Silver Lake Senior Housing Corporation

Overview

Silver Lake Senior Housing Corporation is a non-profit organization dedicated to providing affordable housing for low and very low-income senior citizens, primarily serving communities in Madison and Carroll County, New Hampshire.

Purpose and Activities

The corporation operates under the category of housing, shelter, and public housing facilities. Its primary mission is to support seniors aged 62 and above, offering them independent living accommodations. The majority of units are reserved for low or very low-income seniors to maintain its tax-exempt status.

Financials

Silver Lake Senior Housing Corporation receives its revenue mainly from program services, which account for approximately 87% of its total income. Contributions also play a role, making up around 17% of its revenue in recent fiscal years. The organization's total assets have been valued at approximately $1.3 million, with liabilities around $100,000.

Governance and Compensation

The organization is managed by a board of directors, including positions such as president, vice president, treasurer, and secretary. Notably, key employees and officers do not receive compensation for their roles.

Facilities

Silver Lake Senior Housing Corporation owns a 19-unit apartment building situated on scenic Silver Lake. This building includes 16 two-bedroom units and three one-bedroom units, all designed with open concept kitchenettes and dining areas. The facility offers basic amenities like laundry services but does not provide assisted living or nursing care.

Operations

The building lacks elevator access, so second-floor units require stair navigation. Rents are competitive, with subsidies ensuring affordability for eligible seniors. Maintenance of its tax-exempt status requires prioritizing rentals to low-income seniors.

Mission and Impact

By focusing on affordable housing for seniors, Silver Lake Senior Housing Corporation plays a vital role in supporting vulnerable populations within local communities. It operates under a non-profit model, emphasizing the importance of charitable contributions to support its mission.