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← 607 CONCORD AVENUE HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2023

Filed by 607 CONCORD AVENUE HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$1,581,809
Total expenses
$1,214,680
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,544,205
Investment income
$13,923
Other revenue
$23,681
Total assets, end of year
$3,734,021
Total liabilities, end of year
$9,120,950
Net assets or fund balances, end of year
-$5,386,929
Program services expenses (Part IX)
$1,127,812
Management and general expenses
$86,868
Fundraising expenses
$0
Program service expenses (Part III)
$1,127,812

Program services were 92.8% 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: TENANT RENTAL INCOME

    total $1,541,355 · related or exempt $1,541,355

  • 2b · Program service revenue: PARKING FEES

    total $2,850 · related or exempt $2,850

  • 3 · Investment income

    total $13,923 · related or exempt $13,923

  • 11a · Other revenue: MISCELLANEOUS

    total $23,681 · related or exempt $23,681

  • 11e · Other revenue, total

    $23,681

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $110,516 · program services $110,516

  • 9 · Other employee benefits

    total $14,323 · program services $14,323

  • 10 · Payroll taxes

    total $11,859 · program services $11,859

  • 11a · Fees: management

    total $48,315 · management and general $48,315

  • 11c · Fees: accounting

    total $30,300 · management and general $30,300

  • 11g · Fees: other

    total $117,650 · program services $117,650

  • 12 · Advertising and promotion

    total $5,911 · program services $5,911

  • 13 · Office expenses

    total $8,253 · management and general $8,253

  • 16 · Occupancy

    total $155,186 · program services $155,186

  • 22 · Depreciation, depletion and amortization

    total $321,033 · program services $321,033

  • 23 · Insurance

    total $126,138 · program services $126,138

  • 24a · Other expenses: SECURITY

    total $118,738 · program services $118,738

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $66,979 · program services $66,979

  • 24c · Other expenses: REAL ESTATE TAXES

    total $35,598 · program services $35,598

  • 24d · Other expenses: SUPPLIES AND MATERIALS

    total $27,633 · program services $27,633

  • 24e · All other expenses

    total $16,248 · program services $16,248

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $200,870 · end of year $668,367

  • 4 · Accounts receivable

    beginning of year $994 · end of year $542

  • 9 · Prepaid expenses and deferred charges

    beginning of year $47,941 · end of year $59,614

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

    $9,006,055

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

    $6,673,885

  • 10c · Land, buildings and equipment, net

    beginning of year $2,593,403 · end of year $2,332,170

  • 15 · Other assets

    beginning of year $556,607 · end of year $673,328

  • 17 · Accounts payable and accrued expenses

    beginning of year $186,872 · end of year $303,885

  • 19 · Deferred revenue

    beginning of year $8,789,367 · end of year $8,787,578

  • 25 · Other liabilities

    beginning of year $177,634 · end of year $29,487

  • 27 · Net assets without donor restrictions

    beginning of year -$5,754,058 · end of year -$5,386,929

Mission and programs · 2023

Mission

TO PROVIDE RESIDENTIAL RENTAL HOUSING TO LOW-INCOME DISABLED PERSONS THROUGH MONTHLY SUBSIDIES FROM THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.

  • TO PROVIDE, OPERATE AND MAINTAIN RESIDENTIAL HOUSING TO LOW-INCOME DISABLED PERSONS.

    Expenses $1,127,812 · Revenue $1,567,886

As filed on the 2023 return.

Listed in Part VII

  • RAUL RUSSI

    PRESIDENT

    Total calculated
    $980,006
    From this org
    $0
    From related orgs
    $909,372
    Other
    $70,634
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    not reported + $698,458 related
    Bonus
    not reported + $210,914 related
    Other
    not reported
    Deferred
    not reported + $22,875 related
    Nontaxable benefits
    not reported + $47,759 related
    Filer's total
    not reported + $980,006 related

  • LYMARIS ALBORS

    CEO

    Total calculated
    $842,965
    From this org
    $0
    From related orgs
    $803,886
    Other
    $39,079
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    not reported + $620,142 related
    Bonus
    not reported + $183,744 related
    Other
    not reported
    Deferred
    not reported + $22,579 related
    Nontaxable benefits
    not reported + $16,500 related
    Filer's total
    not reported + $842,965 related

  • JOSE A RODRIGUEZ

    CLO

    Total calculated
    $639,637
    From this org
    $0
    From related orgs
    $602,553
    Other
    $37,084
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    not reported + $504,163 related
    Bonus
    not reported + $98,390 related
    Other
    not reported
    Deferred
    not reported + $15,250 related
    Nontaxable benefits
    not reported + $21,834 related
    Filer's total
    not reported + $639,637 related

  • VICKY GATELL

    CFO

    Total calculated
    $497,576
    From this org
    $0
    From related orgs
    $454,869
    Other
    $42,707
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    not reported + $381,001 related
    Bonus
    not reported + $73,868 related
    Other
    not reported
    Deferred
    not reported + $15,250 related
    Nontaxable benefits
    not reported + $27,457 related
    Filer's total
    not reported + $497,576 related

  • ELIEZER RODRIGUEZ ESQ

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MARYBETH HOTALING ESQ

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • GILBERT HERNANDEZ

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • CARMEN S MELERO

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • ARNIE SEGARRA

    MEMBER

    Total calculated
    $0
    Hours/week
    1

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

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 3
PURSUANT TO THE ORGANIZATIONS BYLAWS, THE ORGANIZATION DELEGATES TO ITS PARENT ENTITY THE HIRING OF THE CEO AND PRESIDENT. THE COMPENSATION OF THE EXECUTIVES IS APPROVED BY THE PARENT ENTITY, WHO HIRES A CONSULTANT TO CONDUCT A STUDY. A STANDING COMPENSATION COMMITTEE OF THE PARENT ENTITY REVIEWS A COMPENSATION STUDY AND VOTES ON HOW TO PROCEED.
SCHEDULE J, PAGE 1, PART I, LINE 7
BONUSES FOR THE CEO AND PRESIDENT ARE APPROVED BY THE BOARD OF THE PARENT ENTITY. THE REMAINING EXECUTIVE BONUSES ARE APPROVED BY THE CEO.

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.

  • 1675 JV ASSOCIATES LLC

    HOUSING · NY

    Directly controlled by PROMESA HD

  • 245 E MOSHOLU APTS LLC

    HOUSING · NY

    Directly controlled by 245 E MOSH

  • 980 PROSPECT LLC

    REAL ESTAT · NY

    Directly controlled by PROMESA EN

  • ACACIA GARDENS AFFORDABLE LLC

    HOUSING · NY

    Directly controlled by ACACIA GAR

  • ACACIA GARDENS DEVELOPMENT LLC

    DEVELOPMEN · NY

    Directly controlled by ACACIA GAR

  • AUDUBON PHARMACY LLC

    RETAIL PHA · NY

    Directly controlled by PROMESA EN

  • BELLA VISTA LP

    HOUSING · NY

    Directly controlled by BELLA VIST

  • BUSHWICK GARDENS I PA LLC

    HOUSING · PA

    Directly controlled by ACACIA BRO

  • CASA ACACIA LLC

    REAL ESTAT · NY

    Directly controlled by PROMESA EN

  • CROTONA PARK RESIDENCES

    HOUSING · NY

    Directly controlled by CROTONA PA

  • HOPE GARDENS I PA LLC

    HOUSING · NY

    Directly controlled by ACACIA BRO

  • LA CASA QUINTA LP

    HOUSING · NY

    Directly controlled by EL BARRIO

  • LA PLAZA DE VIRGINIA GP LLC

    HOUSING · NY

    Directly controlled by HISPANOS U

  • LA PLAZA DE VIRGINIA OWNERS

    HOUSING · NY

    Directly controlled by LA PLAZA D

  • LA PLAZA DEL BARRIO LLC

    HOUSING · NY

    Directly controlled by ACACIA REA

  • MARIA ISABEL LP

    HOUSING · NY

    Directly controlled by MARIA ISAB

  • MARIA ISABEL MEMBERS LLC

    HOUSING · NY

    Directly controlled by ACACIA MAR

  • MELROSE ESTATES HOUSING

    HOUSING · NY

    Directly controlled by MELROSE CO

  • PALACIO DORADO LLC

    HOUSING · NY

    Directly controlled by PALACIO DO

  • PROMESA APARTMENTS LIMITED P

    HOUSING · NY

    Directly controlled by PROMESA HD

  • PROMESA COURT LIMITED PARTNERS

    HOUSING · NY

    Directly controlled by PROMESA CO

  • PROMESA COURT RESIDENCES LIMIT

    HOUSING · NY

    Directly controlled by PROMESA CO

  • SAN JOSE LP

    HOUSING · NY

    Directly controlled by EL BARRIO

  • SAN JOSE REDEVELOPMENT CORP

    HOUSING · NY

    Directly controlled by EL BARRIO

  • SERA SECURITY SERVICES LLC

    SECURITY · NY

    Directly controlled by PROMESA EN

  • SV-B PARTNERS LLC

    HOUSING · NY

    Directly controlled by LA PLAZA D

  • URBAN RENAISSANCE COLLABORATI

    HOUSING · NY

    Directly controlled by URC

  • VIRGINIA HOUSE RESIDENCES LLC

    HOUSING · NY

    Directly controlled by VIRGINIA H

  • WEST TREMONT RESIDENCES LLC

    HOUSING · NY

    Directly controlled by WEST TREMO

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
14 October 2025
IRS schema version
2023v6.0
Source object
202502879349300045

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