + $15,789 related
    Filer's total
    $0 + $200,614 related

  • Hui-Yuan Nelson Chan

    TREASURER/MANG. DIR. OF COMM. SVCS

    Total calculated
    $217,063
    From this org
    $0
    From related orgs
    $168,900
    Other
    $48,163
    Hours/week
    1 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $168,900 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $6,812 related
    Nontaxable benefits
    $0 + $41,351 related
    Filer's total
    $0 + $217,063 related

  • Thomas Yu

    PRESIDENT/ED

    Total calculated
    $345,309
    From this org
    $0
    From related orgs
    $279,045
    Other
    $66,264
    Hours/week
    5 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $279,045 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,754 related
    Nontaxable benefits
    $0 + $56,510 related
    Filer's total
    $0 + $345,309 related

  • My T Chang

    VICE PRESIDENT/CHIEF OF STAFF

    Total calculated
    $147,904
    From this org
    $0
    From related orgs
    $139,860
    Other
    $8,044
    Hours/week
    1 + 37 related

  • Joy Suzanne Granado

    CHIEF ACCOUNTING OFFICER

    Total calculated
    $220,591
    From this org
    $0
    From related orgs
    $192,545
    Other
    $28,046
    Hours/week
    1 + 37 related

    Schedule J breakdown matched by us

    Base
    $0 + $192,545 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,617 related
    Nontaxable benefits
    $0 + $20,429 related
    Filer's total
    $0 + $220,591 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

The filer's explanations (Part III)

PART I, LINE 3
THE COMPENSATION OF THE PRESIDENT/ED IS ESTABLISHED BY THE RELATED ENTITY, ASIAN AMERICANS FOR EQUALITY.

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

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.

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.

  • FLUSHING 106 LLC

    RENOVATION AND SUPPORT OF THE HOUSING DEVELOPMENT RUN BY COMMUNITY HOMES. · NY

    Directly controlled by COMMUNITY HOMES HOUSING DEVELOPMENT FUND

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • NORFOLK APARTMENTS LP

    NY

  • NORFOLK APARTMENTS II LP

    NY

  • EAST VILLAGE HOMES

    PROVIDE AFFORDABLE RENTAL HOUSING · NY

  • BREMOND KING DAVIS LLC

    PROVIDE AFFORDABLE RENTAL HOUSING · NY

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ONE FLUSHING NP LLC

    C · CONST/REHAB NYC BLDGS TO PROVIDE AFFORD. RENTAL HOUSING · NY

  • AAFE NEW AMERICAN OPPORTUNITY FUND

    C · PROMOTE COMMON GOOD, WELFARE, AND ECONOMIC DEVELOPMENT IN NY · NY

  • HARMONY 106 CORPORATION

    C · RENOVATE FLUSHING, NY PROPERTY · NY · 100% owned · controlled entity

    Directly controlled by COMMUNITY HOMES HOUSING DEVELOPMENT FUND

  • EAST VILLAGE HOMES MANAGER CORP

    C · HOLDING COMPANY · NY

  • EAST VILLAGE HOUSING DEVELOPMENT FOUND COMPANY INC

    C · HOLDING COMPANY · NY

Provenance

Return type
form_990
Tax year
2023
Filed
9 November 2024
IRS schema version
2023v5.1
Source object
202403189349304370

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