CLT Interboro CLT Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
824363742
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
6462375920
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$193,960
Expenses
$175,393
Assets
$1,340,476
Liabilities
$29,825

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

4 people listed

People named in this filing

  • Christie Peale (Board Chair)
  • Matthew Dunbar (Vice Chair)
  • Margy Brown (Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Interboro CLT offers a new model for affordable homeownership in NYC. Interboro is the first, and only, citywide community land trust (CLT) in New York City. Our mission is to create and preserve permanently affordable homeownership opportunities for lower-income New Yorkers. Our pipeline and our future community includes limited-equity co-ops and single-family homes located in low-moderate income census tracts, primarily in the boroughs of Brooklyn, Queens, and The Bronx. The homes in our pipeline and our community will benefit those who would otherwise not have the opportunity to become homeowners, creating a pathway to financial stability for families while preserving economic and racial diversity in spite of gentrification. Interboro CLT is a collaboration between the Center for NYC Neighborhoods, Habitat for Humanity New York City and Westchester County, the Mutual Housing Association of New York, and the Urban Homesteading Assistance Board.

What it reported doing in 2024

2024 saw continued progress on the permanently-affordable homeownership projects in Interboros pipeline. In May, the groundbreaking for Habitats Mosaic project in the Bed-Stuy section of Brooklyn took place. This project will create 42 permanently-affordable co-op units that will go on the CLT. In December, finalization of a legal opinion letter by SONYMA, Habitat, and Interboro enabled the first sales and closings of Habitats Net Zero single-family homes (all 15 of which will go on the CLT) to proceed. In addition, Interboro made extensive preparations for the onboarding of new homebuyers to the CLT. Habitat and Interboro concluded a series of interactive information sessions and pre-purchase education webinars for Net Zero homebuyers. We updated our website to include document-hosting capabilities so that homeowners can access key CLT documents. We purchased and set up HomeKeeper, a web-based client management system to track our delivery of services to, and to collect the demographic data of, homeowners. We also held an open house at a newly-built Net Zero home for our founding partners former and current funders, and at the same home we hosted the site visit of a delegation from Change Capital Fund, Interboros primary funder. We completed Enterprises first-of-its-kind 12-month NYS CLT Training Series. We are equally proud of our work to support other CLTs. We responded to multiple requests for technical assistance from CLTs located in and beyond NYC, as well as from national organizations (e.g., Grounded Solutions Network, SAGE) that envision and support the shared-equity homeownership model as one of a number of possible solutions to the national housing affordability crisis and racial wealth gap. Across 2024, we are proud of how our trailblazing work continued supporting and advancing the cause of permanently-affordable homeownership and intergenerational wealth-building for lower-income households in NYC.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 92
  • Accountability: 82
  • Sustainability: 66
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.4%; rating input score 69
  • Program expense ratio: 76.7%; rating input score 77
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.6%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 7.64; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -19.4% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -31.6% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 1.5% per year; rating input score 100; 31st percentile among comparable filings

Details

  • Where the money goes: 69.4% of revenue deployed · 76.7% of spending went to programs
  • Governance: 4 of 4 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $135K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 59/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.