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← 50TH STREET HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2024

Filed by 50TH STREET HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$483,958
Total expenses
$492,995
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$483,695
Investment income
$3
Other revenue
$260
Total assets, end of year
$9,626,182
Total liabilities, end of year
$10,443,585
Net assets or fund balances, end of year
-$817,403
Program services expenses (Part IX)
$384,943
Management and general expenses
$108,052
Fundraising expenses
$0
Program service expenses (Part III)
$384,943

Program services were 78.1% 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: RENTAL INCOME

    total $483,695 · related or exempt $483,695

  • 3 · Investment income

    total $3 · excluded $3

  • 11a · Other revenue: REIMBURSEMENTS

    total $260 · related or exempt $260

  • 11e · Other revenue, total

    $260

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $34,231 · management and general $34,231

  • 11b · Fees: legal

    total $14,198 · management and general $14,198

  • 11c · Fees: accounting

    total $9,000 · management and general $9,000

  • 13 · Office expenses

    total $6,961 · management and general $6,961

  • 14 · Information technology

    total $7,221 · management and general $7,221

  • 16 · Occupancy

    total $130,484 · program services $129,908 · management and general $576

  • 20 · Interest

    total $462 · management and general $462

  • 22 · Depreciation, depletion and amortization

    total $85,198 · program services $85,198

  • 23 · Insurance

    total $30,759 · management and general $30,759

  • 24a · Other expenses: MAINTENANCE STAFF REIMBUR

    total $68,442 · program services $68,442

  • 24b · Other expenses: REPAIRS & MAINTENANCE

    total $66,229 · program services $66,229

  • 24c · Other expenses: SOCIAL SERVICE FEES

    total $24,000 · program services $24,000

  • 24d · Other expenses: JANITORIAL SUPPLIES

    total $7,447 · program services $7,447

  • 24e · All other expenses

    total $8,363 · program services $3,719 · management and general $4,644

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $562,722 · end of year $232,909

  • 2 · Savings and temporary cash investments

    end of year $57,140

  • 4 · Accounts receivable

    beginning of year $37,509 · end of year $95,454

  • 9 · Prepaid expenses and deferred charges

    beginning of year $64,173 · end of year $60,014

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

    $11,420,090

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

    $2,239,425

  • 10c · Land, buildings and equipment, net

    beginning of year $5,630,820 · end of year $9,180,665

  • 15 · Other assets

    beginning of year $56,831

  • 17 · Accounts payable and accrued expenses

    beginning of year $66,876 · end of year $162,051

  • 19 · Deferred revenue

    beginning of year $10,775 · end of year $11,998

  • 23 · Secured mortgages and notes payable

    beginning of year $6,622,248 · end of year $9,609,620

  • 25 · Other liabilities

    beginning of year $425,325 · end of year $659,916

  • 27 · Net assets without donor restrictions

    beginning of year -$773,169 · end of year -$817,403

Mission and programs · 2024

Mission

THE MISSION OF THE ORGANIZATION IS TO OWN AND OPERATE TWO APARTMENT BUILDINGS AND PROVIDE SOCIAL SERVICES TO QUALIFIED LOW INCOME INDIVIDUALS IN THE BROOKLYN, NEW YORK AREA.

  • THE ORGANIZATION'S APARTMENT BUILDINGS HAVE A CAPACITY OF 48 APARTMENTS WHICH WERE APPROXIMATELY 80% OCCUPIED DURING THE YEAR.

    Expenses $384,943 · Revenue $483,695

As filed on the 2024 return.

Listed in Part VII

  • Michelle De La Uz

    SECRETARY

    Total calculated
    $291,920
    From this org
    $0
    From related orgs
    $278,790
    Other
    $13,130
    Hours/week
    0.5 + 34.5 related

    Schedule J breakdown matched by us

    Base
    not reported + $278,790 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $11,580 related
    Nontaxable benefits
    not reported + $1,550 related
    Filer's total
    not reported + $291,920 related

  • Dany Cuningham

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Jessica Yeager

    TREASURER

    Total calculated
    $0
    Hours/week
    0.5

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.

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.

Related partnerships

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

  • FAC SUNSET PARK LIMITED PARTNERSHIP

    RELATED · LOW INCOME · NY

    Directly controlled by FAC SUNSET

  • 551 WARREN STREET 1 LIMITED PARTNER

    RELATED · LOW INCOME · NY

    Directly controlled by 551 WARREN

  • SUPPORTIVE SLOPE LIMITED PARTNERSHI

    RELATED · LOW INCOME · NY

    Directly controlled by 575 FIFTH

  • FAC RENAISSANCE LIMITED PARTNERSHIP

    RELATED · LOW INCOME · NY

    Directly controlled by FAC RENAIS

  • FAC BROWNSVILLE APARTMENTS LP

    RELATED · LOW INCOME · NY

    Directly controlled by FAC BROWNS

  • FAC 6309 FOURTH AVENUE MM LLC

    RELATED · LOW INCOME · NY

    Directly controlled by FAC 6309 F

  • FAC 6309 FOURTH AVENUE LP

    RELATED · LOW INCOME · NY

    Directly controlled by FAC 6309 F

  • ATLANTIC TERRACE 12 LLC

    RELATED · LOW INCOME · NY

    Directly controlled by FAC ATLANT

  • NORTHEASTERN TOWERS ANNEX DEVELOPER

    RELATED · LOW INCOME · NY

    Directly controlled by FAC NORTHE

  • NORTHEASTERN TOWERS ANNEX GP

    RELATED · LOW INCOME · NY

    Directly controlled by NORTHEASTE

  • NORTHEASTERN TOWERS ANNEX LP

    RELATED · LOW INCOME · NY

    Directly controlled by NORTHEASTE

  • NORTHEASTERN TOWERS ANNEX MANAGER L

    RELATED · LOW INCOME · NY

    Directly controlled by FAC NORTHE

Related corporations and trusts

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

  • 551 WARREN STREET 1 INC

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • 575 FIFTH AVENUE INC

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC SUNSET PARK HOUSING DEVELOPMENT

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC RENAISSANCE GP

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC SUNSET PARK GP

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC 6309 FOURTH AVENUE HDFC

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC FULTON STREET HOUSING DEVELOPME

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC 6309 FOURTH AVENUE GP INC

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC BROWNSVILLE APARTMENTS GP

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC RED HOOK HOMES INC

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC ATLANTIC TERRACE INC

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

  • FAC CLUSTER HDFC

    C CORP · LOW INCOME · NY

    Directly controlled by FIFTH AVEN

Provenance

Return type
form_990
Tax year
2024
Filed
9 October 2025
IRS schema version
2024v5.0
Source object
202512829349300121

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