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← 607 CONCORD AVENUE HOUSING DEVELOPMENT FUND CORPORATION

Form 990 for tax year 2024

Filed by 607 CONCORD AVENUE HOUSING DEVELOPMENT FUND CORPORATION.

Totals

Total revenue
$1,487,092
Total expenses
$1,123,157
Contributions and grants received
$1,213,181
Grants paid
$0
Program service revenue
$258,995
Investment income
$14,700
Other revenue
$216
Total assets, end of year
$4,199,576
Total liabilities, end of year
$9,222,570
Net assets or fund balances, end of year
-$5,022,994
Program services expenses (Part IX)
$1,036,357
Management and general expenses
$86,800
Fundraising expenses
$0
Program service expenses (Part III)
$1,036,357

Program services were 92.3% 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)

    $1,213,181

  • 2a · Program service revenue: TENANT RENTAL INCOME

    total $256,645 · related or exempt $256,645

  • 2b · Program service revenue: PARKING FEES

    total $2,350 · related or exempt $2,350

  • 3 · Investment income

    total $14,700 · related or exempt $14,700

  • 11a · Other revenue: MISCELLANEOUS

    total $216 · related or exempt $216

  • 11e · Other revenue, total

    $216

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $121,351 · program services $121,351

  • 9 · Other employee benefits

    total $28,591 · program services $28,591

  • 10 · Payroll taxes

    total $3,149 · program services $3,149

  • 11a · Fees: management

    total $49,126 · management and general $49,126

  • 11b · Fees: legal

    total $605 · program services $605

  • 11c · Fees: accounting

    total $27,500 · management and general $27,500

  • 11g · Fees: other

    total $2,107 · program services $2,107

  • 13 · Office expenses

    total $10,174 · management and general $10,174

  • 16 · Occupancy

    total $321,533 · program services $321,533

  • 22 · Depreciation, depletion and amortization

    total $336,816 · program services $336,816

  • 24a · Other expenses: SECURITY

    total $137,530 · program services $137,530

  • 24b · Other expenses: REPAIRS AND MAINTENANCE

    total $52,321 · program services $52,321

  • 24c · Other expenses: BAD DEBTS

    total $15,408 · program services $15,408

  • 24d · Other expenses: SUPPLIES AND MATERIALS

    total $13,544 · program services $13,544

  • 24e · All other expenses

    total $3,402 · program services $3,402

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $668,367 · end of year $1,183,572

  • 4 · Accounts receivable

    beginning of year $542 · end of year $133

  • 9 · Prepaid expenses and deferred charges

    beginning of year $59,614 · end of year $39,326

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

    $9,028,055

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

    $7,010,701

  • 10c · Land, buildings and equipment, net

    beginning of year $2,332,170 · end of year $2,017,354

  • 15 · Other assets

    beginning of year $673,328 · end of year $959,191

  • 17 · Accounts payable and accrued expenses

    beginning of year $303,885 · end of year $404,166

  • 19 · Deferred revenue

    beginning of year $8,787,578 · end of year $8,787,890

  • 25 · Other liabilities

    beginning of year $29,487 · end of year $30,514

  • 27 · Net assets without donor restrictions

    beginning of year -$5,386,929 · end of year -$5,022,994

Mission and programs · 2024

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 $1,036,357

As filed on the 2024 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 + $909,372 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $70,634 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 + $803,886 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $39,079 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 + $602,553 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $37,084 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 + $454,869 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported + $42,707 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

  • 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

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.

  • 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.

  • 152 E 116TH HDFC

    C CORP · HOUSING · NY

    Directly controlled by EL BARRIO

  • 1675 WESTCHESTER AVENUE INC

    C CORP · HOUSING · NY

    Directly controlled by PROMESA HD

  • 245 E MOSHOLU INC

    C CORP · GP HOUSING · NY

    Directly controlled by 245 E MOS

  • 3196 3RD AVE CORP

    C CORP · REAL ESTAT · NY

    Directly controlled by DON PANCHO

  • 454E 146TH STREET HDFC

    C CORP · HOUSING · NY

    Directly controlled by ACDP

  • 471 W 145TH STREET HDFC

    C CORP · HOUSING · NY

    Directly controlled by ACDP

  • 517 W 173RD STREET HDFC

    C CORP · HOUSING · NY

    Directly controlled by ACDP

  • ACACIA BROOKLYN CORP

    C CORP · HOUSING · NY

    Directly controlled by ACACIA REA

  • ACACIA GARDENS GP INC

    C CORP · HOUSING · NY

    Directly controlled by ACACIA GAR

  • ACACIA MARIA ISABEL INC

    GP HOUSING · NY

    Directly controlled by PROMESA HD

  • ACD AFFORDABLE CORPORATION

    C CORP · HOUSING · NY

    Directly controlled by ACACIA GAR

  • BELLA VISTA HOUSING COMPANY INC

    C CORP · GP HOUSING · NY

    Directly controlled by SBCMC

  • BRONX INVESTORS HOLDING COMPANY IN

    C CORP · INVESTING · NY

    Directly controlled by SBCMC

  • CROTONA PARK MANAGERS INC

    C CORP · GP HOUSING · NY

    Directly controlled by PROMESA HD

  • DON PANCHO DEVELOPMENT CORPORATION

    C CORP · MAINTENANC · NY

    Directly controlled by BRONX INVE

  • EL BATEY HOUSING COMPANY INC

    C CORP · GP HOUSING · NY

    Directly controlled by SBCMC

  • FIVE FIFTEEN WEST INC

    C CORP · HOUSING · NY

    Directly controlled by ACDP

  • LA CASA QUINTA DEV CORP

    C CORP · HOUSING · NY

    Directly controlled by EL BARRIO

  • MELROSE COURT HOUSING COMPANY INC

    C CORP · GP HOUSING · NY

    Directly controlled by SBCMC

  • ONE SEVENTY FOUR INC

    C CORP · HOUSING NY · NY

    Directly controlled by ACDP

  • PALACIO DORADO DEVELOPMENT INC

    C CORP · HOUSING · NY

    Directly controlled by ACACIA PUE

  • PROMESA COLLATERAL TRUST

    TRUST · INSURANCE · NY

    Directly controlled by ACACIAN NE

  • PROMESA COMMUNITY APARTMENTS

    C CORP · GP HOUSING · NY

    Directly controlled by PROMESA HD

  • PROMESA COURT ESTATES INC

    C CORP · GP HOUSING · NY

    Directly controlled by ACACIA

  • PROMESA ENTERPRISES LTD

    C CORP · INVESTMENT · NY

    Directly controlled by ACACIA

  • URBAN RENAISSANCE COLLABORATION INC

    C CORP · GP HOUSING · NY

    Directly controlled by PROMESA HD

  • VIRGINIA HOUSE MANAGERS INC

    C CORP · GP HOUSING · NY

    Directly controlled by PROMESA HD

  • FOX STREET DEVELOPMENT HOUSING DEVE

    C CORP · HOUSING · NY

    Directly controlled by PROMESA HD

  • ACACIA SENDERO VERDE HDFC INC

    C CORP · HOUSING · NY

    Directly controlled by ACACIA REA

  • ACACIA SENDERO VERDE II HDFC

    C CORP · HOUSING · NY

    Directly controlled by SV-B PARTN

Provenance

Return type
form_990
Tax year
2024
Filed
25 March 2026
IRS schema version
2024v5.0
Source object
202620979349300712

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