Newset II Housing Development Fund Corporation

Overview

Newset II Housing Development Fund Corporation (Newset II HDFC) is a nonprofit organization established under the laws of the State of New York on September 15, 2006. The organization operates as a housing development fund corporation (HDFC) that aims to provide affordable housing for low-income families in the Bronx, New York City. Recognized for its mission to improve housing opportunities, Newset II HDFC is a vital part of the framework supporting affordable housing initiatives in the region.

Mission and Activities

Newset II HDFC is dedicated to developing and operating affordable housing units. The organization focuses on creating stable and sustainable living environments for low-income individuals and families. It currently manages 128 affordable housing apartments, ensuring accessibility for qualifying residents. Newset II HDFC plays a crucial role in addressing the housing needs of economically disadvantaged groups, providing not only housing but also supportive services tailored to enhance the quality of life for its residents.

Funding and Financial Overview

The organization is primarily funded through a combination of government support, donations from private foundations, and revenue generated from its operations. In recent financial assessments, Newset II HDFC reported total revenues of approximately $1.52 million, with total expenses amounting to about $1.92 million, highlighting its commitment to reinvesting resources towards its mission. With total assets valued at approximately $4.83 million, the organization continues to work towards expanding its impact within the community.

Legal Status

Newset II HDFC is recognized as a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code, allowing it to operate without the burden of federal income taxation. This status enables the organization to allocate more resources towards housing development and support services for low-income families.

Community Impact

The initiatives taken by Newset II HDFC significantly contribute to the fabric of New York City's affordable housing supply. The organization not only provides physical housing but also plays a part in stabilizing neighborhoods and fostering community development. By collaborating with local partners, Newset II HDFC enhances its service offerings, which include technical assistance and various social programs aimed at promoting economic and social well-being among its residents.

Conclusion

Newset II Housing Development Fund Corporation is a vital nonprofit entity working to improve housing conditions for low-income families in the Bronx. Through its ongoing efforts to develop and manage affordable housing, the organization exemplifies a commitment to social equity and community development, making a lasting impact on the lives of many New Yorkers.