Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Nov 1994.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
95 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
9 people listed on the 990; $62K paid to officers and key staff.
Michelle Callahan’s $77K as Executive Director is at the 69th percentile of top reported officer pay among 851 $100K–1M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 1 named individual · Part VII
| Name | FY2024 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|
| Michelle Callahan | $77,409 | $62,000 | $61,308 | $56,847 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aNo
Programs and updates
Helps low-to-moderate income families find and keep safe, affordable homes.
Questions for Housing Development Corporation
Your first name shows with your question. Housing Development Corporation answers here, for everyone.
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The forgiveness of liens placed on homes for down payment assistance and for owner occupied rehab which are forgiven incrementally over 10 or more years. If a house sells before the forgiveness period, the recaptured funds is program income.
All other housing program income and expenses.
A program which does rehabilitation work on owner occupied homes. The funds to provide the work are in the form of a forgivable loan or an installment loan based on income and ability to repay. HDC oversees this program.
By the numbers
The FY2022 990, line by line.
Download 990
| Line | Start FY22 | End FY22 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.1M | $1.4M |
| Land, buildings, equipmentLn 10c | $777K | $741K |
| Total assetsLn 16 | $5.8M | $5.9M |
| LiabilitiesLn 26 | $360K | $348K |
| Net assetsLn 32 | $5.5M | $5.6M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Pay of current officers, directors and key staffLn 5 | $62K | $56K | $6K | |
| Other salaries and wagesLn 7 | $66K | $60K | $7K | |
| Other employee benefitsLn 9 | $3K | $3K | $334 | |
| Payroll taxesLn 10 | $11K | $10K | $1K | |
| Legal feesLn 11b | $309 | $278 | $31 | |
| Accounting feesLn 11c | $23K | $21K | $2K | |
| Office expensesLn 13 | $11K | $10K | $1K | |
| OccupancyLn 16 | $7K | $6K | $656 | |
| TravelLn 17 | $2K | $2K | $246 | |
| Conferences, conventions and meetingsLn 19 | $325 | $292 | $33 | |
| InterestLn 20 | $1K | $975 | $108 | |
| InsuranceLn 23 | $6K | $5K | $611 | |
| Other expenses (24a–d)Ln 24 | $222K | $222K | $438 | |
| Total functional expensesLn 25 | $415K | $396K | $20K | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2024 Latest | $797K | $650K | $147K | $5.1M | 990 PDF |
| FY2023 | $288K | $662K | −$374K | $4.9M | 990 PDF |
| FY2022 Viewing | $516K | $415K | $101K | $5.6M | 990 PDF |
| FY2021 | $307K | $360K | −$53K | $5.5M | 990 PDF |
| FY2020 | $340K | $398K | −$58K | $5.5M | 990 PDF |
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Schedules filed Part IV
See the full FY2022 990 (6 parts)
Part I · Summary $516,470 revenue, 12 lines filed
Part VI · Governance 8 of 8 board members independent, 2 to look at
Part VIII · Statement of revenue $516,470 across 6 lines filed
Part IX · Statement of functional expenses $415,298 across 13 lines filed
Part X · Balance sheet $5,931,043 assets, 12 lines filed
Part XI · Reconciliation of net assets $5,583,284 net assets at year end
Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File
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