Hamilton County Area Neighborhood Development Inc

What it reported doing in 2024

Hamilton county area neighborhood development, inc. (the "corporation") is an Indiana not-for-profit corporation organized on janurary 17, 2003, for the purpose of addressing the housing needs of low and moderate income individuals, families, and senior citizens. The corporation provides affordable housing options through the development of rental properties. The corporation has been certified by the Indiana housing and community development authority ("ihcda") as a community housing development organization ("chdo").in 2013, hand facilitated a comprehensive housing needs assessment for hamilton county. This study involved in depth analysis and extensive outreach to develop a full understanding of pressing housing issues and a list of strategies that may work in local communities. As a result of this analysis, the board of directors adopted a strategic plan that outlines new goals and objectives for 2014-2017. This plan calls for new programs to support low income homeowners with repairs, and foster grassroots community building initiatives. These efforts will build a broader base of support, pursue more sustainable partnerships and deliver a more comprehensive impact on the community. Hand relies on earned developer fees, public and private grants, and philanthropy to fund operations, and there is a renewed focus on the role of volunteers to expand services across hamilton county.as of december 31, 2024, the corporation had a 100% ownership in hand development corporation and fourteen entities ("apartment communities"), of which three are still in development:**hand development corp. Was formed for the purpose of investing in various limited partnerships which have been organized to acquire, develop, own, and operate low-income residential rental properties. Such investments include general partner interests in spicewood garden apartments l.p., and spicewood garden apartments ii, l.p., entities formed to develop and operate senior living facilities in sheridan, Indiana.**hand plum tree gardens, llc, an Indiana limited liability company, was organized to operate a 6-unit community known as plum tree gardens, located in noblesville, Indiana, which provides housing for low-income elderly persons. Plum tree gardens was built using proceeds from cdbg, home grants, and affordable housing program ("ahp") funds from the federal home loan bank of indianapolis.**hand 8th street redevelopment, llc, an Indiana limited liability company, was organized to acquire, develop, and rehabilitate two multifamily buildings in noblesville, Indiana, collectively referred to as the roper lofts. The roper lofts consist of 8 residential units, 2,055 square feet of public use space, and 317.5 square feet of commercial space, which is rented by the corporation. The rental income and expense of the commercial space is eliminated during the consolidation. The roper lofts was rehabilitated using cdbg funds under the neighborhood stabilization program ("nsp").**hand pebble brook gardens, llc, an Indiana limited liability company, wasorganized to acquire, construct, and operate a 9-unit community known as pebble brook gardens located in noblesville, Indiana, which provides housing for low-income elderly persons. Pebble brook gardens was built using proceeds from a home grant, a cdbg grant, and ahp funds from the federal home loan bank of indianapolis.**hand lakeside gardens, llc, an Indiana limited liability company, was organized to acquire, construct, and operate a 5-unit community known as lakeside gardens located in cicero, Indiana, which will provide housing for low-income elderly persons. Lakeside gardens was built using proceeds from cdbg grants and ahp funds from the federal home loan bank of indianapolis**hand spicewood garden phase 3, llc, an Indiana limited liability company, was organized to acquire, construct, and operate an 8-unit community known as spicewood garden apartments phase 3 located in sheridan, Indiana, which will provide housing for

Financial Efficiency

• Mission deployment rate: 55.9%; rating input score 56
• Program expense ratio: 81.9%; rating input score 82
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd 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: 6 of 7 controls in place; rating input score 86
  • 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: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 32.9%; rating input score 86; 86th percentile among comparable filings
• Total-asset coverage ratio: 10.66; rating input score 91; 91st percentile among comparable filings
• Liabilities to assets ratio: 0.25; rating input score 39; 39th percentile among comparable filings
• Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

• Program expense growth: 13.4% per year; rating input score 100; 74th percentile among comparable filings
• Revenue growth: 8.2% per year; rating input score 100; 61st percentile among comparable filings
• Asset growth: 11.2% per year; rating input score 100; 63rd percentile among comparable filings