Housing Development Corporation

Analysis

Housing Development Corporation is a registered charity in United States, based in Huntington, WV. It received its IRS tax-exemption ruling in March 1998, 28 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 December 2023, Housing Development Corporation reported income of $1.2m and spending of $1.7m, spending 148% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.1m to $1.2m (-63%), an average of -22% a year. The sharpest change came in the year to December 2023, when income dropped by 65%. Over the whole period it spent 112% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Housing Development Corporation sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 79th percentile within WV. Charities of a similar size with the same main cause include Caritas Corporation ($1.2m), St Vincents Housing Development Fund Company Inc ($1.2m) and Rise Community Development ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 99% of the total. Other salaries and wages came to $164k. At year end it held assets of $6.3m against liabilities of $7.5m, net assets of -$1.2m. It reported 137 employees.

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.