Form 990 for tax year 2024

Totals

Total revenue

$38,876,237

Total expenses

$38,242,580

Contributions and grants received

$19,544,729

Grants paid

$34,412,415

Program service revenue

$3,272,655

Investment income

$15,835,507

Other revenue

$223,346

Total assets, end of year

$75,605,709

Total liabilities, end of year

$64,507,462

Net assets or fund balances, end of year

$11,098,247

Program services expenses (Part IX)

$37,938,819

Management and general expenses

$303,761

Fundraising expenses

$0

Program service expenses (Part III)

$37,938,819

Program services were 99.2% 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.

Mission and programs · 2024

• NEW HOPE WAS FORMED IN 1991 AS A CHARITABLE CORPORATION UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS, SPECIFICALLY FOR THE PURPOSES OF (A) PROMOTING, DEVELOPING, RENOVATING, MANAGING, AND FACILITATING THE CREATION OF AFFORDABLE HOUSING AT THE LOWEST POSSIBLE COST TO INDIVIDUALS AND FAMILIES OF LOW AND VERY LOW INCOMES; (B) PROMOTING SOCIAL WELFARE AND COMBATING COMMUNITY DETERIORATION THROUGH SUCH AFFORDABLE HOUSING ACTIVITIES; (C) IMPROVING BLIGHTED, DECAYED OR SUBSTANDARD AREAS IN ORDER TO PROMOTE ECONOMIC DEVELOPMENT AND PROVIDE EMPLOYMENT OPPORTUNITIES; AND (D) ANY OTHER TAX-EXEMPT ACTIVITIES THAT PROMOTE SUCH PURPOSES. NEW HOPE HAS PROVIDED CAPITAL FOR AFFORDABLE AND MIXED-INCOME HOUSING AND RELATED COMMUNITY DEVELOPMENT ACTIVITIES. IT DOES SO BY FACILITATING PRIVATE EQUITY INVESTMENTS IN AND MAKING GRANTS AND LOANS IN SUPPORT OF SUCH AFFORDABLE HOUSING AND RELATED COMMUNITY DEVELOPMENT WORK. IN SHORT, NEW HOPE PROMOTES THE CHARITABLE PURPOSE OF AFFORDABLE HOUSING FOR THE DIRECT BENEFIT OF POOR AND DISTRESSED INDIVIDUALS AND FAMILIES, WHICH ARE CHARITABLE CLASSES.NEW HOPE'S CHARITABLE PURPOSES WERE INCLUDES MAKING INVESTMENTS IN, AND GRANTS AND LOANS TO, NONPROFIT ORGANIZATIONS AND NONPROFIT-SPONSORED AFFORDABLE HOUSING PROJECTS AND ENTITIES. IN THIS CAPACITY, NEW HOPE SERVES AS A SYNDICATOR OF AFFORDABLE HOUSING DEVELOPMENTS GENERATING FEDERAL LOW INCOME HOUSING TAX CREDITS ("LIHTCS") AND RECEIVES CERTAIN FEES AND REIMBURSEMENT OF EXPENSES IN CONNECTION WITH ITS ROLE AS SYNDICATOR. NEW HOPE IS MISSION-DRIVEN AND ONLY WORKS ON AFFORDABLE HOUSING PROJECTS CONTROLLED BY ONE OR MORE CHARITABLE ENTITIES. PURSUANT TO INVESTOR SERVICES AGREEMENTS, NEW HOPE INTRODUCES POTENTIAL LIHTC INVESTORS TO INVESTMENT OPPORTUNITIES IN AFFORDABLE HOUSING PROJECTS, ASSISTS INVESTORS IN ANALYZING THE FINANCIAL FEASIBILITY AND FINANCIAL STRUCTURE OF PROJECTS AND MONITORS LIHTC INVESTORS' INVESTMENTS IN PROJECTS. NEW HOPE ONLY PROVIDES THESE SERVICES IN CONNECTION WITH AFFORDABLE RENTAL HOUSING PROJECTS THAT ARE CONTROLLED BY ONE OR MORE 501(C)(3) CHARITABLE ORGANIZATIONS.NEW HOPE ALSO FORMS SINGLE-PURPOSE ENTITIES (TYPICALLY LIMITED LIABILITY COMPANIES) TO SERVE AS INVESTMENT FUNDS ("LIHTC FUNDS") THROUGH WHICH LIHTC INVESTORS INVEST IN LOW-INCOME HOUSING PROJECTS THAT ADVANCE THE CHARITABLE PURPOSES OF NEW HOPE BY INCREASING THE POOL OF EQUITY AVAILABLE FOR INVESTMENT IN AFFORDABLE HOUSING AND MAKING EQUITY AVAILABLE TO DISADVANTAGED POPULATIONS OR UNDERSERVED COMMUNITIES. TYPICALLY, A LIHTC FUND WILL HAVE A 99.99% LIMITED PARTNERSHIP INTEREST (OR NON-MANAGING MEMBER INTEREST IN THE CASE OF AN LLC) IN THE ENTITY THAT OWNS THE AFFORDABLE HOUSING PROJECT. NEW HOPE SERVES AS THE MANAGER OF THE LIHTC FUND AND PROVIDES MANAGEMENT AND ADMINISTRATIVE SERVICES FOR WHICH IT RECEIVES FEES.IN ITS 29-YEAR HISTORY, NEW HOPE HAS RAISED MORE THAN $300 MILLION IN EQUITY WHICH HAS BEEN INVESTED IN AFFORDABLE AND MIXED INCOME HOUSING DEVELOPMENTS SPONSORED BY TAX-EXEMPT ORGANIZATIONS. IT HAS SPONSORED OR CO-SPONSORED FOURTEEN INVESTMENT FUNDS WHICH HAVE INVESTED IN MORE THAN 65 AFFORDABLE HOUSING OR MIXED INCOME DEVELOPMENTS IN FOURTEEN STATES THAT HOUSE APPROXIMATELY 5,000 HOUSEHOLDS. NEW HOPE ALSO ADVANCES ITS MISSION BY MAKING GRANTS AND LOANS IN SUPPORT OF AFFORDABLE HOUSING AND COMMUNITY DEVELOPMENT ACTIVITIES AND TAX-EXEMPT ORGANIZATIONS PURSUING SIMILAR MISSIONS, INCLUDING GRANTS TO COMMUNITY BUILDERS.

  Expenses $37,938,819 · Grants $34,412,415 · Revenue $3,496,001

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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.

Grants on this return

• WASHINGTON PINE LLC

  $9,875,000

  TO PROVIDE FUNDING TO SUPPORT OUR LENDING AND INVESTMENT ACTIVITIES IN LOW AND MODERATE INCOME COMMUNITIES.

• GARFIELD PARK WELLNESS CENTER SUPPORT CORPORATION

  $8,797,632

  TO PROVIDE FUNDING TO SUPPORT OUR LENDING AND INVESTMENT ACTIVITIES IN LOW AND MODERATE INCOME COMMUNITIES.

• 250 CENTRE STREET HOUSING LLC

  $5,946,000

  TO PROVIDE FUNDING TO SUPPORT OUR LENDING AND INVESTMENT ACTIVITIES IN LOW AND MODERATE INCOME COMMUNITIES.

• WGWC DEVELOPMENT SERVICES LLC

  $4,550,000

  THE DEVELOPMENT OF THE SANKOFA VILLAGE WELLNESS CENTER.

• ATC COMMERCIAL ML LLC

  $2,372,937

  TO PROVIDE FUNDING TO SUPPORT OUR LENDING AND INVESTMENT ACTIVITIES IN LOW AND MODERATE INCOME COMMUNITIES.

• TCB BEACH 21ST LLC

  $2,122,903

  TO PROVIDE FUNDING TO SUPPORT OUR LENDING AND INVESTMENT ACTIVITIES IN LOW AND MODERATE INCOME COMMUNITIES.

• W GARFIELD PARK

  $719,180

  TO PROVIDE FUNDING TO SUPPORT OUR LENDING AND INVESTMENT ACTIVITIES IN LOW AND MODERATE INCOME COMMUNITIES.

• THE COMMUNITY BUILDERS INC

  $28,763

  TO SUPPORT COMMUNITY AND ECONOMIC DEVELOPMENT IN CHICAGO,

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.

Provenance

Return type

form_990

Tax year

2024

Filed

24 October 2025

IRS schema version

2024v5.2

Source object

202512979349301016

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