AI Summary
Covenant Place Inc is a nonprofit organization dedicated to housing development, specifically operating a 40-unit apartment community known as Covenant Place Apartments in Smithfield, VA. With an operating budget of $323.4K and total revenue of $342.6K for the filing year 2024, the organization provides rent assistance for low-income families through a Project Rental Assistance Contract funded by HUD. The organization does not rely on a single funder for 50% or more of its revenue.
Mission Statement
THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 40 UNIT APARTMENT COMMUNITY IN SMITHFIELD, VA KNOWN AS COVENANT PLACE APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS), WHILE HUD PAYS THE BALANCE OF THE RENT.
Cause Areas
1
Housing development
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Charity Verification Snapshot
IRS EO Business Master File Status
Listed as tax-exempt
IRS Pub 78 Status
Eligible for tax-deductible gifts
IRS Revocation Status
Not in Automatic Revocation of Exemption List
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Frequently Asked Questions
What is COVENANT PLACE INC’s budget?
In 2024, COVENANT PLACE INC reported an annual operating budget of around $323 thousand. More detailed financial information is available to registered users.
What causes does COVENANT PLACE INC support?
COVENANT PLACE INC supports work in Housing development.
Where does COVENANT PLACE INC operate?
COVENANT PLACE INC is headquartered in Smithfield, VA.
Who funded COVENANT PLACE INC recently?
In 2024, COVENANT PLACE INC received grants from JCA CHARITABLE FOUNDATION and THE GERALDINE AND NORMAN RUBENSTEIN CHARITABLE FOUNDATION. More information on this organization’s funders is available to registered users.
What is the largest grant COVENANT PLACE INC received in 2024?
The largest grant to COVENANT PLACE INC in 2024 exceeds $358 thousand.
What is COVENANT PLACE INC’s reliance on government grants?
COVENANT PLACE INC relied on government grants for more than 50% of their total revenue in 2024.