Central Falls Affordable Housing Corp

Analysis

Central Falls Affordable Housing Corp is a registered charity in United States, based in Central Falls, RI. It received its IRS tax-exemption ruling in March 1996, 30 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Central Falls Affordable Housing Corp reported income of $111k and spending of $192k, spending 173% of what it took in. Across the 5 years on record, from September 2019 to September 2023, income grew from $108k to $111k (+2.3%), an average of +0.6% a year. The sharpest change came in the year to September 2020, when income rose by 147%. Over the whole period it spent 99% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Central Falls Affordable Housing Corp sits at the 25th percentile: it is larger than about 24% of them. Against every charity in United States with reported income it ranks in the 40th percentile, and in the 35th percentile within RI. Charities of a similar size with the same main cause include Grace Housing Inc ($111k), Love Community Development Corporation ($111k) and Restart Accessible Housing Inc ($111k).

On its Form 990 for the period ending September 2023, revenue came from program service revenue 99% of the total. At year end it held assets of $1.1m against liabilities of $742k, net assets of $333k.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.