Edith Pennamon Apartments Housing Development Fund Corporation

Edith Pennamon Apartments Housing Development Fund Corporation is a nonprofit organization registered in the state of New York. The organization was established on June 17, 1983, with its jurisdiction within the state.

Purpose and Activities

The corporation primarily focuses on housing development and management. As a nonprofit, its activities are centered around providing affordable housing options and related community services.

Known Transactions and Legal Involvements

One notable transaction involving Edith Pennamon Apartments Housing Development Fund Corporation was the sale of a property located at 218 West 116th Street in New York. This transaction involved a complex process where the corporation initially entered into a contract with 1111, Inc., which later assigned its rights to Miami Capital, LLC. The sale was valued at $1,400,000.

The transaction was subject to legal challenges, particularly regarding compliance with New York Not-for-Profit Corporation Law requirements for the sale of substantial assets. Legal actions ensued, including disputes over the necessity for approval from the New York State Supreme Court or the Attorney General's Office. However, these challenges did not result in the reversal of the sale, as subsequent related legal actions were discontinued or found lacking in necessary damages claims.

Structure and Governance

Like most nonprofit organizations in New York, Edith Pennamon Apartments Housing Development Fund Corporation operates under specific legal and regulatory frameworks. These include obtaining necessary approvals for major transactions and complying with state laws governing nonprofit corporations.

Impact and Role in the Community

As a housing development fund corporation, Edith Pennamon Apartments contributes to the broader goal of providing affordable housing options in New York. The organization's role is significant in communities where housing affordability is a pressing concern.

Financial Information

As a registered nonprofit, Edith Pennamon Apartments Housing Development Fund Corporation is required to file annual reports with the relevant authorities, which include financial disclosures. However, detailed financial information is not readily available in public sources.

Conclusion

Edith Pennamon Apartments Housing Development Fund Corporation plays a role in housing development and management. Its activities are guided by the legal and regulatory frameworks applicable to nonprofit corporations in New York State. While specific financial details and current projects are not widely available, the organization's contributions to affordable housing initiatives are integral to community development efforts.