AI Summary
COA Senior Housing Inc, a nonprofit organization based in Clayton, North Carolina, is dedicated to providing affordable rental housing for very low-income elderly households. Established under Section 202 of the National Housing Act, it operates 36 HUD-assisted units and one market-rate unit known as Village Gardens, with a total operating budget of $316,000 and total revenue of $258,500 for the year ending December 31, 2024. The organization relies significantly on funding from HUD, with rental revenue from the agency representing 37.9% of its total revenue.
Mission Statement
THE ORGANIZATION WAS FORMED AS A NON-PROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 36 HUD-ASSISTED ELDERLY HOUSING UNITS AND 1 MARKET RATE UNIT CURRENTLY BEING USED AS AN ADMINISTRATIVE RENT-FREE UNIT IN CLAYTON, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF VILLAGE GARDENS. OCCUPANCY WAS APPROVED BY HUD ON OCTOBER 21, 1996. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC). DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 88,049, REPRESENTING 37.9% OF TOTAL REVENUE. FINANCING WAS PROVIDED BY HUD WITH A SECTION 202 CAPITAL ADVANCE. THE PROJECT'S CAPITAL ADVANCE TOGETHER WITH IT
Cause Areas
1
Retirement housing
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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 COA SENIOR HOUSING INC’s budget?
In 2024, COA SENIOR HOUSING INC reported an annual operating budget of around $316 thousand. More detailed financial information is available to registered users.
What causes does COA SENIOR HOUSING INC support?
COA SENIOR HOUSING INC supports work in Retirement housing.
Where does COA SENIOR HOUSING INC operate?
COA SENIOR HOUSING INC is headquartered in Smithfield, NC.
What is COA SENIOR HOUSING INC’s reliance on government grants?
COA SENIOR HOUSING INC relied on government grants for more than 30% of their total revenue in 2024.