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Nonprofiteer
← CHRYSALIS CENTER HOUSING DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by CHRYSALIS CENTER HOUSING DEVELOPMENT CORPORATION.

Totals

Total revenue
$4,932,276
Total expenses
$12,623
Contributions and grants received
$4,932,250
Grants paid
$0
Program service revenue
$0
Investment income
$26
Other revenue
$0
Total assets, end of year
$5,644,860
Total liabilities, end of year
$725,207
Net assets or fund balances, end of year
$4,919,653
Program services expenses (Part IX)
$12,623
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$12,623

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.

  • 1e · Government grants (contributions)

    $4,932,250

  • 3 · Investment income

    total $26 · excluded $26

Functional expenses

Part IX, the statement of functional expenses.

  • 11b · Fees: legal

    total $12,012 · program services $12,012

  • 13 · Office expenses

    total $611 · program services $611

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $216,987

  • 4 · Accounts receivable

    beginning of year $0 · end of year $180,553

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

    $5,090,526

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $5,090,526

  • 15 · Other assets

    beginning of year $0 · end of year $156,794

  • 17 · Accounts payable and accrued expenses

    beginning of year $0 · end of year $3,508

  • 25 · Other liabilities

    beginning of year $0 · end of year $721,699

  • 27 · Net assets without donor restrictions

    beginning of year $0 · end of year -$12,597

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $4,932,250

Mission and programs · 2022

Mission

CHRYSALIS CENTER HOUSING DEVELOPMENT CORPORATION (CCHDC) IS A PRIVATE 501(C)3 HOUSING DEVELOPMENT ORGANIZATION, ESTABLISHED IN 2020, THAT POSITIVELY TRANSFORMS URBAN AND RURAL ENVIRONMENTS BY DEVELOPING AFFORDABLE HOUSING THROUGHOUT CONNECTICUT. CCHDC FOCUSES ON BUILDING HOUSING FOR THE UNDERSERVED AND CREATES QUALITY HOUSING THROUGHOUT CONNECTICUT THAT IS SAFE AND AFFORDABLE AND FOSTERS A SENSE OF HOME TO CREATE A HEALTHY LIVING ENVIRONMENT.

Activities or mission (Part I)

REAL ESTATE HOLDING CORPORATION FOR THE CHRYSALIS CENTER, INC.

  • THE BERKOWITZ IS THE REHABILITATION OF A VACANT, HISTORIC BUILDING AT 610-626 MAIN STREET, NEW BRITAIN INTO 24 STUDIO, ONE AND TWO-BEDROOM UNITS, WHICH OPENED IN DECEMBER 2023 AND IS LOCATED IN THE LITTLE POLAND NEIGHBORHOOD. SURROUNDING THE HOUSING SITE IS A COMMUNITY HEALTH CENTER, GROCERY AND SHOPPING AT SAV-A-LOT SHOPPING CENTER, THE GIRLS AND BOYS CLUB OF NEW BRITAIN, URGENT CARE, RESTAURANTS, AND WALGREENS, ALL WALKABLE FROM THE SITE. DOWNTOWN EMPLOYMENT, CITY HALL, PUBLIC LIBRARY, AND CULTURAL EVENTS AT THE HOLE IN THE WALL THEATER AND TRINITY ON MAIN ARE ALSO WALKABLE FROM THE PROJECT SITE. ALL UNITS ARE AFFORDABLE HOUSING AT 50% AMI.

    Expenses $12,623

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Tia Cintron

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Thomas P Kennedy

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • James Christopher

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Bridget D'Angelo

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark Fisher

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Sharon Castelli

    CHRYSALIS CEO

    Total calculated
    $328,641
    From this org
    $0
    From related orgs
    $294,833
    Other
    $33,808
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $268,833 related
    Bonus
    $0 + $26,000 related
    Other
    $0
    Deferred
    $0 + $10,182 related
    Nontaxable benefits
    $0 + $23,626 related
    Filer's total
    $0 + $328,641 related

  • Wendy D Briere

    CHRYSALIS CFO

    Total calculated
    $237,985
    From this org
    $0
    From related orgs
    $198,394
    Other
    $39,591
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $195,394 related
    Bonus
    $0 + $3,000 related
    Other
    $0
    Deferred
    $0 + $6,861 related
    Nontaxable benefits
    $0 + $32,730 related
    Filer's total
    $0 + $237,985 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

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • THE BERKOWITZ

    SUPPORTIVE/AFFORDABLE HOUSING · CT · income $4,932,250 · assets $5,644,860

    Directly controlled by CHRYSALIS CENTER INC

Related partnerships

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

  • CLOVER GARDENS LIMITED PARTNERSHIP

    LOW INCOME AFFORDABLE HOUSING · CT

  • COURTLAND ARMS LIMITED PARTNERSHIP

    LOW INCOME AFFORDABLE/SUPPORTIVE HOUSING · CT

Related corporations and trusts

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

  • COURTLAND ARMS GP LLC

    C · SUPPORTIVE HOUSING · CT · 100% owned · share of income -$3,739

    Directly controlled by CCREC

  • CLOVER GARDENS GP LLC

    C · SUPPORTIVE HOUSING · CT · 100% owned · share of income -$69 · share of assets -$69

    Directly controlled by CCREC

Provenance

Return type
form_990
Tax year
2022
Filed
8 April 2024
IRS schema version
2022v5.0
Source object
202440999349300519

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