Detroit Affordable Homes Inc

Analysis

Detroit Affordable Homes Inc is a registered charity in United States, based in Berkley, MI. It received its IRS tax-exemption ruling in May 2014, 12 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, Detroit Affordable Homes Inc reported income of $1.6m and spending of $1.4m, spending 87% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $95k to $1.6m (+1546%), an average of +101% a year. The sharpest change came in the year to December 2020, when income rose by 895%. Over the whole period it spent 64% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Detroit Affordable Homes Inc sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 84th percentile, and in the 84th percentile within MI. Charities of a similar size with the same main cause include Horizon Housing Development Company ($1.6m), Ocean City Community Development Corporation ($1.6m) and McFarlan Kearsley Residence LLC ($1.6m).

On its Form 990 for the period ending December 2023, revenue came from program service revenue 101% of the total. Compensation of current officers, directors and key employees was $493k (36% of expenses). At year end it held assets of $2.7m against liabilities of $151k, net assets of $2.5m.