Homes for America Inc

What it reported doing in 2024

See schedule ohomes for america carried out its mission by serving 7,316 low income persons in its rental communities. The average income of households in communities that are age restricted to seniors 62 years and older was $24,449. The average income of households in general occupancy housing was $27,716.homes for america development activities included the following: 1. Continued rehabilitation of a 154 unit family property, in baltimore, Maryland. 2. Fully leased a 163 unit new construction senior property in oxon hill, Maryland. 3. Received 9% tax credit award for the renovation of a 50 unit property in bridgeville, Delaware. 4. Received 9% tax credit award for a 60 unit new construction project in glen burnie, Maryland.homes for america also provided asset management services for 66 communities in the organization's portfolio; the organization performs regular site inspections, monitors insurance policies and closely tracks all financial and operating aspects of its properties during lease up and operations. Key asset management accomplishments during the year included: 1. Continued the practice of making the portfolio more energy efficient and executed grant agreements for energy conservation improvements for three properties. 2. Refinanced two properties, one in salisbury, md and one in annapolis, Maryland, lowering the interest rate and providing funds to improve the property. 3. Sold three homes to community residents of an original 56 unit lease purchase property in annapolis, Maryland leaving 34 units remaining.the focus for resident services for fy 2025 was to continue to engage residents in on-site programming in the areas of health and wellness, nutritional services, socialization, education, financial assistance, community connectivity, digital access, and safety and security. Health and wellness programming has continued including mobile health and vaccination clinics, exercise classes, and mental health workshops. Nutritional services are provided in the form of on-site food pantries, monthly food donations, mobile grocery delivery, and community meals. Homes for america has continued to increase access to free high-speed broadband internet for residents in 3 additional communities totaling 228 units. Safety and security were enhanced across the portfolio by increasing and updating camera systems, security patrols, and enhanced partnerships with local police departments. Programming for youth was prioritized with after school programming, on and off-site summer camps, and homework clubs. In addition, we enhanced partnerships with local social service agencies to provide case management to two communities.

Financial Efficiency

• Mission deployment rate: 26.9%; rating input score 27
• Program expense ratio: 87.1%; rating input score 87
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
• Pay-setting controls: 1 of 6 controls in place; rating input score 17
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 99.6%; rating input score 100; 35th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 67.3%; rating input score 97; 97th percentile among comparable filings
• Total-asset coverage ratio: 9.71; rating input score 91; 91st percentile among comparable filings
• Liabilities to assets ratio: 0.15; rating input score 65; 65th percentile among comparable filings
• Officer compensation ratio: 31.1%; rating input score 1; 1st percentile among comparable filings

Growth

• Program expense growth: 0.9% per year; rating input score 100; 14th percentile among comparable filings
• Revenue growth: 4.2% per year; rating input score 100; 37th percentile among comparable filings
• Asset growth: 5.3% per year; rating input score 100; 38th percentile among comparable filings